The Incredible Way in Which Digital Currencies Could Help Bahamas During Natural Disasters

Maria Rodríguez
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The Incredible Way in Which Digital Currencies Could Help Bahamas During Natural Disasters

Bahamas is planning to issue its cryptocurrency for the next year through its Central Bank. The digital currency will be named Sand Dollar.

Dorian, the recent hurricane that caused dozens of deaths and enormous damage in Bahamas, generated more financial problems in the island. In this sense, the Government is looking for new tools or opportunities to overcome some obstacles.

Recently, the Central Bank of the Bahamas (CBOB) announced its plans to launch its own digital currency. This would help solve some problems, especially in the most affected regions.

“The plan is for Abako to join the Sand Dollar project as soon as possible”, John Rolle, CBOB Governor explained.

According to the official, digital currencies and the technology related to them could enable a country to make its economy more sustainable. It will also help restore the loss of approximately USD 7 billion pf loses the hurricane generated.

The name of this digital currency, which would be the first one in this country, is Sand Dollar. Local news reported that it will be based on legal tender and will be supported by its own online wallet and payment card, to offer the users facilities to make payments with the cryptocurrency when it is available.

As a first step in the development of the digital currency, this asset will be tested before the end of the current year. Something very soon and important to the previous results.

When Will It Be Ready?

In this way, the currency will arrive in 2020. The local newspaper The Nassau Guardian reported that the CBOB is working on a “evolved payment structure”, with the final objective to put its digital currency on the market.

To achieve its goal, the CBOB will sign a partnership with NZIA, which should be responsible for the design and implementation of the Sand Dollar project.

NZIA will be a provider of technology solutions for CBOB, according to what the financial institution informed last March.

The new digital currency will be an “integrated and cost-effective electronic payment system for all businesses and residents”, as the financial institution explained.

The Advantages

Banking services are often limited in remote regions of the Bahamas; thus, Sand Dollar would be an additional and legal form of payment to benefit to more communities of the country. Also, it would be another step to development.

In addition, the central bank of the Bahamas will ensure that the nation’s economy remains stable if another natural disaster hits the island.

Also, the digital currency will free the Bahamas from its dependence on physical fiat money, particularly cash.

“It would permit wireless restoration of payments, avoiding the cash shipment and cash handling frustrations. It would permit electronic dispersing of aid and follow families to recapture personal dignity by restoring the flexibility to prioritize the elements of a personal need that they prefer to satisfy post-disasters”, Rolled said.

There are some problems that may last for weeks and even months, like physical damage to banks so having a digital tool could be another positive option for citizens in these cases.

“Bitcoin transactions can be made over alternative low-bandwidth transport layers like mesh radios and SMS”, blockchain developer at Global Mesh Labs Richard Myers said.

Cryptocurrencies would have a strong and positive potential in the Bahamas. It will also ease the dependence on the US dollar and will bring new alternatives for citizens. It will be the country’s first fiat-based digital currency and support if another natural disaster is registered.

By María Rodríguez

China’s Congress Approves a Cryptography Law Effective Next January

Maria Rodríguez
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China’s Congress Approves a Cryptography Law Effective Next January

The law will encourage research and development on commercial cryptography technologies in China. Also, this technology will allow building an inclusive standardized regulatory system.

The Standing Committee of the 13th National People’s Congress in China passed a cryptography law which will be effective since January 1st, 2020, according to what local media recently reported.

This announcement took place one day after Chinese President Xi Jinping said the country should look for more opportunities using blockchain technology. Jinping called on the nation’s citizens to seize valuable opportunities by adopting Distributed Ledger Technology (DLT).

The interesting aspect is that China still does not allow transactions with cryptocurrencies and the Chinese sovereign digital currency has not been launched yet. The text is largely focused on government centralized password management and does no mention cryptocurrency.

But cryptography, based on blockchain technology, will help the country to be more competitive in the ecosystem. It is a key component underpinning cryptocurrencies such as Bitcoin. That is the reason that drives the project.

