Michigan Bill May Make It Illegal to Fake Blockchain Data

This is the first attempt by the state of Michigan authorities to introduce regulations on the cryptoindustry
14 June 2018   277

The state of Michigan is considering two draft laws that classify changes in the data in the blockchain as a crime. This is reported by CoinDesk.

As reported, first of two bills presented earlier this month by state representative Curt WanderWall tweaks the state's penal code pertaining to those who "makes, alters, forges or counterfeits a public record." Under the proposed legislation, this would be extended to "a person that accomplishes a violation...by altering a record made utilizing distributed ledger technology."

The second document includes changes to the current criminal code of Michigan. In particular, lawmakers suggest defining the terms "cryptocurrency" and "distributed ledger technology".

Both bills have already been submitted to the US Justice and Justice Committee.

Note, this is the first attempt by the state of Michigan authorities to introduce regulations on the cryptoindustry. In 2015, the management of the Michigan Department of the Treasury issued a paper, which explained that the purchase of a cryptocurrency is not taxed.

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   53

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.