Myanmar to Establish Blockchain-based Stock Exchange

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Tokyo-based securities brokerage Daiwa Securities Group will be working with Myanmar’s Yangon Stock Exchange (YSX) to establish a Blockchain-based stock exchange by integrating Daiwa’s equity trading into the Yangon exchange platform.  Daiwa and YSX are currently testing the Blockchain platform and are in discussions with government officials to fully use the Blockchain concept for all YSX trading within a period of two years, after completing months of successful testing.

The Daiwa Institute of Research Holdings and other units of Daiwa tested the system from June to September 2016 using general-purpose servers that are available in Myanmar.

According to Nikkei:

Daiwa Institute of Research Holdings and other units of Daiwa tested the system from June to September using general-purpose servers that are available in Myanmar. On the assumption of using blockchain to connect the Yangon Stock Exchange and local brokerages, the test was conducted to gauge how the system would work in the country, which is often hit by power outages and phone lines going dead. 

YSX will be the first reported stock exchange to publicly trade equity on a Blockchain-based exchange and will likely lead other stock exchanges to follow the growing Blockchain trend in the FinTech industry.

Daiwa is Japan’s second largest securities brokerage. Japan has recently been blazing a trail in Blockchain’s development.  For instance, Japan’s House of Councillors approved a series of regulations over virtual currencies and amendment of Banking Law on May 25, 2016. More recently, forty-two local and regional banks in Japan have joined a new Blockchain consortium focused on cross-border payments.  The consortium’s membership includes a wide range of both large and smaller institutions. The launch of the consortium comes days after SBI, a financial services company based in Japan, announced that it would establish its own digital currency exchange in Japan.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.