Bermuda Kicks Off Natural Blockchain I.D System Development With Shyft Network

Bermuda’s blockchain identification system recently kicked off. This project is currently under development with the main partners being Perseid and Shyft Networks.

The blockchain i.d ecosystem is set to leverage decentralization in keeping records for the citizens of Bermuda. This small Island nation joins Catalonia who is also creating a digital ledger for i.d record keeping.

Both Shyft and Perseid Networks are experienced with smart contracts and blockchain technology. The two firms will work together in designing efficient e-ID’s which can prove other data requirements as well. According to Shyft Network, the initial phase involves creating the Perseid base layer. This is in turn expected to allow for the deployment of smart contracts such as the Financial Action Task Force designed by Shyft to oversee compliance.

Perseid’s CEO, Bruce Silcoff, noted that the integration of e-ID’s with the smart contract regulatory intelligence would allow for efficiency in data authentication. In addition, data sharing within Bermuda’s ecosystems is expected to grow given the ease of verification. Perseid will oversee the base layers that facilitate integration by external stakeholders to enable Bermuda’s government to get maximum utility from the project.

Shyft, on the other hand, will be handling the blockchain technology designs involved in this project. Joseph Weinberg, the current chair of Shyft, added that his firm will provide its public key infrastructure for identification. Furthermore, the company will also provide other blockchain features to entities and individuals on-boarding the ecosystem once the project is complete.

The Prime Minister of Bermuda, David Burt, said that Perseid’s infrastructure is a good example to highlight the value of blockchain. He noted that modern technology is without a doubt a pacesetter in achieving global compliance standards at ease. This efficiency also reduces the cost of governments and firms incur in implementing compliance standards and procedures.

So far, the island nation has been welcoming to digital currencies with it’s latest being the USD Coin (USDC) in tax payments. A step towards a blockchain pegged nation is, therefore, a strategic move in line with modern Tech payment solutions.

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Author: Lujan Odera

New Bitcoin ATM Location Pops Up in Miami International Airport by Bitstop

Bitstop has recently installed a Bitcoin (BTC) ATM machine on the Miami International Airport. This marks an important milestone as the airport has never had such a machine before, despite how common they are found across the U.S.

According to the company, this was a strategic location to set up a BTC ATM. This is one of the busiest airports in the whole country and it has a lot of international traffic, meaning that people may need to buy Bitcoin, as not everybody wants to buy fiat currency to use somewhere else.

The airport is also known as the largest airport between the US and Latin America, which makes it very important for business in general.

Doug Carrillo, the co-founder and current Chief Strategy Officer at Bitstop has talked about the situation, the new ATM will be very useful for travelers. A lot of people are choosing to use Bitcoin instead of fiat currency these days, especially because more places are accepting it and they are very convenient when traveling abroad.

This is set to be the 130th ATM that Bitstop installed in the United States. The goal of the company is to have at least 500 Bitcoin ATMs in the country before the end of 2020. When we look at the numbers worldwide, there are over 5,750 Bitcoin ATM machines all over the world. The number is set to more than double within the next few years.

Next time you are at the Miami Airport and want to check it out, or if you are there now, the new machine has been installed in Concourse G right next to Gate 16.

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Author: Hank Klinger

EY (Ernst & Young) Releases New OpsChain Public Finance Manager Blockchain Tool

Ernst & Young (EY), one of the Big Four auditing firms, has recently launched a new blockchain-based product, a platform that was designed to enhance the transparency of the government. According to the reports, the new platform will be called OpsChain Public Finance Manager.

This system is set to enable transparent tracking of public finances and budgets so that all citizens can view it. The service can also be used to match how much money is being spent against outcomes, which can show how effective the policies are.

One of the main goals of this system is that governments will be able to make data-driven policy decisions with more efficiency. With the data gathered by the platform, they can understand the outcome of their decisions better and create better policies.

According to EY’s official statement, blockchain technology can be important when impacting public spending. This way, public managers can focus on what they need and enhance their work by making it more transparent and accountable.

EY is already testing the product in some cities. One of them is Toronto, Canada. The system allows financial transfers between different sectors of the government and the company claims that its experiments were important to increase the transparency of the city.

Heather Taylor, the chief financial officer of Toronto, affirmed that the official os the city is constantly striving to find better technologies to meet the needs of the residents and to help them more effectively.

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Author: Gabriel Machado

UK Based Exchange Bitstamp Integrates Ledger Vault To Securely Store Crypto Assets

The largest crypto exchange by volume in Europe, Bitstamp, has recently announced that it would integrate the technology of Ledger Vault to its services. This, the company affirmed, would help it to offer advanced custody services for its clients.

Ledger Vault would provide Bitstamp with a more flexible wallet structure and it would set up a custody system for the company. With the partnership, Bistamp would be able to create end-to-end hardware-backed transfers and allow its clients to use multi-authorization governance models. This would be important because it would allow the exchange to upgrade its storage systems and options.

David Osojnik, the CTO of Bitstamp, affirmed that the main priority of the company regarding the subject is to offer the ultimate level of security so that the clients will know that their funds are safe. According to him, Ledger Vault is the perfect company to provide that.

