Digital currency is money only available in vital or electronic forms. The news the BOE are looking into digital currency comes as the UK is set to suffer its worst recession ever after the coronavirus pandemic. In April this year, the UKs GDP shrank by an astonishing 20.4 percent.

Mr Bailey announced the news to students in a Speakers for Schools webinar event on Monday.

He said: We are looking at the question of, should we create a Bank of England digital currency.

Well go on looking at it, as it does have huge implications on the nature of payments and society.

I think in a few years time, we will be heading toward some sort of digital currency.

READ MORE:Elon Musk, Bill Gates, Joe Biden and Kanye West ALL HACKED by evil bitcoin scammers

In January the BOE announced it was a part of a group of major central banks weighing up developing digital currencies.

The joint research is aimed to "share experience as they assess the potential cases for central bank digital currency in their home jurisdictions".

The group includes global financial powerhouses such as the Bank of Canada, Bank of Japan, European Central Bank, Sveriges Riksbank of Sweden, Swiss National Bank and Bank for International Settlements.

The group are looking into Central Bank Digital Currencies as Facebook develops its own cryptocurrency, Libra.

China has also spent six years developing its own CBDC in DCEP, and the group of countries have stated their desire to compete.

In a statement, the BOE said: The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.

DON'T MISS:

SpaceX set for first self-landing attempt after delivering US military satellite [REPORT]

State pension: Is the Triple Lock being scrapped? [REPORT]

Elon Musk confirms space firm is working on floating spaceports [INSIGHT]

Cryptocurrency site Coin Telegraph suggests that the UK may have an edge on European countries in developing CBDC after Brexit.

They said: The country does not have to deal with EU bureaucracy, nor is it a part of the Eurozone.

These factors have allowed the nation to retain its own sovereign currency the British pound.

If the UK decides to develop a CBDC, it could provide the British pound with some advantage over major rival currencies like the US dollar and the euro.

Mr Bailey warned however that it may be some time before Britain sees digital currency.

In the webinar, he said: The digital currency issue will be a very big issue.

I hope it is, because that means COVID will be behind us.

Read this article:
Bank of England eyes groundbreaking new currency as key part of Britains future - Express

On July 9, the Appellate Division of the Supreme Court of New York, First Department (First Department) issued a significant decision in James v. iFinex that confirmed the broad authority of the New York State Attorney General (NYAG) to investigate potential fraud. The decision is significant because it is the first appellate decision to apply the Martin Acts expansive powers to an NYAG investigation of foreign entities in the cryptocurrency industry. Given this decision, the NYAG now may be emboldened to use these powers to more actively police the emerging industry by seeking asset freezes and other preliminary injunctive relief against potential bad actors outside of the Empire State.

Background

The appeal stems from an NYAG investigation of whether respondents BFXNA Inc., BFXWW Inc., iFinex Inc. (collectively iFinex), Tether Holdings Limited, Tether Limited, Tether Operations Limited and Tether International Limited (collectively Tether Holdings) made untrue claims about their virtual currency, tether, which is issued by Tether Holdings and traded on the iFinex-operated trading platform, Bitfinex. Tether is a stablecoin that, according to Tether Holdings, is backed by U.S. dollar reserves. According to the First Departments decision, up until about March 4, 2019, Tether Holdings had represented that every tether is backed by one U.S. dollar, and any holder of tether may redeem it for one U.S. dollar at any time. After March 4, 2019, Tether Holdings changed its representation on its website to state that, while every tether is still valued at one U.S. dollar, tether is backed by Tether Holdings reserves, which include unspecified currency, cash equivalents, and other assets and receivables from loans made by Tether Holdings to third parties, including to affiliated entities.[1] Notably, each respondent is: (i) incorporated outside of the United States; (ii) neither headquartered nor registered for service of process in New York; (iii) majority owned by nonparty Digfinex Inc.; and (iv) operated by a small group of executives and employees, some of whom are or have been located in New York.[2]

The NYAG initiated the investigation in November 2018 due to a concern that respondents lacked sufficient liquidity to permit customers to redeem tether at the represented value.[3] During the course of the investigation, the NYAG learned certain concerning facts, including that: (i) a third-party foreign entity, which processed customer deposits and withdrawals for iFinex, had refused to provide iFinex with nearly $1 billion of their commingled client and corporate funds; (ii) Tether Holdings had transferred $625 million to iFinex; and (iii) iFinex took a $900 million line of credit from Tether Holdings (despite the NYAGs expressed concerns).[4]

Based on these revelations, the NYAG sought and obtained an ex parte order pursuant to the Martin Act on April 24, 2019, compelling respondents to produce certain documents and staying them from (i) making any claims on the U.S. dollar reserve held by Tether Holdings, (ii) making any payments to any individual associated with respondents from the Tether Holdings reserve, and (iii) altering or destroying any documents related to the investigation.[5] The motion court thereafter granted respondents motion to modify the ex parte order but rejected their attempt to vacate it.[6] The respondents then moved to dismiss for, among other things, lack of subject matter jurisdiction and lack of specific personal jurisdiction, which the motion court rejected, and the respondents appealed this decision.[7]

Decision

On appeal, the First Department rejected respondents arguments and affirmed the motion courts order as follows.

