Category: Crypto

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Crypto

Cryptocurrencies Regulations In EU Are Against Tax Fraud, Not Against Cryptos, Themselves, According To Officials

The European Union wants to tighten the regulation on Bitcoin (BTC) and other cryptocurrencies. For several months now, the possibility of tightening cryptocurrencies regulations on the purchase and sale of cryptocurrencies in the EU has been raised, accused of being a real bargain for money laundering and financial crime.

Now, finally, the member countries have managed to reach an agreement. Regulations have been through the European Parliament, where it has been voted and approved by an overwhelming majority – 574 votes in favor and 13 against.

The proposal includes a whole battery of measures to combat tax fraud through cryptocurrency. It is nothing new under the sky since there are several governments that work in this direction. One of them is the Spanish government, which through the Tax Agency already put on the table the future regulation of Bitcoin (BTC) just a few months ago.

Cryptocurrencies regulations in EU are similar to South Korean ones, lately

However, beyond measures to reduce fraud, there is one that can be very controversial. The European Parliament has given the green light to the creation of a register of users of cryptocurrency websites, the well-known cryptocurrencies exchanges in which you can buy and sell virtual currency freely.

It is a measure quite similar to that implemented recently by South Korea, one of the countries in which the fever of cryptocurrencies has hit hardest. In this Asian country, all cryptocurrencies exchanges are obliged to identify their users, thus ending the legendary anonymity of cryptos.

The European Union openly talks about financial crimes in relation to the Bitcoin (BTC) since it does not bode a bright future for this currency in its territory. In fact, this is the first step for a greater cryptocurrencies regulations in the future. Bitcoin (BTC) mining has been kept safe in almost the entire world, except in China. However, the energy consumption of mining is exaggeratedly high, an environmental problem that surely will not go unnoticed for much longer.

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Crypto

JP Morgan And The National Bank Of Canada To Run Blockchain Technology

JPMorgan Chase & Co and the National Bank of Canada (NBC), together with other firms, tested a blockchain platform for the issuance of debt certificates, in order to make the different stages of the process more efficient. In a press release issued by the National Bank of Canada on Friday, the issuance of a one-year deposit certificate of $150 million, was reported, and this process was accompanied by a simulation of the issue in parallel, through the use of a blockchain platform.

Other participants in this test, were Goldman Sachs Asset Management, Pfizer, and Western Asset. According to Investopedia.

The platform that was tested in conjunction with the National Bank of Canada was the blockchain Quorum, which is an open-source variant of the Ethereum (ETH) blockchain, adapted to security and privacy requirements of corporate applications. JP Morgan defines Quorum as Ethereum’s version focused on companies.

Among the benefits of Quorum, according to JP Morgan, the bank stresses that it is designed for applications “that require high speed and high processing capacity of private transactions within a permissible group of known participants”.

The technologies related to blockchain have the potential to bring great changes in the financial services industry

“The National Bank of Canada is proud to join forces with JP Morgan to test blockchain technology in the context of the issuance of a certificate of deposit. This is a unique opportunity to expand our knowledge in the blockchain. The National Bank of Canada will continue to innovate in the following years in the search for new ways to offer our partners more added value,” said David Furlong.

It should be noted that JP Morgan is the largest bank in the United States and has maintained a strong reserve attitude towards cryptocurrencies. Recently it was among the banks that prohibited the use of their credit cards for the purchase of cryptocurrencies.

Despite this, JP Morgan has been open to the potential of blockchain technology, which supports them. In general, the National Bank of Canada has shown a lot of interest in blockchain technology, despite its multiple reserves against cryptocurrencies, with which the financial world could manage the opportunities and challenges that the adoption of the blockchain.

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Crypto Finance News

Bitcoin and the Banking System – What’s Next?

For a time, some people have thought that cryptocurrencies are amazing and the state of the art and that the fact that the financial system is wary of them and in some cases is even rejecting them show shows how little the financial system knows about trying to adapt and including other forms of payment. However, it now looks like the financial system knew more about the matter and that cryptocurrencies were only suffering from a form of arrogance.

Claims against Lightning

Lightning is a second-layer network that will hopefully bring Bitcoin to the mainstream level. Now we are not exaggerating when we are saying that Lightning is a very complex system that is difficult to explain both to someone with little experience that is trying to understand it and also to someone within the community. However, a claim is going around that states that Lightning is not an IOU. The argument around this issue ill-based and easy to deconstruct, it all fixates on linking this statement with a hefty discussion about how banks employ an IOU system.

There is also talk going around that Lightning has only been created so that the banking industry could have a way to get their hands on Bitcoin and operate it remotely. Yet again, this argument is flawed and far away from the truth. Have we mentioned by now that these two arguments come from an article written by Cryptoconomy where he states his opinions about Lightning? If not, it is only right that we do so because it is not fair that we do not.

One of the last argument of this discussion about Lightning that we would like to state is that Lightning does have the potential to become a worthy competitor to VISA, but that will only happen in the future with the condition that Lightning will be set on a path of constant growth and evolution.

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Crypto Finance News

The Connection Between Online Gambling, Blockchain and Cryptocurrencies

From what we have already seen for some time, it looks like crypto coins and blockchain technology can improve a number of aspects of our daily lives but it seems like the one of the best areas where it can be used is online gambling.

What is a blockchain?

For those that do not know, a blockchain is a list of records that is made to be secure through cryptography and some of the best uses of this technology lie in the gambling sphere. When applied to online gaming, it greatly increases the speed of transactions, including those of withdrawals, as some of you may know that for an online transaction to be finalized it may take between 3 and 5 business days.

Blockchain perks

It is well known that in order for you to be able to play in an online gambling event you will need a traditional bank account in order to get your bets and your withdrawals, if you are lucky. However, when one uses a blockchain then he or she is going to be able to play in such an event just by having a computer and an internet connection, making the process easier.

How to adopt this process

So far the number of platform that use this blockchain system are few and far in between but it looks like more and more are working to incorporate it onto their online gambling platform which means that there is hope for the future. Were we to name a couple of platform that already have this feature, we could gladly say that Lottery.com and Greentube have both made this step. However, the problem with security levels still stands since the need to stop young gamblers and problem gamblers from playing still stand. That will remain to be fixed in the near future.

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Crypto News

Cardano [ADA] Update – New UI and Gorgeous Progress

With the number of articles going around looking more closely at the evolution process of different coins on the market during this past week, it looks like Cardano has also shown a number of changes and we are going to look more closely at them.

Cardano’s progress

First of all, the Cardano team has manage to fix a lot of things that needed improvement in these past couple of days, such as the fact that they now have a stronger migration plan that is going to be used for their wallet backend. This should come as no surprise since what they wanted to focus on was trying to upgrade the speed that they had when it came to the verification of blockchains and their application.

The team also took some time to fix the documentation and the semantics parts, which did have a number of small issues. Most people would think of spelling mistakes when it comes to semantics but, in reality, the company worked on clearing up vague terms such as ‘spending Password’, among others. If we are talking about the updates that were done to the documentation, we would like to talk about the fact that the Cardano team worked very hard on updating the history of the transaction and the filters that were used.

Most importantly, they worked on improving and restoring the asynchronous wallets, which will have a number of changes when it comes to their user interface, such as looking at the wallet on your sidebar.

These changes follow a rapid rise for Cardano this week, coming up to a gain of 36 percent, that some analysts attribute to the fact that Cardano [ADA] is now available on CoinSwitch, making it easier to have access to and be used on a regular basis by others.

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