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Russian blockchain voting system shows up on GitHub

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As Russia is set to pilot a blockchain-based e-voting system, the country’s federal elections authority has provided public access to the platform’s source code.

According to an official announcement by Russia’s Central Election Commission, or CEC, the source code for the e-voting system was partly released on GitHub on Sept. 7.

The initial release included the source code for smart contracts and front-end elements of the e-voting platform like developer libraries and servers responsible for the vote count.

According to the CEC, the internal elements of the e-voting platform are expected to be published on Sept. 10. At the time of publication, the internal part of the code is purportedly still not released, although latest publications on GitHub were released on Sept. 7.

Russia is set to pilot its blockchain-powered voting system at the upcoming elections for the State Duma, which is the lower house of the Federal Assembly of Russia.

Scheduled for Sept. 13, the Duma elections were originally expected to come no earlier than September 2021. The elections, which also include other federal offices, come shortly after Russia piloted its blockchain-voting system during a vote on constitutional amendments in summer 2020.

Entering into force on July 4, the amendments allow President Vladimir Putin to serve two more six-year terms until 2036. At the vote, the blockchain system reportedly suffered a number of bugs as well as major data breaches.

As reported by Cointelegraph, the upcoming e-voting system was developed in collaboration between Russia’s state-owned telecommunications provider Rostelecom and major local blockchain company, Waves Enterprise. 



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Regulation

New York authorizes first Yen stablecoin operator in the US

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New York has given the first authorization to a stablecoin backed by the Japanese Yen to operate in the U.S.

Per a Dec. 29 announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.D. and Yen-backed stablecoins in New York. 

Given New York’s status as a global center, the NYDFS is the most prominent state financial regulator in the U.S. It is also one of the most aggressive. A pass to operate in New York often opens up the rest of the country. 

GMO’s charter is as a limited liability trust company rather than a full bank, the principle difference being in authorization to handle deposits. While a stablecoin operator typically needs the ability to hold reserves of the pegged asset, GMO’s charter limits its rights to hold other kinds of deposits not central to its ability “to issue, administer, and redeem” its stablecoins. 

The right to issue such non-depository charters has been a bone of contention between state regulators like the NYDFS and national banking regulators in the U.S. 

GMO president and CEO Ken Nakamura said: “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset.” 

The NYDFS recently made changes to its famous BitLicense, including a conditional format that buddies up newly licensed firms with existing licensees. The first conditional BitLicense went to PayPal, facilitating the launch of its new crypto services earlier this fall with the help of longstanding licensee Paxos.