So far, numerous countries have expressed their intention of implementing blockchain technology within public services, such as public administration, education, law enforcement or healthcare. Now, recent reports indicate that Australia is ready to invest significant resources into becoming a blockchain-empowered society. 

Based on this, the Australian government has released a blockchain adoption roadmap, highlighting the nation’s main goals towards achieving a blockchain-focused future. The 52-page document was published by the Australian Department of Industry, and focuses on how blockchain tech can stimulate the country’s economic growth, while saving money and creating a wide variety of new jobs. 

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Over the last couple of weeks the bitcoin price has expressed intensified levels of volatility, given the fact that its value has increased by $2,000 within 3 days, between the 24th and 27th of October, thus reaching a value of $9,548. However, this bull-run wasn’t long-lived granted that the price has once again decreased to the $8,750 threshold at the time of writing.

This article is meant to serve as an analysis into what triggered this month’s price volatility, while also offering several short and medium-term predictions.

Facebook’s Libra Coin is currently one of the most expected digital currencies, granted its potential of changing the current dynamics of the market. While many members of the crypto community may argue that Libra isn’t a real cryptocurrency due to its centralized architecture, it certainly shouldn’t be ignored.

Recently, Facebook made several statements regarding its upcoming digital currency. For instance, it presented the Libra Association, a select group of 100 individuals who will be responsible for governing the coin, in an effort to ensure that no person holds complete control over its development. As such, any decision regarding the coin must be made by the association, according to its statute.

At this time, it is widely accepted that blockchain technology represents a high-value market, thanks to its huge potential. In general, benefits include reduced costs, increased profits, quicker transactions, and overall trustworthiness.

However, it is very likely that blockchain technology will save hundreds of thousands of lives throughout the world, as it is integrated within the healthcare system. To put things better into perspective, a study conducted by Global Market Insights, a consulting firm, concludes that the value of the health-related blockchain market will surpass $1.6 billion by 2025.

It seems that at this time, more of the world’s countries are acknowledging the potential of cryptocurrencies and blockchain technology. While the regulatory trend is still underway, several nations are taking things one step further, and preparing for a world where crypto and blockchain play an active role in everyday life.

According to recent reports, the Brazilian Diplomatic Academy, named the Rio Branco Institute, has made several changes to its admissions policy, thus also introducing the requirement for candidates to be well-versed with digital currencies and blockchain technology.

While China has actively iterated its negative opinion on cryptocurrencies, the Asian nation is actively looking for ways to implement blockchain technology in its daily financial operations.

According to recent reports, not long ago, the People’s Bank of China (PBoC) has developed a blockchain-based financial trading solution that would be used to process a variety of transactions, with the focus being put on foreign currency exchanges. Now, the system has been in use for a while, and the PBoC recently issued a press statement, mentioning that the blockchain platform has processed over $4.36 billion-worth of foreign exchange transactions.

The worldwide cryptocurrency and blockchain regulatory framework is undergoing constant changes, backed by big perspective differences, resulting in friendly and anti-crypto laws.

As such, this article will cover 3 recent developments on the crypto regulatory trend, being carried out in Iran, Russia and Malta.

Iranian Crypto Miners Are Threatened with Power Cuts

Not long ago, Iran’s Deputy Energy Minister has shared his opinion on digital currency mining, and states that miners should be charged higher rates for their power usage. At that time, he also mentioned that subsidies should be cut to zero.

Unfortunately, the situation has gotten worse. Based on this, Iran’s state-sponsored power company, Tavanir, has warned cryptocurrency miners that they will be detected and that power cuts will be carried out. The argument behind this threat is that Iran’s power consumption has reportedly increased by 7% on a yearly basis, due to the vast increase in local crypto mining operations. Additionally, a new framework that makes utilizing the national power grid for mining operations has been implemented.

Blockchain technology has often been well-praised for its ability to facilitate instant cross-border transactions. However, at this moment in time, while most banks are researching the benefits of blockchain, no system of this kind has been implemented yet.

A recent announcement made by SWIFT, the world’s biggest global interbank messaging platform, may make blockchain-based bank-supported cross-border payments a reality. As such, the SWIFT announcement mentions that blockchain firms will soon be able to leverage the Global Payments Innovation (GPI) platform to carry out instant payments.

At this moment in time, many of the worlds countries have opened up to the cryptocurrency market, whereas some have also introduced laws meant to regulate the industry. As such, the number of crypto-friendly countries is steadily growing.

Despite this aspect, recent reports indicate that India’s stance against digital currencies is slowly, yet surely getting worse. With this in mind, an inter-ministerial panel, put in charge with drafting up a regulatory framework for the cryptocurrency market, has reportedly proposed 10 years jail punishment for anyone connected to Bitcoin and other digital currencies.