The agreement states that Bitstamp will always have full control over the private keys of the wallets, which means that it will have 100% control over the wallets.

Ledger’s CEO Pascal Gauthier affirmed that crypto assets are more vulnerable than other types because they are fully digital. Because of this, the company develops solutions that can help companies that want to take the next step when it comes to the security of these assets.

Pascal defined himself as “thrilled” to see Bitstamp adopting the Ledger Vault technology and he believes that this will certainly enhance the agility and the security of the funds, which will translate into growing the confidence and the trust that the clients have in the company’s care for their digital assets.

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Author: Gabriel Machado

US Treasury Secretary Mnuchin: Companies Left Libra Association Due To Compliance Issues

Steven Mnuchin, the U. S. Treasury Secretary, has recently been interviewed by CNBC’s Squawk Box. During the interview, he talked about how some companies are abandoning the Libra Association as they are concerned with regulatory problems.

According to him, the project is really not “up to par” with the current laws for Anti-Money Laundering of the United States. This would prompt the government to take action against them, so they have understood that it was not a good idea to side with Libra before the project was really up to par with what was expected.

Recently, PayPal, Mastercard, eBay, Stripe, Visa and other major companies have all announced that they would drop from the Libra Association, which would govern Facebook’s upcoming stablecoin. Most of the companies decided to back away from the Libra as the G7 working group reported that Libra was a major potential threat to international stability.

When PayPal left the association, people from the company affirmed that the company “remained supportive” of Libra but that it would not be a part of it anymore. That is the general consensus now. Most companies don’t really want to burn the bridges, but they noticed that backing the Libra is possibly not the greatest idea right now.

The anti-Libra stance, however, is not taken by everybody. The CEO of Coinbase, Brian Armstrong, has recently criticized the senators of the country for asking companies to leave the project (which they did). According to him, this is “un-American”.

Right now, Facebook is fighting to keep its partners on its team and to convince the regulators that it can provide a good service, but the situation is far from certain.

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Author: James W

US Senate Threatening Libra Association Members to Quit or Face “High Level of Scrutiny”

Recently, Stripe, Mastercard, Visa, and eBay left Facebook’s cryptocurrency project Libra, taking this exodus tally to 5, when just a week back PayPal left the Libra Association too.

In June, the social media giant unveiled its plan for Libra, announcing its intent to roll out the international digital currency next year. The company said the fiat backed cryptocurrency would be controlled by the Libra Association, a non profit made up of international companies. That group of companies initially started with 28 companies, and is now down to 23 as companies start to face regulatory obstacles. This prompted David Marcus, lead head spokesmen to gain respect for Bitcoin and what it went through as a new crypto-project.

Libra has been already facing extreme regulatory scrutiny all over the world, and now the payment firms have announced their departure.

US Govt. Forcing Companies & CEOs to Dump Libra

However, the decision to quit Libra by the companies seems to be forced by the US government. A letter by the US Senate to Patrick Collison, co-founder and CEO of Stripe has surfaced online where the Senate is talking about its “deep concerns” — risks to consumers, regulated financial institutions, and the global financial system — about Libra and Libra Association.

“We urge you to carefully consider how your companies will manage these risks before proceeding, given that Facebook has not yet demonstrated to Congress, financial regulators—and perhaps not to your companies—that it is taking these risks seriously,”

the letter reads.

It further states that Facebook fails to provide a clear plan for how it will prevent Libra from facilitating criminal terrorist financing, destabilizing the global financial system and interfering with the monetary policy and is deflecting addressing on these risks to the members of the Association.

“You should be concerned that any weaknesses in Facebook’s risk management systems will become weaknesses in your systems that you may not be able to effectively mitigate. These risks are not hypothetical.”

Or Get Ready to Face its Wrath

The US Senate further pointed out how Facebook Messenger contributed to Child sexual abuse photos and videos and warned about the implications of combining encrypted messaging with embedded anonymous global payments via Libra.

“Your companies should be extremely cautious about moving ahead with a project that will foreseeably fuel the growth in global criminal activity.”

The government is outrightly threatening these companies to dump Libra or to

“expect a high level of scrutiny from regulators not only on Libra- related payment activities, but on all payment activities.”

In response to this Gabor Gurback, digital asset strategist/director at VanEck shared his disappointment on Twitter saying,

“Many executives may have chosen not to experiment and innovate in order to avoid regulatory pressure! Sad! America can do better!”

He also had this to add a few days back about the departures of Visa and Mastercard:

Every company that is leaving #Libra is likely, in some ways, forced to do that. It’s unfortunate and I am sorry that capital markets aren’t free. > Now you have a first hand understanding why censorship-resistance is important! > Welcome to #Bitcoin!

And finally, Alan Silbert, former Capital One Vice President wrote:

“No matter what your position is on Libra, it is unacceptable for the government to be sending a letter like this to private companies,”

“}” data-sheets-userformat=”{“2″:13057,”3”:{“1″:0},”11″:3,”12″:0,”15″:”Open Sans”,”16″:11}”>Latest Libra Coin News and Facebook Crypto Updates

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Author: AnTy