13/03/2018: Biggest Stories in the Cryptosphere
1. Thai Bank To Support Two More Currencies on Its Ripple Remittance System
It has been reported that Thailand’s Siam Commercial Bank (SCB) will now support two more currencies, Sterling and Euro, on its Ripple-based remittance payment system. The plan should be completed by the third quarter of the current year. According to the bank’s Chief Strategy Officer Arak Sutivong, the decision was led by a significant percentage of the money coming into the country being in Sterling or Euro. Initially, only retail customers making inbound transactions will be able to benefit from the new service, which is also the reason why SCB is currently looking for banks that are part of the Ripple network and are interested in collaborating.
2. Japan Wants G20 To Discuss The Risk of Illicit Activities Using Cryptocurrencies
An official of the Japanese government has stated that the country will promote a discussion of the risk of money laundering using cryptocurrencies at the approaching G20. However, many believe that finding a shared regulatory approach which every country would agree on will be hard. The official said that the focus of the meeting will be on money laundering and customer protection, rather than cryptocurrencies’ impact on the banking industry. One concern is the fact that the regulations enacted by the countries involved have varying levels of strictness. However, the G20 members seem to agree that they shouldn’t be too strict.
3. China’s IT Ministry Is Calling For a Blockchain Standard System
China’s Ministry of Industry and Information Technology (IT), led by Miao Wei, is calling for the creation of a blockchain standards system for the country. Blockchain and DLT will be promoted through a committee created by the ministry’s Information and Software Services Division, with the China Electronics Standardization Institute. It was also noted that standard bodies such as the International Organisation for Standardisation (ISO) have already started to adopt the technology. Furthermore, China is already a member of ISO’s TC 307, a committee focused on the standardisation of blockchain and DLT on a global level.
4. Bitcoin Lightning Is Being Tested by Japanese Electric Giant
Japan’s third largest electric utilities provider, Chubu Electric Power Company, is exploring the adoption of blockchain technology to document electric vehicles charging themselves, through a partnership with Internet of Things (IoT) startup Nayuta. Also, electricity micropayments will be charged using the Lightning Network. Tests are being carried out on both technologies. So far, the results have been the same as similar tests carried out by other companies. However, in this case the size of the company has to be acknowledged. The company will continue to test the technology to explore the potential use for its business, and assess which type of architecture would be the best fit.
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