The South Korean President’s Fourth Industrial Revolution Commission of Advisers recommended that the government recognize blockchain development as a key trend and promote the inclusion of “cryptographic assets” in the current system, writes Bchain, a local newspaper, citing a recommendation plan presented at a conference in Seoul last Friday.

According to the committee, technology, data and the ecosystem of startups should work together to ensure the highest level of social and industrial innovation. In the context of technological development, experts recommended paying particular attention to blockchain, artificial intelligence and cybersecurity.

Also in the published document, according to the media, it was said that countering excessive speculation with cryptocurrency assets was a reasonable measure at the time, but now the decisions made then hinder the development of the cryptocurrency and blockchain space in South Korea. According to experts, the government should determine the legal status of cryptocurrencies as soon as possible, study the issue of their taxation and accounting, and also actively involve startups in the regulatory sandboxes.

In addition, on Monday it became known that the Korean Internet Security Agency decided to continue to support blockchain projects in 2020 and allocate $ 9 million to finance them. A discussion of the plan was also held at the event on Friday. At the same time, the department emphasized that cryptocurrency projects and exchanges for participation in the initiative are not considered.

Next year, about 10 projects, with a maximum of $ 1.2 million each, will be able to receive funding from the Korean authorities. The initiative will be implemented for the third year in a row. In 2019, 12 projects were funded in total for $ 11.4 million, including $ 6 million in direct investments and $ 5.4 million in reimbursement.

Among the others at the event were representatives of the Korean National Agency for the Promotion of Information Technology, who also promised to pay increased attention to the blockchain industry.

Publication date 10/30/2019
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David Marcus, the manager of the blockchain division of Facebook, drew attention to the fact that the technologies that were introduced into the stablecoin from Libra are aimed at increasing measures aimed at combating money laundering. He claims that Libra’s capabilities will enable her to obtain the status of the most reliable payment system.

During his speech at the Money 20/20 conference, which was held yesterday in Las Vegas, Marcus noted that the effectiveness of the application of sanctions in a crypto project from Facebook can be significantly higher than in any other payment network currently known.

According to Marcus, the blockchain technology used in Libra is aimed at enabling regulators to efficiently monitor transactions and identify suspicious activity on the network. He explained that the open registry provides regulators with the opportunity to independently monitor everything that happens on the blockchain, identify risks, not taking into account the data provided in the Libra reports. Marcus noted that now that the project has a defined management structure, it is possible to demonstrate this functionality in practice.

The Libra representative also noted that any developer will get a chance to connect their product to the blockchain if the requirements regarding compliance with anti-money laundering standards and user identification are met. Marcus said that the team is focused on competitiveness, but it will take time in order to gain public confidence in Calibra. He believes that people deserve to have much better than what they have access to now.

The All-China Assembly of People's Representatives approved the law “On Cryptography”, which defines the official procedure for using encryption tools.

According to observers, the new regulatory act may be one of the measures to prepare for the launch of the People’s Bank of China, which is being developed the national digital currency . The law enters into force on January 1, 2020.

Primitive Crypto Founding Partner Davi Wang shared this on Twitter with a link to the official media:

Last piece of China BREAKING News before bedtime –

This time is DEFINITELY CRYPTO 💥💥💥

A "Crypto Law" just passed by the National People's Congress … https://t.co/l6RX8Ivxnv

🧐🧐it's hard not to belive all these are not paving the path for Digital RMB .. more reads below pic.twitter.com/x2FbskD3nk

– Dovey Wan 🗝 🦖 (@DoveyWan) October 26, 2019

A.

Van cites several excerpts from the document. Thus, the Central Agency for Cryptography under the leadership of the Chinese Communist Party (CCP) will develop fundamental policies for the use of cryptography and will coordinate efforts to solve important national security problems.

The agency will encourage and support cryptography research, protect intellectual property rights, and promote the development of public / private key technology.

“In general, this is the first law directly related to cryptography and private / public key management, ” Wang writes.

The development of a new cryptography, hashing algorithm, and even the use of technology will be in the official legal field. This means that you have to comply with the PDA standards in all “encrypted” behaviors, which can be interpreted very widely: from mining to block transfer. ”

Although there is no direct mention of cryptocurrencies , either decentralized or state, in the law, Wang believes that, among other things, he aims to prepare for the launch of the digital renminbi at the end of this or the beginning of next year.

Earlier this week, Chinese leader Xi Jinping spoke about the need to develop blockchain initiatives, highlighting a number of areas where the technology can be successfully applied to solve current problems.

Publication date 10/27/2019
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