The Thai government is drafting new regulations for cryptocurrencies and ICOs, Plattsburgh, NY becomes first U.S. city to ban cryptocurrency mining, top 5 cryptocurrency price changes, and more!
Thailand Drafting Two New Pieces of Legislation to Increase Regulation Cryptocurrencies and ICOs
Thailand’s deputy prime minister, Somkid Jatusripitak, has announced the government is drafting two new pieces of legislation that will increase regulation of cryptocurrencies and ICOs by the end of March. According to CoinDesk, the first piece of legislation is the Act on Digital Asset Businesses, which “requires the registration and know-your-customer (KYC) compliance of cryptocurrency operators including agents, dealers, and brokers.” The second piece of legislation is a revision of the country’s Revenue Code, which addresses taxation applicable to cryptocurrencies and ICOs.
Plattsburgh, NY Becomes First U.S. City to Ban Commercial Cryptocurrency Mining
Plattsburgh, NY has become the first city to ban commercial cryptocurrency mining. According to Fox Business, the city has banned mining for 18 months to reduce the demand on electricity, which has led to higher electricity bills for other residents. Miners have set up operations in Plattsburgh to take advantage of its below-average electricity costs due to the city’s proximity to a hydroelectric dam. However, in January 2018, Plattsburgh “exceeded its power allotment and was forced to buy more to meet the city’s needs.”
Coca-Cola and U.S. State Department Launch Blockchain-Based Registry to Combat Forced Labor
Coca-Cola, the U.S. State Department, and two other companies have announced the launch of a blockchain-based registry for workers in an effort to eliminate the risks of forced labor within its business. According to Reuters, this is U.S. government’s first major project the uses blockchain technology to combat human trafficking and forced labor. A 2017 study by KnowTheChain (KTC), showed that most food and beverage companies fall short in their efforts to reduce forced labor within their supply chain.
Royal Bank of Canada Files Application for Decentralized Credit Scoring System
The Royal Bank of Canada has filed a patent for a decentralized credit scoring system. According to ETHNews, the patent application describes “a system for credit and digital identity records” that would incorporate a “distributed ledger” that has blocks “comprising identification data linked to a set of identifiers.” The new system aims to utilize more reliable historical data than current systems, which should increase the accuracy of credit ratings.