A summary of some of the popular stories on cryptocurrency and blockchain during the past 24 hours.
Michigan Says No To cryptocurrency donations to political campaigns
The important ruling was made by Michigan's Department of State while replying to a letter sent by a Republican candidate who lost in the mid term election. William Baker, who sought election to the Michigan House of Representatives to represent District 60, was defeated by incumbent Jon Hoadley (D). Bitcoin and other cryptocurrencies are too volatile to qualify for such donations, according to the Secretary of State's office.
Singapore Exchange, MAS Test Blockchain To Settle Tokenized Assets
Singapore Exchange Limited joined with the Monetary Authority of Singapore to leverage blockchain technology for settlement of tokenized assets. DvP is a settlement procedure where securities and monies are simultaneously exchanged to ensure that delivery of securities occurs only if the corresponding payment is made. The procedure will help simplify post-trade processes and further shorten settlement cycles.
US Bitcoin trader gets $1.1 Mln fine, 15 Months prison for Fraudulent Scheme
The U.S. Commodity Futures Trading Commission or CFTC fined Joseph Kim of Phoenix, Arizona around $1.146 million for a fraudulent bitcoin and litecoin scheme. In addition, Kim was sentenced to 15 months imprisonment on related criminal charges filed in the United States District Court for the Northern District of Illinois. Kim admitted to orchestrating a fraudulent Bitcoin and Litecoin scheme that led to more than $1 million in losses, of which Kim misappropriated more than $600,000.
Accenture uses Digital Asset's blockchain platform to manage software Licenses
Technology consultant Accenture has teamed up with New York-based financial technology firm Digital Asset to use their blockchain platform for managing software licenses throughout their lifecycle. The new software license management tool uses Digital Asset's smart contract language, DAML, to manage software license events from origination to purchase, facilitating tracking, usage and audit functions.
Israel's Central Bank advised not to issue digital currency in near future
The Bank of Israel has been recommended not to issue central bank digital currency (CBDC) in the near future. The recommendation comes from an interdepartmental team formed in November 2017 to explore the feasibility of issuing CBDC. The team was established by the Central Bank Governor Dr.Karnit Flug. The team noted that it is necessary to continue examining the field and to follow developments around the world before there are proper grounds for a decision to recommend issuing digital currency.
Current Prices
As of this writing, Bitcoin is trading down 1.44 percent or $91.82 at $6278.34. Ethereum is declining by 2.41 percent or $5.08 at $205.14 on Coinbase.
For comments and feedback contact: editorial@rttnews.com