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Cryptocurrency And Blockchain News Update 12th March 2020

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Kraken Moving Into India

The U.S. based crypto exchange Kraken will start to increase its operations in the Indian market following the recent ruling of the country’s Supreme Court to lift banks’ banning to do business with crypto companies, according to a March 9th announcement. According to Kraken, its growth in India was hampered by the ban on the Reserve Bank of India (RBI). However, they did not give further details regarding the plans for this large market.

U.S. Congressman Working On Crypto Regulation

A United States congressman is the latest working to clarify and determine which U.S. regulator is responsible for which digital assets. On March 9, Representative Paul Gosar who is a republican from the great state of Arizona, introduced the “Crypto-Currency Act of 2020,” a bill that looks to choreograph a wide range of digital assets to answer to the appropriate regulator.

Robinhood Goes Down Twice In Two Weeks

After experiencing a major outage last week, major stock and cryptocurrency trading app Robinhood is in trouble again. Robinhood encountered another technical outage on Monday, causing its platform to halt trading services, according to a March 9 tweet by Robinhood’s support team.   The firm has said that Trading is currently down on Robinhood and they are investigating the issue, but they are focused on getting back up and running as soon as possible.

Japan Real Estate Using Blockchain

Two companies have developed a blockchain-based solution to address the large number of vacant homes in the Japanese countryside. Securitize, a compliance platform for token issuers, has joined forces with Tokyo-based LIFULL to create a funding platform using digital securities to invest in real estate. According to a March 10 press release, the collaboration has been successful in proving that blockchain technology and digital securities are more effective crowdfunding for the Japanese real estate market than traditional methods

Russian Rubble Falling After Oil War With Saudis

The Russian Rubble (RUB) has dipped, down 20% this year with 10% of it just today after Saudi Arabia began pumping oil production. Saudi oil minister) tried to get Russia to agree to a plan to reduce oil production by a million barrels in light of significant fall in demand. President Putin more or less said no, and the Crown Prince basically said ‘crash it,’ offering a $6 to $8 discount to western markets, so sending oil to $30 or so.  Now, if the value of the Rubble falls drastically, Russians are able to buy less bitcoin, meaning there is less demand, and so its global price might be affected.

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China’s Government Looks Into A Blockchain Development Fund

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China’s Government Looks Into A Blockchain Development Fund
China’s Government Looks Into A Blockchain Development Fund

National People’s Congress, China’s parliament, and the Chinese People’s Political Consultative Conference, the most powerful political advisory body in the country, have recently begun their annual sessions. These are widely referred to as the “Two Sessions” or “lianghui” meetings. These meetings have been ongoing since May 22. The National People’s Congress, or NPC, is China’s top legislative body. Nearly 3,000 delegates from around the country meet once a year to submit proposals during the meetings.

According to a Beijing News report on May 23, Jieqing Tan, deputy to the NPC, suggested setting up a special fund for blockchain industry development. If accepted, this fund would be led by the government. The aim of the fund is to support the development and growth of a number of promising blockchain enterprises, encourage blockchain technology innovation, and cultivate a number of unicorn enterprises in the blockchain space, says Tan.

How Will Blockchain Change the Future of Finance and Accounting?

By supporting the development of the blockchain industry, Tan believes it will “modernize” the country’s governance system. Blockchain technology not only will be a great tool to push China towards smart governance and a high-trust society, but it can also help China to gain an upper hand globally in the future development of the technology, according to Tan. He thinks by taking this technology innovation lead, China will be able to better protect its sovereignty and national security. Tan suggested that a clear national blockchain industry development plan should be defined. He explained that:

“From the bottom technology standard, middle industry application development to the top-level system design, the national blockchain technology, industry, and supervision three-dimensional strategic planning system should be well coordinated.”

The new economic potential and new job opportunities derived from blockchain technology are huge. However Tan pointed out that currently the number of limited blockchain enterprises, its scalability, and lack of talent and information have been the main problems preventing the blockchain ecosystem from developing a well-established ecosystem.

