The technology solutions provider on digital data and content perspectives, AXEL appointed Michael Conn as the Chief Strategy Officer that leads and executes the upcoming launch of AXEL Token and organizing its blockchain platform.
Micahel Conn who is going to leverage his strong domain expertise on blockchain technology and cryptocurrency will add value towards the AXEL’s blockchain venture said by the Chief Technology Officer & President of the company, Ben Ow.
Besides, Conn will be responsible to impart its major interest in the institutional blockchain and cryptocurrency from around the world. With this, he will strongly keep an eye on the upcoming Token Generation Event to be organized at the company and would strive for growth of the AXEL Token.
Erstwhile, Michael Conn served as the co-founder and Chief Financial Officer of Ether Capital which was the first Ethereum based publicly traded company that raised USD45 million through a private placement.
AXEL allows its users to use their data which are easy to use through the patented technology solutions for file sharing, access, transfer, security, and privacy thereby streamlining and integrating on the secured platform–Blockchain-Technology.
It was noticed that in the previous month, Federal Reserves of United States of America had some harsh things to say about cryptocurrency. This week, a similar thing has happened with cryptocurrency again. This time, the immensely negative judgment is coming from the president as well as CEO of the famous company MasterCard. Ajay Banga, the CEO of MasterCard has said that a currency which cannot be traced and is highly volatile, that is, fluctuates a lot cannot be considered a currency at all. He also called it “Junk”. Banga, who is the head of the multinational company, was born in India, and is now leading this multinational. It is important to point out that Banga had his own reasons for making the kind of statements he did.
In support of his statement, Ajay Banga has gone onto say that there is a major flaw with cryptocurrency that is responsible for several social evils which are prevalent do. That is, Banga has stated that there is a whole web of activities which are dark and carried out through the means of cryptocurrency, such as forced prostitution of children, as well as frauds which can be undertaken through credit cards and debit cards. All these have been paid through and put into action by using cryptocurrency. The major drawback of cryptocurrency continues to be that it is not regulated by any central bank, that there is no authority directly concerned with cryptocurrency. Moreover, the fact that complete anonymity can be maintained through it stands to reason that there is a chance of fraud and an economy that can carry out illegal activities and get away with it through the means of digital currency, and that according to Banga is the primary concern of cryptocurrency.
All these points were made by the CEO when he was giving a lecture at the Indian consulate; this was called “New India Lecture”. This lecture just like several others to be conducted over a period of time is organized through US-India strategic Partnership Forum. The main concern of Banga, which is similar to several other experts in the field, is that cryptocurrency is not reliable because it is highly volatile and there is a dearth of transparency which can be expected from a medium of transaction as well as the role that it has to play in the economy if it will be accepted by a number of governments.
Banga has also drawn upon an interesting and powerful analogy stating that virtual currency is a “snake”, and it is highly irrational to keep this snake in the “backyard” and then expect that others and not the keeper of snakes would be bitten.
There were also several interesting and subtle points raised by Banga in the lecture. The notable arguments were about the rules which should be a part of the structure of free trade and how more and more people should use credit cards over cash, he supported the Prime Minister of India Narendra Modi while stating that the sooner the society becomes cashless, the easier it will be to fight terrorism, since it is cash which is often used in terrorism activities.
Even as the popularity of crypto currency increases everyday in some parts of the world, there continues to be bad blood between crypto currency and the economic decision makers of various countries. For example, China has banned ICOs, South Korea had banned them previously and Japan and its regulation agency have come cracking on the various crypto currency activities in the country. Moreover, a legal battle has ensued between Reserve Bank of India and those willing to get involved in crypto currency in India in the past month and it can be believed that the final resolution would be reached in September this year. However, something else is happening that has linked the sports betting with the fate of virtual currency.
A very important authority in India, the law commission has been speculating about the effects of sports betting, however, due to sports betting, crypto currency sector in India might find itself performing the function of traditional currency. It has been stated that crypto currency will be an accepted mode for payment for settling transaction online when it come to betting on sports in India. Virtual currency, according to this commission, can be utilized for the purpose of settling accounts related to sports betting in the country. Needless to mention, the other online means of acceptance would be through the credit cards and the debit cards. There can now be seen a link between sports betting and the utility of crypto currency in India.
Up until now, there was a complete ban that was enforced on the betting on cricket matches. However, it was noticed that this did not work in the favor of stopping these activities, what was noticed was a whole new system which operated illegally and was getting stronger as well as evolving every day. After the scandal of IPL came out in the year of 2013, Supreme Court had hired a committee to look into this matter. It was stated by the committee that a complete ban on the betting would not be beneficial to curb the negative effects of it on the economy. It would be better to not impose a blanket ban in the country but to see to it that the appropriate guidelines and regulations are imposed to reduce the adverse effects of these activities in the market. However, the final decision of Supreme Court by the Supreme Court has not been reached as of yet.
