Day: May 22, 2018

In a run up to price explosions, counter trend moves are usually rampant. That’s what we have been seeing in the last two days or so. Long coverings and reversal of gains have been the order of the day. At the moment though, prices seems to be snapping back to shape and that’s why we are seeing pockets of buy pressure in different coins under our focus.  IOTA, Tron and of course EOS are exhibiting signs of reversal. However, of all coins, Stellar Lumens is but a prime candidate which I recommend buying because of technical developments in the 4HR chart.

Let’s have a look at these charts:

EOS Analysis

After dedicating $3 million to Virginia Tech, EOS is now assigning all EOS wallets with unique 12 character global identifiers prior to its mainnet launch. In a blog post clarifying these additions, EOS said that these short user names would pave way for extra user case applications and benefit the community in the long run. To demonstrate, the new user name would serve two functions. Act as a public address and applies during sending or receiving payments.

EOS updates – Hackathon, User names, Wallets… https://t.co/ZnsNZsYrsG via @YouTube

— james (@james212212) May 22, 2018

On the chart though, price changes are slow. However, we are still positive. Its a few days to mainnet launch and unless it’s a dismissal launch with lags and/or utter disappointments, from Block One prices might tank. All I’m seeing is long coverings with rejections of bears especially in the 4HR chart. Because of this, buying at current prices and trading per our previous trade plan can offer better risk reward opportunities. Stops are at May 18 lows at $12.

Litecoin (LTC) Analysis

Believe it or not, cryptocurrencies and Litecoins adoption is catching up in Africa. After Harare, we have a couple of Litecoin, Bitcoin and Ethereum supporting ATMs at Djibouti, Nairobi and Johannesburg. All this is according to data aggregated by Business Insider Africa. While cryptocurrencies are illegal in most of these states, you can still buy LTC, BTC or ETH in a one way transaction using fiat.

If you want to see clear price action past this congestion in the daily chart, the 4HR chart provides a clear picture. There are pockets of buy pressure and rejection of the past two-three days bears if we consider that bull pin bar at $130 in the 4HR chart. Of course this is interesting but rather than jumping in right away, waiting for a confirmation past May 20 highs at $140 can be a good trading idea.

Stellar Lumens (XLM) Analysis

Zoom in to the 4HR chart, check out that strong bullish engulfing pattern that is screaming buy and heed! Buy Stellar Lumens with stops at 28 cents. On upside, immediate or short term buy targets would be at 40 cents and 50 cents.

Tron (TRX) Analysis

It’s about 34 days to go before the main super Representative election is held by Tron. By then, the network would have its own blockchain and hopefully, faithful members. Considering the laid down rules of Super Representatives, the main thing we should pick out is that they are the guardian of the network and chosen out of the good will of the people. Simply put, these 27 SRs shall maintain, validate and push transactions within Tron and that’s why they are important.

Want to keep up with the latest Super Representatives updates? Visit our new Explorer https://t.co/t8LzYz2QQx and click on Open team page Already more than 20 #TRONSR candidates have listed!

— Tron Foundation (@Tronfoundation) May 21, 2018

Because of this, we need valid companies with good intentions to develop blockchain technologies as representatives of Tron and blockchain proponents they bid for.

Like the rest, buying Tron at current prices reduces downside risks because stops would be at 7.5 cents while increasing upside potential. It’s trading with the trend and following though May 20 surge and break above the consolidation whose upper limit were at 7.5 cents. So, in line with yesterday’s preview, continue buying on dips—it’s a clear buy in the 4HR chart—and aim for 10 cents or higher. After all, there is a positive event on May 25, TVM launch, that’s exciting market participants who view it as a long spring board.

IOTA (IOT) Analysis

What I like about IOTA is that their founders are not doing this for the money. They had a zero percent allocation during the crowd sale. Yes, they might have bought IOTA coins and that’s expected but then again, prices are reflective of their zeal and IOTA user case application. I’m eye balling the user case bit they are positioning themselves for the future. And yes, they are now working with the UN after collaborating with their Project Services, the UNOPS.

“Shared problems require shared  solutions.” We've partnered w/ @iotatoken to explore how innovative data management tech can enhance the efficiency of humanitarian & development operations. | #distributedledger https://t.co/GHbbB2Pm9d

— UNOPS (@UNOPS) May 22, 2018

Notice those rejections below $1.6? Those are the precise reasons why buying at current undervaluation is but a good idea. You can take risks today and ramp with tight close below $1.6 but waiting for close above May 20 is safer.

