25/04/2018: Biggest Stories in the Cryptosphere

1. 126 Member Brazilian Federation of Banks Is Investigating Blockchain

Brazilian Federation of Banks, Febraban, is currently investigating blockchain technology. The 126-bank Federation has conducted trials on platforms such as the banking consortium R3’s Corda platform. Itaú, Bradesco and B3 were part of the first Proof of Concept, Fingerprint, which took place on the Corda platform. All of the members took part in the second one, DNA, which was developed with Hyperledger Fabric, on IBM’s platform. An event on innovative technologies is also set to take place in June, CIAB Febraban. Two more projects involving employing the Ethereum platform in Reserve Transfer System (STR), which falls under the Brazilian Payment System (SPB), and providing financial services to a local low-income region are also under development.

2. China’s National Audit Office Is Looking Into Blockchain To Improve Its Data Storage System

The National Audit Office of the People’s Republic of China is considering the use of blockchain to make its data storage system run more smoothly. The considerable amount of data managed by the audit creates congestion. Therefore, a decentralised ledger platform would be more efficient. The National Audit Office is part of China’s State Council. The data handled covers all of the governmental financial transactions, which is why there is so much of it. The main issue is the need for the audit to store all of the data. However, the idea is still abstract at the moment.

3. Paying Taxes In Crypto? Bill Passes Arizona House Committee

We previously reported on a bill allowing taxes to be paid using cryptocurrencies. Bill SB 1901 was approved last month by the House Ways and Means Committee, and it has now been passed the Arizona House Committee. The bill now requires a third and last reading to come into effect. The bill has now expanded the number of cryptocurrencies itis possible to use, including LiteCoin. The transactions will take place on electronic peer-to-peer systems, and the funds will then be converted to US Dollars upon receipt.

4. Tom Lee Is Backing Bitcoin Over Bitcoin Cash

Tom Lee, Co-Founder of Fundstrat Global Advisors, told CNBC that at the moment he would rather invest in Bitcoin (BTC) than Bitcoin Cash (BCH) . It was clarified that he wasn’t interested in the idea of pitting the two cryptocurrencies against each other. However, if he was to make a decision, Lee would invest new capital in Bitcoin. He justified the choice by stating that BTC has a higher chance of receiving further inflow, especially when compared to BCH. The approaching Bitcoin Cash hard fork was also discussed, as Lee credited the event as one of the reasons for the cryptocurrency’s recent gains.

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Sources:

1. https://www.ccn.com/febraban-an-organization-that-brings-together-120-banks-in-brazil-reveals-tests-in-blockchain/
2. https://www.coindesk.com/chinas-official-government-auditor-is-looking-at-blockchain-solutions/?utm_content=buffer8c401&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
3. https://hackernoon.com/09-02-2018-biggest-stories-in-the-cryptosphere-87f43192308a
4. https://legiscan.com/AZ/text/SB1091/2018
5. https://cointelegraph.com/news/bill-allowing-residents-to-pay-taxes-in-crypto-passes-arizona-house-committee
6. https://cointelegraph.com/news/id-put-new-money-into-bitcoin-not-bitcoin-cash-says-tom-lee