Microsoft and Partners Make it Easier for Businesses to Issue Crypto Tokens

Microsoft and Partners Make it Easier for Businesses to Issue Crypto Tokens

                                

The cryptocurrency industry sees an influx of new tokens and assets on a regular basis.

The new service launched by Microsoft will only accelerate this trend moving forward. Microsoft has shown a keen interest in blockchain technology in recent years. It allows corporations and users to deploy ledgers as-a-service. This lowers the barriers to entry significantly for novice users and enthusiasts. 

More Crypto Tokens are Coming

In a new announcement, the technology now shifts its focus to issuing crypto tokens. This is a new approach aimed directly at enterprise clients experimenting with blockchain-as-a-service. Any company can select a set of token-building templates and deploy their own offering accordingly. How the companies decide to use such tokens in the end, is entirely up to them. Potential use cases for this technology include loyalty rewards, incentives, and even letters of credit. 

Creating such a new ecosystem where tokens can be issued and put to use directly is a bold move. It will also pave the way for building additional applications utilizing these new tokens accordingly. The new service is known as the Azure Blockchain Tokens platform. When it launches, there will be a list of “examples” for token issues to look at. It is also worth pointing out this is not just a Microsoft venture either. The company received the support from IBM, R3, and Digital Asset. It is plausible to assume this list will be expanded upon further as more time progresses. 

Article Produced By
JP Buntinx

https://cryptomode.com/microsoft-and-partners-make-it-easier-for-businesses-to-issue-crypto-tokens/

Heiko Closhen, Entrepreneur

University Researchers Accuse Tether of Manipulating Bitcoin Prices in 2017

University Researchers Accuse Tether of Manipulating Bitcoin Prices in 2017

                               

Many cryptocurrency enthusiasts like to think back to 2017.

It was the year when Bitcoin and virtually all altcoins noted their last all-time high values. To this date, it still remains unclear where this sudden surge came from. Many people still feel Tether is partially to blame for this series of events. Influencing cryptocurrency prices can be done by anyone and everyone. The scale at which that impact will be visible is a different matter entirely.

More Tether Manipulation Accusations

As far as the 2017 cryptocurrency push was concerned, many people suspect big holders made their play accordingly. A new study created by John Griffin and Amin Shams seems to hint at one sole entity being the catalyst. They claim it only took one wealthy speculator to manipulate all of the markets with relative ease. More specifically, the researchers point a finger of blame at Tether. The company issues the USDT stablecoin which is commonly used across trading platforms. 

While it is not the first time Tether is named in regards to potential market manipulation, the company refutes any and all claims. Tether’s General Counsel Stuart Hoegner went as far as stating how the research is flawed in many different ways. It is evident that this will not be the last accusation of Tether either. The company has been under scrutiny for quite some time now. In recent months, the company also became involved in a lawsuit. The outcome of that investigation is still pending at this time.  Whether or not this research factors into that lawsuit, remains unclear. 

Article Produced By
JP Buntinx

https://cryptomode.com/university-researchers-accuse-tether-of-manipulating-bitcoin-prices-in-2017/

Heiko Closhen, Entrepreneur

Chinese President Sparks Big Bitcoin Price Gains with Bullish Blockchain Speech 0 58

Chinese President Sparks Big Bitcoin Price Gains with Bullish Blockchain Speech 0 58

                                 

Chinese President Xi Jingping supports the blockchain and says the Chinese government needs to do more

in terms researching and investing in the blockchain, according to South China Morning Post. Xi is also the general secretary of the Communist Part of China Central Committee and chaired a meeting on the subject with other advisors taking part. Xi believes blockchain “will play an important role in the next round of technological innovation and industrial transformation”. “Major countries are stepping up their efforts to plan the development of blockchain technology. Greater effort should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”

What Xi’s Thoughts did to the Bitcoin Price

In just the last five days, the price of Bitcoin is exploding. It now stands at $9,360.67 after starting the trading day on October 24th, 2019 at $7,474. That’s a price gain of over 21%. The price briefly got up over $10,000 throughout the weekend before bouncing down to where it is today.

Is The Government’s Stance on Cryptocurrency Changing?

