South Korea-based consumer technology company Samsung is designing a security solution based on blockchain technology. This and more news in this handy daily digest so you're always up to date with the latest events happening within the crypto world.
Samsung adopts blockchain to improve its security
📍Samsung is developing a blockchain-based security solution that will be available on all of its devices. The Korean consumer technology company wants to ensure the security and privacy of users in the interconnected world we live in today. For this reason, it has designed a new solution, called Samsung Knox Matrix, which uses blockchain technology to make your devices more secure.
The company said Samsung Knox Matrix will function as a user’s own private blockchain system. This system will share credentials from device to device and protect users’ sensitive information, even between trusted devices, the company said.
Samsung Knox Matrix will be available for Samsung devices based on Android, Tizen or another operating system.
USDT removes commercial paper from its reserves
📍In its latest transparency report, the company issuing the USDT stablecoin reported that commercial paper has now been completely replaced. Tether Limited says it has reduced USDT's exposure to commercial paper to zero as part of its strategy to ensure greater transparency, security and trust for stablecoin users.
This Thursday, the company that issues the most capitalized stablecoin on the market, published a release noting that all commercial paper of USDT stores of value has been replaced by United States Treasury bills, known as T-Bills.
Over $13.900 billion in e-CNY transactions
📍China has reported over $13.930 billion in digital yuan trading volume. The use of China's central bank currency, e-CNY, continues to grow. According to reported the country's central banking institution, the PboC, the bank's test environments and digital pilots with the digital yuan have contributed to its mass adoption.
By August 31 this year, a total of 15 provinces and cities in the country had accumulated 360 million e-CNY transactions. These transactions accumulated a total value of 100,04 billion yuan (equivalent to about $13.930 billion). Meanwhile, the number of stores and businesses that have implemented the digital yuan as a payment currency exceeded 5,6 million by the aforementioned date.
Kazakhstan to regulate Bitcoin mining in 2024
📍The government of Kazakhstan will implement a legal framework for Bitcoin and other cryptocurrency mining within the next two years. According to Tass news agency, Kazakhstan has plans to implement a legislative framework to regulate cryptocurrency mining companies in the country.
According to report, the country's government could issue licenses to crypto miners in 2024, as well as regulate energy consumption in the crypto industry and promote the use of renewable energy sources for the extraction of BTC and other crypto assets.
Ekaterina Smyshlyaeva, a member of the Committee on Economic Reform and Regional Development of Mazhilis, the lower house of the Kazakh Parliament, also noted that the legal framework the country will implement for Bitcoin and cryptocurrencies will regulate the production and circulation of both secure and non-secured digital assets. Crypto mining will also be a taxed activity in the country by 2024.
Smyshlyaeva said that nearly 1 million Kazakhstanis who use and trade cryptocurrencies are registered on international exchange platforms and that much of the trading activity with these assets is happening in the shadows, so the country deserves a solid legal framework that guarantees transparency to this growing industry in Kazakhstan and around the world.
Continue reading: 44% of the top 100 companies use blockchain amid growing crypto adoption
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