Indonesia’s Customs Dept Joins IBM & Maersk’s Blockchain Shipping Platform TradeLens

The Indonesian Directorate General of Customs and Excise has started using TradeLens, IBM’s blockchain-based platform for shipping.

The news comes after a few months of work on the platform, whereas the Indonesian Customs and Excise Department made the announcement that they will join TradeLens at the end of last year. The customs department in Indonesia is the 11th governmental agency to become a member of the TradeLens consortium, together with customs authorities from Azerbaijan, Canada, Thailand and other countries.

There Are 10 Million Events Recorded Weekly on TradeLens

The IBM Indonesia president director Tan Wijaya says the partnership is expected to benefit stakeholders in the logistics space and to modernize trades. The TradeLens platform is providing APIs that make tracking and broadcasting of supply chain data possible by using a permissioned blockchain. They aim to speed up trades and customs verification while eliminating paper-based processes. TradeLens was launched in partnership with Maersk, the Danish transport giant, back in 2018.

At the beginning of this month, it was reported by Maersk that there are 10 million supply chain events tracked on TradeLens every week. During the same time period, the US Federal Maritime Commission gave 5 US-based TradeLense members the antitrust exemption to share data on supply chain events taking place in the US. The agreement between the parties came into effect on February 6.

Blockchain Technology Given a Warm Welcome by Indonesian Regulators

Three weeks ago, Indodax, the oldest crypto exchange in Indonesia, got its license issued from the Commodity Futures Trading Regulatory Agency (BAPPEBTI). BAPPEBTI is running under the Ministry of Trade and oversees all crypto activities in the country. In 2019, it mandated all currency exchanges to register with it, measure that got Indodax seeking for a license in spite of being operational since 2014.

Read Original/a>
Author: Oana Ularu

KuCoin Joins Binance, Huobi In Offering A White-Label Crypto Exchange Solution

The global digital asset trading platform KuCoin has made on Thursday the announcement that it’s launching a white-label solution that will allow its customers to make in only 72 hours fully functional crypto exchanges.

The platform will be called KuCloud and have 2 products to offer: XCoin and XMEX. Both these products will include KuCoin Spot and KuMEX Futures’ functionalities. Here’s what KuCoin’s co-founder Johnny Lyu said about KuCloud:

“The idea of KuCloud started in 2018 as a concept called ‘subnets’, with which we intended to give our exchange a powerful advantage when expanding into new markets since each new exchange can act as a separate entity.”

The Platform Will Be Customizable

Details about what the platform will offer were also presented in the announcement. Therefore, KuCloud will provide services of staking, spot trading, fiat gateway to as much as 150x leverage KuCloud futures trading, and margin trading. Besides, the platform will be customizable according to every client’s needs. Lyu added that:

“Now we go one step further and upgrade the ‘subnets’ to KuCloud, eliminating the difficulties and hassle of opening a crypto exchange, allowing all our partners to build crypto-related platforms with us to contribute to the liquidity and mass adoption of crypto.”

White-Label Solutions are the Future

KuCoin comes to present KuCloud soon after Binance announced the launch of a similar product. Binance Cloud will also introduce coins through an initial exchange offering (IEO) platform and use the over-the-counter trading service. More than this, it will also enable token issuers, fund managers and brokers to develop new streams of revenue and access the native liquidity of Binance.

In 2019, Huobi presented a product that’s quite the same and targets customers in North Africa and the Middle East (MENA region). In order to compete with Binance and Huobi, KuCoin comes with zero fees for launching crypto exchanges, but only for its initial clients.

Read Original/a>
Author: Oana Ularu

Crypto Needs Central Banks’ Pegged Fiat Currency to be Stable: Former ECB Benoit Coeure

Benoit Coeure, current head of Innovation Hub at the Bank of International Settlements (BIS), has today said in an interview with CNBC he is confident central banks partly hold the future of cryptocurrencies. The French Economist and a former executive board member at ECB was keen to highlight a that practical approach by regulators would define where to place the digital currencies.

Benoit further expressed the reasoning behind this point of view during the interview. Notably was an advocacy for central banks being the binding factor of a stable economy given tools under fiscal and monetary policies. According to Benoit, it follows that a stable crypto ecosystem would have to be Central Bank pegged;

“It will be part of the backstop because that’s what’s needed for the stability of the system.”

Benoits take on Crypto Regulation

When asked whether digital assets like BTC need to evolve for them to be adopted; Benoit had an interesting answer for CNBC’s reporter. The veteran Economist said if crypto coins are presented as investment assets then it would only be prudent to regulate them under similar laws with mutual funds, ETF’s or collective schemes. On the hand, they can be regulated as payments if they tend to lean more towards this function.