China banned an initial coin offering for a cryptocurrency exchange in 2017. The country wanted to curb enthusiasm around crypto to protect consumers in theory. China used to be the world’s largest influence on Bitcoin trading volume but that’s since changed because of the regulatory crackdown. However, the country still does maintain a major influence in the cryptocurrency mining space. So while it’s nice to hear Xi extolled the virtues of the blockchain, the reality is the Chinese government has a history of tightly controlling what its citizens can and can’t do when it comes to money, politics and social issues. That in fact is part of the reason that China had such a stranglehold on Bitcoin trading volume is that Chinese people have the desire to keep their savings out of the hands of the government. Most Bitcoin and blockchain enthusiasts know that a big portion of the transactions that go through the world’s most valuable blockchain are the result of people trying to escape oppressive regimes.

Hyperinflation in Venezuela

The International Monetary Fund estimates that the inflation rate of the Venezuelan Bolivar will reach a staggering one million percent by the end of 2019. While Bitcoin’s price worldwide is usually listed on charts in comparison to the American dollar, that doesn’t mean that everyone gets access to Bitcoin at the same standard price. It’s estimated that the price of Bitcoin in Venezuela is doubling every single day. That sounds huge and it is, but when the price of the local fiat currency is exploding by a million percent per year, it makes sense to put that money into Bitcoin as quickly as possible. Scarcity = value, and if people converting the Bolivar are lining up at Venezuelan exchanges all at the same time, it only makes sense that the price will continue to skyrocket. When a handful of countries experience the same thing, the overall volume being traded and acquired on the international market goes up.

Greece’s Government Debt Crisis

Known as The Crisis, Greece’s problems ironically stem from the same 2008 Global Economic Crisis that sparked the invention of Bitcoin and the blockchain network. The Crisis led to citizens quickly becoming impoverished. Overall, the situation in Greece surpassed the U.S. Great Depression as the longest recession on record. During this time, bond yield spreads have grown further and further apart and the government’s debt reached nearly 300 billion Euros, causing risk insurance and credit default swaps to rise in price, creating a whole system of growing debt. Of course this led to more and more people searching for alternative ways to store value. This meant Greeks began putting money into traditional and digital gold, or Bitcoin.

One Other Potential Reason for Bitcoin’s Recent Surge

Bakkt is a Bitcoin futures exchange most serious traders were really excited about earlier this year and even going back to 2018. As soon as it launched, enthusiasts expected Bitcoin to go all the way to the moon. It’s just happening now, a little bit later than anybody thought it would. Just in the last 24 hours, trading futures contracts on Bakkt has gone up 260%. This is all in anticipation of future events related to innovation in China. What comes from Xi’s comments in the long term remains to be seen, but for now it seems the market is already pricing in potential.

Article Produced By
Jack Choros

https://cryptoradar.org/chinese-president-sparks-bitcoin-price-gain/

Heiko Closhen, Entrepreneur

Craig Wright Backs out of 500000 BTC Lawsuit Settlement 0 11

Craig Wright Backs out of 500,000 BTC Lawsuit Settlement 0 11

                                    holding-bitcoin

Craig Wright, the infamous programmer claiming he’s the inventor of Bitcoin, is backing out of a 500,000 BTC settlement with the Kleiman estate. He says he can’t afford to finance the payout.

The Case Is Back On

Wright lost his case against Kleiman in August. Courts deemed he couldn’t prove he’s solely responsible for half a million Bitcoins he mined with Kleiman prior to 2014. That means the case that ended less than 90 days ago is now being re-opened. Wright battled with Ira Kleiman’s estate through his living relative David Kleiman. At the time of the court’s decision, the 500,000 BTCs were worth over $5 billion.

A motion filed on November 1st in a Florida courtroom states that both parties have reached a non-binding agreement in principle following several conference calls and in-person meetings. The plaintiffs were claiming they were no longer pursuing active litigation, but they found their efforts to be a waste of time. The law firm representing the plaintiff’s case wrote in a motion that on October 30th, 2019, they were informed Mr. Wright could no longer afford to finance the settlement and that he was “breaking” the non-binding settlement agreement.

So What’s Next?

Lawyers representing the Kleiman estate are now preparing for a new court date on March 30th of next year.

Wright is Now Fighting Back against an Old Deposition

Roche Freedman is now working to obtain a deposition of James Wilson, a chief financial officer of Craig Wright’s companies in Australia. He worked for Wright between 2012 and 2013. The plaintiffs think the comments Wilson made during that deposition are going to be crucial to the case. He was the one looking over Wright’s companies when they were sold to the Kleiman estate in exchange for Bitcoin. Wilson will be visiting Washington on November 8th to be deposed once again.