The Martin Act Broadly Empowers the NYAG. From the outset, the First Department recognized the NYAGs broad powers under the Martin Act to seek an ex parte order pursuant to General Business Law 354 compelling documentary and testimonial evidence and enjoining respondents as appropriate.[8] Upon the NYAG making an application for the order, it is the duty of the justice of the supreme court to whom such application for the order is made to grant such application.[9] In the application for such an order, the NYAG may merely show, upon information and belief, that the testimony of such person or persons is material and necessary. The First Department concluded that once a court has issued such an order, its authority is limited to only considering a partys motion to modify or vacate the order.[10] Given this, the respondents motion to dismiss the order was without precedent.[11]

Tether Is a Commodity Under the Martin Act. The First Department noted that respondents did not appeal the motion courts order rejecting vacatur, which found subject matter jurisdiction, so the issue of subject matter jurisdiction was not before it. Even if it were to consider their argument, the First Department held that the Martin Acts definition of commodities as including any foreign currency, any other good, article, or material is broad enough to encompass tether.[12] The First Department explained that federal courts and the Commodities Futures Trading Commission have found that virtual currencies are commodities under the Commodities Exchange Act, which defines the term more narrowly than does the Martin Act.[13]

Respondents Had Sufficient Minimum Contacts with New York. The First Department found that respondents had sufficient minimum contacts with New York for the purpose of a Martin Act investigation. The First Department reasoned that (i) New York-based customers used the Bitfinex platform to trade tether, (ii) one of respondents executives resided and conducted business in New York, (iii) respondents had active bank accounts in New York, and (iv) respondents retained New York professional firms to review tether cash reserves and to make public statements on respondents behalf about the Bitfinex platform and tether cash reserves.[14]

Takeaways

Regardless of how the investigation concludes (no charges have been brought yet, and it still is possible that none will be), this decision illustrates the wide range of activity and persons that are subject to the NYAGs investigative powers pursuant to the Martin Act. Given this, foreign persons operating in the blockchain industry should be aware of the following implications from the iFinex decision.

Lower Personal Jurisdiction Standard for Investigations. As noted by the First Department, the standard for establishing personal jurisdiction for an investigation is far lighter than for a lawsuit.[15] The First Department held that the NYAG may properly investigate a foreign entity if she has a reasonable basis for believing that [it] has violated a New York statute.[16] Because investigative subpoenas may then be used to obtain information to further support jurisdiction for lawsuits,[17] the Martin Act is a powerful tool that the NYAG may use to pursue civil and criminal charges against persons within and outside of the states borders.

Multiple Personal Jurisdictional Triggers. As the iFinex decision illustrates, personal jurisdiction is a factual determination and there are many facts and circumstances that may justify the use of the Martin Act even on foreign persons. The threat of personal jurisdiction being found in New York is particularly acute for the blockchain industry, in which so many operations may touch on the statethrough marketing, transactions, financing or other triggers. The online nature of the industry, which allows it to reach New York residents whether or not they are directly solicited, is a further challenge for many foreign persons who do not otherwise believe they are subject to the states jurisdiction.

The Martin Act Applies to Virtual Currencies. The First Department unequivocally held that the Martin Act applies to virtual currencies because they fit squarely within its broad definition of commodities. Although the First Department did not decide whether tether is also a security,[18] the fact that the Martin Act applies to both commodities and securities suggests that it may be difficult to persuade a court that blockchain-based cryptographic assets are not governed by the Act. While there may be situations in which a cryptographic asset is neither a security nor a commodity for purposes of the Martin Act, the iFinex decision indicates that products with features similar to tether may likely be considered commodities.

* * *

[1] James v. iFinex Inc., 2020 NY Slip Op. 03880 at 2-3 (July 9, 2020) (internal alteration removed).

[2] Id. at 3.

[3] Id.

[4] Id. at 4-5.

[5] Id. at 5.

[6] Id. at 6.

[7] Id.

[8] Id.

[9] New York Consolidated Laws, General Business Laws 354.

[10] James, at 6.

[11] Id. at 6-7.

[12] Id. at 8 (emphasis and internal citation omitted).

[13] Id.

[14] Id. at 10-11 (emphasis omitted).

[15] Id. at 12-13.

[16] Id. at 13 (quoting Matter of La Belle Creole Intl., S. A. v. Attorney General of the State of N.Y., 10 N.Y.2d 192, 198 (1961)).