Benoit also commented on tokenization of fiat currencies to serve as a back-end for crypto ecosystems. In his opinion, Central Banks are mainly concerned with economic stability hence the support for systems like RTGS. Crypto assets are therefore likely to face a similar fate as central banks will remain at the core of monetary operations;

“It might have to evolve to be part of the backstop. It might have to be tokenized, it might have to take different forms but it will remain at the core of the system.”

These sentiments were aired on the same day BIS announced two new appointees under its innovation hub. Benoit welcomed Morten Bech and Andrew McCormack to the team noting that their skills would be valuable in the BIS goal of bridging the gap between FinTech and central banks.

Read Original/a>
Author: Edwin Munyui

Bitcoin Cash Dev Proposes ‘BCH Node’ To Avoid An Unwanted Chain Split, Roger Ver On Board

The Bitcoin Cash (BCH) client upgrade scheduled for May, 2020 has raised heated arguments on some of its aspects. However, one BTC developer on Github by the name ‘ftrader’ is creating an alternative for the ‘disputed’ Bitcoin ABC v0.21.0 client.

According to ftrader’s post on reddit, the proposed version is unfit for upholding blockchain integrity. The developer defended this position by noting a chain split possibility in the near future due to lack of an activation method and consensus.

Bitcoin Cash Node (BCH Node)

In a bid to prevent the underlying risks, a group of BCH developers have come up with ‘BCH Node’ as a substitute to Bitcoin ABC v0.21.0. Basically, the former is a minimally altered version of the latter. The BCH Node as a modified client version will exclude a diversion code, signal and activation prompts for Coinbase rewards.

Current Bitcoin Cash ABC users will receive the proposed alternative as a ‘drop in’ replacing their old ecosystem. Notably, Roger Ver supports this version; the strong BCH advocate commented under ftrader’s post; “Looks like we now have the right software to run for the May 15th upgrade”

In addition, significant players in past BTC forks are set to contribute in the development of BCH Node. Some of the participating developers have featured in Bitcoin Cash ABC, Bitcoin Unlimited and Bitcoin XT forks.

A Proposed Developer Tax on Bitcoin Cash

Bitcoin Cash in its proposal has suggested a developer tax in the new client upgrade; this is meant to contribute towards growing the platform’s infrastructure. The proposal was however met with a resistance forcing BCH to review the tax from an initial 12.5% to 5%.

BCH came out to clear the air highlighting that they need to keep innovating within the Bitcoin Cash platform or face the risk of going down. It is still unclear what will be of the new BCH client version but some skeptics are of the opinion that this is an avenue to mint more coins.

Read Original/a>
Author: Edwin Munyui

PAX Stablecoin Issuer Paxos Settles First US Equity Trade Using Blockchain

The first blockchain-based settlement of US equities was claimed by Paxos, the New York-regulated cryptocurrency startup, Instinet, the broker dealer owned by Nomura, and Credit Suisse.

The announcement that the Paxos Settlement Service is live has been made on Wednesday. This service allows the simultaneous exchange between cash and some of the Paxos’ Ethereum US-listed equities. The Paxos Trust Company made last year the announcement about the pilot that involves Société Générale and Credit Suisse being given the approval of the US Securities and Exchange Commission (SEC).

US Equities Settling Automatically in an Outside System

At the moment, the pilot stage may be running for 24 months and allow only 7 participants to handle 100,000 trades per day. Melayna Ingram, who is a Director Securities Product at Paxos said Société Générale should be integrated and go live until this quarter ends. Ever since the Depository Trust and Clearing Corporation (DTCC) has been formed, it’s the first time for US equities to settle automatically in an outside system.

As Ingram mentioned, most of the US equities innovations from the past 20 years have been in trading market venues and trade execution. Here are her exact words about what’s going on at Paxos:

“The back office has largely stayed the same, running on mainframe codebases and involving a complex system of reconciliation which is out of step with new technology.”

Paxos Will Apply to Be Fully Registered with the SEC

Paxos said it’s looking forward to apply this year with the SEC in order to become a registered clearing agency. At the moment, such licenses are given to only 7 US companies. Paxos doesn’t use an enterprise Ethereum client such as Besu, Quorum or BlockApps. Instead, it uses a private blockchain Ethereum code-based network.

Trying to explain the Paxos Settlement Service, the Credit Suisse’s head of digital asset markets Emmanuel Aidoo said:

“Paxos Settlement Service introduces blockchain technology that’s compliant with regulations and allows us to take important strides towards evolving market structure and unlocking capital that is tied up in legacy settlement processes.”

