Blockchain
PGB signs MOU with global blockchain leader NChain
The Provincial Government of Bataan (PGB) recently signed a Memorandum of Understanding (MOU) with global blockchain leader NChain with the objective of laying down the framework for the establishment of a digital platform for the province in order to streamline current systems and procedures of government services.
Signed by Bataan Governor Joet Garcia and NChain AG Chairman Stefan Matthews, the MOU is pursuant to Republic Act No. 11032 also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018. This partnership aims to digitalize the operations of the PGB.
NChain’s Stefan Matthews said, “NChain is committed to partnering with governments around the world to digitally transform their economies. Through this memorandum of understanding with Bataan, we are thrilled to propel the state forward by providing expert advice and blockchain-based solutions for the digitization of the state services, products, and processes using our robust intellectual property rights portfolio. With BSV blockchain powered by NChain, Bataan can look forward to an efficient, secure, and transparent system in digitalizing various branches and agencies of the state, providing better services and products for its people.”
For his part, Governor Garcia lauded the partnership that will utilize NChain’s “cutting-edge blockchain technology and improve the efficiency and transparency of our government operations, as well as provide innovative, secure and accessible online services to our citizens.”
He added, “We are excited to be at the forefront of the implementation of blockchain technology in government services. This partnership with NChain will greatly benefit our citizens by providing them with fast and secure access to government services, while also ensuring the integrity of these services.
More than that, the Governor emphasized that “the technology will improve the transparency and accountability of government operations, as it provides tamper-proof record of all transactions.”
He also disclosed that the roll-out of this technology will happen in the coming months “as the Provincial Government of Bataan and NChain work hard to achieve our common goal of fully enabling blockchain technology in government services.”
He added, “We are confident that this strategic alliance will result in improved efficiency within the state’s operations and bring many innovative possibilities for the future.”
Founded in 2015 and with offices in London, United Kingdom; Zug, Switzerland; Ljubljana and Maribor, Slovenia; Stockholm, Sweden; and Manila, NChain unleashes the potential of blockchain technology through ongoing research and development of inventions, including the maintenance of a robust patent portfolio, and by offering software, IP licensing, and consulting services across several industries, including iGaming, supply chain, and finance.
NChain also offers solutions in the digital payment space, along with professional services that assist enterprises of all types to benefit from blockchain technology. NChain currently has almost 2,800 registered patent applications of which approximately 500 have been granted and is the developer behind the Bitcoin SV Node software, Teranode, LiteClient, Kensei and more.
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Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
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