08/06/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Mastercard To Use Public Blockchain For Its Credit Cards

Mastercard has filed a patent with the U.S. Patent and Trademark Office (USPTO) to establish a public blockchain to authenticate payments carried out with their credit cards at the point of sale. Users’ payment credentials would be corroborated over a blockchain platform that anyone would have access to. The two-method system would be integrated with point-of-sale devices to obtain fully secured transactions. It is estimated that card providers lose $2 billion every year due to card skimming. This patent could be the answer to the issue.

2. Korea’s Biggest Crypto Exchange Cleared by Government

Bithumb, the biggest crypto exchange in South Korea, has been cleared by the local government of any illegal activity. Financial authorities and the National Tax Service (NTS) agreed the exchange wasn’t guilty of tax evasion or suspicious activities. Government agencies investigated the exchange for months before reaching this conclusion. This will be a relief for the crypto industry, as many felt that the government were trying to make an example out of Bithumb to other companies operating in the country.

3. American Universities Are Investing In Cryptocurrencies, Says Two Lawyers

Capital Fund Law Group Founder John Lore has stated that a growing number of American universities has started to invest in cryptocurrencies such as Bitcoin and Ethereum. The institutions were not revealed due to attorney-client privilege, but it was noted that the amounts are still limited. Universities manage significant amounts of funds, and don’t tend to make high-risk investments. The fact that some institutions are investing in cryptocurrencies mean that the emerging technology is being considered a sufficiently stable investment asset.

4. High Demand In Crypto Mining Leads Quebec To Block Requests

The government of Quebec had to stop accepting new requests by crypto miners for hydroelectric power, as the high demand led to concerns Hydro-Québec might not be able to supply enough energy to everyone. The move came following Hydro-Québec stating that the demand surpasses the company’s short and medium-term capacity. It is acknowledged that the blockchain industry represents a great opportunity for Hydro-Québec in terms of business. Indeed, during this pause, the company hopes to find a sustainable way to keep providing their services to crypto miners and residents.

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