In lieu of that upcoming date, Wright’s lawyers are suggesting they will not consent to a deposition because they haven’t received 14 days’ notice for an out of state deposition as required by the law. The court documents also show the team will decide whether or not they’re willing to go through with a video deposition within the next week. This is all quite a bit of red tape to go around for Kleiman’s estate and Wright’s conduct has certainly put a strain on things.

Forgery Complaints

Emails, invoices and BitMessages were analyzed over the summer time and investigator Matthew Edman uncovered the fact there’s a good chance Craig Wright tampered with documents relating to the Tulip Trust, an account where funds were being held. This has created an atmosphere of doubt around Wright’s integrity, although a cross examination from opposing lawyers gave them a chance to refute claims. The story around Wright and the $10 billion-plus within the Kleiman estate just keeps getting more and more interesting. And it seems, it’s not exactly over yet.

Article Produced By
Jack Choros

https://cryptoradar.org/craig-wright-lawsuit/

Heiko Closhen, Entrepreneur

How I Advertise Markethive

Howdy great people?

This post is meant to explain how I have been referring to markethive in the recent weeks. I will be happy if this post will assist even 1 person.

 

When I joined markethive earlier this year (2019), I wasn't green with regards to getting some traffic. I was signing up some associates here and there. Whenever I got asked how I was doing it, in different ways every time, I'd pass the info that my links are all over, and then I'd go ahead and list all (or most) of the websites that I put my links on. My links were literally all over smiley

Well, that's not the case anymore; I don't put my links all over. Whereas I don’t fancy doing this anymore, I do not discredit putting links on so many advertising platforms, I just don’t prefer the method anymore.

I now go for what I call "influencer traffic". These are basically followers/subscribers of influencers in the crypto space.

In the last few months;

  • I have learnt that when running ads on the usual advertisement platforms, my success was dependent on so many variables like; how good or bad the competition did their ads, how well I presented my ad (my copy) among others. I didn’t have control on many of the variables and this frustrated me a great deal.
  • I also learnt that with influencer traffic, success was majorly dependent on how targeted the traffic is, and I have control over that. I can actually choose which influencer’s following to present my offer to basing on the kind of offer that I have.

I am now targeting audiences with the following characteristics;

  1. Nurtured audience (not necessarily by me). This traffic is highly motivated to take action, a consequence of nurturing.
  2. Close to zero competition at the time that I present my offer to them.
  3. Highly targeted, only crypto conscious traffic for now for the markethive offer. Deliberately, I avoid broad niched traffic like MMO and Home-based business. While I do not nullify the value in this kind of traffic, I give preference to already crypto conscious traffic, especially for the markethive offer.

We all know how much effort these influencers put in to put together and nurture their followers. I simply just tap into this traffic.

I go for the low hanging fruit.

 

3 actual examples of what exactly that I have been doing lately to get traffic

  1. I belong to WhatsApp and telegram groups in the crypto space. So I contacted the admins/owners of these groups and at a cost, some of them have been allowing me to post to the groups to interest the membership about the markethive offer.  

I am sure most of you belong to such groups, and you could do this as well. 

Not all admins will accept, but you will find some that will, especially if you are not the spammy kind. It is wise to put together a message that you want to share and actually show the admins/owners so it can assist to influence their decision.

The amount of money you can offer to pay will depend on the size of the group, the responsiveness of the members.

I have been getting like 300 (plus or minus) associates from groups of around 1000 members

To note is that not all crypto groups can be suitable. You don’t want to advertise to product-specific or company-specific groups. The most suitable are groups built for say airdrops, trading pump and dump groups or simply someone's following. 

You want to target groups often put together by an individual or a group of individuals.

I haven’t delved into groups outside of telegram and WhatsApp yet, but I guess you can target groups in basically all social platforms like Facebook, Instagram etcetera. You can also use forums.

 

  1. I hired the service of a YouTube influencer who did a video for me. My selection was a non-English YouTube account.

Whist shopping around for YouTube influencers, I found English based youtubers considerably expensive. Non English speaking youtubers are equally as influential. Do your due diligence and select wisely. 

With YouTube influencers, the magic is in the selection;

Simply scrutinize the account in question. The account should be current with considerably high viewership per video as well as a respectable number of subscribers. The number of subscribers basically shows the potential reach of your video, the higher the better.

You will know an active and successful YouTube account when you see one.

