Digital Currency and Blockchain Weekly Round-Up – January 4th, 2019
New York forms cryptocurrency task force
New York State Governor Andrew Cuomo signed a bill last month that would now see the state forming a cryptocurrency task force. According to the bill, the task force will “provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems in the state.”
Wyoming ‘financial technology sandbox’ bill seeks to boost blockchain and fintech innovation
A bill has been introduced in Wyoming’s state legislature to establish financial technology sandbox in order to boost innovation in this space. Introduced last week, the “Financial Technology Sandbox Act” seeks to create a financial technology sandbox for the testing of financial products and services in the state of Wyoming.
Italian government brings together 30 experts to build national blockchain strategy
Italy’s Ministry of Economic Development has brought together 30 experts in a bid to boost the country’s blockchain strategy, CoinDesk reported. In September, the ministry had launched a call for applications for the selection of up to 30 members of a group of experts for the drafting of a national strategy on distributed ledger technologies (DLTs) and blockchain.
Irish cabinet approves bill to prevent use of cryptocurrencies for money laundering and terrorism financing purposes
The Irish government is making efforts to implement stricter laws to fight money laundering and terrorism financing activities using cryptocurrencies. According to the Irish Times, the Cabinet has approved a bill that aims to give effect to the Fifth EU Anti-Money Laundering Directive.
Difficult to set specific timeline to come up with cryptocurrency regulation, says Indian Minister Pon Radhakrishnan
Following recent reports that suggested that Indian authorities were considering introducing regulation for cryptocurrencies, Quartz has reported that the government is in no rush to finalize the rules. On December 28, Pon Radhakrishnan, the minister of state for finance, told the Lok Sabha, “In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.”
Reserve Bank of India shelves central bank digital currency plans – Report
The Reserve Bank of India (RBI) has reportedly shelved its plans to launch its own digital currency, according to The Hindu Business Line. An anonymous source told the news outlet, “The government doesn’t want the digital currency any more. It thinks it is too early to even think about a digital currency.”
South African government sets up crypto assets regulatory working group
The government of South Africa has set up a crypto assets regulatory working group to look into all the aspects of cryptocurrencies and blockchain technology, BusinessDay reported. In response to a parliamentary question by Freedom Front Plus MP Wouter Wessels, finance minister Tito Mboweni said that the initiative is aimed at developing a “cohesive governmental response to cryptocurrencies and a unified intergovernmental regulatory framework.”
Bermuda Monetary Authority publishes draft rules for cryptocurrency custody
The Bermuda Monetary Authority (BMA) last month released a draft Code of Practice for Digital Asset Custody for consultation. According to the official release dated December 18, 2018, the code prescribes measures to ensure “a high level of care when safeguarding client’s assets.” Comments on the draft code should be sent by 18 January 2019.
Abkhazia cuts off power to 15 crypto mining facilities
The Republican unitary enterprise Chernomorenergo, a state-owned power company of Abkhazia, has announced that the government has cut power to some cryptocurrency mining farms due to concerns over electricity consumption, CoinTelegraph reported. ““A total of 15 facilities were disconnected with a total capacity of 8950 kW / h,” according to the announcement.
Iran moves to criminalize using Telegram’s cryptocurrency ‘Gram’
The government of Iran has moved to criminalize the use of Gram, the representative cryptocurrency of the TON Blockchain being developed by instant messaging service Telegram, Tehran Times reported. Secretary of Criminal Content Definition Task Force Javad Javidnia has recently announced that any cooperation with Telegram to launch Gram will constitute an action against national security and will be dealt with as a disruption to the national economy.
- Mike Novogratz controls nearly 80 pct of crypto-focused Galaxy Digital
- Crypto project Bakkt secures $182.5M in first funding round
- Bitcoin ATM manufacturer Lamassu moves to Switzerland
- DMM.com to quit cryptocurrency mining business
Digital Currency and Blockchain Initiatives