Weekly Update #22: Blockchain Corpo Education?

Dominik Olech
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Welcome back in the first Weekly Update in 2020! Let’s see what new happened in the crypto world this time.

The last Weekly Update was rather peaceful. We got some updates about Chinese yuan, crypto-friendly regulations in France, and another Craig Wright’s attempt to legitimize himself as Satoshi Nakamoto.

Poloniex suspicious emails

Unfortunately, hacks, data leaks, and other unpleasant security breaches are still quite common in our industry. But the recent case of Poloniex stands out from other similar situations. After revealing the leak in email addresses and passwords from the American exchange, the customer support informed users about forced password reset. However, the message was misunderstood by one of Poloniex users, forcing the exchange to explain itself as not a scammer awkwardly.

Nevertheless, it is another security breach associated with a major stock exchange. Let’s hope that the number of such cases in 2020 will decrease significantly.

COSO will lecture companies about blockchain

Any attempt to educate about blockchain is a step in the right direction for the industry – especially at a time when more and more people are interested in this technology. The American initiative named Committee of Sponsoring Organizations of the Treadway Commission (COSO) is going to launch guidance for corporate clients, aimed to increase their understanding of the idea behind the blockchain.

The main goal of COSO is to provide general guidance on business ethics, fraud avoidance and proper management. Lecturing about distributed ledger fits such an agenda perfectly since corporations may still not be aware of the possible implementations of this technology.

Digital gold in the Turkish bank

One of the Turkish banking institutions, Takasbank has launched a blockchain-based transfer system backed by gold reserves of the Borsa Istanbul stock exchange. The program named BiGA Digital Gold allows banks to transfer “dematerialized gold” without compromising the security of its physical equivalent.

BiGA Digital Gold might be considered as a result of the announced national plan for blockchain technology development in Turkey. The Turkish President Recep Tayyip Erdogan promised to increase the number of blockchain-related projects and the introduction of blockchain-based “Digital Lira” currency.

Updates from China

China Securities Regulatory Commission, the primary regulator of the securities industry in the People’s Republic of China, has accepted an application for the first exchange-traded fund in the country. It was filed by Penghua Fund – asset management based in Shenzhen, and its purpose is to track down public stocks connected to the blockchain industry in this city. But that’s not the end of China-related news this week.

China Money Network informed that the authorities of the People’s Republic of China had recently introduced so-called Password Law in preparations for the launch of the upcoming stablecoin, officially known as Digital Currency Electronic Payment (DCEP). In effect of the resolution, passwords have been divided into common passwords, commercial passwords, and core passwords. Authorities will strictly regulate the last ones (likely related to the digital yuan). Moreover, the Chinese government intends to maintain its influence on the commercial password market too.

Ubisoft enters the blockchain industry

Blockchain and gaming industries can come along together well – yet still, the correlation between those two worlds is mostly limited to small companies. However, the situation may soon change, with the partnership between mainstream gaming developer Ubisoft and blockchain gaming platform Ultra. This cooperation may help blockchain technology to reach a broader audience thanks to the popularity of Ubisoft’s games (which is responsible for such franchises like Assassin’s Creed, Far Cry, or games signed by Tom Clancy’s brand).

McAfee reminder

A quick reminder at the end of this Weekly Update, and the beginning of the new year as well. Bitcoin only has one year left to reach the $1 million price. Only in this case, John McAfee will win his already famous bet. Will he succeed? I got my own predictions about it, but nevertheless, I wish him all the best.

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