As the crypto markets face another bleeding week, the blockchain space has not all been awful news. Enterprises kept on demonstrating enthusiasm for blockchain while governments took a positive position in their crypto viewpoint.
A week ago, a great choice by the Supreme Court of India which saw the Reserve Bank of India’s (RBI) questionable prohibition on banks’ dealings with crypto-related firms toppled had the whole business energized. India’s national bank, RBI, had forced a sweeping restriction on banks’ dealings with crypto organizations back in April 2018, which became effective in July of that year. The dubious judgment invalidating the questionable financial boycott anyway is required to be claimed in spite of an up and coming Indian parliament draft charge trying to boycott crypto in the 2019 winter meeting.
A week ago, the Steem blockchain supposedly encountered an upsetting scene as of late, whereby the blockchain’s whole administration framework was upset. Tron organizer Justin Sun, new proprietor of the Steemit informal community dependent on the Steem token, seems to have effectively executed a takeover of Steem by utilizing tokens straightforwardly controlled, yet additionally tokens hung on a few significant trades, so as to remove the past representatives (Steem utilizes a designated verification of-stake framework) and put in new ones. This has raised another trade defenselessness for confirmation of-stake conventions where trades can intrigue for a takeover, as the Steem blockchain scene has plainly appeared.
A week ago, Walmart reported that it has joined the Hyperledger blockchain arrange. The organization uncovered that the primary explanation it is currently an individual from Hyperledger is to show the open-source network the significance of interoperability. Hyperledger is an open-source community oriented exertion made to propel cross-industry blockchain advancements thus far, it has around 250 individuals. While Hyperledger offers venture grade, open-source appropriated record structures, the greater part of Hyperledger’s circulated records are private, permissioned systems.
The German financial watchdog (BaFin), last week, issued a new summary leaflet detailing how cryptocurrencies are treated under newly enacted laws for 2020. Businesses dealing with cryptocurrencies are now considered financial services providers under Germany’s Banking Act, and are required to obtain BaFin’s authorization. Security tokens are not considered as securities within the German Securities Deposit Act. However, if they are transferable and tradable, they are regulated by EU Prospectus Regulation on the matter. However, businesses not licensed to store generic securities may be able to do so for security tokens, under specific circumstances.
Last week, Chainalysis, which offers cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses, revealed that over $1 trillion worth of cryptocurrency transactions took place in 2019 with only 1.1% of them being illicit. This sheds new light into the diminishing illicit crypto transactions on a percentage basis, implying that the industry today is much healthier than in the early days when much of the volume was driven by darknet markets. According to Chainalysis, not only have the exchanges implemented more sophisticated cybersecurity measures, but the industry-wide cooperation and coordination with the various law-enforcement agencies helps secure the entire ecosystem.