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13/07/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. US Lawmakers To Discuss If Digital Currency Is The Future Of Money

A hearing titled “The Future of Money: Digital Currency” will be hosted by the U.S. House of Representatives Financial Services Committee on July, 18th. Chairman Jeb Hensarling will head the committee of the event which will be live streamed. During previous hearings, topics of discussion were terrorism financing and fraudulent investments. However, this is the first time the potential usage of cryptocurrencies is being discussed. Considering that even the Bank for International Settlements (BIS) argued that central bank digital currencies (CBDCs) could help central banks running more efficiently and smoothly during periods of financial instability, it is possible to establish that cryptocurrencies are gaining more credibility.

2. South Korea To Become More Regulatory Friendly Towards Blockchain

Today, South Korean regulators met for the 4th Vice Ministerial Meeting on ‘Growth through Innovation’. The event was presided by Vice Minister of Strategy and Finance Ko Hyoung-kwon. During the meeting, the members discussed how a government plan for national investment projects should be set out. The country wants to promote technological innovations and job growth. Furthermore, there are plans to ease requirements on technologies, blockchain included. Tax reduction will also be expanded in order for the market to become more attractive. This is the second good news for the crypto industry coming from South Korea this month. A couple of days ago it was revealed that the country had an interest in regulating cryptocurrencies, ICOs and blockchain.

3. New York Open To Negotiation With Crypto Miners

Crypto miners have now the chance to gain access to some of the cheapest power supplies of the state of New York. The new rate structure is for crypto miners operating in the upstate. They will now be able to negotiate contracts with regulators. The municipal of the upstate Massena will assess the contracts one by one while protecting ratepayers from increases in cost. New York took the decision following crypto miners’ interest due to its richness in hydropower. Other countries which saw a spike are Quebec, Iceland, and China. However, many are concerned this could raise a too high demand along with more expensive power bills for the public. This is why New York has a desire to balance between prospect businesses and residents.

4. Digital Experts Panel Launched By UN Focuses On Blockchain Tech

General António Guterres, the United Nations (UN) Secretary, asked for the creation of a digital panel made of tech experts. The group is tasked with establishing which areas could be improved by digital technology, keeping in mind the risks associated. Guterres noted how emerging technologies are shaping economies and societies. However, he finds international cooperation to be lacking. This is why he believes that the UN could place itself as a platform for dialogue. Blockchain will be one of the main topics as, according to the secretary, it is a fundamental part when discussing “web 3.0”. The panel has a nine-month mandate. Two meetings have been scheduled, one in New York during the UN General Assembly and then one in Geneva.

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