02/05/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Self-regulatory Trade Association CryptoUK Asks MPs To Implement Regulations

CryptoUK, the first self-regulatory trade association for the UK crypto industry, is calling for MPs to apply Financial Conduct Authority (FCA) regulations and guidelines to cryptocurrencies by putting them under the body’s jurisdiction. The proposal was created in response to the Treasury Committee’s announcement it would launch an inquiry into cryptocurrencies. Along with BlockEx, other members of CryptoUK include Coinbase and eToro. Among the proposals, there is a Crypto-License which would be granted to AML- and KYC-compliant crypto exchanges. It was also added that, ideally, the focus should be on the intermediaries, rather than cryptocurrencies themselves, as peer-to-peer policies already exist. The group believes that regulation is fundamental for the industry to flourish.

2. Crypto And Blockchain Will Lead To Cashless Society, Says S Korea Central Bank

The Bank of Korea (BOK), South Korea’s central bank, has been attempting to create a ‘cashless society’ for some time now. It has now announced that crypto and blockchain are being considered as possible tools to achieve the goal. The cashfree society pilot was officially announced yesterday, along with the involvement of blockchain and cryptocurrency for aspects such as payments. An organisation investigating digital currencies and the impact they can have on the financial system has also been established. The ambition is to save on currency producing costs ($47 million was spent in 2016) and improve customers’ experience. The move would also help fight the black market, which is mostly based on cash transactions.

3. Biggest Names In Automotive Industry Launch Blockchain Research Coalition

A blockchain research coalition has been launched by some of the biggest names in the automotive industry. BMW, GM, Ford and Renault have partnered to form the Mobility Open Blockchain Initiative (MOBI). Among the 30 members involved in the project are Bosch, Berkeley (Blockchain), Hyperledger, Fetch.ai, IBM and IOTA. The aim of the project, which was launched today, is to cut costs, as well as improving safety and increasing accessibility for transportation. The aspects they hope to improve with blockchain technology are ‘payments, data tracking, and supply management, to consumer finance and pricing, and more futuristic areas like autonomous vehicles and ride-sharing systems’. Although this is not the first time automakers have joined this type of group, this is the first coalition focused on the industry.

4. Korean Peace Treaty Recorded On Ethereum Blockchain

South Korean developer Ryu Gi-hyeok has recorded the details of the peace treaty between North Korea and South Korea on Ethereum blockchain. By doing so he made history. At the 2018 Inter-Korean Summit, leaders Moon Jae-in and Kim Jong-un signed the Panmunjom Declaration, which was then recorded through two transactions, in English and Korean.

This news roundup was brought to you by BlockEx.

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