China’s supreme court recognizes blockchain evidence as legally binding
Blockchain can now be legally used to authenticate evidence in legal disputes in China, according to the country’s Supreme Court. The court released new rules on Friday – that take immediate effect – clarifying various issues relating to how internet courts in China should review legal disputes.
Part of the new regulation specifies that China’s internet courts recognize blockchain as a legal method for storing and authenticating digital evidence, provided that parties can prove the legitimacy of the technology being used in the process. The ruling comes in response to various questions that have emerged since the country established its first internet court in Hangzhou last year – one that handles disputes around internet-based issues, generally involving digital data.
Australian watchdog to apply market rules to crypto exchanges
A top Australian financial regulator has indicated it will take a new approach when regulating cryptocurrency exchanges, as well as tighten scrutiny of initial coin offerings (ICOs). In its a corporate plan for 2018–2022, released today, the Australian Securities and Investments Commission (ASIC) outlined its areas of focus, which is to continue “monitoring threats of harm from emerging products” such as ICOs and cryptocurrencies.
Further, for 2018 and 2019, ASIC said it is developing a new framework that will apply “the principles for regulating market infrastructure providers to crypto exchanges” and will intervene where “there is poor behavior and potential harm to consumers and investors.”
Goldman CFO denies reports of firm ditching crypto trading desk
Earlier this week, Business Insider reported that Goldman Sachs was nixing the creation of a Bitcoin trading desk. Reportedly due to regulatory issues as well as having higher priorities, eg. crypto custody service. However at San Francisco’s TechCrunch Disrupt Conference, Goldman Sachs’ CFO Martin Chavez asserted that reports about a rollback from a trading desk for cryptocurrencies was fake news. “I think one of the wonderful things about us is that we get written about a lot. I never thought I would hear myself use this term but I really have to describe that news as Fake news.”
Chavez also remarked how the exploration of digital assets was something that “would be evolving over time.” Since May, Goldman Sachs has been clearing Bitcoin-linked futures contracts that are offered by CBOE and CME. Otherwise, the bank is still largely thinking about how to respond to client interest when it comes to virtual currencies.
Winklevoss brothers win patent for crypto key storage system
Crypto exchange Gemini founders Cameron and Tyler Winklevoss have won a patent for a cold storage method involving air-gapped computers, geographically remote vaults, plastic cards and, possibly, papyrus. The patent outlines a plan to develop a network of computers capable of generating accounts for storing cryptocurrencies or cryptocurrency-related exchange-traded products (ETPs). As part of a security measure, the computers would be isolated except when necessary to transfer assets, essentially acting as a cold storage device.
The computers would generate these keys for new accounts, which would then be segmented into parts and written onto an external memory device, such as a flash drive, CD, DVD or written down physically onto a laminated card, sheet of paper, piece of plastic or even papyrus, according to the document. The computers would have access to a secure portal, which could, if necessary, connect the machines to the blockchain network in order to process transactions, the document explains.
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