Video Digest, May 16: Thailand Enforces Legal Framework, India Protests Against Cryptocurrency Ban, LG Launches Its Own Blockchain

May 16, 2018 at 17:42 // News
Author
Coin Idol

Welcome back to Coin Idol TV news channel. We are featuring a news digest as of May, 16, covering the following topics: Thailand enforces cryptocurrency legal framework, Indian cryptocurrency entrepreneurs protest against cryptocurrency ban.

Thailand Enforces Cryptocurrency Legal Framework

The law to manage and regulate digital asset transactions came into force in Thailand. The law of 100 sections clearly defines cryptocurrency as digital tokens and digital assets. The law tasks the Security Exchange Commission to control and regulate digital assets.

An edict has passed through several revisions. Imminent the finalized regulations, uncertainty caused the Thailand Central Bank to forbid domestic banks from carrying out cryptocurrency trading and investment and also caused that Thailand Digital Asset Exchange to stop temporarily ICO trading and registration in February this year.

Indian Cryptocurrency Entrepreneurs Protest Against Cryptocurrency Ban

The Reserve Bank of India banning any dealings with cryptocurrency in the domestic market caused a lot of fuss amongst the Indian crypto community. Many entrepreneurs and enthusiasts protest against the move arguing that it is a violation of fundamental rights. In fact, it even led some people to turn to the courts.

Satyam Tiwari, co-founder of Theblockchainstory, a web platform and Mobile Application, has filed a Writ Petition to the Supreme Court of India under Article 32 of the Constitution of India claiming a violation of the Right to Equality and Freedom to Trade & Business ensured.

LG Electronics Launches Its Own Blockchain-based Platform 

The IT Electronics giant LG has launched its enterprise blockchain platform that according to developers can be put into various numbers of practical use in different sectors like manufacturing and finance. New blockchain platform entitled  "Monachain" activates a new type of identification that can be used for online payments and personal identification through smart devices. Currently LG is looking for agreement with domestic banks such that it can bring its digital currency business to a larger population.