The cryptocurrency market is back again in a range, with Bitcoin (BTC) hovering around $3,800 levels. Altcoins, on the contrary, show mixed movement. While Ethereum (ETH-$132) has lost 0.5% in the past 24 hours, Ripple (XRP-$0.3134) has gained 0.5% in the same period. Other altcoins have gained or lost between 0.5% and 3% in the past 24 hours. This includes EOS (EOS-$3.59, -0.7%), Litecoin (LTC-$55.90, -1.1%), Stellar (XLM-$0.1078, 3.4%), TRON (TRX-$0.022, unchanged), and Cardano (ADA-$0.046, -2.9%).
Government level initiatives
Thailand Securities Regulator approves an ICO
An initial coin offering (ICO) portal has been approved by Thailand Securities Regulator for the first time. The director board of Thai Securities and Exchange Commission and (SEC) has supposedly approved the first ICO portal to monitor ICOs, carry out background research, verify smart contract-source codes and implement Know Your Customer (KYC) protocols. The ICO portal’s operator is believed to be an overseas entity.
Commenting on the approval, Archari Suppiroj, director of the fintech department at the SEC, told the Bangkok Post, “Thailand’s first authorized ICO portal is being finalized for official approval with the relevant government agencies such as the Commerce Ministry. […] The first ICO deal will be available for public offering in the near future under the digital asset royal decree.”
Duma passes the digital rights legislation
Duma, the Russian Parliament, has passed the digital rights legislation and it will become effective by October of this year. The information was conveyed through a press release by the official website of Duma. The amendments to civil codex were cleared in the third and last reading of Duma. The inclusion of article 141.1 to the Civil Code of the Russian Federation establishes the notion of “digital rights”.
The law specifies how digital rights can be put into practice and also stipulates rules for digital transactions including smart contracts. Commenting on the law, Vyacheslav Volodin, Chairman of the State Duma, stated that the digital rights law “forms the basis for the development of the digital economy. This is a new area for our rights, thus it is important for us to consolidate the basic concepts.”
Aleksandr Zhuravlev, a senior partner at a Moscow-based legal firm, has opined that the law is not perfect but the manner in which the country deals with cryptos and blockchain technology is better than many other countries.
Zhuravlev said “Of course the current project has flaws […] that could lead to ambiguity in some areas: determining the legal nature of cryptocurrencies and mining, as well as several other aspects (digital financial asset inheritance etc.). However, it’s worth noting that Russia has not gone down the route of China or India, which have selected a prohibitive approach to digital assets.”
Private sector initiatives
Kaluza funds the blockchain startup, Electron
Through a blog post, the UK power company OVO revealed that its technology unit, Kaluza, has funded the blockchain startup Electron. Kaluza is a smart grid technology firm that offers the power industry with both software and hardware tools.
Electron is a London-based power technology firm that employs blockchain technology. This gesture intends to open the door for the establishment of distributed energy trading platforms by Electron. Electron intends to utilize the funds raised to improve its energy software and systems or distributed flexibility markets.
The blog post elaborates on Electron’s shared asset register as follows: “The development of Electron’s shared asset register will be crucial to supporting the growth of Kaluza and deliver on its mission to securely connect all devices to an intelligent zero-carbon grid.”
The investment by OVO, which is UK’s seventh biggest energy supplier, is the first after Mitsubishi bought a 20% stake in the firm.
HSBC wants banking associates in South Korea to implement Voltron
London-based HSBC has revealed that it is trying to get banking associates in South Korea to implement Voltron, the blockchain-powered banking software in the country.
Blockchain-powered Voltron simplifies the process of processing and settling trade-related invoices by enterprises. The platform, which is presently in the trial stage, was unveiled in October 2018 by R3, the popular, New York head-quartered blockchain consortium, and eight banks including ING, Standard Chartered, and HSBC.
Joshua Kroeker, HSBC’s Blockchain Innovation Director, stated that the firm is aiming for the commercial launch of Voltron in the upcoming future. HSBC wants to forge partnerships with Korean banks to improve the platform and share costs.
Kroeker hopes that the decentralized system can considerably minimize the time usually needed for interbank activities and make dealings easier.
Kroeker further said: “The biggest impact would be time. Time and transparency will help companies better manage their cash flow and working capital. I am here this week to reach out to Korean banks to collaborate on this blockchain platform for letters of credit.”
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