The post EOS and Tron Market Participation Spikes in the Last 24 Hours: Tron, EOS, Litecoin, IOTA and Stellar Price Analysis (May 23, 2018) appeared first on NewsBTC.

According to multiple reports, the Pentagon and the Defense Department are debating on whether or not cryptocurrency ownership is a problem for those who have U.S. security clearances and those applying for these privileges. The U.S. agencies may define digital currency owners as a ‘security risk’ in order to protect foreign and domestic classified information.

Also read: BCH Miners Discuss Funding Development With a Fraction of Block Rewards    

If You Own Bitcoin and Have U.S. Security Clearance Then You Might Have a Problem

American bureaucrats are deliberating on whether or not they should flag cryptocurrency investors who have special security clearances to classified government information. An individual who owns a cryptocurrency like bitcoin or ethereum, may be considered “risky” in the eyes of the Pentagon. This past February the Defense Security Service (DSS) and the Pentagon revealed they were working on guidelines for reporting cryptocurrency ownership. According to another report published on May 22, the debate is currently being argued and government contractors are already upset about the backlog of other security clearance issues.

A director for Financial Services Innovation at Carnegie Mellon University, Param Vir Singh, believes cryptocurrencies do have security risks.      

“There are a lot of good things about cryptocurrencies, but at the same time there are these security risks,” explained Param Vir Singh this week.  

Think about a knife: It could be used for good things and it can be used for bad things as well.

DSS Recommends Cryptocurrency Owners With Security Clearance Should Report Their Virtual Currency Holdings 

Further, the columnist Adam Reese recently reviewed an email by a DSS employee named Chad M. Campbell — which indicates that the security specialist recommends individuals who apply for U.S. security clearance need to report their cryptocurrency holdings on the agency’s Standard Form 86 (SF86). Additionally, the reporter received a reply from Defense Security Service Public Affairs which stated:   

“DSS has fielded a number of questions from industry as to whether ownership of cryptocurrencies, such as Bitcoin, should be reported by cleared persons or security clearance applicants,” explains the Defense Department.   

There is no current Department of Defense guidance related to the reporting of ownership of cryptocurrencies. DSS is working with DoD policy offices for further clarification and once such guidance is issued, DSS will ensure the widest dissemination to industry. Additionally, the email [Campbell’s email] was an internal discussion document which was not intended to serve as policy guidance.

University of California Researcher: ‘Bitcoin Owners Deserve Suspicion’

Individuals and organizations see the security clearance/cryptocurrency discussion as a controversial subject as opinions differ depending on who is discussing the matter. Steve Aftergood of the Federation of American Scientists believes holding cryptocurrencies or other behaviors don’t necessarily make a person risky. “I don’t know if the government has a clear understanding of what makes a person actually a security risk — Instead they look at proxy factors like excessive debt, drug use and contact with the criminal justice system, which don’t necessarily translate to risk,” Aftergood explains.

However, a researcher at the University of California, Nicholas Weaver, disagrees and thinks digital currency holders should be suspects. “Since Bitcoin’s only real use is to buy drugs, etc., it deserves suspicion,” Weaver said this week. It’s also worth noting that some of these DSS and Pentagon officials who firmly believe cryptocurrencies are a ‘security risk’ have no problem with defense contractors who shill centralized blockchains. The DSS is not calling blockchain projects sponsored by Booze Hamilton Allen or the company’s employees suspicious — Nope just bitcoin and public blockchains seem to be a threat at the moment.

What do you think about the DSS and Pentagon’s discussion about bitcoin classification and raising suspicion against cryptocurrency owners? Let us know in the comments below.  

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Images via Pixabay, DSS, and Shutterstock.

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The US Department of Defense is uncertain whether to consider crypto assets a risk when processing candidates for security clearances

The US state of Ohio is currently proposing a change to state law through a bill which will legally recognize smart contracts and storage of records on a blockchain, according to Coindesk.

There are several states in the US that have adopted blockchain-associated laws. Vermont, Arizona, Delaware, Illinois, Nevada, and Tennessee are among these states. Indiana, Iowa, and Texas have taken a somewhat negative approach against cryptocurrencies or flagged them as potentially risky.

Some states have examined the governmental use of blockchain, either as isolated applications in specific or integrated government functions. Vermont, for example, recognizes data stored on a blockchain as admissible in the court system, according to Brookings.

Washington and New Hampshire have succeeded in passing some legislation and Arizona has introduced or passed regulations ranging from making signatures, transactions, and contracts on a blockchain legally valid, to allowing residents to pay their income tax in cryptocurrencies.

