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Blockchain Support Bill takes wings in US Congress

The US Congress has passed a pioneering resolution in the favor of the crytpocurrencies and blockchain on 12th September. While this would have a positive implication on prices, let’s look into the details of the Bill:

Resolution passed by firm backing:

The US House of Representatives has passed a resolution that  will support the growth of digital currencies and blockchain technology. The non-binding resolution calls for a national technology innovation policy that includes supportive language for digital currencies and blockchain technology.

This resolution was first introduced in July, prompting the US government to craft a national policy for technology. It has specific mentions for digital currencies and blockchain. The bill, written by Illinois Representative Adam Kinzinger, passed by a voice vote from backers late noon on September 12th. The measure is perhaps the most significant to emerge from Congress to date on digital currencies and blockchain tech. The resolution emerged months after the House Committee on Energy and Commerce discussed and proposed the technology. The comments from supporters on the debate floor indicated that there was genuine interest in the issue among House members.

Michael Burgess, a Republican from Texas, said at the hearing:

“There’s no doubt that blockchain innovations are on the cutting edge today.”

What remains is to see whether the next session of Congress, will continue to focus specifically on bitcoin and blockchain.

SEC Delays Decision on SolidX Bitcoin ETF:

The Winklevoss twins are in the same loop with SEC for their ETF
The Winklevoss twins are in the same loop with SEC for their ETF

The deputy secretary of the SEC, Robert W Errett, has pushed back the date to approve SolidX’s request to list a bitcoin ETF on the New York Stock Exchange. Typically, the SEC has 45 days from the time an application is filed in the federal register to approve the measure. The situation closely resembles Winklevoss brother’s Bitcoin Trust on Bats Exchange. The financial regulator has the power to extend the time till 240 days. In line with this, SEC deputy secretary Robert W Errett pushed back the deadline to approve the SolidX bitcoin ETF. The date was shifted from 16th September in the federal register, tentatively for a period of additional 45 days.

Circle Brings Blockchain Payments to iMessage With iOS 10 Update:

Blockchain payments firm Circle has integrated with Apple’s iMessage. This move allows users to send payments in dollars, euro, pound sterling and bitcoin through the popular texting platform. Circle executives said the launch marks the end of preparations that began in June. That was when Apple announced it would open up iMessage to third-party developers.


Android compatibility

The announcement also hinted the benefits of technology standards, in this case, the short message service (SMS). As a result of iMessage’s use of Blockchain, Android users will be able to receive payment requests via the integration.

China’s Social Security fund considers to integrate Blockchain

Bitcoin’s price has been trading around the $600 levels after a surge in buying coupled with a small correction over the first week. The increase in the spot price continued to be bolstered by strong positive sentiment in the market. Fundamentally the market has grown more bullish on the news that China is considering integrating it’s Social Security fund with blockchain technology. Let’s take a closer look at China’s plans.

Social security fund to integrate Blockchain

China’s state social security system is trying to leverage blockchain technology in the maintenance of the funds. According to state-run newspaper China Daily, Wang Zhongmin, the National Council for Social Security Fund’s vice chairman said that the office is experimenting with the technology.  The goal of the team is to reduce the transaction costs. The article, while presenting a potentially notable development from China, had few details on what this integration would entail.

Zhongmin said

“There’s no doubt that blockchain technology will be used in the Social Security system because of its valuable applications in the investment and management of social security funds.”

While how the integration would look is only up to speculation right now, the move came as a pleasant surprise. Especially since it came from one of the toughest opponents of the digital currency.

Apple’s approved list

JAXX banned by Apple

For a long time, Apple’s stance on cryptocurrencies has been unclear. For the first time ever on Sunday, their approved list of blockchains and cryptocurrencies have been released. The biggest technology firm did this after reaching out to Anthony Di Iorio, founder of Jaxx, a cryptocurrency wallet. They had to tell him that they could no longer feature a version of his Jaxx wallet in their store. This is because the wallet features controversial Dash functionality. While Di Iorio is perplexed about the list, he believes that it is probably to protect its customers. The approved currencies are Bitcoin, Dogecoin, Litecoin, Ethereum, the DAO and Ripple.

Increase in Blockchain Technology Jobs

American Banking Sector has seen a steady increase in Blockchain Technology related Jobs. Companies are stepping up their recruitment process by offering a number of blockchain technology related jobs. This is majorly as companies realized the potential of the blockchain. According to Yahoo Finance, IBM recently proclaimed that it is undergoing massive internal restructuring. The reorganization is in line with the company’s plans with Blockchain. They have created a new unit called Watson Financial Services, which includes Watson, cloud and blockchain-related strategy. Many major banks and firms are also looking for Blockchain professionals to transform their automation.

With increasing adoption of the underlying technology of the digital currency in many fronts, the currency itself is sure to enjoy good bull run for some time to come.