[17] Id. at 12-13.

[18] Id. at 8 n.2.

See the original post:
New York Appellate Court Confirms Attorney Generals Broad Investigative Powers into the Cryptocurrency Industry - JD Supra

As Africa remains the leading market in the crypto industry, Africas fastest-growing financial media company, Nairametrics, exclusively covered the African session of the 3rd-year anniversary of Binance, the worlds largest crypto exchange, with key African crypto stakeholders deliberating on the crypto industry in Africa.

Senegalese-American music celebrity, Akon who was one of the guests in one of the sessions spoke on crypto adoption in present-day Africa, having popular Hollywood film producer and Akoin co-founder, Jon Karas with Binance CEO Changpeng Zhao moderating the session.

Akon spoke about his upcoming cryptocurrency known as Akoin, detailing how it is easier to exchange the digital coin through an internal conversion mechanism, which will allow users to convert in and out of other fiat currencies or crypto assets.

He also spoke about the payments revolution the crypto industry will bring to Africa that is preceded by poor mismanagement of resources, unstable currencies, amongst other limiting factors. According to Akon, Africa stands a chance of becoming the frontier in the global crypto market accompanied by a wider increased investment interest in cryptocurrencies.

READ MORE: With just N60million: 3 fundamental reasons why you should buy into the LeonardoBySujimoto

In a prelude to Akons interview, Yele Bademosi, founder & CEO of Bundle, spoke about the need for crypto stakeholders to do more in educating the worlds fastest-growing market, Africa, as many young Africans are still on their learning curve trying to understand the advantages and usage of blockchain and cryptocurrencies.

In addition, Chuta Chimezie a leading crypto expert, spoke on the importance of regulatory stakeholders in supporting the future of payment as governments not regulating cryptocurrency may be a limiting factor in spurring its growth on the continent. He also advised that the inclusion of leading African banks will boost the crypto African market, as their role cant be underestimated.

The session ended with BNB tokens and gifts disbursed to some participants of the session, marking the third anniversary of the worlds largest crypto exchange,Binance.

Read more:
Popular singer, Akon and other leading experts speak on Africa's Crypto - Nairametrics

The worlds most accepted card

Now powered by digital assets

London, UK, July 18, 2020 (GLOBE NEWSWIRE) -- Crypterium, a KPMG-awarded Fintech startup, is excited to announce the launch of a new payment card the Crypterium Card VISA Edition. This card comes as an alternative to the Crypterium Card UnionPay, which is already used by over 30,000 cryptocurrency holders in over 150 countries.

The Crypterium Card VISA Edition is the latest innovation of Crypterium, a company focused on making cryptocurrencies as easy to spend as cash. As all other products of the Crypterium family, this VISA edition is seamlessly integrated into the award-winning Crypterium Wallet.

Following year-long negotiations, Crypterium is now an official partner of VISA, the worlds leading card issuer. This partnership allows Crypterium to provide its more than 500,000 customers with a globally accepted payment solution.

Unlike all other cryptocurrency cards on the market, the Crypterium Card VISA Edition is absolutely free. The goal is simple: lowering the barriers for cryptocurrency holders.

Nowadays, most banks offer prepaid cards at no cost. At Crypterium, our goal is to make available similar (or even better) financial services for cryptocurrency holders. People using digital assets needed a truly affordable payment card. And thats what our VISA card is all about, explained Austin Kimm, Chief Operating Officer at Crypterium.

The only cost associated with the Crypterium Card VISA Edition is delivery. The express delivery option comes at a reasonable 14.99. Yet, holders of Crypteriums CRPT tokens will also benefit from free-of-charge delivery.

Another distinctive aspect of the Crypterium Card VISA Edition is its vibrant design. Yellow and black colors on a horizontal set up make this card stand out in any wallet.

The Crypterium Card VISA Edition is loaded by exchanging cryptocurrencies on the Crypterium Wallet to fiat money. Crypteriums in-wallet exchange service instantly converts the digital currencies into euros ready to be spent. The system is integrated with the worlds top exchanges to provide competitive rates on each transaction. The top-up fee is 2%.

Paying with Crypterium Card VISA is a smooth experience. The card offers contactless technology, allowing clients to tap it on any POS terminal. The card is also expected to support Apple Pay, so cardholders can easily pay with their mobile devices.

The Crypterium Card VISA offers high spending and withdrawal limits. On a monthly basis, a cardholder can spend up to 10,000 and withdraw 2,500 in cash.

This card is managed by the user through the Crypterium Wallet (iOS & Android). Cardholders can block and unblock the card, modify their security PIN, and keep track of spendings in a smart and clean history.

In terms of security, all Crypterium accounts are 100% insured by the leading custodian service in the cryptocurrency industry BitGo. Crypterium Card VISA holders can rest assured that their funds are protected against any threat.

