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French municipality accepting blockchain voting for road project

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The French commune of Verneuil-sur-Seine is using blockchain technology to vote in a consultation over a 50-year-old road project between three towns.

According to Verneuil-sur-Seine’s official website, the commune as well as nearby towns Vernouillet and Chapet are allowing blockchain-based votes through the Yvelinoise-based startup Avosvotes from Oct. 1–8. Residents can voice their opinions on a road bypass between the towns of Orgeval to Les Mureaux near the Seine River by voting for or against the project. 

The blockchain voting app reportedly verifies residents’ identities, provides certificates stored on the Tezos blockchain as proof votes were cast through smart contracts, and allows real-time tracking as votes come in. The Verneuil-sur-Seine website states that the consultation will occur simultaneously across the three towns, with all results counted independently. 

“In Verneuil-sur-Seine, the decentralized and secure voting evidence on the blockchain resulting from French researchers at Tezos will make it possible to guarantee the sincerity of the ballot,” said Avosvotes CEO Florian Ribière. “The vote will thus be 100% secure and each voter will be able to check that their vote has been taken into account during the digital count.”

As of publishing time, residents of the commune with a population of roughly 16,000 have cast 476 votes. 

Though blockchain-based voting has been touted as one solution to counter voter fraud and election hacking, rollouts have not always been successful. In Italy, blockchain voting in a 2017 election concluded with additional cost and time required to release the results. However, organizers at the Michigan Democratic Party State Nominating Convention in August reportedly deployed blockchain voting platform Voatz successfully amid COVID-19 restrictions.



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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.