The Information Technology & Innovation Foundation (ITIF) has recently released a list of recommendations for regulation of blockchain and cryptocurrencies.
The guidelines have been bifurcated into major applications such as cryptocurrencies, shared data services, smart contracts, decentralized marketplaces, authenticity tracking, and digital identity applications.
The list further includes malicious law practices and threats to development. The report further mentions that present versions of public blockchains are not completely safe. Further, they could be exploited to store illicit information.
The report says,
The major challenge with blockchain-based public records systems is the actual digitization of the records. Indeed, for blockchain-based systems to work optimally, all current public records need to be properly authenticated and digitized. Importantly, while digitizing records would lead to massive efficiency gains for users accessing them, those benefits are not unique to blockchain. For example, any public system with digital property records would reduce both the burdens associated with title search and information asymmetry in the title insurance industry. Policymakers will need additional evaluation to determine whether blockchain-based public records systems are better than other digital solutions.
Generally, ITIF ha been supportive of blockchain innovation and adoption by developing relevant regulations which bolster the growth of blockchain-based applications. Reflexive measures can also pose a threat to the development and are not a good idea, per the report.
In another news reported by CoinMarketFeed, Chinese Government is all set to support the development of a blockchain city in the Malaysian Malacca Strait.
China Wuyi and investment network SWT International Sdn Bhd recently joined the Chinese government-backed project. The project seeks to transform the city of Malca into a blockchain-centric city called Melaka Straits City. The founders expect to raise 500 Malaysian Ringgits ($120 million) during the initial stage.
In June 2018 South Korea had planned to launch a blockchain center in Busan city modeled on the Zug-based Crypto Valley. Chairman of the Korea ICT Financial Convergence Association Oh Jung-geun claimed that
As reported by CoinMarketFeed, a few days back, Chinese City Guangzhao recently issued a blockchain license using blockchain and AI. The license has been reportedly issued at the administrative center of Huangpu District. Further, this is the first business license issued using blockchain and AI in China.
The report further mentions that Huangpu District piloted its commercial service blockchain platform and it has reduced the bid submission time and has also helped avoid double submissions.
The license purportedly allows startups to file an application, and simultaneously open a bank account. In addition, to submitting a tax invoice application using a WeChat mini-program.