Twitter CEO tells Congress it’s exploring blockchain to fight scams
Twitter CEO Jack Dorsey told a Congressional committee Wednesday that the social media company is exploring blockchain solutions for its platform. Dorsey was responding to a question from a California Representative during an Energy and Commerce hearing focused on user privacy protections, misinformation, content moderation and alleged bias against political conservatives on Twitter.
Matsui asked: “What potential applications do you see for blockchain?” Dorsey replied “we need to start with problems we’re trying to solve for our customers and look at all available technology… Blockchain is one that I think has a lot of untapped potential, specifically around distributed trust and distributed enforcement. We haven’t gone as deep as I would like just yet in understanding how we might apply this technology to Twitter but we have people thinking about it today.”
EU should adopt common cryptocurrency rules, according to report for ministers
A Belgium-based think tank is arguing that the EU should create a single standard for cryptocurrency rules in a report sent to finance ministers within the economic block. Bruegel, based in Brussels, the Belgian capitol, believes that the EU needs “common rules” on cryptocurrencies, as well as how tokens are distributed and traded. It’s report comes in advance of an “informal meeting of economic and financial affairs ministers” later this week. The report is not yet publicly available.
The report says the EU should enforce common regulations on crypto exchanges and initial coin offerings (ICOs) as well. That being said, the report notes that Bitcoin’s decentralized nature makes regulating the cryptocurrency itself “impossible.” As such, it emphasized that any regulations would have to apply to exchanges or other related companies. It also referenced China’s crackdown on cryptominers, noting that mining farms can be banned as well.
Goldman Sachs drops Bitcoin trading plans for the time being
Goldman Sachs is ditching plans to open a desk for trading cryptocurrencies as the regulatory framework for crypto remains unclear, according to people familiar with the matter. In recent weeks, Goldman executives have concluded that many steps still need to be taken, most of them outside the bank’s control, before a regulated bank would be allowed to trade cryptocurrencies.
Goldman Sachs spokesperson Michael DuVally said “At this point, we have not reached a conclusion on the scope of our digital asset offering.”
Crypto mining accepted as an industry by Iranian authorities
Iran’s government has accepted crypto mining as an industry, Iran’s Cyberspace Council’s secretary Abolhassan Firoozabadi said mining of cryptocurrencies such as Bitcoin has been approved as an industry by major government authorities. However, official legislation forming a legal framework for the industry has yet to be introduced in the country.
Firoozabadi stated that the Iranian National Cyberspace Center is developing a platform for cryptocurrency mining regulation. The secretary reportedly claimed that the relevant authorities will introduce a regulatory framework for crypto-related startups and firms in late September.
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