Crypto World August 2019: The world’s first crypto bank, crypto salaries and Bitcoin support on Samsung devices

Crypto World August 2019: The world’s first crypto bank, crypto salaries and Bitcoin support on Samsung devices

by | Sep 2, 2019 | News

The summer of 2019 is over, but August has left us with some great news for the crypto community and for the overall fintech sector. What happened in the crypto world in August 2019?

Crypto World August 2019: The world's first crypto bank, crypto salaries and Bitcoin support on Samsung devices

World’s first crypto bank

The Swiss financial regulator has given funding market and securities trader licenses to 2 blockchain businesses (Sygnum and SEBA), set to become the world’s very first crypto banks.
The businesses are going to have the ability to issue, shop, commerce, and handle digital assets, specifically Bitcoin and Ethereum, and convert fiat currencies like Swiss francs, US dollars, and euros to the 2 cryptocurrencies.

They also aim to give their shareholders custody, broker and tokenization services due to their electronic assets. The two companies, however, have to fulfil particular “secondary standards” required by FINMA to turn into fully-operational Swiss banks. These standards have never been revealed to the general public.

The co-founders of all Sygnum crypto lender have hailed the award of a Swiss banking permit for a game-changer that may open the gates to the integration of cryptocurrencies and other electronic assets to the recognized financial industry.

“This is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role,”

-Manuel Krieger, CEO of Sygnum Switzerland

“We now have a responsibility as an enabling platform to help banks and other financial players make the step into the digital asset world.”

“Cryptocurrencies will come out of the shadows if dealing with these assets can be done in a 100% compliant manner upholding all the rules that a strict regulator demands. That is a game-changer,” he added.

Crypto World August 2019: The world's first crypto bank, crypto salaries and Bitcoin support on Samsung devices

New Zealand adopts rules for crypto payroll

Crypto salaries do not really require dedicated legislation or unique permissions by governments to be lawful. Many countries allow a part of a worker’s compensation to be non-monetary assets and/or commodities. And in authorities where electronic coins aren’t referred to as currencies, they’ve been given a commodity standing.

But it will seem like a step ahead when a government service explicitly mentions crypto salary in its official records. And that is exactly what the taxation jurisdiction in New Zealand lately did, deeming it lawful for companies to pay salaries in bitcoin. Businesses will then have the ability to withhold tax on income obligations under the present pay-as-you-earn schemes such as those of frequent fiat salaries, in accordance with the nation’s present taxation laws.

And while crypto-enthusiasts have welcomed the agreement as a person which may promote crypto adoption, doubters have expressed worries its sole objective is to make sure the group of more earnings from the authorities in Wellington.

Of course, this comes under a set of conditions.

To start with, only workers working under official arrangements can be compensated with cryptocurrency. Afterwards, the obligations should be for a fixed sum, not exceeding half the complete pay, together with the value of this crypto asset pegged to one or more fiat currencies. The crypto salary has to be a normal part of the worker’s remuneration and be substituted to government-issued fiat cash such as the New Zealand Dollar.

The IRD also pointed out that wages have to be compensated in a coin which can easily be exchanged for fiat. This condition aims to protect workers from being compensated in an illiquid asset or little altcoin. Bitcoin Cash (BCH), Bitcoin Core(BTC), Bitcoin Gold (BTG), Ethereum (ETH), and Litecoin (LTC) are on the list of the currencies which meet the criteria.

Crypto World August 2019: The world's first crypto bank, crypto salaries and Bitcoin support on Samsung devices

Samsung has added Bitcoin support

Samsung has added bitcoin service to its Blockchain Keystore, which means the newest Samsung Galaxy S10 and Note10 versions are going to have the ability to store Bitcoin private keys.

Control over a pocket’s personal keys is frequently cited as one of the most overlooked and important facets of bitcoin and cryptocurrencies, together with many of their largest crypto exchange hacks and thefts occurring because individuals don’t put away their crypto in personal wallets.

The Samsung Blockchain KeyStore is called “a secure and convenient place for your cryptocurrency,” and can be saved on the telephone’s secure-element, very similar to Apple Purchase and Google Pay, and “never saved to a Samsung or external cloud.”

