Dubai Blockchain to solve Immigration issues
Dubai Blockchain will try to solve immigration issues, developing a system for cutting illegal residency within the country.
To do so, Dubai immigration agency is looking for a blockchain startup to collaborate for this project.
The Dubai Future Accelerator and the General Directorate of Residency and Foreign Affairs published a call for blockchain startups to develop the immigration platform.
This way, the immigration agency hopes to reduce illegal resident entry by 50% using the distributed ledger, according to a press release published a few days ago on December 22nd.
Other public institutions in Dubai want to use the blockchain technology as part of their accelerator program and there are a few opened calls about blockchain’s publicized use cases.
For example, the Department of Economic Development is looking for using automated systems to cut governmental red tape by 20%, reducing time for receiving, renewing and modifying trade licenses.
Also, the Dubai Health Authority is working to improve patient self-management of health data, as explained during a recent Distributed Health event.
Dubai Blockchain for a better future
The Dubai Future Accelerator will take no equity from startups that participate. Also, it provides flights, accommodation and office space for a program of 9 weeks where selected companies will be able to test prototypes with the major Dubai companies and government institutions.
Saif Al-Aleeli, CEO of the Dubai Future Foundation, explained in the press release:
“By bringing innovative global startups together with government entities in Dubai, the program offers them the potential to materialize their ideas and projects in a forward-thinking city, and play their part in building a better future today,”
To read more about Dubai Blockchain project, click here.
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BNP Paribas Blockchain used for live transactions
A well-known worldwide seller and another important firm partecipated to the first live transactions using the BNP Paribas Blockchain service, as revealed today by the bank itself.
According to BNP Paribas, in fact, payments were processed between the Italian sports collectible firms Panini Group and the Australian packaging firm called Amcor.
The payment transactions were managed in a few minutes – the bank explained in the official press release – using different currencies to make transactions easier between bank accounts located in Germany, Netherlands and England.
Panini Group treasurer Fabrizio Masinelli commented in a statement:
“This proof-of-concept shows how powerful such technology can be and how it can be utilised as an effective and efficient response to the main issues that treasurers face on a daily basis.”
BNP Paribas Blockchain Proof of Concept
The transactions were managed by using the proof of concept called Cash Without Borders launched earlier this year after its incubation during a blockchain hackathon.
More Details about the size of the transactions will be revealed in the next future.
Also, the BNP Paribas blockchain service tested the so-called “mini-bonds” for small investments, as well as blockchain crowdfunding prototypes that might see the light next year.
According to the Panini Group’s official website, the company earned 751m euros in 2014 and employs 1,000 people worldwide.
Also, during the same year, Amcor earned $10b in sales and employs 29,000 employees.
To read more about the BNP Paribas Blockchain service click here.
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France Bitcoin Tests by the Central Bank
France Bitcoin tests have been revealed by the French Central Bank last week.
The Banque de France published a press release on Friday where it talks about its technology tests for use in the management of SEPA Credit Identifiers.
According to the French central bank, one of the key participants in this project is the Caisse des Dépôts et Consignations, and the Paris-based startup called Labo Blockchain.
The project began in July 2016 and culminated in October with the creation of prototypes for creating and managing SEPA Credit Identifiers.
The central bank also explained how meetings were held with stakeholders as the project moved forward, indicating that more details about the project will be revealed in 2017.
France Bitcoin project and more central bank efforts
This is not the first time a central bank test the distributed ledger.
A few months ago, in fact, central banks in Japan, Sweden and Singapore launched similar projects.
Also, earlier this month, the US Federal Reserve published its first major research paper on the ledger you can read here.
Credits: Coindesk.com
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Japanese Blockchain Consortium is growing fast
A Japanese blockchain consortium grew very fast and now it includes more than 1 hundred members.
Membership of this Blockchain Collaborative Consortium (BCCC) grew since its creation back in April 2016.
BCCC memberhip includes Japan Microsoft, Infoteria, Mitsui Sumotomo Insurance, PwC, Bitbank, ConsenSys and more.
Also, the Japanese Blockchain Consortium announced that the 100th student from its Blockchain University program had successfully graduated – signal that the BCC’s plan to improve knowledge about the distributed ledger is succeeding.
In a blog post revealed today, the founder and CEO of Infoteria, Pina Hirano, explained that the Japanese Blockchain University is the only one of its kind within the country. He said:
“While the world related to FinTech and block chains is moving at a rapid pace, BCCC will add new members’ power and make activities more active so that domestic movements will not be delayed.”
