Inshorts

New rules for digital money. Securities and Exchange Commission (SEC) announced the plans regarding legalizing cryptocurrencies in the Philippines. Emilio Aquino, SEC commissioner said: ‘’We believe that the cryptocurrency is one of the types of securities, therefore, existing standards and laws developed for the shares will apply to it. The growing popularity of ICO contributes to the government's desire to develop new standards to ensure the protection of market participants.’’ The legal exhcange of cryptocurrencies will be overseen by the Central Bank of Philippines (BSP).

One of the largest banks in South Korea created an environment for storing bitcoin-wallets. Shinhan Bank announced the launch of the blockchain platform, with the ability to securely place digital wallets and manage them. For customers, the use of the platform will be free, only the commission will be charged for withdrawing funds. As noted by the bank, the new service is designed to make the storage of money more secure, in view of the increasing attacks on the crypto-exchanges of South Korea.

Fresh blood to the Ripple Board. Ben Lawsky, the former New York Superintendent of Financial Services (NYDFS) and Ron Will, investment banker, former financial director of TubeMogul has joined the board of directors at Ripple. It is announced on a press-release. It is planned that they will promote the payment platform and digital assets of the project. Brad Garlinghouse, CEO of Ripple said: "Changing the global payment system is a difficult mission, I'm sure the experience of Ben Lawsky and Ron Will will help us make this goal a reality and make the most of the opportunities offered by the technology of blocking and XRP."

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Government of Nishiawakura, a Japanese village in the Okayama Prefecture, plans to launch ICO to revive the local economy. The idea was supported by several non-commercial innovative projects. Regarding this the officials stated: ‘’In order to continue investing in such sectors and realize a sustainable community development, we have started research on the introduction of a municipal ICO in collaboration with private enterprises, and how it is possible to use a municipal ICO as a new financial source for the village’’.

Beta test of smart-contracts. State Bank of India (SBI) plans to make trial of blockchain-based smart contracts, in December. Experts note that this innovation can improve the efficiency and optimize the work of many financial companies. Sudin Baraokar, SBI’s head of innovation said: "Contracts can be used for many internal processes. Now there are a lot of purchases, some of which could be realized with the use of blockchain technology".

Meeting of blockchain innovators. Istanbul will host the ‘’Blockchain: New Era’’ Conference on the 26th November, 2017. The Conference will be conducted by Boğaziçi University, one of the prestigious universities of Turkey. The conference will include blockchain, cryptocurrency, ICOs and least developments and changes in the cryptoworld. Among the speakers are leaders of blockchain and crypto industry; Ufuk Tarhan, economist and business analyst; Levent Kurt, editor at Coin Turk; Kadir Kurtuluş, lawyer and co-founder of blockchain startup Copyrobo; and others.

Renewing the blockchain R3 consortium. Raiffeisen Bank International became the latest to join R3 DLT group. It is planned that RBI will look for new payment solutions based on blockchain technology, development of applications for the capital market and digital identification. Michael Hoellerer, plenipotentiary official of the bank said; ‘’The participation of RBI in the consortium will speed up our innovative blockchain development, make them safer and more functional, and the use of technology platforms such as Corda will provide new knowledge that will form the basis of the future infrastructure.’’

Using cryptocurrency in Iranian economy. Iranian government plans to adopt bitcoin as a full-fledged, official form of payment. Amir Hossein Davaee, Deputy Minister of Information and Communication Technologies cited that the study of the mechanisms for preparing the country's economy for the use of this currency has already begun, agreements have been concluded with organizations that will help speed up the development. He said: "Our department is interested in the technological development of the country and we are serious about preparing its infrastructure to work with the new currency".

Disclaimer. These videos are brought to you by CoinIdol.com in partnership with Koles Coin News Channel. This information is provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company.

Innovative development expands the boundaries. ConsenSys, Ethereum-based software technology company, opens hub in UK’s capital. It is planned that the head of the new hub will become Ed Budd, a specialist in the financial services market, former head of the direction of digital development of Deutsche Bank. Joseph Lubin, founder and CEO of ConsenSys said: ‘’The European Hub signifies not only our commitment to servicing and investing in key European enterprises, governments, and partners, but also a recognition of the depth of blockchain talent and entrepreneurship in London and across Europe’’.