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Blockchain News

New York Officials Are Ready To Ban Bitcoin Mining

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Big news comes from the Big Apple this Monday. According to some Plattsburgh, NY officials, the cheap electricity should be used for non-crypto economic development. However, in the era of Bitcoin mining, many residents of New York are using their computers to collect more of the leading cryptocurrency and capitalize on the trends.

What’s interesting for Plattsburgh, NY is that it’s an area with some of the cheapest energy prices in the US only because of the hydroelectric power stemming from the St. Lawrence River. The cheap electricity makes this place ideal for Bitcoin mining and the town one of the most affordable when it comes to electricity spendings.

And even though Bitcoin miners are taking advantage of this trend, the city’s mayor is not satisfied. As he says, “With great use of additional power, we are put over our threshold each winter and we are put over our threshold of ratepayers.”

Mayor Colin Read also thinks that this trend should come to an end. On the other hand, there is David Bowen’s Plattsburgh BTC which is a 20-computer business located in a warehouse that has been mining Bitcoin since 2014.

Now, Bowen’s business has a fate that hangs in the balance. According to some studies, more than 10% of the population in Plattsburgh mines Bitcoin – and if this trend increases, it will pose a threat to the electricity situation in the town.

At this point, a lot of people are looking at potential legislature regarding Bitcoin mining. What no one wants to think about though, is also the potential ban of any activity in this matter.

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Blockchain News

CTO Of IBM Advises US Congressman To ‘Get Government-Ready’ For Blockchain

The blockchain news category is recently booming on our crypto news site. Aside from the blockchain events and our full coverage on each and every one of them, the recent news is focused on a statement given by the CTO of IBM, who recently advised one US Congressman to move forward with the blockchain adoption.In a report that is titled "The Impact of Blockchain for Government: Insights on Identity, Payments, and Supply Chain" and made in collaboration with the US Congressional Blockchain Caucus, there is a series of roundtable discussions between the US Representatives Jared Polis (author of "The Cryptocurrency Tax Fairness Act" which proposes to abolish the crypto taxes below $600), Thomas Hardjono, who is the technical director at the Massachusetts Institute of Technology (MIT) as well as Jerry Cuomo, the Vice President for blockchain technology and CTO of IBM.During the three meetings that IBM held along with MIT and members of the Congress, discussing the need for government funding of blockchain innovation and regulatory sandboxes. In that, the state would also be able to test different solutions before they are brought to the market.The US Representative Polis, stated that the state has only begun to see the real "promise of blockchain technology", which according to him, exceeds cryptocurrencies and tokens. He also stressed the importance of creating a legal framework for innovation and blockchain implementation.As we reported earlier this week, the US Congressman and Blockchain Caucus member Tom Emmer recently announced that he would introduce three bills to support the development of the blockchain technology as well as cryptocurrencies - and with that establish a safe harbor for taxpayers with "forked" digital assets.
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Blockchain News

Malaysia’s Three Largest Industries Are Tapping Blockchain Technology

The government of Malaysia is in the latest blockchain news, this time for allegedly tapping Bitcoin for its three largest industries: palm oil, Islamic finance and renewable energy.A new task force established by the Malaysian Industry-Government Group for High Technology (MIGHT) has been initiating the move to adopt blockchain in each one of these industries. The main aim is to increase the sustainability, transparency as well as logistical efficiency, as the report published last week stated.MIGHT holds talks with energy companies in order to evaluate the ways in which they could using the blockchain to increase the renewable energy adoption. The transparent nature of the system means that they must declare how the electricity was generated for buyers to scrutinize.The new blockchain adoption will allow buyers to choose to buy green or renewable energy only - whether from private owners (of solar panels) with excess energy or energy companies. The process, according to MIGHT, will be more efficient than sending energy over longer distances from non-local power stations.Meanwhile, the Tenaga Nasional Berhad (TNB), which is Malaysia's sole provider of utilities, has looked into blockchain solutions and the General Manager of Innovations said that the company has been holding workshops to identify use cases and discuss adoption with the business owners.  
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Bitcoin News

Crypto Exchange Giant Gemini To Arrive In The UK

In the past several years, the exchange market in Europe wasn’t really as big and diverse as the one in the United States or Japan because of regulation, liquidity, and infrastructure. But, in today’s news, we find out that this is about to change.The major US-based crypto exchange Gemini is in a negotiating process to expand into the European market.Gemini stated:
 “Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community. Although we have no immediate plans, we will always evaluate opportunities that allow the global economy to buy, sell, and store digital assets in a regulated, secure and compliant manner.”
Gemini is a very popular exchange that managed to build its reputation throughout the years. It’s now fully compliant with all federal regulations and they are even working harder to establish a better governance and regulation so the entire crypto exchange market will be improved.At the start of the summer this year, Gemini integrated Zcash because of its anonymity features so they can use it in broader aspects of the financial market. With listing Zcash on their platform, they showed the cooperation with regulators while integrating anonymous cryptocurrencies because they were at one point in time, considered to be money laundering tools.This expansion into the UK is very important for the European crypto market because there are no alternative crypto exchanges that handle crypto-to-pound trades apart Coinbase. Coinbase on the other hand, just recently obtained an e-money license from the UK Financial Conduct Authority so Gemini will also have to file for one.
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Blockchain News

Raiffeisen Bank Branch Issues Mortgage Using Blockchain Platform

A branch of the Raiffeisen Bank International in Russia is said to have issued an electronic mortgage via local blockchain Masterchain according to a news report on September 24.In the document where all the information about the parties in the transaction is contained, there’s also the type of property that was purchased and also the credit loan and the duration is published in a decentralized depositary system. This system is based on a Russian network named Masterchain that can transfer valuable data via blockchain. This project has been developing since 2016 by a group of local banks led by the Central Bank of Russia.The director of the IT department for Raiffeisen said that the document that is verified with an electronic signature is sent to the Russian state agency that is in charge of collecting data about real estate. After this process is finished, the mortgage token is moved to the file storage which is basically the Raiffeisen Bank. This is the first kind of e-mortgage in Russia as the director notes.He also believes that if the country is connected to the platform It might just accelerate the process of getting all the needed data on mortgage and making a deal without third parties. Further negotiations are being pushed so other banks can join in as well. The next step for this bank would be to use blockchain to purchase contracts and similar real estate transactions. There are two more Russian banks according to Kommersant that want to be involved in this process and are planning on issuing e-mortgages by the end of 2018.The blockchain technology has already been tested for real estate business in the Netherlands. This is why other major Russian banks have expressed their interest in blockchain and for this reason, the Central Bank of Russia has already held a successful ICO test in order to create a draft of a possible crypto regulation.
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