Samsung Announces Launch of Security Solution for Cryptocurrency Transactions

Maria Rodríguez
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Samsung Announces Launch of Security Solution for Cryptocurrency Transactions

Samsung expects to launch the solution in the middle of the third quarter of the year.

The renowned technology company Samsung issued a statement where it unveils its new solution to improve security on mobile phones. According to data that the company of South Korean origin offered, the tool has a security chip and advanced software that helps keep the user’s personal information safe, as well as bank data, financial operations, and even cryptocurrency transactions.

According to statements that Dongho Shin offered, who is Samsung’s Senior Vice President, this new tool that puts the company in the user’s hands is intended to adapt to the new needs of “this era of mobility and contactless interactions.”

Shin added that this tool is part of a response that Samsung offers to its users to improve the security systems on their mobile devices. He said that these systems take into account the current changes that the Covid-19 pandemic generated.

In more detailed data, Shin mentioned that the tool seeks to ensure tablets and mobile phones with high levels of security. According to the executive, they hope that “they will be highly secure to protect personal data and allow financial technology activities such as mobile banking, stock trading, and cryptocurrency transactions.”

The statement explains that the chip has a CC EAL 6+ quality certificate. This device makes operations have the highest security requirements, which are very important in cryptocurrency hardware wallets or electronic passports.

As local media detailed last May 26th, this security certificate helps the device to have an authentication system that the company approved, as well as organizations, and service providers, do.

The date considered for the launch of this new security device is not defined until now. However, the company considers that the new device could be available by the middle of the third quarter of this year 2020.

Samsung and Crypto-technology

It is not the first time that the Samsung firm announces technological tools that have been developed with blockchain. Among some of the functions that the company has created for cryptocurrency enthusiasts stands out the support system that the Samsung Galaxy line of smartphones enabled. In this way, users can use Tron, Bitcoin, and Ether in their operations.

Regarding the aforementioned cryptocurrency support, the company assured that they have plans to include cryptocurrency wallets in other phone lines that Samsung creates.

Samsung has repeatedly recognized its interest in crypto technology, even claiming that it may be considering creating its blockchain system that includes a cryptocurrency developed by the company. However, the company has not yet provided further details on whether this may be possible or not.

Besides, Samsung has already developed blockchain-based tools. One of the most recent tools was the payment system for European banks that the company created in response to merchants who need better and faster ways to conduct sales and purchases. In this way, cryptocurrencies are making faster cross-border payments through safer operations around the world.

By María Rodríguez

According to Study, Grayscale Is Buying More Bitcoin than Mined

Willmen Blanco
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According to Study, Grayscale Is Buying More Bitcoin than Mined

Bitcoin accumulation levels at Grayscale have increased to 150%. Since the third Bitcoin halving event occurred, Grayscale has bought 18,910 BTC.

Digital asset management company Grayscale Investments has recently increased its Bitcoin buying speed. According to a researcher, the accumulation levels of the company have increased to around 150% of recently mined bitcoins since the third Bitcoin halving.

Grayscale has reportedly increased its Bitcoin holdings by 60,000 units in the past 100 days. This is equivalent to about 33% of all the coins mined in that period.

Independent researcher Kevin Rooke recently said that the cryptocurrency fund management company has bought 18,910 BTC since the third halving event occurred. However, the amount of Bitcoin mined since the event, which took place on May 11th, was only 12,337.

In other words, Grayscale has been buying BTC at a rate of 1.5 times the recently mined Bitcoin.

The increased accumulation rate suggests an increase in the interest of institutional investors since most of the companies’ customers fall into that category.

Interestingly, Grayscale customers are paying around 21% premium on their Bitcoin stock. Last May 27th, a GBTC share has a purchase price of USD 10.51, while the possession of those shares has a value of USD 8.69. This means that institutional investors prefer to pay more for the said crypto asset to avoid transferring, storing, and managing the main cryptocurrency by themselves.

