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Italy Might Pass First Blockchain Law

While there are countries that are still arguing about how exactly to classify or regulate cryptocurrency – it appears as though Italy is busy trying to figure out how to use blockchain technology in ways that could make the world more efficiently.

Specifically, Italy’s Senate is exploring exactly how to allow for “timestamping” with respect to blockchain and validate documents using blockchain. For example, this would allow for there to be a legal precedent for data and documents of all kinds, and the distributed ledger technology would make the verification that much more secure, for example.

Italy Open To Change

While two committees – the committee of Constitutional Affairs, and the committee of Public Works – have approved the amendment – Italian parliament would have to actually turn the regulation into law. There are two important aspects to the amendment, in that it actually defines “smart contract” and “distributed ledger technology”.

While other countries are still ambivalent on how to deal with the sector – Italy, last month, published a list of 30 different experts to come up with a “blockchain strategy” for the nation. The list includes individuals involved in business, law, research, science, and more.

Banks Already Involved

In a growing trend, Italy’s banks are already exploring how to utilize blockchain for increased efficiency. The platform that they decided to use was developed by the startup R3, and is known as “Corda Enterprise”, which has made headway globally. In fact, Italy’s second-largest bank, Intesa Sanpaolo, and thirteen other banks, were involved.

The idea was to improve interbank transactions, and took place over ten months. This also involved over 1.2 million transactions over this period of time, as well. The tests were also conducted in partnership with ABI Lab, which is backed by the Italian Banking Association. The banks also plan on moving forward to utilizing blockchain for everyday transactions in general, during the trial’s next phase, being conducted now.

 

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South Africa Taking Steps To Regulate Cryptocurrency

Even though more individuals, organizations, and corporations know about cryptocurrency than ever, the truth is that many countries do not know exactly how to regulate the sector. There are countries that immediately view cryptocurrency as a threat, while there are others that are seeking to quickly ensure that they embrace blockchain and cryptocurrency to boost their local economy.

It appears as though South Africa is finally taking the steps to explore how to regulate cryptocurrency. Specifically, the South African government has established a crypto assets regulatory working group.

Finance Minister Comments

The finance minister of South Africa, Tito Mboweni, stated that the group will be releasing a paper soon. He stated: “It is anticipated that, following broad industry comment and participation, the crypto assets regulatory working group will be ready to release a final research paper on the subject during the course of 2019.”

He also pointed out that the South African Revenue Service will soon be implementing options for cryptocurrency in their tax forms, and coming up with a concrete way for those who trade/invest in cryptocurrency to pay taxes.

Overall Interest

For some context, it should be noted that many South Africans are not only aware of cryptocurrency, but a significant percentage of them view cryptocurrency as a positive way to accrue wealth. In a survey conducted earlier this year, it was revealed that 38% of the respondents “wished they had invested in” cryptocurrency. In addition, a majority of those surveyed – over 70% – stated that “You can make a lot of money with them.”

A new cryptocurrency trading platform by the name of VALR is also planning a launch in South Africa, in partnership with well-known cryptocurrency exchange Bittrex. The platform will apparently utilize machine learning and artificial intelligence to help with identification. Bittrex CEO Bill Shihara said about the partnership: “Our partnership with VALR gives us the opportunity to help drive adoption of this technology in new markets.”

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Jameson Lopp Speaks About Bitcoin (BTC) And Government

There are many reasons to believe in blockchain and cryptocurrency. There are entrepreneurs that love the fact that blockchain can optimize their businesses, and there are human rights advocates that appreciate the transparency of blockchain. Of course, there are differing opinions as to what the true principles of decentralization are, and how blockchain should be applied to society.

Jameson Lopp is a well-known cryptocurrency figure and a self-described cypherpunk, and Bitcoin Core developer. He recently appeared on a podcast where he seemed to point out that Bitcoin could help with overall governance.

About The Appearance

Lopp appeared on the Stephan Livera Podcast several days ago, on December 29, 2018. During his appearance, he seemed to suggest that society could be governed in a new way thanks to the digital asset. Specifically, he stated: “I believe that Bitcoin is a very interesting experiment that if is successful in the long run could not only revolutionize money, but revolutionize how we think about governance.”

He elaborated that Bitcoin could be used to create a “more self-sovereign, anarcho-capitalist society”. He also seemed to acknowledge that if this were to occur, it would not be in the near future, saying: “The first step I think is Bitcoin, and if that’s successful enough, then we can start talking about the next step.”

