Official Blockchain law society founded in Seoul
Judges and law experts in South Korea are forming an association to discuss blockchain, cryptocurrencies surrounding laws and legal issues. They will have their founding meeting on the 24th of August. The association will be open to the public. The first meeting will take place in the Seoul Central district court and a press release was published today. The society will discuss both regulatory and legal issues surrounding the blockchain as well as use-cases for the new technology in the legal space.
Bitoasis collaborates with regulators to set legal framework in Middle-East
Bitoasis is the biggest crypto exchange in the Middle-East and has its headquarters in Dubai. It is now working together with experts from the Gulf Cooperation Council (GCC). The GCC has a strongg influence in the politics of its five member states, Kuwait, Bahrain, Saudi Arabia, Qatar, United Arabian Emirates and Oman. Experts compare the GCC to the European community in the sixties. There is political collaboration, a free trade union and even a monetary union was once planned. Bitoasis seeks cooperation with the GCC to contain the negative impact of Saudi Arabia’s financial authorities who warned of crypto and declared it illegal last week. However, the impact and the influence of this collaboration is doubtful.
Venezuela declares that PetroDollar is official currency
The Venezuelan state declared today that the PetroDollar is its official currency. It will coexist with Venezuela’s fiat currency, the Bolivar. There is much speculation about Venezuela’s strategy with the cryptocurrency. Is it a good sign for the crypto space or is the socialist state just acting out of desperation? In our article, we posed the question whether declaring XPD an official currency is good or bad news?