• Screen shot of Mastercard CEO Ajaypal Banga on CNBC, March 29, 2019.
    Technology

    Mastercard, Bank of America CEOs leery of blockchain

    While still interested the distributed ledger technology, the finance leaders called blockchain’s use case unproven

    The CEOs of Mastercard and Wells Fargo echoed skeptical comments on the utility of blockchain technology made earlier this week by Bank of America’s head of technology. Speaking to CNBC on March 28, Wells Fargo CEO Tim Sloan said that while ignoring blockchain would be a “bad idea,” the technology has been “way oversold.” Mastercard CEO Ajaypal Banga added that blockchain technology has “interesting possibilities,” but said that “the business model is not proven.”

  • Commerce Secretary, Dr. Anup Wadhawan activating coffee e-marketplace in New Delhi (Image supplied by India's Ministry of Commerce).
    Technology

    India launches blockchain marketplace for coffee

    By tracing coffee from beanfields to cups, the goal is to build a stronger brand while doubling the income of poor farmers

    India’s commerce secretary launched a blockchain-based marketplace app for trading Indian coffee during a video conference on Thursday. A pilot project carried out in partnership with the Coffee Board of India and the International Coffee Organization, the marketplace app’s goal is to reduce the number of intermediaries between coffee growers and buyers, build farm-to-cup traceability, and help farmers increase their incomes by as much as 100 percent, said Commerce Secretary Anup Wadhawan during the video conference on March 28.

  • SEC Commissioner Hester Peirce speaking at New York University, March 26, 2018 (photo by Lawrence Lewitinn for Modern Consensus).
    United States

    Crypto Mom says SEC takes nanny state approach

    SEC Commissioner Hester Peirce thinks regulatory overreach is hindering cryptocurrency innovation

    Hester Peirce doesn’t want the government to protect you from dumb cryptocurrency investments. Speaking at a taping of Laura Shin’s Unchained podcast at NYU’s Stern School of Business on March 26, the Securities and Exchange Commission’s “Crypto Mom”—a nickname she picked up after dissenting from the commission’s June 2018 decision not to approve a cryptocurrency exchange traded fund (ETF)—expressed a belief that her agency should be focused on protecting securities investors from fraud, not hindering speculation.