The blockchain cannot be considered just as a revolution. It is a shift in power from centers to the edges of the mesh. If you’ve missed the top stories of this week, this post provides a comprehensive look at the stories that made headlines. A lot has happened in the cryptocurrency and blockchain world: US SEC suspended Bitcoin Tracker One and Ether Tracker One, Australia is expanding its government blockchain presence and much more. Here is a quick round-up of this week’s related stories you may have missed:
US SEC Suspends Bitcoin Tracker One and Ether Tracker One
US SEC, the securities and exchange commission has temporarily suspended trading in two securities related to cryptocurrencies on Sunday, citing confusion amongst market participants regarding these instruments. The suspended securities are Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF). The suspension is temporary and will end on Sept. 20. SEC has also alerted broker-dealers, shareholders, and potential clients that they should carefully consider the stated information along with all other currently handy data and any information afterward issued by the company.
US SEC has also warned that many platforms for trading digital assets call themselves as “exchanges,” which can give the false impressions to traders and investors that they are regulated or they have fulfilled all the regulatory standards of a national securities exchange then investors should understand how the products are traded and if investment sounds too good to be true then be cautious.
Australia Expanding its Government Blockchain Presence
Australia’s Digital Transformation Agency (DTA), a government organization that leads innovative initiatives into cutting-edge technology is going to disclose the blockchain platform prototype by the end of Q4 of this year. In this, the New South Wales (NSW) state government has scheduled its driver’s license digitization platform program to be test-launched in the month of November this year. The platform will be based on a decentralized system and it is being developed by Secure Logic, which is an Australian firm specializing in blockchain technology and IT infrastructure.
IBM has also signed a $740 million deal with the Australian government to use blockchain technology and other innovative technologies to improve their data security cross-brand solutions partnership involving IBM hardware, software, cloud-based solutions, joint innovation programs in quantum, cybersecurity, and research aimed at furthering the government’s digital transformation agenda.
Crypto Traders In China Use Tether and VPNs To Avoid Ban
Crypto traders in China have found ways to bypass the government’s ban on cryptocurrency trading and initial coin offerings (ICOs) by using Tether (USDT) and virtual private networks (VPNs). Chinese traders are using “client to client” trades. It is just like a normal e-commerce website. In this, online merchants sell their goods on an e-commerce website and after that two individuals who have both completed a “know-your-customer” procedure with an exchange swap “fiat” currencies, or legal tender of a government, to tether. After receiving the tether, the trader can start trading crypto-to-crypto on any exchanges by using virtual private networks (VPNs).
Paris Saint-Germain To Launch Cryptocurrency
Paris Saint-Germain, a French professional football club based in the city of Paris, is all set to launch its own cryptocurrency. The soccer club has announced a multi-year strategic partnership with the blockchain platform Socios.com. PSG is the current French Ligue 1 champions and it has now joined the blockchain/cryptocurrency project as part of an inclusive strategy to integrate distributed ledger technology with fans.
In this, Socios.com will work alongside the club to create the world’s first Fan Token Offering (FTO) for fans of Paris Saint-Germain. The tokens issued will be listed and available on the platform Socios.com. It will allow fans to join in the life of the club, in the form of votes or online polls. Token holders will also have the advantage of accessing exclusive rewards, content, and experiences. The platform will use ChiliZ tokens, developed by Socios founder Alexandre Dreyfus.
WEF Research Says Blockchain Could Increase Trade Finance BY $1 Trillion
WEF (World Economic Forum) and Bain & Company has released a new study which says that blockchain could increase trade finance by $1 Trillion. Blockchain’s distributed ledger technologies (DLT) could play a major role in decreasing the global trade finance gap. According to this research, traditional trade and supply chain include various contributors. Due to this, reconciling and authenticating data is very difficult. Distributed ledgers are secure, shared databases, where each contributor has a copy of the stored data.
Research further predicts that distributed ledger technology, if implemented properly by all contributors trade ecosystem, could decrease trade finance operating costs by 50-70% and improve turnaround times three- to fourfold, depending on the trade finance product involved.