If Ohio becomes another blockchain state and the ‘Revise Electronic Transactions Act/blockchain/smart contracts’ bill signs into law, it will significantly pass ownership rights to those needing to store electronic information on the blockchain. Bill 300 states:

“Notwithstanding any other law, a person that, in or affecting interstate or foreign commerce, uses blockchain technology to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to that information as before the person secured the information using blockchain technology.”

Changes to the existing bill have notable inclusions in the amendment relating specifically to blockchain, making it clear that smart contracts will legally usable for legal documents.

Brookings research shows that in the past two years, a wave of states has started to shift attention to blockchain technology and explore the potential roles of the technology in public and private services.

Recently, Arizona passed a bill that allows residents of the state to use cryptocurrencies in making tax payments. Also, Wyoming passed its own bill through both legislatures early this year which exempts cryptocurrency from state property tax, potentially making it the friendliest state in the US to investors of crypto assets.

 

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Cointelegraph

Bitcoin Price Struggles After Blockchain Week, Possible New Regulatory Pressure Cointelegraph Cryptocurrencies continue to slow down today as all major coins are in the red on Tuesday. Bitcoin (BTC) is struggling for gains above $8,500 following concerns over increased regulation according to Naeem Aslam, chief market analyst at Think Markets:.

Bitcoin Pizza Day – 8 years since the first ever Bitcoin transaction for real-world goods

BMV bank has revealed a partnership with Bitex to allow customers to make cross-border payments in Bitcoin. They aim to utilise Bitcoin as a low-fee cryptocurrency which can be transferred across borders and easily exchanged for fiat currencies.

Bank Moves from SWIFT to Bitcoin

BMV said in a statement: “The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries. The logistics solution allows for a reduction in the time it takes to send or receive transfers up to a maximum of 24 hours. Bitex has a wide network of partners that enables international transfers to more than 50 countries.”

Bitcoin enables transfers to be made without using third parties and does not rely on any trusted parties. Instead, it uses a network of nodes that validate transactions and uses incentives to ensure that the network operates accurately. It also uses cryptography, such as hash functions, to ensure that only the person who holds their Bitcoin can spend it as well as providing a public ledger to ensure accountability.

Bitex is a blockchain-based financial services provider for both individuals and institutions. They help to create logistics solutions which allow for payments to be made between multiple countries. Bitex are self-regulated, but follow compliance and KYC rules. They have also hired Deloitte services to fulfil audits on the company’s operations and holding of funds.

U.K. bank Santander has continued their move into the blockchain ecosystem by announcing their new app One Pay FX which uses Ripple technology in April. The app was launched in Spain, the U.K., Brazil, and Poland and is designed to make cross-border payments in a matter of minutes. It runs on xCurrent, a payment solution provided by Ripple Net but does not exclusively use XRP which is associated with Ripple. XRP is used by xRapid, another solution, and has been successfully trialled by Mercury FX.

Ripple have targeted banks and, specifically, cross-border payment providers and argue that XRP can save costs and deliver faster transactions than using SWIFT or Bitcoin. This move by BMV shows a preference for the number one ranked cryptocurrency by market cap instead of XRP which is aimed at being used by banks.

In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP. We are looking forward to continued successful testing and going into production.https://t.co/hlYDcFyG7o

— Mercury-fx Ltd (@mercury_fx_ltd) April 26, 2018

Should Bitcoin Be Used by Banks?

Many token holders will welcome real-world integration as an increase in use of a coin usually leads to an increase in price. However, Bitcoin was initially set up in a libertarian environment which was hostile to banks. In fact, the Bitcoin’s genesis block contains an extract from the Times which references the 2008 financial crisis. Bitcoin is also pseudonymous which makes it harder for governments to keep track of payments and users.

In this partnership, we have an example of a low-fee cryptocurrency being used by a bank which is then charging 3% plus VAT for the service. This means that the bank is profiting from the low fees that Bitcoin offers. On the other hand, BMV did suggest it has passed some of the savings on to the customer. Instead of going through a bank, users could set up their own wallets and send transactions without using a bank, but novices may find this risky as mistakes can happen.

Featured image from Shutterstock.

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Walmart has filed an application with the US Patent and Trademark Office for a sales platform which integrates blockchain technology. This platform was invented by Donald R High, Michael D Atchley, and Chandrashekar Natarajan.

