Indian Crypto Ban May Face Supreme Court, China’s Power Grid Exploring Blockchain and Coinbase Recruits Former Facebook ($FB) and Twitter ($TWTR) Expert to Executive Team


By Samuel Mowers at Investorideas.com

Indian Crypto Ban May Face Supreme Court, China’s Power Grid Exploring Blockchain and Coinbase Recruits Former Facebook ($FB) and Twitter ($TWTR) Expert to Executive Team

In a piece today at CCN, Mohammad Danish, an Indian lawyer practicing at the Delhi High Court, said the country's Supreme Court may face a decision on the recent central bank ban on cryptocurrency trading.

Danish said the central bank, the Reserve Bank of India (RBI), will probably be legally challenged, whereupon the future of crypto trading will be determined.

There is strong likelihood that the new RBI notification severing fiat-crypto ties will be challenged in the Court of Law. So now the parties with competing interests are face-to-face before the Supreme Court, a gavel stroke of which will decide the future of cryptocurrencies in India.

The State Grid Corporation of China is exploring the idea of integrating blockchain technology, according to a piece on CoinDesk today. The state-owned utility monopoly, and largest utility company in the world, released a patent application from November 2017 last week detailing its blockchain aspirations which would decentralize data regarding consumption of power.

"According to the filing, the idea behind the utility's Internet of Energy, a concept that references the internet of things, is to integrate more information about electricity consumption and generation onto the internet to facilitate data tracking on web-enabled devices."

Cryptocurrency giant Coinbase announced the hiring of a new Vice President of Communications yesterday. Rachael Horwitz is joining the executive team via Coinbase investor Spark Capital, "where she was a partner at the firm leading marketing and communications and acting as an advisor to portfolio founders". Horwitz formerly worked at Twitter and also as Director of Technology Communications at Facebook.

The move to hire Horwitz is in keeping with Coinbase's executive expansion to keep up with and capitalize on the company's growth.

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