Macron Advocates Use of Blockchain in Agriculture
The French President Macron has advocated the use of blockchain in the agriculture industry. Macron made the following statement during the 56th Agriculture Fair that opened last Saturday:
“Faisons à cet égard de l’Europe, l’avant-garde de la data agricole en développant des outils qui permettront de suivre chaque produit depuis la production de la matière première, jusqu’à l’emballage en passant par la transformation et le transport. L’innovation est là et il faut l’utiliser dans le monde agricole. Il faut l’utiliser pleinement car elle est au service de l’excellence partagée et elle sera au service du consommateur”
“Let’s make Europe in this context a pioneer of agricultural data. By developing tools that allow tracking each product from its production to its processing, packaging and transport. The innovation is there and we have to use it in the agricultural sector. We have to use its full potential as it serves the shared quality and will serve the consumer.”
Macron addressed the fact that blockchain technology can help address consumer concerns about the origin and production of goods. However, the technology is no universal remedy and mislabeling is still possible. Blockchains in this use-case require trust.
Russia Reportedly Planning to Launch an Oil-Backed Cryptocurrency
One of the members of Economic Policy committee in State of Duma, Oleg Nikolayev, recently told the press that the assembly is in the final stages of creating robust cryptocurrency regulations. Unlike the Russian Central Bank which has a conservative stance on cryptocurrencies including bitcoin, the Duma is creating a business-friendly regulation framework that will promote adoption and use of digital currencies. The House is most likely going to finalize the process by end of March and start the process of implementing the regulations. The regulations will further pave the way for the national government to launch a central bank cryptocurrency.
Thailand First Crypto Exchange After Issuing Regulation
Thailand has approved to licence the first crypto exchange in the country after decreeing its regulation of the sector. The exchange Bitherb is a subsidiary of the Japanese exchange Bitpoint which holds the majority stake of 60.5%. The remainin 39.5% belong to the Asia Herb Association Bangkok. Prior to the recent approval, the Thai authorities had only accepted exchanges that launched in Thailand before there was any regulation of the sector. Bitherb has received four different licences to operate in Thailand with which it can operate as a crypto asset exchange, a digital token exchange, a crypto asset broker, and a digital token broker.
Payments Via Lightning Network Will Likely Face Regulation
It is likely that the Lightning Network will face regulation soon. As companies like Domino’s or Twitter offer or enable payments on the network. This means that the anonymity of LN could become a thing of the past. At least when using it to pay businesses. Transactions on their own might be anonymous but regulators can easily prohibit businesses from relying on LN if they do not comply with regulations. This is due to the design of LN which is fundamentally different from other transaction systems.
Bitcoin Futures Will Make The Market Less Volatile
According to the founder of BlockchainBTM- a Crypto ATM in the US, Javad Afshar, Bitcoin Futures will influence a breakout that is needed to usher Bitcoin into a bullish cycle like that of 2017. From this point of view, Bitcoin Futures will limit gains during price upsurges. Hence, the entire Crypto market could be less bullish as BTC has a majority market dominance. On the flip side, this would stabilize the market and allow more risk-averse investors especially at the retail level to participate in Digital Token trading as risks of sudden plunges would be eliminated as well. On the other hand, institutional investors would feel confident to participate in Crypto market transactions given the long-term stability that Cryptos are guaranteeing.