HyperLinq : Weekly Digital Asset Digest 37

Rohan Raman

The HyperLinq Weekly Digest is the one-stop source for the HyperLinq community to access relevant news involving digital assets, where we essentially outline key industry updates that our members may have missed. We are always open to suggestions and feedback so please do not hesitate to let us know what you think!

India’s Defense Minister Touts Blockchain, AI Role in Warfare : William Foxley | CoinDesk

India’s defense minister believes blockchain technology is the next step in contemporary warfare. According to Singh,

“The role of AI, big data and blockchain technologies has already revolutionized the existing paradigm of warfighting. The defence industry is undergoing a churning to cope and employ these technologies, in order to safeguard the safety and security of critical infrastructure.”

Speaking at an 80-nation plus envoy roundtable Monday before the country’s DefExpo 2020 conference this coming February, defense minister Rajnath Singh said blockchain, artificial intelligence and big data are needed for next iteration of combat, according to The Times of India. As warfare shifts from air, land and sea engagements to cyberspace and space, Singh said countries need to develop these technologies. The nations central bank indicated as far back as 2017 that it was looking into the development of a digital rupee. Later it was said to have developed a dedicated blockchain unit, a rumor it denied at the time.

Coinbase Cryptocurrency Exchange Opens Tezos Staking To All US Customers : Joeri Cant | CoinTelegraph

United States-based cryptocurrency exchange and wallet service Coinbase said today that it has expanded access for staking the cryptocurrency Tezos . In a blog post on Nov. 6, Coinbase announced that it is now introducing staking rewards for all Tezos holders on Coinbase, so that each eligible U.S. customer can earn interest on their XTZ holdings for depositing and holding the token on the platform. In exchange for locking up their assets in a staking wallet, customers get rewarded with more assets from the network. The institutional asset custody arm ofCoinbase, Coinbase Custody, already launched its staking service for Tezos back in March. In early October, the exchange began to allow U.S.-based holders of USD Coin to earn a 1.25% annual percentage yield. As the most prominent exchange in the U.S., Coinbase has been active in trying to influence the shape of the digital assets industry and its regulatory environment in the country. A few days ago, Coinbase’s legal chief, Brian Brooks, said that the U.S. government should take a step back and allow the private sector to create the U.S. digital dollar.

European Union to Regulate Stablecoins, Not Issue Its Own: Source : Nikhilesh De | CoinDesk

A group within the EU presidency is working on a draft political declaration regarding the regulation of stablecoins, an individual familiar with the matter told CoinDesk. First reported by Reuters, the declaration will say the EU should regulate stablecoins in particular. However, the source pushed back on claims that the declaration would urge the EU to create a cryptocurrency of its own. "The focus is on how those cryptocurrencies should be regulated." The declaration is being developed in response to Libra, the global stablecoin project introduced by Facebook in June. Despite regulatory qualms about the stablecoin, Libra has so far proceeded, with its governing council formally signing onto the project last month. The declaration does not specifically recommend that the EU should develop its own cryptocurrency in response to Libra, however. 8 and presented to EU finance ministers. The declaration is expected to be adopted by the EU on Dec.

Tunisia To Launch E-Dinar National Currency Using Blockchain : Adrian Zmudzinski | CoinTelegraph

Tunisia has become the first country to start moving its national currency to a blockchain platform. Russian ICO startup Universa will help issue and manage Tunisia’s Central Bank Digital Currency, reported Russian news agency Tass on Nov. 7. Founder and CEO of Universa Alexander Borodich, however, points out that this form of electronic money currency cannot be considered a true cryptocurrency. The CBDC or e-dinar will be state-owned and backed by paper money. But the blockchain will not only protect against counterfeiting but will also make issuance cheaper and more transparent. Borodich expects digital currency to change how private banks operate. All the physical money will stay at the central bank, while commercial banks will only provide services and compete over the quality of the services offered.

IBM Ethical Mineral Sourcing Blockchain to Debut in Spring : Danny Nelson | CoinDesk

Ford, Volkswagon, LG and Volvo plan to take a pilot project tracking cobalt during its refining process live in production next year. The Responsible Sourcing Blockchain Network , an international consortium built on Hyperledger Fabric, announced Wednesday it had successfully completed a pilot project to protect against exploitative mining practices. While Ford, Volkswagon and LG had already been a part of the project, Volvo joined Wednesday, according to a press release. RCS Global Group, the solution’s auditors, testified that the pilot cobalt met Organisation for Economic Cooperation and Development sourcing standards from its start in a Congolese mine, through its refinement in South Korea and ultimately to its target: an American Ford Motor Company plant. Cobalt components make up some 10 to 20 percent of the Lithium ion batteries carmakers favor, according to the Cobalt Institute.

Standard Chartered Banking Group Joins Ethereum Enterprise Alliance : William Suberg | CoinTelegraph

International banking group Standard Chartered has become the latest member of a blockchain standard-building organization, the Ethereum Enterprise Alliance . In a press release issued on Nov. 6, Standard Chartered said the move would allow it to expand its client offerings across its 60 international markets. The EEA formed in March 2017 as a collaborative effort exploring the development and implementation of blockchain solutions across economic sectors. Its membership base now runs into the hundreds, with participation from entities including Microsoft, Hyperledger and various other international banks such as Santander and Russia’s Sberbank. "We are excited to be a part of the EEA and look forward to opportunities where we can collaborate with other leading industry players to deepen blockchain research and application in the banking sector," Gorriz added. Standard Chartered has already made inroads into blockchain utilization.

Chinese Agency Scraps Plan to Eliminate Bitcoin Mining Industry : Wolfie Zhao | CoinDesk

More than six months after the China National Development and Reform Commission proposed to categorize bitcoin mining as an industry to be phased out from the country, it appears the agency has now scrapped that plan. The National Development and Reform Commission, a top-level economic planning agency under China’s State Council, published a finalized new Catalog for Guiding Industry Restructuring on Wednesday that will take effect from Jan 1, 2020. Formally established in 1998, the NDRC is now one of the 26 cabinet-level departments which all together form the State Council of the Chinese central government. The main role of the NDRC focuses on studying and penning economic reform strategies and policies to be executed at local level governments. The NDRC first published its industry reform catalog in 2005, grouping industrial sectors into three types – those the agency advises the country to encourage, restrict or eliminate. The move was taken at the time by many, including major news outlets, as a signal that China was planning to ban bitcoin mining even though the policy itself does not automatically mean a bitcoin mining ban. The revision of the draft plan comes after a months-long period of public consultation.

Rohan Raman

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