After last week’s cancellation of the SegWit2x hard fork, the cryptocurrency and blockchain train shows no sign of slowing down, with new market price records being set and more places getting on board with the technology in city and country-wide initiatives.
New US Defence Bill
In the US, blockchain enthusiasts are hopeful that a loophole in the US Defence Bill could lead to implementation of blockchain at governmental level. The Modernizing Government Technology Act would allow for any savings from the public sector to be redistributed into improving IT services. These would include cybersecurity, cloud implementation and most crucially, “other innovative platforms and technologies”. The flexibility this affords mean that agents may decide to spend capital funds on exciting new technologies, like blockchain, more easily. Possible sources of funding for this provides an avenue for greater research and development, bringing blockchain to the forefront of the mainstream public.
Dubai Smart Office awarded for blockchain efforts
To the east in Dubai, the Smart Dubai Office has been recognised for their recent commitment to blockchain bagging themselves a prestigious award from the Smart Cities Expo and World Congress hosted in Barcelona. As we mentioned in one of our earlier blog posts, they have grand ambitions to be known as the first city run on blockchain and this award shows that they are well on their way to achieve this. Notable blockchain implementations include their entire land registry which would protect against crimes such as property fraud, as well digital passports and a payments system. For sharp-eyed blockchain supporters, Dubai will certainly be a city to watch and I look forward to the imminent developments to come in this innovative city.
Singapore pushes for pro-crypto regulations
Another city keen to get in on the action is Singapore. This week, the central bank The Monetary Authority of Singapore, announced that it would be pushing for regulation that would mean that retail payment services, including bitcoin and other cryptocurrencies would be under one legislation. This would allow the government to regulate cryptocurrency exchanges, helping to protect people against money laundering and other risks.
Bitcoin breaks (another) record
And last but not least, bitcoin breaks hit another all-time high at $8181 at the time of writing. This consistent record breaking appears to be occurring regularly now, giving weight to Wall Street Strategist Tom Lee’s prediction will reach $11,500 by mid-2018.
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