Month: October 2017

Regulation Matt Corallo, “a long-time developer of bitcoin”, posted a comment to the United States Securities and Exchange Commission (SEC) regarding a “proposed rule change relating to the listing and trading shares of the Bitcoin Investment Trust [(BIT)] under NYSE Arca Equities Rule 8.201.” In the post, Corallo expresses “grave concerns” pertaining to “the lack of consumer protection” afforded to investors in the event that the bitcoin network is forked. The comment has generated mixed reactions on Read more …

Although the cryptocurrency ecosystem is pretty innovative, there are few groundbreaking innovations. Ripple has come up with a rather bold plan in a bid to keep wooing investors. The company itself focuses on being a bridge between fiat currency and digital currency. Their Ripple Transaction Protocol is bringing some much-needed competition to Bitcoin and Ethereum. Whether or not XRP will succeed, remains to be seen There is no denying this company makes a valid point. Replacing established solutions such as Read more …

Singapore – September 18, 2017 – MicroMoney, the lending services provider using blockchain technology to bank the world’s unbanked, announces today their token distribution campaign set to launch on 18 October, 2017. The visionary company has extensive plans to transform the economy in emerging markets. According to World Bank, 2 billion people around the world are still unbanked and unserved. Unable to build credit, they lack access to basic financial services like personal loans and SME loans. This is a Read more …

US Securities and Exchange Commission (SEC) has announced in a press release in late September 2017 that it filed charges against two startup firms and their founder, businessman Maksim Zaslavskiy, due to the alleged violation of the antifraud and registration provisions of the federal securities laws. The startups are Diamond Reserve Club World (DRC World) and REcoin Group Foundation. The SEC claimed that Zaslavskiy utilized the initial coin offering (ICO) fundraising model to advance his illegal activities. According to the US Read more …

A regulatory guidance for businesses has been issued by the Australian Securities and Investments Commission (ASIC) marking the launching of initial coin offering (ICO). ICO in the land down under The legal treatment for the usage of ICOs will depend on the natural structure of the cryptographic tokens, according to a document on the regulator’s website. More so, the token sales will be categorized under general Australian consumer law given that the ICO structured company is not offering financial products Read more …

Criminals have always been attracted to cryptocurrency for obvious reasons. This new form of money is rather valuable and can be considered to be pseudonymous as well. In India, some criminals tried to scam users by posing as Bitcoin traders. Thankfully, they were apprehended by the local police. It is not the first nor the last time we see this type of crime involving Bitcoin either. Six people have been arrested for their involvement in this scam. Contacting a local Read more …

The local government in Dubai has officially launched its own cryptocurrency called emCash, according to announcements by local news media outlets. The cryptocurrency would be used for payment of governmental and nongovernmental services. According to Ali Ibrahim, Deputy Director General of Dubai Economy, the token will be considered legal tender “for various government and non-government services, from their daily coffee and children’s school fee to utility charges and money transfers.” Dubai embracing Blockchain technology The flexibility and convenience of cryptocurrencies makes Read more …

Blockchain payments startup company Bitt in Barbados has announced the appointment of Rawdon Adams as its new chief executive officer as of late September 2017. The hiring is viewed as part of the firm’s strategy to add weight to its plans in the region. In a statement, Bitt supporter Overstock’s Medici Ventures President Jonathan Johnson said that Adams is the right leader to advance the company to the next level. “Rawdon is the perfect leader to grow and scale Bitt Read more …

Deloitte is taking non-financial applications of blockchain technology into uncharted waters. To record the inspection certificates for ships, oil rigs and the like on a private, shared ledger, the consulting firm’s blockchain lab for Europe, the Middle East and Africa recently partnered with DNV GL, one of the world’s largest classification societies. Such companies certify that vessels and offshore structures meet acceptable standards for safety and environmental impact. But, the certificates they issue can be forged, potentially undermining trust in Read more …

International Monetary Fund (IMF) chief Christine Lagarde said that virtual currencies should not be dismissed outright by various governments around the world. She further claimed that the digital currencies could provide conventional government-issued tenders a “run for their money.” At a conference held in London, England, Lagarde said that different countries, particularly those with “weak institutions and unstable national currencies” may directly adopt a cryptocurrency. “Instead of adopting the currency of another country – such as the US dollar – Read more …