[2017-03-16] ToI: Illinois watchdog first U.S. regulator to join R3

Illinois watchdog first U.S. regulator to join blockchain consortium R3

http://timesofindia.indiatimes.com/business/international-business/illinois-watchdog-first-u-s-regulator-to-join-blockchain-consortium-r3/articleshow/57675921.cms

The Illinois Department of Financial and Professional Regulation has joined the blockchain consortium led by startup R3, as financial watchdogs around the world seek to better understand the opportunities and risks of the emerging technology.

The Illinois regulator will collaborate with approximately 80 financial institutions that are members of R3 who are working to develop blockchain-based applications that are secure and scalable enough to run financial industry processes, the regulator and R3 said on Thursday.

While R3's member base includes the Bank of Canada and the Securities & Futures Commission of Hong Kong, this is the first time a U.S. regulator has joined its fold.

Illinois, with its large Chicago-based exchanges and trading firms, is one of the leading global hubs for derivatives trading.