Read Original/a>
Author: Oana Ularu

Ripple (XRP) Price Analysis (February 20)

Key Highlights

  • XRP’s price strength has once again overpowered by the US dollar market worth.
  • A fiercely breakthrough of a $0.30 mark will portend a decent return of the XRP bullish trading cycle.
  • Investors may consider buying into this crypto-trade now or allow it to dip a bit more.

Major resistance levels: $0.32, $0.34, $0.36
Major support levels: $0.24, $0.22, $0.20

Ripple (XRP) Price Analysis

The XRP/USD market has gone under a depressive price moving force. About few hours in the last trading days, the crypto rallied around a $0.30 resistance line. But, presently, the pair is trading towards a low $0.26 mark.

The US dollar overwhelmed the XRP’s price strength, downward trading around a low critical point that may cause further lowly price movements if a $0.26 line breached southwardly. The base cryptocurrency will have to fiercely breakthrough $0.30 to safely portend a decent return of bullish trading cycle for this crypto-trade subsequently.

Ripple Technical Indicators Reading

The 50-day SMA indicator is located over the 14-day SMA trading indicator. And, Japanese candlesticks now form precipitately downward the south below the SMAs.

The Stochastic Oscillators have traversed southward from range 80 towards touching a lower range at 20. That suggests that the XRP/USD market selling pressure may not have completely exhausted.

Conclusion

The XRP/USD market is again facing another round of recovery trading position, which may not be visibly achieved in the near time. Though, the sellers’ strength has affirmed to a point in the market. And, a breakdown of a $0.26 mark could result in a dicey sustainable trading situation for the XRP/USD sellers. Given that, it could now be one of the best investing times that investors may plug-in.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

Read Original/a>
Author: Ben Jordan

Sweden’s Riksbank Launches Its Central Bank Digital Currency (e-Krona) Testing

Sweden is getting closer and closer to issuing its own central bank digital currency (CBDC), as it already started testing the e-krona.

The pilot program for the new digital currency is supposed to last for a year and thus, to end in February 2021. It’s not yet clear when the e-krona will be launched and made available to the public, but one thing’s for sure: a blockchain-based currency would improve the banking activities and payments in the country. Therefore, credit cards would no longer be swiped as transactions would be moved to the blockchain and no longer use fiat currencies.

Sweden Is Definitely Not Late

After the Bahamas, Sweden is the second country to reveal its plans about working on a national cryptocurrency. In December 2019, the Bahamas launched a CBDC pilot program that’s expected to be rolled out during 2020’s second half. While China has also talked a lot about the development of its own CBDC, it seems things aren’t as serious as in Sweden or the Bahamas. It doesn’t come as a surprise that Sweden wants the e-krona seeing the country almost no longer use cash anymore.

Riksbank to Analyze the Implementation of the E-Krona

Riksbank will analyze whether Sweden is ready or not to implement a CBDC in an efficient manner. The consultancy firm developing the e-krona is called Accenture. Preliminary tests in sandbox testnet are already being run by this company. 80% out of all payments in the country are being made through other means rather than cash.

This means the implementation of a CBDC will be an easy process for the Swedish citizens who are already used to not having money on them, not to mention the transition from credit and debit card payments to a digital currency is simpler. Germany, for example, would most likely have a problem implementing a CDBC, seeing German people are still using cash to make most of their payments.

Read Original/a>
Author: Oana Ularu

Australia’s National Stock Exchange Is Building A DLT-Based Real-Time Trading Platform

Both companies listed publicly, NSX Ltd., which is the owner of the National Stock Exchange of Australia, and the financial institution known as iSignthis (ISX) have announced on Thursday that they’re partnering up to offer a platform for trading digital securities.

The platform will be called ClearPay. It is going to be distributed ledger technology (DLT)-based and at the same time offer almost instant transactions instead of delayed settlement. The know your customer’s customer type of security and other solutions offered by iSignthis will be integrated in it.

ClearPay to Compete with ASX

ClearPay aims to compete with ASX, also known as the Australian Securities Exchange, since the ASX is also working to replace its out-of-date CHESS clearing system with DLT. The exchange is collaborating with the blockchain company Digital Asset to provide same-day settlement solutions, as traditional trades take up to 3 days at the moment. The ASX is thinking about starting to test its new platform in July this year.

NSX’s Time to Act

NSX’s CEO Thomas Price mentioned in an interview that cash equity exchanges all over the world are going through a technological revolution and that the market is in agreement when it comes to challenging settlement and clearing legacy methods. Here are his exact words on what NSX should do in such a climate:

“Having patiently monitored the development of the appropriate technology … we consider that this is the right time for the NSX to act.”

