In the latest crypto news centered around regulation, the UK is sponsoring new research into organizing and managing phone numbers. After officially handing the grant to the UK telecom provider Ofcom, the national telecommunications authority awarded nearly £700,000 (just under $915,000) to the telecom provider in order to improve its UK telephone number management.
Ofcom, on the other hand, provided more details about the project on Monday in an official press release, stating that there are roughly 1 billion phone numbers available right now in the UK – either already in use or reserved for allocation.
The press release explained:
“We issue blocks of these numbers to telecoms operators, who manage the numbers and movement (porting) of them into and out of their control.”
As the country moves from traditional analog phone lines to Internet infrastructure, the current system may also face some challenges. This way, blockchain could improve them to lower costs, make the porting more efficient and streamline the fraud or “nuisance” call management while providing customers with a better experience.
As the chief technology of Ofcom, Mansoor Hanif, recently stated:
“We will be working with industry to explore how blockchain could make it quicker and easier for landline customers to switch providers while keeping their number – as well as reducing nuisance calls. And we’ll expand our research into other areas where innovative technologies such as blockchain could be applied to benefit consumers.”
The release also explained that despite the failure of past attempts, there are many potential improvements in the development of a new database. With this, Ofcom is ready to put up “barriers to collaboration” and “offer an opportunity to build a cost-effective and future-proof solution.”
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“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players.”Karpovich also responded to a question regarding how far the eCommerce industry is from using crypto to facilitating payments. He explained that blockchain - the underlying technology of cryptocurrencies - will be used to facilitate payments behind the scenes. However, he also added that according to him, blockchain won't have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,” he noted.When asked about his anti-crypto sentiment - which is somehow shared in the JPMorgan circles - Karpovich said that there is a difference between adopting blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he concluded.
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Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
“Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
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