About Lopp

Lopp was introduced on the podcast as a “well-known cypherpunk within the Bitcoin community” and the chief technology officer (CTO) of Casa”, a key management company. He also created a Bitcoin statistics website by the name of Statoshi.info, as well.

Lopp spoke on his future endeavors going into 2019, stating that he would be “continuing the security focus that I had for the past three years, with our vault products, the Casa Key Master, which we are currently targeting for high net-worth individuals, but of course, eventually want to make available to as many people as possible.”

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Time Writer Thinks Bitcoin (BTC) Can Help Free Us All

If there is one thing that any cryptocurrency enthusiast should know by now, it’s that the issue of cryptocurrency is polarizing. There are those who swear up and down that Bitcoin is a scam simply meant to fool new investors, and that the entire ICO sector is a sham – while there are many others who believe that cryptocurrencies will fundamentally change the way that we live and interact with each other.

It appears that respected and well-known publication TIME has made their opinion known – well, at the very least, a TIME writer has, and, unlike many other mainstream news publications, is actually advocating for Bitcoin development. The TIME column has quickly gained traction within the cryptocurrency community.

About The Column

The author is one Alex Gladstein, the chief strategy officer at the Human Rights Foundation and the Oslo Freedom Forum (according to his Twitter bio). The column’s title is quite a bold one – “Why Bitcoin Matters For Freedom”, and Gladstein tweeted out a link to the column. The tweet has already garnered over 1,000 likes and 400 retweets:

https://twitter.com/gladstein/status/1078614849305890816

 

One example of how Bitcoin can change the world that is explored is an obvious one that cryptocurrency proponents are already aware about: Venezuela. Because of the economic crisis in Venezuela caused by hyperinflation; many have turned to Bitcoin as a means of avoiding the strict financial control associated with the country.

Measured Praise

It’s important to note that the column was not simply an advertisement for cryptocurrency markets, as Gladstein acknowledged specifically that “speculation, fraud and greed in the cryptocurrency and blockchain community have overshadowed the real, liberating potential of Satoshi Nakomoto’s invention.”

The column did not simply provide Venezuela as an example, but pointed to the fact that cryptocurrency can disrupt the remittance industry, a point that is brought up by many that believe in the potential of blockchain. Gladstein even stated that decentralized technology in general allows for users to avoid the traditional financial system and social networks that could ultimately be used against us.

The column ended by pointing out that Bitcoin can help many people who live under authoritarian rule, and can financially empower populations that normally might not have the opportunity . Gladstein stated: “If we invest the time and resources to develop user-friendly wallets, more exchanges, and better educational materials for Bitcoin, it has the potential to make a real difference for the 4 billion people who can’t trust their rulers or who can’t access the banking system. For them, Bitcoin can be a way out.”

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Iran Turning To Blockchain?

While there are many individuals in the traditional finance world that still attempt to downplay the cryptocurrency markets, more politicians and businessman are praising the fact that blockchain technology can improve our world in ways that we simply cannot imagine. Interestingly enough, an official from Iran has recently pointed out that cryptocurrencies and blockchain could actually revitalize Iran’s economy.

Iran Official Interested

His name is Alireza Daliri, and he is a Deputy for Management Development and Resources at the Vice Presidency for Science and Technology. He was quick to point out that other countries were already benefiting from blockchain, stating: “Over 140 countries are now benefiting from blockchain technology around the world.”

While he acknowledged that there was risk involved, he declared that while some governments are concerned about blockchain technology, “its benefits are more than its damages”, while also pointing out that blockchain could “decrease bureaucratic procedures”, as well.

Iran and Crypto

Iran seems to view cryptocurrency as a positive way to spur innovation. Daliri was supposedly behind the scenes with regards to laying groundwork for possibly creating a new national cryptocurrency in order to circumvent U.S. sanctions. The national cryptocurrency would be backed by the official currency of Iran, the rial.

Iranian President Hassan Rouhani

The plans were supposedly even approved by Hassan Rouhani, the current president of Iran. An individual by the name of Saeed Mahdiyoun, the deputy director of the Supreme Cyberspace Council, confirmed these plans months ago, but did not elaborate.

While Iran might utilize blockchain technology in various ways – the investor/trader climate in Iran is not looking so great in Iran since Binance, the world’s largest cryptocurrency exchange by daily volume, recently warned its users to withdraw their capital.