About Crypterium

Crypterium is the worlds leading crypto-bank. Awarded by KPMG and H2 Ventures, our solutions provide customers and businesses with global, affordable, and flexible financial services that make cryptocurrencies as easy to spend as cash.

The Crypterium Wallet and Crypterium Card bridge the gap between traditional and crypto finance, enabling anyone to move in and out from digital currencies. More than 500,000 customers in 180+ countries already trust our services.

More information: https://crypterium.com

Press contact

Matias LapuschinHead of Content Marketing CrypteriumE-mail: matias.lapuschin@crypterium.com

Read the original post:
Crypterium Diversifies Its Card Offering With Their New Crypterium Card VISA Edition - GlobeNewswire

Global Cryptocurrency Mining Hardware Market: Brief Overview

The globalCryptocurrency Mining Hardware marketreport has been updated by theMarket Data Analyticsowing to the changed market conditions because of COVID-19. Although, the world is still in hope that everything will come back to normal but the WHO finds no positive signs. The WHO has clearly mentioned that people will have to start living with this disease as there are very less chances that the coronavirus infection will go. The conditions in the global market have changed drastically and every single country is facing economic crunch owing to the slowing down of the business. Thus, it was necessary to update the Cryptocurrency Mining Hardware market report.

Request a sample copy of this report@https://www.marketdataanalytics.biz/global-cryptocurrency-mining-hardware-market-industry-trends-and-forecast-13869.html#request-sample

The latest report consists of the following parts:

Part 1: Market Definition

In the first part of the Cryptocurrency Mining Hardware market report, market definition and its scope is defined. In this part, the research analysts have included the target audience for the Cryptocurrency Mining Hardware market.

Part 2: Research Methodologies

In the second part, research methodologies and the market tools that were research analysts are explained in detail. There are also details about the primary and secondary researches that were conducted by the research analysts.

Read Full Research Report::https://www.marketdataanalytics.biz/global-cryptocurrency-mining-hardware-market-industry-trends-and-forecast-13869.html

Part 3: DROC

The third part includes the qualitative information about the Cryptocurrency Mining Hardware market. This information is mainly about the Cryptocurrency Mining Hardware market drivers, restraints, opportunities, and challenges.

Part 4: Market Segmentation

The fourth part of the report deals with the market segmentation. The Cryptocurrency Mining Hardware market includes the following segmentations:{ASIC Miner, GPU Mining Rig};{Enterprise, Personal}. A detailed analysis of every single category in the market segments has been included. The data includes both statistics and qualitative information which are depicted in the form of tables and figures in the report.

Part 5: Regional Segmentation

Regional presence of the Cryptocurrency Mining Hardware market in the major regions such as North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa is described in detail.

Inquiry about theCryptocurrency Mining Hardware report at:https://www.marketdataanalytics.biz/global-cryptocurrency-mining-hardware-market-industry-trends-and-forecast-13869.html#inquiry-for-buying

Part 6: Company Profiles

The major market players in the Cryptocurrency Mining Hardware market includeBitMain Technologies Holding, Canaan Creative, Halong Mining, Advanced Micro Devices, Baikal Miner, Bitfury Group, Canaan Creative, Innosilicon, ASICMiner, Ebang Communication. Along with these many other industry players are profiled in this section.

Part 7: Observation/ Conclusions

The last part deals with the market conclusions. The conclusions mainly include the observations and the comments from the research analysts and the market experts.

Read the original:
Global Cryptocurrency Mining Hardware Market with Coronavirus (COVID-19) Impact Analysis | likewise Industry is Booming Globaly with Top Players...

Bitso, one of Latin Americas largest digital asset exchanges, has reportedly reached 1 million users before its planned launch in Brazil.

Santiago Alvarado, director of international payments at Bitso, recently talked about how cryptocurrencies might help with settling cross-border transactions in Latin America. Alvarado, whose comments came during a Unitize panel (held on July 8, 2020), was joined by Craig DeWitt, the director of product at American Fintech firm Ripple, and Reed Cataldo from the Prysm Group.

Alvarado confirmed, during the discussion, that Bitso has surpassed 1 million users. Bitso has been offering crypto-related services in Mexico and Argentina. The company is now preparing to enter the Brazilian markets.

Launched in 2014, Bitso is notably the first digital currency exchange established in Mexico. Its also the largest cryptocurrency trading platform in the $1 trillion+ economy. Bitso is also reportedly the biggest crypto-asset exchange in Argentina after introducing services in February 2020.

Alvarado said that Bitso has been able to attract a large number of crypto traders in Argentina in a very short period of time. This may be attributed to the rising demand for affordable or more convenient methods for making cross-border payments and remittances.

