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.
Government wants alleged $4 billion Bitcoin fraudster on new charges: The French government is looking to indict alleged Bitcoin fraudster Alexander Vinnik. The cyber criminal was arrested in Greece last year but is now awaiting extradition to Russia.
Vinnik was the head of cryptocurrency exchange BTC-e and is accused to have been involved in defrauding over 100 people in six French cities. Previously, only US and Russia has laid claims over the alleged fraudulent entrepreneur.
A final decision regarding his extradition is in the hands of Greek justice minister Nikos Paraskevopoulos.
Bitcoin association sues banks over unofficial crypto ban: The Polish Bitcoin Association, a leading cryptocurrency advocating group, has said that closure of bank accounts linked to crypto firms is illegal and has challenged the decision, according to Finance Magnates.
The union has taken its complaints to local competition organization the Office of Competition and Consumer Protection (OCCP) over the closure of accounts linked to crypto firms. There has been no word from the banks yet but their move is similar to other banks around the world including ones in India and Chile.
Corporate reporting must consider blockchain’s disruptive potential: According to a new report released by the UK Financial Reporting Council, the potential impact of blockchain technology is huge and all those involved in different industries need to consider the tech’s disruptive nature.
The main subject of the report is blockchain’s challenges and how it will be successful in the future. The report overall praises technology, but also exercises caution.
Bank of England to use DLT for resettlement system: The Central Bank of England has announced that it is building a Real Time Gross Settlement System through blockchain DLT.
The bank’s governor Mark Carney made this announcement in the iconic Mansion House on 22 June 2018. He commented that private businesses and platforms need to be able to work with the bank’s own system because of the high volume of funds moving between banks all the time.
“Our new, hard infrastructure will be future-proofed to your imaginations, opening up a range of potential innovations in wholesale markets, and corporate banking and retail services,” said Carney.
Previously, a proof-of-concept feature was rejected by the bank in the discussed system but now an improved DLT interface could work in the future.
Malta to enact 3 new blockchain bills: The Maltese parliament is on the way of passing three important cryptocurrency and blockchain bills in the country according to latest reports from the Mediterranean country.
Cryptocurrencies and blockchain projects are increasingly popular in the country already and the new bills are aimed at increasing the lure of the country as a blockchain capital of the continent alongside Switzerland.
Working group aiming to establish crypto-friendly banking ecosystem: Zug’s financial director has said that the Swiss Bankers Association should make it easier for blockchain companies to bank.
Director Heinz Tannlerand and financial director of Zurich Ernst Stocker are both advocating for ease of access for blockchain companies to banking circles. They believe that it is crucial to do so or else they will be forced to move to other countries.
Tannlerand said, “It must not be that Switzerland loses an innovative industry because it makes payment transactions impossible.”
Banks have largely complied with these demands and opened accounts of crypto companies.
No plans for Bitcoin mining legislation: The Ukrainian government has said that it has no plans right now to regulate cryptocurrency mining in the country. The State Service for Special Communication and Information Protection of Ukraine clarified the status of cryptocurrency mining in the country.
Ukraine is leading cryptocurrency development in the industry but it is also creating a lot of problems for the country especially regarding mining that is seen as using up a country’s valuable resources.
Lithuania with a population of 2.8 million is becoming a crypto hub, especially for ICOs and blockchain projects. Up to 10% of all global ICO investments are being attracted by Lithuania and blockchain startups are thriving due to its relaxed cryptocurrency laws.
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