Hello everyone! In today’s digest – New York Times Is Using Blockchain to Combat Fake News, Chinese Court recognizes Bitcoin as virtual property, Philippines-Based UnionBank Completes Blockchain Remittances Pilot, New York Regulators Designate New Division to License Crypto Businesses and Financial Conduct Authority Impersonated in Email Bitcoin Scam.
New York Times Is Using Blockchain to Combat Fake News
New York Times plans to use Hyperledger Fabric’s permissioned blockchain to authenticate news photographs in partnership with IBM Garage, the tech giant’s accelerator program. The project aims to combat misinformation and adulterated media, which it argues harms small and large publishers alike.
News consumers [who] are deceived and confused…eventually become fatigued and apathetic to news.
Chinese Court recognizes Bitcoin as virtual property
In a recent property dispute case in front of a Chinese court, a judge declared that Bitcoin can be considered a virtual property with value, making it a legally protected asset.
Bitcoin holds the same attributes as property – valuable, scarce and disposable. We should recognize it as a virtual property.
Philippines-Based UnionBank Completes Blockchain Remittances Pilot
The Philippines-based UnionBank has successfully completed a pilot of a blockchain-based cross-border remittance from the Philippines to Singapore. The pilot is the result of a partnership between UnionBank and Singapore-based OCBC Bank, wherein the parties deployed the Adhara liquidity management and international payments platform and UnionBank-UBX’s i2i platform to make the remittance.
With the pilot’s use of i2i, rural banks can now receive direct-to-account remittances, and this is only the beginning. With this connected platform, other value added services can now be made accessible to rural banks. This empowers rural banks that were once financially excluded, with access to universal banking services.
New York Regulators Designate New Division to License Crypto Businesses
The New York Department of Financial Services, the state’s financial regulator, has established a new department that will be responsible for licensing and regulating crypto-related businesses. the NYDFS announced the formation of the Research and Innovation Division which will house the Department’s division responsible for licensing and supervising virtual currencies, and it will assess new efforts to use technology to address financial exclusion.
The process purports to assure that crypto-related business observe certain standards regarding disclosure and consumer data protection, but is seen by some in the crypto space as restrictive to the industry.
Financial Conduct Authority Impersonated in Email Bitcoin Scam
The latest bitcoin scam appears as an email and claims to be from British market regulator, the Financial Conduct Authority. Recipients of the email, which also tries on the stamp of authenticity by including the Bank of England Prudential Regulation Authority logo, are sold the idea that bitcoin is a guaranteed chance to earn.
Some fraudsters contact people and firms through emails, letters and on the phone, claiming to be from the Financial Conduct Authority (FCA) or using the name of FCA employees to make them seem genuine.
Thank you for attention! Have a productive day!