Bitcoin Daily: Shanghai Gov’t Ordered To Launch Crypto Investigation; RippleNet Enables Vietnam-Japan Money Transfers

The People’s Bank of China (PBOC) and the Shanghai Municipal Financial Regulatory Bureau have announced that they will be inspecting companies that conduct cryptocurrency trading, token sales, and distributions of tokens from overseas initial coin offerings (ICOs).

Once these businesses are identified, they will be reported and ordered to shut down. The inspections will need to be finished by November 22.

In other news, SBI Remit revealed it has completed the first blockchain-based money transfer service between Japan and Vietnam.

“The booming Vietnamese economy is one of the most attractive markets around the world. TPBank, in which the SBI Group has invested in 2009 and owns a 19.9 percent share of, has achieved steady accumulation of loans and non-interest income such as settlement services by actively utilizing cutting-edge technologies. The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporate crypto-assets in the future,” Yoshitaka Kitao, Representative of the SBI Group, said in a press release.

And decentralized AI technology firm SingularityNET has integrated PayPal into its blockchain-based marketplace.

“The integration of SingularityNET’s decentralized AI marketplace with PayPal represents a significant step in the direction of wide adoption of the platform. It makes it easier for more AI users to leverage the platform, thus increasing the likelihood that data scientists and developers will feel incentivized to consider SingularityNET a viable alternative pathway to monetize their expertise. This integration represents a large opportunity for SingularityNET and our community,” founder and CEO Ben Goertzel wrote in a blog post.

Before the integration, customers had to pay for AI services using the AGI utility token. The marketplace can now be used by those with no experience with crypto. Cassio Pennachin, SingularityNET’s chief AI officer, said “you’re going to see more integrations like this — we want to give various classes of users a variety of ways to secure AI services with fiat currencies or with other cryptocurrencies, and even via more creative mechanisms like multi-party barter exchange.”