News Tuesday’s blockchain and crypto news, from Asia and beyond

Tuesday’s blockchain and crypto news, from Asia and beyond

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India’s biggest private company gets paid via blockchain: Reliance Industries, India’s largest private sector firm, had its first trade finance transaction powered by blockchain technology. The oil and energy conglomerate completed a deal with US-based global chemical distributor Tricon Energy in a transaction facilitated by HSBC and ING Bank and involving a bulk shipment of soybeans from Argentina to Malaysia.

China’s Central Bank extends its regulatory scrutiny to crypto ‘airdrops’: A new report from the People’s Bank of China (PBoC) says so-called “airdrops” – usually free distribution of new crypto-currency tokens – are often nothing more than disguised Initial Coin Offerings (ICOs). Chinese government anti-crypto rhetoric is the norm, but what is less well known is that holding digital currencies is technically not illegal in the PRC and a Shenzhen court recently ruled that they can be classified as “properties.”

Thailand Government to use blockchain to tackle tax avoidance: Just when you thought you could get away with it, Thailand has announced plans to adopt distributed ledger technology to fight tax avoidance. In terms of crypto-currency, the country collects 15% capital gains from profits made from digital tokens.

Cryptocurrency is dead so … long live cryptocurrency: While investors lament the recent bear run in the digital currency market, institutions are quietly stepping up investment. A recent Morgan Stanley report says institutional investment in crypto-currency is still increasing, with total crypto assets under management moving up $1.25 billion from January to July 2018. Some analysts are even now saying a new bull run is starting, but let’s believe that when we see it.

Investigation of digital currency loss at Japanese exchange gets leads: Following the loss at Tokyo’s Zaif exchange of about $60 million worth of virtual currencies, NHK is reporting that a team of cybersecurity experts says it has detected suspicious communications on the exchanges network that could lead to the culprits. The team leading the investigation into the September hack is from Japan Digital Design, a subsidiary of Mitsubishi UFJ Financial Group (MUFG).

India still considering crypto-currency ban: In a seemingly never-ending saga, India’s Financial Stability and Development Council has finally banned the use of private crypto-currencies, reports Quartz. Industry insiders say this latest ruling is not the end of the story and the draft regulations will have to go to public consultation and then through parliament which, being India, “will take time.”

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