The COVID-19 pandemic has exposed flaws across various sectors. As a result, a number of government departments are evaluating blockchain-based systems as possible solutions for challenges involving multiparty workflows, record-keeping, transparency and more. For example, the United States Department of Education recently provided funding for the launch of the “Education Blockchain Initiative.” Referred to as the EBI, this project is led by the American Council on Education — an organization that helps the higher education community shape effective public policy — and is designed to identify ways that blockchain can improve data flow between academic institutions and potential employers. Determined …

The State Bank of India, or SBI — a major Indian government-owned bank — is looking to improve cross-border payments with a blockchain solution by United States investment bank JPMorgan Chase. According to a Tuesday report by The Economic Times, the SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers. SBI deputy managing director Venkat Nageswar said that the bank has already gone live on Liink. “We are excited to be the first bank in India to go …

Amid a major downward correction in the cryptocurrency market, the head of South Korea’s central bank is skeptical about digital currencies like Bitcoin (BTC). Bank of Korea Governor Lee Ju-yeol said that crypto assets like Bitcoin have no intrinsic value, local news agency Yonhap reports Tuesday. The official said that he expects more price swings on the market, stating, “It is very difficult to predict the price, but its price will be extremely volatile.” Speaking at the National Assembly, Lee also addressed possible reasons behind the recent sharp crypto rally, which led Bitcoin to become a $1 trillion asset. The …

China’s central bank is pushing exposure to its ongoing national digital currency pilot by enlisting two major private banks in the project. According to a Monday Bloomberg report, MYbank and WeBank will help the People's Bank of China extend its user exposure in the ongoing pilots of its central bank digital currency, the digital yuan. As part of the integration, MYbank’s service will soon be introduced to the PBoC’s digital yuan app, people familiar with the matter told Bloomberg. The e-wallets by MYbank and WeBank will reportedly have exactly the same functions as those from the six state-owned lenders in …

Vlad Tenev, Robinhood’s CEO, very much occupied the hot seat in today’s hearing before the House Financial Services Committee over January’s market volatility. None of the representatives seemed particularly interested in putting the screws to Reddit CEO Steve Huffman, and many seemed to give Keith Gill the same props the rest of us did. These aren’t the market manipulators you are looking for Gill, in all fairness, was the most likeable character involved, introducing his remarks by saying “A few things I am not: I am not a cat and I am not an accredited investor.” Gill, who really started …

United States lawmakers are set to grill Robinhood CEO Vlad Tenev over the GameStop trading frenzy at a Congressional hearing later today. In his prepared remarks, Robinhood CEO appeared to place responsibility for the platform’s stock trading suspensions on the U.S. Securities and Exchange Commission. Tenev said that the company blocked trading to meet “regulatory deposit requirements” defined by the SEC. The exec specifically criticized an SEC rule that requires equities transactions to clear over two days: “It takes several days for the clearinghouse to process the transaction [...] This is known as “T+2” settlement, denoting the trade date plus …

The Swiss canton of Zug now allows its residents to pay taxes in cryptocurrencies like Bitcoin (BTC) and Ether (ETH). Bitcoin Suisse, a local crypto broker that enabled the new opportunity in partnership with the canton, announced Feb. 17 that the crypto payment option has rolled out this week. The administration of the canton of Zug placed an official memo for the new tax payment option on its official website, providing detailed video instructions for paying tax bills with crypto. “This step forward for crypto adoption has been enabled by the pioneering work from the Zug cantonal tax office using …

As the COVID-19 pandemic unfolds, the Biden–Harris administration has begun implementing new strategies to restore the U.S. economy. While notable, implementing emerging technologies, while ensuring data privacy, should also be a top priority for the White House administration to consider. Don Tapscott, executive chairman of the Blockchain Research Institute — a think tank aimed at advancing blockchain and other emerging technologies — told Cointelegraph that the COVID-19 pandemic has spurred an era, in which government leaders must now acknowledge digital realities: “This is the time for government leaders to develop a comprehensive framework for achieving prosperity, justice, sustainability, social cohesion …

Russian lawmakers are actively preparing new legislation for taxing cryptocurrencies like Bitcoin (BTC). According to an official announcement by the Russian State Duma, the Duma’s Committee on State Building and Legislation has approved a bill on cryptocurrency taxation on Feb. 15. The new bill represents a set of amendments to the Russian federal tax code. As part of the draft bill, the Russian government officially recognizes cryptocurrencies like Bitcoin as property, aiming to tax profits from crypto trading by Russian residents. The bill targets all domestic residents including citizens and foreigners, as well as Russian and international organizations established in …

A major financial regulator in Thailand is looking to determine qualifications for cryptocurrency traders to ensure investor protection. The Securities and Exchange Commission of Thailand has scheduled a public hearing this month to address specific requirements for investors who want to open a crypto trading account, local news agency The Bangkok Post reported Monday. By initiating the new qualification system, the Thai SEC intends to ensure that new retail investors moving into crypto trading have sufficient financial resources to absorb risks from the highly volatile prices of crypto. The Thai SEC’s secretary-general, Ruenvadee Suwanmongkol, hinted that Thailand’s upcoming crypto investor …

Crypto industry actors in Hong Kong have been trying to push back against a forthcoming law that would restrict legal cryptocurrency trading to professional investors, locking out 93% of the local population from the market. In comments to the South China Morning Post published on Monday, industry body Global Digital Finance warned that the proposed law would likely push retail traders to embrace unregulated platforms. Global Digital Finance represents cryptocurrency exchanges such as BitMEX, Huobi, Coinbase and OKCoin and has been at the forefront of industry efforts to push back against the forthcoming legislation. Hong Kong's Financial Services and the …

As institutions move into the cryptocurrency space, the need for clear rules regarding digital assets is critical, an official at the Securities and Exchange Commission said. SEC commissioner Hester Peirce believes that clear cryptocurrency rules are needed now more than ever due to firms like Tesla and Mastercard actively embracing the alternative asset class. Peirce discussed the implications of institutional crypto adoption with Reuters on Saturday, following a series of massive crypto-related events in the last few weeks. After Elon Musk’s Tesla hinted at payments in Bitcoin (BTC), more companies including the United States’ oldest bank BNY Mellon and payment …