18/05/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Swiss Government Wants Report On Potential State-Backed Cryptocurrency

The government of Switzerland has requested the creation of a report outlining the advantages and disadvantages of issuing a state-backed cryptocurrency, the e-franc. The request came from the Federal Council, but needs to be accepted by the lower house of the Swiss parliament. It would be backed by the bank, and would serve as a tool to deal with the digitalisation of payment methods. Switzerland is one of the latest countries looking into issuing their own cryptocurrency. The central bank of Sweden, Sveriges Riksbank, previously discussed the possible launch of the cryptocurrency e-crown. In Switzerland, if they were to move forward with their plans, the country’s finance ministry would be entrusted with the study.

2. A Major Bank In The Philippines Showcases Crypto Mining Machinery

UnionBank of the Philippines, one of the largest banks in the country, has recently showcased crypto mining machinery at a business conference. The country has always adopted an open approach to cryptocurrencies, so this shouldn’t come as too much of a surprise. However, despite the display, it is still unclear how the new venture will be structured. Regardless, the bank thinks that cryptocurrencies are not a temporary trend, but here to stay. UnionBank is also currently working on a blockchain payment system in collaboration with Visa that will support four rural banks.

3. China Launches New Cryptocurrency Index — Bitcoin Lands 13th Spot

The government of China has launched its first Global Public Chain Assessment Index. In the document, which was released on Thursday, Bitcoin only ranked 13th with a score of 88. Ethereum took first place with 129.4. Ethereum is a popular choice to launch ICOs on. The index was published by Ministry of Industry and Information Technology’s subdivision China Center for Information Industry Development. The top 5 were Ethereum, Steem, Lisk, NEO and Komodo, in that order, with scores of 115.9, 104.8, 103.0 and 101.5 respectively. In total, 28 blockchain projects were graded and ranked. The list will be updated on a monthly basis.

4. Infosys Collaborates With 7 Banks To Develop Blockchain Solution For Trade Finance

Infosys, the Indian IT giant, has formed a partnership with seven local banks to research and develop blockchain solutions for trade finance. A trade network named India Trade Connect (ITC) has been announced by subsidiary Infosys Finacle. ICICI, Axis Bank, South Indian Bank and Yes Bank are four of the seven banks involved. The trade network is blockchain agnostic, as it will help tackle possible future changes made to the platform. ITC is currently being employed in a pilot project. Furthermore, Infosys Finacle Chief Business Officer Sanat Rao stated he hopes to increase the number of banks involved in the consortium so that the benefits of blockchain systems can be shared.

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