1. South Korean ICO Ban Could Be Lifted Following Proposal from National Assembly
South Korea’s National Assembly has submitted a legislative and policy proposal to lift the ban on ICOs in the country. The ban was implemented last year, in the month of September. Despite rumours 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.
2. Central Bank Digital Currency Could Represent Competition For Commercial Banks, says Bank of England
The Bank of England has recently stated that a central bank digital currency (CBDC) could become competition for commercial banks in its May 2018 staff working paper. 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.
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 shared his thoughts on blockchain 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.
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 announced with a press release. 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.
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