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 countering cheque fraud by using blockchain in its cheque-issuance system. 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 using the blockchain platform to collaborate with other UAE financial institutions is also under consideration currently. The news comes following the launch of ‘UAE Blockchain Strategy 2021’.
2. Taiwan To Implement Crypto Regulations By November
Qiu Taisan, Taiwan’s Minister of Justice, wants to implement a set of regulations for cryptocurrencies by November, 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.
3. Messaging Provider Line To Promote dApps Through Own Blockchain
Japanese messaging giant Line wants to promote the creation of dApps through its own blockchain platform. 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 reported the opening of a South Korea-based blockchain subsidiary called Unblock.
4. Dispute Over Ban on Banking Services for Crypto Companies in India
We previously reported 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 stopping financial entities from offering their services to anyone dealing with virtual currencies. 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.
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