Alvarado noted that Argentina has a very large and active crypto community. The country also has many freelancer workers, who might be accepting payments in cryptocurrencies which have become a popular alternative to fiat money in countries with high levels of inflation or too many restrictions on using the traditional financial system.

Alvarado also mentioned that the fast pace of digital currency adoption in Latin America may be due to the dramatic rise in the use of smartphones and the development of distribution infrastructure.

He revealed that around 50% to 60% of the people living in Latin America now have a bank account and around 80% are using mobile phones. He added that smartphones will play a big role in helping users with conveniently accessing modern financial services.

Crypto traders based in Argentina traded 92 Bitcoins (BTC), valued at around $850,000, via P2P exchange LocalBitcoins during the week ending on July 7, 2020. This is notably the highest BTC trading volume in the country since 2016.

Coinbase and Ripple have invested in Bitsos operations in order to help the exchange with expanding operations into Argentina and Brazil.

As reported in May 2020, Ripples (on-demand liquidity) ODL solutions volume in Mexico may have increased because of Ripples partnerships with Bitso and MoneyGram. Ripple introduced its ODL services in Mexico, in 2019, with the help of Bitso, which serves as its exchange partner.

In February 2020, Bitso revealed it had captured a little more than 2% of the remittance market from the United States to Mexico in 2019 and now aims to gain a 20% market share by the end of this year.

See original here:
Fast Pace of Cryptocurrency Adoption in Latin America May be due to Dramatic Rise in Smartphone Users, Bitso Executive Reveals - Crowdfund Insider

Charles Hoskinson is confident that Cardano (ADA) will secure its spot as a leading smart contract platform after the cryptocurrency surged to become the 6th largest by market cap.

Cardano began the month at $0.0838 and has since jumped to $0.1346 at time of publishing a staggering 60% increase. In a new YouTube video, the IOHK CEO says Cardanos fundamentals are thriving and his team will continue pushing to break new ground in the industry.

Heres the reality, we had the Shelley summit and it showed the world that those who took a very bearish contrarian position on Cardano are wrong. We, as an ecosystem, are here to stay. Were gonna keep growing, were gonna keep delivering, and were gonna have a great product and market, and we already have a great product to market.

Hoskinson says that the entire crypto community will benefit from the continuation of Cardano as it builds systems that he hopes will bring the crypto industry to a new level.

We are leaving behind foundations that will fundamentally transform the way things work in our industry and hopefully the world. Were showing people how to do liquid democracy. Were showing people how to do blockchain-based governance. Were showing people how to do a much better UTXO model

Its the smart cow effect. Once one smart cow figures out how to open up the paddock, all the cows get out. Similarly, once one company knows how to do this, this becomes knowledge of the commons, so every single project benefits from that.

The Cardano founder says people will not always come to the same conclusions in the crypto space, but he reiterates the need for unity to protect the future of the industry.

Its okay to disagree and we should disagree, but we should then be productive about the disagreements and talk a lot about trade-offs and what we value versus what other people value.

Because we have different values, well discover that its not that were disagreeable. Its rather that we just think and look at the world a bit differently. Perhaps this is too much to ask, but if we want to be successful, if we truly do want to see our ecosystems become trillion-dollar-plus platforms with hundreds of millions of users and taking over the elections of countries, this is the entry requirement. It is a standard we have to meet as an industry.

Featured Image: Shutterstock/Volodimir Zozulinskyi

Link:
Cardano Becomes 6th Largest Cryptocurrency As Charles Hoskinson Pushes for Unity in Emerging Blockchain Industry - The Daily Hodl

A recent report published by QMI on cryptocurrency market is a detailed assessment of the most important market dynamics. After carrying out a thorough research of cryptocurrency market historical as well as current growth parameters, business expectations for growth are obtained with utmost precision. The study identifies specific and important factors affecting the market for cryptocurrency during the forecast period. It can enable manufacturers of cryptocurrency to change their production and marketing strategies in order to envisage maximum growth.

Get Sample Copy of This Report @https://www.quincemarketinsights.com/request-sample-58594?utm_source=PF&utm_medium=Santosh

According to the report, the availability of the decentralized system and the absence of fees on transactions is expected to drive the growth of cryptocurrency market during the forecast period.

Cryptocurrency can be termed as a virtual currency that is used as a medium of exchange and transaction which is secured and has gained much popularity in todays economic world. Most of the important transactions have now shifted to the use of cryptocurrency and a huge segment of the market is now shared by these currencies.

Growth in the number of digital transactions and the availability of a much-secured transaction through cryptocurrencies are the key factors for the growth of Global Cryptocurrency Market. The absence of interest rates or exchange rates on transactions has enabled it to gain worldwide recognition and has led many people to invest in this market. Many other benefits like protection from fraud, low fees, quick international transfers and non-regulation of transactions have led to the growth of the global cryptocurrency market.

