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Showing posts with label Blockchain News. Show all posts
Showing posts with label Blockchain News. Show all posts
Blockchain has inched itself closer to most of the departments it can. Even recently we reported of how many official departments are taking advantage of the latest technology through which records can be maintained in an easy manner.


Interestingly, blockchain has not refrained its use to the West because even one of the South Indian Governments has taken forward blockchain thereby bringing itself up to date with the techniques used. Usually, in Andhra Pradesh Government, they used blockchain technique to maintain Land Records besides Vehicle Titles while in other places research is still being conducted regarding usage of blockchain.

Also Read: 

AP government considering blockchain


How can Facebook be Left Behind in Use of Blockchain?

Of course, Facebook comes across as those platforms wherein they end up utilising latest technologies. Hence, it was about time for this giant to step in to the world of blockchain! It was first reported by some sources in October that Facebook plans to bring in both Blockchain and Cryptocurrency in its platform.


There was however, nothing clear about the way it would take this forward. What had started as a rumour appears to be turning true with recent events. Well, for your information, there have been job listings in LinkedIn related to Software Engineer but in Blockchain domain!

If reports are anything to go by then indeed there is something cooking in the house of Facebook which remains unclear at the moment. Barring a few exceptions, it may be noted that people are being recruited at the Social Media Giant for Software Engineer’s Post, however, their roles have not been defined clearly or sources may go on record and say that their roles or for that matter purpose of bringing them to Facebook has been hidden.

Use of Stellar Network in Facebook Blockchain Collaboration

Though unclear about Facebook’s intention of blockchain usage in its platform still some sources hinted at Stellar Network. This network is in its initial stages which is to be developed in near future.
When recollecting past reports, Facebook considered Blockchain Technique way back in the year of 2016.


Since then there were experiments for turning Facebook in to a more secured platform. To add to the speculations, Mark Zuckerberg, Co-Founder, Chief Executive Officer and Chairman of Facebook revealed of his plan to ‘fix Facebook’ somewhere in January of 2018.
Plans included ‘encryption’ for the most part!

What is Facebook Planning to do with Blockchain?

In crypto world, blockchain mostly deals with payments but at Facebook, this latest technology shall hold more ground to ensure that it can be dealt in a professional manner. For example, ‘providing foundation’, by doing so there would not be a set limitation to the number of opportunities that lay ahead.

No word from the offices of Facebook

There has not been any official word so far from the house of Facebook but speculations are rife regarding integration of blockchain with social media platform like FB.

Let us know if you would look forward to a FB Blockchain collaboration and what shall be its effects in comments below.


Also Read: 

Bitcoin Exchange Traded Fund had been considered by the United States Securities and Exchange Commission but it looks like there would be further delay in making final announcement for it. Here, we are speaking about Bitcoin ETF or the Exchange Traded Fund from VanEck.


Cryptocurrency Market Instabilities

As some of you may be aware of the situations that have hit the cryptocurrency world in recent days, it was indeed a decision to be made by the concerned authorities. In addition to this, 2018 is almost to an end due to which decision on VanEck’s ETF has been deferred to the 27th of February 2019.

Also Read: 

Upgrades in Cryptocurrency Market must be done before Approval of Bitcoin ETF


In a statement released on 6 December 2018 by U. S. SEC, it clearly mentioned reasons for the delay, one of them being that anything which relates itself to cryptocurrency has to be thoroughly checked for any loop holes. It is only when all facts fall in to place shall the authorities approve or may even disapprove the ETF put across by VanEck.


Another surprising factor we may look at is: $BTC ETF has been in pending list for quite some time as Securities and Exchange Commission from the United States had rejected ETF by VanEck (Investment Firm) apart from SolidX (Blockchain Company) a few times in 2018 as well.

Will Bitcoin Exchange Traded Fund get US SEC’s Nod?

As per the Director of Digital Asset Strategy of VanEck, there does not seem to be any reason for U. S. Securities and Exchange Commission to delay the decision of ETF further.

Gabor Gurbacs, Director of Digital Asset Strategy, VanEck further went on to add that the team is confident of having approval of US SEC this time.

Stringent rules have taken the positions resulting in numerous Bitcoin ETF Applications being rejected by the United States SEC on the grounds of preventions. These preventions mainly connect to fraud as well as market manipulation (seen greatly now a days).

The Future

In case every detail goes as planned then US SEC shall ensure of having Bitcoin Exchange Traded Fund by VanEck and SolidX on CBOE or the Chicago Board Options Exchange. When we consider Securities and Exchange Act, then SEC has got about 240 days in which the authority can understand any ETF Application in detail before making a final call.


Keeping this Act in mind, US SEC has got time till the 27 February 2019 to make a decision on whether to allow BTC ETF coming in to action or not.

It may also be recalled that there were 9 Bitcoin ETF Applications in total that SEC rejected in the month of August. Most of them were in rejected state as they did not comply with the rules laid down by the authorities.

