British Virgin Islands (BVI) and LifeLabs Share BVI~LIFE Digital Currency Stablecoin Backed by USD

  • LifeLabs, the blockchain-based startup has announced that it’s developing a new digital currency together with the British Virgin Islands.

A press release from December 3rd says the new currency comes as a start of a wider initiative to help the fintech sector develop. It will be introduced at the symposium held by the DVI Digital Economy, and function as a stablecoin 1:1 pegged to the US dollar. The BVI have been using the US dollar ever since 1959. The new digital coin is expected to reduce fees for transactions and to increase the speed at which payments take place. It will be accessible to tourist and people from outside the BVI too.

What Other Plans LifeLabs Has?

LifeLabs is also working to develop a fund called Rapid Cash Response and to provide aid if a national emergency takes place. BVI’s Premier Andrew Fahie has said this about the new digital currency:

“The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. We welcome this innovation with open arms. Our partner, LIFElabs, has demonstrated with their proven track record that their ideology is not just mere words, and we look forward to continuing our partnership with them on the rollout of BVI~LIFE, our digital currency.”

Marshall Islands Are Trying to Move Away from the US Fiat Currency

According to Coin360, the price for a Life token has increased by almost 31% in the last 24 hours and reached $0.000083. BVI is seriously considering a dollar-pegged digital currency while the Marshall Islands are trying to develop a token so that they no longer use the US’s fiat currency. Earlier in 2019, official announcements were made, saying the Pacific island is trying to develop the digital Sovereign, which will be transmittable in the islands making up the country.

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Author: Oana Ularu

Switzerland Central Bank and SIX Digital Exchange Eye Digital Currencies for Trade Settlements

Swiss National Bank (SNB), Switzerland’s central bank, together with Bank for International Settlements (BIS) are jointly exploring on how a central bank digital currency (CBDC) can be used to trade tokenized assets, the Block reports. Bank for International Settlements (BIS) acts as the central bank for other central banks in the world.

In a press statement, the SNB stated that it had already inked an operational contract with BIS and the two will launch a hub in Switzerland whose main mandate is to explore the possibility of a central bank issued digital currency in the country.

According to the press statement, the new type of central bank currency will aim at aiding the settlement of tokenized assets among various financial institutions. At the moment, the project is creating a proof of concept together with SIX Digital Exchange (SDX) which is a subsidiary of SIX stock exchange.

In a separate press statement released by SIX, the new project by SDX will seek to come up with a platform that will explore the technical options of digitizing the Swiss franc on the SDX blockchain platform. The project will also look at the possibilities of linking the Swiss Interbank Clearing System on the SDX platform.

SDX explained that distributed ledger-based tokenized assets, as well as a central bank issued digital money, will reduce counterparty risk and free financial innovations.

The head securities and exchanges at SIX, Thomas Zeeb, explained that their proof of concept about a central bank-issued digital currency for use by various participants on DLT platforms will open up technological advancement and encourage different market participants to explore the DLT technology as well as digital assets.

In the recent past SIX has been a crucial player in financial innovation and has listed various crypto-based exchange-traded assets. Just last week, a fintech-based company Amun AG stated that it had successfully listed a Bitcoin and Ether ETP that will be denominated through the Swiss franc on SIX exchange. In addition, Six is set to launch its own digital assets exchange after the release of a prototype platform in September this year.

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Author: Joseph Kibe

Global Currency Organization Launches USD Digital (USDD) Stablecoin; Profit Sharing For Institutions

Former employees of JP Morgan, Intel, and TrustToken have come together to start a new firm and have released a new stable coin called USD Digital (USDD) token, backed by US Dollar. However, the new stable coin has a twist to its business model, where the institutions using the token would share the revenue.

The stablecoin has been targeted at institutions, exchanges, traders, and OTC desk who are in need of a stablecoin product but can’t develop their own. The business model would be based on 50-50 incentive sharing to propel its adoption. The creators believed that the ethereum based stable coin would provide great transparency to users.

