The whole idea of seasteading is political autonomy, which suggests potential residents would at least like to not worry about laws when making business decisions.
BitMEX CTO Sam Reed–who was arrested on October 1st–has been released from custody on a $5 million appearance bond secured by $500,000 cash.
BitMEX CEO Arthur Hayes as well as other BitMEX executives have stepped down from their position at the exchange and its holding company.
The Financial Conduct Authority has banned the sale of crypto-derivative products to retail investors in the UK; the ban becomes effective January 6 2021.
Russia's Federal Service for Supervision of Communications, Information Technology and Mass Media has blacklisted Binance.
The Russian Finance Minisitry has proposed a bill that would require digital currency wallet owners to report their holdings to the tax authorities.
Bithumb exchange chairman Lee Jung-hoo has been summoned to court in regard to the Bithumb fraud investigation; Lee is accused of fraud and evading property.
The Seoul Central District Court has ruled that shares in Bithumb should be seized from major investors due to the ongoing Bithumb fraud investigation.
The Japanese digital currency exchange Fisco has sued Binance for allegedly laundering over $9 million in BTC that was stolen from Fisco in 2018.
What is blockchain?
Nguyen began by explaining what a blockchain is.
“A blockchain is just a different way to keep records, it is a digital ledger distributed across a network of computers around the world that works without a central authority in the middle. There's not just one copy or controller of the ledger, which makes it harder to cheat because everyone is looking and verifying the same source of truth.”
He went on to tell the audience that the Bitcoin blockchain is auditable, verifiable, transparent, and timestamped, which puts bitcoin in prime position to usher in the next era of innovation that the world will see—unlike other blockchains that aren’t scalable and suffer from high transaction fees.
Afterward, Nguyen explored a few of the industries where we are currently seeing the Bitcoin blockchain being implemented and why those industries can benefit from Bitcoin. Among these industries, Jimmy mentioned supply chain, health care, IP registry, and more.
Blockchain in legal environments
Nguyen also discussed several ways that bitcoin can be used in a legal environment; one of the most significant implementations of bitcoin in law that we will see is lawyers creating more smart contracts.
“Smart contracts are a human agreed contract that is automated on the blockchain,” he noted. “Smart contracts automate business and contractual activity. They are very good for contracts that have a very discrete set of events, for example, ‘If Y happens then Z will get paid.’ Contracts that are easy to define and based upon specific events.”
Nguyen also mentioned how blockchain technology is increasingly making its way on the radar of the legal systems in different states and countries. Some have already created regulatory frameworks around blockchain-based records and evidence. For instance, in 2016, Vermont announced that a blockchain-based record has the same legal status as a business-record; and in 2018, China announced that blockchain records were admissible in internet court disputes.
Plan for the future
To end his presentation, Nguyen left the audience with a crucial piece of advice: there are going to be changes in the legal industry that you want to stay on the cutting edge of and adapt to. Blockchain, especially smart contracts, are indefinitely going to play a role in the future of law. So you want to plan accordingly so that you are offering one of the most useful/in-demand services. You want to plan for the future in a way that allows you to be the Netflix of your industry, not the blockbuster of your industry; and it is important to learn all you can about the industry now because we are approaching the day where blockchain expertise and skills will be in high demand." title="Jimmy Nguyen talks blockchain and future of law at Albany Law School" />
Bitcoin Association Founding President Jimmy Nguyen discussed blockchain with the virtual audience at Albany Law School.
The bill, signed by President Vladimir Putin, bans citizens from using digital coins to pay for goods and services.