TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Vitalik Buterin speaks at the South Korean Assembly. Allison Herren nominated as new SEC Commissioner. Almost a third of WEG Bank owned by crypto companies. Australia approves law punishing social media for “abhorrent violent” content, and South Korea to Lighten up its cryptocurrency regulation.
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South Korea to Rethink its Strict Stance on Crypto
Top officers of the South Korean government pointed out that a change of stance in the harsh policies and regulations regarding cryptocurrencies could be in the works for the near future. Min Byung-doo, chairman of the National Policy Committee, declared it is illogical to facilitate fintech operations and restrict blockchain and cryptocurrency efforts at the same time.
Vitalik Buterin Speaks at Korean National Assembly
Vitalik Buterin, the Ethereum co-founder, spoke at a hearing in the Korean National Assembly to expose the benefits of blockchain technology, as well as its drawbacks. “Blockchain and Economic Future” was the name of the hearing, and it asked Buterin to talk about how Ethereum fares against the upcoming new-gen cryptos, and the possibilities cryptocurrencies have to substitute traditional payment channels.
New SEC Commissioner Nominee: Allison Herren
Donald Trump has at last nominated the fifth SEC commissioner, Allison Herren, who will have an immense influence on the decisions with regard to the delayed Bitcoin ETF applications of several companies. However, little is known about her feelings or stances on cryptocurrency.
30% of WEG Bank AG in Germany Owned by Crypto Companies
Almost a third of a small German bank called WEG is now owned by cryptocurrency projects, after Nimiq, another blockchain startup, bought a 9.0% stake in the mentioned bank. The other 20% is owned by Tokenpay and the Litecoin foundation. “We believe WEG Bank is on the way to reinventing itself as a bank of the future,” said Nimiq co-founder Elion Chin about the plans they have for the bank to serve as a bridge between traditional banking and cryptocurrency related businesses.
Australia Approves Law That Punishes Violent Posts on Social Media
The Australian government passed a law that establishes fines for social networks and even jail for top executives if they fail to identify and remove violent content in a quick, swift way. “Abhorrent violent material” is the name given to the prohibited content, that will surely make social networks establish even more intrusive filters for posting material online. “Social media platforms had to take more responsibility for their content,” declared Christian Porter, Australia’s attorney general.
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