Ripple Blockchain Will Allow International Payments to more than 50 Destinations from Chile

More and more countries require blockchain services to make international payments almost immediately and safely

Blockchain platforms continue to demonstrate that they can improve the performance of companies in different fields of work. In the case of international payments or transfers, blockchain demonstrates that it can facilitate the completion of these transactions.

In this sense, the network of Ripple Net, a payment platform based on the Ripple blockchain, will allow the payment routes of the Chilean company CurrencyBird to be expanded to 50 destinations. This Chilean company does not operate with cryptocurrencies and does not plan to do so right now, but it decided to use the Ripple blockchain in order to improve its internal work processes as an establishment for sending remittances.

The company released the news in local media and through its official blog. Thanks to this Ripple blockchain platform, the company will have a new tool to improve the necessary processes that allow international transfers from Chile, as it was confirmed by Ripple South America, through its press information.

Among the more than 50 destinations to which Ripple will allow transfers are Peru, Brazil, the United States, Australia, China and Canada. In this way, payment routes will be extended to other places in the world.

Fast and Transparent Payments

Ripple blockchain solutions have been characterized, so far, to achieve better prices and faster international transfers. Companies like CurrencyBird comment that the Ripple blockchain “allows the transfer of digital data with secure and sophisticated coding”.

Last March, both companies signed the agreement to work together and between that month and July they conducted the integration process to start operating with Ripple Net.

Some of the advantages that blockchain offers to the international digital transfer sector, compared to those of the traditional payments, are the possibility of offering greater agility in the processes, faster sending of funds and greater transparency, since the data of the transactions is stored securely and unchanged for user peace of mind.

The possibility of tracking transactions is another advantage of blockchain technology in general, as well as efficiency, which allows paying lower costs to conduct the process.

Growth in Operations

The Chilean company offers transfers to some 13,000 banking customers throughout the country. These users can transfer funds in dollars to Peru or in reals to Brazil.

In addition to conducting transactions in Chilean currency and foreign currencies, the company works with other companies to pay for imports. One of the most important advantages that blockchain has offered is to achieve the growth in the number of operations, according to what Teófilo de la Cerda, General Manager of CurrencyBird declared to local media.

Only from July to August the number of transactions has increased by 60% compared to those performed last year, thanks to the Ripple blockchain platform. Regarding the volume of transactions, the increase is 100% higher compared to the same period corresponding to last year.

Chile is one of the Latin American countries, such as Argentina and Colombia, which has most adopted blockchain technology. This is the example of only one of the traditional companies in the region that has begun to explore the benefits of blockchain technology, whilst there are still regulations and way to go.

By María Rodríguez

Argentine University Proposes a Broad Regulation for Bitcoin

Formosa and Chaco Citizens are very interested in blockchain technology. There are 48 daily searches regarding this topic on Google

The role of academies is, in many cases, to guide the society towards a path of economic, social stability and even in the development of new technologies. In this sense, the Faculty of Law, Social Sciences and Politics of the National University of the Northeast (UNNE), in Argentina, is studying the progress of Bitcoin and the use of blockchain platforms.

During these studies, the university emphasizes the legal implications of these technologies. The main objective is to offer, both to the national and regional government, the information necessary to develop a regulation as successful as possible, in order to benefit the users of cryptocurrencies or blockchain technology.

The name of this research group is Deodoro Roca. Moreover, according to the research conducted by UNNE, three provinces of the northeast region of the country have an unusual interest in blockchain technology. These regions are Formosa, Chaco and Corrientes.

The citizens of these regions are also interested in the legal perspectives of blockchain technology in the country, and in the most appropriate regulatory approach to guarantee the development of the ecosystem in the country.

“We have collected data about the interests of people in our provinces and how interested they were or how much they knew about Bitcoin and its operation. Through statistical data, we found that the national average was more or less in 48 daily searches regarding these topics on Google. We saw Formosa exceeded that measure, whilst Corrientes and Chaco were very close to the measure”, Facundo Barrios, a lawyer and fellow of the UNNE said.

