Asia and Australia
Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news, continent by continent and country by country.
Chinese Government Increasingly Using Blockchain to Increase Big Government Initiatives: The Chinese government is increasing the use of blockchain technology, the core tech behind the creation of cryptocurrency for increased surveillance, financial checks and other forms of government outreach.
According to some experts in the Blockchain field, the Chinese government’s initiatives are ironic considering blockchain was actually the technology that was supposed to limit government interference in various matters.
The view was narrated by CoinShares Chief Strategy Officer and Head of Treasury Meltem Demirors who tweeted:
“My dystopian nightmares are slowly becoming reality. first Venezuela forces its citizens to hold worthless “petros”, now China is debasing the idea of cryptocurrency to eliminate cash and censor access to payments and banking services”
While Bitcoin may become bigger than China itself eventually, the dose of irony is very much a reality these days as the distributed technology continues to be used by the governments to limit rather than expand civil liberties.
Virtual Power Plant to be Built in Dusan: The South Korean city of Dusan will now be home to the first virtual electricity power grid in the country with blockchain technology playing a key role in the process. Busan, the second most populous city in the country will see an increase in distributed electricity generation as a result of this intelligent grid being started in the country.
The 4 billion Wong ($3.5 million) project will be first of its kind in the country as a virtual power grid is a distributed system in which multiple power producers including independent smaller ones like solar farms can contribute to the grid thus creating a cloud power network.
Energy management company Nuri Telecom will partner with Busan City Gas and Korean Industrial Complex for this crucial project. It will eventually be presented in an energy competition in 2019.
Cryptocurrency Exchange Association to Create Healthy Crypto Ecosystem: Seven major cryptocurrency exchanges in the country are working with each other to create a better environment for crypto investors. Recently, they agreed and signed an agreement for the creation of a sound cryptocurrency ecosystem’.
Local exchanges including Upbit, Bithumb, Korbit, Coinone, Gopax, Coinplug (Cpdax), and Hanbitco signed the agreement to help increase investment in the sector and also create a positive ecosystem that punishes money launderers.
The move comes after the Financial Services Commission (FSC) reportedly initiated moves to tighten their hold on cryptocurrency trading in the country.
Ten Years Prison Sentence Sought for Mt Gox former CEO Mark Karpeles: Japanese prosecuting authorities are seeking a whopping 10-year sentence for the top official of defunct cryptocurrency exchange Mt Gox that suffered one of the biggest breaches in history with more than $450 million disappearing from its accounts.
Authorities are blaming Karpeles for embezzling more than 340 million JPY from the exchange which was reportedly swept under the rug after the infamous hack of 2014. However, a softer sentence may be expected after Mt Gox announced that it intends to reimburse all the investors in fiat earlier this year.
Australian Beef to be Sent to China Using Blockchain Technology: An Australian logistics insurance company is testing a pilot blockchain technology called BeefLedger to handle beef shipments to Chinese customers.
The National Transport Insurance (NTI) has been in the insurance business for 45 months and is the country’s biggest truck insurer. Using the new blockchain system, the company intends to improve food security and animal welfare in the country.
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