Chinas internet censor drafts regulation for blockchain startups
China’s top-level internet censorship agency plans to regulate blockchain-related service providers in the country. The draft policy is called “The Regulation for Managing Blockchain Information Services” and the censorship organization is now looking for public feedback before it will take effect. The rules, if enacted, would apply to any China-based entity regarded as a blockchain information service provider, and would represent one of the country’s first regulatory frameworks drawn up specifically for the blockchain industry.
Among the 23 articles proposed in the draft, one requires blockchain service providers to register with the agency within 10 days of starting to offer services to the public. Further, service providers would not allowed to use blockchain technology to “produce, duplicate, publish, and disseminate” information or content that is prohibited by Chinese laws. “Service providers must store the logs and content published by users of their blockchain services for six months and provide this information to law enforcement when required,” the draft policy states.
Visa will launch a blockchain-based digital identity system with IBM in the first quarter of 2019
Following a press release issued on 21 October, Visa is preparing its blockchain-based digital identity system for cross-border payments to be launched in the first quarter of 2019.
The system, called Visa B2B Connect, will provide a block-based digital identity solution to financial institutions to securely handle cross-border payments. The system tones sensitive business data – such as bank details and account numbers – and grants them a unique cryptographic identifier that is used for transactions on the platform.
Kevin Phalen, global head of Visa Business Solutions, suggests the system will help with fraud:
“B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem.”
From a technical standpoint, the solution will integrate a Hyperledger Fabric framework (hosted by the Linux Foundation and developed by IBM) with Visa’s “core” resources, creating a scalable, approved network for use in the financial sector ,
Jason Kelley, general manager of IBM Blockchain Services, is quoted as saying that the system is one of “the most powerful examples of how Blockchain transforms payments.”
Fintech vendor Bottomline Technologies, which serves 1,200 financial institutions, has also partnered with Visa on the B2B Connect system, a partnership that gives “mutual financial institutions” access to the system.
As reported last month, Thailand’s fourth-largest bank, Kasikornbank, recently joined the B2B Connect cross-border payments initiative.
According to the Visa website, B2B Connect was first introduced in 2017, and the US Commerce Bank, South Korean Shinhan Bank, Union Bank of Philippines and United Overseas Bank in Singapore were among the first to make commercial pilot payments Start processing completed.
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