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Tag Archives: Crypto Industry

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Colombia’s President Petitioned to Create Favorable Banking Environment

    By David Drake   Soon after Colombia’s President, Ivan Duque, took office and committed to create a favorable environment for cryptocurrencies to thrive, industry players are already challenging him to keep his word. Buda.com, one of the cryptocurrency exchanges in South America, has written to the President seeking assistance to resume business in the country after being forced to cease operations this past June. The letter signed by the general manager and the legal manager of the cryptocurrency exchange requests the President to nullify the blanket ban that was put into effect by the banking industry on businesses in the cryptocurrency space. Further, the exchange cited that the actions by banks have pushed numerous users into trading on peer-to-peer markets that are vulnerable to scams and fraud. Tech Revolution The cryptocurrency sees the ongoing ban as an attempt to hamper the revolution in the technological space in Colombia and ... Read More »

Why Colombia’s Move Could Make It the Next Crypto-Friendly Country

      By David Drake   The emergence of blockchain has presented huge opportunities for governments and businesses to enhance transparency, do away with intermediaries and reduce transaction costs. But beyond this, blockchain technology has fueled development of innovative solutions in different sectors. Some notable innovations include LiveTradr for portfolio optimization, Qupon for marketing of digital asset coupons and ONe Network for securing social media interactions, URAllowance for family smart contracts. Others are HFC Coin, a mortgage lending and investing platform for mortgage backed securities and Noiz Chain, a platform that is focused on interactive marketing. As the cryptocurrency industry grows, government interest in the industry is increasingly becoming evident. While some countries have reacted hastily to stifle the cryptocurrency industry in their borders, several governments have taken steps to create a conducive environment for the industry to thrive. One such country is Malta Island that has already put ... Read More »

Will SEC’s Decision Not to Classify Ether as Security Fuel Demand for Decentralised Applications?

  by David Drake   Since the Ethereum blockchain network went live in 2015, it has significantly impacted the cryptocurrency industry. The network has been used by developers to create decentralized applications (DApps) and launch cryptocurrency based projects due to its smart contract feature. Additionally, ether, the utility token that runs on the Ethereum network, has been used to power decentralized applications developed on the network. For the past one year, the number of Initial Coin Offering (ICO) projects launched on the Ethereum network have increased significantly across sectors. Revolutionary projects in sports and finance sectors like SportsFix and URAllowance have joined the growing list. Despite this growth, ether, like other leading cryptocurrencies in the market, has faced uncertain times that have seen its prices fluctuate since the beginning of the year. When the Securities and Exchange Commission (SEC) chair said all tokens would be considered as securities and would ... Read More »

What Can the Crypto Market Expect following SEC’s Announcement that Ether is Not a Security?

  by David Drake     Ether, the digital currency based on the Ethereum blockchain technology, will not be considered as a security. This is according to William Hinman, the Securities and Exchange Commission, (SEC) Corporate Finance Division Director. Speaking during the Yahoo Finance All Markets Conference, Hinman made it clear that ether need not be regulated like stocks and bonds. This is because Ether, as well as Bitcoin, use decentralized networks and do not have defined structures like corporate stocks. Based on Hinman’s statement, it is clear that the SEC will stop considering cryptocurrencies that get fully decentralized as securities. The ICO Challenge The main challenge facing ICOs is a lack of a clearly defined regulatory framework. Also, there has been little transparency as to how the regulator applies the securities laws on digital assets with compound issues involved in outlining the probable use of various laws. However, the move ... Read More »

How SEC’s Clarity on Ether Could Boost Cryptocurrency Growth

  by David Drake     Ethereum network has played a significant role in the growth of the cryptocurrency market. As the network on which the digital currency, ether, runs, Ethereum provides a platform for developers to create decentralised applications. Earlier this year, there was uncertainty among crypto-developers when the Securities and Exchange Commission (SEC) through its Chairman, said tokens and digital assets would be considered as securities. Ether was originally offered as an initial coin offering (ICO) but has since been highly decentralised. The statement by SEC’s director of corporate finance, Mr. William Hinman has clarified that the digital currency is not a security. This means it would not be regulated the same way the SEC regulates corporate bonds and stocks. The main reason for not classifying ether as a security is the fact that it functions in a way similar to commodities such as gold, due to  its high ... Read More »

What SEC’s Latest View of Decentralized Currencies Means for the Crypto Industry

  by David Drake     Earlier this month, the Securities and Exchange Commission (SEC) announced that ether, a virtual currency, will not be regulated as a security. These news alone saw the price of ether rise by 9.4%, from $468 to $515. The price of bitcoin also rose by 4.8%, from $6,300 to $6,645 following a statement made by William Hinman, SEC’s Director for Corporation Finance. Speaking at a finance conference in California, Hinman went on record having said that based on ether’s current state, its decentralized nature, its present offers, the Ethereum network and its sale, its transactions do not constitute securities. According to Jori Falkstedt, CEO of GlobalSpy, the Ethereum platform has multiple uses and this recent statement by Hinman seems to acknowledge this fact. He says, “Ethereum has many uses from exchange instrument to crypto project’s operating environment and its enormous popularity, has already acquired a position ... Read More »

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