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Cryptocurrency Maker Ripple Labs Fined $700K for Flouting Financial Regs
Today federal regulators announced a fine (PDF) of $700,000 against cryptocurrency company Ripple Labs for failing to register as a money service business. Ripple Labs built a payment transfer platform that people can use to move real or virtual money, and the company maintains its own cryptocurrency, called XRP II, which loosely compares to Bitcoin. (Unlike Bitcoin, XRP was fully generated before it went on the market, so an equivalent to Bitcoin miners doesn't exist in XRP.)
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- regulations
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Press Release: Microfinance Leaders Offer Model Law Resource for Financial Consumer Protection
The Microfinance CEO Working Group has published Client Protection Principles: Model Law and Commentary for Financial Consumer Protection. This Model Law provides a framework of suggested legislation for financial consumer protection in the microfinance and broader financial inclusion industry.
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Zimbabwe Cellular Regulator Cancels Contract of Third-Largest Operator Telecel
The Zimbabwean government has cancelled the operating licence for Telecel Zimbabwe, the country’s third largest mobile operator by subscriber base.
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- Technology
- Region
- Sub-Saharan Africa
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OPINION: Financial Inclusion in India – Easier Said Than Done
Given the numerous players and rapid churn in financial inclusion technologies, regulators face a challenge
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- Region
- South Asia
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NexThought Monday: Is Faster Necessarily Better?: As India’s financial inclusion initiatives race forward, questions linger about its microfinance-focused MUDRA
The pace of recent financial inclusion initiatives in India has been supersonic. Since August of last year, banks have opened 147 million new accounts, thanks largely to government programs. But while this progress is exciting, there are a number of unanswered questions about the real impact of these initiatives, including the new microfinance refinancer/regulator MUDRA.
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- Uncategorized
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Ugandan MPs Ask Government for Greater Mobile Money Regulation
Members of Parliament grilled Information, Communication Technology (ICT) state minister, Nyombi Thembo over lack of a law to regulate mobile money services and safeguard clients’ money.
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- Uncategorized
- Region
- Sub-Saharan Africa
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- regulations
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China Is Fertile Ground for Growing Internet Finance
The recent establishment of private Internet banks has ushered the banking industry into an era where banks need no brick-and-mortar offices. Technologies like big data make this possible, yet there is disagreement over how much potential Internet finance has.
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- Technology
- Region
- South Asia
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- regulations
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WHO Demands Disclosure of All Clinical Trial Results
The World Health Organization called on Tuesday for the release of clinical trial results for all drugs, vaccines and medical devices - whatever the result - in the latest salvo against the withholding of data.
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- Health Care
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- regulations, vaccines
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