China ‘love-hate’ relationship with blockchain and crypto-currency: China has, as we probably already know, a “love-hate relationship” with crypto-currency and the blockchain, says fund manager Edith Yeung, head of the China unit of early-stage venture fund and seed accelerator 500 Startups. Yeung, who was speaking to CNBC at the East Tech West conference in Guangzhou and is also the author of the China Internet Report, said the Chinese government is investing heavily in blockchain but not in crypto, which is “challenging the fundamentals of financial systems.” Which, for Beijing, could prove to be an Fantom. The deal will aim to establish a specialized blockchain research group and a series of scholarships that will focus on building safe, secure, and low-energy “programming toolchains.”
Philippines’ Cagayan SEZ to establish crypto city: The Cagayan Special Economic Zone and Freeport (CSEZFP) is planning to become a “haven” for blockchain developers and crypto exchanges. More than 20 firms have reportedly signed up for the initiative so far in the country’s most northern region. “We have a perfect setting for some of the young Filipino generation’s best minds and the world’s leading crypto-currency companies to engage in the development of the next wave of technological innovations,” said Cagayan Economic Zone Authority (CEZA) Secretary Raul Lambino. Cagayan was previously a cluster for the Chinese-language “grey market” gambling industry, before Philippines President Rodrigo Duterte cleaned up the area last year and introduced blockchain instead.
Crypto-currency custodian InVault to launch in Hong Kong: China-based “crypto-custodian” service InVault is taking advantage of a new “regulatory approach” in Hong Kong that requires all exchange and crypto funds assets to be “well protected.” The Shanghai company is said to have one million Ethereum sitting in mainland China and says it has gained a license to start operating in Hong Kong in December.
WTO says blockchain to add 3 trillion dollars to world trade: The World Trade Organization, in a new report called “Can Blockchain revolutionize international trade?” estimates blockchain related industries will be worth as much as 3 trillion dollars by 2030. The report – that covers payment systems, insurance, automation of contracts, intellectual property rights, government procurement, trade costs and opportunities and supply chain transparency – set out to examine how blockchain can enhance areas related to WTO work.