Automotive Dealer in Singapore Will Sell Used Cars through Blockchain

Maria Rodríguez
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Automotive Dealer in Singapore Will Sell Used Cars through Blockchain

The system will allow the buyer to access a data record of each vehicle that is for sale at the car dealership

SGCarMat, a car dealership based in Singapore, has recently signed a commercial agreement with the decentralized data exchange protocol company, Ocean Protocol, with the aim to start up a used car buying system using blockchain technology.

The project has a specific purpose, which is to create a platform able to share information about the used vehicles that are available in Singapore. The system for users to access data securely will have the name: “Know Your Vehicle” and it will be an electronic medium where information about each vehicle can be consulted.

Ocean Protocol has been present in Singapore since some years now. Therefore, it is not the only project that this company has developed in the Asian country. Last year, Ocean Protocol was one of the leading companies to participate in the “MOBI Grand Challenge”, which consisted of a competition that would reward the company that has developed a solution based on blockchain in order to help coordinate vehicles, support data and create alternatives to improve mobility conditions in the country.

It is for this reason that the company will make available to the public the “Know Your Vehicle” system now. This tool will allow future used car buyers to verify the specific origin of the car until it leaves the dealership.

The new tool can help the buyer to have a clear idea of his purchase and how he should take care of his vehicle. This represents a very useful tool for a country like Singapore since, according to some studies, more than 9000 vehicles change owners on a monthly basis and there is not always a complete record of the car’s history.

In this way, the development of this new tool will help those interested in buying a used vehicle to obtain any information and not have to rely only on the word of the previous owner. This allows increasing reliability and having a secure mechanism where users can obtain all the information related to each and every one of the vehicle parts.

Among the data that will be available to the buyer at the time of verification are all the accident record that the vehicle has suffered, the total number of owners, any mechanical damage it has had, the parts that have been replaced by other and which other pieces remain original of the vehicle, among other information that may be relevant for the next owner.

These data, although it is possible to obtain it in public records, had never been collected and made available to the buying public.

This has not been the only attempt to use blockchain technology to improve services focused on transport and improving mobility. Currently, there are projects in many countries where Distributed Ledger Technology (DLT) is used to pay for public transport or to make a digital identity card to move around in cities.

By María Rodríguez

Central Bank of the Philippines Doubts about Launching its Own Cryptocurrency

Maria Rodríguez
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Central Bank of the Philippines Doubts about Launching its Own Cryptocurrency

The bank has not issued an official report on whether or not to send its cryptocurrency to the Philippine market

Recently, official spokespersons of the Central Bank of the Philippines (BSP), announced that they are still not sure whether to bet everything on the launch of their own cryptocurrency, which would be supported by the institution.

According to the comments, they said they still in long debates where the idea of ​​being updated with technology has clashed with the idea of ​​fulfilling other responsibilities that the financial institution handles.

About this insecurity that the institution is undergoing, Benjamin Diokno, President of the BSP, commented that the presiding institution is not the only one in the world that is in the same situation.

During a meeting of the Bank for International Settlements, which took place in Switzerland last month, most representatives of the Central Banks of the world agreed with the thought of not being ready for the adoption of these technologies. At the same time some of them expressed feeling worried about the launch of Libra, the cryptocurrency of the social network Facebook.

Diokno added that after witnessing the great division of criteria within the global financial system, the idea of ​​launching the digital currency will be under discussion in its next decision-making process.

About the dangers that the institution could face when adopting the crypto-technology, Dionko mentioned that there are strong risks related to cryptocurrencies like Ethereum and Bitcoin. However, he thinks that in the case of a cryptocurrency issued by a central bank there will not be these kinds of risks. In spite of this, he explained that there are other ways in which the bank can face great risks if it manages to issue digital currencies.

“We have to be open to innovation, except that we also have a responsibility with consumer. Let’s give it another three or five years”, concluded Diokno.

In addition, it was mentioned that the volatility handled by cryptocurrencies is too risky for consumers since the value of these digital currencies is constantly changing and this could negatively affect the institution’s intention of investing.

Also, according to data recorded by the BSP’s Technology Risk and Innovation Supervision Department, transactions made with digital assets in the country have doubled since last year, arriving to handle an approximate of more than 390.37 million dollars.

It is for this reason that the Central Bank of the Philippines authorized and licensed more than 11 exchange houses that handled digital assets. Among the most used by Filipinos are: Bexpress Inc., ABA Global Phils. Inc., Virtual Currency Philippines Inc., and others.

The final decision of the bank about whether or not to launch the cryptocurrency, has not yet been officially announced. For the moment, the Filipinos say they will continue to use digital currencies to make their transactions. Bitcoin and Ethereum are among the currencies that they use the most to carry out some of their payments.

BSP personnel urged caution regarding the use of cryptocurrencies this week and promised to continue to address the risks those assets represent.

By María Rodríguez

Over US $32 Million in Cryptocurrencies Stolen from BITPoint

Willmen Blanco
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Over US $32 Million in Cryptocurrencies Stolen from BITPoint

The Japanese operator started operating in Panama in 2018. BITPoint had been advised by the authorities to improve its security system.

