An official press release published on September 10 reported The International Monetary Fund (IMF) has alerted the Republic of the Marshall Islands (RMI) with regards to the perils of adopting a cryptocurrency as a second legal tender.
According to the report, the U.S. based agency supported by the United Nations addresses the government of the Republic of the Marshall Islands, communicating the introduction of digital currency as an official form of legal tender will risk the country’s financial integrity, as well as relationships with foreign banks.
The statement communicates, embracing digital currency as a second official currency after the U.S. dollar, the Bank of Marshall Islands (BOMI) — the only local commercial bank of the country — will increase the risk of letting go of “the last U.S. dollar correspondent banking relationship (CBR)” as a result of increased diligence by banks in the U.S.
The IMF also said that the loss of important banking relationships could damage the country’s economy as the Marshall Islands are “highly dependent on receiving and spending U.S. grants,”
Furthermore, the IMF believes the costs of embracing cryptocurrencies, such as the expansion and implementation of anti-money laundering (AML) and counter financing of terrorism (CFT) policies, are “considerably smaller” than any potential financial gains
The IMF strongly advised the Marshallese authorities to reconsider issuing a digital currency until the government is able to supply and device “strong policy frameworks” in regards to economic, reputational, AML/CFT, and governance risks.
Early February 2018 The Republic of the Marshall Islands — with a population of roughly 53,000 — disclosed plans to create and introduce its own cryptocurrency dubbed the Sovereign (SOV). Officials then declared the Sovereign currency would be “another step of manifesting [their] national liberty.” The Sovereign is ready to be a substitute to the official currency of the U.S. dollar and is planned to be dispensed via Initial Coin Offering (ICO).
A recent report suggests that Goldman Sachs is pulling out of the near-term plans for opening a bitcoin trading desk and instead plans to focus on the key business of driving Wall Street investments in the world of cryptocurrency. The former plans by Goldman Sachs are now on hold indefinitely for opening a way to trade bitcoin and other cryptocurrencies with the familiar public.
Goldman, however, is focusing their efforts on a custody project for crypto which will serve a much larger group of institutional clients and provide them with better services. Even a company as big as Goldman Sachs, who is a giant in Wall Street market trade and manages major assets, couldn’t find a way for trading bitcoin.
According to the sources familiar with the situation believes that the bank is downgrading its plans and ditching the former plan of building a desk for crypto trading as the platform concerning regulatory cryptocurrency framework remains uncertain as such.
However, people believe that the former plans may make a comeback in the future; right now Goldman is focusing solely on the possibilities of introducing cryptocurrency in the new market and participate digitization in the world of Wall Street.
Right now, the company is focusing on acquiring a custody project for crypto whereby the banks would hold the cryptocurrencies and also can manage the tracking of price changes for the large fund clients. Most of the market observers believe that for a large firm to get accessible trading of bitcoin, there need to be reputed custody offerings meant to secure holdings.
The speculations for bitcoin trading were quiet underway concerning Goldman and their projects where the bank was observing the journey of the market. Recently, the executives of the institutional firm confirmed that there are still some more steps to be taken for allowing cryptocurrency trade in a regulated bank.
The company spokesman reported earlier this week and said that they are exploring the best possibilities to serve their clients in space as such regarding their interests in the digital industry. As of now, the company lacks a concrete answer to the future of digital asset offering.
Goldman allows their clients to make markets for bitcoin futures and allows them to bet on the price without owning assets. Ever since then, the market price has fluctuated widely in the last six months as it crashed down to less than $7,000 (following a major decline in the last 24 hours) from a major high of more than $20,000. As a result, the firm has also tried to manage the ambitions of the market and released statements about their ongoing assessment of the market.
Finally, in October of last year, the initial interests were rising for Goldman as it suggested its further foray in crypto trading and strategic investments. It was in May that the New York Times reported about the bank exploring its way for a trading desk and get a regulatory appeal over the risks of holding currencies. As many aspiring firms, the hopes and excitement about desk regulations crashed over regulation miniatures.
Fed governor, Lael Brainard speaks publicly about the challenges and opportunities of virtual currencies. He says that extreme volatility, lack of legal framework and governance along with money laundering vulnerability, it makes it difficult for such forays.
He says that the combination of a new asset, not a liability of an individual or institution, and record-keeping transfer technology, with no maintenance by individual or institution, showcases the powerful abilities of modern technology and it comes with serious challenges.
