12/06/2018: Biggest Stories in the Cryptosphere

blockex (37)in #blockchain • 6 years ago

1. Japanese Official Claims International Task Force Will Discuss Implementing Crypto Rules Later This Month

We previously reported on many G20 countries calling for joint efforts in regulating cryptocurrencies. An official from the Japanese government has now stated that an international financial crime task force called Financial Action Task Force (FATF) will begin discussions on June 24th for a possible mandatory set of regulations for crypto exchanges. At the moment, optional regulations are in place. Crypto exchanges should identify their customers, report suspicious transactions, and register for a license. The task force will now decide if the current regulatory framework is still applicable to new exchanges, or if an update is necessary. The FATF is based in Paris and represents 37 countries, although it was established by the G7.

2. Customers’ Identities To Be Verified By Korean Banks Using Blockchain

A South Korean banking group is set to launch an ID verification system built on blockchain called BankSign. Local commercial banks will be able to take advantage of the new technology, both for their online and mobile banking services. Currently, banks use the public certification system. However, the idea is to modernise the structure with the help of blockchain. The news was released by the Korea Federation of Banks (KFB) earlier this week. Samsung’s private blockchain Nexledger is being employed in the project. Furthermore, in November of last year the KFB was joined by its member banks, and set up a consortium.

3. 94 Out Of Top 100 Blockchain Projects Are Ethereum-based

Out of the top 100 projects which are built on a blockchain, 94 are Ethereum-based. Cryptocurrency Researcher and Youtuber Kevin Rooke noted that Ethereum currently has 250 developers working on the network. Considering the size of the whole industry, this is a notable figure. Even Truffle, its development framework, already has 500 downloads. Most of the cryptocurrencies available follow the ERC20 token standard. There is an exception for blockchain networks focused on payments. Although the number of alternatives to Ethereum has risen, the network still owns a majority of the market.

4. EU Organisation Wants To Hear The Public About Blockchain

We previously reported on the EU’s action plan to become a global FinTech hub. One of the points was the creation of the EU Blockchain Observatory & Forum. The European Commission-owned organisation now wants to hear from the public in terms of questions related to blockchain. It was announced on Twitter that an AMA lasting 90 minutes will take place on June 18th. During the discussion, the public will have the opportunity to learn more about blockchain, as well as what the organisation’s plan is.