Asia and Australia
Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.
The Korean Peninsula
Korea peace treaty inscribed in blockchain: The historic Korea peace declaration by North Korea’s Kim Jong Un and South Korea’s Moon Jae-in on 27 April 2018 was immutably recorded on the Ethereum blockchain. The move was done by Ryi Gi-Hyeok, a prominent South Korean game developer, after the two leaders met at the demilitarized zone on the border.
Rye coded the two Ether transactions, including the Panmunjom Declaration, one in English and the other in Korean. He explained:
“I just thought it took too long for the South and the North to give way to each other… After finding out what I could contribute to this historic achievement as a developer, I found the Panmunjom Declaration on the Blue House homepage and recorded it on Ethereum.”
He has further plans to launch a website to keep all important historic records in permanent, immutable storage on Ethereum.
Samsung posts record-breaking quarter thanks to crypto mining surge: South Korean tech giant Samsung’s investment into ASIC chips for Bitcoin mining seems to have paid off as the company posted a record operating income for the first quarter of 2018 and a profit of $14.5 billion.
Vice president, investor relations, Robert Yi was of the opinion:
“In the semiconductor business, earnings increased significantly year-over-year thanks to favorable memory market conditions driven by a strong demand for server and graphics memory as well as earnings improvements in both System LSI and foundry businesses led by increasing demand for chips used in flagship smartphones and cryptocurrency mining”.
Bank of Korea considering blockchain as part of cashless society concept: The South Korean cryptocurrency scene is exploding after Samsung announced record profits from ASIC chips sales and now the Bank of Korea is considering cryptocurrencies and blockchain technology as part of its “cashless society concept”.
The bank has announced the official launch of its cashless society project on its 2017 Payment Report, according to a post from TokenPost on 1 May 2018.
Crypto enquiries tripled in 2017: The Japanese Financial Security Agency (FSA) has released figures of cryptocurrency enquiries and they have gone up by more than three times since the same time last year. Over 3.5 million people have been trading in cryptocurrencies in Japan and the new figures confirm the massive spike in public interest in cryptocurrencies since the course of last year.
What is interesting is that most of the enquiries were from the 40s and 50s age groups and were regarding the legitimacy of ICOs and the security of the exchange platforms. It seems the older Japanese generation is also getting into cryptocurrencies.
Binance more profitable than Deutsche Bank: Binance, one of the biggest exchanges in the world, has outperformed the mighty Deutsche Bank in terms of profitability, according to latest figures from both of these organizations. Binance posted a profit of USD 200 million between January and March, while Deutsche Bank only recorded net gains of USD 146 million, significantly under a targeted USD 456 million amount.
Binance was originally founded in China but since then moved to Japan before eventually settling in Republic of China (Taiwan).
Singapore fast tracks patents and crypto ride-hailing: The Singapore government has just announced its Fast Track Fintech initiative that is aimed at accelerating the patent approval process for fintech areas including cryptocurrencies and blockchain-based payments.
The development was announced by Low Ling, the senior parliamentary secretary for ministry of trade and industry. His office said:
“The incorporation of blockchain technology to improve the security and efficiency of clearing and settlement across borders for transaction and payment is deemed as a Fintech invention.”
Government finds crypto not implicated in financial crime increase: The Hong Kong government’s investigation into criminal activity has revealed that criminals are still more likely to use conventional methods of money transfer rather than cryptocurrencies to move black money from one place to another.
Normally, cryptocurrencies are blamed for most of the money laundering efforts in criminal circles but this investigation proves that conventional systems are more likely to be used in this space than cryptocurrencies.
UNICEF announces mining project to help fund education: UNICEF Australia has announced a cryptocurrency mining initiative in which computing resources from donors will be used to mine cryptocurrency which in turn will be used to raise fiat money to invest in education.
The project is called the Hope Page and will be used to mine the cryptocurrency Monero using donors’ computer processing power that can be anything from powerful ASIC miners to a regular PC with GPU.
UNICEF launched a similar project back in February to help the Syrian civil war crisis.
Stock exchange okays plan for blockchain: The Australian Securities Exchange (ASX) has announced plans to replace its old clearance and settlement system with a blockchain-based alternative as early as 2020.
The idea had been in the pipeline for some time since 2015 but the decision arrived back in December last year when the stock exchange announced plans to become the world’s first stock exchange to employ blockchain technology.