Roundup: 25/09/2018 – North Korea relies on Bitcoin? & more

Indian Supreme Court’s final hearing before judging on crypto ban case

The case against the crypto ban in India enters its final round as the Supreme Court will hear the final arguments of both sides.  The Internet and Mobile Association of India (IMAI) petitioned against the crypto ban. While the Reserve Bank of India (RBI) is the strongest advocate of the ban. The strongest arguments by the RBI are the usual money laundering and terror financing concerns. While the IMAI advocates that the ban violates basic civil rights. However, the case currently revolves around the fact that there is currently no framework defining cryptocurrencies legally. Therefore, the ban, if the Supreme Court decides to maintain it, would likely continue only until that legal framework is established by the Indian government.

North Korea is likely relying on Bitcoin to fund its state

According to two Washington based experts who spoke to the Asian times, North Korea could and is using Bitcoin and Altcoins to circumvent US sanctions. The process apparently relies on “mixing, shifting and exchanging”. A tactic to conceal the source of the money by swapping into different currencies and to gain access to e.g. European exchanges that exchange for Dollar. The DKRP could obtain up to hundreds of millions of Dollar this way. As the Dollar is, after all, the most important reserve (i.e. trading currency) of the world.

ConsenSys Starts to Supply Electricity in Texas Using Ethereum Mainnet

A blockchain startup called Grid+ managed to set up systems that supply electricity to its clients. The company achieved this goal by developing and installing an advanced hardware gateway system.  It works with the blockchain to distribute renewable energy such as wind and solar energy to customers on the Ethereum network. Notably, Joseph Lubin who happens to be the co-creator of Ethereum recently made a decision to increase his team to 900 employees in a bid to promote efficiency and productivity.

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