South Korea's government drafts new bill to redefine virtual currencies; YouTube is held accountable for publishing fraudulent virtual currency ads...
IBM has a blockchain project contract with Australia
Bloomberg reported on July 5 that IBM had signed a five-year, A$1 billion ($740 million, 81.8 billion yen) contract with the Australian government to improve data security using blockchain and other new technologies. IBM will share technologies such as blockchain, automation and artificial intelligence (AI) with Australian federal government agencies such as the Department of Defense and the Department of the Interior.
Harriet Green, IBM's senior asia-pacific manager, said the new partnership would enable Australia's "various government agencies" to learn "the greatest technology in the world." The new partnership is expected to put Australia among the world's top three digital powers.
In the interview, Mr. Green repeatedly stressed the importance of data security. In addition, Mr Green said the agreement was an important step towards a "paperless future" for Australia in all areas of government, from taxation to border security.Fobi, Australia's virtual currency exchange, has been open since May 5. Fobi is seeking to work with the Australian blockchain project through its subsidiary investment firm.
BJP cadres involved in Bitcoin fraud, Indian Prime Minister implicated?
The Indian National Congress (INC) has called for an investigation into "huge bitcoin fraud cases."
The fraud allegedly involved senior executives of the Bharatiya Janata Party (BJP), led by Prime Minister Naoto Modi.Mr. Shaktysin Gori of INC noted that BJP executives, as accomplices, had committed "multi-layered" money-laundering fraud, using the covert use of Bitcoin to carry out money-laundering operations involving about $723 million.INC has called on India's Supreme Court to oversee the launch of a formal investigation.
The case came to light in April when police in India's Amrelli region brutally committed an atrocity against a businessman, taking 200 bitcoins and demanding $4.6 million in cash from him. BJP executives are also said to be involved. Mr. Gori of INC criticized Prime Minister Modi for ignoring the fraud. The Gujarat State Parliamentary Committee tweeted that the Indian government had refused to investigate in order to protect itself."Prime Minister Modi has often shouted slogans saying he will not accept bribes or accept them from anyone, but this time he seems to be keeping his mouth shut about the Bitcoin fraud case," he said. Is that what you want to protect yourself? Why not let the people of India know the truth? "
YouTube has been held accountable for posting videos of fraudulent virtual currency ads
On March 3rd YouTube was listed as a defendant in a class action lawsuit against Bit Connect, a virtual currency investment platform, again sparking a debate about the handling of fraudulent advertising videos related to virtual currencies.
The lawsuit was filed on January 24 this year by Silver Miller LLP. The plaintiff issued securities claiming a monthly profit of 40 per cent but which turned out to be unlicealed by the government. It used the money of the investors involved to pay dividends to the previous group of investors, using the Ponzi scheme to cause investors to lose $771,000.
Bit Connect and its affiliates posted multiple promotional videos on YouTube, according to court records obtained by Cointelegraph. YouTube has come under widespread criticism for inappropriate content and suspected investment fraud, but YouTube has not removed it, leading to countless YouTube users being misled into making illegal investments.
Unstated, Bit Connect's ad network video top10 is said to have been viewed 58 million times on YouTube for a total of 70,000 hours. Some users were aware of Bit Connect's fraud, and videos were posted with the theme "That's how BitConnect's fraud happened."
"It's not a problem that YouTube advertises content, it's that YouTube doesn't take any action after confirming that harmful information is flowing out," David Silver of SilverMiller said in an emailed exchange with Cointelegraph. "
The plaintiffs point out that if YouTube properly searches the content of the ads in a database, it may remove the harmful videos. In March, Google announced that it would no longer advertise virtual currencies from June.
Romania published a draft regulation of electronic money
"Business Review" 报, 罗马 亚财, Mr. Ryoichi 项紧 of the Political Department, a 规 draft 电 the 货币发.Romania first set up a Bitcoin ATM in 2014, a draft that took the country one step further in regulating the virtual currency industry.
In the draft, electronic money is defined as "a currency of monetary value, issued by the issuer for settlement purposes and received by a non-issuer, preserved in digital form, including magnetic translation". Issuers must have equity capital of at least 350,000 euros ($400,000) and must be approved by the National Bank of Romania (the Central Bank of Romania).
The draft also categorizes eligibility for the issuance of electronic currencies, including the European Central Bank (ECB), central banks and other financial institutions. If no electronic currency is issued within 12 months after obtaining the issuance permit from the National Bank of Romania, the issuer will be disqualified from issuing the issue. The issuer is obliged to submit annual audit reports and account information to the National Bank of Romania after the issuance of the electronic currency. The unauthorized issuance of electronic currency is considered an offence punishable by imprisonment for six months to three years or a fine.
The South Korean government is drafting a new bill to redefine the virtual currency
South Korea's local virtual currency-related media The BChain 5 reported that the South Korean government is drafting a new draft on the blockchain industry classification.
The government has been setting regulations for the virtual currency industry since the spring, but the draft could involve important policy changes in virtual currencies and blockchains, such as redefining virtual currency exchanges. The new drafting, in cooperation with the Korea Bureau of Statistics, the Ministry of Science and Technology and the Ministry of Intelligence and Communications, began at the end of last month with the goal of completing the latest and final concept of the blockchain industry classification by the end of July.
It will reportedly serve as a policy decision-making guide for the Blockchain Promotion and Regulatory Framework. According to the Korea Standard Industry Classification (KSIC), the Korean government has divided the blockchain industry into three categories, further dividing it into 10 categories.The infrastructure of DApp such as EOS, Ethernet, NEO, blockchain-based cloud computing services and mining are considered in detail. Cases of mergers between existing industries (e.g. financial sector, security, insurance, copyright management, supply chain management, medical services and software development) and blockchain systems are also being investigated. In addition, the new draft defines virtual currency exchanges as "virtual currency asset exchanges and intermediaries".
This is also the first time the South Korean government has recognized blockchain as a legitimate industry, says BChain.The news comes at a very important time for South Korea's virtual currency industry. The government's announcement since the spring has been positive, although the expected hacking of the virtual currency exchange has provoked a strong reaction from local regulators.
In particular, South Korea plans to lift a total ban on ICOs. In late June, the Ministry of Science, Technology, Intelligence and Communications announced a large-scale blockchain technology development strategy that will take five years and cost $207 million. The central bank also announced that it was actively discussing the idea of using blockchain technology to achieve a "cashless society" by 2020.
BIS: Bitcoin ended in tragedy
Agustin Carstens, managing director of the Bank for International Settlements (BIS), said he did not think virtual currencies were currency-like and again criticised them.
"Basler" by the 报纸 in contact・Tsaitung访时Mr Carstens said:"The virtual currency of the Bitcoin stream is a bubble, a fraud, an environmental disaster." The interview was headlined "Young people, don't try to create money."The interview was published last month and the English translation was posted on the BIS website on July 4.
"The biggest motivating factor in the virtual currency system is miners. But such incentives are incompatible with maximizing the usefulness of money. Mr Carstens said, "Virtual currencies do not meet any of the prerequisites for being a currency." It is not the optimal means of payment, nor is it a good measure of value, nor is it suitable as a means of preservation. In this way, it fails.
The Bank for International Settlements issued a critical report on virtual currencies in June. The report was also mentioned in the media and sparked heated discussion. The BIS report points out that virtual currencies cannot be used as a "currency" reason and says virtual currency trading can lead to the downing of the internet. Mr Carstens also said virtual currencies ended in tragedy. "Remember, central banks have been offering electronic payment methods for decades," he said.
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