It was a busy weekend. The Russian government will review crypto regulation. Thai Parliament has allowed the issuance of tokenized securities. Ukraine is very close to launching its national digital currency. French president wants to use blockchain in the supply chain.
The blockchain and cryptocurrency industries have been developing slowly in Ukraine. A few years ago, we reported that Ukraine was preparing to conduct voting with NEM. Apart from that, there haven’t been many crypto developments yet.
As it turns out, Ukraine’s central bank has already completed a pilot scheme for e-hryvnia, its national digital currency. The National Bank of Ukraine has been considering that idea for over a year. The pilot began in December 2018. Aleksandr Yablunivskiy, the head of payment networks and innovative growth department, said:
“At the end of last year we began a practical pilot, when the instrument was released for NBU employees under current methodology, in order to assess its practical use aspects and the ability of the central bank to realize future projects, as well as getting feedback from users.”
Russian crypto industry
The lower house of the Federal Assembly of Russia, the Russian Duma plans to review and launch new cryptocurrency regulations. The new rules should come into force in March. The former Energy Minister Igor Yusufov revealed that in an interview with Russian financial outlet Rambler.
Yusufov also said that he proposed the creation of oil-backed crypto. He suggested:
“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole.”
There was an idea of creating a digital coin based on oil. Nicola Maduro, the president of Venezuela, wanted to develop that in his country. However, the South American country has many internal problems and the cryptocurrency is probably the last thing the authorities thinking of.
Blockchain for agriculture
Emmanuel Macron, the president of France, has urged the European Union to use blockchain in supply chain management. The president disclosed his position on that topic at the 56th International Agriculture Fair in Paris on Saturday.
“Let’s do this in Europe, the avant-garde of agricultural technology, by developing tools that will track every product from raw material production to packaging and processing. The innovation is there and it must be used in the agricultural world, it must be fully used because it is at the service of shared excellence and it will serve the consumer.”
Macron is convinced that only that cooperation among European countries will allow Europe to keep up with global markets in China, Russia, and the United States.
The President of France is a well-known supporter of new technologies. Macron is a former telecoms executive.
Tokenized securities in Thailand
According to a report from Bangkok Post, Thailand’s National Legislative Assembly has approved a new amendment. It is focused on the issuance of tokenized securities such as stocks and bonds. The amendment to the Securities and Exchange Act will come into force later this year.
NLA nod clears path for scripless issuance, tokenisation https://t.co/wqOXtVATIw
— Bangkok Post (@BangkokPostNews) 22 lutego 2019
The new ruling is a groundbreaking move for the crypto industry in the Asian country. When the amendment comes into effect, blockchain-based securities will be issued and traded in the country legally.
Image by Frederic Legrand – COMEO / shutterstock.com