Digital Currency and Blockchain Weekly Round-Up – June 14th, 2019
Fri, 14 Jun 2019, 11:25 am UTC
G20 leaders welcome efforts of global regulatory bodies on cryptocurrencies
G20 finance ministers and central bank governors have welcomed the efforts of global regulators on cryptocurrencies and have recommended considering multilateral responses as needed. In a joint communiqué published on June 9, the G20 leaders have welcomed the efforts of international organizations including IOSCO, FATF, and FSB in this area.
FATF to release new policies for global digital asset industry affecting crypto exchanges, custodians, hedge funds: Report
The Financial Action Task Force (FATF) will reportedly release a note to clarify how participant nations should manage the digital assets sector, Bloomberg reported citing FATF spokeswoman Alexandra Wijmenga-Daniel. As per the report, the new rules are applicable to businesses dealing with tokens and cryptocurrencies, including crypto exchanges, custodians and crypto hedge funds.
Russia may start imposing cryptocurrency mining fine this month
The parliament of Russia, the State Duma, is considering imposing administrative penalties for those who mine cryptocurrencies using open blockchains, media outlet TASS reported. Speaking to TASS, Anatoly Aksakov, the chairman of the State Duma Committee on the Financial Market, said that operations related to cryptocurrencies are not covered by the Russian laws and will be considered as illegal.
Brazil considers promoting blockchain in public administration in new proposed bill
The government of Brazil is seeking to encourage implementation of blockchain and other advanced technologies in all local public administration units, Cointelegraph Brazil reported. A new bill, PL 3443/2019, aims to offer the “Digital Provision of Public Services in Public Administration – Digital Government.”
Blockchain companies get rent subsidies in China's Fuzhou City
Fuzhou City in China is providing rent subsidies for blockchain businesses with the hope to enhance the sector’s growth, according to state-run People’s Daily. The grant, which is a part of the city’s “three measures to accelerate the development of blockchain industry,” aims to help the blockchain industry by providing a rent subsidy of up to 600,000 yuan (~$86,800) for 3 years.
Indian lawmakers propose 10-year jail term for dealing in cryptocurrencies: Report
The inter-ministerial committee led by the Indian Department of Economic Affairs secretary Subhash Chandra Garg has reportedly proposed a draft bill that seeks to make it illegal to hold, sell or deal in cryptocurrencies in the country. The draft law has allegedly proposed 10-year prison sentence for persons who "mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.”
South Korea’s Ministry of Foreign Affairs to verify financial power of attorney using blockchain
South Korea’s Ministry of Foreign Affairs has announced a blockchain pilot that will aim to verify the authenticity of the notarized financial power of attorney from diplomatic office. Part of the government’s core innovation projects, the project will be carried out in cooperation with the Korea Financial Telecommunications and Clearings Institute (KFTC).
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