Welcome to another weekly blockchain and cryptocurrency news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country. Next up is Asia and Australia.
Japan
Financial regulator reveals update for crypto regulation: Japan’s top financial regulator is updating the public regarding the ongoing crypto regulation deliberations. The Financial Services Agency (FSA) held its fifth cryptocurrency study group meeting on September 12, 2018 and also revealed that more than 160 companies were aiming to get into the crypto space and three current cryptocurrency operators were being reviewed.
The agency is currently reviewing different approaches towards cryptocurrency regulation in the country. The main problem in reviewing applications is a lack of manpower available at the agency and therefore, the agency is also looking for additional workforce.
South Korea
Samsung’s blockchain technology to help improve Customs Service: Samsung is set to develop a blockchain-based platform to be used by South Korea’s Customs Services. Samsung SDS, the IT wing of the electronics company is developing the new program on Nexledger, which is currently being used by businesses to help reduce wastage and increase cost-effectiveness in data exchange and financial transactions.
Now the South Korean Customs Service is signing up for the platform in order to streamline the Customs process that involves millions of goods that need to be cleared. The platform will also help in detecting forged trade documentation.
Ministry of Science and Information Communication Systems to help blockchain growth: The South Korean Ministry of Science and Information Communication System has announced that it is going to announce steps to support the blockchain industry development in the country.
During a recent meeting between the blockchain startups and Second Vice Minister of Science and ICT Min Won-ki, the minister reiterated the government’s support for the crucial futuristic technology and its development.
Min said:
“Considering the fact that there is no significant blockchain technology gap between South Korea and the other countries, it is a good opportunity for South Korea to lead the industry. The government will actively back domestic companies to help them lead the global blockchain market.”
South Korea is pacing its blockchain development nicely but there are significant challenges in place for the future.
China
Chinese woman embarks on a 21-day Bitcoin challenge: A Chinese woman recently undertook a 21-day Bitcoin challenge that was aired on their popular streaming service iQiyi.
The challenge involves surviving across China for 21 days with just 0.21 BTC in her mobile wallet. She cannot convert it into fiat and has to engage with real-life people to make Bitcoin transactions. The show provides valuable insight into the cryptocurrency scene in China, which despite blanket government bans, has a vibrant presence.
Hong Kong
Hong Kong firm launches stablecoin, defying Chinese ban: A Hong Kong-based investment firm has launched a new stablecoin which is backed by the Japanese Yen in defiance of the mainland China government that has overall control over the running of the special Chinese region.
Grandshores Technology group announced that a funding round will be launched in late 2018 or early 2019 by the company. The company’s announcement was bold considering China’s continuing overbearing stance on cryptocurrencies and ban on ICOs. Hong Kong is a special administrative region of the country and is looking to promote cryptocurrencies within its own little umbrella despite facing pressure from China itself.
Australia
North Queensland becomes hub for cryptocurrency adoption: Queensland in Northern Australia is becoming a new center for cryptocurrency adoption in the country with merchant adoption for Bitcoin Cash.
The region is home to the first BCH-only ATM in the country and has its own Bitcoin Cash Meetup as well. Also, there are several large and small merchants in the area that are accepting BCH. All in all, 73 of them are accepting the fourth largest cryptocurrency as payments for their customers. Residents can even buy coffee with Bitcoin Cash as well.
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