Inshorts

An Indian bank is launching a bank blockchain pilot. Kotak Mahindra Bank has partnered with Deloitte to use Blockchain to reduce trade finance processes from weeks to hours. According to cointelegraph.com, JPMorgan Singapore was the partner bank for the international transactions. The keen interest is unabated even for Bitcoin, despite confused regulatory approaches to decentralized innovation in India. The State Bank of India has, meanwhile, encouraged the use of Blockchain with regard to data sharing, streamlining the documents process under a scheme it dubbed “Bankchain.”

USA Federal agency seeks for answers from the Internal revenue service (IRS). Case on possible tax evasion of Coinbase users drew attention of the Congress representatives, as reported by Coindesk. Senator Orrin Hatch questioned whether it is correct to get the data of all exchange users. In his letter to tax agency officer he expressed uncertainty that cryptocurrencies are involved at all. Besides, the Congress asks to clarify whether the tax agency is going to apply more positive approach to digital currency to make their implementation easier. The letter is supposed to be answered in early June.

IBM is launching its IBM Blockchain Founder Accelerator. Jerry Cuomo, the company's VP of blockchain technologies explained, that the best thing they can do is to have more live networks. The IBM will pair serious builders with more specialized support. In total, eight founders will be selected for the program, they will gain enhanced access to workshops and bootcamps, its founder mentors and specific blockchain technology solutions that IBM has built with partners over the last year. The paid program aims to be selective and the most successful projects are able to access code and legal reviews. Cuomo also said that scholarships and financial support may be made available to selected candidates.

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Crypto exchange is facing technical difficulties. Poloniex is increasingly experiencing technical issues. In particular, connection with server periodically interrupts resulting in the increase of complaints on the delayed withdrawals. Representatives of exchange have not yet commented on the reasons of the observed issues.

London confirms its status of the world’s go-to FinTech Hub. The UK’s Financial Conduct Authority has signed a cooperation agreement with Hong Kong’s Securities and Futures Commission. Under the terms of the agreement, both parties will share information on financial technologies to foster development and innovation.

Skandiabanken enters the age of digital currencies. Skandiabanken, internet-only banking service, announced on its integration with the cryptocurrency platform CoinBase.According to the company’s representatives, Skandiabanken will further develop towards the digital assets, not the strategic promotion as it was before. Christoffer Hernes, executive director at Skandiabanken, stated: “We recognize cryptocurrency as an investment class on an equal footing with other securities”.

Bitcoin investors are likely to obtain green cards. US immigration services are actively weighing the question of whether bitcoin can be used to pay for obligations tied to a controversial visa program. Thus, according to the terms of the american Immigrant Investor Visa Program, foreign investors can obtain the EB-5 investment visa, which grants the right to green card, and therefore US citizenship . Under the programme, a minimum level investment in the economy of the USA should be $1 mln.

South Korean conglomerate launches blockchain logistics service. SK C&C, a subsidiary of SK Group that provides IT services, has developed a logistics system based on blockchain technology that could accelerate digitization of cargo shipping and other logistical services. According to the publication in the local news portal Korea JoongAng Daily, the service will target shipping companies and other supply chain-oriented firms.

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. 

The cabinet of Ministers of Ukraine launches new project. Vladimir Groysman, Prime Minister of Ukraine rolled out a project about the transition to digital economy. Government programme will focus on the universal digital services, such as digital employments, transition to STEM-education, building technoparks and so on. Prime Minister is sure that the cabinet of Ministers has resources to make growth spurt in the development of the country.