#CryptoCorner: India’s Supreme Court Sets Final Hearing for #Crypto for September, South Korea Creates Department for #Blockchain, Fintech, Vietnam Bans Import of Crypto Mining Hardware and Quebec to Charge Miners More for Electricity
#CryptoCorner: India’s
Supreme Court Sets Final Hearing for #Crypto for September, South Korea Creates
Department for #Blockchain, Fintech, Vietnam Bans Import of Crypto Mining
Hardware and Quebec to Charge Miners More for Electricity
July 20th #CryptoCorner and Podcast sponsored by Crypto payment tech,
#Flip @FlipToPay ($NXTD)
Point Roberts, WA, Delta BC – July 20, 2018 - Investorideas.com, a leader in crypto and
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Crypto Corner – July 20, 2018
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/07201India-SouthKorea-Vietnam-Quebec.asp
India’s Supreme Court Sets Final Hearing for Crypto for September, South
Korea Creates Department for Blockchain, Fintech, Vietnam Bans Import of Crypto
Mining Hardware and Quebec to Charge Miners More for Electricity
India’s Supreme Court has set September 11 as the
date of final disposal for petitions seeking state regulation of
cryptocurrencies, according to Indian legal news outlet Bar & Bench. The Reserve Bank of India (RBI), who banned all banks and financial
institutions from participating in crypto transactions, maintained that crypto
could “encourage illegal activities” in the hearing today.
South Korea’s Financial Services Commission (FSC)
will create a department specifically aimed at cryptocurrency and blockchain,
according to a report in the Korea Times today. Dubbed the Financial Innovation Bureau, the new department is
meant to exist for just two years in order to nurture the country’s fintech
industry. An official from
blockchain tech firm FANTOM Foundation praised the move from the FSC:
"I think
Korea can be an ideal incubator to test drive new virtual coins and their
blockchain systems. High-speed internet infrastructure is already here,
unparalleled to any other country in the world. And the Korean people are very
adoptive of technology. Now it is the government's role to establish a
favourable environment for virtual coins and their blockchains."
The State Bank
of Vietnam (SBV), the country’s central bank, has agreed to a proposal by the
Ministry of Industry and Trade (MoIT) to suspend the import of crypto mining
technology, according to a report in Viet Nam News. The rationale
for the ban, which is allegedly temporary, is to protect consumers from scams
and fraud, and that cryptocurrencies are illegal as a form of payment in the
country.
Crypto mining
also just got harder, though not as much, in Quebec. According to the Montreal Gazette, authorities
have allowed Hydro-Québec, who provide electricity in the province, to charge
15 cents per kilowatt hour (kWh) to crypto miners. This is double what
residential clients pay. Requests from miners reportedly amounted to 40 percent
of Hydro-Québec’s generating capacity. The decision from the authorities reads:
“The Régie
considers that the rates and conditions … will ensure the security of
electricity supply in the particular context of massive, sudden, unexpected and
simultaneous demands for the use of blockchain technology, including mining
cryptocurrencies.”
Sam Mowers, Investorideas
Crypto Corner Sponsors:
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