The commission has also stated that keeping a check on the funds is much easier if it is regulated and not banned; a similar thing has also been said about crypto currencies. If crypto currency and sports betting are both accurately regulated in the country than there can be a reduction in the crimes which can deter the economy, this might not be the case if both these features of the economy are completely banned, that is, a lack of check on the activities is not advisable in the current scenario.
As of now, it can be concluded that the fate of crypto currencies in India and sports betting are linked, even as there is no one definite answer from the authorities.
What has come across as a surprise in the industry is the gradual increase in the kind of crypto currencies in the market. Moreover, this has given way to a lot of competition with regards to dominion over this sector. They differ in their behavior patterns in terms of how they influence the changes in the market. For example, Bitcoin has been able to influence the market the most in the past. That is because; any news regarding Bitcoin tends to perpetuate the fabric of the market in a grave manner. However, lately, there has emerged a strong competitor in the field of digital currency.
This competitor is Ethereum. Ethereum has become a source of great enthusiasm from the crypto currency giants of the world. These crypto currency giants include the Coinbase and Circle; there has been a better show of confidence for Ethereum than it has been for Bitcoin. Bitcoin continues to rule the market in terms of its popularity, but it seems like the major players are showing considerably more optimism for the fate of Ethereum than they are for the position of Bitcoin in the recent times.
A major reason stated by them that has led to this sort of a new found respect for Ethereum is that there has been a lot of activity, “developer activity”, from the market. There has been an increase in the developer activity drastically with Ethereum. Moreover, there has been an increasing interest in the method through which money can be made by the developers. Moreover, there is a lot of flexibility that Ethereum allows its various consumers which is not the case with a lot of other currencies. Ethereum allows the formation of apps, coming up with tokens and formulations of intelligent business contracts. Further on, it has also been learnt that the CEO of CoinBase has more Ethereum than Bitcoin. The optimism from these two giants of crypto currency helps the users decide for them what it is they want to deal with. Therefore, this is a major step forward for both Ethereum in this competition where it is being pitted against a popular currency like Bitcoin. Several experts in the marketing are estimating that Ethereum is “the next big thing”, that is, Ethereum will become indispensible for the business of crypto currency. That is, it will play a larger role in the crypto currency sector. However, as of now, it is quite clear that Ethereum is gradually building its dominion over the market.
18th July-Not just the G20 summit, but across the world, various countries are taking measures to see to it that crypto currency is regulated in such a way that there is no place left for the money laundering scams or any sort of tax evasion to take place. Some countries have already been victims to the scams that have taken place using the crypto currency. More and more countries are taking precautions so that such activities can be nipped in the bud. Also, these scams are affecting the image of crypto currency throughout the world.
Japan is walking an extra mile to see to it that no loopholes are left in the regulations, such that scam can take place. Alterations are being made in the various parts of the system to safeguard the financial sector such that it does not get affected by crypto currency induced scams. The biggest such change is the formulation of strategy development and management bureau. The job of this newly formed bureau would be to come up with a policy that seeks to look at the problems ailing the crypto currency market, Fintech; it will also scrutinize the multiple economic enterprises. This would be another function of this new body of finance.
Another change that is being made is the formation of the policy and markets bureau. The function of this department would be to look at the legality of the structure which entails the formation of the policies regarding crypto currency.
This does not change the fact that FSA has been hard on crypto currency for the longest period of time now, it has closed down several crypto currency exchanges and notices have also been given to several of them. All the measures which can be taken to ensure the safety from illegal activities using crypto currency are being taken. Various activities regarding crypto currency are being put under the lenses of official scrutiny to prevent any money laundering to take place.
It has also been found that there might be a major change in the framework of the regulating system of crypto currency. That is, now financial instruments and exchange act will be used by the FSA to keep in check the administration of crypto currency, this highlights the aspect that there will be better laws in place to safe guard the various interests of different consumers.
It was also considered in the past if the taxation should be accrued on the activities of crypto currency, as of now, no separate tax is being levied; however, there has been no information about the same lately.
To conclude, it can be believed that the authorities in Japan are seeing to it that there are no further miscreants and misdeeds that might take place due to crypto currency.
14th July-One of the best things about crypto currency is that it is a dynamic field; there is no stubbornness about it that can lead to a reduction in its utility with the passing time. There is fluidity about it that can also be called arbitrariness but too often, it is this facet of crypto currency which can also lead to an improvement and growth for the various entities in the sector of block chain technology. The market is being molded as per the needs of time; changes are taking place everyday, which are gradually giving shape to the market of digital currency.
