South Korea’s Top Financial Watchdog Joins Probe Into Cryptocurrency Exchanges

South Korea’s top financial regulator the Financial Services Commission (FSC) joined the ongoing probe into local cryptocurrency exchanges Sunday, May 13. The FSC will now be taking part in the anti money laundering investigation, hitherto led by the Financial Supervisory Service (FSS), in order to help expand its scope, news outlet Korea Times reports. Commenting on the agency’s move, Vice Chairman of the FSC Kim Yong-beom has urged regulators worldwide to coordinate their regulatory policies on cryptocurrencies. Following a request from the FSS, the FSC will now check bank accounts…

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From Facebook To NYSE, Mainstream Thinks Of Adoption

Top Stories This Week Owner Of New York Stock Exchange Mulls Over Addition Of Crypto Trading The New York Times reported this week that the NYSE might be giving its customers the option to buy and hold Bitcoin, an assertion backed up by documents, emails, and anonymous sources that confirm these future crypto traders contracts. Improvement Code Casper For Ethereum Network Released A new version of Casper, a code upgrade for the Ethereum network that aims to improve the economic consensus protocol, was released this week on Github. The Casper…

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Electronics Giant LG Launches Own Blockchain Service ‘Monachain’

LG CNS, a subsidiary of South Korean LG Corporation that supplies information technology services, has recently launched its own blockchain-powered service, local Yonhap News Agency reports Sunday, May 13. LG CNS’ own blockchain platform “Monachain” has been designed to enable blockchain-based logistics in the fields of finance, manufacturing and communication, according to Yonhap. One of the main deployments of Monachain provides a digital authentication system, as well as a digital currency, and a digital supply chain management tool. As the local source reports, Monachain enables a new type of identification,…

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Centralized Companies Into Decentralized Ecosystem

Bitcoin, and the idea of digital cash, has taken hold of the banking sector as banks and financial institutions start to experiment internally with blockchains and cryptocurrencies in order to be at the forefront of these technologies. This, coupled with the fact that government organisations and even global leadership bodies such as the G20 are looking to regulate cryptocurrencies, again give more legitimacy and longevity to the industry. The latest wave of adoption is now coming from corporations who, traditionally have come to be successful thanks to their centralized domination…

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U.S. Mutual Fund VP Says Blockchain Will Help ‘Drive This Next Industrial Revolution’

Steve Chiavarone, a VP at financial services company Federated Investors, made bullish comments on blockchain technology as an “economic growth driver” in an interview on CNBC Friday, May 11. Responding to whether blockchain will be a driver of economic growth, Chiavarone noted the potential for automatization and increased efficiency blockchain offers, saying: “When you think about it from an enterprise perspective, it has the ability to replace reconciliation, which is expensive and requires back-office and time and paperwork with more instantaneous verification […] that will allow cost to be cut…

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ERC-20 Tokens, Explained

2. Ethereum is a decentralized network of computers with two basic functions. They are: blockchain that can record transactions, and a virtual machine that can produce smart contracts. Because of these two functions, Ethereum is able to support decentralized applications (DApps). These DApps are built on the existing Ethereum blockchain, piggybacking off of its underlying technology. In return, Ethereum charges developers for the computing power in their network, which can only be paid in Ether, the only inter-platform currency. Depending on its purpose, DAPPs might create ERC-20 tokens to function…

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Zimbabwe’s Central Bank Bans Financial Institutions From All Crypto Dealings

Zimbabwe’s central bank has recently banned dometic financial institutions from dealing with cryptocurrencies, local media outlet NewsDay reports today, May 12. According to the report, the Reserve Bank of Zimbabwe’s (RBZ)  director and registrar of banking institutions Norman Mataruka issued a circular Friday ordering all financial institutions to terminate servicing cryptocurrency exchanges within 60 days and begin to liquidate existing crypto-related accounts. Financial institutions have been ordered to “ensure that they do not use, trade, hold and/or transact in any way in virtual currencies,” a move which applies to both…

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Irish University Study Calls For Government Action To Promote Blockchain In The Country

The authors of a study at the National University of Ireland (NUI) Galway on the adoption of blockchain in Ireland, called on the government to promote the technology more broadly in the country, The Irish Times reported May 11. The study proposes recommendations to increase blockchain awareness and adoption, that can reportedly have a positive impact on economic growth and establish a basis for how the government and Irish organizations carry out business. Dr. Trevor Clohessy at NUI Galway, who led the research, called for government action to promote blockchain…

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Supreme Court Denies Interim Injunction Against Reserve Bank Of India Restrictions

The Supreme Court of India declined to grant an interim injunction against the Reserve Bank of India (RBI) circular banning banking services for companies dealing in cryptocurrency, according to a Twitter post by Crypto Kanoon May 11. Crypto Kanoon is a team of Indian lawyers engaged in crypto regulatory analysis and legal awareness. Supreme Court declined to grant interim injunction against RBI banking restriction. Fixed the matter for hearing on 17th May. #bitcoin #RBI https://t.co/bDpQ73cAC9 — Crypto Kanoon (@cryptokanoon) May 11, 2018 11 different representatives from various crypto-related businesses who…

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS: Price Analysis, May 11

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Unlike 2017, the rallies in most major cryptocurrencies this year has been subdued. We believe that they are forming a bottom, which can take anywhere from a few weeks to a few months. During this process, the price will remain volatile as the…

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