Potential $23bn Opportunity revealed by the Australian Securities Exchange
The Australian Securities Exchange (ASX) has unveiled details for the implementation of blockchain technology within its systems. CEO Dominic Stevens outlined plans at ASX’s annual results of how the exchange could use distributed ledger technology (DLT) to bring security and efficiency to its users.
The introduction of the distributed ledger will replace the centralised CHESS system; removing reconciliation for buying and selling securities to deliver reliable, accurate more timely data. The potential savings from using this system come from the fees incurred for investment services, insurance, online services as well as more. The saving of $23bn was reported by financial information firm Rainmaker, that stated the average fee paid by a large investor is 1.2% of their asset. Smaller investors selling bitcoin may incur higher fees.
The paper suggests that to reduce costs, the exchange must have access to real-time data through a DLT with artificial intelligence (AI) incorporated into it to interpret the data. The AI will be able to look at trends and analyse the market for an investor to potentially cash out bitcoin.
Participants will connect by having a node linked to the ledger. The node will provide permissioned users with access to other trading information on the shared ledger but requires no cryptocurrency as a reward unlike when you sell bitcoin, there is a mining fee and reward for hashing the transactions together in a block.
Though ASX is looking to the future by implementing DLT into its systems to provide a better service and value, they are far from having a fully functional product for their users.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards