South Korea’s First Public Blockchain Platform

The Information Technology subsidiary of electronic giant LG, LG CNS has been chosen by South Korea’s Minting, Security Printing & ID Card Operating Corporation (KOMSCO) to establish a blockchain platform that will provide several public services which includes issuance of community token.

KOMSCO is a government owned company that prints and mints banknote, coins and stamps as well as other government document like passports.

The systems that will be in place will be build on LG’s enterprise blockchain platform “Monachain.”

The said blockchain platform enables participants to create their own wallets giving local governments to issue welfare payments and issue local currency to end users.

Moreover, KOMSCO is also planning to offer digital authentication services that will enable users to authenticate their identity using biometrics through the use of their smartphones.

Binance Expands To Jersey

What many describes as the world’s largest cryptocurrency exchange, Binance is not letting up in its aggressive expansion worldwide.

Particularly in Europe where not long after expanding its operations in Malta it is already planning on expanding to another European territory in Jersey which will create 40 new jobs.

The local organization Digital Jersey and Binance has signed a memorandum of understanding concretizing their plans to collaborate in initiative to develop the small states status as a hub of blockchain technology.

Binance CEO reveals that the state’s pro-crypto investment and regulatory environment has made it a prime choice in its global expansion strategy as well as its local economy that is based on GBP and close proximity to UK and western Europe makes it a strong operational foundation for Binance’s expansion to the rest of Europe.

ICOs Are Securities Clarified SEC Chairman

On a public forum that was held on June 13 called “Investing In America: Atlanta Town Hall Meeting” where cryptocurrency regulations and innovation were discussed has reaffirmed the agencies stance on ICOs as securities.

The agency said that it welcomes innovation with blockchain technology but reminds its audience about the risk involved in investing on the said new asset class due to concerns of possible fraud.

However, there was no particular crypto that was stated as being a security during the discussions.

The speakers state also that investment t types not only in cryptocurrencies are increasing in complexity and technological advances and the agency is said to be improving their own data and technology to keep up and improve security.

On other occasions, the Chairman of SEC himself, Jay Clayton, has expressed a positive view on blockchain in general and states that the technology as immense potential but like any other investment types he expects US regulations where applicable should always be followed.

Binance Supporting ICON Mainnet Token Swap

Binance, one of the world’s leading cryptocurrency exchange has announced its intent of supporting ICON (ICX) mainnet token swap. This was revealed in their blog-post in their website on June 13, 2018.

These will seek to end all confusion that is surrounding the statys of ICX mainnet and ERC-20 ICX tokens. Binance will suspend all ICX withdrawals and deposits starting on June 20, 2018, thus all holders of ICX can transfer their tokens until that date.

Deposits and withdrawals for ICX will recommence once the mainnet stabilizes.

Token swap was suppose to commence last May 2018 but delays due to uncertainty on how to execute the token swap plagued ICON this has since then been resolved and token swap is underway.

In addition to supporting the token Swap of ICON, Binance is also releasing support for ICX/USDT Trading pair.

ICON is an interchain blockchain network that seeks to enable seamless interaction between different decentralized networks with ICX as an intermediary token.

Michigan Bill To Address Blockchain Data Counterfeiting

Two bills were submitted to Michigan’s State legislature making any illegal alteration of blockchain record a crime.

The first bill was presented by Curt Wanderwall which made minor changes in the state’s penal code pertaining to altering public records to include distributed ledger technology.

The second bill suggest similar alterations that pertains to crimes that uses old and new financial instruments such as cryptocurrencies or distributed ledger technology.

If passed the two amendatory acts of House Billl 6257 and 6258 that were both introduced June 12 would take into effect 3 months or 90 days after being enacted into law.

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