Also Read: 

What Jay Clayton has to say about Cryptos, Bitcoins and ETF?


There are other firms such as Gemini who believe to get through the ETF applications this time round. Nevertheless, time apart from the features of an ETF would decide the fate of a BTC Exchange Traded Fund to be listed or not. Until then it is better that we follow rules and stay in good books of the authorities.
A Collaboration of Tech Mahindra and Government of Andhra Pradesh to Look Forward to!

In the West, Blockchain has to a great extent crept itself in to numerous fields yet there are many instances where it did not go up to its expectation. An individual shall be surprised to know that research is still going on as to how can one make use of Blockchain and its related stuff for the betterment of the society or ease of doing business.


However, it looks like Government of Andhra Pradesh is going to beat the likes of West to emerge a winner when the question is about the usage of ‘Blockchain Technology’ in real time.

As we write this article, Andhra Pradesh Government from South India has collaborated with a top Information Technology company, Tech Mahindra to check out various avenues where Blockchain Technology can be put to use. In fact, the South Indian Government has already initiated the process of Blockchain for maintaining ‘land records’ thereby having an edge over others (now let that be the West or the rest of the Indian States!)


That is not all, because Andhra Pradesh also became the first state who has adopted Blockchain for the administration operations such as making note of Vehicle Titles.


Read Also: G20 Okays Regulation

Andhra Pradesh Innovation Society Leads the Way


The Andhra Pradesh Innovation Society or APIS has showed keen interest in the working conditions of Blockchain and hence, agreed to integrate with Eleven01 Team from Tech Mahindra! Both the groups together will be working to bring positive changes in fields that can include Blockchain.

J. A. Chowdary, IT Advisor and Special Chief Secretary to the Chief Minister added:

“We truly appreciate what Eleven01 Team is trying to do. We would be happy to associate with them to bring advanced development and innovations with regards to the Blockchain realm in the state.”

While Ramachandran Iyer, Chief Product Officer of Eleven01 added that it would be another feather in the cap to have Blockchain technology put in to right use.

Though some of us feel that Blockchain is still in its nascent stages but till the moment development takes place in reality, there can never be any conclusion to its usage. Hence, it was necessary for an institution to come up with right concepts or partner it with some of the best minds in the field.
One of the important aspects here is that the South Indian Government has come forward to ensure all the help it could provide to the project between the Innovative Society and Eleven01 from Tech Mahindra!

Cryptocurrency Price Fluctuations





Having witnessed recent Bitcoin Cash Hard Fork and its repercussions, many crypto enthusiasts were in flux to invest in Cryptocurrency. But with G20 Countries having okayed for an in-depth work on Cryptocurrency payments only after complete research; it seems to have a positive effect on the overall picture.

Read Also: Bitcoin Cash Network Updates

It is now to see how would both teams move forward in order to make their aim of using Blockchain technology ethically. 
Latest reports on cryptocurrencies is here and one of these reports relate to ‘keep crypto enthusiasts posted about the developments of ICO’ connected to the Singapore Central Bank!

Well, for the starters, MAS or the Monetary Authority of Singapore has begun to update its guide associated with those businesses which wish to ‘raise capital through Initial Coin Offerings’. It indeed comes as a news most waited because now people would be in a position to understand the minute details in a better manner.


New Payments Framework: Monetary Authority of Singapore

Before making it known by all regarding the benefits of utilizing Initial Coin Offerings, Monetary Authority of Singapore had introduced ‘New Payments Framework’ a draft which now seems to be complete with new rules added to its pages. It is therefore advised to all the readers to go through this article and then make a note of the points listed here as they shall serve you in the longer run.

What does Singapore Central Bank have to say about ICOs?

A list of instructions has been put down in black and white so as to enable individuals to have a grip on what exactly does the Singapore Central Bank have to tell crypto enthusiasts. For the beginners, Anti Money Laundering or AML as well as Countering Financing of Terrorism or CFT policies are to be taken care of and this is the first and foremost aspect to be taken a note of.

Every individual who gets involved with an ICO, so as to enable raising of capital for a business will be hereby addressed as an ‘intermediary’. Hence, it becomes a necessity for all intermediaries to adhere to the laws laid down by the authorities.


Another of the important aspects here is that all people who are a part of ‘raising capital for business via Initial Coin Offerings’ must have a license else they would have to face dire consequences. As an example, it is better for an ICO issuer to get Capital Markets Services License while MAS or the Monetary Authority of Singapore has to approve besides acknowledging Digital Asset Exchange. Or for that matter, Financial Advisory License is to be given to the Financial Advisors.

Only when these rules are followed, will MAS approve transactions whilst permitting businesses to go ahead with their plan of raising capital through ICOs! Another of the rules to be noted is: it is not a problem if tokens are not ‘securities’, however, they have to be under the Anti Money Laundering and the Countering Financing of Terrorism Acts.

