Blockchain May be Used to Fight Prostitution

U.S. Congressman Juan Vargas penned the Fight Illicit Network and Detect (FIND) Trafficking Act 
13 June 2018   325

Member of the Committee on Financial Services at the US House of Representatives, Juan Vargas, proposed the use of blockcain technology to combat the use of cryptocurrency when buying sexual services and drugs. This is reported by CoinDesk.

Juan Vargas hopes that this bill will make the scope of the cryptocurrency more transparent and improve the efficiency of the federal services.

On 11 June 2018, U.S. Congressman Juan Vargas penned the Fight Illicit Network and Detect (FIND) Trafficking Act in order to "improve the efforts of Federal agencies to impede the use of virtual currencies and online marketplaces in facilitating sex and drug trafficking."

If the US Congress takes the initiative to vote, the Office of General Accounting will conduct a study on how virtual currencies are used to support trafficking in persons, drug trafficking and other purposes.

In March, the Playboy TV network began accepting cryptocurrencies as payment for adult content. However, the work of such platforms became endangered after the US Congress passed the FOSTA-SESTA law in April, banning sex trade on the Internet.

Chinese Bank to Issue $66M Worth Securities on Blockchain

The Lianrong blockchain platform was launched by the bank to provide registered companies with the opportunity to distribute assets secured by accounts receivable to investors
21 August 2018   55

Zheshang Bank, one of the largest commercial financial institutes in China, issued securities worth $ 66 million through its proprietary blockchain platform. This is reported by CoinDesk.

On August 13, the bank submitted a prospectus to the Shanghai Clearing House. At the same time, representatives of Zheshang Bank reported that the securities will be secured by accounts receivable from various companies.

A few days later, the China Securities Journal reported that the bank issued these assets on August 17, becoming the first institution in the country to issue such securities.

The Lianrong blockchain platform was launched by the bank to provide registered companies with the opportunity to distribute assets secured by accounts receivable to investors.

Founded in 2004, Zheshang Bank is one of China's 12 publicly traded financial companies that launched various initiatives related to distributed registry technology over the past year and a half.