1. Major UAE Bank Employs Blockchain To Tackle Cheque Fraud The National Bank of Dubai (NBD), one of the largest banking groups in the Middle East in terms of asset volumes, is . The successful project, called Cheque Chain, made NBD the first bank in the region to adopt this technique. A QR code is printed on each cheque, and then recorded on blockchain. The new system improves security standards and cheque authenticity. A pilot was previously launched, under the supervision of Emirates NBD Future Lab. Almost a million chequebook pages have been registered with this system. The option of is also under consideration currently. The news comes following the . countering cheque fraud by using blockchain in its cheque-issuance system using the blockchain platform to collaborate with other UAE financial institutions launch of ‘UAE Blockchain Strategy 2021’ 2. Taiwan To Implement Crypto Regulations By November Qiu Taisan, Taiwan’s Minister of Justice, , in order to fight money laundering. Institutions such as the Ministry of Interior, the Central Bank and the Bureau of Investigation will all be involved in the drafting of these rules. Taisan shared the plan during the Financial Industry Money Laundering Prevention conference hosted by the Taiwan Financial Services Coalition. Two virtual currency operators have previously been invited by the government Legal Department to discuss virtual currency operations. The latter plans to learn about a ‘control mechanism’ by the end of November, when the Taiwan-based Asia Pacific Anti-Money Laundering Organization will take place. wants to implement a set of regulations for cryptocurrencies by November 3. Messaging Provider Line To Promote dApps Through Own Blockchain Japanese messaging giant Line wants to . During the 2018 DEV WEEK, CTO Euivin Park outlined the company’s efforts to create a token economy with dApps which are based on ‘incentive-type information services’. The company will also promote the development of dApp services which don’t take place on Line’s platform, as well as the future creation of its own blockchain mainnet. In order to achieve its plan, Line is increasing the number of developers. It was also previously the opening of a South Korea-based blockchain subsidiary called Unblock. promote the creation of dApps through its own blockchain platform reported 4. Dispute Over Ban on Banking Services for Crypto Companies in India We previously on many waiting for the Indian Supreme Court’s ruling on cryptocurrencies. A lack of clarity from the Reserve Bank of India (RBI), the country’s central bank, was also brought up. RBI has now been accused of breaching the constitution, by . This caused the RBI, the Centre, and the Goods and Services Tax (GST) Council to receive a notice by the Delhi High Court. A reply is expected by May 24. The issue began when Kali Digital Ecosystems Pvt Ltd wanted to launch a crypto exchange in the Indian territory, and its relationship with RBI broke down because of the ban, which has a 3-month implementation period. Not only are there calls for the ban to be nullified, but also for the GST Council to create regulations, which would reduce the current uncertainty. reported stopping financial entities from offering their services to anyone dealing with virtual currencies This news roundup was brought to you by . BlockEx To receive our daily news roundup in your mailbox, sign up here: http://bit.ly/BlockExNewsRoundup-Updates
