Chain News by Thebittimes.Com

The EU’s Data Act could introduce “kill switch” requirements for smart contracts, raising questions about how decentralized projects would handle such a scenario. The Data Act — a contentious piece of European Union legislation that includes a clause requiring the ability to terminate smart contracts — has been approved by the European Parliament. If introduced, the legislation will require a smart contract to have a “kill switch.” In a Nov. 9 press release, the parliament announced that the legislation was passed with 481 votes in favor and 31 against. The next step for it to become law is to gain the approval of the European Council. In its current form, the Data Act stipulates that smart contracts must have the capability to be “interrupted and terminated,” and it mandates controls that allow for the resetting or halting of the contract. The stipulation appears to be a significant departure from the blockchain’s foundational ethos of decentralization. How such kill switch es would...

In the rapidly growing metaverse market, businesses are looking for new creative ways to engage and monetize their communities digitally. The metaverse has the potential to revolutionize how businesses promote themselves, communicate with their clients, and build economies. By creating immersive 3D experiences, companies and organizations can develop interactive user stories and experiences that foster engagement, monetization, and data visualization, unlocking billion-dollar economies and commercial opportunities for both companies and user-generated content (UGC). According to a McKinsey report, the metaverse market is poised to skyrocket from an already substantial $120 billion market in 2022 to an astonishing $5 trillion by 2030. This exponential growth will open up many opportunities across all industries. Technology research and consulting firm Gartner predicts that adoption will continue to rise steadily across various domains, including work, shopping, education, social intera...

According to official data available publicly, the state of Maine currently holds over $328 million in unclaimed property. A report issued by the Office of the Maine State Treasurer highlighted the U.S. state’s interest in officially managing the abandoned and recovered crypto assets. The program evaluation report of Maine uncovered the state ’s lack of preparedness when it comes to handling crypto currencies. It read: “Our office does not currently handle cryptocurrency, but programs like Unclaimed Property may need to start addressing the situation of abandoned cryptocurrency accounts.” According to official data, the state of Maine currently holds over $328 million in unclaimed property. The website requires the name, address and property ID information of claimants searching for an unclaimed property. Form for searching unclaimed property in the U.S. state of Maine. Source: maine.gov  The report also uncovered the state treasurer’s interest in implementing reforms for emerging i...

DICT Director Emmy Lou Versoza-Delfin said there’s been a rise in innovative blockchain startups in the Philippines, signaling that the country could be a global leader in blockchain. The Blockchain Council of the Philippines (BCP) — a nonprofit organization dedicated to improving the regulatory framework for blockchain technology — has partnered with the Department of Information and Communications Technology (DICT) to foster Web3 adoption in the Philippines.  In an announcement sent to Cointelegraph, Donald Lim, the founding president of the BCP, said that the organization’s vision is to drive Web3 adoption in the Philippines. BCP’s primary goal is to propel blockchain adoption in the country and make the country a global leader in blockchain technology. To achieve this goal, BCP will be working to educate and collaborate with local stakeholders within the Philippine blockchain ecosystem. This includes working with government bodies, Web3 developers, civil society organizations ...

the GAO highlighted blockchain’s ability to streamline and improve annual reporting, facilitating safe loans and monitoring business development progress among others. The United States Government Accountability Office (GAO) found that blockchain technology can help facilitate oversight of various programs run by the Small Business Administration (SBA). The GAO explored the potential use of blockchain in SBA programs , which provides support to entrepreneurs and small business es. In its report, the GAO highlighted blockchain ’s ability to streamline and improve annual reporting, facilitating safe loans and monitoring business development progress among others. Small Business Administration: Exploring Potential Use of Blockchain https://t.co/rJ4e8OTsc8 — U.S. GAO (@USGAO) July 11, 2023 While the SBA has not considered using blockchain, experts cited in GAO’s study believe that blockchain can help the federal agency overcome numerous challenges it faces today: “These include ...

U.S. Republican Representative Patrick McHenry called for clarification on a “poorly” written digital asset tax provision in a letter to the Treasury. The incoming United States House Financial Services Committee chair Patrick McHenry wants the Treasury to delay the implementation of a section of the Infrastructure Investment and Jobs Act that deals with digital assets and tax collection. McHenry sent a letter on Dec. 14 to U.S. Treasury Secretary Janet Yellen with questions and concerns about the scope of Section 80603 of the Act. In the letter he requested clarification over the “poorly drafted” and potentially privacy-compromising Section that deals with the taxation of digital assets, scheduled to go into effect in 2023. He said the section requires the government to treat digital assets as the equivalent of cash for tax purposes which could “jeopardize” the privacy of Americans and have a negative impact on innovation. The section, called "Information Reporting for Brokers a...

One of the design options for the Ukrainian CBDC describes the e-hryvnia available for usage in crypto exchange operations. The National Bank of Ukraine (NBU) has introduced a draft concept for its Central Bank Digital Currency (CBDC) candidate digital hryvnia , or e- hryvnia . Ukraine’s central bank on Nov. 28 released a statement on the concept of e-hryvnia, which aims to perform all the functions of money by supplementing cash and non-cash forms of the hryvnia as its key purpose. The NBU said it has presented the e-hryvnia concept and continues developing the CBDC project with participants of the virtual assets market, payment firms and state bodies. According to the announcement, the central bank is currently considering and developing three possible CBDC options, depending on design and main characteristics. The first option describes the e- hryvnia for retail non-cash payments with the possible functionality of “programmed” money through smart contracts. A retail e- hryvnia...

The FTX saga has made some crypto executives, researchers, analysts, and politicians more aligned on regulation than ever. Crypto executives and politicians are becoming louder in their calls for crypto Regulation as the aftermath of the FTX collapse continue s to reverberate through the industry.  In just the last 24 hours, the European Central Bank (ECB) president Christine Lagarde called Regulation and supervision of crypto an “absolute necessity” for the European Union, while United States House Financial Services Committee Chair Maxine Waters announced that lawmakers will explore the collapse of FTX in a Dec. 13 inquiry. On Nov. 28, United States Senator and crypto supporter Cynthia Lummis described the collapse of FTX as a wake-up call for congress, according to The Financial Times.  During an interview at the Financial Times’ Crypto and Digital Assets Summit, Lummis said the bipartisan bill she introduced this year would have prevented the FTX collapse as regulators would be ...

The opposition party MPs has questioned the credibility over its failure to protect retail investors from FTX collapse and had demanded data on the extent of losses incurred by the investors. The collapse of the now-bankrupt cryptocurrency exchange FTX has put the Singapore prime minister and the ruling government in a hot seat. Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong are set to face grilling questions for their failure to protect retail investors. The Members of Parliament (MP) from the opposition Workers’ party raised 15 questions about Temasek’s investment and FTX collapse . The MPs questioned the government ’s credibility in tracking the extent of investments by Temasek and Singapore’s sovereign wealth fund GIC. The discussions around the government policies while investing in digital assets will be scrutinized further in a parliamentary discussion on Nov. 28, reported a Singaporean daily. The opposition MPs have recommended a bipartisan committee to...