Web3 Diaries- Conflux’s First On Chain Interaction
Conflux Network, the first regulatory compliant public blockchain in China and global communications network, China Telecom, unveiled its jointly developed Blockchain SIM (BSIM) card at the Xuhui District West Bank Artificial Intelligence Center in Shanghai.
In a world first, the BSIM card is a mobile user identification card based on blockchain technology.
With an appearance nearly identical to traditional SIM cards, the BSIM card is fully compatible with mainstream mobile terminal systems such as Android and iOS.
Crypto Retail Trading Should Be Regulated As Gambling: UK Lawmakers
The trading of so-called “unbacked cryptoassets” such as Bitcoin and Ether should be regulated as gambling rather than a financial service, a panel of British lawmakers said in a new report.
The United Kingdom is currently working on a crypto regulatory framework that would mix existing financial asset laws with new crypto-specific rules.
However, in a May 17 House of Commons Committee report, the U.K. Treasury Committee “strongly recommended” regulating retail crypto trading and investment activity as gambling, consistent with the principle of “same risk, same regulatory outcome.”
Distributed Ledger Tech Could Save TradFi $100 bn A Year: Lobby Group
Around $100 billion a year or more could be saved if distributed ledger technology (DLT) was used in traditional markets, claims a new report from the Global Financial Markets Association (GFMA).
In a May 16 report, the traditional finance sector lobby group, along with international consulting firm Boston Consulting Group and others, asked both regulators and traditional financial institutions to take a more serious look at the upsides of the technology.
A distributed ledger is an umbrella term for a system that records transactions and digital information. A blockchain is a specific type of distributed ledger.
According to the report, using distributed ledgers to streamline collateral processes in derivatives and lending markets could see an additional $100 billion saved.
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