05/09/2018: Biggest Stories in the Cryptosphere

1. Senior Minister From Bahraini Calls For Education On Blockchain

Bahraini Minister of Electricity and Water Affairs Dr Abdulhussain Mirza has called for people and organisations to explore blockchain so they can fully take advantage of the new technology. The senior minister has described blockchain as a ‘true mark of progress’. The statement was made during the SmartSec Cyber Security and Blockchain Conference 2018’s inauguration, a 2-day conference taking place in the country. Dr Mirza also said that blockchain provides a safer way to conduct transactions. For example, by protecting users’ data. Cyber-security was at the centre of this event. Furthermore, the technology can be applied to different types of companies or even industries.

2. Goldman Sachs Abandons Crypto Trading Desk But Keeps Custodial Service

In May, we reported on Goldman Sachs planning the creation of a cryptocurrency trading desk. The news was followed by reports that it would also provide custodial services to crypto funds. However, the financial services company might now keep its plan for the custodial service while scrapping the crypto trading desk. It justified the decision by blaming ‘regulatory anxiety’. Despite the interest shown by its clients, it was concluded that a framework making crypto trading compliant with the Securities Exchange Commission (SEC) is still not present. The company believes that this is not the right time yet for regulated banks to get involved in crypto trading.

3. Turkey Develops Blockchain Platform For Its Stock Exchange

Turkey’s state-backed stock exchange Borsa Istanbul is developing a blockchain database platform where it will store new customers’ information as well as sharing documents. The decentralised platform was initially established to manage the in-house Know Your Customer (KYC) process, along with registering new users and sharing documentation. All in a fast, transparent manner. The new system will now also facilitate document management and information editing, resulting in a decrease in mistakes. Borsa İstanbul is already able to share its database with ‘the national depository, the clearing and the settlement authority’. This is just the latest stock exchange to decide to integrate blockchain into its operations.

4. Iran Accepts Crypto Mining Industry

Just last week we shared details released by Iran’s Informatics Services Corporations (ISC) regarding the features of its cryptocurrency currently in development. The country itself has now decided to accept the cryptocurrency mining industry, as reported by news agency Ibena. The move was announced by Secretary of Iran’s Supreme Council of Cyberspace Abolhassan Firouzabadi. Although a legislative policy hasn’t been designed yet; the government, along with related organisations, have all accepted the new industry. The other entities include ‘Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well as Ministry of Economic Affairs and Finance’. Firouzabadi also discussed the issue of a state-owned cryptocurrency and praised the many potential benefits it would bring to the country.

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