Meanwhile, technology firms across the world, from societal networking giant Facebook into iPhone-maker Apple, have taken an interest in bitcoin and crypto this season, bringing the bitcoin and crypto marketplace from a year-long bear industry.

As technology businesses combine the classic financial sector in trying to Bitcoin and cryptocurrencies since the future of cash, new consumers are expected to stream in the area, which can lead to a surge in adoption.

Support is limited to Samsung’s Galaxy S10e, S10, S10+, S10 5G, Note10 along with also the Note10+.

The rising of crypto banks and how do they work

The rising of crypto banks and how do they work

by | Aug 13, 2019 | Blockchain

Bitcoin was first born with the promise to give people their own bank. Looking at the financial solutions offered by banks, we can understand how bald this statement was, especially in 2008, when Bitcoin was created.

Here we are in 2019, when the decentralized model brought by Bitcoin can replicate many financial solutions using the blockchain technology, all which were previously solely in the world of banks.

Why is Decentralized Finance (DeFi)?

By enabling individuals to connect to brand new decentralized lending, trade, economics and other DeFi platforms, blockchain could supply a cryptocurrency option to conventional banking services, and people that are comfortable working within this ecosystem are consequently able to wield their resources with increased fungibility.

Make no mistake: DeFi isn’t a bank, as it merely mimics banking purposes and remains not able to offer the thing banks have been appreciated for – safety.

Lorenzo Pellegrino, CEO of Skrill:

“Many companies claiming to be banks operate in the cryptocurrency ecosystem, however almost all would find it hard to maintain that title in a regulated space. They use this terminology as it implies a level of safety and regulation found in the wider financial world, something that will most likely be missing from their product.”

Accordingly, these programs aren’t able to accept or draw funds as it would be in the case of a bank, which can be a red flag. They don’t defray the accountability through legal precedent, and there aren’t any investor-protection schemes covering the tokens when a smart contract goes wrong. In this sense, crypto banks are not yet a widespread concept.

However, they really do exist, as blockchain options created by teams from the finance industry have grown and as regulators start to find out more about the revolution knocking at their door.

What is a crypto bank?

Crypto banks are banking associations which participate in the conventional selection of money-related tasks like withdrawals and deposits, savings, borrowing and lending, and investing in a larger array of markets and instruments.

While this describes a normal lender flawlessly, crypto banks also have incorporated cryptocurrency within these fiscal purposes. They have also gained legality in the view of local fiscal watchdogs.

But the challenge the blockchain technology is facing goes to ways: It has to be at a tolerating regulatory environment and to possess sufficient local talent to offer mature, reliable solutions. In areas with innovative policymakers like Germany, institutions and businesses holding fiat and fiat-money-based resources can easily take part in the decentralized market using a crypto bank.

A convincing yet futile facsimile

On account of the distinctive capacities of a blockchain fund, many of the biggest centralized crypto companies can give bank-like services for additional enterprise-level companies, even where regulations don’t exist yet.

In the US, the SEC (Securities and Exchange Commission) has yet to decide if such systems can be integrated within the banking sector, and until further notice, they are classified as investment funds.

Coinbase Custody is among the most complicated cases, but it could simply play being a”lender” until authorities approve it.

The investors and companies who prefer to run accordingly to the local taxation authorities need to report their investments from fiat into tokens on Coinbase Custody. It enables individuals with big investments from the crypto marketplace to get out of segregated cold storage while experiencing the seamless integration with Coinbase Pro, deposits insurance, staking tools, customized reports and third-party auditing.

Burgeoning BTC banks worldwide

For U.S taxpayers, Coinbase supplies trusted exchange and storage, but you can’t pay invoices from a Coinbase account or receive your salary in it.

When going into the films in the U.S., crypto may be applied as payment or to refund a buddy (who bought your ticket) by sending money to their bank accounts. In order to repay a loan to a friend, an individual would first have to cash out Bitcoin (BTC), and ship it from Coinbase into some connected bank, then in the connected bank into the friends’ bank. That is because, without regulatory approval, fiat could be flipped into crypto (and vice versa), however fiat and crypto don’t belong to the exact same definition of cash when we are talking about banks. Certainly, there are still hurdles ahead.