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Is Crypto Growing In Africa?

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Is Crypto Growing In Africa
Is Crypto Growing In Africa?

Crypto adoption is making significant advances in Africa, with crypto ownership, trade volume, and regulation all moving toward greater adoption. A recent report by Arcane Research and Luno found that Uganda, Nigeria, South Africa, Ghana, and Kenya are frequently among the top 10 countries by Google searches for the word “Bitcoin.” The report describes the continent as “one of, if not the most promising region for the adoption of cryptocurrencies,” emphasizing Africa’s combination of low existing crypto adoption alongside an “enormous” domain possibility. The firms emphasize that Africa exhibits a young population, frequent monetary crises and currency failures, large unbanked or underbanked populations, and expensive means of payment.

While Nigeria has long dominated the continent’s trade volume, the report found that South Africa has the highest percent of cryptocurrency ownership or use among internet users in Africa with 13%, followed by Nigeria with 11%. Worldwide, South Africa ranks fifth for crypto adoption among connected citizens. This past week saw South Africa post its second-strongest weekly volume on peer-to-peer Bitcoin (BTC) marketplace Localbitcoins, with nearly $1.65 million worth of BTC changing hands.

Weekly Localbitcoins trade volume: Coin.dance

The surge in trade activity saw total P2P volume for South African trade edge out Kenya last week with $1.95 million in trade across Localbitcoins and Paxful. Last month, South Africa’s financial regulator issued a policy document asserting that crypto-assets and activities relating to virtual currencies “can no longer remain outside of the regulatory perimeter.”

Nigerian P2P trade is rallying to record highs, producing $9.2 million in combined weekly trade. Kenyan trade has also seen a recent spike, with Localbitcoins trade between BTC and the Kenyan shilling producing its second-strongest week on record for the third consecutive time. Morocco and Egypt have also posted record trade activity in recent weeks. The increase in volume across the continent has also seen P2P volume from Sub Saharan Africa beat out Latin America for the first time.

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Blockchain May Play A Huge Role In VR-Powered Social Media

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Blockchain May Play A Huge Role In VR-Powered Social Media
Blockchain May Play A Huge Role In VR-Powered Social Media

Virtual reality media platform, Sensorium, has announced its membership in the Global Blockchain Business Council, or GBBC — a Swiss-based non-profit industry association for blockchain. Sensorium will participate in GBBC’s upcoming virtual forum on May 28, which will see the firm’s director of technology Alex Blagirev discuss his predictions for how virtual social media will change the way that people interact online. 

A GBBC representative stated that the convergence of VR and social media is already beginning to gain momentum, noting that major platforms such as Facebook “are providing users with new ways to share and experience content.” “Within this context, blockchain technology will likely play an important role in the creation of digital assets and an online virtual economy,” the representative stated. “Furthermore, blockchain technology could be used to protect ownership and copyright, as well as create new models of advertising in virtual worlds, much as it is already doing in the real world.”

Sensorium’s CCO, Brian Kean, emphasized the security benefits offered by distributed ledger technology, or DLT, stating:

“Identity theft, fake accounts, etc. all will be to a large extent eliminated as human participants in the socially-virtual world will be required to verify their identity via the blockchain.”

Kean also revealed that blockchain will also be used to “facilitate payment for created, third-party content.”

The changing position of social media in 2020: What does it mean ...

As a GBBC member, Sensorium will participate in a range of GBBC activities aimed at “advancing adoption of blockchain technology and educating regulators, policymakers, and business leaders on the benefits of the technology.” The two entities first began formally working together at the GBBC’s flagship event, Blockchain Central Davos, where Sensorium participated. “We closed out the evening with a special demo of Sensorium’s VR platform and a performance by GBBC Arts and Music Ambassador and Former Drummer for Guns N’ Roses, Matt Sorum,” added the GBBC spokesperson.

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