This is a big milestone for the use of blockchain technology, considering that Walmart is one of the world’s largest company with USD 500 billion of revenue, 11,700 stores in 28 countries, and 2.3 million employees. Any integration of blockchain technology by Walmart will end up being used by millions of people worldwide.

In the patent application, a platform for re-selling Walmart products is described. When a customer purchases a product it is recorded in the blockchain with the exact time and cost. The customer can sell their product on the platform to someone else and reference the blockchain record as proof of authenticity. The blockchain will continue to track the product as it passes through the courier service to the end customer, providing another layer of security that the product will be delivered as promised.

Essentially, the blockchain will provide an immutable record of a product’s history from when it is first purchased at Walmart. This record will be virtually safe from hacking or modification since it is secured with cryptographic technology, making it very reliable and giving purchasers of re-sold products peace of mind.

The blockchain records are expected to help prevent fraud when re-selling Walmart products, saving people money. Theoretically, this blockchain technology can be used to track down products stolen from Walmart as well, if the serial numbers are recorded in the database when the products are put on the shelf. In this way, any stolen product can be referenced back to the blockchain database as long as it still has its serial number.

The provisional patent application was originally filed on 16 November 2016, while the non-provisional application was filed on 16 November 2017 but published to the public only five days ago. The patent application has yet to be examined or approved; it takes on average two years from the non-provisional application date for a patent to be approved or disposed of.

If Walmart’s blockchain technology patent is approved, it will have retroactive protection from the provisional filing date in 2016 and can sue anyone who copied the technology since that date. There is no guarantee that the patent will be approved, it must go through patent prosecution to determine if it is unique enough to warrant a patent.

Regardless of whether the patent succeeds, Walmart can begin to use the sales platform with integrated blockchain technology described in the patent at any time it chooses.

 

Image source: https://www.flickr.com/photos/jeepersmedia/14872355556 – Mike Mozart

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CNBC’s Fast Money hosts and panel were on the defensive during a recent broadcast, as some viewers accused the network of shilling for bitcoin cash (BCH). And, truth be told, CNBC has been showing the decentralized cryptocurrency an inordinate amount of love lately. A segment by a popular analyst, where he forecasts even bigger things for BCH, only added fuel to some trolls’ fire. Chairman Mow is not amused.

Also read: Roger Ver and Ryan X. Charles Reveal the Future of Cash

CNBC Predicts Bitcoin Cash to Moon, and Soon

Wednesday in the US is known colloquially as Hump Day, the point at which the weekend seems closer. It’s also the day more and more cryptocurrency enthusiasts are tuning in to CNBC’s Fast Money program, a self described “post-market show,” hosted by Melissa Lee with contributions from well regarded traders.

Trader Brian Kelly, founder and CEO of BKCM LLC, was asked to detail just why it is he’s so bullish on bitcoin cash. In introducing his plasma-fronted segment, Ms. Lee read what appears to be a month-long trend, describing bitcoin cash as having “vanquished” the likes of bitcoin core (BTC), down 5%, litecoin down 9%, and ripple down 21% while BCH remained positive at 6% price growth.

Mr. Kelly asked viewers to simply look at what he refers to as catalyst factors, aspects of a digital asset, no matter what the asset, that might have caused it to gain traction in price going forward. In the case of bitcoin cash, Mr. Kelly cheered the latest development among its mining community to pool portions of rewards toward building a fund for future development. He compared it to an app store where devs pile on uses for a smartphone previously unthought of or dreamed of but not implemented. BCH, he insisted, wasn’t the only project to do something like this, and he even managed to sandwich in the word “potentially” when describing price prospects.

He also equated more on-chain development with potential use cases, and use cases, then, with, well, usability and appeal to more people in the eventual hope of more adoption. Curiously he described the mining community’s latest move as a kind of cartelization, though benevolent, words and phrases that immediately rile most cryptocurrency enthusiasts. He acknowledged it, however, as a potential negative.

Let the Market Decide

Ultimately it all comes down to the market, Mr. Kelly noted. He turned to charting, where over the past year or so BCH has followed the broader crypto market with incredible highs back in late 2017, a precipitous drop in 2018, and a recent stabilization if not slight uptick. Drawing a horizontal line across the screen, Mr. Kelly described bitcoin cash as mostly holding support levels for the moment, a good sign. He called his squibbles and markings “a good looking chart” and a “place I want to buy.”