Make An Inquiry For Purchasing This Report @https://www.quincemarketinsights.com/enquiry-before-buying/enquiry-before-buying-58594?utm_source=PF&utm_medium=Santosh

Some of the key Impact Factors:o Secured transaction facilitieso Availability of decentralized system and absence of fees on transactionso Unavailability of Government regulations

Insights about the regional distribution of market:

The market has been segmented in major regions to understand the global development and demand patterns of this market.For cryptocurrency market, the segments by region are for North America, Asia Pacific, Western Europe, Eastern Europe, Middle East, and Rest of the World. During the forecast period, North America, Asia Pacific, and Western Europe are expected to be major regions on the cryptocurrency market.

North America and Western Europe have been one of the key regions with technological advancements in ICT, electronics & semiconductor sector. Factors like the use of advanced technology and the presence of global companies to cater to the potential end-users are favorable for the growth of cryptocurrency market. Also, most of the leading companies have headquarters in these regions.

Speak To Analyst Before Buying This Premium Report:https://www.quincemarketinsights.com/request-toc-58594?utm_source=PF&utm_medium=Santosh

The Asia Pacific is estimated to be one of the fastest-growing markets for cryptocurrency market. Major countries in the Asia Pacific region are China, Japan, South Korea, India, and Australia. These economies in the APAC region are major contributors in the ICT, electronics & semiconductor sector. In addition to this, government initiatives to promote technological advancement in this region are also one of the key factors to the growth of cryptocurrency market. The Middle East and rest of the World are estimated to be emerging regions for cryptocurrency market.

By Application:RemittanceTradingE-commerceRetailPaymentOthers

By Process:TransactionMining

By Offering:HardwareGPUASICFPGAWalletSoftwareOthers

By Region:North AmericaBy Country (US, Canada, Mexico)By ApplicationBy ProcessBy Offering

Western EuropeBy Country (Germany, UK, France, Italy, Spain, Rest of Europe)By ApplicationBy ProcessBy Offering

Eastern EuropeBy Country (Russia, Turkey, Rest of Eastern Europe)By ApplicationBy ProcessBy Offering

Asia PacificBy Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)By ApplicationBy ProcessBy Offering

Middle EastBy Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)By ApplicationBy ProcessBy Offering

Rest of the WorldBy Region (South America, Africa)By ApplicationBy ProcessBy Offering

Companies:Bitmain, NVIDIA, Xilinx, Intel, Advanced Micro Devices, Ripple, Bitfury, Ethereum Foundation, CoinBase, BitGo, and Binance

Reasons to buy this report:Market size estimation of the cryptocurrency market on a regional and global basisThe unique research design for market size estimation and forecastsProfiling of the major companies operating in the market with key developmentsBroad scope to cover all the possible segments helping every stakeholder in the market

Customization:We provide customization of the study to meet the specific requirements:By segmentBy sub-segmentBy region/ country

Contact:Quince Market InsightsAjay D. (Knowledge Partner)Office No- A109Pune, Maharashtra 411028Phone: +91 706 672 4848 +1 208 405 2835 / +44 121 364 6144 /Email: [emailprotected]Web:www.quincemarketinsights.com

ABOUT US:QMI has the most comprehensive collection of market research products and services available on the web. We deliver reports from virtually all major publications and refresh our list regularly to provide you with immediate online access to the worlds most extensive and up-to-date archive of professional insights into global markets, companies, goods, and patterns.

Original post:
Latest News On The Cryptocurrency Market | Intel, CoinBase, BitGo, and Binance - Owned

Running a cryptocurrency exchange comes with a lot of considerations. What are the regulations in the country you operate in? Do you have sufficient liquidity? How will you handle security? Adhering to all of these requirements leads to excessive costs involved with setting up and operating these platforms, which means that a high price is often required to get a coin listed on them. This only makes it that much harder for new assets to find a market.

Depending on where you are in the world, the regulations concerning cryptocurrency can be anywhere from strict to completely absent, with changes often coming swiftly after long periods of silence. While local rules can vary greatly, many governments have been moving toward stronger Anti-Money Laundering laws, such as the European Unions 5th Anti-Money Laundering Directive, which is currently forcing some firms in the EU to rethink their location.

In the United States, Representative Paul Gosar, a Republican from Arizona, introduced the Crypto-Currency Act of 2020, which would see unique definitions and oversight of crypto commodities, cryptocurrencies and crypto securities. Moreover, South Korea just passed a law requiring cryptocurrency exchanges to partner with banks to enforce AML policies. Meanwhile, the Reserve Bank of India recently lifted a ban on cryptocurrency that had only been enacted in April of 2018.

