Germany before July 1 will receive the rules of cryptocurrency regulation, in the Monero network will be held hardfork. Banks of the Republic of South Africa and China launch a payment system on the blockchain.
According to a document published on the website of the German government, in the country until mid-2019, rules will be introduced to regulate cryptocurrency and blockchain. Back in February, the authorities sent inquiries to business representatives with a request to share information about their vision for further development.
The government has repeatedly noted that they do not see in the cryptocurrency a threat to economic stability. A little earlier, the Federal Financial Supervision Agency issued Bitbond permission to sell tokens. More precisely, buyers will be offered securities denominated in digital financial assets (STO).
How is cryptocurrency in Germany regulated
The next major event in the world of cryptocurrency will be held on March 9. It is expected that on this very day a block 1788000 will be generated on the Monero network. It is on it that the blockchain will be updated. Plans for its implementation caused a heated debate in the community.
The fact is that now up to 85% of cryptocurrency is mined by professional devices - ASICs. This can significantly destabilize the blockchain and make it dependent on a narrow group of individuals. Hardfork, which will be held on March 9, should change the balance of power, and make mining on ordinary computers and farms more profitable. The last update of the Monero blockchain was held in October, and pursued the same goals. However, the effect lasted less than a week, after which the ASIC miners again returned to the production of cryptocurrency.
One of the largest South African banks together with the Chinese ICBC have created their own payment system based on Hyperledger Fabric. It will be launched in the second half of 2019, and will provide additional services to commercial organizations.
The system uses not only its cryptocurrency technology, it includes a chain of payments through Swift and Shyft. This means that the blockchain from Hyperledger Fabric will be at the heart of the transaction. But if there are any difficulties or technical failures, an appeal to Swift will take place. Thanks to this technology, the stability and reliability of the network is significantly increased.