Citizen Protection

The university is proposing a regulation for cryptocurrencies flexible enough to allow innovation, but effective enough to offer protection to citizens. This happens because the university seeks to achieve a regulation for cryptocurrencies and blockchain technology that does not limit the technological development in Argentina.

In this sense, the Bitcoin and other cryptocurrency users’ community and the technology entrepreneurs’ community would be used to protect users from possible scams or frauds that could harm them, as a consequence of an unclear regulation.

About how the regulation of these digital currencies would be, and from his point of view as a lawyer, Barrios believes that the laws should protect only the investor and the user of cryptocurrencies. “The technology should be, perhaps, uncontrolled, but it should be under surveillance by the authorities”, the researcher said.

However, Barrios also believes that it is not convenient to regulate something that is constantly changing. “If we do that, we would be regulating something that would be different tomorrow. Talking about Bitcoin, it is almost difficult for a state to control it”. In addition, he commented that, right now, people is talking about Bitcoin, cryptocurrencies and blockchain in the legal world. Therefore, there is still a long way to go.

For these reasons, UNNE and universities in other countries seek to contribute with enough research material or theoretical inputs to build a regulation for users of Bitcoin and other cryptocurrencies, but without subtracting space to innovation, knowledge of the nature of these digital currencies, their behaviors, or the effectiveness of established norms.

By María Rodríguez

European Central Bank Plans to Use more Data from Blockchains to Monitor Cryptocurrencies

The ECB has already built a system to analyze “the crypto asset phenomenon.” In the future, the ECB plans to go into more granular details to analyze crypto assets.

The European Central Bank (ECB) has issued a new report indicating that it plans to use more data from blockchains to better monitor the performance of cryptocurrency markets.

The report, which is entitled “Understanding the crypto asset phenomenon: its risks and measurement problems,” the report reveals that the ECB has already built a system that uses “high quality” aggregate data (available online) in its efforts to analyze “the crypto-asset phenomenon.” This can help the financial institution identify and monitor how financial technology could affect monetary policy and the risks that it potentially poses for market infrastructure, payments and financial stability.

However, the use of data available in this way has its limitations regarding their value. The report explains that these data leave “gaps and challenges” such as the exposure of financial institutions to cryptocurrencies and payment services that use layered protocols.

The report mentions the exposure of cryptocurrencies to investment derivatives and vehicles, financial companies that venture into escrow and other services, and payment platforms that use crypto assets as potential implications for financial policy and stability, among others.

Although they are currently “contained and/or manageable,” such links with regulated financial companies “can be eventually developed and increased.”

Regarding these issues of accurate data collection, the European Union banking authority says that it is especially difficult to retrieve public data on segments of the crypto asset market that remain outside the radar of public authorities.

They also explain that some relatively low liquid trading platforms may be affected by wash trading and indicate that there is no consistency in the methodology and conventions of institutionalized exchanges and commercial data providers. Besides, they predict that new and unexpected data needs may arise with more advances in crypto assets and related innovation.

In the future, the ECB plans to go into more granular details about its cryptocurrency analysis, and it promises to “continue to work on indicators and data by addressing the complexity and increasing challenges encountered when analyzing protocol transactions in chain and layers.”

Additionally, it aims at searching for new data sources to obtain information on the links between the encryption assets and the regulated companies.

Concerning transactions off the chain, transactions made off the blockchain and then re-added onto the chain in fewer transactions, the ECB promised to increase the “availability and transparency” of the data reported and the methods used to provide them, thus “harmonizing and enriching metadata and developing best practices for cryptocurrency indicators.”

To conclude, it is worth mentioning that financial institutions worldwide are increasingly incorporating blockchain technology to improve their functionality and the services that they provide. The use of this technology helps them have greater control over customer’s investment not only in fiat money but also in different kinds of cryptocurrencies.

Once again those interested in joining the cryptocurrency network have some good reasons to do so, namely the security provided by the use of blockchain technology and the support by important of financial institutions such as the European Central Bank.