Legal requirements in commercial cryptography use-cases will be explained and addressed in the proposed law. The reason is the potential of this system to improve and boost the economy of China.

“Clear guidelines and regulations are needed to evaluate commercial cryptography technologies used in the major fields related to the national interest as the current loose system is not suitable for the industry anymore”, the draft law says.

Developing New Technologies

The new law aims to tackle emerging regulatory and legal challenges. China’s National Congress said the law will encourage research and development (R&D) on commercial cryptography technologies. Also, this technology will allow to build an inclusive standardized regulatory system.

Last July, China’s Congress published a proposal related to this draft. Congress asked for feedback from the general public and now the law would be effective.

The proposal covers important issues such as the compatibility of industry standards with other international cryptography systems.

Another positive aspect is that the Chinese congress said that the new law will support the educational efforts of the country and will allow improving the management of passwords.

This would include public presentations and spread awareness about cryptography among government workers, local companies and different social groups.

However, last week, Mark Zuckerberg, Facebook’s president, warned that Chinese superiority in the digital currency space could put the U. S. dollar at risk in an attempt to “sell” lawmakers his plans for the Libra digital coin.

“China is moving quickly to launch a similar idea in the coming months. We can’t sit here and assume that because America is today the leader that it will always get to be the leader if we don’t innovate”, Zuckerberg argued in an official statement.

The truth is that now, with the approval of the government in this aspect, China is proving how to be more competitive in the blockchain space and also it is developing new blockchain solutions to benefit its financial system and offer a new alternative to the crypto-community.

By María Rodríguez

Payments with Bitcoin Can Be Made through Opera for Android

Maria Rodríguez
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Payments with Bitcoin Can Be Made through Opera for Android

A Wallet will allow Opera users, in the Android operating system, to make transactions and payments using bitcoins.

Through a recent statement issued by Opera, it was known that the browser will allow payments with bitcoins and transactions with other cryptocurrencies through its wallet installed in the new version of its browser for Android phones.

The new tool is the last part of the beta version that the company had been developing since some time ago, something that was announced last July. The first versions of this browser with crypto-functionalities allowed TRON and Bitcoin users to send and receive these digital currencies as a way of exchanging or mobilizing funds from one wallet to another. This would be possible through the digital wallet integrated in the browser called Crypto Wallet, which is compatible with the Android operating system, using the mobile browser of users.

Before the launch of this improved version of the browser, Opera already offered support services for some ERC-20, such as Ether, among others. In this way, the new beta version of the browser with crypto features, positions Opera as a strong competitor that fights to be a pioneer in different areas of the so-called web 3.0 and expand its reach to digital markets.

By using the crypto wallet tool of the Opera browser, users will be able to manage the Bitcoin’s blockchain. In this way, the platform will make it possible to make transfers and execute payments of some services directly from the mobile phone.

In addition to this advance in the management of financial transactions through the Opera system, the portfolio will also allow the user to pay for goods and services, turning the tool into a crypto payment method. In addition, debit and credit cards can be synchronized with a special option, thus adopting a connection between the user’s funds with the wallet within Opera, with the aim to settle some service payments.

To achieve the complete synchronization between the portfolio with the Opera Reborn 3 browser system, it is also known that the Android version can be synchronized with the version for desktop computers, increasing the possibilities for the user to use the tool on all platforms. This desktop version which includes the cryptocurrency tool was officially launched last July.

With respect to the initiative, Charles Hamel, who is in charge of cryptocurrency products for Opera, issued a statement to the press last Tuesday where he commented that the tool becomes the ideal assistant for crypto users since using the browser becomes a daily matter and very frequent. In addition, he talked about the multiple options the wallet offers to users.

“The browser is the ideal candidate to integrate cryptocurrencies since it is the gateway for so many things in the user’s life (…) Purchases, content, financial transactions, social media plus the ability to transfer value for all these use cases is very powerful. Opera is the only browser with this capability”, Hamel claimed.

By María Rodríguez

Binance Will Allow the Exchange and Trading of Cryptocurrencies with Fiat Money

Maria Rodríguez
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Binance Will Allow the Exchange and Trading of Cryptocurrencies with Fiat Money

Binance will begin by accepting, in the coming days, the Russian Ruble on its platform.

