Libra Loses Seven of Its Members with the Departure of Booking Holdings

Willmen Blanco
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Libra Loses Seven of Its Members with the Departure of Booking Holdings

The Libra Association now has a total of 21 of the initial 28 members. Libra will not be launched until it can meet the concerns of regulators.

Although the Libra Association has not been officially launched, it has already lost a quarter of its members. This is because Booking Holdings, an online travel company operating websites, such as Kayak.com and Priceline.com, joined Visa, MasterCard and four other companies to abandon the controversial cryptocurrency project led by Facebook.

With the departure of Booking Holdings, a company based in Norwalk, Connecticut, the Libra Association is now left with a total of 21 of the original 28 founding member companies that joined the association last June.  It should be stated that in the past two weeks PayPal Holdings, Stripe, MercadoLibre and EBay have also said that they would abandon the project.

The members of the Libra Association, a nonprofit organization that would manage the cryptocurrency, planned to meet on Monday, October 14th, in Geneva, Switzerland, in order to finalize both their governance charter and their initial membership.

The Facebook cryptocurrency was subject to intense scrutiny on the part of lawmakers and regulators as soon as the company announced the project. Regulators warned that Libra, which was originally scheduled to be launched next year, might be used by criminals if it is not properly controlled. In the meantime, lawmakers made a mockery of Facebook’s history during the hearings held in July, where Libra co-founder David Marcus participated.

Officials from some countries, including Germany and France, announced that they would ban the use of Libra and said that the cryptocurrency might be a threat to their monetary policy, among other concerns.

The global payments and technology companies Visa, MasterCard and Stripe abandoned the project shortly after receiving a letter from Democratic senators Brian Schatz of Hawaii and Sherrod Brown of Ohio

Brian Armstrong, CEO of Coinbase Inc., a member of Libra, said on Sunday, October 13th, that the pressure was perceived as “anti-American.” He asked via the social network Twitter what the need to use intimidation tactics was, since this would be called anti-competitive/monopolistic behavior if some private company did.

In the face of the departures occurred in recent weeks, Facebook’s Libra has said that more than 1,500 companies shown their interest in joining the association and that the currency would not be launched until it could meet all the concerns of regulators.

The developers have continued to make progress in the design of the open source software that supports Libra. However, Visa, MasterCard and PayPal could have generated a critical experience in financial regulators in the United States, which makes their departures particularly painful. Booking Holdings, which has a market capitalization of more than USD 84 billion, was the only large company that had remained in the project.

Facebook executive director Mark Zuckerberg plans to testify next week before the Senate Financial Services Committee on Libra, among other subjects.

The representatives of the Libra Association did not immediately respond to the request for comments.

By Willmen Blanco

Second Mobile Cryptocurrency ATM is already available in Venezuela

Willmen Blanco
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Second Mobile Cryptocurrency ATM is already available in Venezuela

The new ATM point is located in a wine bar in the city of Mérida. Among the plans of the company is to enable a third BATM in the capital city of Caracas.

The options for the purchase, sale and use of cryptocurrencies in Venezuela continue to increase. On this occasion, the second mobile Bitcoin automatic teller machine (BATM) to buy and sell Bitcoin and other cryptocurrencies, manufactured by the Colombian company Panda Group, has been activated in the state of Mérida, in the Andean region of Venezuela.

The Panda Group team confirmed the activation of Venezuela’s second BATM in the city of Mérida. This device is working at Bodca Bodegón, business premises located in the capital of the Andean district, Mérida.

Typson Sánchez, CTO of the company in charge of the device, reported that since they activated the first cryptocurrency point of sale (PoS), at the beginning of August, the people from Mérida have shown high levels of demand and curiosity. For that reason, they decided to convert that PoS into a BATM, which allows the sale of Bitcoin and cryptocurrencies.