This is a result of U.S. sanctions, which activated on November 5. Iranian Binance users received an email, stating: “If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible,” reads an email received in recent days by Iranian users, according to several local sources.

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Influential Cypherpunk Passes Away At Age 67

Those who truly understand cryptocurrency history know that the cryptocurrency world owes a lot to the cypherpunk movement, a technologist movement that advocated for privacy and cryptography throughout the 1980s and 1990s in order to redefine the way that human beings, organizations, and institutions interact with each other.

There are three individuals that are widely considered “godfathers” of this movement: Timothy May, Eric Hughes, and John Gilmore. Unfortunately, one of the founders of this movement, Timothy May, has passed away at the age of 67.

The Crypto Manifesto

Timothy May is most famous as the author of The Crypto Manifesto, which many have praised as incredibly ahead of its time, in that it describes how technology would eventually transform the world as we know it, and the way that human beings interact with each other.

Specifically, May stated, in The Crypto Manifesto: “Computer technology is on the verge of providing the ability for individuals and groups to communicate and interact with each other in a totally anonymous manner. Two persons may exchange messages, conduct business, and negotiate electronic contracts without ever knowing the True Name, or legal identity, of the other. Interactions over networks will be untraceable, via extensive re- routing of encrypted packets and tamper-proof boxes which implement cryptographic protocols with nearly perfect assurance against any tampering.

He continued: “Reputations will be of central importance, far more important in dealings than even the credit ratings of today. These developments will alter completely the nature of government regulation, the ability to tax and control economic interactions, the ability to keep information secret, and will even alter the nature of trust and reputation.”

Many have pointed out that, in this manner, Mr. May essentially predicted the rise of Bitcoin.

Praises and Condolences

Influential cryptocurrency figures were quick to offer their condolences for May, given the fact that he is considered a forefather for the cryptocurrency world as we know it. For example, Vitalik Buterin, one of the most respected individuals in the sector, and the co-founder of Ethereum, took to Twitter to offer his condolences:

Nick Szabo, a well-known computer scientist and cryptographer who some believe is actually the real Satoshi Nakomoto – the creator of Bitcoin – also offered his condolences. He stated that May was his “chief cypherpunk inspiration”, and that his vision was “of a cyberspace free from government oppression.” He ended the tweet by stating that May will be missed greatly.

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President Trump’s New Chief Of Staff Loves Bitcoin (BTC) and Blockchain

President Donald Trump of the United States has a tradition of making big announcements on the social media platform Twitter, and that certainly doesn’t seem to be changing, as he named Budget Director Mick Mulvaney as his acting chief of staff. Mulvaney will replace John Kelly as chief of staff, and Trump praised both of them in the announcement on Twitter. He called Kelly a “great patriot” while also stating that Mick Mulvaney had done an “outstanding job”. You can find the tweets from the president below:

 

 

Not The First Choice

It’s interesting to note that the White House has clearly been trying to replace John Kelly with various candidates that appear to have turned it down. There has reportedly been tension between Kelly and Trump for some time now.

However, it appears as though many established politicians turned down the job both publicly and privately when they were named as possible contenders for the job. For example, Rick Santorum, a former U.S. senator who previously ran for president, turned down the job on CNN. Chris Christie, the former governor of New Jersey who many believe was snubbed by President Trump once the president was elected, also declared that he is not currently interested, as reported by New York Times’ Maggie Haberman on Twitter:

 

Mulvaney: Proponent of Bitcoin

Interestingly enough, Mulvaney, who is currently the director of the U.S. Office of Management and Budget (OMB), has previously spearheaded the Blockchain Caucus. For those who are unaware, the Blockchain Caucus was created in early 2017 to come up with potential policy reform with regards to blockchain.

Mulvaney was replaced around the time that it was clear that he would he heading the OMB office by U.S. Representative David Schweikert. Mulvaney has previously stated about blockchain technology: “Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy and the delivery of government services, and I am proud to be involved with this initiative,” Mulvaney previously stated.

It is important to note that Mulvaney has been named chief of staff in a temporary capacity, and has not stepped down as the director of the OMB. Regardless, the chief of staff role does require fulfilling a variety of critical functions with regards to the office of President Trump, and time will tell whether Mulvaney’s new role will potentially mean some great news for the United States and cryptocurrency/blockchain regulation.