One of the most important crypto exchange companies, Binance, recently announced that now, through its platform, it will allow the exchange in fiat money with cryptocurrencies. Discovering, in addition, that the first fiat currency to enter its platform will be the official Russian currency, the Ruble.

The announcement was made by Changpeng Zhao, who is the CEO of Binance, during a public presentation in a conference held in Moscow last Monday, October 21st. There, Zhao said that the trade option between fiat money and cryptocurrencies will soon be enabled within its conventional platform for all the crypto community.

Zhao added that the first currency introduced on the platform will be the Russian Ruble. Which can be traded in Binance with all the cryptocurrencies available. “We are adding support for the fiduciary trade. In about two weeks or so, we should have support for the direct Russian ruble trade”, the platform’s CEO added.

Currently, the exchange platform Binance had only allowed trade between crypto-crypto, this in addition to the fact that in some countries is available the option of a single link which introduces the fiat market for some commercial premises in countries such as Singapore, Uganda and Some regions in the United States of America.

Last September, Binance announced that, in addition, it would include in its platform the option to trade with bitcoin over-the-counter (OTC). This is something that, according to this piece of news, could originate the pronouncement of Alipay, a company that goes against these methods of trade.

Despite the ban to OTC on the Chinese payment platform Alipay, Binance has managed to develop a large number of alternatives which seek to expand the marketing of cryptocurrencies. In this way, this piece of news is an alternative or a leap that could generate more acceptances among those markets that are skeptical of crypto.

In another sense, Binance also announced the incorporation to its platform of a new token that will be anchored to the price of Bitcoin Cash, classifying the cryptocurrency as an asset of decentralized origin. About that aspect, Zhao commented that this initiative will help further expand the exchange options for the platform.

Binance to the Head in the Cryptographic Exchange

Binance has demonstrated to be the leading company in the exchange of digital assets worldwide. This is not only due to its huge crypto exchange platform, but the company has maintained an innovation policy well above its competition, also covering a large number of markets.

An example of this constant innovation was exposed a few weeks ago when the company launched a product that will help to have a physical backing on Bitcoin in Switzerland. This asset would be associated with the stock market of the European country.

In this way, Binance announces its incursion with the traditional fiduciary markets, mixing them in turn, with the cryptography sector in which the company has been working since some years ago.

By María Rodríguez

Bitcoin’s Price Increases over 15% in a Matter of Hours

Willmen Blanco
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Bitcoin’s Price Increases over 15% in a Matter of Hours

The increase coincides with high numbers of futures contracts traded in Bakkt. The rest of the cryptocurrencies accompanied Bitcoin’s increase.

On Friday, October 25th, Bitcoin’s price had a rebound of more than 15%, compared to the previous day. In a matter of hours, the value of the cryptocurrency with the highest market capitalization went from being slightly below USD 7,500 to exceeding USD 8,680 at the time of writing this article.

According to data from CoinMarketCap, Bitcoin opened the day with a price of USD 7,499. Then, it rose in the first instance to the band of USD 7,600 and shortly after it exceeded USD 7,700.

The most representative increase occurred in the middle of the day when the price jumped to exceed USD 8,500 in a span of just two hours. The total increase in 24 hours was 15%. Despite this high increase that took place in such a short period of time, it was still not a drastic move like some analysts had predicted some days before.

One of the events that could notably influence Bitcoin’s price is the fact that Bakkt’s Bitcoin futures achieved a new record. The contracts traded on October 25th exceeded the volume of 1,000 BTC on the platform for the first time. This is reflected in data from Bakkt Volume Bot, a Twitter account that monitors the trades on that platform.

However, in the previous days the futures trades in Bakkt had already presented an increase without this being reflected in Bitcoin’s price. Actually, the value of the cryptocurrency had even fallen to USD 7,300, after keeping around USD 8,000. Meanwhile, Bakkt set records above 450 BTC.