Another recent report indicates that institutional investors are also interested in buying a large portion of Ethereum (ETH) through Grayscale, even though they have to pay a significant 420% premium on the shares. This has prompted the cryptocurrency management company to accumulate almost half of all ETH mined in 2020.

Best Quarter of Grayscale

The company’s 2020 first quarter document, published at the beginning of this year, exemplifies its growth. It reported that Grayscale had recorded an inflow of around USD 500 million during those three months. That amount was double compared to the previous quarterly high of USD 250 million in the third quarter of 2019.

The most striking thing about the results of the first quarter of 2020 is that these occurred during a time of turbulence and uncertainty for all financial markets, fueled by the COVID-19 pandemic.

As expected, Bitcoin was the most popular crypto asset of those that Grayscale offered, since it was responsible for almost 80% of the revenue. However, Ethereum, Zcash, Bitcoin Cash, Ripple, and Ethereum Classic also exhibited high accumulation rates.

Finally, the entry to all Grayscale products in the past 12 months exceeded the coveted USD 1 billion marks. The total amount of investment accumulated since the company’s inception grew to USD 1.68 billion.

The growing interest among Grayscale customers in Bitcoin indicates that they consider it the best investment option. Since it was born more than 11 years ago, the main cryptocurrency has proved to be able to overcome its all-time lows.

By Willmen Blanco

Australian University and IBM Launch Postgraduate Program in Blockchain ​​Technology

Maria Rodríguez
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Australian University and IBM Launch Postgraduate Program in Blockchain ​​Technology

The Australian Research University has enabled two new educational programs focused on blockchain and cybersecurity.

The renowned Public Research University in Australia (RMIT) recently announced the incorporation of two study plans aimed at graduate students with interests in new technologies. The University structured both programs for studying Blockchain Technology and / or Cybersecurity.

The University released the information on May 26th. Through the statement, RMIT explained that the program was the product of an alliance with the multinational company IBM; Stone & Chalk, and Palo Alto Network. These agreements would allow the educational institution to issue certificates of approval for the postgraduate course in Blockchain Business and Cybersecurity.

According to data at the start of these advanced studies, it is expected that they will last 6 months and begin in mid-October of this year 2020.

Demand for Experts in Blockchain ​​Technology

The document that RMIT university issued clarifies that the main trigger to create this advanced study program is the growing demand for professionals in the areas of cybersecurity and blockchain technology. The University explained that day by day, new companies related to these technologies are born, as well as other institutions or companies that are interested in venturing into these new ways of doing business.

According to the demand for jobs in these areas, the university accompanied the announcement of these academic programs with data that reflects the growth of the cybersecurity industry in the continent. Some studies projected that the cybersecurity industry could triple in the region. In this way, in 6 years more, this area could become AUD 6,000 million. This translates into a demand of approximately 18,000 new jobs for professionals in Australia.

Regarding the blockchain technology industry, estimates assure that this area will have an annual increase of 80%. These investigations argue that currently, it is very difficult to find professionals in these areas, they even express that there is an important demand that cannot be met.

According to the graduates of this program, Rupert Colchester, Head in charge of Blockchain for IBM in New Zealand and Australia, commented that graduates in the program will be able to choose to help companies develop blockchain solutions to improve their operations. “Students will also be able to build more transparent supply chains that can be used across several industries ranging from the financial sector to fast-moving consumer goods.”

It is not the first time that the Australian Public University RMIT has approached blockchain technology. In mid-February 2020, the Australian university launched an intensive course related to blockchain technology. The course was about “Developing the blockchain strategy”, and it applied to people who aspired to have the necessary tools to apply new technologies in various business areas.

The university concluded by commenting that these courses will help meet the current demand for blockchain professionals and that the new program will seek to further specialize professionals of the future. This is another university giving relevance to blockchain technology, as well as universities in Spain, Mexico and Switzerland do.