Ms. Lee then peppered Mr. Kelly with questions from viewers. Asked if he was in to bitcoin cash for the long term, he turned diplomatic. He reminded viewers he was a trader, moving in and out of positions quickly. He wants to invest in the coin that eventually becomes the global currency, living up to crypto hype. For now, Mr. Kelly said, bitcoin core (BTC) has a massive network effect advantage, but that could change.

Yet another viewer asked if Mr. Kelly had ever actually used BCH to buy something, and if not then what is its use? Mr. Kelly said he had not used bitcoin cash, but that his interest is only in its speculative value. He did say he’d used bitcoin core to buy things and to send money, and so he understands its ultimate power. The final question in the segment got Mr. Kelly laughing, as a person asked if he was indeed Roger Ver. When Ms. Lee effectively ended the spot, she was keen to emphasize CNBC and her program take exactly no money to promote anything on the show, and how no one has any connection to BCH beyond an investment.

The strangest reaction by far came from BTC ambassador Samson Mow. Mr. Mow’s personality in the debate between BTC and BCH is often dismissive, above-it-all. He knows, you don’t, and you simply need to get in line. Humorless. Uncharitable. Superior. That’s all excusable, and there’s always been such an element in tech (the more obnoxious sort tend to come from Silicon Valley), but his reaction to the CNBC segment described above places him in rarified air. With a picture of a shadowy figure behind bars, Chairman Mow typed, “Collecting some gems for @SEC_Enforcement @SEC_News to take a closer look at @CNBCFastMoney @CNBC pumping and dumping altcoins on their viewers. Enough is enough. If you have more tweets, post below and I’ll add them to the Moment.” That’s right, a lower-level crypto spokesperson is advocating use of jail to punish opinions different from his. Yikes.

Trader sees bitcoin cash breaking out, here’s why from CNBC.

Are you excited about BCH adoption and innovation? Let us know what you think of this subject in the comments below.

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Images via Pixabay, CNBC

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Major tokens are down today as Bitcoin falters following a post-Blockchain Week slump, increased regulatory concerns

South Carolina securities regulators have ordered ShipChain to cease selling its tokens within the state.

Bloomberg

Bitcoin Pizza Day Bloomberg May 22nd, 2018, 2:05 PM PDT. Exactly 8 years ago the very first bitcoin transaction took place: two pizzas for 10,000 coins. Today that would buy you 6.5 million pizzas #tictocnews https://bloom.bg/2IDrAT2 (Source: Bloomberg). Terms of Service ...

In the world of cryptocurrency, controversy is not all that difficult to come by. This is especially true when it comes to exchanges and trading platforms which share client information with the government. After the recent Coinbase-IRS debacle, it now seems Bitfinex is handing over a lot of customer information to the authorities as well.

Bitfinex Stirs the pot

While there are good reasons for a cryptocurrency exchange to be in active talks with a government, developments like these usually cause some negative backlash. In the case of Bitfinex, it seems the company is actively cooperating with the government of the British Virgin Islands. This move is the direct result of allegations that cryptocurrency had been used for tax evasion purposes, among other nefarious activities.

In a way, this is a commendable course of action by the Bitfinex exchange. Criminals who obtain cryptocurrency in any shape or form will often rely on exchanges to convert their balances to fiat currencies. However, exchanges perform thorough KYC and AML checks, which makes them far less appealing for criminals.

Even so, users of the Bitfinex exchange may not be all that transparent about why they use this particular trading platform. It appears that tax evasion is a very big concern for the exchange right now, which is why working with the British Virgin Islands government simply makes sense. Customers of the exchange have already received a request for their tax information.

The company explained its decision as follows:

Under the laws of the British Virgin Islands (which are applicable to entities organized in the British Virgin Islands, including us), we are required to report certain account information to the [British Virgin Islands] government. The government of the [British Virgin Islands] may then exchange that information with the tax authorities of the customer’s country of residence.

While some people may oppose this decision by Bitfinex, the company is taking this action for the right reasons. Protecting cryptocurrency users at all times is the number one priority for every exchange and trading platform in the world. This also means thwarting any tax evasion effort taking place through these centralized trading platforms. It will not be easy to do so, but cooperating with the local authorities can make big things happen fairly quickly.

In the long run, developments like these will make a positive impact on the cryptocurrency industry. Bringing more legitimacy to Bitcoin and altcoins is an ongoing struggle, yet the situation is fast improving. The latest effort by Bitfinex will help legitimize this industry even further, even though the company may lose a few trades in the process.

According to a tweet from the Vitalik Buterin, founder of the world’s second largest cryptocurrency Ethereum, Google has approached him to see if he wants to help with a cryptocurrency/blockchain project.

