Pundi X Will Facilitate Payments with Cryptocurrencies in Venezuela

Maria Rodríguez
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Pundi X Will Facilitate Payments with Cryptocurrencies in Venezuela

The payment structure seeks to reach other Latin American countries such as Colombia, Argentina, and Brazil with its physical points of sale.

Venezuela, according to LocalBitcoins, has reported movements and great interest in cryptocurrencies as a form of payment. This is due to the economic crisis that the country faces. This fact motivated Zac Cheah, CEO and Founder of Pundi X, to seek alliances in that country with the aim of boost payments with these digital assets.

In early July, the country broke its record again. The data reflected by LocalBitcoins indicate that the amount invested by Venezuelan users was almost Bs. 50,000 million (USD $ 5,029,625). This sum is based on the parallel dollar rate.

In that sense, Cheah met in Caracas, the capital of Venezuela, with Michael Gomez, CEO of the CriptoTraki department, which belongs to the Traki chain of stores. The objective of the meeting was to evaluate the alliance between these two firms and the expansion of Pundi X in Latin America since the gateway to that expansion will be Venezuela.

Traki is one of the largest retailers in the South American country. One of its branches is in El Recreo, which is one of the largest shopping centers in Caracas.

“I am doing what any Venezuelan could do, buying food and goods with Bitcoin (BTC) and other cryptocurrencies”, Cheah said of the meeting he had with Gomez.

During the tour in Traki, Cheah was able to verify the operation of XPOS and XPASS, the physical point of sale and the debit card that works with cryptocurrencies; payments are processed with said tools.

“The commercial strategy seeks to capture part of the exchange volume, by proposing a cryptocurrency payment solution to potential customers”, explained the executive about the role played by Pundi X.

Until now, most of the consumption made with cryptocurrencies in Traki has been to buy clothes and food in that store, mainly Bitcoin has been used, according to representatives of CriptoTraki. In that store they work with the payment processor Cryptobuyer and in the country there are other providers such as Panda Group.

Safeguard Values

Pundi X offers financial services, points of sale and wallets as part of its objective to contribute in the adoption of cryptocurrencies more quickly.

Cheah considers the case of Venezuela as something interesting for the company not only because of the use of Bitcoin, but because they have detected that there are at least 30.000 wallets in the country.

This interest in cryptocurrencies would mean that approximately that number of people understand what cryptocurrencies are. In this way, for Venezuelans, cryptocurrencies such as Bitcoin and others are a potential safeguard of value, that is, it would allow citizens to save.

“People understand cryptocurrencies by nature, due to the fluctuation of the country’s currency, the bolivars. People are striving to understand the benefits of cryptocurrencies, but not only as an investment, but as a way to protect their own value, their wealth”.

New Projects

According to the CEO of Pundi X, the alliance with Traki is “just the beginning”. He said the plan is to expand XPOS and also the operations with this device throughout Venezuela.

“More people can use cryptocurrencies as part of their daily lives. I think this is one of the best contributions we can make. We see a great demand in Venezuela”, he said.

Starting in Venezuela, Panda X hopes to expand and bring its services to Brazil, Argentina and Colombia; these are other regions that also have an interest in Bitcoin.

“Venezuela represents an important use case and a significant point of study. We are very excited about that”, added the businessman.

At the moment, Panda X is looking to work with other large merchants in Venezuelan lands, as well as it is willing to offer their services to small and medium-sized merchants.

In a short time, the company will give information about new alliances. There are not details so far.

By María Rodríguez

ATM to Buy Bitcoin and Dash already Available in Venezuela

Willmen Blanco
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ATM to Buy Bitcoin and Dash already Available in Venezuela

The device allows buying Bitcoin and Dash with dollars in cash. The Venezuelan exchange company Twenty Venezuela is responsible for managing the cryptocurrency ATM.

Since October 4th, Venezuela has had its first Bitcoin ATM (BATM) to buy the cryptocurrency par excellence, as well as other crypto assets, in the South American country. The device, which is located at the El Recreo branch of the Traki retail chain in Caracas, accepts several cryptocurrencies as a means of payment for its products.

The ATM requires making deposits in USD cash so that it can sell the cryptocurrencies. The device is enabled to sell Bitcoin and Dash in a first stage, as reported on October 4th by the Venezuelan exchange team Twenty Venezuela, a company dedicated to the cryptocurrency market that brought the BATM to the country.