With above stated changes coming soon, it is now to see as to how would these impact on the way ICOs worked in a country like Singapore. Till then remember, the new Payment Services Bill or PSB in Singapore has allowed for bringing ‘digital currency’ under laws for both international as well as domestic money transfers.

Interestingly, the new Payment Services Bill of Singapore has made it possible for digital currency to be working under the Foreign Exchange Transactions! This news is certainly one of those that cannot be given a miss.
Jay Clayton, Chairman of U. S. Securities and Exchange Commission has indeed pointed out some of the key features that the Chairman thinks benefitting to the current situation of Cryptocurrency market and the world revolving around cryptos especially Bitcoins, a cryptocurrency that has been quite volatile in the past few weeks specifically.


Bitcoin ETF (Exchange Traded Fund) to Take Some More Time

Recently we had reported that the Chairman of Securities and Exchange Commission from the U. S. is pondering over having an exchange traded fund in some time. However, for this to become a reality, a lot of security features are to be looked at carefully before finalizing any aspect because it is without any doubt going to have effects at a later stage as well.



Initial Coin Offering Start-ups Must Check with SEC at the Earliest

All the ICOs or the Initial Coin Offerings if checked with the U. S. Securities and Exchange Commission quickly then there would not be any penalty put on these ICOs. Hence, it is advised that start-ups check with SEC beforehand rather than inviting trouble at their door step.


Already two start-ups have been fined or you may also say issued ‘civil penalties’ by SEC as they had not registered in a correct manner as it was required to.

Happy to Help: Yes, Jay Clayton, the Chairman, made it pretty clear that it did not actually have any kind of trouble to assist crypto startups. However, these start ups have to be in the United States only.
Another thing to be looked at carefully is the fact that these start-ups may indeed have to check for a method to ascertain a fact: ‘get in compliance with the law’. Some people think that doing so (‘get in compliance with the law’) might be a bit difficult as well. On the whole if all rules are followed then there is not going to be any kind of trouble whatsoever (only when rules are followed).

Regulated Exchanges are need of the Hour

When we look at the current picture, we can see that Cryptocurrency exchanges now a days are never in the regulated format. Hence, problems sprung up every now and then. Issues that these crypto exchanges face include ‘price manipulation’.

Therefore, as a result and as an answer to this, Jay Clayton felt that it would be a plus point to have ‘regulated exchanges’. With regulations of exchanges, price manipulation activity would also come down. Price manipulation is one of those culprits that is eating away at Cryptocurrency exchanges thereby leaving investors with confused questions.

The other side of the coin hints at: will Bitcoin be one of the leagues here? While some experts believe to a great extent that it would be next to impossible to have Bitcoin regulated with the way it has grown over the years.

It is now to see what would happen to the crypto world with the United States Securities and Exchange Commission taking center stage in all aspects.
When AWS or the Amazon Web Services released, Amazon was far from behind to use Blockchain. For the starters, AWS is a platform that Amazon provides and it is an amalgamation of different things put together to make itself: an ‘evolving cloud computing’.


A Different Take with Amazon Quantum Ledger Database

However, Amazon could not be left in the league of Blockchain kind of technique as it has taken the world by storm while easing out many problems that organizations face. With Amazon Quantum Ledger Database aka QLDB launching today, Amazon has finally got itself a completely managed ledger database!


QLDB tends to execute many transactions at the same time thus making over all process an easier one. An individual shall witness transparent nature, easy to use and speed as its most important aspects whilst there is also going to be automatic ‘scale up and down feature’. Users will be able to make use of it at any time they wish to.

Another feature that has caught the attention of people is the simple fact that this new ledger database has been designed in order to have transactions verifiable in a cryptographic manner. To ensure that everything is managed appropriately there is a central trusted authority to look after all portions.

Managed Blockchain Service by Amazon

This turns out to be another service which Amazon has announced along with the quantum ledger database. QLDB is going to be in fast track mode apart from having modifications done in cryptographical chained manner.

On the other hand, Amazon Web Services Managed Blockchain product is the piece that is going to be the one which is permitted to operate Quantum Ledger Database.


With ‘Amazon Managed Blockchain’, you witness a service that is going to allow set up besides managing of ‘scalable Blockchain network’. All of this is done in a matter of seconds with a few clicks.

Due to such a set-up, most of the applications that run behind numerous transactions would vanish in a jiffy thereby creating an automatized system. An automatic system is also responsible for tracking operational metrics and these can be either storage of resources or usage of either memory or compute’.

There is also an option of handling of certificates that was not possible up until now. Most importantly, a characteristic most liked is viewing trends and at the same time having a deep analysis of how the network activity is outside a given network!

Amazon has indeed gone a step further to bring in blockchain in to the picture but in a little different manner and it is yet to see how would this effect on the whole system. Reasons being with quantum ledger database by your side, there is an option of checking (read managing certificates) apart from the ability provided to invite new users to this network!

