Crypto.IQ Daily Digest July 5, 2018

ADOPTION, REGULATION

Use Blockchain to ‘Rebuild Societal Trust’ and Save £8 Billion, Report Tells UK Gov’t

IQ THOUGHTS

Blockchain technology is cleary a double-edged sword, and we talked about this in our March newsletter. This immensely powerful technology can liberate people or be used to enslave them, depending on how it’s used. So we’re happy to see the United Kingdom taking about ways to ensure the former.

This report outlines how that would happen, and as UK Housing Minister Eddie Hughes summarizes: “The state should not be allowed to use such technology to intrude into the lives of individuals—but rather the technology should be used to empower individuals in their necessary engagements with the state.”

We particularly like the idea of public records on blockchain. With a system that makes these records easily accessible on the blockchain, citizens can have access to the records that are their right to see without having anyone try to run interference.

Some of us have experience trying to obtain public records and encountering resistance from public servants who don’t know about or understand public records laws or what public servant means.

EXCHANGES, REGULATION

South Korea Officially Recognizes Cryptocurrency Exchanges

IQ THOUGHTS

South Korea has come full swing in its approach to cryptocurrencies, finally officially recognizing crypto exchanges as legal entities in and of themselves.This after moving earlier this year to shut them down but backing off when public outcry crescendoed.

Previously, exchanges were classified as communications vendors, which while accurate is far less than specific for such an important sector. Now, they are classified as “cryptoasset exchanges and brokerages,” which we think is a much more accurate designation.

We think this recognition, however small, is important because South Korea is one of the hottest crypto markets on earth with a populace undergoing massive adoption and showing great enthusiasm for the technology. This is a strong positive step in the right direction.