Bitcoin And Ether

The raise of bitcoin is increasing and amazing and as for other coins like etherum

this we shall be disusing on a short note.

Bitcoin Withdrawls To Resume In China Amid KYC Policies

Previously we reported on the freezing of Bitcoin assets and withdrawals in China as exchanges stopped trading amid a decision from the central bank. While one has now been announced it couldn’t be further from being restrictive and counter intuitive as new regulation demands exchanges comply with AML policies in order to remain in operation. Complying with new policies, it is hoped exchanges can safely restart sending out withdraws which have now been pending for over a month.

According to AML regulations by government departments including the Central Bank and China Banking Regulatory Commission, you are required to provide explanations of the sources of your funds, and the destinations of the crypto-coins you withdraw.

Huobi, one of the country’s largest exchanges has also announced it will require information on the source of funds when withdrawing Bitcoin or depositing. While it has been clarified this process will only be carried out for customers suspected of money laundering practices, the infringement of users privacy has caused uproar.
 
To conclude, while withdrawals in China are on course to be opened again, the added AML and KYC procedures will be onerous to the majority of users. While Bitcoin funds will come under added scrutiny many customers will find they have lost the privacy and anonymity provided by the Bitcoin infrastructure. The fact that users details sent to the exchange will be sent directly to the national departments further added concern as personal data will be stored indefinitely by the state.
 

Western Union Cryptocoin Patent Officially Published

The Western Union patent regarding use of cryptocurrencies to create a platform for the transaction of multiple cryptocoins was recently approved less than a year after its submission to the US patents office.
While this isn’t the first time the company has shown interest in crypto, ripple being its last interest, the patent hints at a possible platform being developed by the company for analyzing location based transactions simply known as remittances, which are set to incorporate cryptocurrencies. Bitcoin litecoin and peercoin were some of the coins mentioned in the original patent filed to the US 
patents office.

“…in various embodiments, electronic data transfer network may be configured to support and perform transfers of various currency types, including traditional and/or digital currencies, centralized and/or de-centralized currencies, cryptocurrencies, and any other medium of exchange…between client devices and/or external systems in different areas, regions, or jurisdictions.”

The patent also detailed kiosk systems designed to report the locations of transactions and the client’s location. The patent also illustrated the platform map in detail hinting the project is under current development by the firm

To conclude while western union is primarily a fiat transaction service its popularity means the potential integration of Bitcoin will inject millions in fresh liquidity as remittance becomes much more seamless and cheap. However the inherent nature of Bitcoin and peercoin technology allows no use for a middleman, so when sending remittances abroad, money is sent directly from you to the recipient. The success of integrating crypto into fiat remittance services is questionable, and often seen as counter intuitive as crypto technology currently offers all the services of fiat remittance at competitive prices, but potential use of blockchain and peercoin technology could help western union become much more cheaper in the near future.

Japan Officially Recognises Bitcoin as Currency Starting April 2017

Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017 (beginning of a new fiscal year in many countries).

With the new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to cryptocurrency exchange platforms. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.

The recognition of Bitcoin and other cryptocurrencies as legal payment instruments is good news for the global cryptocurrency ecosystem. Adoption of cryptocurrency is expected to increase among people, which will, in turn, drive demand and price.

However, reports indicate that the cryptocurrency platforms are still trying to figure out ways to achieve compliance with the new regulations. Recognizing the exchanges’ needs, the Accounting Standards Board of Japan has announced that it has started working on creating an accounting framework for both user and businesses dealing with cryptocurrencies.

It might take a while before companies and individuals get acquainted with the accounting practices, which has raised concerns about legal implications of inaccurate reporting’s/filings due to lack of understanding. Also, few publications have raised concerns about the volatility of Bitcoin and other cryptocurrencies and how it might impact those making cryptocurrency transactions.

The new developments are expected to drive the cryptocurrency usage in Japan to over $9 billion in the next three years (2020), which is more than five times the 2015’s $1.7 billion worth of cryptocurrencies in circulation.

Samsung Launches Blockchain Inspired Nexledger Platform

samsung unveiled its latest and greatest development in Blockchain technology as it revealed the Nexledger project, which is a business to business communication solution developed by the IT subsidiary of the conglomerate. Started in 2015, the project is one of the biggest solutions to come out of research into Blockchain technology undertaken by Samsung which also involved the purchase of Blocko as a means of commercializing Blockchain technology.

The Nexledger platform is supported by the likes of Nexsign which will allow client side authentication to gain access to access a number of services such as Azure, Amazons AWS and the IBM Bluemix platform as seen below. Currently Samsung anticipates slow rates of adoption before the Blockchain technology gains traction in financial markets and environments as new technology such as the Blockchain will have to be refined before it becomes secure and versatile to accommodate the expanding needs of businesses.

“In developing our blockchain platform, we thought hard about how to merge our strengths and know-how from our system integration service expertise with the advantages of blockchain technology,” said Song Kwang-woo, vice president of finance consulting and distributed ledger technology at Samsung SDS, in a press conference.

“We believe blockchain technology will have the greatest impact among businesses that involve a large number of data exchanges,” Song said.

To conclude the Next Ledger platform will bring the power of Bitcoin and Bockchain technologies to an industrial environment as it aims to serve as a payment gateway making full use of Blockchain and biometric technologies. Launched by the Samsung groups IT subsidiary it aims to provide business to business communication removing the middlemen who often make corporate transactions much more costly and inefficient. The group has also announced the development of the Nexsign and Samsung card products which will aim to compliment and build on the release of the Nexledger platform.

Syrian Government Built On Bitcoin ? The Future Of The Fractured State

amir Taaki one of the founding members and developers of the Darkmarket/Openbazaar has resurfaced recently revealing his journey in Syria to not only protect civilians but also to contribute to the building of a self sufficient government on the foundations of cryptocurrencies. In the face of immense military action, Taaki is currently waging war against ISIS; Taaki spoke about his hopes of integrating Bitcoin not only for free trade, but for the protection of ordinary civilian’s financial interests which are constantly under governmental control.
Since his disappearance in 2016, Taaki has joined the Anarcho-socialist group the Rojava plan which aims to create a society based on the principles of decentralized and free markets such as those of cryptocurrencies. The Rojava plan has many goals including setting up an autonomous community where digital currencies as declared by the CIC, described as a start up government, can subvert the financial order of the world making it much more productive.

Conclusion

To conclude the potential of Bitcoin to revolutionize constitutions may be one of the biggest implications of the current technology. While the Syrian government is currently in disarray and the economy has effectively collapsed as discussed by Taaki, the need for an absolute and free solution is huge. Bitcoin has become integral to Taaki’s vision of a government run for and built by civilians as cryptocurrency remains free of government restrictions and censorship. Furthermore US air strikes on Syrian soil have effectively disrupted the oil dependent economy, which although has benefited Nigerian oil markets, has worsened the dire financial situation in the country.

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