Indian State officially launches BLOCKCHAIN District & other stories...

I apologise for not showing up this space for a few days as was travelling, but am here with a platter of steadfast hearsay.

The Telangana State Information Technology, Electronics and Communication Department (ITE&C) has inked a memorandum of understanding (MoU) with multinational IT services giant Tech Mahindra to establish what is being billed as ‘India’s first Blockchain District’.

As reported by financial news daily the Economic Times, the Blockchain District will function as an incubator for domestic blockchain startups and companies to develop real-world applications of the decentralized technology. Specifically, the government-backed physical premises of the ‘district’ will be situated in Hyderabad, the state’s capital city known for its technology-forward agenda over the last decade.

Coinciding with the launch of the space is Tech Mahindra’s own announcement to launch a major blockchain project in the district. Dubbed the Eleven01 Protocol, the project aims to deliver a government-compliant platform for startups to build decentralized applications ‘capable of performing over 10,000 transactions a second’, an announcement by Tech Mahindra read.

Andhra Pradesh government is also a member of the Enterprise Ethereum Alliance (EEA), a working group of companies and organizations looking to leverage open-source Ethereum technology for enterprise applications. The state’s coastal city of Vishakapatnam or Vizag, is also known for being a hub for industry startups as a part of its government-backed ‘FinTech Valley’ initiative.

Thailand’s central bank has announced the rules under which financial institutions, including commercial banks, and their subsidiaries can engage in cryptocurrency activities. They include securities, asset management, and insurance firms. This follows the country’s crypto regulatory framework that went into effect last month. The rules can be divided into two broad categories: those that apply to financial institutions and those that apply to their subsidiaries.

Bank Negara Malaysia: In a joint conversation with Lim Guang Eng & Muhammed Ibrahim from the country’s National Bank; we learn that the finance team of the Malaysian cabinet has been considering Blockchain for crossborder payments that would ease regional financial connectivity and facilitate smoother provisions. “Adoption of modern technologies like biometrics and blockchains can help safeguard financial information and reduce the number and magnitude of fraudulent activities.” Was recorded by Krypto Wizards. Sources speculate that the Bank’s brains are also in advisory seeking from the affluent economics at Vietnam, Cambodia and Laos.

Inspite of NO CLEAR instruction from the governments... the volumes in trading from India, Cambodia and Malaysia are soaring and roaring the charts in innovative ways as there can be. We as a team are not too much concerned about the Regulations as our product is still the sleeping GIANT. (www.biocoinworld.com)Shh...

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