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.
UK crypto scene unaffected by Brexit fears: Cryptocurrency traders are worried about the impending Brexit issues but according to crypto experts and exchanges, it could actually help the UK in the long run.
The main point of contention for the cryptocurrency community will be new regulations from the British government. This might actually help the investors in the country as EU regulations have been extremely tough for the cryptocurrency exchanges and now that the control over regulations will now be back with the British government who can pass crypto-friendly regulation.
Valencia port joins IBM blockchain shipping project: Spanish port Valencia has joined an IBM blockchain shipping project called TradeLens which is co-developed by IBM and shipping giant Maersk.
The platform was launched earlier this year and has now been adopted by over 12 companies around the world including the Port Authority of Rotterdam. The platform will be used to solve systemic issues in the supply chain systems and will reportedly reduce processes from two weeks to just 1-2 days.
BBVA bank announces $150 million syndicated loan through blockchain: Spanish banking giant BBVA has announced a syndicated loan recorded on the Ethereum blockchain with the help of two other loan partners.
The syndicated loan was organized for Red Electrica, the Spanish grid company, in partnership with Paribas bank, France and Mitsubishi UFJ Financial, Japan.
Market regulator recommends 800% risk coverage for crypto: The Swiss Financial Markets Supervisory Authority (FINMA) has reportedly asked banks to have as much as 800% risk coverage for cryptocurrency investments.
The move comes despite repeated pro-cryptocurrency and blockchain stances from the government. The requirement is sure to raise a few eyebrows as USD 6,500 (BTC 1) may force banks to cover for as much as USD 54,000 in fiat. An additional 4% investment cap was also placed on financial institutions.
Smart contract upgrade for transparent legal system: The Azerbaijani government has announced that it is using blockchain technology to improve its legal system including in the housing and utilities sectors.
According to local media reports, smart contracts will be used for this purpose. The Justice Ministry has planned a meeting later this week to discuss how the new technology can be implemented in the legal matters.
According to the Azerbaijan Internet Forum Osman Gunduz: “[the platform]will ensure transparency and will allow to suppress the cases of falsification in this area.”
Industrialist union launches arbitration committee for crypto disputes: The Russian Union of Industrialists and Entrepreneurs (RUIE) has decided to form its own arbitration committee to look into crypto-related disputes occurring in the country.
The move comes after the lobby group ran out of patience because of lack of action from the government. The new committee has extended its scope to handle cryptocurrency related disputes as well as smart contracts and token sales. The RUIE has also called from expert advice from the sector.
Cryptocurrency cases and disputes have been jammed up in Russian courts and the Union has taken moves to take the matter into their own hands.
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