And so, Amazon has announced two path breaking techniques that may turn tables for good for the giant!
Bitcoin Futures does not look like taking a downhill drive because NASDAQ, the American Stock Exchange, second largest in the world, has some plans for it. If reports are anything to go by then the American Stock Exchange is in no way going to leave Bitcoin Futures as it is still in full force to keep launch of Bitcoin Futures as per the plan.


Bitcoin goes down but not plan to launch Bitcoin Futures

Though Bitcoin in recent times has seen downfall on almost continuous basis still it did not leave an impression on NASDAQ. Reasons for this being, team at NASDAQ plans to launch Bitcoin Futures somewhere in early 2019.

Work is in full swing for the launch to be a timely one as team responsible for this at NASDAQ is working on nitty gritties of the launch and it has already come to terms as to what are the missing aspects. With this information in hand, team at the second largest stock exchange is constantly upgrading its launch in order to meet standards laid down by none other than the Commodity Futures Trading Commission aka CFTC.  For the beginners, CFTC is the main swaps regulator back in the United States.


Agreed that there many plans were there for Bitcoin Futures to be launched somewhere in the mid of 2018 however, all aspects could not be placed during this time and thus the delay was about to be caused. However, with passage of time, NASDAQ has worked out its plan and it is in full swing to release one of the best versions of Bitcoin Futures in present day.

It is now to see what would be its affects or how Bitcoin Futures is going to be affected by the volatile pricing of Bitcoins witnessed now a days in crypto world. Bitcoin pricing has indeed shaken the world to the core bringing about a series of changes in the way people in general and investors in particular looked at Bitcoins.

NASDAQ not affected with Bitcoin Pricing

There were also some reports in the market that stated that the American Stock Exchange is not perturbed with the way Bitcoin’s world changed almost overnight! (or should we say almost a few months?!)

Cryptocurrency Trading may go in for a Change

Yes, you have read it correctly, with NASDAQ’s decision becoming a reality, it is sure to make some changes, major ones to the world of Cryptocurrency. Although majority of these modifications would be seen in the Cryptocurrency Trading World!

Due to this and similar other reasons, Bitcoin Futures is being planned to be launched in early of 2019 and most probably in Q1 of 2019! Another of the key points here is that there are a lot more chances of having NASDAQ’s own Bitcoin Futures Contracts in Q1 so that nothing goes wrong at the last moment with inclusions of having the latest techniques in place so as to be enable to cater to the upcoming market.
Bitcoin ETF or the Bitcoin Exchange Traded Fund came very close to the approval of United States Securities and Exchange Commission! However, this can be possible only when there is better ‘market surveillance as well as custody for the Cryptocurrency’ and for this to happen it might take some more time.


Well, it comes to a little surprise after Chairman of U. S. SEC, Jay Clayton announced about giving a nod to Bitcoin ETF (exchange traded fund). Till date SEC has denied access to numerous ETF applications, because the committee understands that they are still not up to date when it comes to ‘investor protection’.

First Bitcoin Exchange Traded Fund

If everything falls in place then Bitcoin Exchange Traded Fund is going to be first of its kind in this league! It was at the Consensus Invest Conference in Manhattan that Jay Clayton specifically announced about its plan to release first Bitcoin ETF however, this can be done only after careful consideration of how things work out post complete quality check.


‘Manipulation’ is one of the major concerns that Clayton stressed on and he said that most of the Cryptocurrency exchanges are not equipped with similar monitoring tools which usually is there with stock exchanges. This would further lead to not getting to know exact price of Bitcoin, it may also harm interests of the investors.

On the other hand, if we take a note of exchange traded funds then they end up keeping a track of index or a group of assets. Earlier as well, SEC did not approve Exchange Traded Funds brought up by Winklevoss Brothers. Reasons behind this was a simple fact that there were many risks involved overall and US SEC could not take up such ETFs to a larger interface.

Custody or Storage Matters in case of ETF

Of course, storage or the custody is another of the major concerns that we are facing nowadays and hence even U. S. Securities and Exchange Commission Chairman, Jay Clayton mentioned this about safe storage of assets.

When we look at the price of Bitcoin, then we know that its price is already not stable therefore, this stands to be one of the hurdles that has to be addressed at the earliest before taking things to the next level.


Out there, a number of ‘custody solutions’ related to cryptocurrencies are there or are in the pipeline. It is now to see how these set of solutions come forth to assist Cryptocurrency custody apart from handling trade execution for ‘institutional investors’. To ensure that end results are perfect, Clayton went on to add that a lot more improvement in custody solutions shall be helpful!

Would US SEC decision affect Bitcoin Pricing?

This is one of the major questions arising in crypto discussions. As most of us are aware of how volatile Bitcoin has turned itself in to. However, experts would not be able to say currently as to what would this decision of SEC bring in for Bitcoins!
Crypto exchanges in Taiwan are going to have some more new strict rules targeted to prevent illegal transactions under the garb of digital currency. This news comes forth post new policies being added to ‘AML or the anti-money laundering policies’ that Taiwan has
.

