Digital Currency and Blockchain Weekly Round-Up – August 23rd, 2019

Cryptocurrencies used to buy fentanyl, other illicit drugs: White House

The White House has issued two advisories to warn that major cryptocurrencies are being used to buy fentanyl and other synthetic opioids. The advisories, addressed to financial institutions and digital private sector platforms, stated that “convertible virtual currencies” (CVC), including bitcoin, bitcoin cash, ethereum, and monero, are being used to purchase illegal substances in the dark web.

US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has blacklisted several digital currency addresses that allegedly belonged to three Chinese nationals suspected money laundering and drug smuggling. OFAC identified Xiaobing Yan, Fujing Zheng, and Guanghua Zheng as narcotics trafficker under the Foreign Narcotics Kingpin Designation Act in a press release.

Indian Supreme Court grills RBI for cryptocurrency banking ban

India’s Supreme Court has criticized the country’s central bank and ordered it to respond to complaints on the ban of banking services to crypto-related businesses. The news came following the latest session of several hearings on Aug. 21, detailing the action taken by the Reserve Bank of India (RBI).

China may launch its central bank digital currency ahead of Facebook's cryptocurrency Libra

The People’s Bank of China (PBoC) is close to releasing its own government-backed digital currency, according to China Daily. The report further revealed that the upcoming central bank digital currency (CBDC) may have been inspired by Facebook’s cryptocurrency Libra.

Israeli regulator seeks to expedite licensing procedures for fintech and blockchain firms

The Capital Market Authority of Israel is seeking to fast track the licensing procedures for domestic fintech companies in order to encourage competition in the local market, Calcalist reported. The Capital Market Authority intends to prioritize blockchain and financial technology. As such, it has set up dedicated industry teams with fintech and blockchain experts for reviewing the applications and expediting the licensing process.

Sierra Leone launches blockchain-based National Digital Identity Platform

Kiva, a San Francisco-based non-profit organization, has announced the launch of Africa’s first blockchain-based and decentralized identity platform. Dubbed the National Digital Identity Platform (NDIP), the platform has been developed in partnership with the Government of Sierra Leone, the United Nations Capital Development Fund (UNCDF), and the United Nations Development Programme (UNDP).

Facebook's Libra to be discussed as U.S. delegates visit Switzerland

Facebook’s Libra cryptocurrency will be discussed as a delegation of the U.S. House of Representatives will pay a visit to Switzerland in the coming days. According to local media outlet Soontag, six members of the House of Financial Services Committee will be meeting Swiss Federal Data Protection and Information Commissioner Adrian Lobsiger to exchange their views on digital currencies, particularly Libra.

Insights

97% of South Korean crypto exchanges on the verge of bankruptcy; blockchain startups now want to go overseas: Report

Company News

Stablecoin project Terra receives funding from HashKey Capital

Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings

Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions

Blockchain CRM startup Cere Network scores $3.5M funding from Binance Labs, Arrington XRP Capital

Digital securities platform Securitize becomes SEC-registered transfer agent

Blockchain securities issuance platform iownit.us obtains approval from FINRA

Philippines' central bank approves 2 new cryptocurrency exchanges

INX Limited eyes $129.5M IPO, marking the first SEC-registered security token sale

Cryptopia customers did not have individual wallets; Grant Thornton to manually determine crypto ownership

Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds

Korean crypto exchange Prixbit shuts down over financial crisis

Malta-based crypto exchange CGEX to shut down after less than a year of operation

New York court denies Bitfinex, Tether's lack of jurisdiction claim

Partnerships/Consortiums

Trade.io ends relationship with Forbes CryptoMarkets portal

Winklevoss twins may partner with Facebook on cryptocurrency

Three of the founding members of Libra Association consider backing out: Report

Digital Currency Initiatives

Bank of America files patent for multi-tiered crypto wallet

Austrian telecom giant A1 to offer cryptocurrency payment option

Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores

Crypto exchange Coincheck mulls launching IEO Platform

Silvergate Bank reveals plans to offer crypto-backed loans this year

Rakuten Wallet launches crypto spot trading service and Android app

Bakkt to launch custody and bitcoin futures on September 23

Binance seeks to empower countries to spur new currencies via new open blockchain project ‘Venus’

Blockchain Initiatives

PUBLISH launches blockchain-based content notarization service in beta

Blockchain energy startup Power Ledger extends energy trading trial in Fremantle

Blockchain accelerator initiatives launched at the University of California campuses

Travelport, IBM, BCD Travel to develop blockchain solution for hotel commissions

South Korea’s Woori Financial to develop blockchain-based financial services with Ground X

Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020

Japan's Amaten, Aelf to revolutionize gift card market using blockchain

Commonwealth Bank of Australia develops blockchain-based marketplace and token to protect biodiversity

EMURGO inks MOUs with South Korean trade associations to boost Cardano adoption

HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’

Deloitte unveils demonstrational platform for blockchain solutions

Santander to expand Ripple-powered remittance service to Latin American countries

Indian state of Maharashtra to implement blockchain in different applications

US Customs and Border Protection advisory committee to run live test of blockchain-based system

South Korea's Jeju Island launches new blockchain initiative

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