By María Rodríguez

Cryptocurrency Mining Industry Will Not Continue Receiving Support from Sichuan Authorities

Alexander Salazar
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Cryptocurrency Mining Industry Will Not Continue Receiving Support from Sichuan Authorities

Financial authorities seek to conduct an organized and gradual exit of cryptocurrency mining. Cities like Ya’an and Garze still encourage Bitcoin mining in their territory.

The Chinese province of Sichuan, the world capital of Bitcoin mining, reportedly asked the local government to guide the mining operations to exit this business.

According to leaked online information, some companies are taking advantage of the excessive publicity about recent government policies. These rules allegedly give public support to the blockchain industry and Bitcoin mining, so the firms might be using them to seek investment in cryptocurrencies and illegal fundraising.

The news has spread widely, indicating that the main financial regulator of the province, the Sichuan Finance Office, has requested local governments to conduct an organized withdrawal of the support for Bitcoin mining.

The news was reportedly issued to all offices of the financial regulator to request that local governments implement mandatory measures on energy supply. In other words, the local agency wants regulations regarding the price of electricity, land use, tax returns, and environmental protection to ensure the gradual elimination of existing Bitcoin mining activities.

By mid-May, the news reached all the cities and counties within Sichuan, some of which issued the necessary documents and reported progress in their work. Last May 21st, the autonomous county Muli requested the country’s hydroelectric power generation companies to immediately stop attracting investors to cryptocurrency mining. Otherwise, they said that they would suggest that local law enforcement authorities adopt mandatory measures such as closing, finding, or ordering the dismantling of mining farms.

Changing Policies of Sichuan

At the beginning of May, multiple local governments in Sichuan, including Ya’an and Garze, have shown their support. They have also encouraged cryptocurrency mining operations to help consume excess hydroelectric power during the rainy season. In that way, they would recover from the economic losses due to the coronavirus outbreak.

Meanwhile, electricity consumption has increased due to prolonged high temperatures and delayed rains within the region. This has resulted in the limitation of electricity-demanding Bitcoin mining activities in some areas.

After the changing policies, the latest news of strict measures from the province’s financial regulators caused yet another stir. However, Bitcoin miners seem not to be disturbed. They say that the authorities are taking a strict stance again. This is because some companies are conducting exaggerated advertising to attract investors’ attention.

Of course, there are no guarantees that the order of the local authorities will work. Local energy providers could continue to feed Bitcoin’s mining businesses under the table to get a slice from profitable activities.

It is difficult for the parties involved to fully implement the orders. Given that Bitcoin’s mining operations usually run under the name of big data or cloud computing, it is difficult for low-level administrations to distinguish them from other high-tech supported businesses. Most of these would not mind turning a blind eye to Bitcoin mining activities within the region since these operations could bring economic benefits to locals.

By Alexander Salazar

Louisiana May Issue License for Activities with Cryptocurrencies

Maria Rodríguez
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Louisiana May Issue License for Activities with Cryptocurrencies

The State House of Representatives approved the proposal. However, other organizations must accept this plan before its establishment.

The state of Louisiana, in the United States of America, could be preparing a new bill that would allow companies dedicated to blockchain technology to legally operate in the region. According to a recent report, the law would enable a licensing system that would approve the use of these assets in some companies.

Some press reports recalled that legislators had already submitted the crypto license project in early 2020. At that time, representatives of the state Parliament commented that the main objective of the law is to allow the entry of more investment and boost the turnover that takes shape in Louisiana.

Mark Wright, member of the Louisiana House of Representatives, supports the approval of the bill and ensures that, if they manage to establish this initiative, the Parliament could enable a structure around cryptocurrencies to benefit the region economically.

A few weeks ago, some press reports informed that the bill would have had a first unanimous approval in the Louisiana House of Representatives. However, this fact does not indicate full approval. This action sets out on a path for this initiative to be widely discussed. The State Senate should consider the proposal and, finally, the project reaches the Committee on Trade, Consumer Protection, and International Affairs.