Hirano suggested the total Japanese Blockchain consortium members are 109, but at the moment the BCCC website only lists 101, so maybe more members will be announced in the near future.
Japanese blockchain growth
During the last few months Japan has been characterized by its interest and study of the blockchain.
In November Ripple launched its own blockchain consortium with more than 40 banks with the goal of building a network to conduct cross-border payments.
Also, in December the Mizuho Financial Group, Inc., Sumitomo Mitsui Banking Corporation and other banks helped Deloitte Japan for a blockchain test and research about inter-bank payments.
Despite the test, Japan faced a shortage of blockchain developers, as reported by Reuters.
To solve this problem within the country, the BCCC graduated two classes of students with 8 courses each, including “practical training”, “foundation of blockchain technology” with lessons about the bitcoin blockchain. More classes will be added next month, but unfortunately this consotium blockchain class is only conducted in Japanese language.
To read more about Japan plans related to the blockchain, click here.
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Korean Blockchain Consortium ft. 27 firms
A new Korean Blockchain Consortium has been created by 27 firms and startups with the goal of developing tools to manage trade financial processes.
This Korean Blockchain Consortium is composed with both major companies of the financial sector and technology startups.
According to The Loop startup the Korean Blockchain Consortium was born for this reason:
“Beyond providing the blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype that is to reduce the cost and operational risk in trade finance and ultimately improve trade efficiency”.
The Korean Blockchain Consortium includes Daishin Securities, Dongbu Securities, Yualta Securities Korea and Kiwoom Securities.
Some of these members have already worked in the blockchain field with regional startups.
The blockchain project was organized by the Korea Financial Investment Association, or an industry trade group based in South Korea.
This is the second blockchain-related project born in Korea and its creation last week comes after another news about the formation of a consortium spearheaded by the South Korean government.
Also, in October the East Asian government started to create its public-private consortium supported by the most important banks in South Korea and their major regulator, or the Financial Services Commission (FSC).
“With the creation of the consortium, momentum is expected to start for spreahading the development of technology and service in the blockchain field, rather than passively following the footsteps of advanced nations,” explained Kim Yong-beom, chairman at Financial Services Commission.
The government consortium aims at creating a new task force to regulate the technology in the banking sector.
To read more news related to the Korea effort in the Blockchain sector, click here.
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Japan Bitcoin Regulation for 2017
Japan Bitcoin Regulation
Japan Bitcoin Regulation will take place in 2017 and it wants to drop an 8% sales tax on Bitcoin purchases.
This move will take effect in July 2017, according to a document published by CoinDesk.
Although the proposal has yet to be approved by senior Japanese government, an annual tax document written by the ruling Liberal Democratic Party and the Komeito party was revealed today. Thanks to this document now we know more details on the proposal suggested back in October by the Ministry of Finance and the Financial Services Agency.
The tax remains in place today.
If approved by the Cabinet, the plan will institute a period of grace in June 2017, with the tax exemption becoming official the following month.
The document just released is the result of discussions among government stakeholders first reported by the regional news service called Nikkei.
Local startups have already responded positively to this Japan Bitcoin regulation.
CEO of exchange service Quoine, Mike Kayamori, commented that the plan to drop the sales tax was expected, but it represents a good message to the cryptocurrency community.
Kayamori explained to CoinDesk:
“It’s a huge relief for us. Customers don’t have to pay tax for each transaction. Hope this becomes standard practice.”
This move follows a very busy year for Japan on the exchange front, as the government decided to request registration for all the companies that handle bitcoin sales within the Japanese country.
Discussions around exchange regulation began last year when government ministers tried to obtain information from exchange services.
Also, a deliberations took place last year because of the collapse of Mt Gox, a bitcoin exchange imploded in 2014, causing hundreds of millions of dollars lost by the exchange users.
Document originally shared by CoinDesk.com on Scribd. Unfortunately it is available only in Japanese language.
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Blockchain Copyright US Commerce Department
Blockchain Copyright will be the major topic to be discussed by the US Commerce Department on Friday 9th November, 2016.
The even is organized by the Internet Task Force department, supported by the US Patent and Trademark Organization (USTPO), the National Telecommunications and Information Administration (NTIA), the International Trade Administration (ITA) and the National Institute of Standards and Technology (NIST).
This group was created to study a wide range of topics, from blockchain copyright to digital privacy and cybersecurity.
The Commerce Department will be hosting a live streaming of the conference.
According to an agenda published by the Commerce Department, the event is being organized at the Silicon Valley office.
However, the blockchain copyright topic is not so new, as the idea that distributed ledger technology can be very useful in the digital copyright filed is being explored by several startups worldwide.
