A South Korean conglomerate Dongbu Group announced on partnership with Sentbe, Bitcoin remittance provider. According to Сointelegraph, Dongbu Group, a large South Korean conglomerate, producing chemical, shipping, insurance and financial products, is collaborating with Sentbe through its subsidiary, the Dongbu Savings Bank. The Memorandum of Understanding (MOU) was already signed on August 21. The officials said, it would result in securing joint business opportunities and build new business models, based on the new technology.
Janet Yellen, the head of Federal Reserve of US (FED) answered questions about blockchain technology, recently. During the meeting of Commonwealth Club, Yellen was asked whether the US government will launch its own blockchain cryptocurrency, such as Fedcoin. Yellen said that, blockchain is an important new technology and innovative initiative and the use of these technologies can be extremely useful for the society. She mentioned that for now there is no plan for issuing coin. Yellen also expressed that FED is looking for every chance to improve the technology in financial field, therefore blockchain can open a new white page in the realization process of global financial transactions.
Сryptocurrency market assets will break the record again. Ronnie Moas, CEO and co-founder of Standpoint Research, quoted by CNBC, commented on that. Moas says that the cryptocurrency market value will reach $2 trillion in ten years and the investments into cryptocurrencies are not a trend but will create a new asset class. He adds that he doesn’t think digital currencies are bubbles. However, he also warns that only the Top 50 cryptocurrencies should be invested in, as others do not have much impact to the total cryptocurrency capitalization.
A Baltic initiative. In Estonia it is possible to conduct a state-based ICO. This idea was expressed on medium.com by the the head of the e-residency program, Kaspar Korjus. In his opinion, Estonia may launch its’ tokens, named Estcoins. The holders will not only be the residents of the country, but any person in the world who obtain e-residency of Estonia. Estcoins can be used to pay for services that are provided on the territory of the country. If the Estcoin idea will be adopted by the government, then Estonia will be the first country in the world which launches its’ government-guaranteed tokens .
Blockchain identity system for Brazil. As ibtimes.co.uk reports, Brazilian Ministry of Planning, Budget and Management wants to set partnership with computer giant Microsoft and blockchain-focused startup ConsenSys in Blockchain Identity trial app that will use uPort app. uPort is a self-sovereign identity system on Ethereum that allows people to fully control the flow of their personal information. Ministry aims to use the app to verify the legitimacy of personal documents. As Adriane Medeiros Melo, the head of information of the ministry says, that project will explore the opportunities of blockchain and create a new trust model between the government and public.
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Japanese bitcoin exchange makes first steps is the USA. According to the statement of kriptoparahaber news portal, BitFlyer enters the market after the other two exchanges left it, in particular Poloniex and Bitfinex. The reason for leaving lies in the new regulations of the US government for the cryptocurrency exchanges. The CEO of BitFlyer, Yuzo Kano announces, that they have already opened the main office in San Francisco and also received the permissions for activity in 34 states. He also express that his aim was creating a global company, which centers in Japan, this goal has already been achieved and he is excited about that. Kano also added that Bitcoin is a global currency and he wants his exchange also to become global. For now the exchange platform only supports Bitcoin.
The Central Bank of China bans ICO. As Coinidol reports, Banking Regulatory Committee of People’s Bank of China announced that starting from the 4th of September no ICO will take place in China. The main reason for such decision lies in the concern that non-banking payment institutions have no legal right to carry out business related to token issuance and financing transactions in China. Moreover many of such coin offerings may be pyramid schemes or financial scams. The notice from the committee states that ICO fundings have seriously disrupted the economic and financial order in the region. In addition, organizations which have already conducted their ICOs will have to refund their investors. To date, the committee has prepared a list of 60 exchanges which will be subject to inspection.
Switzerland-based bank and global financial services company Credit Suisse AG plans to embrace blockchain in 2018. As webrazzi reports, the company plans to use the technology for large organizations and trade unions instead of individual crediting. Director and head of the global markets division at Credit Suisse, Emmanuel Aidoo commented, that the company is working on a system in which a few dozen small loan transactions are managed through smart contracts between banks and agencies, involved in the process. According to the concept, the technology will be using for reducing the obstacles and time required for the transactions.
Blockchain getting into social media. As we begin to see the blockchain is applied in numerous of fields, such as finance mainly, energy, supply chains, transporting and real estate, now the technology may also appear in social media. As Cointelegraph reports, centralized nature of social media causes censorship and privacy issues. As blockchain has a decentralized character, the technology may fight both with these issues and provide more private and more censorship-free social media. If the social media platform becomes decentralize, the users may express themselves and share information without government pressure. Blockchain technology also promises to cope with cybercrime and advertising