Digital Currency and Blockchain Weekly Round-Up – October 4th, 2019
Fri, 04 Oct 2019, 11:21 am UTC
Two lawmakers urge Fed to mull a digital U.S. dollar; Philly Fed president thinks digital currencies are 'inevitable'
Two U.S. congressmen, Rep. French Hill (R-Arkansas) and Rep. Bill Foster (D-Illinois), have asked the Federal Reserve to consider developing a digital dollar. In a letter sent to Fed Chairman Jerome Powell on Monday, the lawmakers stressed that the “nature of money is changing” and that Fed is capable and has the natural role to develop a “national digital currency.” Philadelphia Federal Reserve President Patrick Harker proposed a similar project, saying that issuing digital currency is “inevitable” for the central banks.
Seven EU member states sign MOU to cooperate and share best practices on blockchain technology
Seven European countries this week signed a Memorandum of Understanding (MOU) for cooperation and sharing of knowledge in the area of distributed ledger technologies. The group of seven countries, called the “Mediterranean seven” or “MED 7,” met in Malta on October 02 for the South EU Telecommunications Ministers Summit. The key focus was on the crucial role of emerging technologies for the development of the Mediterranean area.
Japan’s Financial Services Agency issues draft guidelines for funds investing in cryptocurrencies
Japan’s Financial Services Agency (FSA) has published draft guidelines for funds investing in cryptocurrencies, CoinDesk reported. The FSA said, “It is anticipated that financial products that invest in crypto assets (virtual currency) will be formed in the future, but there are also indications that investment in crypto assets is encouraging speculation. The agency believes that it should carefully handle the formation and sale of investment trusts that invest in such assets.”
Russian Banking Association proposes taxing crypto mining as treasure
Russia could tax cryptocurrency mining activities, similar to how it taxes treasure findings or property, local news agency Izvestia report. The Association of Banks of Russia has reportedly proposed to legally recognize crypto mining as “an analogy of occupation of property or treasure.” This would essentially make cryptocurrencies taxable within the existing legal framework.
Uzbekistan hikes electricity tariffs for crypto miners by 3 times
The government of the Republic of Uzbekistan has increased electricity tariffs for cryptocurrency miners by 3 times. According to an announcement dated September 27, the Cabinet of Ministers of the Republic of Uzbekistan has approved amendments to the rules for the use of electric energy.
U.S. Department of Homeland Security awards $143k to Danube Tech for blockchain security solution
The United States Department of Homeland Security (DHS) has awarded $143,478 to Danube Tech, a Vienna-based company, to develop blockchain security technology. In a press release dated September 26, the DHS Science and Technology Directorate (S&T) said that Danube Tech was awarded the contract to develop blockchain and distributed ledger technology (DLT) solutions to fulfill a common need across DHS missions.
South Korean government approves trial of blockchain-based mobile driver’s licenses
South Korea’s Ministry of Science and ICT has approved a project that aims to use a blockchain-powered ID solution for storing digitized versions of driver’s licenses, Cryptonews.com reported. In an announcement dated September 26, the ministry said that it has approved the three mobile carriers – SK, KT, and LG U+ – to test the blockchain solution in its regulatory sandbox.
KPMG study identifies loyalty programs as “ideal platform” to introduce blockchain-enabled tokenization
Vega secures $5M from Pantera, Xpring and others for decentralized derivatives protocol
DeFi portal InstaDApp secures $2.4M from strategic investors including Pantera Capital, Coinbase
Stripe-backed startup Rapyd secures $100 million for its 'fintech-as-a-service' API