Spokespersons from the company said that they had recently received the license from the National Supervisory Authority of Crypto Assets and Related Activities (Sunacrip), the government institution responsible for regulating the cryptocurrency sector in the South American country. They added that they had just been waiting until the procedure was complete to launch the device to the public.

How the ATM Works

In order to buy BTC or DASH, users must hold a wallet of one of those cryptocurrencies. On arriving at the ATM, they must choose the cryptocurrency that they will buy, show the QR code of their cryptocurrency address to a reader of the device and enter the amount of US dollars that they want to exchange for Bitcoin or Dash.

Once the operation is completed, the ATM shows another QR code, with which the buyer can verify the transaction. The funds are instantly received at the address chosen by the user.

Regarding purchase amounts, there are no limits beyond the very liquidity of the wallet integrated into the ATM, as explained by the company’s team. At the time of testing the device on the morning of October 4th, only Dash was available for purchase. A representative of Veinte Venezuela said that this matter was already being handled to allow the purchase of bitcoins to work normally.

New Option for Using Cryptocurrencies

Michael Gómez, a member of Traki’s team, said that the equipment helps settle some issues that required improvements for payments with cryptocurrencies in the store. He referred to some customers that did not have enough balance in their cryptocurrency wallets to pay. Now they can transfer funds to their wallets on the site and thus complete their payments with the exact amount required.

The department store chain receives payments with cryptocurrencies through the Pundi X point-of-sale (POS) system, recently implemented, apart from the CryptoBuyer payment gateway. Gómez concludes that the arrival of the Veinte Venezuela ATM provides a new option to boost the cryptocurrency market in Venezuela.

It should be noted that hyperinflation has led Venezuelans to seek ways to protect the value of their income, Bitcoin being one of the privileged options. Actually, the country maintains the second place with the highest BTC trading volume on the peer-to-peer Bitcoin trading platform LocalBitcoins, with more than 2,000 bitcoins in recent months.

By Willmen Blanco

New Trojan Malware Allows Hackers to Steal Cryptocurrencies from Wallets

Maria Rodríguez
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New Trojan Malware Allows Hackers to Steal Cryptocurrencies from Wallets

One of the prevention measures is to avoid opening emails from strangers, as well as protecting wallets with two-factor authentication systems.

Researchers in the cybersecurity area alert the crypto-community about a Trojan virus that takes control of users’ wallets on both computers and mobile devices. Thus, attackers can steal all cryptocurrencies from their victims’ accounts.

One of the security agencies that gave the alert is the Prevailion cybersecurity agency, which indicated that the name of the malware is MasterMana Botnet. This malicious file uses Phishing type emails to operate.

The malware sends emails to a large number of people to infect computers; when victims open the message, the malicious code creates security breaches and then access the cryptocurrency funds stored on the device.

“We assess that the Botnet was interacting with approximately 2,000 machines a week, or 72,000 machines over the course of 2019, based on the snapshot we observed”, said the Director of Prevailion, Danny Adainis.

According to the cyber-intelligence company, the malware was modified to create a Trojan which operates through Microsoft programs. In this way, there is a possibility that it affects users by infecting devices through Word, Excel, PowerPoint and even Publisher files.

Getting to know the Guilty One

An organization known as The Gordon Group could be responsible for creating this malware. This group is integrated by hackers from around the world who sell the digital assets they steal.

The MasterMana Botnet would use a low-budget Russian malware. This malware costs about USD 100, although hackers also require a virtual public server for a price of USD 60.

The cost could be even lower. This is because a similar version of the Trojan, better known as Revenge Rat, was available for free access until mid-September.

Despite that suspiciously low cost, the malware reached about 2,000 devices every week since December 2018.

“These actors saw an opportunity and appear to have carved out a nice niche for themselves. We suspect that this particular threat actor will likely to continue his operations, as a previous public reporting has not deterred them”, the researchers explained.

In addition, the researchers said they wanted to highlight the band’s new modus operandi “so that network defenders may more easily identify their operations”.

However, until now the identity of the people who make possible the expansion of these attacks is unknown and this malware is undetectable for many of the most popular security software on the market.

Other Threats

This year, the rise in the price of cryptocurrencies has caused new threats to be detected every week.

