Feb 23, 2017 at 13:15

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Bank of Canada measures digital currencies

Government measures for digital currencies in Canada. The Bank of Canada introduced the report titled «Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies». The report talks about the 19th century, when private bank notes and government issued notes were in circulation. The notes shared the same characteristics as digital currencies, so this experience may show how digital currencies might function. Report states: «We conclude that well designed and managed private digital currencies could circulate widely but only with appropriate government regulation to ensure their safety, soundness, and uniformity».



Bitcoin growth is gaining momentum

Bitcoin reached just over $1000! Cryptocurrency recovered from the recent fall, so bitcoin’s prices were executed at $1108 on the 21st of February. Let us recall, that after the statement made by Chinese exchanges Okcoin and Huobi on the termination of bitcoin’s withdrawal, exchange rate has gone down, but entered a period of strong growth since the 14th of February. Today’s bitcoin purchase price is accordingly $1092 and $1080 US dollars on the Okcoin and Huobi exchanges.

The Dutch Blockchain Hackathon in Netherlands

The Dutch Blockchain Hackathon draws the record number of participants. The world’s largest blockchain hackathon gathered more than 500 people from around the world in Groningen, Netherlands. Fifty-five teams competed in the 48-hour event to find solutions to problems in five topics: the future of pensions, digital identity, energy transition, reinventing government, international trade and business. Nicolas Cary, co-founder and president of blockchain.com noticed: «I think there’s something really special about this weekend is that there are so many teams and so many bright people». The founder of DutchChain and event organizer Rutger van Zuidam said that participants of Hackathon will change the society.

Mercedes Benz had acceded to Hyperledger

The owner of the Mercedes-Benz brand will invest in blockchain. Soon after the purchase the FinTech company PayCash Europe, concern Daimler joins the open working group in the blockchain Hyperledger project. The annual contribution of $250,000 will help to develop blockchain technologies. Brian Behlendorf, the director of Hyperledger, commented: “The diversity of our membership continues to grow, demonstrating that blockchain technology has the potential to impact many industries and transform the way business processes are handled.”

The EU against geo blocking of digital currency

European Union bans geo-blocking of digital currency. European Parliament committee has proposed measures to prevent location-based discrimination against economic bloc consumers in Internet. The draft document dedicated to the virtual currencies, blockchain transactions and ewallets, states: “The Commission should assess whether to provide the legal framework that allows the protection of undertakings and consumers when the transaction is carried through alternative modes of payment.”



Vietnamese trading platform extends beyond Asia region

Asian trading platforms go West. Remitano, a Vietnam-based P2P platform for trading bitcoin, has expanded its services across the English-speaking world. The company is targeting bitcoin exchangers, investors and users of remittance services, beginning with Asian countries, including Vietnam, Malaysia, Cambodia and China. Leading sources of traffic on Remitano besides Vietnam are Nigeria and Malaysia. Dung Huynh, company's lead product manager said in his statement: “Bitcoin fraud is a problem that is deterring people from partaking in this exciting market, hampering its overall potential. At Remitano, we want to fix that.”

Trend of bank payments technologies

Rise of Blockchain investments. The manufacturer of the banking and financial software Infosys conducted a survey indicating that half of the questioned banking organizations have already invested or plan to invest in bloсkchain technology this year. According to the companies report "Technology blockchain from Hyip to reality", the average amount of investment is more than $ 1 million. Most banks prefer private blockchain since they allow only certain users to read and modify elements of the system. Commercial application of blockchain technology is expected by more than 30% of the banks in 2018. According to the forecasts by IBM blockchain will become widespread in 2020 among most financial institutions.