Image of the Day, 3 of September: Japan Times, CNBC, The Next Web and Others
We're presenting “image of the day”. Bitnewstoday.com has chosen only the freshest and most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important of today's stories in most indicative quotes are below!
1. BLOCKCHAIN IN LAW (LEGISCAN)
California Passes Bill Defining Blockchain and Crypto Terms
The state’s legislature has recently passed his Assembly Bill 2658, which introduces legal definitions of “the blockchain technology” and “the smart contract”, and revises others like “an electronic record” and “an electronic signature” to legalize and facilitate record keeping using DLT. The draft is co-sponsored by the Senate Democrat Bob Hertzberg.
Bill 2658 aims to revise provisions of the act that defines “an electronic record” and “an electronic signature” to include a record or a signature secured through the blockchain technology. It would also add the term “the smart contract” to the legal definition of “a contract.”
2. CLEAR VOTING (JAPAN TIMES)
The system allows voters to cast ballots via a computer display after placing the My Number card on a card reader. The blockchain technology is used to prevent the voting data from being falsified or read.
Using the cutting-edge technology, the voting system has been used for selecting proposals on social contribution projects.
Some problems emerged, however, including that many voters did not remember their passwords for voting and that it was difficult to tell whether a vote had been counted.
3. INSURANCE ON THE CRYPTО (KINGDOM TRUST)
Kingdom Trust, the first regulated financial institution to offer qualified custody for digital asset investments like Bitcoin and Ethereum, has secured insurance for digital assets held on its qualified custody platform through one of the world’s most respected insurers, Lloyd’s of London. The insurance, which was successfully placed by broker SDBIC, marks a solid resolve for institutional investors seeking to enter the crypto marketplace.
4. FANTASTIC FOUR AND THE BLOCKCHAIN (NIKKEI)
The research, released by iPR Daily, shows that the Chinese Internet giant Alibaba tops the list with a total of 90 patent applications focused on blockchain-related technologies.
In the second place, there is IBM, which falls just one short of that total with 89 filings, while Mastercard occupies the third place with 80 filings. Bank of America made it to the fourth place, with 53 blockchain patent applications.
For its ranking, iPR Daily said it consolidated information from patent databases as of Aug. 10 from China, the U.S., Europe, Japan and South Korea, as well as the International Patent System from the World Intellectual Property Organization.
5. WATCH THE CRYPTO! (THE SIASAT DAILY)
The Lao Central Bank has issued a notice warning the public to avoid falling victim to the use of the cryptocurrency on account of the potential risks involved in its money laundering, funding of terrorism.
The notice by the Bank of the Lao PDR (BOL) cautioned the public last week against the use of Bitcoin, Ethereum and Litecoin, and other unregulated currencies. It said that advertisements had appeared trying to lure people to purchase, sell and use cryptocurrencies in Laos.
6. ANOTHER DAY, ANOTHER SCAM (THE NEXT WEB)
Cryptocurrency tricksters are now posing as a disgraced security pioneer John McAfee to steal Bitcoin and Ethereum from unsuspecting users. But here’s the kicker: the scammers are using a shiny Tesla Model 3 to lure in victims.
But the website and account are fakes. The scam directs users to send a small amount of BTC or ETH to verify their account, after which they will receive a greater amount of the cryptocurrency in return. But typically you’ll give some BTC or ETH, and never receive anything in return.
7. CRYPTOMATES DON'T BELONG HERE (RBC)
Russian regulators began to withdraw from cryptomates
The police began to withdraw from the company-owned BBFpro cryptomate (a terminal for purchasing cryptocurrency), despite the fact that the company has not received preliminary requests from the Prosecutor's office and does not understand what has caused the withdrawal of cryptomates.
In total, the company had 22 terminals located in shopping centers, shops, and bars in nine cities. All of them are now withdrawn.
8. THE PRESSURE OF THE EXCHANGES CONTINUES (JAPAN TIMES)
The Financial Services Agency has effectively tightened its registration screening for cryptocurrency exchanges to see whether they are properly conducting risk management.
The state watchdog has increased the number of questions asked when screening applications to about 400 items, up fourfold. It now obligates applicants to submit minutes of board meetings so it can check whether enough discussions have been held about measures to sustain the company’s financial health and ensure the security of its computer system.
9. BITCOIN GOLD SAYS GOODBYE (THE NEXT WEB)
The threat of attack is very real for upstart cryptocurrency projects. Bitcoin Gold, a popular hard fork of Bitcoin is set to be delisted from the cryptocurrency exchange Bittrex.
The reason for the removal is that the currency has suffered a series of debilitating heists that netted thieves over $20 million in stolen funds. After hackers had taken control of more than 51 percent of the overall hash power, more than 388,000 BTG (approx. $18 million at the time) was stolen directly from Bittrex. Hackers were able to use “double-spending,” a method of repeatedly tricking an exchange into transferring more coins than it should.
10. UNDER SPECIAL CONTROL (CNBC)
China clamps down on cryptocurrency speculation, but not blockchain development
Chinese authorities have stepped up their pressure on domestic cryptocurrency activity in the last few weeks.
While Beijing supports the development of the underlying blockchain technology, it is still trying to limit speculation in digital currencies roughly one year since banning their sales in "initial coin offerings."
China used to dominate bitcoin trading and still accounts for a majority of bitcoin creation through the "mining" process. But increased regulatory scrutiny, especially as bitcoin's price climbed, culminated in the country's Central Bank and other financial authorities prohibiting sales of new cryptocurrencies through so-called ICOs early last September. Beijing also effectively banned domestic bitcoin-yuan trading.