IRS actions sets ‘dangerous precedent’ for bitcoin companies: US Congress on IRS-Coinbase dispute

The members of the U.S. Congress have issued a letter to the Internal Revenue Service (IRS) on the agency’s ongoing tussle with digital currency exchange Coinbase. The Senate Committee on Finance and the House Committee on Ways and Means said: “[W]e strongly question whether the IRS has actually established a reasonable basis to support the mass production of records for half of a million people, the vast majority of whom appear to not be conducting the volume of transactions needed to report them to the IRS. Based on the information before us, this summons seems overly broad, extremely burdensome, and highly intrusive to a large population of individuals”.

ECB President Draghi highlights risk of market fragmentation resulting from different blockchain approaches

The European Central Bank (ECB) is closely monitoring potential risks from fintech and is also contributing to financial innovation by acting as operators, ECB President Mario Draghi said recently. He said: “One such possible risk is an increase in market fragmentation if different DLT approaches were to become firmly established in parallel in different Member States.”

MAS pushes Project Ubin ahead for blockchain trials

The Monetary Authority of Singapore (MAS) has revealed the details of its project which aims to place a tokenized form of the Singaporean Dollar (SGD) on a distributed ledger. A joint report from the MAS and consulting firm Deloitte outlines “Project Ubin” in which the central bank, along with a group of banks in Singapore, is developing a payment system prototype using DLT in which bank users can exchange currency with one another. R3 has also collaborated with the group on the initiative.

Bolivian government makes mass cryptocurrency-related arrests

The Bolivian Financial System Supervision Authority (ASFI) has arrested 60 people for engaging in cryptocurrency related activities last week, Bitcoin Magazine reported. The ASFI stated that cryptocurrencies are banned in the country and compared cryptocurrency related investments to “pyramid schemes”. The mass arrests were made by the Bolivia's Crime Fighting Special Forces (FELCC). It remains unclear what the suspects have been actually charged with.

Samsung SDS launches blockchain consortium in Korea

Samsung SDS, along with Korean government and state-run research centers and logistic companies, is launching a consortium to bring blockchain technology to the country’s shipping industry. According to Korea Herald, the consortium members include the Korea Customs Service, Ministry of Oceans and Fisheries, Hyundai Merchant Marine, IBM Korea, and Ktnet. This will mark the first time that blockchain technology would be in shipping logistics in Korea.

Victorian Government joins ADCCA to explore potentials of blockchain across economy

The Victorian Government has joined as a member of Australian Digital Currency and Commerce Association (ADCCA) in a move to explore the potential applications of blockchain technology across the economy, Computer World, reported.

Conferences/ Events:

Russian Sberbank to host hackathon focused on blockchain

Bitcoin ATM network Coinsource’s CEO and CMO among 2017 Entrepreneur of the Year Award finalists

Funding/Investments:

Blockchain startup Exscudo raises over 2300 BTC in ICO

Vanbex Group raises $365k in seed round to develop blockchain-based products

Blockchain copyright startup Blockai rebrands as Binded, raises additional $950k

Consortium News, Partnerships and More:

R3 and Japanese financial institutions collaborate to streamline ISDA Master Agreements

Hyperledger blockchain project welcomes NEC as premier member

Cecabank, Grant Thornton form blockchain consortium for banking in Spain

Multisectoral blockchain consortium ‘Red Lyra’ launches in Spain

Blockchain platform Emercoin signs tripartite agreement to set up consortium

Indian blockchain consortium BankChain’s members test KYC, AML/CTF platform ‘Clear-Chain’

Digital Currency and Blockchain Initiatives:

VEB to present blockchain prototype of technical solution at ongoing SPIEF’17 event

Abu Dhabi Securities Exchange hosts blockchain-based Annual General Meetings

CSD Working Group releases product requirements for proxy voting using DLT

StonePaper brings blockchain to legal sector

Walmart files patent to explore blockchain for tracking drone delivery

Citizen Ticket launches blockchain-based ticket delivery system ‘BitTicket’

Australian Renewable Energy Agency supports blockchain-based power trading pilot

23 European energy trading firms to test blockchain-based p2p energy trading

OwlTing launches first blockchain food provenance system ‘OwlChain’

Singapore-based Ngee Ann Polytechnic to issue blockchain diplomas

Blockchain firm Everex announces mobile blockchain-enabled microfinance service