Tag: Digital

South Korea to Provide Blockchain-based Digital Identities to Citizens by 2024

South Korea plans to provide digital identities encrypted by blockchain with smartphones to citizens in 2024 to facilitate its economic development., Bloomberg reported Monday. The South Korean government stated that with the expansion of the digital economy, the ID embedded in the smartphone is an indispensable emerging technology to support the development of data. Through digital identities on the blockchain, the network verification process will be simplified, and users can log in without taking a certificate or a verification code sent by text. Widespread use based on digital IDs will…

Macau Discusses Bill That Proposes to Make Digital Currencies Legal Tender – Regulation Bitcoin News

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Macau, one of China’s special administrative regions, recently concluded discussing a bill that seeks to make digital currencies legal tender, a report has said. The report also suggested that individuals who reject or refuse to accept legal tender will be fined between $123 and $1,230. Improving Macau’s Legal System An executive council of Macau, an autonomous region on China’s south coast, recently completed discussing the draft bill proposing to include digital forms of currency in its basket of financial instruments that are accepted as legal tender. As explained in the…

Koreans to have access to blockchain-powered digital IDs by 2024

South Koreans could soon allow its citizens to use blockchain-based digital identification (ID) instead of physical cards as soon as 2024, as the nation further embraces blockchain technology. According to an Oct. 17 report from Bloomberg, a plan from the government will see digital IDs embedded as an app within mobile devices in the future, working in a similar fashion to physical resident registration cards. The digital IDs are expected to launch in 2024, with around 45 million citizens expected to adopt the technology within two years. An economist at…

Chinese Researchers Propose Asian Digital Currency to Reduce Reliance on US Dollar – Finance Bitcoin News

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Experts from an economic institute in China have circulated the idea of creating a blockchain-powered digital currency that could lower Asia’s reliance on the greenback. The initiative comes against the backdrop of an expanding digital yuan pilot, and after recent trials of cross-border payments with state-issued digital currencies in the region. China Suggests Minting Asia-Wide Digital Yuan Underpinned by Distributed Ledger Technology Chinese government researchers have proposed the introduction of a new digital currency in Asia in order to reduce the region’s dependence on the U.S. fiat money. The common…

It’s time for the feds to define digital commodities

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This month, the European Union (EU) agreed on the text for a unified licensing regime for cryptocurrency exchanges to operate across the EU bloc as part of its Markets in Crypto Assets Regulation (MiCA). The United States — despite being a traditional global leader in legal frameworks for technological innovation — has not provided that same regulatory clarity.  National cryptocurrency exchanges in the U.S. are regulated at the state level through a patchwork of money transmission laws that overburden companies while under-protecting consumers. In our view, many digital tokens are…

UK’s FCA Appoints Binu Paul to Lead Its Digital Assets Department

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Blockchain Solutions Drive Digital World Growth

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Blockchain has been the most spoken word in the tech world in recent years because of its entry the whole digital space is looking for a complete transformation. Here let’s know more about why the whole digital ground is targeting blockchain in the tech world. The blog comes up with an overview of blockchain solutions and will be sharing info about blockchain’s role in various industries. Blockchain in simple words is said to be a shared database or ledger where the data is stored in blocks separately under a node…

How does zero-knowledge proof authentication help create a portable digital identity solution?

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Web engineers have been working for a long time to determine if there is a way to prove something is true without revealing any data that substantiates the claim. Zero-knowledge proof (ZKP) technology has enabled the deployment of cryptographic algorithms for verifying the veracity of claims regarding the possession of data without unraveling it. These proof mechanisms have led to advanced mechanisms that enhance privacy and security. Leveraging blockchain deals with problems related to centralization, while the lack of privacy in decentralized applications (DApps) can be balanced with cryptographic ZKP…

Bitcoin Miner Stronghold Digital Bolsters Balance Sheet by Cutting Costs, Slashing Debt by More Than 60%

The end of Stronghold’s deal with Northern Data will eliminate all profit sharing obligations, which it estimates would have been $10 million-$25 million (depending on the price of bitcoin) until September 2024, according to a statement on Friday. The cash outflow under the previous deal would be about 35% of miner revenue, net of a $0.027 per kilowatt-hour (kWh) in power costs, according to the statement. On top of that, Stronghold is absolved of about $2.6 million payable to Northern Data. Source