As a result, Goldman focused its plans on competing with other firms to become their choice of provider for those clients interested in custody services. Other crypto firms looking for offering the same are Coinbase, BitGo, Fidelity, JPMorgan, and Nomura.
There is good news for all the people who are invested in thinking about investing in the cryptocurrency. As BITSMO just announced their new all-in-one platform this month. By taking a different strategy, BITSMO launched its new platform that allows its users to find the best prices while selling or buying their cryptocurrency. What it does is that it compares the cost across 30 different cryptocurrency exchange so that its users can go with the best one while selling or buying new cryptocurrency. This starts a competition among different cryptocurrency exchanges to provide the best price in the market. This platform will come as an advantage to all the individuals who are interested in cryptocurrency. With the help of BITSMO’s new platform now users can make the most out of their investment while trading from the BITSMO.
BITSMO is not just a price comparison platform as it offers many other features as well. One of the most attractive features of this new BITSMO platform is that it provides fast and simple transaction process. The reason behind their fastest transaction processing is that the matching engine that has been used by the BITSMO is the currently one of the quickest engine available. Their new engine can support up to 10 MM transactions per second that give rise to many happy users.
BITSMO understand the need for security, and that’s why they are using the same security features that are used by the NASA and CIA. Other than that BITSMO is supported by the Modulus and Bitgo, which are the two best companies when it comes to providing high-class security to the cryptocurrency agencies.
As per the news published in News BTC, because the hackers can’t access the funds, BITSMO has stored their funds in cold storage. Other than that BITSMO has started to implement an advanced KYC and AML features in its new platform. To carry out the process of KYC and AML the company will soon be providing both the in-house and third-party services.
Ibinex is one company which has been creating a buzz in the market for various reasons, be it gaining access to the license of Estonia to launching the whitepaper, Ibinex is one company which has been creating headlines. It is now in the news because it has lately gained access to the Blockchain of Australia. Ibinex is now a part of the Australian Digital Commerce Association has started offering the CRM system as well as EU regulation norms. There are also other changes that Ibinex will have to inculcate in its system to adapt to the Australian requirements.
Changes in the services provided by Ibinex are already in place with it launching its V2 version recently. This new version, according the CEO of Ibinex, Simon Grunfeld, will see to it that the customer information will be better managed in the future with its efficient feature which has come to be known as Customer Relationship Management or CRM. This new version is said to have more advanced Know Your Customer feature, better liquidity offers and the kind of user interface that would be more convenient for the users.
Australian Digital Commerce Association is a group that advocates non-profit blockchain; it has 58 members who have implemented or are implementing directly, blockchain or Distributed Ledger Technology. There are several corporate giants who are in this association. A major motivation for Ibinex to join this group is to assist with adoption of blockchain technology across various sectors of the economy.
Ibinex has come a long way in its journey and has been in the news for all the right reasons up until now. It can be believed that it will attain the goal of a more convenient and user friendly sector of virtual currency in the future.
It can be believed that the relationship of South Korea with digital currency has been strained. However ministry of Science and ICT in South Korea has stated that the training in the sector of cryptocurrency will be arranged for a large number of people as a part of the “4th industrial revolution”. Moreover, this training is underway as it is a part of the numerous courses which are being offered by the scientific department of the government. According to the department of Science, the country is walking towards the fourth industrial revolution and is therefore aiming at the kind of environment which is conducive for this all round growth.
There are a number of industries which would function on the basis of innovation; these have been called the “innovation growth industries”. These industries are blockchain industry; data based industries, artificial intelligence, autonomous vehicles etc. The courses which are designed for the purposes of the better opportunities for the youth include a spectrum of these subjects which can empower the youth and equip them better for a different tomorrow. The ultimate goal is to see to it that the new generation of the employees lives up to the vision of the companies that hire them.
There is a prominent group of organizations, corporations, institutions which have been recognized by the government and are involved with the training of the youth. The various groups which have been given this task are PWC, Seoul National University hospital, Saltlux, SAP, Unity Technologies, Hancom MDS and Oracle. This is an impeccably designed program with the goal of changing the way the new generation of employees as well as pioneers deal with the financial sector and the measures that can be taken to see to it that there is a force in the market that ensures that progress takes place.
The project plans as well as the trainee recruitment will take place in this month itself and the promotions related to the same will take place through the means of Internet, that is, through the websites and other such prominent means.
South Korea has come a long way in terms of its progress in the sector of virtual currency. Right now, it is amongst the top three nations in the field of virtual currency. United States of America and Japan are amongst the first two. Important news for the well-wishers of cryptocurrency in South Korea is that the second largest bank of the country, Shinhan bank has partnered with KTcorps, the telecom giant to come up with the a platform for blockchain.
