Indian state partners with Mahindra corp. to build “blockchain district”
State government in India is working with a multinational IT services giant to build a district within the state capital dedicated to blockchain startups. The IT department of the Telangana state government is working with Tech Mahindra, a publicly listed firm with headquarters in India, that will see the two teaming up to build what they claim will be the country’s first “blockchain district.”
The blockchain district will occupy an area inside Hyderabad – the state’s capital city – with physical buildings to house and incubate blockchain startups from India as part of the government’s push to advance the tech’s development. Both Telangana & the neighboring state of Andhra Pradesh are exploring blockchain technology to digitally rework their land registries & have both recently started to develop a blockchain ecosystem.
52 Quintillion per second: Bitcoin hashrate breaks new record
Bitcoin’s network hashrate reached a new record high this week, prompting encouragement from industry commentators as technical support continues to grow exponentially. Data from Blockchain (formerly Blockchain.info) confirms that the current hashrate has reached 52 quintillion hashes per second.
As a means of comparison, the number of grains of sand on Earth is around 7 quintillion. The Blockchain data confirms a 60% increase in the past three months alone. This marks the first time Bitcoin has reached this threshold in its history.
Thailand’s banks can now open subsidiaries to invest in cryptocurrencies
The Bank of Thailand (BoT), the country’s central bank, reportedly gave all local financial institutions permission to launch subsidiaries for investing in cryptocurrencies that may also offer brokerage services to crypto dealers. Thailand’s banks will now be able to offer brokerage services to crypto-related companies, invest in crypto and blockchain startups, or even operate their own crypto business, according to a recent announcement by the BoT.
However local banks and their licensed subsidiaries are also not allowed to buy, sell, or trade cryptocurrencies on behalf of their customers. Also, Thailand’s banks may only work with crypto firms regulated by the country’s Securities and Exchange Commission (Thailand’s SEC) and the Office of Insurance Commission (OIC). Notably, independent digital currency exchanges can be legally established in Thailand after completing a registration process. Based on these developments, it appears authorities in Thailand are receptive to the evolving cryptocurrency market.
Second largest German stock exchange announces “end-to-end” cryptocurrency infrastructure
After creating the BISON crypto-trading app, the second-largest stock exchange in Germany continues to embrace cryptocurrency with its most recent initiative. Boerse Stuttgart is creating a trading venue, and custody, for cryptocurrencies and related services & formally announced “Boerse Stuttgart Group is creating an end-to-end infrastructure for digital assets. After the start of cryptocurrency trading via BISON, there will soon be… a multilateral trading venue for cryptocurrencies as well as solutions for safe custody.”
The BISON app due for launch this autumn will facilitate market access and allow free and secure trading of cryptocurrencies, making it the first app in the world to be backed by a traditional stock exchange. Initially, the app will support BTC, LTC & others. The trading venue for digital assets like BTC will comprise an aspect of the end-to-end infrastructure. CEO of Boerse Stuttgart GmbH, Alexander Höptner said “We are responding to demand from both retail and institutional investors for a regulated and reliable environment for trading with cryptocurrencies.” The custody services will include differentiated safety concepts for digital assets and will already be available with the launch of the BISON trading app.