Cryptocurrencies are failing: BoE Governor Mark Carney

Cryptocurrencies are failing to fulfil their role as “money,” believes Bank of England Governor Mark Carney. Speaking at the inaugural Scottish Economics Conference, Edinburgh University, Carney spoke at length on the future of money. He also discussed cryptocurrencies and their role as money. “The long, charitable answer is that cryptocurrencies act as money, at best, only for some people and to a limited extent, and even then only in parallel with the traditional currencies of the users. The short answer is they are failing,” Carney said.

German Federal Ministry of Finance issues cryptocurrency tax guidance

The German Federal Ministry of Finance last month clarified that it would not tax cryptocurrencies when they are used for payment purposes, ETHNews reported. “Virtual currencies (cryptocurrencies, e.g., Bitcoin) become the equivalent to legal means of payment, insofar as these so-called virtual currencies of those involved in the transaction as an alternative contractual and immediate means of payment have been accepted and no other purpose serve as a means of payment,” the ministry explained (as translated by ETHNews).

Dubai to launch blockchain-based solution for travel industry

Dubai Tourism (DTCM) has announced its plans to launch a blockchain-based virtual market system for the travel industry. Part of Dubai’s 10X initiative, the initiative is aimed at democratizing travel through the use of cutting-edge technologies. It will enable Dubai to enhance distribution of its tourism inventory through a future-proofed virtual B2B (business-to-business) marketplace for the travel industry.

Korea Customs Service to tap blockchain technology to prevent fraud and smuggling

The Korea Customs Service is looking to tap into the potential of cutting-edge technologies such as artificial intelligence (AI), big data, and blockchain in order to improve its customs administration, The Korea Herald reported. With blockchain technology, the agency has plans to build a solution to share real-time information to curb fraud and smuggling.

Venezuela’s Asamblea Nacional declares petro cryptocurrency unconstitutional

Asamblea Nacional, a Venezuelan lawmaking body, has declared that the issuance of petro cryptocurrency is “unconstitutional.” “The AN in full decided to approve an agreement in rejection of the financial mechanism and alert for potential investors and actors of the cryptocurrency market, considering the [petro] issuance unconstitutional and any other obligation on the part of the Venezuelan State that has as guarantees oil reserves or any other mineral,” it said (loosely translated).

Marshall Islands to issue legal cryptocurrency “Sovereign”

The Marshall Islands is planning to issue its own legal cryptocurrency which will be circulated along with the U.S. dollar, according to Finance Magnates. Called Sovereign or SOV, the cryptocurrency will reflect a parallel medium of exchange, along with the USD. CoinDesk reported that the legislators passed the Declaration and Issuance of the Sovereign Currency Act 2018 on February 26, 2018.

Chile’s National Energy Commission to adopt blockchain technology

The Chilean National Energy Commission (CNE) has announced its plans to tap into the potential of blockchain technology, starting this month. According to the official release, the CNE will use blockchain technology through the open energy platform “certify the quality and certainty of the Open data of the national energy sector.”

Investments/Acquisitions/ Fund-raising:

Comcast Ventures leads $3.275M seed round for blockchain startup Blockdaemon

SBI Holdings invests in cryptocurrency wallet provider CoolBitX

Partnerships/Consortiums:

Blockchain startup Filament Joins BiTA to develop technical standards in transportation sector

Bloxian Technology teams up with R3 to develop solutions on Corda blockchain platform

GE Transportation latest to join Blockchain in Transport Alliance

Blockchain and Digital Currency Initiatives

Votem partners with blockchain startup Civic for presale KYC process

Indian state of Andhra Pradesh inks MoU with blockchain startup ConsenSys

Samsung SDS leverages AI and blockchain for logistics innovation

Coinbase announces cryptocurrency fund

French multinational Carrefour launches blockchain solution for food traceability

Ripple and Japanese banks develop blockchain-powered payments app ‘MoneyTap’

Japanese firm Fujitsu develops new technology to automatically detect blockchain risks

BMW, Circulor tap blockchain for clean cobalt

South Korea’s messaging app Kakao forays into blockchain

Liechtenstein’s Bank Frick launches cryptocurrency trading

SWIFT successfully completes DLT PoC with 34 banks

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