The cryptocurrency market has remained range-bound for the past few days. However, Ripple, the San Francisco firm which offers a blockchain technology-based real-time gross settlement system for cross-border payments, has rallied sharply in the past few days to hit $0.78, before declining to $0.50 levels. The company has recently stated that its xRapid platform is ready to be launched commercially next month. Furthermore, it has forged partnerships with Saudi, South African, and US bank (PNC). This sparked a rally in the cryptocurrency.
Government initiatives
U.S. Rep. Tom Emmer (R-MN) is preparing to present three bills to back blockchain technology and cryptocurrencies. The three forthcoming bills are entitled the “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”
The enactment focuses on the assistance and advancement of blockchain technology, as well as the creation of a safe place for taxpayers with “forked” digital assets.
The bills would enable the federal government to offer a “simple legal environment,” and limit fines against individuals who declare “forked” digital assets until the Internal Revenue Service (IRS) hands out official guidance on the relevant means of documenting.
The Dubai Department of Finance (DoF) has entered into a collaboration with the Smart Dubai Office (SDO) to introduce a blockchain-backed payment mechanism.
According to local news site Zawya, the platform, dubbed “Payment Reconciliation and Settlement,” was officially instituted on Sunday, September the 23rd. It is tailored towards government organizations, such as the Dubai Police, Dubai Health Authority (DHA), Roads and Transport Authority (RTA), and others.
The Dubai DoF and SDO anticipate the system to provide a more undisputed and crystal-clear administration process, as well as to facilitate concurrent payments inside and between government organizations.
Private sector initiatives
Coil, a US-based startup, established by a former executive of Ripple, has introduced a unique product that allows Internet users to “tip” creators of content on social media platforms such as YouTube, Wikipedia, and Twitch in Ripple tokens, XRP.
Coil has built an addendum for the browsers, the beta version of which is presently available for validation. Although there is a comparable app readily available for Bitcoin, Coil claims to be much more advanced.
The browser extension will enable users to “unlock” specific content offered on the Internet through the use of XRP coins.
The company is presently collaborating with a chunk of notable sites and platforms and is aiming to expand the list soon.
IBM has been awarded a patent for the self-governing and self-servicing of electronically connected devices that form an important part in its Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT) ecosystem. The patent, initially documented in late June 2016, was bestowed by the U.S. Patent and Trademark Office (USPTO) on September the 18th.
IBM first disclosed a proof-of-concept (PoC) for ADEPT in collaboration with Samsung in March 2016. The patented system utilizes a blockchain protocol as a fundamental for a distributed chain of devices — what Samsung referred to as “a sort of decentralized Internet of Things (IoT).”
Others
The Decentralized funding and money borrowing platform, Celsius Network, will administer the Sustainable Development Goals Impact Fund (SDG Impact Fund) within the United Nations’ Sustainable Development Goals project.
The Sustainable Development Goals is a global scheme centered on drawing a “better and more sustainable future for all.” It provides an answer to global challenges such as inequality, poverty, climate change, prosperity, environmental degradation, and peace and justice. The project wants to achieve a number of targets by 2030.
According to the announcement, the SDG Impact Fund will be introduced by financial services firm Fifth Element with the plan to raise funds to the tune of several hundred million dollars and employ them in both fiat and digital format utilizing a public blockchain. The fund will supposedly accept and use all forms of crypto and digital assets in fulfillment with the UN Sustainable Development Goals.
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