It was not until this year that the Government of Taiwan okayed for digital currencies because it was still perplexed with the way regulation of Cryptocurrency market happened in Taiwan along with the Blockchain sector. However, things have changed quite a bit with the latest Money Laundering Control Act and Terrorism Financing Prevention Act coming in to action.

Legislative Yuan approved this recently drafted act and it also has been given the authority to ban transactions in case they are fraud. All of this is possible due to the fact that Legislative Yuan comes under one of the financial branches of the Government of Taiwan known as FSC aka Financial Supervisory Committee.

Regulations of Cryptocurrencies in place

With passing time, it looks like the Taiwanese Government is moving towards an arena wherein they can regulate and have proper control with the way local Cryptocurrency market works. The new system is also inclusive of the Blockchain space because their sole motto is only to prevent frauds related to or having involvement of cryptocurrencies.

Ministry of Justice, Taiwan releases statement

Even the Ministry of Justice, Taiwan has released a statement specifying these recent amendments to the anti-money laundering bill so it does not come as a surprise that the Taiwanese Government is working its way to make a good foothold with the way cryptocurrencies worked.


Related departments from the Government of Taiwan are putting their efforts to work for the better while meeting the standards laid down by International Anti-Money Laundering.

Centre for Blockchain based Businesses

Taiwan has slowly been building itself in to a center for Blockchain based businesses, so, when these things are in line then it is necessary that Taiwan and its government makes itself up to date with all aspects of cryptocurrencies. On the other hand, there were also reports for Taiwan to become one of the centers for Initial Coin Offerings also known as the ICOs!

New Crypto Laws in Taiwan

To ensure that everything is in place, Taiwan, like you read above, has modified the existing AML or the anti-money laundering law apart from CFT or the counter-terrorism financing law. Due to the recent alterations made, it would now become all the more necessary for crypto exchanges to give more information to the Government of Taiwan.

Another aspect to be carefully looked at is the way: compliance rules are to be changed by the crypto exchanges. With the Financial Supervisory Commission coming in to action (as they are responsible for creating laws in Taiwan), it is to see how would these laws impact overall Cryptocurrency Exchanges in Taiwan.

While at present, the only aim for Taiwan is to make itself more aligned with the way cryptocurrencies work besides changing crypto exchange markets for the better.
Binance in its latest announcements has renamed Tether Market (the USDT) to be USDⓈ or a Stablecoin Market. According to this report, the Cryptocurrency Exchange giant aims to back trading pairs in the category of ‘stablecoins’.


Earlier Binance had also reported that there shall be a listing of Blockchain company which goes by the stablecoin USD Coin or the USDC (from Circle) besides supporting PAX and TrueUSD or TUSD from Paxos.

What is USDⓈ? How is it Different from the Earlier Version of Tether?

One of the most important aspects that one has to keep a note of is the fact that USDⓈ is not going to be another of a stablecoins, hence, there is no headache there; instead, it is a new symbol for stablecoin market from the house of one of the major crypto exchanges: Binance.


We would get to know more about what shall be added to this Stablecoin Market in the upcoming days. So, we will have to wait for some more time to have an idea as to what shall be the pairings in the all new stablecoin market being declared by Binance.

As some of you may be aware of this information: Tether (USDT) is now rechristened as the Combined Stabelcoin Market aka USDⓈ, a move that was taken after a carefully thought out process.

Launch of USDC Tokens

Coinbase, a U. S. Cryptocurrency Exchange, along with Circle had come together for launching USDC Token in the month of October.

In Asiff Hirji, President and COO of Coinbase words, “Stablecoins are in 1:1 ratio (backed) with the U. S. Dollar. They have been audited completely beside being transparent.”


Many out there think that changing the name of Tether came as a little unexpected news because it was a different kind of thought process that major Cryptocurrency Exchange has picked up on. While the only aim for sudden change in events lead us to a platform which supports trading pairs with that of various stable coins.

With Binance taking a new step towards the Stablecoin Market, there shall without any doubt be developments in this market. Some of the experts from this field also believe that with such a move, Binance is making a formal announcement: Binance will be a go to option for trading cryptocurrencies!

Official Announcements for Addition of Stable Coins on Binance Platform

Yes, you read it correctly, with numerous trading options in place, Binance is going to turn itself in to a platform where services range from not one but to a varied group.

Now it is to see what will this move result in because, in the past six months, Binance has gone on to an addition spree of adding stable coins while accumulating one by one the following: Tether (USDT), TrueUSD (TUSD) became a part of the list on 16 May, Paxos Standard Token (PAX); added to the list on 21 September apart from USD Coin or USDC, the latest one in the list took its position on the 15 November 2018.
Ohio seems to be one of the first states to have agreed for business tax payments to be carried out in Bitcoins, a Cryptocurrency which has seen quite some unrest in recent times.


