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Tag Archives: Commodities

Commodities Firms Complete Blockchain Pilot for Black Sea Wheat

Swiss-based Transoil International and Solaris Commodities have conducted a blockchain pilot transaction of Black Sea wheat, S&P Global reports Nov. 12. Both companies are involved in the trading of international agricultural commodities like milling wheat, vegetable oil and flour. The two firms completed the pilot using the blockchain-based agri-commodities trading and financing platform of Swiss startup Cerealia. Transoil and Solaris ...

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Federal Judge Rules that Virtual Currencies Are to Be Viewed Legally as Commodities

A federal judge stated yesterday that digital currencies should be viewed in a legal capacity as commodities. This will continue to give the U.S.’s CFTC the right to police accusations of fraud in the cryptocurrency space. Bitcoin’s Futures Contracts Make All Virtual Currencies Commodities in the US The decision was made on Wednesday in a fraud case levied at My ...

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Major Banks, Industry Players to Launch Blockchain-Based Commodities Platform

A group of major global banks, trading firms, and a leading energy company have launched a joint venture that will oversee a new blockchain-based platform for financing the trading of commodities, Reuters reports September 19. The Swiss-based venture, dubbed komgo SA, has been established by a host of international financing, trading, and production institutions that include ABN AMRO, BNP Paribas, ...

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Four Crypto Exchanges Establish Self-Regulatory Association for Digital Commodities Industry

Crypto exchanges Gemini, Bitstamp, Bittrex, and bitFlyer USA have announced the creation of a self-regulatory organization for digital commodities, such as cryptocurrencies, Business Insider reports August 20. The new group, dubbed “Virtual Commodity Association Working Group,” aims to help large-scale investors get more comfortable with the crypto market, work on formulating industry standards, and “be a precursor to the formation ...

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Blockchain Could Transform Commodities Trading, but Major Challenges Exist: BCG Report

Blockchain technology could be a godsend for the commodities trading industry. Transparency between market participants, real-time tracking of goods, and the possibility of proactive regulation are among the benefits that make the blockchain a perfect fit for the industry. However, according to a report compiled by the Boston Consulting Group, it’s not so straightforward. In the report, BCG outlined some ...

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BCG Report Offers ‘Reality Check’ for Blockchain in Commodities Trading

Major U.S. consulting firm Boston Consulting Group (BCG) has released an in-depth report August 16, which it dubs a “reality check” for the use of blockchain in the commodity trading industry. For commodities trading, BCG argues that there is a strong argument for using blockchain, while taking stock of “significant drawbacks on several fronts.” The report tackles both the “hype,” ...

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India May Avoid Cryptocurrency Ban, Classify them as Commodities: Report

Authorities in India are likely to choose against a sweeping cryptocurrency ban and treat them as commodities, a report citing a government official has claimed. Citing a senior government official involved in the ongoing regulatory discussion surrounding cryptocurrencies, Quartz is reporting that India is unlikely to enforce a blanket ban on cryptocurrencies despite the newly-enforced central bank mandate that prohibits ...

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India May Not Ban Cryptocurrencies, But Treat Them as Commodities

India is not going to put a blanket ban on digital currencies, but rather treat them as commodities, an anonymous source in the government told news outlet Quartz July 11. According to Quartz, a Finance Ministry panel has ordered a study on cryptocurrencies, which may suggest that the government would treat them as commodities. A senior government official with knowledge ...

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Cryptocurrencies Are Now Commodities Subjected to Futures Trading in Indonesia

The Commodity Futures Trading Supervisory Agency (Bappebti) has said that cryptocurrencies are a commodity that can be subject to futures trading. This comes despite a central bank ban on fintech companies using digital currencies and government warnings to investors. Futures Trading Expands to Indonesia As reported by kontan.co.id, cryptocurrencies will now be subject to trading on futures exchanges. This trading ...

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We Must Distinguish Digital Commodities From ICOs

On March 14, 2018, the House Financial Committee held a hearing entitled “Examining the Cryptocurrencies and ICO Markets.” This was the first hearing in which members of the U.S. Congress, specifically a subcommittee on capital markets, securities and ICO markets, addressed cryptocurrencies and ICOs. Witnesses at the hearing included Dr. Chris Brummer, Professor of Law at Georgetown University Law Center; ...

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