 

  1. I also got a hold of another crypto based influencer with a big following on a telegram bot channel. He uses this bot channel to broadcast updates to his following, usually to direct them back to his latest blog posts and new YouTube videos. At a cost, he sent a broadcast to his subscribers with my message pitching markethive.

I am certain you can see the trend in the kind of traffic I have been targeting, and the good thing is that all of you can actually do this.

 

Where to find influencers

Just do a quick google search 'Hire crypto influencers' and you will be amazed how many results you will get, many platforms like coinbound or Bitcoin Forums will have these inluencers listed.

However, I found better results by contacting the influencers directly and at cheaper cost.

 

My wish is to see many markethive members referring massively. We all that are at the ground floor of this great platform need to be in one accord to bring many more associates on board. 

Let's purpose to get to millions of members in the shortest time possible. This will benefit us all! 

Whichever way you refer, purpose to continue to do it even more.

Contest or no contest, Your biggest competition is yourself. Always yearn to out-do what you have done before.

 

 

Many thanks for stopping by my blog.

 

Your friend, Victor Lavaza

The busy bee

PS: If you haven’t joined my newcomers landing zone group, kindly join and assist me to nurture new members to learn the ropes as well.

 

 

 

Heiko Closhen, Entrepreneur

Utah to Facilitate Voting for Disabled Individuals through Blockchains

Utah to Facilitate Voting for Disabled Individuals through Blockchains

                                 

So far, numerous case studies regarding blockchain’s usability as a voting platform

have been carried out by local governments, NGOs and private entities. So far, the results look promising, in the sense that blockchain can easily facilitate secure and transparent voting, thus completely eliminating fraud, while also making the process more seamless.

Despite this aspect, blockchain is currently mostly used for voting purposes by platforms that have implemented the system for their self-governance. Luckily, recent reports indicate that blockchain technology will soon be used in Utah, as part of a trial project meant to allow disabled individuals to cast their votes. To put things into perspective, the local council and government of Utah have decided to allow blockchain-based voting via smartphones in the upcoming municipal election that will take place in November. The platform that disabled voters will be using for this election represents the result of a fruitful partnership between the Utah Country Elections Division, the National Cybersecurity Centre, Tusk Philanthropies and Voatz, a local voting app development company.

The decision comes after a study conducted by the National Cybersecurity Centre has determined that the blockchain-based voting platform does in fact work, following a few trial runs. The idea here is to initially test the platform on a small group, and if everything goes according to plan, it may be very well integrated into all future elections that take place in Utah. A recent press statement given by Michela Menting, a director for ABI Research, reads: “I think it’s a great expansion on the mobile voting project. There is certainly potential to extend such technology to the general public, but it is always contingent on succeeding in smaller focus groups first, and especially those which may often find it more difficult to vote – due to location or disability as in this example.”

So far, several audits were also conducted on even smaller groups. With this in mind, the same platform has been used for overseas voters in the West Virginia elections, but also in Denver. All trials that have been carried out so far have been audited, and the results were completely accurate, as anyone might expect from blockchain technology. An important aspect worth keeping in mind is that for the past trial runs, very few people actually registered to use this platform. However, this makes sense since not a lot of publicity was carried out. For the upcoming elections in November, Amelia Gardner, a clerk, and auditor for the Utah County has stated that this time around, more people are likely to register, since the election authorities are working directly with the Disability Law Centre to further promote the project. Leveraging this technology is great news for disabled voters since transportation to polling stations is often difficult.

Apart from allowing individuals to cast their votes via the blockchain, the platform has several other functionalities. For instance, it features ID verification, but can also display a verification receipt, an image of the tabulated ballot, alongside the reference for the blockchain transaction. This data can then be printed out on a traditional ballot, which can be scanned just like traditional ballots. The platform also features solutions meant to simplify the process associated with absentee ballots, which can be quite labor-intensive. While everything looks great, some experts believe that further research and development efforts are still required to facilitate secure, fast, and cheap blockchain-based voting. For instance, Jeremy Epstein, who is the VC of the U.S. Technology Policy Council, has stated that challenges include, but are not limited to malware infections on the voter’s side, disruption attacks, server penetration, alongside DDoS attacks.

Our take on the matter is that these issues mostly exist since the blockchain being used for the voting platform isn’t distributed and decentralized enough, thus creating way for vulnerabilities. Mass implementation of this system would likely entail technical investments that would make the process secure and seamless from all points of view. After all, no widespread blockchain system has been hacked so far. The issue here is that the innovation stops right after the vote is cast – in other words, the vote counting and registration system remain outdated since ballots are still introduced in urns and counted by hand. However, we cannot expect to see the system implemented across Utah without several trial runs. After all, elections are no joke and failure is not an option.

