$1.5 Billion Fund For Chinese Public Blockchain Initiative

Zhongguacun Blockchain Industry Alliance based in Beijing and Nanjing City, the capital of Jiangsu launched an investment fund worth $1.5 Billion that is committed for blockchain projects and cryptocurrency initiatives.

UDAP Foundation and TokenX Community is said to be the first recipient of the fund.

UDAP Foundation aims to build a decentralized asset platform that will enable the user to tokenize assets while TokenX have not yet revealed at press time what the nature of their organization.

Nanjing City not only plans to fund the aforementioned projects but also plan to have them moved in their territory.

China has become the number one holder of blockchain technology related patent filed with 225 while the US only have around 91.

NTT Files Patent For Contract Signature Issues

Japanese telecom giant, Nippon Telegraph and Telephone (NTT) Company has filed a patent in the US Patent and Trademark Office that describes a blockchain-based system that will enable signing mobile subscription plan on the blockchain in which they will be stored in a decentralized manner.

Using similar techniques that are used in cryptocurrencies to resolve settlements through signing and verification functionality, the patent seeks to add plurality of electronic signature in one transaction.

Given the immutable nature of the blockchain makes it appealing particularly in contracts.

G20 Wants Standardized AML Monitoring By October 2018

Both the Financial Stability Board (FSB) and The G20 reveals that cryptocurrencies do not pose a threat to the global financial system.

However the G20 also calls of vigilance to ensure that this emerging market will not be used in illicit financial activities such as money laundering and terrorism financing.

The G20 also believes that cryptocurrencies as well as its underlying technologies can benefit different sectors of the global economy.

Many pundits believe that this nascent technology can be applied to address the different problems in the different areas of business processes.

It now appears that the group now is serious in making a standardized Anti-money laundering monitoring in place and have set up a deadline to accomplish it on or before October 2018.

Japan May Lead G20 For Crypto Regulatory Stance

Despite gaining legitimate status through the eyes of many users around the world, cryptocurrencies are still a hotly debated topic within regulatory circles especially in the confines of regulatory bodies of developed countries.

In this regard Japan may play a leading role in crypto space as it has widespread cryptocurrency adoption and innovation as well as the harshest regulatory climates at the same time.

So much so that it has banned all privacy centric coins usage in their country, in light of information that organized crime groups, which have utilized these coins to launder millions of dollars of worth of cryptocurrencies.

Due to its regulatory stance it might push other member states to go along its regulatory lines.

Iran Hotels Accepting Cryptocurrency

HotelsInIran.com a hotel booking platform began accepting cryptocurrencies as a form of payment after the imposition of additional sanctions by the U.S. on Iran and Russia in July 2018.

The adoption of cryptocurrencies as a form of payment is a clear example of how other countries try to circumvent harsh sanction applied to them by opposing states.

The government of Iran is said to be seriously considering the use of cryptocurrency to avoid US sanctions as well as to process cross-border payments.

In a recent interview Mohammad Reza Pourebrahimi, the head of Iran’s Parliamentary Commission on Economic Affairs sad that the Central Bank of India has already cooperating with the Russian authorities to move to cryptocurrency system from SWIFT to settle cross-border settlements.

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