The point here is that regulations are subject to change based on geopolitical location and can also quickly evolve within just one jurisdiction. This can be costly to mitigate for exchanges. Paying for professional help just to understand the latest laws can add up, as can employing the teams necessary to collect and verify AML documentation from customers. However, failing to do so could lead to expensive fines or even to the platform being shut down. Unfortunately, these regulations are rarely seen as optional once they are decided upon.

Regulations arent the only obstacles for new exchanges. Issues can arise just in the act of setting up an exchange. There are myriad facets to think about, and all of them can be complex and expensive. Designing an interface, programming the matching engine, integrating AML practices, and working with local banks are just a handful of the concerns a team setting up a new exchange would need to address. All of these would also need a fair amount of time just to be implemented. Then, there is interacting with multiple blockchains in real time, security systems, and the sheer cost of storing and maintaining servers. The amount of time needed just to find quality programmers, build the codebase and debug it can easily take a year or longer if a team is starting from scratch.

Even once that has all been navigated, and the exchange is live, there will still be ongoing and expensive issues to contend with. Take liquidity, for example, which can be a major problem for smaller exchanges as well as smaller markets. This refers to the small number of buyers and sellers available to give traders confidence that they can make the trades they want when they want. Without this, traders will often miss out on opportunities because they cannot enter or exit a position in time, which will be frustrating and hurt business.

In other words, exchanges want to bring in as much traffic as possible and to curate a user experience that pleases everyone. Here, things like security and customer service are front and center. Clients want to know that the exchange is safe from both outside hackers and inside operators and that funds are always available where the exchange says they will be. Inevitably, there will be some mistakes or technical issues. This is why it is important to have support teams to address upset customers, as well as others to fix issues with the platform. Having the capability to respond to all of these matters doesnt come cheap, but without this, a new platform will surely fail.

In addition to the aforementioned issues, it can take a significant amount of capital to open and operate a cryptocurrency exchange. This can lead to platforms having large fees attached to listing fresh assets, which harms new development teams. It also causes much of the market to be channeled through a handful of gatekeepers, namely, the biggest exchanges that have already established themselves.

This is clearly problematic for smaller projects that arent already available across multiple exchanges. If they cannot raise the capital needed to be listed on larger platforms, which can often be in the $100,000 range or higher, then nobody would be able to buy them. Of course, in that case, they wont grow, and potentially sound ideas may get wiped out due to lack of liquidity and exposure. Projects need a way to know that they can create their own market when necessary, but for the most part, the costs may be too steep to launch an exchange platform.

This is where white-label exchanges enter the picture. A white-label exchange uses specially designed software to launch a new platform fast and cheap. A team, for example, could get an exchange running in days instead of months, and for thousands of dollars as opposed to millions. These exchanges generally follow templates but are highly customizable and can negate the need for a company to develop its own proprietary software. Generally, the software should provide everything necessary to get up and running, as well as to be in compliance, though not all exchanges are identical. It is important to know about a few specific options that are available.

In general, exchanges can be centralized or decentralized, and cloud-based or do-it-yourself. A centralized exchange means you will be hosted on another companys servers, which are generally paired with cloud-based models. It could also be hosted on your own servers, but this will also be cost-prohibitive for most. While you wont have as much control, usually the company offering this will handle a great deal of the operations behind the scenes, as well as manage technical issues. Although they offset some costs, subscription fees help to keep the platform running, but the upfront costs of getting started should be relatively cheaper.

DIY exchanges can be either centralized or decentralized, but when it is decentralized, it runs across many servers, and not simply by a single third-party entity. The DIY part means that while the software may be set up to assist you, there will generally not be anyone else operating the exchange behind the scenes. These packages may also come with subscriptions that allow you to access a team of experts for support, but you will be making the final decisions. Such offerings may be less expensive on a monthly basis but can often still have larger, one-time fees associated with being allowed to run the software.

One solution that solves many of the issues faced by teams looking to create new exchanges is the HollaEx Kit, offered by bitHolla. The kit is open-source, free to install and offers the most comprehensive set of tools for anyone to create a new cryptocurrency exchange in minutes. It includes a desktop and mobile user interface, a trade matching engine, and an administrative control panel. You can add any trading pairs you choose, including your own newly created coins or tokens. It is also designed to keep you in compliance with most modern regulations by offering a system that collects relevant AML data from your customers.

The process of setting up a new platform is streamlined, and there are options for getting advanced help from bitHollas team of experts. This makes HollaEx Kit the most attractive option for development teams who need to create new markets for their coins but cant afford to pay the exorbitant fees that come with most exchanges. The bitHolla team has created a product that seeks to be the WordPress of building exchanges. In time, DIY software will likely become the gold standard and will be increasingly integrated into more websites, potentially weakening the draw of centralized services. This is what bitHollas HollaEx Kit is trying to achieve with this software package, which will hopefully make access to building the cryptocurrency market a bit easier for everyone.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Read more:
What Challenges Affect the Cost of Running a Cryptocurrency Exchange - Cointelegraph

We have seen investors and consumers alike deliberate about what the economy will look like post-pandemic. As the world emerges from the crisis, industries that have been shut down will be left surveying the widespread damage, some of it permanent. Consumers will likely be split between the fortunate ones that have been able to work and others whose livelihoods have been compromised as a result of the shutdown.