Pellegrino opined:

“While cryptocurrency will definitely play a large role in the future of payment rails, we believe that they will be complementary to the current systems, rather than in full out competition. Established payments companies like ours will be key in helping this adoption.”

It becomes more clear as you understand that fitting crypto into the present monetary system is just like attempting to put a square peg into a round hole. Even the most innovative platforms are trying their hardest to leave the entrenched government and competition obsolete, but they forget that without transferability, among those five properties of money is missing out of crypto.

Tokens are scarce, durable, divisible and fungible, but authorities can induce a stalemate on transferability. That is the reason why advanced platforms like MyCryptoBank.io may utilize fiat-pegged stablecoins to get free cross-border trades, investing and spending — but the moment an individual decides to hold actual USD or exemptions (rather than blockchain derivatives), there’s an issue. Regulators can stop this motion of cryptocurrencies and make roadblocks for people to utilize their own money to their particular purposes, or perhaps move their funds to fiat currencies.

Banking is more a label than a verb

People wish to have the ability to use their cash where they need to, not in just 90% of the situations. Derivative instruments or precariously piled debit card solutions assembled on tenuous partnerships are not enough. Without regulatory acceptance, all blockchain fund is subject to the inherent fiat marketplace’s three to five day settlement period. According to a McKinsey report, If counterparties were to exchange cryptocurrency assets (digital currencies that do not need a central regulating body) rather than fiat currencies, for example, payments could be made and settled in minutes via blockchain, rather than in days as with current systems.”

Measures toward the universal understanding that crypto can store and pass on value are being created, but these measures are slow. Since cryptocurrency still struggles to find its legs in the next years, incorporated economies having the most liberal banking government will benefit the most. Together with the earliest cryptocurrency still on the fringes of finance, it is safe to forecast that mainstream acceptance remains at a distant moment in the future.

Why Walmart Wants a Cryptocurrency

Why Walmart Wants a Cryptocurrency

by | Aug 6, 2019 | Cryptocurrency, News

On August 1, it was made public that Walmart had filed a patent for a stablecoin backed by the US dollar.

If the project would come to an end, the stablecoin would be issued to some of the chain-store retailers. The description of the patent also covers the use of this stablecoin outside of this use case.

This announcement comes after the controversy with the cryptocurrency announced by the social media giant, Facebook, and the specifications of the two have a striking similarity.

What does Walmart patent say?

The entire crypto community, from all over the world had started taking an interest in all of these projects announced by big-names corporations.

The announcement of Libra, on the 18th of June, will be remembered for a long time for now on, as everyone is still speculation oh how this will be regulated and adopted (or not) by the community. They hope to launch it in 2020.

Of course, this got the US politicians to look more into is and so for, Facebook got a  regulatory pushback from global leaders and threats by U.S. members.

Now as Walmart made this step towards building its own cryptocurrency, the company enters the ring as well.

Walmart’s coin could be used in its 11,368 hypermarkets, department stores and grocery store clubs situated in 27 countries.

The Walmart patent is described like this:

“[The] method includes: generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit.”

“The digital currency may be pegged to the US dollar and available for use only at selected retailers or partners. In other embodiments, the digital currency is available for use anywhere. The digital currency can provide a fee-free, or fee-minimal place to store wealth that can be spent, for example, at retailers and, if needed, easily converted to cash,” Walmarts filing adds.

What does Walmart’s patent bring to the table?

At a closer look proves that the Walmart coin delivers numerous attributes like “pre-approved biometric (e.g. eye or fingerprint pattern) credit” and could keep a user’s transaction history and provide loyalty points. Much like Facebook’s Libra, the coin made by Walmart intends to help low-income households globally.

“Using a digital currency, low-income households that find banking expensive may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs,” the Walmart submitting details.

“In some embodiments, retailers may be direct to aid organizations for assistance that may be used to provide goods. Retailers may tie into assistance that can provide vehicles or funding for vehicles to get goods to customers when the customers do not have sufficient mobility otherwise,” the patent shows.

Walmart’s coin to be used to pay employees?

A number of the speculation concerning a Walmart cryptocurrency is hard to digest, and these are some of the issues:

Paying

Imagine paying the 2 million employees that Walmart has in cryptocurrency. Those of you who have been in a Walmart store might be giggling now, but let’s make it more clear for those who haven’t been to one of their stores.

