Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest in cryptocurrency-related news, continent by continent and country by country.

China

Chinese Investors wants Government to Regulate Fintech Markets: President of a major Chinese financial investment company is of the opinion that China should regulate the fintech market since the uncontrolled check is leading to many subpar platforms being launched which would ultimately prove to be disastrous for the country’s industry.

Vince Zhang of Phoenix Finance was speaking on CNBC’s East Tech West when he made the suggestion. He was worried that the industry was at “a very big risk” without proper management and control. “A lot of companies are not [there] in terms of their business plan, in terms of their risk management process, in terms of their overall management… A lot of these corporate control mechanisms are not in place.”

South Korea

Government Announces Plans for Blockchain E-Voting System: The South Korean government has announced its plans to test blockchain technology for an e-voting system. The National Election Commission will oversee the trials with the help of the Korean Ministry of Science and ICT. The trials will be run by Seoul National University’s own Blockchain Society in conjunction with the Korea Internet and Security Agency.

Electronic voting using decentralized ledger technology such as blockchain is gathering interest and momentum in recent months.

Philippines

Manila Residents Pay in ETH for a Local Beach Cleanup: Manila residents have paid in ETH for cleaning up one of the dirtiest plastic-filled beaches in the city. The burgeoning population of the Philippines and lack of recycling culture has resulted in a lot of problems for the local beachgoers, so much that the public paid for a cleanup drive on the beach with ETH.

The cleanup was carried out by ConsenSys, a blockchain solution company founded by Ethereum co-founder Joe Lubin. He said:

“In Manila, participants will be paid in ETH for spending a few hours cleaning up one of the most heavily polluted beaches in the world. Bounties Network and ConsenSys Impact are proving a new model where people fund causes directly without intermediaries.”

In the future, citizens will be able to use a Dapp to receive rewards in ETH for work like this.

Malaysia

Government to Release Crypto Regulation by Q1 2019: The Malaysian government is considering to release cryptocurrency regulations in the country by early 2019, according to a local news piece quoting the country’s finance Minister Lim Guan Eng.

According to Lim:

“It is not that we wish to obstruct (cryptocurrency) as we are keeping an open mind. But it is still subject to existing laws.”

Malaysian cryptocurrency issuers will also now be required to get central bank approval before trading in the sector according to Eng.

Hong Kong

Port Operator Joins IBM Blockchain Shipping Platform: Second largest container port in Hong Kong has joined Maersk and IBM’s TradeLens blockchain shipping project. Modern Terminals, the said port was the latest to join the blockchain shipping project that has seen other partners join from around the world.

TradeLens is one of the most notable platforms launched in the blockchain shipping sector. It has more than 230 docks and 20 operators present around the world from Europe, North America to now Asia Pacific region including PSA Singapore, Port of Bilbao, PortConnect and Port of Philadelphia.

Australia

Aussies Relying Less on Cash: The Reserve Bank of Australia’s Governor has admitted that Aussies have dramatically reduced their reliance on cash thus making way for digital cash. Contactless payments now amount to as much as 60% of all electronic transactions in the continent.

According to Governor Philip Lowe:

“For some decades, people have been speculating that we might one day go cashless – that we would no longer be using banknotes for regular payments and that almost all payments would be electronic…”

While the RBA is skeptical about Bitcoin, the admission is seen as positive news by the Australian crypto community as the rising cashless transactions can become the gateway for future crypto adoption.

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