Cryptocurrency

The finance and the economics department of the UK recently strengthened measures to curb the risks associated with cryptocurrencies. Therese Chambers, the Director of Retail and Regulatory Investigations, revealed the new regulations in a speech on the 6th of March 2020. Chambers noted that the UK’s Financial Conduct Authority (FCA) is the official overseer of the Anti-Money Laundering for some crypto objectives, as per the new Money Laundering Regulations (MLR). Chambers Speech on Cryptocurrency Regulations Chambers noted that the UK’s…

India’s central bank (RBI) is planning to file a review petition on the Supreme Court’s ruling that, the banking ban on crypto was unconstitutional. Last Wednesday, the Supreme Court of India, in its ruling lifted the banking ban on cryptocurrencies. The RBI, had in April 2018, issued a circular to prohibit all banks from providing any services to crypto-related businesses. However, according to a report from Economic Times, the RBI is planning to file a review petition on the Supreme Court ruling against the central…

The leading Decentralized finance (DeFi) player, MakerDAO has recently announced a partnership with Simplex, one of the leading payment solutions providers. This announcement was according to a recent tweet by those in the know. The partnership aims to create a fiat on-ramp for MakerDAO’s stablecoin, DAI. Clients will be able to purchase DAI through their credit and debit cards thanks to a solution offered by Simplex. MakerDAO is a giant in the DeFi space. The company behind the Dai decentralized…

Facebook has revealed its intentions to make some key re-designing of its Libra project. The 3rd March 2020 announcement aims to make the network compatible with multiple coins, including some issued by various central banks. This effort is an attempt to entice reluctant financial regulators in Europe and the US as well as revitalize its project's momentum. Libra Reorganizes Due To Opposition  At the dawn of the Libra project's launch, the social media giant outlined the project's main goal as…

Bitfinex, the 11th largest cryptocurrency exchange based on daily trading volume, is set to delist 46 crypto trading pairs. According to a blog post published on March 2, these trading pairs have been experiencing low liquidity on the platform hence will face removal on March 6, 2020. Delisting Will Improve Liquidity on Bitfinex Bitfinex says removing trading pairs is a common way to increase liquidity in the stock market. It will also result in an optimized and efficient shopping experience…

Recently, Nonghyup announced the launch of the first commercial application of a blockchain-powered mobile identification system. The report states that the Initial DID Alliance developed the solution.  The Initial DID Alliance is a decentralized identity consortium hosted by the Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA). Tech giants such as Samsung, LG, and SK Telecom would back the identification system. Other consortium members include Hyundai Card, Woori Bank, Cj Olive Networks, and Koscom,…

Binance recently announced its partnership with the largest Turkish Bank, Akbank. Binance is a top crypto exchange in terms of volume. The collaboration will allow Turkish users to withdraw and deposit Turkish Lira (TRY) instantly on Binance through desktop and iOS App with low fees. Earlier, Binance announced support for the Turkish Lira on its platform for Turkish citizens. Zhao’s Views on Akbank Integration with Binance Changpeng Zhao, Binance CEO, pointed out that the exchange is expanding the available options…

Two major UAE banks, Dubai International Financial Centre (DIFC), and Mashreq Bank announced the launch of a new blockchain data-sharing platform. This announcement was made on the 1st of March 2020, offering a new platform that allows for the instant opening of digital bank accounts. Licensed businesses and corporations will have to verify their identities through an internal blockchain platform. This platform has gone live, open to all corporates and banks based in the UAE. Increased Change and Simplification Signifying…

Blockchain is one of the most exciting technological developments over the last century. The rapid evolution of decentralized computing systems and hacker-proof ledgers has led to blockchain technology adoption in several companies and industries.  Formerly, traditional sectors like finance and healthcare have opened their doors to utilizing this ledger technology in their systems. As a known catalyst of change, blockchain has revolutionized the speed of transactions and trust in the system. However, does it stand a chance in the education…