To mitigate the sever economic impact, governments and central banks globally are printing and distributing extra money to prop up parts of the economy which can no longer function at pre-Covid capacity levels. In the UK alone, an estimated 123bn has already been plugged into the economy and there are estimates that Bank of England stimulus levels could peak at 1 trillion.

Despite the argued necessity of these measures, it is almost impossible not to question the impact on inflation. This massive increase in governmental quantitative easing will have an impact on the global economy, and for asset prices in particular. While inflation is defined as the rate at which the average price level that particular goods and services increase over a period of time, its easier in this context to regard it as the result of a decrease in purchasing power.

As a result, investors will often look safe-haven assets that could provide a hedge against rising prices and avoid the destructive impact of inflation. Gold price is one indicator, and at the time of writing it is seeing a ten-year high while Londons FTSE 100 tumbled 2.8 per cent, and the Eurex Exchange reported a 59 per cent month-on-month decline since April volume. Historically gold had been used as a hedge to protect against economic events including inflation or currency devaluation. Although we can expect this use to continue as a popular option, the pandemic has shown a shift in consumer interest to other safe haven asset classes.

Cryptocurrency is an alternative method of inflation protection which should not be overlooked. Although previously appearing as counterintuitive due to perceived volatility, digital assets have held their own against the stock market, unlike other commodities such as oil. The value of oil has crashed due to vanishing demand and a resulting supply excess causing the price to fall to negative value.

While the comparison between gold and crypto has some nuances the broader theme of Bitcoin as a protective hedge against inflation has broken through especially after the BTC halving we saw in early May. This event has brought attention to Bitcoins controlled supply, with only 21 million max tokens being permitted. At a time when more paper currency is being created in circulation, the amount of Bitcoin halving is causing investors to look away from government-backed paper. While also highlighting the use of cryptocurrency generally as a means of exchange within a more digitally oriented world economy.

In contrast, digital assets have seen a different story. Without the worry of political interference and variable supply rates, cryptocurrencies can benefit from being a less vulnerable investment in times of crisis. We have seen that Bitcoin is still up 22 per cent from a year ago. Newer coins like Tezos are up around 30 per cent so far this year. Both digital currencies highlight that crypto volatility is potentially a sign of the past, especially when compared to the volatility in traditional asset markets.

With crypto trading operating 24/7, 365 days a year with instantaneous settlement while traditional equities still have fixed trading hours and have a settlement cycle of T+3, crypto can provide even more perceived security and flexibility for investors. Cryptocurrencies can also be used as a tool for portfolio diversification and as a method of protection against the economic and political uncertainties to come.

We have witnessed economic disruption before, across ongoing periods of hyperinflation in Venezuela and Zimbabwe more recently, and in Weimar Germany in the 1920s. While it is not helpful to draw comparisons across these countries or their respective banking systems, it is worth taking note of the value crypto offers in terms of being an alternative to unstable national currencies.

Well-known investors such as Paul Tudor Jones are buying bitcoin, saying that his fund may hold as much as a low single-digit percentage of assets in bitcoin futures a measure to protect against a rise in inflation. While Mike Novogratz stated that 2020 will and needs to be Bitcoins year, underlining further investor confidence in digital currencies. Data reinforces this view, by looking at results from the crypto asset manager Grayscale. In Q1, inflows north of $500 million, more than doubling its previous best quarter. Almost a third of this capital came from new investors and most being institutions. Almost every indication that inflationary fears shall add to the tailwinds already powering fresh investment in cryptocurrency, among them institutional involvement and improving regulation.

Bitcoin is inherently structured to encourage a deflationary approach and a relatively stable store of value acting as a true alternative to hedge against inflation, as well as the policies that precede it.

While digital assets emerged out of the embers of the 2008 financial crisis, we can only speculate what technological innovations will rise post-pandemic. Hopefully, the global economy will allow cryptocurrencies to solidify their place in future investment portfolios as it currently demonstrates strong performance and price sustainability.

We are beginning to see the early signs are already there, that investors are turning to cryptocurrencies both as a key tool for diversification and a hedge against uncertainties to come. Ultimately, we are just at the tip of the iceberg when it comes to truly understanding the vast opportunities that digital assets and blockchain for transforming the global economy and we are ready for this challenge.

Stephen Stonberg, COO and CFO, Bittrex Global

Read the original:
Cryptocurrency as an alternative during times of inflation - ITProPortal