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Paxtradings Crypto Minute: May 14, 2018

//Paxtradings Crypto Minute: May 14, 2018

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Blockchain Week Begins Today in New York City, Drawing Record-High Attendance

Blockchain Week is scheduled to begin today in New York City. According to Bloomberg, this year’s Consensus event, hosted by CoinDesk, is projected to have double the attendance of last year’s event. Twitter’s CEO, Jack Dorsey, is scheduled to speak at the conference, while Snoop Dogg is headlining an after party hosted by Ripple.

LG Launches Blockchain Platform Called Monachain

LG, the large manufacturers of mobile devices and televisions, has announced the launch of its own blockchain service called Monachain. According to the Korean Times, Monachain aims to provide blockchain-based logistics solutions to companies in the finance, telecommunication, and manufacturing industries. LG claims Monachain may be used for digital authentication, digital currency, and digital supply chain management.

SEC Commissioner Prefers Lifeguard Model Over Sandbox ICOs

While speaking at a Medici regulatory conference, SEC Commissioner, Hester Peirce, expressed displeasure with the idea of permitting sandbox ICOs in the United States. According to Bitcoin Exchange Guide, Peirce instead prefers a lifeguard model, in which regulators evaluate individual scenarios to make case-specific decisions on the best regulatory action. However, Peirce did acknowledge the successful implementations of sandbox ICOs in the United Kingdom and the United Arab Emirates.

Reserve Bank of Zimbabwe Prohibits Financial Institutions from Conducting Business With Cryptocurrency-Related Entities

The Reserve Bank of Zimbabwe (RBZ), the organization responsible for regulating financial services in the country, has banned all financial institutions from conducting business with cryptocurrency-related entities. According to the Bitcoinist, the directive was distributed to all financial institutions in the country on May 11, 2018. The RBZ claims the ban is an effort to protect the integrity and safety of the country’s financial system.

Bahrain Considering Blockchain Solution for Vehicle Registration Data

Bahrain is considering blockchain solutions to reduce the cost of maintaining the country’s vehicle registration data. According to CoinDesk, Bahrain’s General Directorate of Traffic (GDT) announced a new plan to develop a blockchain-based vehicle registration system. The GDT also disclosed it is searching for a technical partner to focus on the system’s development and implementation.

2018-05-14T20:51:02+00:00May 14th, 2018|Categories: Crypto Minute|

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