The idea is that a creative project can be linked to a transaction or digitized asset on an immutable ledger, so its provenance can be traced to its origin, verifying the true author behind it.
The one-day event, which will begin at 1:30 p.m. UTC, will include a panel session on registries and rights expression languages, and a conference that is expected to be focused on the use of the distributed ledger.
The next sessions will be focused on the blockchain and smart contracts as topics of discussion. And while no specific details about projects have been revealed, the conference will include a technology preview.
The department explained during its press release:
“We will discuss the potential for interoperability across digital registries and standards work in this field, and consider the relevant emerging technologies (eg, blockchain technology, open-source platforms). We will also explore potential approaches to guide their adoption and integration into the online marketplace.”
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Federal Reserve Blockchain Paper: read here
The US Federal Reserve Blockchain Paper is a new research about distributed ledger technology published by the American institution.
This new paper is about blockchain applications for payments and transaction settlement.
It was written by a research group composed by the Federal Reserve Board and botht the Federal Reserve Banks of New York and Chicago.
Although another research was published in the past by members of the Federal Reserve system, this new document is the first major publication from the Federal Reserve Board.
However, the research paper covers a wide range of topics, including both a top-down view of the concepts behind blockchain.
Also, the US Federal Reserve Blockchain Paper talks about the challenges and opportunities for financial companies or payment system operates looking for possible integrations.
“An important goal of this paper is to examine how this technology might be used in the area of payments, clearing, and settlement and to identify both the opportunities and challenges facing its practical implementation and possible long-term adoption.”
This publication comes just two months after the news that Fed governor Lael Brainard revealed the interest in the blockchain by the central bank.
According to the Federal Reserve press release, researchers interviewed almost 30 representatives from the public and private sector, explaining both how to establish companies and startups working with the distributed ledger in the fintech field.
The full US Federal Reserve Blockchain Paper can be found here:
Distributed ledger technology in payments, clearing, and settlement
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Russia Bitcoin recognized by tax authorities
The uncertainties about the relationship Russia Bitcoin were finally disappeared.
In an official document published a few days ago on November 29th Russia’s federal tax service expressed its new position regarding the legality of Bitcoin use and transactions.
In fact, the document finally explained that there is no legal prohibition of digital currencies in Russia.
Russia Bitcoin and uncertainty
For almost three years it was not clear if the Russian authorities wanted to ban or accept Bitcoin and introduce several penalties.
Somewhere during this period, the Russian ministry of finance commented about the possibility of a four years imprisonment introduction for people involved in the Bitcoin use.
Also, even bank officials sentenced to seven years in prison and banned from holding certain positions.
However, Russian authorities changed their idea and gave the ministry of finance a new directive to write a law on Bitcoin.
For Russia Bitcoin is a foreign currency
The federal tax service’s document affirms the legality of Bitcoin and indicates that all trading operations related to Bitcoin and any other digital currency are to be considered as foreign and external securities.
In fact, this document essentially defines the buying and selling of Bitcoin and other cryptocurrencies a monetary transaction.
Bitcoin for Money laundering and terrorism
However, the document also explained that Russian authorities will investigate about people who use Bitcoin for money laundering and terrorism.
Even if this calls for KYC and AML from exchanges is yet to be clarified by the Russian government as there are more interpretations that are yet to be communicated.
Source: Coindesk.com
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Bitcoin Price today Breaches $750
The Bitcoin price today keeps growing up over the value of $750.
This is the sixth time that bitcoin price breaches $750 since mid-November, as revealed by the CoinDesk USD Bitcoin Price Index.
Bitcoin was subject to much volatility during a low trading volume, as CoinMarketCap data showed that during the session, the 24-hour trading volume was roughly $90 million.
This was a lower trading activity compared to last month, when it reached $174 million on November 3rd and $173 million on November 17th.
The digital currency price passed the $750 value several times during November.
The Bitcoin price first breached $750 on 17th November, maintaining this level for a short time, then moving back to a lower value even under $ 700.
Also, it is important to remember that the bitcoin price today exceeded $750 and it did the same many times recently, but it never breached $755 during the last few weeks.
In India the bitcoin price exploded and last week it reached almost $1000 as the country tried to exchange value via Zebpay and Unocoin.
According to Coindesk, the bitcoin price today also reached a growing value of Eur 724, and
2016 has been a great year for Bitcoin. For example, scalability innovations like Segregated Witness have been introduced to the Bitcoin community, many positive Blockchain tests have taken place and many new markets have turned to Bitcoin as a new method of payment.
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