French Government To Provide Regulatory Framework For ICOs

French Government To Provide Regulatory Framework For ICOs
September 27, 2018

 

The cryptocurrency market remains range bound with Bitcoin (BTC) trading near $6,500. A firm crossover above $6,700 levels may trigger another round of buying. The most notable thing is that the overall sentiment is slowly turning from bearish to bullish. The relentless support received by Bitcoin at $6,000 levels has actually made the bears tired. More importantly, the inroads made by Ripple, Coinbase, Stellar, and IOTA in the traditional markets have created a situation where things can only move forward from here on. Several countries such as Thailand and Malta, among others have already brought out guidelines for the crypto market. Many countries such as Russia are in the final stages of providing a legal framework. As a result, the overall sentiment has turned mildly bullish.

 

Government level initiatives

The Assemblée Nationale (the lower house of the French parliament) has begun a discussion about a bill introduced last June by the Minister of Economy and Finance, Bruno Le Maire. The bill contains major amendments for the French regulatory framework with regard to cryptocurrencies, blockchain technology, and ICOs, along with several other proposals intended at continuing the development of “liberated companies that are better funded, more innovative and fairer.”

The amendments, brought about by the Plan d’Action pour la Croissance et la Transformation des Entreprises (PACTE – Action Plan for Business Growth and Transformation) would be a major step in bringing France nearer to the digital transformation around blockchain and bridging the gap that separates France from smaller countries that have established an ideal environment for investment in Fintech and the blockchain industry.

 

A blockchain system built by Australia’s National Science Agency (CSIRO) and Sydney University have created a record by handling 30,000 transactions per second during a test on Amazon Cloud. Data61, the technology arm of CSIRO (Commonwealth Scientific and Industrial Research Organisation), and the Concurrent Systems Research Group at the University of Sydney have successfully developed Red Belly Blockchain using CSIRO’s Pre-accelerator program ON prime.

CSIRO and the Concurrent Systems Research Group unveiled the preliminary outcome of its trial conducted on Amazon Web Services (AWS) cloud infrastructure. Red Belly Blockchain was trialed on 1,000 systems in 18 regions, including North and South Americas, Europe and Australia. According to CSIRO report, Red Belly Blockchain was able to perform 30,000 transactions per second from multiple locations, showing an average transaction delay of three seconds.

 

Private sector initiatives

In order to remain a leader in the Indian server market, hardware giant Dell EMC Technologies is preparing to introduce products with blockchain capabilities. Dell believes that it can retain leadership by focusing on the blockchain, data analytics, artificial intelligence (AI), and cloud-compliance. In Q1 2018 Dell had a market share of 28.3%, the highest in the Indian server market, up from 19.4% in the earlier quarter.

Manish Gupta, senior director and general manager at Infrastructure Solutions Group, Dell EMC India, said: “The clients that we work with are looking to tap these technologies, which is why we are bringing in servers that allow them to optimize on traditional workloads as well as invest into new age workloads such as cloud, artificial intelligence, analytics, and blockchain.”

 

The German automobile manufacturer, Porsche AG, is planning to pour more funds in new firms that focus on blockchain and artificial intelligence (AI). In this regard, the firm has set aside ~$176 million to be spent over a period of five years. The decision to increase investment in venture capital undertakings was made by the need to “gain access to trends, new technologies, and business models.”

The investments will be made in “early and growth” phase businesses that associate to “customer experience, mobility, and digital lifestyle,” along with future technologies such as blockchain, AI, and virtual and augmented reality.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Janine

Janine

Janine is our editor for related stock market news. Andrew and Janine will be focusing on providing the latest trends and where the next hit could be


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