Article Produced By
Daniel Dob

https://www.crypto-news.net/utah-to-facilitate-voting-for-disabled-individuals-through-blockchains/

Heiko Closhen, Entrepreneur

US Congress Continues to Investigate Cryptocurrencies Deep Divisions Revealed

US Congress Continues to Investigate Cryptocurrencies, Deep Divisions Revealed

                                

 

Members of the United States Congress are again openly addressing the cryptocurrency revolution

by holding committee hearings and researching its potential impact on the current financial system. Although there is significant division among them, there is no doubt that America’s legislators are becoming notably concerned about the changes blockchain technology is introducing. There is now little doubt that the country will soon see significant legislative and regulatory action addressing this new asset class.

This past week Facebook CEO Mark Zuckerberg testified before the House Financial Services Committee where he was questioned on his company’s plan to create the Libra digital currency. To put it mildly, the mood of the committee was not friendly. Most members expressed grave concerns over Libra’s potential use in illegal activities as well as its threat to the hegemony of the U.S. dollar in global economics. Only a handful of committee members discussed the technology behind Libra, yet there was no doubt that most of them understood the simple fact that emerging digital currencies are designed to operate outside of the traditional financial space. Brad Sherman (D-CA) was perhaps most vocal about this issue. The long-time critic of all things crypto railed against all things crypto, insisting that these assets are most useful for criminals, and do nothing to help the global poor and unbanked. 

Representative Patrick McHenry (R-NC) opposes Sherman’s position on cryptocurrency. In an interview on October 22nd McHenry spoke well of crypto use. Specifically he noted that Bitcoin “has enormous long term value” and that the U.S. government should encourage development in the blockchain space. To that end, he is reintroducing the Financial Services Innovation Act, which will enable fintech startups and development teams to bypass many outdated regulations when experimenting with digital currencies and blockchain assets. He first introduced this bill in 2016. Warren Davidson (R-OH) also supports crypto innovation. He has recommended that Facebook adopt Bitcoin, or another blockchain-based platform, rather than Libra. Davidson supports greater involvement by U.S. lawmakers and regulators in crypto development, and has called for leaders to take greater steps to educate themselves on the technology behind the various platforms. 

After the recent hearings on Libra, moves by the Congress on this issue are all but certain. Simply put, American lawmakers have no choice. Facebook and the Libra Association are firmly determined to launch their currency, and are unlikely to allow a few angry congressmen get in their way. Libra, however, is merely the tip of the iceberg. Many other large American businesses are also moving into the space. For example, Walmart is now using VeChain, Iota is forging partnerships with several U.S. cities, and many banks are embracing Ripple. If Congress has any hope of enacting effective regulation it had better act quickly. 

Although the present mood in Congress is strongly anti-crypto, what will happen once real legislation starts emerging is anyone’s guess. Knowing that this is a movement that cannot be stopped, and that this technology will bring incredible benefits to those that navigate it properly, more supporters are likely to emerge. Nevertheless, blockchain assets are on track to disrupt virtually every sector within the American economy. With so much at stake, the fight over how to adjust to such a revolutionary change could be very contentious. Mark Zuckerberg’s testimony was a clear indicator that, more than ever, America’s lawmakers are recognizing that the age of digital currencies has arrived. Addressing the myriad issues that will come with it will be no easy task. What is without question is that ignoring the changes underway is no longer an option.

Article Produced By
Trevor Smith

https://www.crypto-news.net/us-congress-continues-to-investigate-cryptocurrencies-deep-divisions-revealed/

Heiko Closhen, Entrepreneur

Top 3 reasons why governments demand regulation of cryptocurrency

Top 3 reasons why governments demand regulation of cryptocurrency

                              

Whenever we hear about another government drafting a regulation for cryptocurrencies,

we can’t help but smirk a little bit at the hypocrisy of politicians and their approach to these digital assets. The reason why so many people laugh at the sight of new crypto regulation is due to the direct contradiction of such a law with an already established understanding of cryptocurrencies in the political world.

