Germany Follows Russia: Government To Outline Crypto Strategy By Mid-2019

Germany Follows Russia: Government To Outline Crypto Strategy By Mid-2019

The Cabinet of Germany has revealed that it will introduce a blockchain strategy for the country by mid-2019, which follows decisions by other countries, such as Russia, to introduce clear regulations on the validity and status of cryptocurrency in their respective countries.

A document was released which outlined their intentions for the emerging digital asset class. The German Ministry of Finance and the Ministry of Economic Affairs and Energy will be designing the strategy, but other departments will also contribute to the regulatory framework.

Reuters has reported that the German government has been in touch with companies and industry groups that could become stakeholders in what is a burgeoning industry.

The report reads:

According to the sources, companies and industry groups that could become stakeholders in a blockchain deployment process in Europe’s biggest economy were invited to supply recommendations from this week onwards. While concrete results were being sought, it was as yet unclear whether those would immediately materialize in any legislative moves, they said. Blockchain startups have said that without a legal framework, there are high entrance hurdles. Governments urge caution toward cryptocurrencies that run on the technology.

March 2, 2019 by Abhimanyu Krishnan

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https://www.investinblockchain.com/germany-crypto-strategy-mid-2019/

 

President of HKEx on incorporating Blockchain into the Shanghai-Shenzhen-Hong Kong Stock Connect As a financial center of Asia, Hong Kong is a model of globalization. With the slowdown of global economic development in recent years, Hong Kong has been greatly affected. As one of the key technologies of financial technology, blockchain’s importance is self-evident for Hong Kong, which is a finance hub and is looking for technology breakthrough. On February 28, the Hong Kong Stock Exchange announced “Strategic Planning 2019-2021”. This three-year plan outlined the development blueprint for the Hong Kong Stock Exchange in the next three years. Through the “Strategic Plan 2019-2021” of the Hong Kong Stock Exchange, Li Xiaojia, president of the Hong Kong Stock Exchange, pointed out that in the future, the HKEx will accelerate pace of reforming its core system and improve efficiency of its market operations on the premise of ensuring stable operation of the market. In the adoption of new technologies, HKEx will gradually explore new technology applications including blockchain and cloud computing in a pilot-based manner. For example, the HKEx will apply blockchain technology in the post-transaction allocation of the Shanghai-Shenzhen-Hong Kong Stock Connect. At present, the development of blockchain is getting more and more fierce. On February 28th, China Internet Network Information Center (CNNIC) released the 43rd Statistical Report on Internet Development in China. According to the report, as of June 2018, the number of blockchain companies in the United States, China, and the United Kingdom ranked top three. A total of 298 companies in China are active in the blockchain industry ecosystem. The top five cities in terms of blockchain enterprises are Beijing, Shanghai, Shenzhen, Hangzhou and Guangzhou. Among them, Beijing ranks first among 175 blockchain enterprises. In 2017, the Hangzhou government plans to build a “blockchain city”. This move is an attempt to realize the “Blockchain 10 Policies” in Guangzhou Huangpu District and the development zone. In April 2018, the “Hangzhou Blockchain Industrial Park in China” was established, consciously occupying the active position, actively guiding the development of the industry and seizing the commanding heights. February 28, 2019 by Global Coin Research Team READ FULL ARTICLE https://globalcoinresearch.com/2019/02/28/president-of-hkex-on-incorporating-blockchain-into-the-shanghai-shenzhen-hong-kong-stock-connect/

Litecoin Is Rocketing, Boosting Bitcoin And Ethereum--Here's Why Litecoin, currently the world's fifth largest major cryptocurrency by value, has leaped higher today following a steady rise over the last few days, pushing bitcoin, ethereum, and the wider cryptocurrency market higher. The litecoin price, which is some 85% down from its all-time highs, has risen 17% over the last 24 hours to a year-to-date high of $55. Litecoin began the year at just over $30 per coin. Bitcoin has meanwhile added 3%, according to CoinMarketCap data, as traders and investors again try to cross the psychological $4,000 mark, with data signaling the long-running bitcoin bear market could be coming to an end. Ethereum rose almost 8% over the last 24 hours, buoyed by the wider market. Litecoin's rally, which has seen some $500 million added to its market capitalization over the last 24 hour period, comes as the crisis-hit Venezuela launches a government-sanctioned cryptocurrency remittance service, allowing users to send bitcoin and litecoin into the country. People in Venezuela have been struggling against economic collapse and hyperinflation over recent years, with the president Nicolas Maduro clinging onto power despite a U.S.-backed challenge from opposition leader Juan Guaido and international sanctions. The service is designed to "guarantee financial inclusion along with the social protection of the people of Venezuela" though it warns it could be disabled at any time "depending on the availability of funds in bolívars." “Remesas is a service of the Patria Platform that allows you to send remittances to Venezuela in cryptocurrencies," according to the government's Patria website. "The resources sent will be available in sovereign bolivars in the Monedero Patria as soon as the transfer is confirmed." Use of bitcoin, litecoin and other cryptocurrencies in Venezula has risen over recent months as people trade on platforms such as LocalBitcoins to dodge international sanctions and the collapsing bolívar. There were more than 25 billion bolívars traded on LocalBitcoins last week, according to CoinDance data. Others have meanwhile suggested litecoin has benefitted in recent months from developer efforts to improve security and privacy and several high-profile partnerships—as well as its upcoming halving event. “A combination of climbing crypto volumes and their ability to sustain these levels has created a welcome change for investors. In turn, this has given crypto prices a real boost over the last 24 hours, allowing market momentum to stretch its legs again," said Mati Greenspan, senior market analyst at brokerage eToro. March 6, 2019 by Billy Bambrough READ FULL ARTICLE https://www.forbes.com/sites/billybambrough/2019/03/06/litecoin-is-rocketing-boosting-bitcoin-and-ethereum-heres-why/#216e31841140

