Blockchain Legislation & Government News

Blockchain Expo: The opportunities of Web3

During a session at this year’s Blockchain Expo, we heard from IDC Research Director Phillip Silitschanu about the opportunities of Web3 and the journey that lies ahead.

Silischanu shared his insights, based on vast experience, on the applicability of blockchain services and the potential of Web3. He discussed the opportunities and challenges presented by these technologies and their impact on various sectors.

Web2 vs Web3

Web2, also known as the social web, marked...

18 May 2023 | Banking

China to train half a million blockchain experts amid national research centre launch

Here’s a good example of how you can separate the blockchain signal from the crypto noise: China is to train 500,000 blockchain professionals after launching a national blockchain research centre in Beijing.

The centre, as reported by the South China Morning Post (SCMP) citing state-run media outlet Xinhua, will work with universities, research institutes and companies, as well as establish a ‘national-level blockchain network’ to connect existing blockchains in China as...

16 May 2023 | Development

Bank of England, BIS complete distributed ledger settlements pilot

The Bank of England and Bank for International Settlements (BIS) have completed a joint pilot testing a distributed ledger technology-based settlements system between institutions.

The UK central bank plans to take lessons from the project and apply them to its real-time gross settlement (RTGS) system.

BIS has also published a 44-page report on the project. Titled Project Meridian, it was carried out with the Bank of England at the BIS innovation hub in...

20 April 2023 | Legislation & Government

China to improve national blockchain standards by 2025

China plans to improve its standards for blockchain technology development by 2025, according to the country’s fintech watchdog, the Ministry of Industry and Information Technology.

The update comes from guidelines published in a draft post on the ministry’s website that also asks for public opinion on blockchain development.

Chinese state departments have been actively developing blockchain technologies and solutions for the fintech industry for several years, in...

29 March 2023 | Legislation & Government

Tornado Cash sequel, Privacy Pools, aims to please US regulators

An ex-developer of Tornado Cash, the sanctioned crypto mixer that makes crypto assets harder to track, is working on a new platform that hopes to solve the service’s ties to illicit activity.

Ameen Soleimani believes that Privacy Pools, the working name for his new Ethereum mixer launched on GitHub, will nudge US regulators to reconsider their stance on privacy mixers.

In a lengthy Twitter thread, Soleimani discussed what he says as the “critical flaw” with Tornado...

6 March 2023 | Blockchain Applications

Bank of England details digital pound model, calling plans ‘likely’

The UK is moving forward with its central bank digital currency (CBDC) plans after publishing an in-depth consultation paper on the proposed digital pound, which has been dubbed “Britcoin”.

In its 116 pages, the paper details the Bank of England (BoE) and UK Treasury’s stance on the “likely need” for a digital pound and their proposed model. A technology working paper was also released to explain technical design concepts and decisions.

The paper reiterates the...

8 February 2023 | CBDC

California DMV taps Tezos blockchain for digital car title transfers

The California Department of Motor Vehicles (DMV) is trying to digitise car titles and title transfers on a private Tezos-built blockchain.

The state agency has collaborated with Tezos and blockchain software firm Oxhead Alpha to build a successful proof-of-concept.

The move is part of a wider push to modernise the state’s in-place systems for car titles and increase transparency in title transfers. California’s DMV is responsible for all vehicle registrations and...

30 January 2023 | Blockchain Applications

Turkish central bank completes first CBDC trials for digital lira

Turkey’s central bank has completed the first of its trials for the country’s central bank digital currency (CBDC), the Digital Turkish Lira.

The Central Bank of the Republic of Turkey (CBRT) announced on 29 December that it had successfully completed the “first payment transactions” to use the digital lira.

Limited, closed-circuit pilot tests with key stakeholders will continue into the first quarter of 2023, after which the pilot is expected to integrate...

30 December 2022 | CBDC

Putin argues for blockchain-based international payments system

Russian President Vladimir Putin has criticised the dependency on large banks and third parties in the global financial payments system, calling instead for an independent settlements system using blockchain.

The Russian leader made these attacks during a speaking arrangement at the International AI Journey Conference in Moscow on 24 November

During the event, which was organised by Russia’s largest bank and major government lender Sberbank, Putin...

28 November 2022 | Legislation & Government

UK Parliament launches inquiry into risks of NFTs

A British Parliament committee is planning an inquiry into the benefits and risks of non-fungible tokens (NFTs) and wider blockchain technology as a whole.

The Digital, Culture, Media and Sport (DCMS) Committee will assess whether NFT investment poses a risk to vulnerable speculators.

Julian Knight, Chair of the DCMS Committee, said: “NFTs swept through the digital world so fast that we had no time to stop and consider.”

NFTs broke onto the mainstream last...