Board on Digital Disputes, control over the cryptocurrency circulation and Bitcoin’s anniversary: crypto news digest
This week, Bitcoin is celebrating its anniversary! Ten years ago, on October 31, Satoshi Nakamoto announced the first white paper of the cryptocurrency. What is happening on the cryptocurrency market now? Read in the news digest.
Russia plans to set up a board on digital disputes
The Arbitration Center at the Russian Union of Industrialists and Entrepreneurs (RSPP) is planning to create a special board on disputes in the field of the digital economy. This was told by the head of the working group for the assessment of cryptocurrency turnover risks of the State Duma Elina Sidorenko.
According to her, the provision on the Arbitration Center regarding the creation of the board has already been amended and the arbitrators have been selected. According to preliminary data, the structure will be managed by Ms. Sidorenko herself, and her deputy will be the legal director of the Moscow Exchange Alexander Smirnov.
“The judicial authorities face a large number of problems: from the lack of effective institutional and legal mechanisms for protecting the rights of people creating and using digital technologies to recognizing digital objects as a new type of evidence,” notes the head of the working group at the State Duma.
Ms. Sidorenko also emphasizes that the board had to be created long ago. The interests of large business in the digital economy can only be protected by the legal responsibility of the smart contracts parties, and the existing courts cannot cope with the task yet.
Bitfinex released mobile app for traders
The Hong Kong cryptocurrency exchange Bitfinex announced the launch of an updated mobile application for trading digital assets. In the updated version, users got access to widgets of open orders, history of operations and marginal positions.
Users can also create a single account for all their gadgets, the entrance to which is carried out by face recognition and fingerprint. The report notes that the application now has the same functionality as that of the platform website.
The new version is available for iOS and Android devices.
Federal Financial Monitoring Service will control cryptocurrency turnover
The Financial Action Task Force (FATF) has recommended that all participating countries introduce control over the cryptocurrencies turnover. Therefore, in the near future, Russian digital asset market players will work with the Federal Financial Monitoring Service. New rules are reported to affect the ICO holding platforms, administrators of digital asset wallets and virtual exchangers teams.
Deputy Director of the Federal Financial Monitoring Service Pavel Livadny claims that all 37 countries of the FATF have made a commitment to change the legislation taking into account these requirements.
Bank of America patented cryptographic key storage service
Financial conglomerate Bank of America has developed a device that can store cryptographic keys and digital currencies. A patent for it was issued on September 30 by experts of the United States Patent and Trademark Office.
“Computers that store these keys are usually connected to the internet, other public networks or local storage. These keys are always susceptible to being misappropriated”, the document says.
The device developers believe that the storage of cryptographic keys is secured due to the fact that most of them are now stored locally and protected only with a password. The new system performs authentication as part of a cryptocurrency or blockchain-based transaction.
Russian diamond mining company joins blockchain project
The Russian group of diamond mining companies Alrosa joined the pilot blockchain project of De Beers Corporation, which is called Tracr.
The Tracr platform is designed to track the diamond trade route in order to increase the transparency of the supply chain. According to a press release, Tracr will also avoid counterfeit gems and confirm their authenticity.
Thanks to the blockchain solution, market participants will be able to make sure that the product registered in the distributed network is not a diamond mined within the territories where military actions are taking place.
The project will work to update and support existing initiatives in the diamond industry, such as the Kimberley Process Certification Scheme, the World Diamond Council’s safeguards system and the Code of the Council of Responsible Jewelry Practice.
To learn more about blockchain and cryptocurrencies, register for Blockchain Conference Moscow, which will be held on November 20 in the capital of Russia.