By Willmen Blanco

Amazon Plans to Build a Blockchain for Advertising

The technology giant recently published a job offer in which it seeks to hire a software development engineer for the creation of an advertising blockchain.

In its LinkedIn account, the Amazon Company published a job offer for a software development engineer who, if selected, would join the company’s work team in Colorado, with the aim to work on a blockchain that serves to manage the advertising sector, something very important for this company.

The goal of the online retail sales giant is clear. Its intention is to make grow its advertising business, by taking advantage of its online retail data, as well as strengthening cloud services and creating a fast-evolving business culture, or a new way of doing business.

The message that Amazon posted on its social work network says: “Our new team at Boulder is looking for an experienced software engineer to work in our FinTech advertising team focused on a blockchain distributed registry, billing and reconciliation systems, to provide transparency of data on transnational financial data”.

The offer focuses on blockchain developments, as the publication explains. The message adds the following information: “This is an opportunity to define the architecture direction of this technology for Amazon’s advertising business, using blockchain technology”.

The Engineer’s Roles

The role that the chosen engineer will play is very important. His work will consist of the analysis of the requirements, the design of the platform, the implementation of the resources that are necessary for the platform, and the interaction with other engineers and program managers, as well as providing operational support and special maintenance of the systems.

Of course, one of the most necessary activities will be to define the road map or the steps to follow for the technical and architectural development of the systems. According to the points highlighted by the company, candidates with experience in advertising, financial technology and, of course, blockchain are needed.

Until now, few details about the company’s total plans are known. But, last May, Amazon obtained a patent to generate Merkle trees as a solution to the Proof of Work (PoW) algorithm.

AdTech Enhancements

Although it is not yet known what type of blockchain Amazon will use for advertising, its interest in generating improvements in the so-called advertising technology or AdTech is known. Previously, the Amazon Web Services blockchain team built a blockchain known as Quantum Ledger Database (QLDB) and an AWS service, Managed Blockchain, that connects with Ethereum and Hyperledger Fabric.

Amazon is one of the companies that seek to use Distributed Ledger Technology (DLT) to simplify the AdTech value chain. These projects have in common the idea of ​​creating a distributed accounting book that avoids discrepancies among the participants of advertising technology.

In the same way as a cryptocurrency blockchain shows which addresses sent or received money, how much money they received, and at what time, an AdTech distributed accounting book could track how much advertising is being placed and which intermediaries are benefited. The company could improve this concept and, then, offer it to others.

“We have a long and healthy tradition of presenting projects developed internally at Amazon”, said Rahul Pathak, General Manager of AWS Managed Blockchain.

By María Rodríguez

Mining Malware Attacks Reduced by 50% during First Half of 2019

New versions of CoinHive malicious software with added functionalities have emerged. Ransomware remains the most used malware by cybercriminals.

Ransomware and mining malware have been the most commonly used methods by cybercriminals against organizations in 2019, indicates the Cyber ​​Attack Trends report by the company Check Point Research. However, it should be noted that mining malware attacks were reduced in the first half of the year, compared to the first half of 2018.

According to the report, mining malware attacks were reduced by 50% during the first half of this year. Check Point Research records that 21% of organizations worldwide were affected by mining malware attacks compared to 42% during their peak in 2018. This decrease is connected to the closure of the CoinHive mining platform in March 2019.

With data extracted from the Check Point ThreatCloud global cyber ​​threat Map between January and June 2019, combined with the primary research conducted by the company’s cybersecurity experts, the report described trends observed in malware categories: ransomware, mining software, botnet, bank Trojans, data breaches and mobile threats, in descending order by frequency of use.

Mining malware remained prevalent in the threat landscape of the first half of 2019. This occurred despite the closure of the notable CoinHive mining service in March, which led to a decline in the popularity of mining malware among threat actors. As a consequence, and to continue to prevail in 2019, threat actors have been adopting a new approach by aiming at more rewarding targets than consumer PCs and by designing more robust operations.

