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06/06/2018: Biggest Stories in the Cryptosphere

June 6th 2018

by BlockEx

1. Finance Industry Condemns Google’s Crypto Ban

Executives from the finance industry have condemned Google’s crypto ban, which we previously covered. Google was followed by Facebook and Twitter. Ads on ICOs and cryptocurrencies, along with crypto exchanges, trading and wallets are no long permitted. The ban has been labelled an ill-constructed, as well as unethical. Blackmore Group CEO Philip Nunn noted that both Google and Facebook showed interest in both blockchain technology and cryptocurrencies. We even previously reported on Twitter CEO Jack Dorsey stating that Bitcoin would become the world’s single currency in 10 years. Furthermore, Nunn also added that other kinds of ‘unethical’ products are still being advertised on these platforms.

2. South Africa Central Bank Has Successfully Tested Blockchain Payments

The South Africa Reserve Bank (SARB) has published a report on its project Khokha, exploring the successful test. The news was announced through the release of a statement. The idea behind project Khokha is to recreate a DLT-based wholesale payment system using a Proof-of-Concept. This would give participants practical experience, which they would then employ in real life situations. During the trial, the payment system processing time went down to two seconds from the usual two hours. However, in the report, it was noted that there are many issues which must still be dealt with before an official replacement can be considered. SARB announced the launch of this project back in February.

3. Crypto Startup Circle Wants To Become a US Licensed Bank

Circle, a crypto startup backed by Goldman Sachs, is interested in becoming a US licensed bank. In an attempt to increase the number of services offered, the startup is pursuing a federal banking license. Furthermore, a registration as a brokerage and trading venue is also on the table. If granted by the Securities and Exchange Commission (SEC), tokens which fit the description of securities would be tradable on its platform. The registration with SEC is set to be prioritised over the banking licensing. Thanks to the initiative, Circle would rely less on traditional holders.

4. NY State To Pilot Local Cryptocurrencies? This Is What a New York Assemblyman Wants

New York Assemblyman Ron Kim is calling for the state of New York to pilot cryptocurrencies in an attempt to help local communities. If Bill A11018 passes, local community currencies would be issued through the launch of 10 pilot programs. The currencies in question would be cryptocurrencies or other digital forms of money. The neighbourhood-based ecosystems would benefit as a whole, since customers would be encouraged to shop locally. Kim said that job growth would benefit, and this would have a long-term social impact on the various communities.

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