Last week, security experts warned about a new spyware which used the encrypted service of Telegram, the messaging platform. This malware seeks to replace the wallet addresses of its users with their own address.

Recently, ESET, the leading antivirus provider based in Slovakia discovered a banking Trojan which is able to steal cryptocurrencies and is widespread in Latin America.

Investigators’ estimates are that criminals have managed to steal some USD 4.3 billion. For this reason, new forms of investigation have been created to find those responsible and help the victims.

By María Rodríguez

Ukraine Will Seek to Legalize Cryptocurrencies

Maria Rodríguez
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Ukraine Will Seek to Legalize Cryptocurrencies

The country announced that it is evaluating to use a blockchain platform to store public documents.

According to local media, Ukraine is looking for alternatives to advance in the field of crypto-technology since many users are interested in this field. For this reason, it was known that the Ministry of Digital Transformation o Ukraine is evaluating a proposal that will be presented to the Parliament, in order to legalize the use of cryptocurrencies in the country.

In recent official statements, the Vice Minister selected by the Ministry of Digital Transformation of Ukraine, Alexander Bornyakov, gave his support to the crypto-technology. He assured that the institution he presides seeks to formalize the legality of the digital asset. The intention is to use it in the European country.

Likewise, Bornyakov added that not only cryptocurrencies are part of the Ukrainian authorities’ plans, but also they are developing a project for the State where they will use blockchain technology to digitize and store the records documents of public use. This is another advantage that blockchain technology offers.

Now, according to these plans, which are close to a regulatory matter for digital assets, the Ministry of Economic Development is modifying, in line with government actions, all kinds of economic policy linked to these assets. In this way, they can effectively create an ideal ecosystem for its implementation in all the economic sectors of the nation, taking with this action an important step by recognizing the terms “cryptocurrencies” and “digital assets”.

The Adoption Process

Specialists in the industry say that once the competent regulation has been approved and when users can negotiate and trade them freely, cryptocurrencies could become an important sector of the Ukrainian economy. According to what some expert estimates, the adoption process in the economy of that country could take around three years to be complete.

Also, the statement issued by the authorities, where the adoption process is expressed, easily explains the operation with cryptocurrencies and adjusts the limits.

The official concept about the implementation of cryptocurrencies in the country will be announced by mid-2021, and it includes a process divided into two stages. The first stage is defined in a period of two years between 2018 and 2019, where the legal status of crypto assets, and the recognition and investigation of companies dedicated to the exchange of these assets will be determined.

Another task is to analyze the crypto market and assess its difficulties to determine the direction that the regulator assembly should follow.

The next stage includes a period of two years, from 2020 to 2021, and during this phase the developers will conduct the necessary control for virtual currency providers; this is in order to determine the rest of the regulatory services that these assets should be subject to.

It is known that currently cryptocurrencies are not illegal in Ukraine. However, they do not have official recognition by the State. If this legalization is approved, users would have legal support to conduct their negotiations.

By María Rodríguez

Spanish Company Transforms CO2 Emissions in Tokens for Trading

Maria Rodríguez
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Spanish Company Transforms CO2 Emissions in Tokens for Trading

With the tokenization of each ton of CO2 that is not sent to the atmosphere, the Spanish company Greenb2e generates an investment system and motivates to preserve the environment.

Traditional fuels, used both in the electrical industry and in the transport sector, generate an excess of carbon dioxide (CO2) that represents more pollution for the environment. In Spain, blockchain will be the new tool that will help control this situation.

In order to keep CO2 emissions to the minimum established in the Kyoto Protocol, some 1,100 companies in Spain and 12,000 in the European Union have “permits” and limits to emit CO2. These companies can sell these quotas, according to the National Allocation Plan (NAP) for CO2 emission rights.

Blockchain technology comes to this buying and selling dynamic. The objective of the Spanish Sustainability Observatory (OSE) along with that of the previous Ministry of Environment, is that less than 1 million tons of CO2 be produced each year through voluntary actions by private sector companies.

The Greenb2e company is tokenizing carbon dioxide surpluses so that these new assets can be traded in the market.

The project will convert tons of carbon dioxide that do not reach the atmosphere into digital values. In this way, in addition, companies that are taking care of the environment can invest in the token.