Paradoxically, the United States government has made significant efforts to prevent cryptocurrencies from being used in its territory for illegal purposes such as money laundering or terrorist financing. Therefore, cryptocurrencies have been lagging by American authorities.

This set of previous moves makes business with crypto assets risky for the Louisiana state administration. These boycott policies make most of the cryptocurrency companies install in more permissive countries when it comes to business forms. Among these types of companies, Switzerland or Canada stands out.

Some experts highlight that if the state of Louisiana approves the bill, it could become another state of the group of states that already promote the use of this technology with specific and defined regulations. This fact would allow significant business growth in the region.

Press reports in New York affirmed that city authorities defend the use of this technology with an effective and clear regulation that regulates and controls the use of cryptocurrencies.

In this sense, the state of New York, through its Department of Financial Services (NYDFS), has issued 18 licenses that allow companies in the sector to operate freely. Authorities in New York established the regulation since 2015 and pay special attention to operations with cryptocurrencies carried out from the country to abroad.

Crypto licenses help keep records on the operations of companies doing business in the state. Besides, these licenses help facilitate the protection of the economic and security rights of users. Control of these companies under the state government also provides interest and trust in people who are foreign to cryptocurrencies. This action also helps the company establish and grow.

By María Rodríguez

China Has No Date for the Launch of Its Digital Yuan

Maria Rodríguez
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0
China Has No Date for the Launch of Its Digital Yuan

The bank is being very careful to verify the theoretical reliability and stability of the digital asset.

Yi Gang, Governor of the People’s Bank of China (PBoC), commented during an interview, that his administration does not have a timetable for the next steps of its digital currency project. Gang assured that the bank does not have a date for the launch of the Digital Yuan and that the financial institution is still working on it.

Gang offered his statements through an interview with some local media. Although the local media has not published the report, what Gang said during the interview is available on the PBoC website. Gang offered the interview during the renowned annual Conference of Chinese People’s Political Consultations. In that meeting participate thousands of members, including parliamentarians and congressmen.

For some months, experts argued that it was difficult to determine the official use of the digital currency without having yet a date for its launch. Yi Gang confirms that, until now, the People’s Bank of China has not been able to establish a schedule and this may be the result of multiple tests that the systems are still undergoing.

Regarding the digital currency, the People’s Bank of China has been focused on the internal tests of the Digital Currency / Electronic Payment (DC / EP). A few weeks ago, the central bank informed it would be conducting tests in some cities to measure the performance and usefulness of the digital asset.

Yi Gang mentioned that the tests that they conducted in key cities such as Shenzhen and Chengdu only provide necessary data to continue the development process so people should not confuse this process with a possible launch date. “Testing is routine work in the research and development process and does not mean that the digital RMB will be officially issued. There is no timetable for when it is officially released,” he explained.

Despite these statements, Yi Gang assured that this technology would be ready before the Winter Olympics Games, the important event that would take place in 2022 in the city of Beijing. For this reason, the bank is being very careful to “verify the theoretical reliability and stability of the system.”

Regarding the usefulness of digital currency with national circulation, the Governor of the highest financial institution in China explained that it is very “favorable to efficiently satisfy the public demand for a legal currency under the conditions of the digital economy.” He added that the Digital Yuan is a fundamental piece in the fight against counterfeiting of payments and money in China, providing greater security for users and stability for the region’s economy.

The People’s Bank of China started the project in mid-2014. Since then, the bank has achieved great progress with its project. According to the Governor, much of the development of the digital currency and its support system is already complete.

Although the People’s Bank of China confirmed that there is no precise date for the launch of the Digital Yuan, some political and financial experts estimate that China could accelerate the launch of its digital currency due to the strong tensions that the Covid-19 outbreak has generated in the United States. The Digital Yuan could be a key piece to avoid serious situations in the economy in the supposed case of facing some type of retaliation by the United States.

By María Rodríguez

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