Australia Post is the first industry service provider to join the Australian government’s digital identity program and the second organization to be accredited under the Trusted Digital Identity Framework (TDIF) after the Australian Taxation Office. Alongside TDIF is the Australian government’s GovPass program. It allows individuals to verify their digital identity, which then can be used to access a range of government services. If success, the government's digital identity programs may be expanded to the financial services sector in the future.
The Japanese government is leading a global effort to develop an international cryptocurrency payment network similar to the SWIFT system used by banks, according to a recent Reuters report. Citing an anonymous source, the report said that the purpose of the crypto payment network would be to combat money laundering. No details have yet emerged about how the network would function, but it was reportedly approved by the Financial Action Task Force (FATF) in June.
The government of Indian Prime Minister Narendra Modi is not known as a friend of the crypto community. With his recent reelection, virtual currency's future in India, the world's second most populous country and its soon-to-be No. 3 consumer market after the U.S. and China, looks uncertain at best. At worst, India could flat out crypto and criminalize its possession and use.
The National Bank of Cambodia will become one of the first banks in the world to integrate blockchain technology into its national payments system in the second half of the year. The Cambodian government aims to use distributed ledger technology to strengthen banking system efficiency and boost financial inclusion in what is still one of Asean's poorest countries.
The last eighteen months have been a bumpy road for initial coin offerings (ICO’s). Last year we reported that China had banned them completely citing concerns over large scale fraud and regulatory bodies across the world have begun to take a tougher stance on the practice. Yet, despite these setbacks, $5 billion dollars was raised by ICOs in 2017, with that figure being surpassed in the first three months of 2018 alone. Nonetheless, in a response to the negativity around ICO’s, Security Token offering (STO) have emerged as an alternative form of blockchain based funding. We believe that the subtle differences in both offerings may be critical in beginning a new period of reconciliation and agreement between regulators and technology companies seeking finance under the blockchain.
The (Qingdao) Blockchain Research Company released a set of ratings for various blockchain projects on May 17th, 2018. The company is related to China Center for Information Industry Development (CCID), led by Ministry of Industry and Information Technology (MIIT), part of the national government, but it would be wrong to read that this is any sort of acceptance of crypto by the Chinese government.
On May 9th, a mini-app on WeChat called ‘Little Agreement’ showed up, providing an interface to create agreements on the Ethereum blockchain for Wechat Users. A few hours later, the mini-app was removed.
Blockchain technology has become one of the most popular topics in China today as it moves beyond conversations in the tech industry to normal individuals in their everyday lives. It is easy to catch a conversation about ideas of blockchain at a restaurant, on a bus, or in a club from people excited about the investment opportunities of blockchain projects, or even just blockchain ideas.
Blockchain technology's momentum has grown significantly in China and it’s clear that this technology is here to stay. Since Chinese New Year, frequent good news has accelerated this trend – The People’s Daily published a whole page talking about how to develop this technology, and it’s been a hot topic even in the ongoing “two sessions” National Party Congress.
The top three tech giants in China - Baidu, Alibaba and Tencent, previously did not talk much about their blockchain development, but with a much more receptive public and regulatory environment, they have revealed a bit more about where they have been focused.
China is on the verge of creating another uninviting barrier for the cryptocurrency market, however nothing has been set in stone yet. Xinhua, one of the main news outlets in China, released another elusive yet pressing statement on February 5, 2018 laying out some of the government's plans to further hinder Chinese citizens from accessing international cryptocurrency exchanges and ICOs.
Bitcoin has grown rapidly in 2017 and its grabbed the attention of industry leaders and CEO’s, including Facebook founder Mark Zuckerberg. In January, Zuckerberg released a comment that indicated that Facebook will be looking to research and potentially adapt Blockchain technology.
XRP has become one of the most hyped cryptocurrencies, outperforming both Bitcoin and Ethereum last year. Much of the hype comes from XRP’s connection to its creator company Ripple Labs, but this link may not be as useful as many hope.
Evident concern on the volatility and the unforeseeable future of cryptocurrency exchanges have caused the South Korean government to take heightened steps to further inspect new crypto-trading accounts due to an “overheated market” and a number of money-laundering cases. The announcement of this act alone was followed by a downward spiral of 11% in Bitcoin's value.
The recent hype around Bitcoin continues to bring uncertainty to the financial stability of countries. Whilst some countries are accepting Bitcoin others are rejecting it and the threats that they perceive it holds.