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.
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.
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.
The granting of Estonian license provides a chance for opening multiple doors in the field of digital currency.
The fact that there is a widespread suspicion across the world today regarding the legal as well as economic connotations of crypto currency is no secret. There are a lot of countries which raise their eye brows when it comes to crypto currency. A major reason for this, to put it in simpler terms, is the “virtual” element as well as the history of crypto currency so far. In these circumstances, a European country like Estonia approving of crypto currency exchange service provider like Ibinex to trade in their country proves a giant leap forward for both Estonia as well as Ibinex.
Ibinex has been a front runner in the field of digital exchange services for the past four years. It was incorporated in the year 2014 by Simon Grunfeld who had previously worked with Forex brothers and had experience in retail. About the factors which have separated Ibinex from other such service providers, Simon Grunfeld has said that there the they not only provide liquidity to enable the people to set up the business but also ensure that they have a well structured, a well organized system in place which can keep the business afloat after the liquidity is provided. Various coins and ICO currencies are also available with surprising ease as well as there can be made the provision of hot and cold wallets which see to it that the consumers get the benefits of custodial services as well. On the whole, it can be believed that Ibinex is the starter pack required by any company to stay afloat in the turbulent times and arbitrary markets of crypto currency. Ibinex tends to give a strong start to the ambitions of startups and other such enterprises.
Along with the provision of support to a number of exchanges, Ibinex also ensures that there is an increase in the reputation of ICO currencies and sees to it that there is a reduction in the anxiety surrounding it for a long period of time.
With Estonia taking its first steps in the field of crypto currency, it can be believed that other countries will soon find an increased amount of utility and there will be enhanced acceptance of crypto currency in the world, however, as of now, it is noticed that in spite of apprehensions, various states from the Baltic region will be inspired by this decision of Estonia and crypto currency may find several doors opened for it in the near future.
Ibinex will now work under the legislation of European Union and will therefore have to make some changes in its working patterns. However, there is no cause to believe that with the kind of expertise that Ibinex possesses, it will let anything affect the standard of quality available to its numerous consumers. It would not be an overstatement to say that the spotless record and the flawless management and marketing strategies will bring out a better version of Ibinex in the coming days.
This white label solution provider is taking an unforeseen leap on the horizons of digital marketing.”
Ibinex has been in the field of providing the solutions to the white collar labels since 2014. It is also one of the foremost crypto currency exchange providers to have a license from FinaCom or The Financial Commission. This platform is not only known for providing liquidity to numerous exchanges but also sees to it that the exchange in question has a plan as to how it will go about securing its position in this supposedly arbitrary market of crypto currency.
Ibinex has recently become the first brokers in the market to gain access to the Estonian license. But before delving into how this came about, it has become necessary to look at the various features of Ibinex. Ibinex is an organization which provides solution and services to the various startups and enterprises in the market. Ibinex also provides other services such as technological assistance and methods to ensure that the exchanges can provide better services to their clients. Ibinex has been taking care of a lot of factors which might affect the volumes of the exchanges as well as its strength in terms of results for its consumers.
Ibinex has recently been awarded the certification, the license that has opened doors for it in the European continent, that is, Ibinex has obtained the license for trading in Estonia. This was announced on the website of the company exclaiming delight and excitement over this decision and also expressing belief that several other places will also open their arms to this provider of services over a period of time. Along with this decision, there has also risen a speculation as to how does Ibinex plan to go about making changes in its existing set up with regards to this new opening in a different part of the world. About this, Ibinex has explicitly stated that it has a plan in motion to deliver the same excellent and error free results it has been delivering in the American markets. It has guaranteed encryption as a security intensive measure, along with several different provisions which can lead to better solutions for the clientele of the different exchanges, such as provision of Hot and Cold wallets as well as liquidity and customer management. Ibinex is not endangered by the persisting competition in the market because it is one of the few companies to provide long term assistance to the while label enterprises. Simon Grunfeld, says more about this in an interview and also reveals a small portion of the company’s future plans when it comes to improvising on the existing marketing strategies, “we actually have a plan currently in the works which we call the Ibinex Ecosystem, which is going to provide much needed value to our clients, to our exchanges, that they wouldn’t be able to achieve on their own”.
There are no suspicions as to the priority accorded by Ibinex to its various consumers up until now, it can only be said that with its immaculate policies and experience, not much can hinder it from escalating towards a better tomorrow.