Blockchain Bites: BitLicense Feedback, Digital Yuan Trial and How US Bills Could Threaten Privacy

China will trial its digital yuan with a mega food retailer, U.S. bills are seriously threatening online privacy and an a16z alum is launching a venture firm focused on distributed tech. Here’s the story:

Trial Plan
China wants to trial its digital yuan with online food seller Meituan-Dianping as well as another two Tencent-backed companies. The Beijing-based company has held talks with the research wing at the People’s Bank of China (PBoC) over trialling the digital yuan on its platform, according to sources speaking to Bloomberg. The exact details of the collaboration are not yet known. Listed in Hong Kong, Meituan-Dianping’s 400 million active users make it one of the largest food delivery platforms in the world.

Funding Dissent
Opposition politicians and dissidents in Russia are using bitcoin to fund their activities against President Vladimir Putin. “Our opponents understand they can’t cut us off from sources of funding because [if they try] at least a part of the donations will go into crypto,” Leonid Volkov, who manages political operations for Alexei Navalny, Putin’s most prominent opponent, said. “Last time our accounts got frozen, we saw an uptick in bitcoin donations.” The candidate has raised more than 600 bitcoin since 2016, and other non-governmental organizations and advocacy groups have followed suit.

BitLicense Feedback?
Industry reactions made to the BitLicense have been overwhelmingly positive, said Linda Lacewell, superintendent of the New York Department of Financial Services. Lacewell, who took office last year, has created a conditional license allowing companies to partner with existing licensed entities to legally operate in New York, enabled self-certification of virtual currencies and has issued guidance on coin listings for licensed platforms.

Privacy Threatened
Multiple bills that threaten encryption are moving through the U.S. Senate and could pose a threat to technology that protects users’ privacy. The…

Read More