ISX Invested $4.2 Million in NSX

ISX invested through a private placement not less than $4.2 million in NSX. This means the investor gets a 12.96% stake in NSX at a share of $0.145. It’s expected for ClearPay to go live at the beginning of next year. After this will happen, the international and domestic broker network should join through the ISO20022 electronic data interchange standard while using a standard blockchain for participation. Share registry operators and participants will gain access to the DTL platform that is going to have the National Stock Exchange of Australia as a central authority.

Read Original/a>
Author: Oana Ularu

Brazil Central Bank To Roll Out PIX, A Non-Crypto, QR-Based ‘Near Instant’ Payment System

Brazil’s Central Bank is set to launch a new payment system which it claims will offer near instant fund transfers. The new payment system is set to be released in November, Cointelegraph reports.

The new system will be referred to as PIX, a short form for Brazil’s Instant Payment Scheme. The platform will allow for peer-to-peer as well as business-to-business (B2B) transfers within 10 seconds through mobile phones, selected ATMs and internet banking.

In a press statement released on Feb. 20, all payment and financial institutions that are regulated by Brazil’s Central Bank are mandated to give out the requisite functionalities to their active clients for smooth facilitation of the PIX transfers. The press statement also indicates that QR Codes will be used for execution of transactions. Users can also use identification details like taxpayer identification number, phone number or email.

An Answer To Cryptos

Cointelegraph reports that the head of the central bank Roberto Campos explained that the new platform is set to directly compete with payment systems that are based on distributed ledger. He stated that the idea behind the creation of PIX was necessitated by the desire to have a payment platform that is secure, transparent, cheap and fast. He added that the new system is set to have characteristics as those of Bitcoin and other cryptos.

Campos also stated that the PIX platform will be the central bank’s top priority this year. He went ahead to state that the platform will be instrumental in eliminating the need for individuals to always have physical currencies which leads to a high cost for the society.

The statement also states that the central bank and Brazil’s Treasury Secretariat have already inked a deal which will allow Brazilians to remit their federal taxes through PIX starting from November this year. In addition, the Brazilian government is set to provide various payments like income tax refunds, grants, social benefits via PIX in the near future. The aim is to enhance mass adoption of the platform.

Read Original/a>
Author: Joseph Kibe

“XRP is Actually the Digital Asset, Ripple is A Company” – Binance US CEO Corrects CNBC Host

  • Excitement about Bitcoin halving and increase in the derivatives products has the market pumping – Binance U.S. CEO Catherine Coley
  • Each of the digital assets has different use cases and can’t be painted with a broad stroke

The crypto market is having a red day with Bitcoin down 5.56% while trading at $9,610 while altcoins are doing far worse.

However, year-to-date basis gains recorded by some crypto like Tezos, BSV, and Chainlink are as much as 130-200%. Top cryptos are also up 40-80% while bitcoin is currently up 30%.

What’s behind this, said Binance U.S. CEO Catherine Coley on Wednesday is the,

“excitement going into that Bitcoin having as well as an increase in the available derivatives products out there. You see the open interest on the CME at its highest and you also see access to digital assets at the easiest level ever.”

Regulators & Mainteram Money Managers are on Bitcoin Train

During her interview with CNBC’s “Power Lunch,” she further shared how regulators have “absolutely” started to get behind the digital assets.

Grayscale Investments have got the clearance from the regulators and this month we also saw US Securities and Exchange (SEC) Commissioner Hester Peirce putting forward,

“her proposal for increased regulation around allowing for new activities to take place with kind of a three-year benchmark.”

These changes are really important as we see the evolution take place and see America lead that charge, said Coley. But that’s not all, mainstream money managers have also been urging investors to have some Bitcoin in their portfolio.

Crypto Market can’t be Painted with a Broad Stroke

Bitcoin is not the only digital asset that is surging, as a matter of fact, altcoins are pumping even harder just like their fall. Coley also shared how the use case of each of those assets is different and as such,

“we can’t necessarily paint with a broad stroke why Bitcoin would be rallying and why XRP would be rallying in the same case.”

While Bitcoin is a store of value that people have begun to see as a “flight to safety or a flight to sovereignty,” because,

“when geopolitical situations become concerning you’re gonna want to be able to hold your own assets and access those at any time 24/7.”

This is a different case in the scenario for XRP which Coley said,

“is really going to be useful for cross-border transactions instantaneous settlements and moving funds across borders.”

While talking about XRP, she further clarified the host that “XRP is actually the digital asset and Ripple is a company.” Over time, she said, we’re,

“gonna see a divergence between certain coins but also an overall all rise all tides rise effort when we see an active towards Bitcoin and the rest of the digital asset market.”

Read Original/a>
Author: AnTy