It seems highly unlikely that the people working at Walmart are the kind interested to be part of the international crypto market.  Assuming that the workers are actively militating for such a change, Walmart would have to change its systems to pay salaries in cryptocurrency and that’s not an easy thing to do, or cheap.

Introducing the banking system

The idea of bringing decentralization to the masses and “banking the unbanked” as a benefit of cryptocurrency is not a good enough reason for the regulators. A study from Aite Group found that half of the unbanked are using prepaid debit cards, which is an alternative to having a bank account.

“Customers without traditional bank accounts can create a microbank at an institution such as a retailer, which gains interest while their money is there. A customer buys digital currency, such as at the beginning of a month.”

Walmart’s patent meeting regulatory bodies

Jaret Seiberg, a senior policy analyst in investment banking firm Cowen, stated that Walmart’s proposed electronic coin shouldn’t face as much regulatory pushback as Libra, Facebook’s suggested virtual money.

As Bloomberg reports on Aug. 5, Seiberg additionally added that Walmart’s crypto could have a market appeal to Democratic legislators that are eager to get an alternate financial infrastructure for individuals that don’t frequently utilize banks.

Seiberg remarks that Facebook has international intentions that do not seem to be shared with Walmart.

Walmart’s proposal won’t probably find automated approval from Congress. Seiberg pointed out that, for example, Walmart’s coin may be regarded as a danger to banks and credit unions. However, Seiberg considers that lawmakers would finally approve Walmart’s proposal.

Concerning the specifics of Walmart’s projected money, Seiberg composed to customers on Monday the money may arrive in the kind of a stored-value card that’s pegged to the U.S. buck, somewhat like a rechargeable card.

According to the report, a Walmart spokesperson said on Friday, 2nd of August 2019,  that it’s not likely to immediately make the most of its own newly-filed patent.

IBM Blockchain World Wire promises to move money further and cheaper than ever before

IBM Blockchain World Wire promises to move money further and cheaper than ever before

by | Aug 1, 2019 | Blockchain, Cryptocurrency, News

Everybody knows that among Bitcoin’s most important resource is its borderless character and it may be utilized as a cross-border payment alternative. On the other hand, the decentralized character of Bitcoin has hamstrung its widespread adoption marginally, and many businesses have thus seen a market in the standard industry.

To begin with, there was Ripple, among just three blockchain-first businesses that were recently appointed from the Forbes Blockchain 50 listing, which has created its mandate to associate with big and institutionalised financial banks and institutions.

Some think this has happened. JP Morgan Chase this season also declared its blockchain-based cross-border payment alternative experimentation, the JPM Coin.

IBM has a substantial stake in the burgeoning blockchain marketplace with Hyperledger Fabric the most-used from the Forbes Blockchain 50 record, accounting for 26.

So, the race is really to supply a cross-border blockchain payment option, but are such enterprise businesses overlooking the mark somewhat, and even overlooking their key market altogether? Many companies and companies may see the significance of utilizing IBM’s solution, although the guy in the road, who are fed up with the standard financial system, may be more prone to use decentralised alternatives like Bitcoin.

However, where’s the viable, simple to use, user-friendly alternative which produces cryptocurrencies and their cross border possible available for everybody?

Ripple wishes to function as go-to for banks, JPM coin has been born of a lender, as well as the World Wire alternative has software predominantly for fiscal and business associations.

None of those solutions is made for the different side of this marketplace; the customers and the people who wish to have the ability to profit on the effectivity and worth of sending cash across boundaries throughout the blockchain.

Nowadays, many here will state Bitcoin, along with other cryptocurrencies, fill this market; they’re resources for your people and planned to aid people who wish to operate out the standard financial regime. However, it also has to be recalled that cryptocurrency adoption is nowhere close wide enough to attain critical mass.

On the flip side, there’s the decentralised cryptocurrency world which nonetheless has a gigantic ‘Wild West’ standing, this leaves a huge marketplace stranded in the centre.

“The biggest barrier for something like World Wire to get off the ground is the traditional banking system and its resistance to innovation,” explains Elizabeth White of The White Company, a company hoping to give cryptocurrency solutions which appeal to both customers and companies.

