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World Economic Forum announces new global consortium for cryptocurrency governance
The World Economic Forum (WEF) on Friday announced a global consortium that will focus on designing a governance framework for cryptocurrencies, including stablecoins. Called the Global Consortium for Digital Currency Governance, the consortium aims to facilitate financial inclusion through innovative policy solutions that are “inclusive and inter-operable.”
India’s national blockchain strategy calls for a state-backed digital Rupee
The National Institute for Smart Governance (NISG), a non-profit company incorporated by the Indian government that provides e-governance consulting services to central and state governments, has published a draft document on the "National Strategy on Blockchain" on Dec. 30. The NISG was entrusted with the task to prepare the draft on national blockchain strategy in July 2019 by the National e-Governance Division (NeGD).
Singapore announces commencement of new regulatory framework for crypto businesses
The Monetary Authority of Singapore (MAS) announced on Tuesday that it updated its regulatory framework for payment services with the commencement of the Payment Services Act (PS Act). The new PS Act aims to strengthen consumer protection and promote confidence for e-payments. Among other things, it brings "Digital Payment Token" (DPT) services under the existing anti-money laundering and counter-terrorist financing (AML/CTF) regulations, CoinDesk reported.
Hawaiian lawmakers seek to allow banks to offer crypto custodial services
On Jan. 18, the lawmakers in Hawaii submitted a bill to allow banks to offer crypto custodial services, CoinDesk reported. The bill is sponsored by five state senators including Gil Riviere, Sharon Moriwaki, Stanley Chang, Les Ihara and Kurt Fevella, the only Republican member of the Hawaii Senate. It passed the first reading on Jan. 21.
Dubai Multi Commodities Center to establish Crypto Valley to boost blockchain ecosystem
The Dubai Multi Commodities Center (DMCC), a government entity established in 2002 to enhance commodity trade flows through Dubai, has announced its plans to launch ‘Crypto Valley’ in Dubai, the United Arab Emirates (UAE). In its press release, DMCC said that the planned Crypto Valley will be the world's largest ecosystem for cryptographic, blockchain and distributed ledger technologies. It will be established in partnership with CV VC and its subsidiary CV Labs.
Ukraine to block crypto wallets and seize illegally obtained assets
Cryptocurrency transactions are now subject to financial monitoring in Ukraine as the country passed the Financial Monitoring Bill into law in December. With this updated law, Ukrainian authorities will now be able to block crypto wallets to seize the crypto assets that are obtained illegally, Cointelegraph reported.
Cambodia to soon launch a central bank digital currency
The National Bank of Cambodia will launch a central bank digital currency (CBDC) in the first quarter of the fiscal year, a bank official announced recently. Director-general Chea Serey said that the "Project Bakong” was launched on a trial basis in July and is now in the final stages of deployment, The Phnom Penh Post reported. Bakong, she explained, is a quasi-form CBDC and is expected to be operational within the next few months. Serey described Bakong as “the national payment gateway for Cambodia.”
Bitcoin Gold blockchain suffers 51% attack, $70k worth of crypto double spent
Over $70,000 worth of Bitcoin Gold (BTG), a fork of bitcoin, was “double spent” as the Bitcoin Gold blockchain suffered a 51% attack, Cointelegraph reported. In a post on GitHub, James Lovejoy, a researcher at MIT’s Digital Currency Initiative said that they detected two deep reorganizations on BTG on Jan. 23 and 24.
Insights and Views
- Japan needs to be ready to issue CBDC if demand rises: BOJ Official
- Digital currency to become mainstream within next 2 years and eventually replace cash: Deutsche Bank
Company News
- Standard Chartered invests in newly-rebranded blockchain trade finance startup 'Contour'
- Saudi Aramco Energy Ventures pumps $5M into blockchain-powered platform VAKT
- Blockchain startup Baton Systems receives $4M investment from Illuminate Financial
- Blockchain startup SettleMint raises €1.9M from KPN Ventures and Medici Ventures
- Payments startup Currencycloud receives $80M from Visa and others
- Japanese financial services firm Daiko acquires controlling stake in crypto exchange Bitgate
- Bittrex obtains $300 million digital asset insurance for cold storage system
- Swiss firm OverFuture gets approval to incorporate for a blockchain IPO
- Russian state corporation Rostec to cut blockchain spending by 50%
- TokenPost announces soft launch of TokenPost Japan
Partnerships/Consortiums
- Coinbase Custody, Bison Trails join Proof of Stake Alliance to engage with policy stakeholders
- Blockchain Association launches Market Integrity Working Group for cryptocurrency transparency
Digital Currency Initiatives
- Nomura Research Institute launches cryptocurrency index for financial institutions via new partnership
- Swiss city of Zermatt accepts bitcoin for local taxes and official transactions
- Swiss banking giant Julius Baer launches digital asset services
- Bitcoin.com withdraws support from Bitcoin Cash development fund proposal
Blockchain Initiatives
- Mercedes-Benz Cars launches blockchain pilot project for transparency on CO2 emissions
- Hyperledger blockchain project releases Hyperledger Fabric 2.0
- WNS launches blockchain-based solution for syndicated insurance market
- Barclays-backed Crowdz launches blockchain-based invoice financing platform in private beta
- Accenture launches blockchain-based marketplace to onboard suppliers
- South Korean military taps Raonsecure for blockchain-based biometric ID solution
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