Buterin Considering Move to Google?

In a now deleted tweet, Vitalik Buterin, the Russian-born programmer and a sort of cryptocurrency tastemaker, shared a screenshot of an email from Elizabeth Garcia, a Google recruiter, appearing to offer him a job. The email read:

“Hi Vitalik, I hope you are doing well and enjoying the weekend! […] Google make sense for you now or in the near future […].”

Originally, Buterin shared the email from Garcia along with a poll asking: “Should I drop Ethereum and work for Google?”

Before it was taken down, almost 60% of the 2,000 people polled on Twitter responded that Buterin should not abandon Ethereum. Before long, Buterin deleted the poll and tweeted: “Too bad you can’t quote tweet someone and add a poll.”

The tweet, which was posted a few days ago, has not yet been further verified or discussed by Google or Buterin — neither responded immediately to a request for comment from the Independent.

Fortunately for the cryptosphere, it’s likely the situation is a sort of joke. Despite this, it was being reported that Buterin was seriously considering leaving Ethereum for Google — which, if it were true, would likely have a huge impact on Ether’s price.

Also worth remembering is that Ethereum is in a very interesting position right now with its implementation of Casper, the proof-of-stake protocol, and sharding. It’s unlikely Buterin would jump ship amidst these developments.

Alphabet Looking to Blockchain Solutions

Alphabet, Google’s parent company, did reveal earlier this year that it is very interested in blockchain, the underlying technology behind cryptocurrencies, and was a leading corporate investor in the technology in 2017.  More specifically, the tech giant has been looking into using a blockchain-based distributed digital ledger that third parties can use to verify transactions.

Further, Alphabet’s venture capital arm has invested in wallet service Blockchain Luxembourg, financial transactions network Ripple, cryptocurrency asset management platform LedgerX, and international payments provider Veem.

As of now, the company is keeping pretty quiet about the specifics of its blockchain research, only disclosing that it hopes to use the technology in its cloud platform.

“Like many new technologies, we have individuals in various teams exploring potential use of blockchain, but it’s too early for us to speculate about any possible uses or plans,” a spokesperson told Business Insider in March.”

Featured image from Shutterstock.

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Ahead of the Seoul mayoral elections in June, the present mayor of the South Korean capital Park Won-Soon has made manifesto pledges to increase blockchain developments, among other high-tech industries.

A progressive power

Park has been mayor since 2011 and is now aiming to secure a third term. In the past, he has put forth encouraging proposals for urban redevelopment under his aspirational ‘smart city’ plans which have been in motion as early as 2014.

As reported by local news outlet The Korean Herald, Park had highlighted “six strategic sectors that the city hopes to expand, including the Internet of Things, AI, big data, and bio-health, while creating more jobs in less affluent neighborhoods to promote ‘balanced regional development’”.

CoinDesk Korea also reported that he is doubling down on his commitment by furthering efforts to create a center for blockchain incubation in the city district of Mapo. His words will undoubtedly chime well with the swathes of millennials in South Korea who are investing in cryptocurrencies and are soon to be part of a “cashless society” pilot project conducted by the Bank of Korea.

Park’s blockchain commitment, which was announced on 20 May, is a pledge to turn the Mapo Fintech Lab into a dedicated hub for blockchain and fintech development. It is the first proposal in history from the Seoul Metropolitan Government to back blockchain technology.

South Korea appears to be moving past its skeptical views of initial coin offerings (ICOs) and cryptocurrencies at an accelerating pace. Fresh regulatory stances, taxation laws and the push to legalize ICOs have put South Korea at center stage of blockchain advancements, and Park’s propositions are putting him at the epicenter of further industry attention.

In early April, Bitcoin News reported that the mayor had announced plans to further implement blockchain technology in the capital city, citing economic benefits, savings on utilities and providing new work opportunities for the young and unemployed populace of Seoul.

S-Coin and beyond

The mayor has also put forth even bolder plans to introduce a cryptocurrency for the city. Park is working towards creating appropriate institutional frameworks for Seoul to have its own digital currency, ‘S-Coin’, which will be used in city-funded social benefits programs.

With it, he is keen to address the scrutinous views presently held by the South Korean government. Park suggests that with evidence of success, further developments will follow soon after.

In an interview with CoinDesk Korea, Park said, “As Seoul is the world’s leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains.”

The news has received international attention and should the mayor attain his third term, Seoul could become the blockchain capital of the world, challenging highly favorable crypto-friendly nations like Switzerland.

 

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