For example, dozens of governments have not recognized cryptocurrencies as money, but treat it as such. Most try to classify it under securities but they can’t find definitive connections between the already established understanding of security and a crypto coin. Therefore, they simply push it into the class of hobbyist assets or something completely harmless, and then regulate that sector to oblivion. This mostly causes collateral damage to industries that were already classified under this specific sector, which is why the negativity towards cryptos tends to grow institutionally as well as on a retail level. But why regulate cryptocurrencies? What are these digital coins which are ultimately nothing but a line of code have so dangerous about them that governments want to keep under control? Well, let’s find that out through this article.

Siphoning tax dollars into the economy

The first reason that causes cryptocurrency regulation is the potential tax that governments can put on the asset. Understanding it is quite easy. You can’t tax something which is not recognized as something of value, and in order to recognize it as something of value, you need to include it somewhere in the law, thus we get cryptocurrency regulations. Almost every draft you can take a look at mentions cryptocurrencies as some kind of asset class, which would then determine the level of taxation. The most common tax is, of course, the capital gain tax, which is calculated through the profit of exchanging these assets. The most common industry we can find this tax is a foreign exchange, which draws quite a lot of parallels on whether or not cryptos are money.

A sub-reason of taxes is to somehow minimize the cases of tax evasion from the population. You see, there are specific cryptocurrencies around the world that are designed to completely hide the identity of their owner, before, during and after the process of purchasing them. This was a very popular method for Australia real money pokie games as they would encourage their customers to deposit fiat currencies, exchange them for local tokens, spend a set amount of them on the platform and then they would be allowed to withdraw these funds as cryptocurrencies. Even if the deposit on these platforms would be recognized by a government authority, they would classify the lack of withdrawals as money lost while playing, thus not follow up on the taxation of the individual.

However, through regulation, governments would pretty much force citizens to use traceable cryptocurrencies on such platforms, or prohibit these platforms from allowing crypto withdrawals. Nobody can truly say they’ve worked like a charm, as the end goal was pretty much the same. The amount of taxes being added to the treasury each month did not increase nor decrease. Why? Because the fact that people avoided taxes on cryptocurrencies does not mean that they avoided taxes overall. The cryptos they’d get would still circulate in the local economy, thus still be funneled into the national treasury.

Security and control

The second argument that most governments put forward when installing a crypto regulation that it’s dangerous for the safety of the nation. Most of the argument revolves around the financing of terrorist groups that would plan on inflicting some damage to the country. However, it has been confirmed multiple times that cryptocurrencies are not being funneled towards criminals and that most of the crimes as well as terror attacks are still being funded through fiat money. Why? Because it’s very easy to smuggle them outside of the country as they’re mostly physical items and can’t truly be controlled by the government 100% of the time.

However, in terms of security and control, most people tend to agree that it’s worth having a regulation for. But that’s the only part about the legislation that they agree with. Everything else that requires the payment of taxes and identification is out of boundaries. But the fact is that security requires some kind of sacrifice. And in this case, that sacrifice is supposed to be privacy, which some people are not ready to give up.

Study and analysis

The next reason is the study and analysis of this new industry. We need to recognize the fact that cryptocurrencies were introduced in the modern financial market very quickly. So quickly in fact that even the developers themselves had not studied the technology completely. Therefore, the only plausible decision from governments was to either ban these new digital assets that people were buying up, or to regulate them to an extent where they buy some time to study them.

Unfortunately, the first time cryptocurrencies became available in the market, most governments decided to go ahead with a permanent ban, thus hindering the development of the assets. But this development was a hindrance to the value rather than the technical side, but then it caused collateral damage in a sense where developers could not fund their new projects anymore. So, in retrospect, the banning or strict regulation of cryptocurrencies as a means to study them hindered those very same studies as actual local applications could not have been taken into account, thus losing priceless data.

Should there even be regulation?

Cryptocurrencies should be regulated and every crypto fan who is truly aware of how they work will agree to this. The ultimate goal of Bitcoin and pretty much every altcoin is to either replace fiat money or become a worthwhile alternative. In order to do so, it needs to be kept in check so that it loses some of its volatility. Otherwise, it’s simply too risky for large-scale transactions and usage as millions if not billions could be lost in just a few hours from a small price movement.