In these circumstances, it becomes necessary for various crypto currencies up to the expectations of the various countries. It has been found that lately, South Korea had decided to upgrade its measures. Moreover, the good news for the universe of crypto currency is that the various exchanges are successfully meeting the standards set by the government of South Korea. A number of exchanges, inspected according to the elevated measures of Korean government, have been holistically smart about the security measures in place and about the kind of organization, the working pattern that has to be adopted for better functioning.
The association in charge of this kind of speculation was South Korea Blockchain Association. Moreover, several other changes can also be predicted in the market following the declaration of the South Korean government that soon the markets of crypto currency would be legalized in the country.
There might be a minor glitch as far as the approval for crypto currency goes, the glitch has risen due to the fact that investors are not much happy as the legalizing of crypto currency might also mean legalizing of the Bithumb. Bithumb has become the victim of the suspicion of the investors since it experienced hacking, the manner in which Bithumb handled the situation has led to several complexities which created ripples in the markets of South Korea, as a result of this, Bithumb has lost the trust of a number of investors in the market. Prior to the hacking, Bithumb was a leading exchange in South Korea.
The positive results from the South Korea Blockchain operation, it can be foreseen that the government of South Korea may still put in place better regulations. The exchanges operating in South Korea have lived up to the expectations so far and therefore it can be believed that this process would continue further. Moreover, in a bid to present virtual currency with legitimacy, it is possible that the government of South Korea might just be changing the fate various enterprises associated with crypto currency by expecting more from the exchanges.
13th July-Needless to mention, the crypto currency is no longer limiting itself to the selected fields, it is spreading its wings in all those markets which have been held by government currency but there is a need for better organization in all these sectors. It was recently found that Australian stock exchange Bitcoin.au would enter the field that requires more attention from the government. It is evident that there is no stopping these well equipped and ambitious exchanges. And there are several factors which contribute towards this kind of growth.
In an astounding feat, the stock exchange giant of the modern age is set to use the services of the distributed ledger technology in its transactions of various securities. This top notch stock exchange, Shanghai stock exchange has declared that it has received several opinions that through the technology of block chain, there can be an enhancement in the honesty and integrity in the field that deals with securities. This has been a cause for this new decision by this prestigious institution, which, unsurprisingly, has been welcomed by several experts in the market.
Further on, it has also been revealed by the institution that even as a large section of the market is on the verge of accepting this technology, the other portions of the industry dealing with functions of a larger magnitude would do so in a few years. This decision has been reached after taking a holistic look at the market and its different opinions. Moreover, the stock exchange does not wish to ignore the winds of change blowing in the direction of virtual currency and block chain technology. It is getting more apparent every day that block chain technology is what is required in the modern world to excel in these economic times.
Even as the Chinese stock exchange is geared towards inculcation of crypto currency, something similar cannot be said about the government of China which has maintained its ban on several salient features of block chain technology such as Initial Coin Offerings.
However, it has been made clear by various companies dealing in securities that they have a belief that blockchain technology will be of utmost importance and benefit to this particular sector and through detailed research and taking into consideration, the market conditions; it is advisable to utilize the block chain technology.
Another giant which might soon be wading through the waters of block chain technology is Banco Santander. There is a research team by Santander looking at how block chain technology could increasingly be a part of the management of securities.
11th July-Virtual currency markets are yet to reach a stage of maturity and stability, it can therefore be believed that this form of trading is susceptible to a lot of duping business, and there have been a series of such events in the history of crypto currency. It is for this reason that there are several countries in the world which are immensely suspicious of the activities regarding crypto currency. Even though efforts are being made to bring this phenomenon under control, there is a long journey ahead in order to bring complete security in this immensely arbitrary field.
The latest attempt at theft was made by a programmer employed by NSO. He was trying to sell an extremely essential spyware to a party which is yet unknown. He was not successful in this attempt and was duly arrested for his aspirations. It has been believed that had the effort been successful, it would deliver a severe blow to national security as well. Moreover, it is stated that it was defense material that the programmer was trying to trade in. It has come as a major relief that the person has not been successful in accomplishing his incentives for the government of Israel.
As mentioned previously, the programmer worked for the NSO servers, even though the culprit was caught, it is evident that questions are raised about the efficiency of the cyber security institutions as well.
It goes down like this, the perpetrator was about to be fired by the company for violating a company policy. However, he was assigned certain tasks at the workplace before he was released. It is then that he came up with the plan to sell the “Pegasus”, the immensely important software to the unrecognized company. According to the reports, it can be believed that the unrecognized company found out about the dealing of the programmer and thus decided to inform NSO about it such a way that the culprit was caught.
