by BlockEx 1. South Korean ICO Ban Could Be Lifted Following Proposal from National Assembly South Korea’s National Assembly has in the country. The , in the month of September. Despite in March that the ban would be lifted, no change actually took place. Due to the lack of guidance in terms of ICOs, many blockchain companies are issuing their token sales abroad. This means more expenses for them. The risk of fraud for customers also increases. The assembly, which is focused on the fourth industrial revolution, also called for the creation of a task force aimed at increasing transparency in the crypto trading industry. submitted a legislative and policy proposal to lift the ban on ICOs ban was implemented last year rumours 2. Central Bank Digital Currency Could Represent Competition For Commercial Banks, says Bank of England The Bank of England has recently stated that a in its May 2018 . At the moment, one of the sources of income for commercial banks is obtained through the interest off the storage of others’ cash holdings. However, with the creation of CBDCs, the public could start storing its money through digital currencies with the Bank of England. Furthermore, this method would allow them to be able to still spend through digital wallets and transaction verification services. The move could create a replacement of the traditional deposit accounts. central bank digital currency (CBDC) could become competition for commercial banks staff working paper 3. Frank Abagnale Believes Blockchain Will Be Implemented In Every Bank Frank Abagnale, the man on who inspired the movie “Catch Me If You Can”, has at the Blockchain Nation Miami Conference. Abagnale believes that the innovative technology will be implemented in every bank, specifically for information processing and data settlement. He said that blockchain will be the best place where to record data thanks to its immutable nature and inability to be hacked. When he was between 15 and 21 year old, he was a renowned ‘master forger’. However, he later had a career as security consultant, after serving his sentence. The fact that he was able to circumvent the security measures of big financial institutions adds credibility to his words. shared his thoughts on blockchain 4. Australian ‘Trade Community System’ Proof of Concept Launched PwC Australia, the Australian Chamber of Commerce and Industry, and the Port of Brisbane have jointly launched a proof of concept (PoC) ‘Trade Community System’. The international trade process has been simplified by using blockchain technology to connect supply chain information. The initiative was . Australia’s trading volume has seen a spike, and this prompted more initiatives to improve the overall trading process. Furthermore, the PoC is only the first stage of the project of digitalisation and innovation of the end-to-end supply chain. announced with a press release This news roundup was brought to you by . BlockEx To receive our daily news roundup in your mailbox, sign up here: http://bit.ly/BlockExNewsAndUpdates