The new device also allows selling cryptocurrencies, as well as making payments with cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Dash (DASH) and the stablecoin DAI for the products of the wine bar, where the BATM is operating.

In addition to the two BATMs that are operating in Mérida, Sánchez confirmed that among his expansion plans is the activation of another device. In regard to that new equipment, they are now talking with a department store in the city of Caracas, Venezuelan capital, according to statements by the CTO of Panda.

The payment processor of the company, XPay, has also been gaining ground among Venezuelan businesses. First, the Farmarket pharmacy chain adopted the XPay gateway to receive payments with cryptocurrencies. Then, the company announced that it had exceeded a hundred stores that use its service between Venezuela and Colombia.

Cryptocurrency Popularity Is Growing in Venezuela

Due to the Venezuelan economic situation, the hyperinflation and the constant loss in the value of the sovereign bolivar (VES), the local currency, Venezuelans have been showing an increasing interest in the cryptocurrency ecosystem.

Not only is Venezuela among the countries with the largest trade in Bitcoin on the peer-to-peer (P2P) platform LocalBitcoins, but payment options, as well as the purchase and sale, have increased in recent months.

Since early October of this year, Venezuelans have had a Bitcoin ATM (BATM) for the purchase of Bitcoin and Dash. The machine is located in one of the Caracas branches of Traki, one of the main department stores in the country, which also accepts payments with cryptocurrencies. To do this, Traki uses the payment gateway of the Asian company Pundi X.

It should be noted that Pundi X has shown its intention to enter the Latin American market, using Venezuela as its gateway. In this regard, executives of the company have recognized that there is competition in terms of cryptocurrency points of sale in the country.

By Willmen Blanco

Switzerland Supports Digital Coins from its Central Bank

Maria Rodríguez
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Switzerland Supports Digital Coins from its Central Bank

Through an alliance between the Swiss Central Bank and some exchange companies, this country will seek to design PoC for digital currencies that will be included in its financial system.

In the cryptocurrency market there are options that do not have greater acceptance among those who follow this type of technology. In many opportunities its uses and potentials can be a topic of discussion.

Despite this, some financial institutions around the world are in trying to develop significant alternatives to cryptocurrencies. An example of this is the innovative project that the Central Bank of Switzerland has been creating “hand in hand” with the exchange company Six Digital Exchanges (hereinafter, SDX).

The project consists of driving a so-called proof of concept (PoC) which helps determine the best use for digital currencies, as a kind of research that will address the main issues of these assets for different countries or cases.

The news was revealed a few days ago by the SDX Company through its official website, where it was also revealed that the main objective of this initiative is to verify whether it is possible to use these digital assets as a method of settlement among users who employ these technologies in the financial market.

It is also known that the Bank for International Settlements of Switzerland (BIS) supervises the processes online through theFinancial Technology Research Centre, an agency that depends on BIS and was tested to develop projects similar to these ones.

To initiate the research processes, SDX authorized the use of its platform as a structural basis to begin experimenting on the alternatives necessary to integrate the algorithm of digital currencies into Distributed Ledger Technologies (DLT) platforms.

Its plans include different options for the use of the banking institution in its efforts to innovate and improve the new generation of financial processes.

The main plan of the project includes the creation of digital tokens of Swiss francs that will be used within the financial market of the SDX platform.

In addition, it is expected that a direct connection with the compensation system between the country’s banks can be included, this idea emerges as a method of technological integration and updating.

It can be deduced that the intention of the Central Bank of Switzerland is to include digital currencies as liquidation method for the use of wholesale markets.

Jos Dijsselhof, who is CEO of Six, commented he is motivated with the alliance towards the project, thus visualizing the possibilities of improving the digital financial market in Switzerland.

“As operators of the Swiss financial market infrastructure, we welcome the initiative of the SNB and BIS to conduct further research on these innovative financial technologies in Switzerland. We are pleased to contribute to this initiative and, through Six Digital Exchanges, explore the technological possibilities for the BNS to support token-based financial ecosystems in the future by providing digital currencies for financial market participants”, he said.