Joe Vellanikaran, CEO of Global Currency Organization said that the coin will provide a win-win situation for adoptors, as it provides all the functionalities of a stablecoin along with the revenue sharing.

Vellanikaran started working on the stablecoin as a general manager and soon realized the potential that these coins provided to investors and institutions alike. Vellanikaran explained the importance of stablecoins saying,

“Let’s say you’re a Japanese student living in the U.S. and you want your parents to send you funds. With the current process, you’d either need a U.S. bank account or be subjected to long delays and conversion fees. With our stablecoin, you should be able to receive your funds in a matter of days.”

He believed that the era of blockchain-based currencies would become mainstream in 10-20 years, however, in order to push for that adoption, institutions need to take a big part in it. He explained,

“For a company to emerge and help move all these dollars to the blockchain, we really have to open it up to the partners. That’s what we think we can do through revenue sharing.”

Stablecoins to Bcome Mainstream in the Coming Years?

The use of stablecoins is currently most prominent on crypto exchanges where it is required for providing liquidity. However, as the crypto space is gaining mainstream traction many institutions have started showing great interest in this form of digital currency. JP Morgan was among the first institution to have announced its plans of launching a digital currency of their own, which did not materialize.

Similarly, Goldman Sacha has shown similar interest, ING’s chief economist aimed at central banks around the globe would start working on their own stable coin backed by the government.

Currently, there are only a handful of stable coins in the crypto space, out of that handful, 90% of the market is captured by Tether’s USDT. Thus, the newly launched USDD with its innovative revenue distribution for use could bring in the much-needed variety in the stable coin sector.

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Author: James W

XRP Rated as Security while Bitcoin, Litecoin, & Monero has the Least Score: Crypto Rating Council

  • Crypto exchanges and investment giants come together to rate digital assets

Cryptocurrency exchanges and investment platforms have taken it upon themselves to determine which crypto asset is a security and which isn’t.

Coinbase, Kraken, Bittrex, Circle, Genesis, Grayscale, DRW Cumberland, and Anchorage have come together to create the Crypto Rating Council to decide which digital assets can and cannot trade on their platforms.

The framework results in a score between 1 and 5, with 1 meaning he asset has no characteristics of traditional regulated security and a score of 5 representing that an asset is strongly consistent with treatment as security. As per this framework, Bitcoin, Dai, Litecoin, and Monero has the least score of 1 while on the other end of the scale are Polymath (4.50), Maker (4.50), and XRP (4).

However, this didn’t go well with XRP community.

“The Council’s ratings are performed independently,” and “not endorsed by the SEC, CFTC, or any government agency, developer team, or other third party, and they are not legal advice.”

The council will review more assets and might even develop similar tools for non-US jurisdictions.

The diverse group of leading crypto financial services firms as per the official website, are companies “committed to the responsible growth and maturation of cryptocurrency markets and related financial infrastructure and trading services.”

The members believe “practical compliance tools” can help the market participants support growth and adoption of the digital assets in the US and around the world. While the US SEC’s guidance has been helpful in alerting the crypto industry to complex legal issues, determining which asset is security or not “remains highly circumstantial.”

This complexity, they say has slowed the launch of new crypto assets in the US and as such decided to take matters into their own hands.

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Author: AnTy

US Court Concurs with Evidence Proving OneCoin Money Laundering Operation

Pieces and bits of the case against OneCoin and its executives by DOJ are being put together, and we can now get a clear picture of where the case is headed. Pieces of evidence have unsealed the bits, and it makes things more understandable.

Recent filings containing potentially privileged information show that there is a sealed order that reveals the position of the New York case on DOJ’s evidence. This revealing order was made on July 23rd. It was in response to a filing that requested permission to “apply a crime-fraud exception” by DOJ, to privileged communications.

The communications are between OneCoin, companies affiliated to OneCoin, insiders, its executives, and attorneys.