Check Point Research

The report states that corporations, factories, powerful servers, and even resources in the cloud, can be found among the new victims.

In the global analysis of the main malicious programs during 2019, miners continue to dominate the mentioned malware classifications, maintaining their place in the top global and regional ranges.

Mining Malware Decreases but It Diversifies

Regarding the descriptions of the different mining malware modalities, Check Point Research highlights the presence of AuthedMine, a version of the CoinHive JavaScript miner. Similarly to CoinHive, AuthedMine is web-based malware used to perform online mining of the cryptocurrency Monero, when a user visits a web page. However, unlike CoinHive, AuthedMine is designed to require the explicit consent of the website user, before running the mining script.

In the second place is CryptoLoot, JavaScript-based malware designed to perform online mining of the Monero cryptocurrency, without the user’s approval, when visiting a certain web page. The implanted software uses the computational resources of end users’ machines to extract coins, which affects their performance.

The third place is occupied by DarkGate, multifunction malware active since December 2017 that combines ransomware, credential theft, RAT and crypto-mining capabilities. The malicious software mainly aims at the Windows operating system, and it employs a variety of evasion techniques.

On the other hand is WannaMine, which is a sophisticated Monero crypto-mining worm that spreads when the EternalBlue exploit explodes. WannaMine implements a propagation mechanism and persistence techniques by taking advantage of permanent event subscriptions from Windows Management Instrumentation (WMI).

Finally, the XMRig, which is a kind of open source CPU mining software used for the mining process of the cryptocurrency Monero, and was first seen in May in 2017.

By Willmen Blanco

New Zealand’s IRD Legalizes Crypto Payments; which are also taxable

There is no denying that cryptocurrencies are here to stay, and as surprising as it may sound, there are still numerous things for them to achieve. One of them is getting more people to receive their monthly salaries or payments in crypto assets instead of fiat currencies, and there are good news coming from Oceania in that front.

New Zealand, more specifically the Inland Revenue Department (IRD, which functions as the nation’s tax regulator and office) will now make it legal for people to receive crypto payments as a form of salary, which is a ground-breaking development that could have a domino effect on other countries. These salaries would also be properly taxed.

Details and Conditions to be met

The announcement was made public in the monthly bulletin of the Inland Revenue Department, on the August issue. The office’s new ruling, under the Income Tax Act, section RD 3, explained that any worker or employee could receive his or her payment in cryptocurrencies, with the condition that said payment is the result of services performed under an employment contract, for a fixed amount, and is a recurrent or regular portion of the worker’s remuneration.

Another existing condition is that the crypto asset in question can be exchanged for fiat money and, according to the IRD, needs to have as a primary objective to act like a currency or be tied to another fiat currency’s value or price.

“In the Commissioner’s view, crypto-assets that cannot be converted or sold by the employee for a material period of timeafter payment does not sufficiently resemble a payment of salary or wages,” it can be read in the document.

“Pay as You Earn”

The crypto assets used as payment forms that are provided as shares for income tax matters, and are therefore obtained under a worker share scheme, do not apply for the previously detailed ruling, however.

For the new ruling purposes, the salaries paid in cryptocurrencies will fall into the PAYE category. PAYE means “pay as you earn:” the payments would be deducted to the employee’s recurring income and will pass to the tax department automatically.

The new regulations will start being official on September 1st, 2019, and will apply for a three-year period until 2022. The ruling was signed on June 27th by Susan Price, currently functioning as the IRD’s Director of public rulings.

Making the Law more Specific and Modern

The previous law in the country dictated that employee’s salaries payment form was only through “money.” The nation’s official currency is the New Zealand dollar.

With this development, New Zealand becomes the first nation to legally back up companies that pay their staffers with digital assets. The move puts the controversial crypto asset class on the same level as regular, mainstream payment forms.

In a world in which cryptocurrencies and all related services are virtually all unregulated, the New Zealand’s events are a massive step in the right direction.

By Andres Chavez