This country now will investigate new uses for blockchain technology and will contribute with the adoption of digital assets.

By María Rodríguez

This was experienced at the CryptoFin Conference 2019 blockchain event in Estonia

Willmen Blanco
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This was experienced at the CryptoFin Conference 2019 blockchain event in Estonia

The event was attended by more than 39 speakers from the blockchain ecosystem. It featured the participation of different companies in the blockchain movement operating in Europe, such as Huawei, Paxful and BTCC.

The largest blockchain event in northern Europe, the CryptoFin Conference 2019, took place on October 14th and 15th. The event was organized in order to create the best environment to be shared among different participants from the blockchain ecosystem. During the holding of the conference, people could enjoy the best meeting point for investors, companies and startups related to the different blockchains operating in Europe.

Presentations related to blockchain technologies were offered during those two days, with more than 39 representatives from companies such as Huawei, Paxful and BTCC, among others. On the first day, after the start of the conference, overall themes such as the future of crypto assets and tokenization, as well as the use of blockchains as a tool in modern business models, were discussed. Then there was a moment for presentations on blockchain startups (generally known as startup pitches), and the day closed with an afterparty, where all participants were invited to relax and share with each other.

The second day of the conference began later, so that attendees could rest from the previous day’s party, with the overall theme of the new era of banking, followed by marketing for the alternative finance industry. After lunch, the overall theme was the regulations and trends of Internet security.

All this was done in just the two days of the event. In order that no one of the attendees missed any of the activities, the organizers had created an application for the CryptoFin Conference 2019, where the former would have access to the entire conference agenda, general information, the profiles of the participants, the biographies of the speakers, the site plan, the profiles of the allies at the event, and recommendations on different hotels and restaurants near the place.

Those who had arrived at the venue of the event before, on October 13th, were able to enjoy a «movie party», where they watched the Trust Machine documentary and had drinks and snacks, and had the opportunity to network with participants before the main event was held.

The CryptoFin Conference 2019 was an opportunity to learn more about how blockchain technology and the entire ecosystem of companies, investors and startups that are building different solutions with this technology are evolving.

Many investors had excellent opportunities to meet different established firms and startup companies where to invest. Representatives of established companies were able to get in touch with potential customers. Members of startups took advantage of the event to show them to potential customers and investors willing to support their ideas.

Not only do events like the CryptoFin Conference 2019 promote knowledge about blockchain technology and its many applications, but they also allow participants engaging in profitable business relationships. Besides, software developers can derive many ideas from the presentations on how that technology is currently being used worldwide.

By Willmen Blanco

Chinese Crypto-miners Travel From South to North in Search of More Electricity

Maria Rodríguez
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Chinese Crypto-miners Travel From South to North in Search of More Electricity

Between April and October, some crypto-miners in China go to provinces or cities where it is not raining in order to mine without spending large sums of money.

The rainy seasons in China have generated internal migrations.Cryptocurrency-miners groups in that country are looking for more electricity to place their equipment.

By having the right equipment for mining, miners can get higher amounts of cryptocurrencies. There is different equipment, but one of the characteristics they have in common is that they demand high levels of energy.

Chinese crypto-miners migrate during one season per year. They seek to save as much money as they can in order to mine cryptocurrencies as much as possible as well. For this reason, they travel to provinces or cities where it is not raining. This way, they save a lot of money on electricity.

The Costs

In China, the price of electricity servicevaries in each city, just as the weather also varies in different cities. In the southern provinces, electricity can cost 0.25 Yuan. But in regions like Xinjiang and Neimonggu, it costs about 0.35 Yuan.

Although the difference seems minimal, when it comes to large-scale consumption the inequality is more evident and that is why cryptocurrency miners seek to save money as much as possible, because during the rainy season companies usually increase the cost of the service.