Pay Business Tax in Cryptos

As a matter of fact, a strong reason compelled Josh Mandel, State Treasurer and his department to look in to cryptocurrency payment. One of the reasons here is: crypto payments are not only transparent but also secure. Finally, the cost of these is also at the lower end.

With these and many similar characteristics of Cryptocurrency Payments, it was time for the officials to okay tax payment in bitcoins. Moreover, with cryptocurrencies, none can transfer the amount to third parties, thereby eliminating fraud altogether.

Blockchain network enables for a tracking system in a second to second basis thus making it transparent to the core. One may wonder as to when was it that Bitcoins in particular and cryptocurrencies in general became a favourite of Mandel; and so, for the record, Mandel has been keeping a track of the way cryptocurrencies work and he showed keen interest in bitcoins right from the time he was appointed way back in 2011.

Views of Jerry Brito on Bitcoin as Mode of Payment

As per the Director of Coin Center, Jerry Brito, bitcoin technology is advanced in every manner and this is why people from both sides, government and the bad guys look forward to use it for their means. However, there are only two common aspects here: one is Bitcoin and second is Blockchain.
When we look at the news, we understand that there has been quite a downfall in terms of Bitcoin’s graph in the past few days, however, the end has not arrived yet.

By adopting Bitcoin, a cryptocurrency as a mode of payment, Government is ensuring that payments are more secure, more efficient and of course are transparent. Thus, taking technology to the next level.

There have been other states as well who tried bringing in cryptocurrency payment and making it official still luck has not been on their side as at the higher levels, the legislative levels, things were stalled.

Ohio: First State in the US to Accept Bitcoin Payments

Yes, with other states backing off, Ohio became the first state as well as the first government in the United States to make an official announcement regarding acceptance of tax payments in cryptocurrencies and in Bitcoins at present! Thus, beginning from the 26th of November, Ohio shall accept Bitcoins for tax payments.



Currently there are about 23 kinds of business taxes which can be paid in Bitcoins. To pay taxes one can utilize BitPay, the payment service and end up paying taxes.

Note:

Currently only businesses are permitted to pay (business) taxes through BitPay (in bitcoins) there are plans to make it available for individuals as well. But for this to happen, a lot more thought process is to be done.

Till then let us see how the world of cryptos would work about and what shall be the status of bitcoins in the future.
Uncertainty over the prices of cryptocurrencies in general and Bitcoins in particular seem to loom large thereby giving away the reasons for people to be confused as in whether cryptocurrencies are rising or tumbling further down!


Why only Bitcoins even other Alt Coins seem to have taken the hit of this uncertain decline of cryptocurrencies. There, however, does not seem to be any one reason that can be pointed out as to: yes, this is why cryptocurrencies bowed their heads.

Bitcoin Hard Fork Split

As observed by many, the moment Bitcoin Hard Fork split was announced, everything seemed to tumble down and it was something that shook the whole of crypto world. Reasons being Bitcoin was riding high and had never fallen below $6,000!


Tom Lee, Wall Street Investor analysed that ‘hash rate war’ turned the scenario to a lot of uncertainty and panic across different rungs of the society. In addition to this, to stay away from risks or unknown waters, many investors backed off stated CoinShares CEO Meltem Demirors.

Right from November of 15th, Bitcoin ABC as well as Bitcoin SV having emerged, they have two think tanks fighting a war, should I say a cold war?! With clashes between these two groups, it was evident for BCH to be diving down the market as it was seen later by us.

Rules Came into Action

Along with division of Bitcoin Cash, SEC decided to take charge of the situation and like earlier informed in one of the articles, stopped operations of many firms who did not obey rules. Brexit along with Central Banks Policies turned out to be other reasons for downfall of the highly anticipated cryptos.


Now many would be shell shocked and worried to know as to what shall be the condition of Bitcoins post the split of the decade?! Are they stable or have they begun to rise in the world of cryptocurrency?

As a matter of fact, sell off due to low trade volumes led to a panic which is a bit difficult to be summoned in words. In Greenspan’s words, nothing can be said for sure as to what would happen next. He believes things could turn around at any moment and nothing can be sure. Either Bitcoin stays there put while some people sell it away and a few others gather them.

Anthony Pompliano, host of Crypto Podcast as well as Newsletter has perfectly put across a point: ‘Bitcoin lives and dies on its own’ while only ‘a few synthetic protections are in store for the investors’.

While on the other hand, Tom Lee is certain of one fact though, it is: regulatory clarity is going to be the key to giving us a clear picture of where Bitcoins and other cryptocurrencies stand. And to quote Lingham, blockchain projects must specify as to what will be the other usable solutions apart from the one, we are aware of.

Cryptocurrencies have not held a stable position since some time, however, as of now experts have pointed out that only a few losses can be seen, so yes, drastically falling prices of cryptos have kind of stopped.

