Cryptocurrency Midday Report
Jul 20, 2018
- The U.K. Law Commission, an establishment tasked with monitoring U.K. laws and making regulatory recommendations, has announced that it will review legal frameworks regarding the new uses of smart contracts. Smart contracts are a new way to incorporate blockchain technology into any type of agreement, decentralizing them so parties can enjoy increased trust, security, and efficiency. The U.K. Law Commission hopes to highlight areas for additional clarification and reform for future regulation.
- June 20th marked the day that the Supreme Court of India was to address the petitions against the government’s cryptocurrency banking ban. The Internet and Mobile Association of India (IAMAI) led these petitions, hoping to overturn the ban. But after arguments between both parties, the current ban on crypto remained unchanged. However, the court did set another hearing date on September 11th to listen to more arguments from both sides that were not heard yet.
- Bitcoin Optech, and Chaincode Labs are working together on a forum platform to discuss Bitcoin’s (BTC) scalability issues. Cryptocurrency investors understand that Bitcoin’s technology is inferior to many other blockchain technologies, especially in the scalability area. The forum is designed to welcome developers to work together to improve BTC’s scaling problems though online discussions and workshops.
- Baidu, also referred to as “China’s Google”, has launched a blockchain-based cryptocurrency linked to its photo validating/sharing service Totem. The coin, named Totem Point, is to be used as rewards for individuals and institutions to submit original photos onto Totem. Users will receive a certain amount of Totem Point tokens per the quantity and quality of the submitted photos. It is not yet known if these tokens can be traded.