Blockchain
Despite Crypto Ban, China Embraces Blockchain for Belt and Road Initiative
China has officially launched a blockchain infrastructure to streamline and enhance collaborative initiatives along the Belt and Road trade routes.
The ambitious project was unveiled on March 30 during a demonstration meeting at the Shanghai Tree Map Blockchain Research Institute.
China Partners With Conflux for Its Latest Blockchain Initiative
Through its official WeChat account, the Shanghai Tree Map Blockchain Research Institute announced that it spearheaded this key infrastructure development. It received collaborative support from several prominent institutions, including Shanghai Jiao Tong University, Fudan University, Shanghai Maritime University, and the China Academy of Information and Communications Technology.
This blockchain project from the government of China takes a transnational approach, addressing the unique characteristics and demands of the Belt and Road Initiative’s cooperative framework. The primary objective of this project is to develop an advanced blockchain platform capable of deployment across multiple countries. Additionally, the goal is to enable collaborative oversight from various stakeholders.
The platform will support applications for economic, trade, and cultural exchanges. Experts assert that the project is strategically important for China’s global reach and influence expansion. Indeed, it signals China’s continued commitment to exploring the potential of blockchain technology and its applications in international cooperation and development.
Shanghai Tree Blockchain Research Institute itself is the developer behind the Conflux blockchain. However, seeing the Chinese government’s ban on cryptocurrency, its partnership with Conflux will unlikely involve any crypto-related activities.
“It should be noted that the Chinese government prohibits any institution from engaging in cryptocurrency activities, and the blockchain here should not include cryptocurrency and any tokens,” journalist Colin Wu wrote.
Source: beincrypto.com
The post Despite Crypto Ban, China Embraces Blockchain for Belt and Road Initiative appeared first on HIPTHER Alerts.
Blockchain
BHE Exchange: Redefining the Future of Digital Asset Trading
Blockchain
Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years
A new bill introduced in the U.S. House of Representatives, known as the Blockchain Integrity Act, seeks to address concerns surrounding the use of cryptocurrency mixers and tumblers. The proposed legislation aims to regulate these privacy-enhancing tools, which are often used to obscure the origins of cryptocurrency transactions.
The bill, if passed into law, would impose strict regulations on the operation of cryptocurrency mixers and tumblers within the United States. These tools, which allow users to mix their funds with those of other users to obfuscate the transaction trail, have raised concerns among law enforcement agencies and regulators due to their potential use in money laundering, terrorist financing, and other illicit activities.
Under the Blockchain Integrity Act, operators of cryptocurrency mixers and tumblers would be required to register with the Financial Crimes Enforcement Network (FinCEN) and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Failure to register or comply with these requirements could result in significant penalties, including fines and imprisonment.
The proposed legislation also seeks to empower law enforcement agencies to investigate and prosecute individuals and entities that operate unregistered cryptocurrency mixers and tumblers. By enhancing regulatory oversight and enforcement capabilities, the bill aims to safeguard the integrity of the blockchain ecosystem and prevent the illicit use of cryptocurrencies.
However, critics argue that the Blockchain Integrity Act could stifle innovation in the cryptocurrency space and infringe on individuals’ privacy rights. They contend that while cryptocurrency mixers and tumblers can be used for illicit purposes, they also serve legitimate privacy-enhancing functions, such as protecting users’ financial privacy and security.
The introduction of the Blockchain Integrity Act reflects growing concerns among policymakers about the potential risks associated with cryptocurrencies and their use in illicit activities. As lawmakers continue to grapple with these issues, it remains to be seen how the regulatory landscape for cryptocurrencies will evolve in the United States and around the world.
Source: cointelegraph.com
The post Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years appeared first on HIPTHER Alerts.
Blockchain
Government-owned KfW elaborates on blockchain digital bond plans
The government-owned KfW Bank, based in Germany, is delving further into its plans to issue digital bonds leveraging blockchain technology. This move underscores the institution’s commitment to exploring innovative financial solutions in the digital age.
The proposed digital bond issuance is poised to mark a significant milestone for KfW, as it seeks to embrace the transformative potential of blockchain technology. By tokenizing bonds on a blockchain platform, KfW aims to streamline the issuance process, enhance transparency, and optimize operational efficiency.
One of the key advantages of digital bonds lies in their potential to reduce the reliance on intermediaries and streamline the entire bond lifecycle. Through blockchain-based tokenization, KfW aims to automate various aspects of bond management, including interest payments and maturity settlements, thereby reducing the need for manual intervention and minimizing operational costs.
Moreover, digital bonds have the potential to enhance liquidity in the secondary market, allowing investors to trade bonds seamlessly on digital asset exchanges. This increased liquidity could attract a broader range of investors, thereby diversifying KfW’s investor base and potentially lowering borrowing costs.
In addition to the issuance of digital bonds, KfW is also exploring the integration of blockchain technology into other areas of its operations. By leveraging blockchain for various use cases, such as trade finance and supply chain management, KfW aims to unlock new efficiencies and drive greater transparency across its ecosystem.
Overall, KfW’s foray into blockchain-based digital bonds underscores its commitment to innovation and its recognition of the transformative potential of blockchain technology. As the institution continues to explore and implement blockchain solutions, it is poised to stay at the forefront of digital innovation in the financial sector.
Source: ledgerinsights.com
The post Government-owned KfW elaborates on blockchain digital bond plans appeared first on HIPTHER Alerts.
-
Blockchain5 days ago
Ethereum Developers Target Ease of Crypto Wallets With ‘EIP-3074’
-
Blockchain Press Releases5 days ago
Secure, Compliant but Flexible: FinchTrade Elevates Crypto Custody Offering with Fireblocks
-
Blockchain3 days ago
Alpha Sigma Capital Research Releases April Report on ASC AI Index
-
Blockchain Press Releases6 days ago
Tiger Brokers (HK) officially launches virtual asset trading services, leading the way in Hong Kong’s online brokerage industry
-
Blockchain3 days ago
Ghana’s crypto stamps honor king’s Silver Jubilee
-
Blockchain3 days ago
Blockchain education initiatives take off amid crypto bull market
-
Blockchain Press Releases3 days ago
Korea Blockchain Week 2024 Announces Esteemed Headline Speakers, Claiming its Crown as the World’s Pre-eminent Web3 Conference
-
Blockchain6 days ago
Top 10 Sessions You Can’t Miss at MARE BALTICUM Gaming & TECH Summit 2024 (Tallinn, Estonia, 4-5 June)