“Large intentional banks have been using systems like SWIFT for decades and have whole ‘wire departments’ dedicated to processing transactions. While blockchain would significantly modernize, automate, secure and speed up the whole process, it would require retraining and reworking a bank’s entire operations to implement,” White stated.

“IBM is using World Wire to compete with SWIFT for international bank transfers. While the system has a lot of potential and has a real chance of supplanting SWIFT; Individuals or companies cannot use World Wire, so they would still have to go through the regular banking process to send international payments.”

“For many banks, moving to XRP, JPM Coin, or World Wire is just not worth it because their customers are not yet demanding the speed and low cost of blockchain transactions, and in fact banks are making a lot of revenue on wire fees and the like.”

“There is also some apprehension amongst many banking professionals about using ‘blockchain’ because sadly there are quite a few that still don’t understand the technology and may even associate blockchain with money laundering, completely missing the significant anti-fraud prevention advantages of distributed ledger.”

A hybrid payment method

The growth of the cryptocurrency area was required thanks to its tumultuous and tumultuous past. It started as this bewitching online cash that could interrupt every business possible and captured the imagination of swaths of individuals, but in addition, it opened the doors for fraudsters, scammers, and speculators.

The backlash was a far more controlled, controlled and quantified approach to 2019. It has opened the other door for its business companies and major associations to join, but these polarised sides have left a major gap open from the centre.

White, along with the White Company, consider they’re on the ideal path to achieve this abandoned over target market since they’re providing stability and safety of important financial institutions because of supplying things like insurance by a leading UK Bank Lloyds, in addition to using a blockchain, Stellar is endorsed by IBM.

However they also feel the offering of a simple to use and user-friendly end, using a coin that is stable, and chances to exchange different cryptos, will help lure even more customers.

“Our payments platform, for example, is built on Stellar, which is a dedicated payments protocol supported by IBM, Deloitte, Stripe and others, and is focused on optimizing speed and efficiency of payments,” adds White.

When it’s to be considered at across a spectrum – based decentralised cryptocurrencies on one end, venture cross-border blockchain options on another – a middle ground has to be constructed and established. Users would like to have the safety of financial and banking institutions, with no bureaucracy and heritage connected with that.

What’s IBM World Wire?

72 countries, 47 currencies, 44 banking endpoints and more than 1081 unique currency trading pairs. IBM Blockchain World Wire is here.

In March 2019, IBM announced the launching of World Wire, a worldwide payments system, which is using the Stellar network.

The great news is that this system can be used by any financial system in the world, and it’s not limited to banks. By using the speed and flexibility of Stellar, World Wire intends to replace the heritage correspondent banking system using easy point-to-point transactions. At the moment of the launch, World Wire was handling 47 currencies in 72 nations, and it is just likely to rise from that point.

World Wire promises to unlock the planet’s financial potential making money more fluid, wider markets.

BUT…

Since IBM launched  World Wire, a global payments alternative which uses Stellar, some have been disappointed because it is not exactly a blockchain infrastructure. Basically, if the trades aren’t placed in”Blocks”, then it isn’t a Blockchain. And they’re not.

IBM has created a worldwide online banking protocol which sits between two transacting banks. It is faster but not as quickly as Blockchain (when we factor in resolutions). In global settlements, there are 3 Important variables:

Messaging . The sender and the recipient are notified of the transaction status.
Clearing . All intermediary activities that contribute to the settlement.
Settlement.  The funds are in the receiver’s account.

While PayPal incorporates the preceding three functions into one port, IBM’s World Wire goes a step further and incorporates them completely rather than only via the frontend.

Considering that the IBM World Wire essentially assimilate everything into information pieces and sets them onto a uniform ledger, it’s confronted with the most frequently encountered issue of cryptography: Asset Transport without inflating the strength worth. Consider it like this. If I wish to send you a car within the Blockchain, I would be able to only move the ownership rights, but not the asset itself.

Escrowmybits ibm world wire

(credit: Escrowmybits)

This is the point where the crypto-tokens come in the picture. I am now able to send the car into an escrow at the same time you move a sum of cash (or even cryptocurrency) into the escrow. We need to trust that the escrow will ease the exchange, not run off with both, your cash and my painting.

