Industry Report: The USPS Does Digital Currency
The United States Postal Service (USPS) and the blockchain join hands; Mt. Gox creditors aim to get what’s theirs, and Swift gets slowed down by bank breaches. Want to see what you’ve been missing in digital currency news? Take a gander at the stories below:
Are the United States Postal Service and the blockchain the digital world’s new power couple? According to a new report, that’s how things appear. Titled, “Blockchain Technology: Possibilities for the U.S. Postal Service,” and authored by consulting firm Swiss Economics, the report states that:
“The Postal Service could benefit from blockchain technology in the short term by studying the technology and possibly experimenting with blockchain-based solutions for financial services.”
The blockchain could potentially aid the postal service in four distinct areas: identity management, supply chain management, device management and financial services. The USPS has also released plans to develop its very own cryptocurrency known as Postcoin, meant to “help expand and increase the efficiency of the money exchange service which it already offers.” The postal service could either join an existing public blockchain or create its own off the bat.
MT. GOX BILL
Japan has released a new bill that will oversee the regulation of digital currency exchanges. Since the Mt. Gox debacle, several have been left bleeding in the streets, and efforts at re-obtaining the lost funds have produced little to no results.
Japan’s legislature has approved the bill following massive claims filed by every Mt. Gox creditor. As one source states, the total amount claimed by the creditors exceeds $2.4 trillion USD.
In early 2015, San Francisco-based digital exchange Kraken made headlines when it announced that it would oversee and accept all future claims made by the respective creditors seeking to know the whereabouts of their lost investments. According to CEO Jesse Powell:
“The latest update from the trustee is a major milestone because, for the first time, all the creditor claims made have been reviewed… Each ‘[claim] has been accepted or rejected, and now all claimants will be able to learn the status of their claim.”
The new law will require “exchange operators to register with the Financial Services Agency, which will be authorized to do on-site inspections and issue administrative orders as needed.”
What’s worse than one or two financial breaches? How about 12? That’s the number of potential breaches payment network Swift is presently investigating following the drainage of funds from three major banks which currently totals about $90 million USD in stolen money.
At present, it is not entirely clear if funds were taken from all the banks in question, but such a massive operation can only be labeled as a specific and targeted campaign against Swift itself. Several customers have stepped forward and expressed anger with the payment network, demanding that security measures be strengthened, and for the moment, trust is ultimately being put to the test.
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Images courtesy of japantimes.co.jp, p2pcash.com, foliomag.com.