– Thailand’s Revenue Department is considering implementing blockchain to prevent fraudulent VAT refund fraud in the country
– G20 participants have declared their commitment to regulate cryptocurrencies
– JumpStart, along with six other funds from across Ohio, plan to invest $100 million in early-stage blockchain startups
– American car manufacturing giant General Motors (GM) has filed a patent for a blockchain solution to manage data from autonomous vehicles
Thailand’s Revenue Department is considering implementing blockchain to prevent fraudulent VAT refund fraud in the country. Blockchain is expected to help verify VAT invoices, which would help root out fake invoices for VAT claims.
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G20 participants have declared their commitment to regulate cryptocurrencies as part of a communique released after G20 meeting in Buenos Aires.
“We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and supervisory cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation. We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.” the document stated.
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JumpStart, an Ohio-based non-profit organization that offers development assistance to entrepreneurs, along with six other funds from across Ohio, plan to invest $100 million in early-stage blockchain startups focused on business or government use cases.
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American car manufacturing giant General Motors (GM) has filed a patent for a blockchain solution to manage data from autonomous vehicles.
A patent application published by the U.S. Patent and Trademark Office detailed a process by which self-driving cars would be able to store all their data on a distributed ledger. The document further notes that any data stored could be easily shared among the blockchain’s users.