Article Produced By
Bitcoin Warrior

https://bitcoinwarrior.net/2019/10/top-3-reasons-why-governments-demand-regulation-of-cryptocurrency/

Heiko Closhen, Entrepreneur

FATF Begins Inspection on Anti-Money Laundering Measures at Japanese Entities on October 28

FATF Begins Inspection on Anti-Money Laundering Measures at Japanese Entities on October 28

                                   

The Financial Action Task Force (FATF), an international organization dedicated to anti-money laundering measures,

began undertaking an assessment at the Japanese government and financial institutions in Tokyo on October 28. It was reported that companies that operate cryptocurrency exchanges are also subject to evaluation, with the FATF conducting interviews at the Japanese government and approximately 20 financial institutions over the next three weeks. The results of the assessment will be made public in summer 2020. The FATF will investigate banks, securities companies, and insurance companies to see whether they have sufficient measures in place to confirm customer identity, report transactions that may be money laundering, and prevent fraudulent remittances. Additionally, the organization will investigate cryptocurrency exchange operators as managers of new financial assets to see whether their measures are sufficient to deter exploitation of these assets by criminal organizations. This marks the first time that Japanese cryptocurrency exchange operators will be subject to an evaluation by the FATF.

A previous audit was conducted in Japan in 2008, however the entirety of financial institutions in Japan received a harsh assessment, requesting improvements for 25 out of the 49 audited items for anti-money laundering and counter-terrorism financing (10 items demonstrated insufficient countermeasures and 15 items demonstrated only partial implementation of countermeasures). In the past, only 5 countries out of the 23 that underwent assessment by the FATF assessments required strict monitoring with regular follow-ups: United Kingdom, Spain, Italy, Portugal, and Israel. However, this does not imply that the countermeasures at Japanese institutions are in an exemplary state.

The FATF’s Recommendations carry significant weight and apply to over 190 countries and regions around the world. Should Japan be assessed as a “high-risk” or “uncooperative” country by the FATF, financial institutions in other countries may apply closer scrutiny when working with Japan’s financial institutions, leading to delayed trade or avoiding deals with Japan altogether. The Japanese government may be undertaking this recent assessment to regain trust and dispel concerns in international trade matters.

Cryptocurrency service providers in Japan have already begun introducing a registration system for registering as an operator with the Financial Services Agency (FSA), however it is thought that the regulating agency will further evaluate the initiatives of cryptocurrency exchange operators in Japan and propose measures for improvement. There are 20 companies registered with the FSA as cryptocurrency exchange operators, but companies that are not under the umbrella of major listed corporations and thus do not have abundant capital or human resources are mixed among those registered. Going forward, it can be expected that the fate of these registered companies will be split between those with resources capable of addressing requested operational improvements and those unable to keep up.

Article Produced By
FISCO

https://bitcoinwarrior.net/2019/10/fatf-begins-inspection-on-anti-money-laundering-measures-at-japanese-entities-on-october-28/

Heiko Closhen, Entrepreneur

A Big Four Begins Testing Mobile Bitcoin BTC Wallet App

A Big Four Begins Testing Mobile Bitcoin (BTC) Wallet App

                                  

The Big Four are the biggest professional services networks in the world,

offering audit, assurance, taxation, management consulting, advisory, actuarial, corporate finance, and legal services everywhere. Composed by PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG, these firms accounted for $148.2 billion in combined global revenue during the fiscal year 2018. 

All of these companies have shown interest in blockchain technology at some level, proving the utility behind said tech and how it could greatly improve the services they provide to customers worldwide. Although it wasn’t until recently that one of these consulting companies begin implementing cryptocurrencies to test things out. According to the Luxembourg Times, Deloitte is currently testing out a Bitcoin app within the company itself, offering its employees the possibility of paying for their lunch using Bitcoin (BTC) through a simple mobile app. The trial, which is only an internal test, is supposedly working towards the optimization of an app capable of enabling usage of cryptocurrencies more easily, although the company has said that it’s not planning on allowing clients to pay for their services in crypto just yet. According to Laurent Collet, a partner for strategy regulatory and corporate finance department at Deloitte Luxembourg:

We think it’s good to have our employees assess this new technology.

Furthermore, Collet continued on explaining how blockchain technology was a priority for the company, especially when it came to fund management activities and processing of transactions. Through blockchain tech, clients could benefit from greater transaction speeds, making auditing processes easier while removing the middlemen. This is where we focus our attention right now in linking this new technology with the needs of the Luxembourg industry. Deloitte has a long way to go, especially since one of its major rival companies, PwC Luxembourg, announced that it will begin accepting Bitcoin (BTC) as a payment method for services rendered. 

Article Produced By
CryptoCoin.News

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Heiko Closhen, Entrepreneur