In the latest crypto news, we have the European Union and its new initiative towards establishing a blockchain forum. The EU has invited five major banks including the giants BBVA and Santander to the forum – and the general purpose of it is to “develop a trusted, secure and resilient European Blockchain Services Infrastructure meeting the highest standards in terms of privacy, cybersecurity, interoperability and energy efficiency, and fully compliant with EU law.”
Named IATBA (International Association for Trusted Blockchain Applications), the forum will involve major banks. The first panel meeting, which was titled “Bringing industries together for Europe to lead in blockchain technologies,” formalized the launch and showed that IATBA will be a coordinated EU executive body established by the European Commission and the European Blockchain Partnership, which is an ongoing EU effort to get member states on board while promoting blockchain as a technology.
As the European Commission (EC) noted, the public sector is a vital role in the development of blockchain technology. From there, frameworks must be developed to ensure that the Europeans benefit and that Europe becomes a hub for blockchain technologies.
“Europe’s leadership in the development and uptake of this new technology requires close cooperation between the public and private sectors. Governments and economic actors must work together to overcome regulatory obstacles, increase legal predictability, lead international standardisation efforts and accelerate research and innovation to support scalability of innovative blockchain technologies.”
In the wake of the new blockchain forum, one of the leading banks BBVA wrote:
“According to [Carlos] Kuchkovsky [Head of Research & Development New Digital Business], blockchain and other new technologies – artificial intelligence, for example – have to be understood as simple pieces that make digital ecosystems reliable. In this regard, he hopes that these types of projects will contribute to providing more clarity to the regulatory uncertainty that currently surrounds the use of these technologies. Nevertheless, he believes it is “essential to establish a system of governance that aligns the different participating industries and their objectives”, which should represent different sizes of organizations and sectors.”
With significant experience in the field of blockchain, BBVA is among the pioneers in the technology. Even though the United States has posed as the birthplace for blockchain, ICOs and many experimental business models have been on the radar by the SEC lately, with multiple enforcement actions taken against the industry participants.
Russian State Duma To Review Crypto Regulation: Preparing For Oil-Backed Crypto
“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
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New Privacy Mechanism For ETH Smart Contracts Developed By Stanford Researchers
“We describe an extension to Zether that can also hide the sender and receiver involved in a transaction among a group of users chosen by the sender. Though the overhead associated with anonymity scales linearly with the size of the group, no trusted set-up is needed and no changes to the underlying smart contract platform are required.”The report specifies that the Zether contract will never transfer funds without checking a transfer proof in order to prevent illegal transfers. This new design makes sure that the security of Zether depends on itself and not on third-parties or outside smart contracts. All of the privacy coins that provide users with a higher level of anonymity are still receiving mixed feelings from the community. For example, Charlie Lee declared he is focused on making Litecoin more fungible and private and to implement confidential transactions sometime in 2019.
Two Ohio-Based Companies Officially Paid Taxes With Cryptocurrency
“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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