A bill proposing the use of blockchain technology to store the government records and awarding cyber-security has been passed in the state of Colorado. The bill was put forth by the Senators Angela Williams and Kent Lambert and Representatives Joann Ginal and Robert Rankin. The bill coined that the use of blockchain tech could “transform improvements.”
The Delaware state senators have presented two bills covering the limited partnership companies and limited liability companies to embrace blockchain tech. The said technology could benefit the process of managing records and also for specific electronic transmissions. The two bills are SB182 and SB183 introduced under Chapter 17 and 18.
More lawyers are taking the initiative to learn the nature of cryptocurrency in solving divorce cases related to cryptocurrency owning. Increasing challenges arise from crypto ownership agreed by several lawyers with the reality of it can be hidden from their partner.
Standards relating to cryptocurrencies will be revised soon, by Financial Action Task Force (FATF), that is also responsible for setting global money laundering policies (AML). The ordered was given by all thirty-five countries and the European Commission.
The U.S. government is working on a ‘comprehensive strategy’ in respect of cryptocurrencies. Rob Jay Rosenstein, the deputy attorney general, has highlighted the formation of cybercrime task force established by the Justice Department. He emphasized that the task force foresees to develop strategies to curtail cybercrime. He also added that the major challenge is to obtain crypto educated federal officials.
Chairman of the Saudi Arabia’s Capital Market Authority, Mohammed ElKuwaiz said crypto regulations would come up soon. He said, “The regulators in Saudi have been following developments with cryptocurrencies with great interest.”
The South Korean government unveiled two sets of cryptocurrency legislations. The government exposed anti-money laundering guidelines for banks that provide support services to cryptocurrency exchanges. The legislation was prepared by the Korean Financial Intelligence Unit (FIU). It was also revealed that the ‘real-name system’ will be implemented from 30th January.
The Deputy Governor of the Bank of Russia, Sergey Shvetsov stated, “The appearance of cryptoruble (national cryptocurrency) in the foreseeable future is unlikely.” He emphasized that until the demand for cryptos is largely connected with the bypass regulations, the regulator cannot permit the issue of cryptoruble. On the other hand, the Deputy Finance Minister addressed on the idea of using cryptoruble in cross-border payments.
The joint proposal of both France and Germany for bitcoin and cryptocurrency will discourse at the summit of the G20 group. The French Finance Minister, Burno Le Maire said to the Reuters, “We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals which will be submitted at the G20 summit in Argentina in March.” He also added that they are responsible to educate the public on the same.
The Board member of Germany’s Bundesbank, Joachim Wuermeling while addressing an event in Frankfurt, coined that ‘regulation of cryptocurrencies would require international cooperation’. He said, “Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited.”