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This Virginia Lawmaker Argues Blockchain Can Boost Local Elections, Economy – Coindesk

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A Virginia lawmaker is pushing her state’s government to study how blockchain could shape the future of local elections and commerce. 

On Jan. 8, Delegate Hala Ayala (D-51) offered two bills to the House of Delegates: the first calling for Virginia’s Department of Elections to investigate blockchain as a means to secure elections, and the second requesting that the Virginia Economic Development Partnership (VEDP) research blockchain’s current and coming role in the state economy. 

Together, they comprise Ayala’s political drive to embrace – or at least consider – integrating distributed ledger technology in Virginian life. 

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They’re also a product of Ayala’s subject matter expertise. She was an information security specialist with the U.S. Coast Guard for nearly 20 years before transitioning to a cybersecurity role at the Transportation Security Administration in 2017, where she continues to work.

“Right now blockchain is a thriving technology,” said Ayala, who was appointed chair of the newly-formed Technology and Innovation Subcommittee last week.

The bills outline Ayala’s proposed roadmap to studying blockchain technologies. This is most clear in her election bill. It’s a response to the ongoing threat of election interference by “bad actors,” she said.

But it’s also a detailed prescription to get ahead of future attacks. With text imploring the Department of Elections to study current blockchain voting mechanisms, perform a cost-benefit analysis and then determine “whether and how to implement blockchain” in elections, the bill offers a path to possible implementation. 

“We have to take blockchain very seriously and understand it has the mechanics and mechanisms that could potentially provide us with more secure election protection,” Ayala said.

The economy bill, too, would nudge blockchain toward more widespread implementation in Virginia, with two years of mandated studies on the tech’s prevalence and role in intrastate commerce. 

If passed, VEDP would produce multiple reports outlining what the government should do to foster sector growth. Ayala said it would also tamp down on corporate overreach – keeping companies honest.  

While Ayala hopes the reports will shed light on how the state can take advantage of this relatively new technology, she has not yet committed to implementing blockchain tools.

“We need to do our homework first to see how we can apply these technologies to their businesses as well as our elections,” she said.

Ultimately, her economics bill seeks to create “a statewide, comprehensive, and coordinated strategy relating to blockchain technology,” the text reads. 

“Technology is always ever evolving, and we want to make sure that we are on the forefront and leading the way here in the commonwealth,” Ayala said.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Economy

China Wants Everyone to Trade In Their Old Cars, Fridges to Help Save Its Economy

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China’s world-beating electric vehicle industry, at the heart of growing trade tensions with the US and Europe, is set to receive a big boost from the government’s latest effort to accelerate growth.

That’s one takeaway from what Beijing has revealed about its plan for incentives that will encourage Chinese businesses and households to adopt cleaner technologies. It’s widely expected to be one of this year’s main stimulus programs, though question-marks remain — including how much the government will spend.

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Economy

German Business Outlook Hits One-Year High as Economy Heals

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German business sentiment improved to its highest level in a year — reinforcing recent signs that Europe’s largest economy is exiting two years of struggles.

An expectations gauge by the Ifo institute rose to 89.9. in April from a revised 87.7 the previous month. That exceeds the 88.9 median forecast in a Bloomberg survey. A measure of current conditions also advanced.

“Sentiment has improved at companies in Germany,” Ifo President Clemens Fuest said. “Companies were more satisfied with their current business. Their expectations also brightened. The economy is stabilizing, especially thanks to service providers.”

A stronger global economy and the prospect of looser monetary policy in the euro zone are helping drag Germany out of the malaise that set in following Russia’s attack on Ukraine. European Central Bank President Christine Lagarde said last week that the country may have “turned the corner,” while Chancellor Olaf Scholz has also expressed optimism, citing record employment and retreating inflation.

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There’s been a particular shift in the data in recent weeks, with the Bundesbank now estimating that output rose in the first quarter, having only a month ago foreseen a contraction that would have ushered in a first recession since the pandemic.

Even so, the start of the year “didn’t go great,” according to Fuest.

“What we’re seeing at the moment confirms the forecasts, which are saying that growth will be weak in Germany, but at least it won’t be negative,” he told Bloomberg Television. “So this is the stabilization we expected. It’s not a complete recovery. But at least it’s a start.”

Monthly purchasing managers’ surveys for April brought more cheer this week as Germany returned to expansion for the first time since June 2023. Weak spots remain, however — notably in industry, which is still mired in a slump that’s being offset by a surge in services activity.

“We see an improving worldwide economy,” Fuest said. “But this doesn’t seem to reach German manufacturing, which is puzzling in a way.”

Germany, which was the only Group of Seven economy to shrink last year and has been weighing on the wider region, helped private-sector output in the 20-nation euro area strengthen this month, S&P Global said.

–With assistance from Joel Rinneby, Kristian Siedenburg and Francine Lacqua.

(Updates with more comments from Fuest starting in sixth paragraph.)

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Parallel economy: How Russia is defying the West’s boycott

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When Moscow resident Zoya, 62, was planning a trip to Italy to visit her daughter last August, she saw the perfect opportunity to buy the Apple Watch she had long dreamed of owning.

Officially, Apple does not sell its products in Russia.

The California-based tech giant was one of the first companies to announce it would exit the country in response to Russian President Vladimir Putin’s full-scale invasion of Ukraine on February 24, 2022.

But the week before her trip, Zoya made a surprise discovery while browsing Yandex.Market, one of several Russian answers to Amazon, where she regularly shops.

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Not only was the Apple Watch available for sale on the website, it was cheaper than in Italy.

Zoya bought the watch without a moment’s delay.

The serial code on the watch that was delivered to her home confirmed that it was manufactured by Apple in 2022 and intended for sale in the United States.

“In the store, they explained to me that these are genuine Apple products entering Russia through parallel imports,” Zoya, who asked to be only referred to by her first name, told Al Jazeera.

“I thought it was much easier to buy online than searching for a store in an unfamiliar country.”

Nearly 1,400 companies, including many of the most internationally recognisable brands, have since February 2022 announced that they would cease or dial back their operations in Russia in protest of Moscow’s military aggression against Ukraine.

But two years after the invasion, many of these companies’ products are still widely sold in Russia, in many cases in violation of Western-led sanctions, a months-long investigation by Al Jazeera has found.

Aided by the Russian government’s legalisation of parallel imports, Russian businesses have established a network of alternative supply chains to import restricted goods through third countries.

The companies that make the products have been either unwilling or unable to clamp down on these unofficial distribution networks.

 

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