This week in FinTech, a start-up that reduces child labor aspires to a valuable partnership, Bloomberg Law declares that we do in fact need more lawyers, and diamonds enter the blockchain space.
Over the weekend…
Blockchain start-up Circulor helps car manufacturers acquire raw materials not produced by child labor announced plans to work with Tesla. They monitor production through machine learning algorithms that distinguish between child versus adult-made products along with aerial imagery monitoring mining operations.
The Port of Rotterdam launched a blockchain-based pilot program to increase efficiency alongside leading shipping companies. They will be tokenizing shipping PIN codes.
A new report by Bloomberg Law announced crypto lawyers are in high demand. Major crypto and blockchain companies have expressed increasing interest in more specified additions to their legal teams.
The Bank of England confirmed interest in their own central bank digital currency (CBDC). The digital pound could be well underway sooner than CBDCs in other European countries due to Brexit.
South Korea announced that they are considering an up-to-20% crypto capital gains tax. They want to classify digital assets as goods as opposed to currencies.
Mitsubishi UFJ Financial Group declared it will issue their own stablecoin, the MUFG token, during the second half of 2020. They will peg the digital currency to the Japanese yen.
The World Economic Forum released a report stating that blockchain could boost jobs globally while still cutting back hundreds of billions of dollars through food loss and waste reduction. The report states that, “Economies of scale will enable companies to unlock significant cost savings from initial blockchain investments, eliminating the need for costly materials verification processes,” and could lead to the creation of 385 million jobs.
Jacques Voorhees, father of Erik Voorhees, has announced an initiative to represent diamonds through non fungible tokens on the Ethereum blockchain. The diamonds will be certified by the Gemological Institute of America and the Gem Certification and Assurance Lab.
China’s central bank announced it may test their digital yuan through food delivery company Meituan Dianping. The pilot experiment has no release date attached to it yet for the platform’s 435 million users.
El Zonte, El Salvador has employed a new economic system rooted in Bitcoin after a mysterious figure gave the village an anonymous donation. The village was severely hit by the COVID-19 pandemic and the digital currency structure was implemented as a response.
The USA FDA is looking into using blockchain technology to monitor food distribution and help security. They released a blueprint and pilot study which explain the issues blockchain can help overcome.
The twitter hackers who took over celebrity accounts on Wednesday left a trail that leads to Coinbase and Bitpay accounts. The hackers managed to acquire over $100,000 worth of cryptocurrency.
Crypto-focused lobbyists in DC are seeing peaked interest in the crypto industry. The change is marked by the global pandemic.
India’s former finance secretary, Subhash Chandra Garg, discussed its infamous crypto ban with industry leaders. He stated that cryptocurrencies should be allowed as commodities but not as actual currencies.
Bitcoin’s active supply indicates that users are holding the asset as opposed to trading it. This mirrors 2017 behavior prior to the famous bull run.
Malaysia announces Binance is not allowed to operate in the country. The exchange was added to the list of unauthorized entities.
For more information on these stories, visit:
South Korean crypto capital gains tax: https://ihodl.com/topnews/2020-07-14/south-korea-could-impose-20-tax-crypto-capital-gains/
Mitsubishi UFJ Financial Group: https://asiatimes.com/2020/07/japanese-banking-giant-to-issue-stablecoin/
World Economic Forum: http://www3.weforum.org/docs/WEF_The_Future_Of_Nature_And_Business_2020.pdf
Jacques Vorhees on diamonds: https://invezz.com/news/2020/07/15/jacques-voorhees-founded-icecap-puts-diamonds-on-ethereum-blockchain/
Malaysia versus Binance: https://www.theblockcrypto.com/linked/72029/binance-not-authorized-malaysia-financial-regulator