Market Continues Decline, LG CNS to Provide Public Blockchain Platform in South Korea and the 'Financial Action Task Force' will Meet to Discuss Binding Regulations
According to data from CoinMarketCap, the crypto market continues to tumble, reaching a total market cap of about $273 billion USD at press time. This is the lowest the market has been since April. Bitcoin (BTC), the flagship cryptocurrency, is at its lowest since February 6, trading at just $6482 USD at press time. However, other coins fared worse in the last 24 hours with major altcoins like Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), EOS (EOS) and Litecoin (LTC) dropping between 8 and 11 percent.
A recent article in Business Korea reports that LG CNS, which is "an IT service provider under LG Group", will be launching a public blockchain platform for the Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO). The LG CNS blockchain platform, Monachain, will provide services, as a cloud, like a digital gift certificates and digital authentication and document certification services.
The piece explains the services:
"Local currency service" is a type of digital gift certificates. It is a kind of virtual currency that can be laid up in digital wallets of mobile devices, like smartphones or tablets, for purchase.
"Digital authentication service" allows users to authenticate their identity through biometrics alone, including personal identification number (PIN) or fingerprint on mobile devices. "Document certification service" enables to accurately distinguish whether a document is original or forged. Those who manage mainly paper documents can draw up, register, send and shred documents without forgery problems.
Reuters reports that the Financial Action Task Force (FATF), a global group dedicated to combating money laundering and finance-related crimes, will begin discussions on June 24 regarding the introduction of binding rules governing crypto exchanges.
"The move, spurred by a call in March from financial policymakers from the world's top 20 economies for regulators to monitor cryptocurrencies, would be a step up from the non-binding guidelines currently in place.
Those guidelines, dating from June 2015, look for exchanges to be registered or licensed, for exchanges to verify customers' identities to prevent money laundering and for suspicious trading to be reported."
Sam Mowers, Investorideas
Read other editions of the Crypto Corner