Thus, you and I get substituted with our individual banks and as all of us know, they’re wiser than everyone.

How does IBM World Wire work?

IBM World Wire need tp create a stablecoin for each transfer to take place. Why? Because the purchase price of the car varies in real-time, as does the cost of the money the receiver pays when the 2 individuals have decided to make the trade. That’s why IBM World Wire enables both banking associations to come up with a stablecoin on the Stellar protocol and use it an exchange currency.

IBM world wire

Credit: IBM

Let’s take the example of sending money from one country to another. If X from the UK wants to send money to Y in the US, the two corresponding banks have to create a settlement, or better said, a stablecoin for them to trade.

This means that X from the UK, or his bank, has to purchase that stablecoin created for this transaction, using the local currency, the pound, and then the bank in the US buy US dollars using that stablecoin. the entire operation is set to take place in minutes.

This alternative to the old transactional methods focuses on the rate of transport and the simplicity of producing resources (cryptocurrencies generated on Stellar are called resources ). If, however, IBM can attract the Central Banks into the dining table, the World Wire could address an important issue that the banks from all over the world face every day.

A route to the future

It’s fairly pleasant that blockchain tokens, digital resources, cryptocurrencies, or anything type of tag lands on these, are the long run.

There will however have to be a middle-out expansion which will help lure the majority of users to this brand new and largely misunderstood area. If the businesses are searching for themselves along with other large businesses, along with the cryptocurrencies are used by people in the know, then humanity is still waiting for the groundbreaking moment when your smartphone will bring this to the masses.

Crypto World July: Indian regulation, new markets for cryptocurrency and taxes in the US

Crypto World July: Indian regulation, new markets for cryptocurrency and taxes in the US

by | Jul 29, 2019 | News

July is almost over and the world of crypto is trembling over the recent fluctuations of the cryptocurrency prices. Crypto world July: What happened in the crypto world in July 2019? Here are the top 3 topics from the crypto community.

Smaller jurisdictions offer easier market access

Belarus and other small countries are actively looking for ways to develop their own fintech market and they consider cryptocurrencies for this step.

Numerous players in the business are considering alternatives and come up with specific regulations and rules for cryptocurrencies. Malta, Bahrain and Gibraltar are one of the very first to perform in the attempt to attract new blockchain and crypto businesses. Other perks like tax breaks can also be offered which is a much larger incentive in regards to the US regulations.

There’s no guarantee that this strategy will be successful, but it might represent a chance for all these states to catch a piece of an emerging marketplace. This may then possibly attract additional investment and create new projects.

Bahrain, for example, is developing its legal framework to accommodate electronic assets.

Belarus has also introduced regulations allowing people to exchange and invest in cryptocurrency. This may also offer you a lifeline for people trying to run from oppressive states like India and China. The number of smaller states willing to embrace this new digital era is on the rise.

IRS has begun sending thousands of letters to US cryptocurrency holders

The U.S. Internal Revenue Service (IRS) announced that it has started sending letters to taxpayers who own cryptocurrency, advising them to pay back taxes that they might owe or to file amended tax returns regarding their holdings.

According to the announcement, there are 3 variants of this correspondence which were sent.

The IRS further stated that it’ll have sent these letters to “over 10,000 taxpayers” at the end of the month,” adding that “the names of these taxpayers were obtained through various ongoing IRS compliance efforts.”

The IRS Commissioner, Chuck Rettig said:

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties. The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

In May, it had been reported the IRS had started working on new cryptocurrencies guidance, its first such attempt since 2014. Quite a few associations and business advocates have called on the bureau in previous years to upgrade its advice after its decision to take care of cryptocurrencies as a kind of intangible property for taxation purposes.

India is considering banning all cryptocurrency except for those backed up by the state

It is no surprise to hear about the recommendation of an inter-ministerial committee which urges India to prohibit cryptocurrencies, like Bitcoin.

Indian policymakers and administrators have repeatedly made clear their distaste for these, their presence dropped almost entirely to innovative encryption technologies.

The Reserve Bank of India has warned the public of those dangers related to cryptocurrencies. Bitcoin, the most notable among them, has yo-yoed tremendously in value, even over short intervals.