Blockchain Spending in 2019 to Grow to $2.9 Billion, 88.7% Growth Since 2018   The amount spent on blockchain technology by businesses seeking to utilise the trust-enhancing features of distributed ledgers is expected to grow to $2.9 million in 2019. This would represent a growth of 88.7% over the $1.5 billion spent on the technology during 2018. The reported figures come from the International Data Corporation (IDC) who recently updated its “Worldwide Semiannual Blockchain Spending Guide.” According to a representative for the IDC, the tech has moved out of the design phase and into actual use and this shift will drive a lot of the expected spending through the next ten months. New Industries Finding New Ways to Use Blockchain. The IDC report states that the financial sector will continue to account for the lion’s share of the spending on blockchain technology during 2019. The estimated figure here is $1.1 billion. This will come from a variety of interests, including: banking, securities and investment services, and insurers. Another notable sector expected to be a part of the group of biggest blockchain spenders is that of manufacturing and resources. These industries will reportedly account for $653 million combined. They are also expected to see the largest growth in spending over the entire five year period with a CAGR of 77.6%. Coming close behind manufacturing and resources is the distribution and services industries. Firms doing business in these industries  are expected to spend $642 billion on exploring and implementing blockchain technology during 2019. According to IDC vice president of the Customer Insights and Analysis programme, Jessica Goepfert, the technology is still very much in its infancy and businesses are still at the phase of explosive innovation when it comes to its implications: “The use cases that comprise the blockchain opportunity are developing as swiftly as the technologies enabling it. While spending for more developed use cases in the financial sector like trade finance and cross-border payments is still healthy and growing strong, relative to six months ago we’ve seen an acceleration in spending across a variety of other areas, such as energy settlements and warranty claims.” As part of the report, documenting the five year period between 2018 and 2022, the IDC states that it expects the total spent on blockchain to reach $12.4 billion by the final year of the sample. March 4, 2019 by Rick D. READ FULL ARTICLE https://www.newsbtc.com/2019/03/04/blockchain-spending-2019-grow/

China, censorship and the blockchain quandary Thanks to blockchain, internet users have achieved some victories in the fight against China’s strict internet censorship. One historic moment arose in April, 2018. Peking University‘s former student, Yue Xin, had penned a letter detailing the university’s attempts to hide sexual misconduct. The case involved a student, Gao Yan, who committed suicide in 1998 after a professor sexually assaulted and then harassed her. The letter was blocked by Chinese social networking websites, but an anonymous user posted it on the Ethereum blockchain. In another case, in July, Chinese citizens used blockchain to preserve an investigative story which condemned inferior vaccines being given to Chinese babies. The vaccines produced by Shenzhen-based Changsheng Bio-Tech failed to fight tetanus and whooping cough. The company has also allegedly faked data for about 113,000 doses of human rabies vaccine. A blockchain is a secure database stored in a distributed set of computers. Every addition to the database must be digitally signed, making clear who is changing what and when. To ensure that only authorized users have access to the information, blockchains use cryptography-based digital signatures that verify identities. A user signs transactions with a “private key,” which is generated when an an account is created. A private key typically is a long and random alphanumeric code, known only to the person who controls the account. Using complicated algorithms, blockchains also create “public keys” from private keys. Public keys are known to the public and make it possible to share information. For instance, a Bitcoin wallet address is a public key. Any Bitcoin user can send payments to that address. However, only the person with the private key can spend the Bitcoin. From researching blockchain and China’s internet control measures, I can see that blockchain systems’ features are in conflict with the goals of the Chinese Communist Party. Truly decentralized blockchains will challenge the ability of authoritarian nations to maintain a tight grip over their populations. Censorship-resistance Blockchain makes censorship extremely difficult. March 1, 2019 by Nir Kshetri READ FULL ARTICLE https://www.asiatimes.com/2019/03/article/china-censorship-and-the-blockchain-quandary/

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