Lesson: Never to conclude before the final outcome is right before you.
ICO seems to have started moving towards various departments as well and the recent one to join this list is none other than the Portuguese Football: ‘Sporting Ponders’. Though still it is in the initial stages, there are talks about putting ICO or the Initial Coin Offering concept for good use for the Portuguese Football Club to raise funds.


So far, there has been only traditional methods of raising funds but with passing time, it turned out to be somewhat difficult to raise funds specifically through bond issue. The same bond issue is going to mature on the 26th of November and thus it was time to look carefully at different prospects before coming to a final decision.

Gross Annual Interest Rate

Generally, the bond issue that Sporting Clube de Portugal has, gives a 5.25% gross annual interest rate to the investors. Due to this interest rate, it raises about €30 million or $34.2 million.
Sporting Clube de Portugal requires funds because it is on the verge of repaying investors for the bond issue that is due to mature on 26 November. To meet the set target, the Football Club has already raised about €26 million or $29.6 million.

This amount was brought together after an increase in subscription orders that the team at Sporting Clube de Portugal had put up with. However, amount collected so far falls short of the actual amount hence it was decided to look in to other options that could help in raising funds.

Vice President of the Football Club, Francisco Salgado Zenha stated that the board is meeting often to discuss the possibility of bringing in Initial Coin Offering as an alternative option. There is nothing concrete in these discussions yet because all corners are to be checked properly before coming to a conclusion.

One conclusion that seems to have been made so far is that ICOs definitely have great potential in the sporting arena.

Other Clubs who are part of ICO

Portuguese Football is not the first of its kind to join the league of ICO in sports as there have been other clubs who entered this field a while ago as well. Some of the names inclusive of this list are ‘Brazilian Football Club Avai’ who launched not only its own ICO but had also raised about $20 million!


Similarly, Paris Saint Germain, French Soccer made it clear that it is also having its own cryptocurrency; apart from Newcastle United and the Cardiff City are in talks with SportyCo for assisting sporting brands to launch their decentralized sports investment plus funding platform. SportyCo was also responsible for Avai when Avai set to launch its tokens!

An Easy Walk for Sporting Clube de Portugal?!

It does not seem to be a cakewalk for the club to get initial coin offering start however, Securities Market Commission or the CMVM of the country has informed all organizations to clarify ‘judicial nature of tokens which are going to be issued’.

With ICO coming in to picture, it is to see if cash crunched sporting clubs get some relief.
Digital Currency slowly turns out to be a more viable option than other currencies in place. It was hence a natural step for companies to take forward this kind of currency.


A Japanese Shipping Line to Launch its (Own) Digital Currency

Yes, you have read it correctly, Nippon Yusen K. K. or NYK is one of the largest ‘shipping line’ when it comes to ‘Sales Department’. Some sources have also reported by saying that the digital currency to be introduced by this firm is going to be used only by the crew members.

There is a simple reason for providing a digital currency of its own, reasons being individuals or the crew members can manage money without any troubles in Nippon Yusen K. K. When calculated the revenue from 1 April to 30 September 2018, it stood at 915.6 billion yen. With a staggering $8.1 billion consolidated revenue, NYK Group went a step ahead to introduce its own currency.

This idea is however in its initial stages and therefore nothing much can be revealed about it presently. There is little information that these sources are aware of, some of this information include:


·         1)  New Digital Currency by Japanese Shipping Firm shall be pegged against dollar.
·         2) This would mean that irregularity in value is not going to be a problem.
·         3) Payment in one’s digital currency is a great method to cut down costs and trouble taken during            transferring amount to the maritime workers.

Work in Progress with Banks to Offer Such Services

Nippon Yusen K. K. is working with not only software developers but also is in talks with banks so that launch and use of their new currency would not have adverse effects. Conversion of the new currency while putting in to use ‘shipboard communication system’ are successful at the moment and so when a few more technological inputs are given, it is certain to have positive effects on the overall system.

There is one question though that has taken individuals by surprise as well as put their thoughts on a racing track: it is none other than the only question: ‘will this digital currency be of any help to a company as large as Nippon Yusen K. K.?’

Agreed that many other companies are slowly moving towards the new age trend of digital currencies still it has not been completely accepted by many, some experts feel that if every single thing is worked as per rules then there are chances for such currencies to rise steadily with time.

Blockchain or No Blockchain?

Some of you may be knowing that digital currencies these days have been associated with Blockchain because it is due to these blockchains that cryptocurrencies work. But it is not clear yet as to what technology shall this shipping line put in to use; will it be blockchain based or another technique on similar lines?

One aspect is clear though and it is that customization is key to establish Nippon Yusen K. K.’s Digital Currency in order to serve its purpose.

Time may have come now that people are switching to digital currencies but still, it is a long way to go.
Koi Trading is going to witness some of the best investments in recent times that too from ‘Binance’! Well, it has been officially announced today that Binance Labs would be investing a significant amount in a Crypto Trading Desk and it is none other than Koi Trading.

What is Koi Trading and Why is Binance interested in Investing in It?

