Blockchain: Wyoming Bill, China Support, BMW Ethical Cobalt and Twitter React
Blockchain technology is a catalyst to propel the future of other industries and surprisingly the technology itself has become a multi-billion dollar industry. Here is a list of top blockchain news of the day from Blockchain Magazine which you can’t miss out.
Blockchain bill heads ahead in Wyoming
Wyoming, in a landmark decision, has cleared House bill 70, also known as HB70. The bill was passed on February 20th. The bill is aimed at the creation of an exemption for crypto assets from the securities law. HB70 passed with a margin of 27-3. Cryptocurrencies are finally exempted from state money transmission laws. The bill also cleared the way for the use of blockchain by corporations. The legislation is raising hopes that Wyoming can finally provide space for tech developers to ensure the creation of the utility tokens. The exemption created by this bill will be directed towards the utility tokens that are not promoted as investments instead are used in the exchange of goods and services.
China’s biggest political event discusses blockchain
One of the major political events in China, popularly known as ‘two sessions,’ commented on the revolutionizing blockchain technology. Head of China’s SRC, Zhang Ye, while commenting on the blockchain technologies encouraged the Chinese sectors to go for advanced technologies like artificial intelligence and the blockchain. He remarked that he is a believer in the potential of the blockchain technology, however, at the same time, Zhang Ye believes that the technology can realize its full potential only when a centralized infrastructure is provided to it. According to Zhang, Blockchain’s absolute decentralization has no backing as the blockchain itself is developed in a centralized way.
Twitter is up in arms against Crypto scams
Twitter is going up in arms against the cryptocurrency scam accounts. After many such reports of frauds and copycat accounts, Twitter cracked down on many accounts. While the clampdown is still on, many of the genuine crypto members are caught in a fray. After the social media giant promised action as evident by CEO Jack Dorsey’s tweet of “We are on it,” many accounts of cryptocurrency exchange Kraken’s member accounts were restricted. Many accounts were shadow banned including the account of cryptocurrency influencer Brooke Maller. Promoters of Ripple’s XRP also faced the brunt. Copycat accounts are fraudulently duping people after offering them free cryptocurrency in exchange for an initial amount.
Petro is illegal, says Venezuelan lawmakers.
Venezuelan opposing law-making body has declared Petro illegal under the domestic laws of the country. Petro was launched as Venezuela’s official cryptocurrency with each petro equaling one Venezuelan oil barrel. Venezuela’s Asamblea Nacional, maintains that cryptocurrency petro is unconstitutional and claimed that the project was nothing else but a fraud. The Venezuelan petro has already raised a total of $735 million while the opposition lawmakers are calling it yet another symptom of country’s political crisis. National Assembly constitution of Venezuela is backing the release of petro as according to the ANC, petro will help the country rise against the harmful western sanctions.
BMW in the process of using blockchain to track ‘Ethical Cobalt.’
German car marketing leader, BMW, has allegedly sealed a deal with UK-based Blockchain firm Circulor, in a bid to source ethical cobalt for the manufacturing of its cars. According to the CEO of Circulor, Douglas Johnson-Poensgen, BMW has collaborated with the firm to track the clean cobalt supplies. The tracking of cobalt is in terms to ensure ethical fount as most of the cobalt is sourced from Congo. The war-torn zone is allegedly using child labor and arsenal mines, and BMW does not want to be a part of it. Details about the UK-Based firm are still unknown as the firm does not have a website and nothing except the ‘London registration’ of the firm is available.