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Paxtradings Crypto Minute: March 20, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: March 20, 2018

U.S. Congress Encourages Government Agencies “At All Levels” To Consider Adoption of Blockchain Technology

The 2018 Economic Report from the Joint Economic Committee of the U.S. Congress has recommended that “government agencies at all levels should consider and examine new uses for [blockchain] technology that could make the government more efficient in performing its functions.” As reported by Fortune, the committee also concluded, “Blockchain technology has the potential to help the economy function more efficiently and securely.”

Colorado Considering Bill to Require State Agencies to Look Into Government-Related Use Cases for Blockchain Technology

According to the Denver Post, Colorado lawmakers are considering a bipartisan bill that would require state agencies to “research uses for blockchain technology to potentially reduce costs by eliminating redundancies and preventing fraud.” The bill, Senate Bill 86, is sponsored by Republican Senator Kent Lambert of Colorado Springs and Democrat Senator Angela Williams of Denver. If the bill is approved by the Senate, it then goes to Colorado’s House of Representatives.

President Donald Trump Signs Executive Order Banning Ownership of Venezuelan Cryptocurrency, Petro

U.S. President Donald Trump has issued an executive order banning the ownership of Venezuela’s new oil-backed cryptocurrency, Petro. According to TechCrunch, U.S. citizens, residents, and companies cannot buy or sell Petro as of March 19, 2018. The Trump administration believes that Venezuelan President Nicolás Maduro is using the Petro to circumvent U.S. sanctions.

Hong Kong’s SFC Orders ICO to Refund Hong Kong-Based Investors

The Hong Kong Securities and Futures Commission (SFC) has ordered Black Cell Technology to refund all of its Hong Kong-based ICO participants. According to CoinTelegraph, the SFC has concluded that the ICO, which was designed to support the company’s mobile app called Krops, was an “unregistered Collective Investment Scheme (CIS).” Black Cell promoted its ICO by stating token holders were entitled equity shares of the company — thereby making the token a security, the SFC concluded.

U.K. to Conduct In-Depth Government Study on Risks Associated with Cryptocurrencies

The U.K. government will conduct in-depth research on the potential risks posed by cryptocurrencies. According to Reuters, at the Innovate Finance conference, junior finance minister John Glen stated, “In our upcoming fintech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to consider these issues in more detail.”

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