Singapore Supports Cryptocurrency

In statements published today, officials in Singapore confirmed a mainly hands-off policy regarding cryptocurrencies and stated that they had no plans to ban  cryptocurrency as part of its future regulatory plans. As have many other governments, it warned about the risks of investing in cryptocurrency. At the same time, the government said it wanted to “continue to encourage experiments in the blockchain space that may involve the use of cryptocurrencies,

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Cryptocurrency, Singapore

Blockchain for Supply Chain Management: The Future of Logistics?

Over the past few decades, supply chain management has benefited immensely from technological advances that have made it easier and faster to transport cargo from one place to another. However despite these advances, supply chains continue to face challenges when it comes to tracking cargo, ensuring the integrity of cargo and holding members of the supply chain accountable for cargo, as it moves from one participant in the chain to

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Use Case

Credit Card Issuers Ban Cryptocurrency Purchases

According to a Bloomberg report, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards.  The banks do not want the credit risk associated with the transactions.  There is also the risk that thieves will abuse cards that were purloined or based on stolen identities, turning them into crypto hoards.

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European Commission Launches EU Blockchain Observatory and Forum

On 1 February the European Commission announced the launch of a new EU Blockchain Observatory and Forum. The aims of the Observatory are to: map key existing blockchain initiatives in Europe and beyond; monitor blockchain developments, analyse trends and address emerging issues; become a knowledge hub on blockchain; promote European blockchain actors and reinforce European engagement with multiple stakeholders; be a communications channel to set out the EU’s vision and

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Blockchain and Government IDs

Government issued identification is one of the areas that garners a lot of attention in terms of the potential uses of blockchain technology outside the world of fintech.  One driver is the susceptibility of existing systems to hacking and the attendant risk of identity theft.  Another is the simple unwieldly system of so many government issued IDs — birth certificates, drivers licenses, passports, social security cards — all of which

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South Korea Does Not Intend to Shut Down Cryptocurrency Trading

South Korea is one of the world’s largest markets for cryptocurrency trading and we have previously reported here and here on steps taken by that government in the cryptocurrency space. Reuters reported today that South Korea is not going to go as far as China, which has blocked virtual coin platforms.  The country’s finance minister said that the government has no plans to shut down cryptocurrency trading.  Rather, the government

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Cryptocurrency, South Korea

SEC Halts One of the Largest ICOs Ever

The U.S. SEC announced today that it had obtained a court order to halt and freeze the assets of what is likely one of the largest initial coin offerings ever. The complaint alleges that AriseBank used social media, a celebrity endorsement, and other wide dissemination tactics to raise what it claims to be $600 million of its $1 billion goal in just two months.  According to the SEC press release,

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TRO Granted in Bitconnect ICO Lawsuit

We previously reported how, in the Tezos litigation, the court denied a temporary restraining order that sought to enjoin the defendants from selling, transferring, converting, or otherwise disposing of any assets collected or derived from an ICO, holding that plaintiff had failed to show that he is likely to suffer irreparable harm in the absence of injunctive relief.  Today, in connection with the class action against BitConnect, (Paige v Bitconnect,

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ICO, Litigation, US

Coincheck Suffers Largest Cryptocurrency Hack

Last Friday, Coincheck, which calls itself the leading Bitcoin and cryptocurrency exchange in Asia, acknowledged that it had been hacked and that 500 million of its NEM tokens (valued at about $530 million) had been taken from Coincheck’s digital wallets.  This hack now surpasses the 2014 Mt. Gox hack as the largest one in history (to date).  Interestingly, Coincheck has identified and published 11 addresses where all of the stolen

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Vermont City To Use Blockchain For Land Records

Propy, a California-based blockchain startup, announced that it is partnering with the city of South Burlington, Vermont, to use blockchain technology to record real estate conveyance documents.  The goal will be to do away with hard copy registry altogether and enhance efficiency because, under the current system, it is necessary to drive to South Bulrington to do a title search.  Of course, carried to its ultimate conclusion, if land registry

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Real Estate, US