‘Koi Trading’ targets itself to become the best ‘compliant global option’; basically, it will be made only for ‘Private Cryptocurrency Liquidity’. In addition to this, Koi Trading has made itself helpful in domains such as Data Science, Compliance Consulting Work and Quantitative Research among other similar stuff!


‘Compliant’ is a word that is close to Koi Trading because it aims to have not only Cryptocurrencies but also Fiat come together in a ‘compliant way’. With its network originating in San Francisco, CA, Koi has its OTC Trading Operation located (read headquartered) there itself.

Team at Koi Trading

CEO and Founder of Koi Trading, Hao Chen went on to state that there is an experienced team from Sales, Trading and similar backgrounds who would be putting their brains together to ensure that the Mission that Koi has set itself to would become a reality. And to assist one in this path is Binance’s Funding!

Another interesting factor here, if you have noticed is that, Binance also comes along to be possessing a ‘broader vision’ thereby turning in to an ally one could not forget. When these two bigwigs cross paths, there are many possibilities that an individual shall be witnessing networks in EU, Asia as well as North America to acknowledge what OTC has to offer.

What is OTC? Why is it Important?

In China, you are going to witness that OTC Trading is known by one and all (mostly). There are also numerous reasons for OTC Trading to go strong in China specifically after Crypto World witnessed crypto exchange bans or other kinds of regulations including complications.

However, like nothing can be perfect but close to perfect only, OTC is also facing some obstacles that if resolved might turn this form in one of the best things ever made. To help you understand this concept in a better manner, you can keep reading this article:
·         OTC Cryptocurrency Trading in China is coordinated in a manner wherein ‘WeChat’, another Chinese application is used for communication.

·         This technique may have an impact that would not let growth of a system as large as OTC Cryptocurrency Trading. Especially when there is growth from all corridors of the Cryptocurrency Markets.

·         It was therefore time for something more robust to take challenges head on because OTC Market has seen itself rising in crypto world outside China so the solution had to be brought in to existence.

Answers

AML Program from the house of Koi, Binance Labs Investments, Banking Relations from the United States moved things in a fast track mode so that whatever improvisations are being made, they can be implemented without any glitch or delay and trying to be not affected by any third-party instability. It is now to see how would Binance take this venture forward with passing time.
Watch this space for more news on Cryptocurrencies.
Authorities seemed to have taken a liking of sorts towards unauthorized crypto companies in a way that they started to terminate operations of these unlicensed crypto firms.

To begin with, CONSOB or the Commissione Nazionale per le Societa e la Borsa is a Government Authority in Italy, which keeps track of Italian Securities Market. It was this: Italian Companies and Exchange Commission that was responsible for discontinuation of some crypto businesses in the state of Italy.


Crypto Business of 3 Companies come to a Stand Still

Companies whose operations have been detested are all related to cryptos in one way or the other hence it was time for someone to take a note of deeds carried out by them before taking a final decision.

Companies such as Richmond Investing, Finatex Ltd. and CryptoForce have violated rules laid down by authorities and hence CONSOB decided to correct their wrongs.

11)  Richmond Investing is a trading platform which did not go on to register under ‘financial intermediary’ thereby breaking the law governing the Italian Financial Markets known as ‘Consolidated Law on Finance’.

22)  In a similar incident, German based Financial Regulatory Organization, BaFin took action against the authorities of Finatex Ltd. This company is based in the U. K. apart from having ties in crypto world. As per the statements released by the authority in charge, Finatex Ltd. worked without following any of the rules laid down by the German Financial Legislation.

      Moreover, this is inclusive of the German Banking Act, so, it became a necessity for the officials to set right companies who opposed to the system to be followed.
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  3) Third in the list is CryptoForce and its crypto coin (read currency) named ‘Crypton’ had to be sacked according to the new laws put forth by the authorities from the E. U. Ministry.
      
      For the uninitiated, CryptoForce is a company dealing for the most part in ‘PoS or Proof of Stake Mining’; it is also responsible for promoting its (own) Cryptocurrency that goes by the name: Crypton.
      
       Advertisement of CryptoForce was carried out by Brizzi on social networking site Facebook whereas on the other hand, it was Eagle Bit Trade responsible for offering ‘trading packages to the Italian Investors’!

How Did CONSOB Deal with These Crypto World Discrepancies?

Back in E. U., things have begun to fall in place with strict rules and regulations being passed around. It was also a requirement of the hour that stood out because authorities from the think tank (called Bruegel) felt careful and an in-depth examination in to the working of crypto related firms is necessary that can never be given second thoughts.

Due to this, all digital currencies came under the radar especially of their aspect on how were these digital currencies got distributed among the investors!

A Plus Point: Good News for Cryptocurrencies in Italy

It comes as a shock for some but the Government of Italy seems to have not prohibited any of the financial institutions from using cryptocurrencies, however, they have asked them to wait a little more before Formal Rules and Regulations are put up!