It is found that crypto currency and its misuse could have rendered a severe blow to the safety of the country at large had the attempt of the engineer were not stopped. This incident, even though, has little to do with the efficiency of NSO, has led to certain eyebrows being raised against the cyber security organizations. A major risk was averted but one cannot help but wonder what could have happened had the measures not been taken immediately.
The way crypto currency gets used in the market contributes immensely to the global image of its role in the economy.
7th July-It has come to be known lately that Huobi, which is one of the leading crypto currencies in the world, has now opened registration for its trading platform which is established in the United States of America recently. This is the news received through a press release on July 6TH. This is great news for the company as well as its various consumers and well wishers. The announcement of a new platform was made back in June. The name of this new exchange is HBUS and it is based in San Francisco, and the registrations for it are now open.
This exchange supports nine digital currencies; these are DASH, TrueUSD, Bitcoin, Litecoin, Ethereum, Ethereum classic, Bitcoin Cash, Tether, and Civic. These are the various coins this new exchange will be dealing in. As for now, the verification requests will be accepted from the citizens of United States of America, and keeping in mind the above mentioned virtual currencies, the crypto volumes can be deposited with this exchange. This is a huge step forward for the already prestigious and successful Huobi exchange. It is believed that this exchange will get active from the 10th of July and the various attributes, characteristic of the platform will be revealed with the inception along with stating the kinds of pairs which will be traded in.
However, there are a few sections of United States whose citizens will not deal with crypto currency with HBUS as a platform, these states are Washington, Vermont, Hawaii, North Carolina, Connecticut, Alabama, New York and Louisiana. It is apparent that Huobi is going places everyday in terms of exploring new territories through crypto currency. Just recently, it has launched a new platform in Australia and is also ahead with its function in the platform launched in London, it has established itself amongst the European consumers.
It is now set to build its foot hold in the markets of Asia through its platform which is located in Singapore. The functions of Huobi are already being carried out in the markets of Japan; its operations are going in the crypto currency industry of Hong Kong. Moreover, it would soon establish itself in the markets of digital currency in South Korea as well.
It is quite transparent that the pace of Huobi is such that it has emerged as a formidable competitor for a number of companies in the field of crypto currency. Moreover, it can be anticipated that the growth of Huobi is inevitable in the coming days.
5th july-While the virtual currency has led to a lot of debates in the Asian countries over a long period of time, turns out not all is bleak for the digital currency in the Asian continent. While India has banned the crypto currency from this month after a long tedious battle which ensued between the RBI and the crypto currency traders as well as exchange owners, there is not much which can be done for crypto currency in India. However, Uzbekistan is one country which might have some good news for those cheering for crypto currency in these times when there is a wide spread suspicion over its value.
With the arrival of the new president, there is a hope for a secure future of crypto currency in Uzbekistan. It can be believed that Mirziyoyev has signed a decree that would enable the growth of virtual currency in the nation and also stimulate the procedures which accompany the growth of blockchain activities in the nation. However, the chain of triumph for the blockchain does not end here. It can be believed that the changes required for the working of virtual currency in the markets will be put in place as well. And these changes include the alteration which is asked for from the existing laws in the country, it can be believed that laws will be changed in Uzbekistan to render legality to crypto currency.
It is important to realize that taxation has always been a prime factor for individuals to be involved in any sort of trade, the decree also takes care that the taxation policy is such that it does not become a hindrance for those interested in taking up activities of crypto currency. In this manner, it is making attempts to ensure a wholesome participation under the prescribed legal threshold.
There are also other factors which will be taken care of by the presidential decree; these factors include adopting those activities which are included as indispensible aspects of crypto currency, for example: mining, distribution. Inculcating the kind of acumen in the employed personnel which can be unitized for the stimulation of virtual currency in the nation in a given time period. Another factor which would contribute to the holistic growth of crypto currency in any country is its liaison with other countries, the manner in which it responds to the method of working and products of the other countries involved in similar activities. All these features would decide the fate of crypto currency in the country.
The task for the establishment of virtual currency has been given to NAPU, which stands for National Project Management Agency. The major task of this newly formed committee would be to arrange for an appropriate legal framework as well as the management of the role of the newly employed technology in the public sphere. The deadline for the formation and the application of virtual currency is 2020. Moreover, the security measures have also been synchronized along with the other policies of the project.
With the these kind of rapid actions taken by the government of Uzbekistan, it has come to be one of the earliest countries to adopt crypto currency and blockchain technology.