Ripple confirms Сhina expansion plans

Ripple confirms its plans to enter one of the world's biggest markets
16 August 2017   1089

The San Francisco blockchain startup Ripple address rumours about its Сhina expansion plans, CoinDesk reports. 

Long story short: yes, the blockchain company is planning to set up operations in China, but no, it's not doing so with the help of one of the region's e-commerce giants Alibaba.

Emi Yoshikawa, Ripple's director of joint venture partnership, commented on the situation:

"China is a key market for a global payments network, which is why we are looking to build a presence there. Total cross-border payment value involving China is $5 trillion annually, and the large Chinese e-commerce market currently lacks a highly efficient and low-cost solution."
 

Emi Yoshikawa
Ripple's director of joint venture partnership

Despite the fact that Ripple has added 10 new financial institutions to its blockchain network, including MUFG in Japan, BBVA in Spain and SEB in Sweden, membership by Chinese firms has so far been absent.

Thus, it appears it will have to keep working on adding a big name from China to that impressive list of collaborators. Ripple also put to rest speculation that Alibaba was already running a validator node on the Ripple network, according to CoinDesk:

Alibaba (the company) is not running a validator.
 

Emi Yoshikawa
Ripple's director of joint venture partnership

Images in the post showed a node that appeared to be operating in Hangzhou, China, with an address linking it to Alibaba Advertising Co., Ltd, which led some to believe Alibaba would help Ripple maneuver its way into the country, though a Ripple spokesperson said such an effort is not in the works. 

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.