Xinjiang is a Chinese province that has the largest cryptocurrency mining field in the Asian country. Due to the migration trend that has been registered, the authorities probably monitor the situation to take any decision or regulation in this regard, if they consider it necessary.

Until now, the authorities of each province have issued different documents that limit the construction of local mining fields. It should be remembered that, currently, there are other limitations in China for mining, even though previously the Government approved the construction of mining fields.

Problems

The regulations of the Chinese authorities affect miners who have large quantities of machines. For them, it is difficult to move the equipment from one region to another, so if they do not mobilize their machine, they could not avoid the high costs of electric service.

But also, the regulations imposed by the Chinese authorities can affect the cryptocurrency market.

If these regulations cause cryptocurrency mining to decrease, the creation of tokens would be difficult, which could lead to a significant difference between supply and demand on the crypto-market. This could generate an increase in the price of these digital assets.

Besides, those who are part of the cryptocurrency community would be directly affected. They would be affected economically. They may be unable to avoid the losses that the cost of electricity implies.

In case the creation of mining fields is restricted, those who mine cryptocurrencies would have to rent private sites where they can work with their machines to mine cryptocurrencies.

Cryptocurrency mining is one of the most effective methods to get these digital assets; thus, the community is attentive to the decisions that the Chinese authorities make on the issue.

By María Rodríguez

The Mint of Spain Will Undertake Projects Based On a Blockchain

Willmen Blanco
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The Mint of Spain Will Undertake Projects Based On a Blockchain

The institution seeks to develop initiatives based on blockchain and digital identity. The objective is to increase security in the exchange of information with related institutions.

The National Coin and Stamp Factory – the Royal House of the Mint of Spain (FNMT – RCM), selected the firm PricewaterhouseCoopers (PwC) to develop a set of initiatives and projects based on blockchain and digital identity. This information was reported by several local Spanish media on Thursday, October 10th.

According to the reports, the FNMT – RCM, which is the institution in charge of the issuance of bills, coins and stamps, as well as the certification of documents, seeks to increase security in the exchange of data with the different entities with which it relates. In this sense, the Mint of Spain will make available to its related associates a platform based on a blockchain and integrated with electronic signature certificates.

The main objective of this project is to take advantage of the immutable data record of the blockchain, thus ensuring that each of the actors involved has a guarantee of the authenticity of the information. To achieve this end, FNMT – RCM will receive advice from consultancy firm PwC, which is ranked as the second largest professional services firm on a global scale.

According to the information, a platform that is supported by an immutable registry represents an evolution with respect to the current digital certification techniques used by the FNMT – RCM, an institution created in 1893. The consultant PwC believes that a significant increase in security will be achieved, since each record in the blockchain will include the digital signature of the parties involved.

It was also reported that PwC advises the Mint of Spain on other services based on a blockchain, which will determine the type of information that will be shared and with whom it will be shared. Regarding the subject of this alliance, a spokesman for the consulting firm assured that in the next two and five years most of the main Spanish organizations will have incorporated into their businesses initiatives based on a blockchain to transform their processes.

It should be noted that a year ago the global firm PwC revealed the hiring of about 400 employees with knowledge of cryptocurrencies and blockchain networks in its subsidiaries all over the world. At that time, he expressed a need to meet the growing demand of the companies in the sector. The consulting firm would be developing projects related to this sector since 2016.

Last June, the consulting firm, which is considered as one of the “Big Four,” together with KPGM, Deloitte and EY, launched an auditing software program for its customers that have entered the cryptocurrency industry. The application, called Halo, provides evidence that the firm is interested in the subject.

Halo allows users to have details of the operations with cryptocurrencies, tracking the transactions in the blockchain. In this way, it is possible to obtain “independent substantive evidence” on the ownership of crypto assets. So far, it has supported Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin, Ether, XRP and ERC20 tokens.

By Willmen Blanco

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