by BlockEx
1. 5 ICOs Set To Be Approved By SEC Thailand
The Securities and Exchange Commission (SEC) Thailand is set to approve five ICOs out of the 50 which applied for registration in the country. These five will serve as pilot projects for the independent agency. The process will be initiated later this month, once the new regulations are officially implemented. Not much information regarding the five projects has been released yet. The idea is to integrate the existing initial public offerings (IPOs) unit with the new ICOs unit. Furthermore, it will also be possible to trade seven cryptocurrencies as trading pairs. The seven cryptocurrencies, which are employed in ICOs, are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, and Stellar.
2. U-turn On Crypto Ban For India?
There were concerns over cryptocurrencies being banned in India. In April, the Reserve Bank of India (RBI), the country’s central bank, banned regulated entities such as banks from providing any kind of service to firms involved with cryptocurrencies. This led to a legal case being brought to the Supreme Court, with the hearing set for July 20th. However, it has now been reported that a government panel tasked with investigating the cryptocurrency phenomenon doesn’t think a complete ban is the best choice. Instead, it suggested allowing ‘riders’ to conduct crypto trading. The news comes following RBI admitting that the ban was imposed without conducting any prior research or consulting with specialists.
3. Blockchain To Be Integrated Into Chinese Banks’ Credit Systems
A consortium blockchain is currently being tested by Chinese retailer Suning’s banking arm. Banks deciding to join the group would be able to share a list of clients with bad credit scores. The data would be recorded on a blockchain platform. A database updated by various banks would help avoid credit fraud, as each bank would be able to view and add names to Suning Bank’s blacklist of borrowers which are being suspected of illicit activities. However, this is not the first consortium for Suning Bank. It is a member of the blockchain consortium established by commercial banks CITIC and Minsheng, which records transactions of domestic letters of credits using blockchain technology.
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