Cryptocurrency Market in Green

The increase in Bitcoin’s price boosted other major cryptocurrencies in the market, with Bitcoin Cash (BCH) and Bitcoin SV (BSV) as the ones that increased the most. Both had gains in value greater than 15% in a span of 24 hours.

Other prominent cryptocurrencies that day was Ether (ETH), Litecoin (LTC) and EOS, all with increases above 10% within 24 hours.

Among the first cryptocurrencies according to their market capitalization, they all kept numbers in green on Friday, October 25th. Only some stablecoins managed to show slight losses, without affecting their respective fiat currency anchors. This last variation probably corresponds to the fast increase of the rest of the cryptocurrencies in the market.

Great movements in Sight

In recent days, market analysts have considered that Bitcoin’s price will have a significant variation in the short term. Several experts have outlined a panorama according to which this movement is imminent. However, there is an agreement on the uncertainty about the path that these price variations will take.

Tone Vays’ predictions indicate a fall that would bring Bitcoin’s price to a level close to USD 7,000. He argues that he is not yet convinced of the impact of the recent increases, which have occurred while the open interest in Bitcoin futures has grown on platforms such as CME, which represents a second air in the futures market.

By Willmen Blanco

Problems with Cryptocurrency Exchange Solved by Elquirex

Willmen Blanco
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0
Problems with Cryptocurrency Exchange Solved by Elquirex

The relevant feature of Elquirex is the ease with which transactions can be made. Elquirex is a cryptocurrency exchange legally registered in London with the necessary permits to operate.

Exchanging cryptocurrencies is a growing need among those who know about cryptocurrencies and trading. For that reason, one of the best solutions to exchange cryptocurrencies quickly and easily is described in this article.

Exchanging Bitcoin to Ether is a simple task for anyone who investigates current options. However, every cryptocurrency enthusiast reaches a point where he realizes that there are some exchange houses with more benefits than others. Thus, choosing an exchange house for this task can become crucial.

Elquirex emerges as the possible solution to make the exchange. Elquirex, an exchange house legally registered in London, has the necessary permits to conduct financial activities and operate in accordance with international law.

The company is committed to offering the best exchange service to the cryptocurrency community, so the platform seeks to allow conducting financial transactions safely and quickly. Besides, the platform provides information about each cryptocurrency, which helps make the correct exchange and earn money during fluctuations in the prices of cryptocurrencies.

Exchanging Cryptocurrencies in a Few Steps

The most relevant feature of Elquirex is the ease with which transactions can be conducted. To make an exchange on the platform, users must follow a few steps:

• Select a pair of cryptocurrencies on the Exchange’s main page and enter the desired amount.

• Enter the wallet address where the cryptocurrencies will be received and click on “Exchange”

• Verify that all data is correct and enter personal e-mail on the page that is displayed.

• Provide a link to the transaction for confirmation once the transfer to the wallet address is completed.

• Wait to receive the cryptocurrencies within the specified period of time.

Growth and Development Worthy of an Exchange

The constant growth of Elquirex allows it to offer its customers an additional bonus for bringing new users to the platform. Additionally, the platform will soon add a loan service for those who need fiat money and prefer to hold their cryptocurrencies.

The services mentioned and the plans embodied in the platform’s roadmap, such as the creation of its own token and the addition of smart contracts on the platform, allow intuiting that sooner rather than later Elquirex services will become market leaders, if compared with other known exchange houses.

Opportunity to Obtain Profits

Elquirex offers users the opportunity to take advantage of the rapid price movements that, for example, Bitcoin has suffered recently. The growth of Bakkt’s Bitcoin futures volume of 3,100% since its inception offered a valuable opportunity on October 9th, when the price of BTC rose from USD 8,000 to USD 8,500.

At the time of writing this article, the volume of Bakkt contracts is 37 BTC. When the increase in the price of the cryptocurrency occurred, the volume was 224 BTC. Thus, in a familiar future scenario, Elquirex may be the most viable option to take advantage of the situation and generate profits by exchanging cryptocurrencies on the platform.

By Willmen Blanco

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