A May 2019 post by Bloomberg, citing information in blockchain analysis company Chainalysis, stated: “speculation remains Bitcoin’s primary use case”. Its usage in prohibited online marketplaces which deal with drugs and child porn is well-documented. There have been instances of consumers being scammed, and this accusation is valid in India as well.

Authorities and financial regulators throughout the world are alert to personal cryptocurrencies. As they want neither a central issuing authority nor a fundamental validating service for trades, these currencies can exist and flourish without regulation and authority.

They’re even deemed as a danger to the official currency and financial system.

The issue is whether or not banning cryptocurrency is the best method to apply. The inter-ministerial committee believes it is, going so far as to draft a legislation which mandates a fine and imprisonment of up to 10 years for the offences of mining, creating, holding, selling, dealing in, transferring, disposing of, or issuing cryptocurrencies.

But six of the seven authorities that its report cites haven’t prohibited cryptocurrencies outright. Many of these, such as Canada, Thailand, Russia and Japan, appear to be proceeding on the route of regulation, so that trades are within the purview of both anti-money laundering and prevention of terror legislation. Even there, the report states, “owing to the network-based nature of cryptocurrencies, after banning domestic crypto exchanges, many traders turned to overseas platforms to continue participating in crypto transactions.” Trading in China is low but it does exist.

However, why would an outright ban be a better option than regulation, particularly in an area driven by rapid technological inventions? This is a question still left unanswered.

Poli Iasi is the first Romanian football club to be sponsored by a cryptocurrency start-up

Poli Iasi is the first Romanian football club to be sponsored by a cryptocurrency start-up

by | Jul 26, 2019 | Blockchain Games, News

Footballcoin, the first blockchain fantasy game, is now the official sponsor of Politehnica Iasi, a football team from the Romanian football championship, Liga 1.

XFC, the official cryptocurrency of the game, is now closer in creating a bridge between the world of live sports and fantasy games.

Poli Iasi Football Club, one of the best football teams in the Romanian football championship, is now endorsing a fantasy football manager blockchain game.

ACSMU Politehnica Iași, was officially founded in 2010, and it represents the most important Romanian football team in the north part of Romania.

Despite their complicated past, the team made its way to the first league of Romania after only 2 years of playing in the second league. In 2016, Poli Iasi managed to qualify for the preliminary round for the Europa League championship. 

The most recent results from the newly started Romanian championship are promising and the players are excited.

Poli Iasi is the first Romanian football club to be sponsored by a cryptocurrency start-up

FootballCoin is the official sponsor of the Romania football league team Poli Iasi

Footballcoin, the official sponsor of Poli Iasi, is a blockchain project and one of the few cryptocurrency and blockchain projects that has a completely functional product since 2017.


The blockchain game offered by FootballCoin is meant as a bridge between the football world and the blockchain world and it aims to spread awareness on the functionalities of blockchain and cryptocurrencies. FootballCoin is starting its third year, as an active fantasy football manager blockchain game, which makes it one of the few active and existing project of its kind.

Year after year, FootballCoin has released new and improved versions of the game, both mobile and desktop, and this season is no exception. Aditional free rewards are set to be introduced in the new version of the game, yet to be released this summer.

Poli Iasi FC is one of the teams included in the fantasy game, among the rest of the Romanian teams. The true fans of Poli Iasi will be thrilled to discover they can be the virtual managers of their teams in FootballCoin and they can include footballers from Poli Iasi and from any other Romanian team.

FootballCoin is a game which combines football knowledge and strategic skills, as a real football manager would need. The difference is that anyone can join the game and winning is free. The best virtual managers are rewarded for their teams with the game’s cryptocurrency, XFC. There are other platforms which can help you get free crypto, but watching football isn’t a bad option, is it?

FootballCoin Poli Iasi is the first Romanian football club to be sponsored by a cryptocurrency start-up

Basically, it’s a free game to play, fully transparent, which can be played by anyone for free. The way we get and see crypto is changing and FootballCoin is part of the revolution. Although football knowledge is recommended, it isn’t necessary. It happened before for managers to get lucky, and be rewarded for their teams.

The FootballCoin team is active on Facebook, Instagram, Twitter, Youtube and Telegram. And don’t miss the FootballCoin BitcoinTalk forum for next development phases of the project.