“We see the tons of carbon dioxide that have stopped being emitted and we transform them into a digital asset”, said Miguel Pelegero, Director of Business Development and Operationsfor the company.

About Greenb2e

It is a sustainable energy solutions management firm which offers consulting, engineering and energy management services. This company developed a pilot program in which it replaced diesel engines with photovoltaic panels to promote greener energy.

The new project of the Spanish company is possible thanks to an agreement with the Spanish bank Bankia, which has a platform to develop blockchain applications whose name is Stockmind.

The pioneering renewable energy program is conducted in Castilla-La Mancha, specifically in the municipality of Argamasilla de Alba (Ciudad Real, Spain). It works with 54 solar panels for the agricultural production of vineyards.

It works in areas where it is not feasible to have traditional electricity, such as in agricultural fields. The idea is to replace diesel engines that provide power to irrigation water pumps with photovoltaic panels.

“With this initiative we intend to reduce the annual consumption of diesel, as well as to valorize the CO2 emissions avoided, by replacing the generator set with solar panels, and convert it through our methodology, certified and endorsed by the DNV certifier, of the kWh produced by solar panels to tons of CO2 avoided”, Pelegero explained.

In total, 27 investors have financed the project, reaching an amount of 40,000 euros (USD 43,920). The Valencian financing company Colectual was in charge of directing the crowdfunding.

Now, companies that wish to contribute to practices against climate change can offset their CO2 emissions with the purchase of digital assets.

Currently, the company is trying to implement the plan in other regions of Europe, Verónica Rodríguez reported to local media.

The Director commented that the company is working on using blockchain technology in other sectors, such as the port sector.

“We are working on a project for the port of Valencia, which not only includes the tokenization of CO2 savings, but also surpluses of kilowatt per hour and thanks to blockchain technology we can exchange them in the market”.

By María Rodríguez

Business Blockchain Launched in United Arab Emirates

Maria Rodríguez
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Business Blockchain Launched in United Arab Emirates

Aergo is a blockchain platform used by successful companies in Europe and Asia. In the United Arab Emirates, blockchain is already used in the health sector.

Blocko, a South Korean blockchain provider, launched a business blockchain called Aergo in the United Arab Emirates after getting USD 16 million in financing.

In order to offer new solutions to the business sector, Blocko partnered with SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, in the United Arab Emirates.

With the aim to launch the Aergo platform, Blocko raised a total of USD 16 million thanks to two rounds of financing that were conducted separately.

The oldest bank in South Korea, Shinhan Bank, as well as KEB Hana Bank, LB Investment and Dadam Investment are among the institutions that participated in the financing round.

“We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management, and the Internet of Things, the same areas in which the Middle East in particular is looking for practical solutions”, said Phil Zamani, CEO of Blocko.

Blocko and Samsung

The blockchain provider Blocko has designed 38 large-scale blockchain business solutions in South Korea for companies such as Samsung, Hyundai Motors, and Cisco.

Now, thanks to its partnership with SEED, Blocko expects to continue growing to provide its solutions to more and more companies. This would now be possible in a country with a business sector as important as the one of the United Arab Emirates, thanks to the Aergo platform.

“The United Arab Emirates and the wider Middle East region in general are constantly seeking advanced blockchain solutions for government and digital services. Thus, we recognize the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security”.

Blockchain and Health

The Ministry of Health and Prevention of the United Arab Emirates had implemented a blockchain system to register and share health data.

In this way, the blockchain-based platform “will save and share the assessment information of health professionals, including doctors, pharmacists, and technicians with local licensing health authorities”.

The objective is to store and keep unchanged the data and information handled by the Ministry of Health of that country. The idea is that these data can be shared with authorized people, such as health center workers, specifically doctors, pharmacists, and technicians.

“The Ministry has successfully developed the necessary infrastructure for a decentralized database based on blockchain”, said the Assistant Under-Secretary of the Support Services Sector of the Ministry of Health, Awad Saghir Al Ketbi.

He added that during the first stage, the evaluation system of health workers will be linked to public and private health authorities and other relevant institutions to create a single digital platform with access to the portfolio of health professionals.

On October 2nd, the Middle Eastern business publication Arabian Business reported that Blocko partnered with SEED Group. Their goal is to reach more and more companies. This in another example that blockchain technology continues to cover more and diverse fields.

By María Rodríguez

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