Blockchain News 23.05.2018

Bank of America patents blockchain security tool

Bank of America has won a “security and data privacy patent” according to the US Patent and Trademark Office, for a way to control access to certain aspects of a permissioned blockchain network.

The bank explained:
“A need exists to provide designated entities/users the ability to readily identify blocks that are relevant to the designated users’ concern, and once blocks have been identified, security features that assure that the designated entities/user that are accessing the blocks are, in fact, authorized users.”

Russian State Duma approves crypto industry bill

Russia’s parliament, the State Duma, has approved new laws regulating the crypto industry. The laws define cryptocurrencies and tokens as property, and lay out specifications for interacting with crypto and blockchain-related technologies.

410 deputies approved the bill at the hearing, with only one voting against it.

The bill “On Digital Financial Assets” which has been under consideration since last year with a final deadline of July 1st, deals with cryptocurrencies, as well as blockchain-related technologies such as smart contracts, and mining.

CFTC issues guidance for firms offering cryptocurrency derivatives

The U.S. Commodity Futures Trading Commission (CFTC) has released new guidance for exchanges planning to list cryptocurrency-related derivative products.

It is designed to help market participants develop risk management programs with “regulatory clarity” on “key areas that require particular attention” such as how to “follow appropriate governance processes with respect to the launch of these products,” according to DCR director Brian Bussey.

Marshall Islands pass law making crypto their national currency

Their new cryptocurrency is called the Sovereign (SOV) and will take the place of USD as the sole national currency.

The new currency will be the official legal tender for businesses and the 53,000 citizens of the Marshall Islands – a sovereign state and UN member.

This is the first sole sovereign cryptocurrency signed into law and is significant because (in theory at least) it means that financial institutions such as banks and Visa will have to accept the SOV as it is now the legal tender of a sovereign nation.


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