Blockchain Weekly features short summaries of the five biggest headlines from the world of blockchain.
This week, there was good news for crypto advocates in both India and South Korea regarding regulation. We also published a breakdown of the 2020 Forbes Blockchain 50 on our Medium. If you’d like to catch up on last week’s post, you can find it on the blog.
Indian Supreme Court reverses crypto ban [Ledger Insights]
At the end of last year, the Reserve Bank of India (India’s central bank) issued a resolution warning banks not to provide services to cryptocurrency exchanges. After a successful challenge in the Supreme Court from The Internet and Mobile Association of India, this ban has been lifted, albeit temporarily. The RBI has already indicated that it will appeal this ruling, and there are plans for legislation to clarify the matter in the coming months. Over on Coindesk, Ajit Tripathi, a co-founder of PwC’s blockchain division in the UK, has written an interesting opinion piece on why this is good news for the blockchain industry.
South Korea updates its KYC/AML regulations around crypto [Coindesk]
On Thursday, Korean lawmakers voted to approve an amendment to the country’s Financial Information Act, including stricter measures around KYC and AML (know your customer, anti-money laundering). These regulations include tying crypto wallets to bank accounts using the customer’s real name. These new rules may serve to push out smaller players in the crypto exchange business due to mounting costs. However, it should help to legitimize the Korean crypto and wider blockchain ecosystem.
EY launches Baseline protocol in partnership with Microsoft and ConsenSys [Cointelegraph]
Baseline is an open-source smart contract and tokenization platform built on Ethereum. The code is available to selected parties, including Baseline co-developers Chainlink, MakerDAO, Unibright, and AMD, and will see a full public release in April. ConsenSys executive John Wolpert said that Baseline will “leverage the public Ethereum network without putting any enterprise data at risk,” making it attractive to enterprises that want to work with blockchain but have data privacy concerns.
Walmart joins Hyperledger in boost to open-source enterprise blockchain [Cointelegraph]
Open-source blockchain project Hyperledger has added Walmart to its 250-strong membership. Originally founded by the Linux Foundation and supported by IBM, Hyperledger is best known for its Fabric platform, a permissioned ledger used by a number of enterprises (including 24 of the Forbes Blockchain 50). Walmart, the world’s second largest retailer, is already a member of IBM’s Food Trust platform, which runs on Hyperledger Fabric.
Blockchain is a strategic priority for 75% of executives [Ledger Insights]
Leading IT services provider Wipro, in collaboration with HFS Research, has surveyed over 300 top executives at large enterprises to find that blockchain remains a strategic priority. The executives also indicated that 75% of efforts are concentrated on “efficiency, data management, and [achieving] better business outcomes.”
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