1.EY Launches Blockchain-Powered Public Finance Management Tool
2.Bermuda Becomes 1st National Government to Accept Tax Payments in USDC Stablecoin
1.EY Launches Blockchain-Powered Public Finance Management Tool
EY , The business services firm formerly known as Ernst & Young, has launched a blockchain-based application to enable worldwide governments to improve their management of public funds. According to The News published on its official site on Oct 17, 2019.
This platform that was designed to upgrade the transparency of the government. The new platform will be called OpsChain Public Finance Manager.
One of the main goals of this system is that governments will have the option to make information -driven policy decisions with more efficiency. With the data gathered by the platform, they can comprehend the result of their decisions better and make better policies. It uses blockchain technology to match government spending programs with tangible results, even as funding may pass through numerous layers of government and public service agencies.
Mark MacDonald, EY Global Public Finance Management Leader, says:
“Modern public financial management requires focusing on the things that matter most – transparency, accountability and robust evidence for decision-making – all factors that can be enhanced by blockchain technology. EY OpsChain PFM is an exciting new tool that helps public finance leaders to assess and improve their finance management systems. It has been very exciting to work with city leaders who continue to push boundaries and embrace new technologies.”
EY is already testing the product in some cities. One of them is Toronto, Canada. The system allows financial transfers between different sectors of the government and the company claims that its experiments were important to increase the transparency of the city.
The EY OpChain PFM release expands upon work in the public sector by EY member firms around blockchain technology.
About EY
EY is a worldwide pioneer in assurance, tax, transaction and advisory services. The bits of knowledge and quality services it deliver help fabricate trust and confidence in the capital markets and in economies the world over. It develop outstanding leaders who team to deliver on our promises to all of our stakeholders.
2.Bermuda Becomes 1st National Government to Accept Tax Payments in USDC Stablecoin
The Government of Bermuda reported that it will accept payments in USD Coin (USDC) “for taxes, expenses and other government services,” as indicated by a press released by Circle (Global financial services company ) on October 16, 2019.
Announced as a feature of a more extensive activity which sees that The aim of the Bermuda government is to help the utilization of USD-dollar upheld stablecoins and decentralized finance protocols and services, this is a significant achievement in crypto and for the Circle and Coinbase-supported CENTRE Consortium, the creator of USDC.
USDC is a stablecoin pegged to the U.S. dollar launched a year earlier by cryptocurrency exchange Coinbase and Circle. To date, over $1 billion worth of USDC has been given between the two companies.
USDC has built up itself as the second most popular stablecoin in the world, earned help from in excess of 100 companies over the global crypto ecosystem, and reached $1 billion in issuance.
USDC is currently usable in incredibly differing scope of decentralized finance products and services, including products for savings, lending, borrowing, securities offerings and trade finance. People and associations in Bermuda will be able to exploit advantage of these diverse products, including now also being able to pay for taxes and government services.
About USD Coin (USDC)
USDC was Launched in September 2018, by Circle in association with major cryptocurrency exchange Coinbase. USDC gives a completely collateralized US dollar stablecoin, and depends on the open source asset-backed stablecoin framework developed by CENTRE.
