UK Government to Study Blockchain Adoption

The House of Lords has published a report about adoption of distributed ledger technologies (DLT) across government services
28 November 2017   1123

The House of Lords, the upper house of the U.K. parliament, has published a report stating that government of the UK should take a leading role in the practical testing and application of distributed ledger technologies (DLT) across the public and private sectors in the service of the UK, its businesses and its citizens.

Our working hypothesis is that DLT can play a valuable part in enhancing the delivery of government services to the citizens of the U.K., in securing the U.K.'s competitive position as a global leader in technology‐based innovation and in protecting the security of government and citizens; data at a time when both are increasingly under threat.

 

Lord Christopher Holmes

According to the report, DLT could have possible applications across sectors including customs and immigration, national security and public safety, healthcare, cybersecurity and more.

Government assumes that the use of DLT could improve the relationship between the government and citizens through its decentralized trust mechanisms. However, the report argues that the technology is still "immature", stressing the risks from initial coin offerings (ICOs).

Facebook to Launch GlobalCoin in 2020, BCC Says

Facebook consults with representatives of the US Treasury Department and Bank of England  about regulating the initiative named Libra
24 May 2019   43

Operator of the world's largest social network Facebook Inc. will launch a new payment network based on its own cryptocurrency in the “dozen countries” in the first quarter of 2020, the BBC reports.

The publication claims that Facebook consults with representatives of the US Treasury Department and Bank of England Governor Mark Carney about regulating the initiative, code-named Libra.

At the same time, the Financial Times reported that Facebook is already in talks about listing GlobalCoin on the American exchanges Gemini and Coinbase. 

Sources of the publication said that Facebook is discussing with the trading firms Jump and DRW the prospects of market-making and liquidity.

Previously, the media claimed that the company is also in talks to support the initiative with Western Union, Visa and Mastercard.

Testing the network is supposedly scheduled for the third quarter of this year.

On May 2, Facebook registered Libra Networks in Geneva, Switzerland. Its profile involves the development of infrastructure and software, in particular, related to investment activities, payment transactions, financing, identity management, data analysis, Big Data, blockchain and other technologies.