This week in FinTech we have news ranging from BTC reversals and voting hacks to stocks and more Central Bank Digital Currencies (CBDCs).
Over the weekend…
South Korea announced their intentions to track crypto transactions in light of the recent Telegram Nth Room case. The Korea Internet and Security Agency (KISA) has been working since January to track virtual asset fraud.
60 Hong Kong vending machines now accept the Ghost Token as payment. John McAfee, founder of the Ghost Coin project, recently revealed its partnership with Ivendpay.
Switzerland decided against changing their taxation policies in regards to blockchain technology. The Swiss Finance Department has ruled that existing legislation is sufficient.
Russia’s blockchain voting platform withstood a node attack. The Russian government announced all votes were safely recorded and the referendum vote was not affected.
Israeli Startup Kirobo announced they found a way to undo crypto transactions. It works like this: the sender and receiver must enter a matching code to send and receive the transfer, and until that code is entered on the receiving end, the transaction remains retrievable.
The Financial Conduct Authority (FCA) in the UK found that around 2.6 million residents have bough cryptocurrency. The report, “Cryptoasset consumer research 2020”, indicates a significant increase in crypto consumption.
The European Innovation Council granted a total of 5 million euros to six blockchain companies as a result of their Prize on Blockchains for Social Good. The competition saw participation from 43 countries and over 170 applications.
A Russian criminal court ruled that the theft of 100BTC is not a crime because bitcoin is not recognized as property by law. This case goes back to 2018 and sets a treacherous precedent which may yet be reviewed by civil court.
The Monetary Board of the Central Bank of Sri Lanka will begin developing a blockchain platform to expedite and improve Know-Your-Customer (KYC) processes. They are estimating it will take six to nine months to complete.
A British judge ruled that Venezuelan President Nicolás Maduro cannot access state-owned $1.8 billion in gold held at the Bank of England. The British government does not recognize Maduro as the rightful leader of the country in a clear play of support on behalf of the opposition’s Juan Guaidó.
The Bank of Japan announced that it will begin to experiment with the possibility of a CBDC. This is the first official communication made on the subject and adds Japan to a long list of governments experimenting with the technology.
Lithuania became the first European country to trial a CBDC. The LB coin will be presold next week and will be released with the intention of collecting and trading. It can only be used as legal currency after exchanging with a physical silver version.
For more information on these stories, visit:
European Innovation Council: https://www.ledgerinsights.com/european-innovation-council-5-million-blockchain-social-good/