Image Of The Week, 3-7 of September: Reuters, Nikkei, The News Asia and Others
We're presenting “image of the week”. Bitnewstoday.com has chosen only the 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 stories in the most indicative quotes are below!
3 of September
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.”
FANTASTIC FOUR AND THE BLOCKCHAIN (NIKKEI)
Alibaba, IBM Top Global Blockchain Patent Rankings, Says New Research
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.
4 of September
ON THE SWISS PATH (THE MANILA TIMES)
Cryptocurrency exchanges in the Philippines may fall under the legislation
Cryptocurrency exchanges could be allowed to operate as trading platforms in the Philippines given the growing global interest in virtual currencies, the Securities and Exchange Commission (SEC) said.
SEC Commissioner Ephyro Luis Amatong told reporters that regulators were targeting the release of draft rules.
“We see the need to regulate them as trading platforms,” Amatong said, given the SEC’s mandate to protect the investing public. He also added that the virtual currency exchange (VCE) rules of Australia and Switzerland are being reviewed as possible templates.
FINISH BADLY (THE NEXT WEB)
Belgium adds 28 new scam sites to its cryptocurrency blacklist
The Belgian Financial Services and Markets Authority (FSMA) warned netizens about the spread of illegitimate “cryptomonnaies” and blockchain platforms, as tricksters continue to dupe the general public.
The FSMA strengthened its warning with an updated list of “cryptomonnaies” (Belgium’s surprisingly mellifluous word for cryptocurrencies) trading sites, which has grown to include over 70 known scams, with 28 being added in the latest update.
Even though the FSMA issued numerous warnings and has been updating its list of known scammers since the end of February this year, complaints continue to roll in.
5 of September
YOU CAN MINE NOW (IBENA)
Iran recognizes cryptocurrency mining as a legitimate industry
Iran’s Supreme Council of Cyberspace (perhaps the coolest name of any government authority) has declared cryptocurrency mining will be officially recognized as an industry, at least within its borders.
Secretary Abolhassan Firouzabadi stated that the country would declare full terms of regulation and policy for cryptocurrencies and mining by the end of September 2018.
EQUAL FOR ALL (REUTERS)
EU should adopt common cryptocurrency rules, report for ministers says
The European Union should adopt common rules on cryptocurrencies and scrutinize how new digital units are distributed to investors and subsequently traded, according to a report prepared for the EU Finance Ministers.
In the report the Brussels-based think tank Bruegel argues for EU-level regulation of crypto exchanges and clearer rules on “Initial Coin Offerings” (ICOs) to control risks and exploit the potential of the industry and its underlying the blockchain technology.
The document is to be presented to the Ministers who are meeting on Friday and Saturday in Vienna.
6 of September
HAS THE RIGHT TO LIVE (YOU GOV)
48% of millennials would be interested in using cryptocurrency primarily
A vast majority (79%) of Americans are familiar with at least one kind of cryptocurrency, according to new data from YouGov Omnibus.
By far, the most well-known cryptocurrency among Americans is Bitcoin with 71% of people saying they’ve heard of it. The next best-known is Ether/Ethereum with 13% saying they have heard of it.
Of those who have heard of Bitcoin, 87% have had no interaction with it, meaning they haven’t bought, sold or mined it. About half (49%) in this group say “I’m glad I didn’t buy Bitcoin earlier, and I don’t plan to buy it,” while 15% say “I wish I had bought Bitcoin earlier, but I feel like it’s too late now.” About one in five (21%) people between 35 and 54 chose this response, while only 11% of people 55 and up did.
CRYPTO IN UZBEKISTAN (THE NEWS ASIA)
Korea-Uzbekistan Cooperation Leads to Uzbekistan Crypto Exchange
Uzbekistan has established the world’s first government-licensed cryptocurrency exchange. Additionally, a substantial fund for digital economic development has been created to couple with the exchange. Both turns of events were a result of two Presidential Decisions made by Uzbekistan’s President Škot Myržyjev.
The nation’s new cryptocurrency exchange is expected to be exempt from taxation on corporate and investor profits, including investment from non-residents of Uzbekistan. Cryptocurrency transactions will also not be in violation of existing laws on currency regulation. This should include trading cryptos on the new exchange and liquidating for fiat.
7 Of September
WATCHDOG IN DENIAL (Kyodo News)
Japan financial watchdog denies approval of cryptocurrency exchange
A cryptocurrency exchange in Japan was forced to shut down after the country's financial watchdog on Thursday refused to authorize it to do business, the first such decision since regulations requiring approval were introduced last year.
The Financial Services Agency said it turned down Yokohama-based FSHO's application to register as a handler of cryptocurrencies such as bitcoin after the company failed to implement sufficient safeguards against money laundering.
ALL IN (CNN)
IBM is betting big on blockchain technology.
Industry watchers say it's a risky move, given the relative novelty of the technology and the hype surrounding it, but say IBM is well positioned to make it pay off.
For the uninitiated, the blockchain is essentially a shared digital ledger. Once entered, transactions cannot be changed, creating an immutable record.
The technology is most associated with cryptocurrency, but several companies, including Microsoft (MSFT), JPMorgan Chase (JPM), and American Express (AXP), are exploring its use in other areas. IBM (IBM) has 1,500 employees working on more than 500 blockchain projects in industries like shipping, banking, healthcare and food safety. It also has forged partnerships with the likes of Columbia University to develop still more uses for the tech.