The court however observed that for such an exception to apply (crime-fraud) the government should show that

“(1) a fraud or crime has been attempted or committed, and

(2) the communications or materials in question were in furtherance of the fraud or crime.”

The government says that it satisfies the requirement of the probable cause and specifically money laundering and wire fraud. The complaints establish that

(1) There is a probability that OneCoin is a fraudulent pyramid scheme.

(2) That Ruja Ignatova and Mark Scott took part in a conspiracy to defraud the OneCoin fraud proceeds.

(3) That Scott was involved in the laundering of almost $400 million from 2016 to 2018 from OneCoin scheme.

The evidence clearly shows that parties belonging to OneCoin, including Ignatova and the International Marketing Strategies Limited did seek and acquired legal advice from Scott. It also revealed that Scott initiated MSSI to obtain millions of dollars for OneCoin illegally.

Evidence also proved that the receiving firms facilitated fraudulent activities and thus facilitating the laundering scheme. The order is, however, not a judgment, but it clearly shows the evidence by DOJ is substantial.

The information is convincing enough that the US court concurs that OneCoin is a pyramid scheme and indeed money laundering happened.

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Author: Daniel W

PIVX And 200 Other Proof of Stake Blockchains May Be Vulnerable, Lunar Digital Assets Affirms

It seems that PIVX, a popular private transactions crypto, may be vulnerable to attacks together with 200 other chains. According to a recent report made by Lunar Digital Assets, there is a vulnerability of the system that can be currently exploited. Every chain using PIVX or its variants is possible to be attacked this way.

Basically, the attacker could exploit this specific vulnerability in order to get impossibly high staking rewards using the proof of stake system of the network.

This is not the first that this vulnerability is exploited. As soon as the PIVX devs found out about it, they rushed to fix the issue. However, another developer, BitGreen, has noticed that the problem was being exploited once more. Someone has probably figured how to undo the progress made by the team and started to use the exploit.

As soon as the developers discovered it, they notified all related companies of the bug and now PIVX is working once more to solve it and stop the attacks.

People Are Accusing the PIVX Team

The situation got heated recently after some people started to claim that the PIVX team might be behind the attacks. According to critics, the team knew of the bug and did nothing about it or failed to fix it properly.

Some others criticized the team for not having a timely response for the problem and simply standing still while the problem was still out there. This led some critics to theorize whether people from the company were exploiting the bug for money and used this inside source in a malicious way.

At the moment, the PIVX team has not explained publicly why the problem was not fixed months ago.

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Author: Bitcoin Exchange Guide News Team

ZCash Unveils New Zebra Software Client to Improve ZEC’s Blockchain Network Health with Parity

ZCash-Unveils-New-Zebra-Software-Client-to-Improve-ZECs-Blockchain-Network-Health-with-Parity
  • ZCash and Parity Technologies work together to provide improved security to users
  • The goal is to offer better services to users

The ZCash Foundation has partnered with Parity Technologies in order to release a new open source client for the ZEC cryptocurrency. This is according to a press release unveiled on June 17. ZCash (ZEC) is one of the largest cryptocurrencies in the market offering privacy features.

ZCash Foundation And Parity Technologies Work Together

The new software client is called Zebra and it has been released to provide redundancy in the case of its client failing. In this way, the network is expected to work in a much more secure way and users would be more protected than before.

There are going to be other improvements to ZCash with this partnership. For example, the network would be able to detect implementation-specific bugs and also avert problems related to the consensus mechanism that the network has.

Parity Technologies has been working on other crypto clients in the past. For example, they have developed Parity Ethereum.

About the new partnership to improve ZCash, the CTO of Parity, Fredrik Harryson, commented:

“The community wins across the board … Zcash can now boost a more diversified community that can effectively tailor experiences for Layer 2 developers as well as end-users.”

At the time of writing this article, ZEC is the 23rd largest crypto in the market with a price per coin of $100. ZEC’s market capitalization reached $677 in the last few hours.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T