BITPoint, a small exchange house of Japanese origin, reported the hacking attack on its platform. The event meant the loss of US $32 million in XRP (3.5 billion yen) and other cryptocurrencies, according to some sources. The exchange house started operating in Panama at the end of 2018.

According to a statement released by the crypto wallet on July 12th, 2019, about US $23 million belonged to users of the platform. BITPoint owned the rest of the cryptocurrencies involved in the hacking attack. After the event, the shares of Remixpoint, company responsible for the platform, fell by almost 20%, and stopped being traded on the Tokyo Stock Exchange due to an excess of sales orders.

The stolen funds were taken from hot wallets, which contained the five cryptocurrencies traded through the exchange house: Bitcoin, Bitcoin Cash, Litecoin, XRP and Ether. Although the exact figures of the losses are still not clear at the moment of writing this article, Bloomberg informed that the highest percentage was stolen in XRP.

“We are committed to measures to minimize the damage. We will announce the lost amounts as soon as the details are known,” said Remixpoint, company that manages BITPoint.

According to the statement, after an emergency meeting, BITPoint suspended exchange operations after the hacking of cryptocurrencies, withdrawals and deposits on the morning of Friday, July 12th; this is, after reporting an irregular withdrawal of XRP from its hot wallet one day before.

BITPoint Latam made an official statement in which it said that the funds of the users of the exchange house in Latin America were not affected.

Below are the contents of that document:

BITPoint Latam informs its customers in Latin America that on July 11th, 2019, our parent company BITPoint Japan was the victim of a cyber attack that resulted in the theft of digital assets. The affected customers’ funds will be restored in their entirety. For the peace of our community, the funds of our clients in Latin America have not been affected.

As a security measure, the service is temporarily suspended. BITPoint Japan has used due forensic service to track the funds compromised in this event and recover them.

In case of any questions, please contact [email protected]

BITPoint Latam, branch of BITPoint in Panama

This exchange house was among the group of operators that was urged by the Financial Services Agency of Japan to improve the internal security controls of its platform, after the hack suffered by the also Japanese crypto wallet Coincheck last year.

At that time, Coincheck was the victim of a theft of the equivalent of US $530 million in the cryptocurrency of NEM, XEM.

As a consequence of that hacking attack, the Japanese authorities tightened the noose on this type of companies, insisting on the need to improve their security system in order to avoid having a new case of cryptocurrency theft. It seems that BITPoint had not improved its system sufficiently before the event.

By Willmen Blanco

US Treasury Expresses Concerns about Crypto and Emphasizes That They Must Show Compliance

Andres Chavez
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US Treasury Expresses Concerns about Crypto and Emphasizes That They Must Show Compliance

Concerns about Facebook’s cryptocurrency project and the Libra Association are growing within American lawmakers, political organizations and government institutions. Several sides have expressed their preoccupation with the sustainability of Libra and, mostly, its ability to comply with the current regulations in the United States.

The latest institution to publicly express its doubts about the project is the United States Treasury. Through its Secretary Steven Mnuchin, the organization has mostly backed the sentiments about crypto and, most specifically, Libra, expressed in recent days by the President of the nation Donald Trump.

Enforcing FinCEN Regulations when Necessary

Through a press conference at the start of the new week, Mnuchin said that he, like Trump, doubts the effectiveness of crypto asset and thinks they have too much potential to be used to fund illegal endeavors. He also stated that FinCEN regulations needed to be enforced whenever necessary when it comes to dealing with crypto organizations.

The Secretary of the Treasury even observed that the use of digital assets like Libra to finance illicit activity should be, and is, a matter of national security, stressing that considerable amounts of money – billions of dollars – have been used for legally dubious projects.

“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking … This is indeed a national security issue,” he stated in the press conference.

“Cryptocurrencies Have Been Dominated by Speculations”

Whilst taking enquiries from the press, Mnuchin took the opportunity to comment on the role of digital assets and cryptocurrencies as tools and means to fund criminal activity. “I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”

Trump recently criticized Bitcoin and the cryptocurrencies in general, saying that there was only one currency that the Americans should trust: the US dollar. Mnuchin supported those comments and stated: “As the President has said: ‘Bitcoin is highly volatile and based on thin air’” and “Treasury takes very seriously the role of the U.S. dollar as the world’s reserve currency.”

Attacking Digital Assets

Trump used the Social Media Summit on July 12th to take a hit on crypto assets and defend the US dollar. Via his official Twitter account, the president said that they are highly volatile and that they can “facilitate unlawful behavior.” He also criticized the crypto project that is on everybody’s lips: Libra.

Mnuchin says that the United States Treasury has made a priority of letting people know (mostly Facebook users and Bitcoin investors) that digital financial services, such as Libra, need to comply with the same Anti-Money Laundering and Combating the Financing of Terrorism policies as other, more traditional institutions like banks.

And if that were not enough, Mnuchin notes that Libra and all crypto projects also need to comply with the Bank Secrecy Act (BSA) and register with the Financial Crimes Enforcement Network (FinCEN): a bureau of the Treasury.

By Andres Chavez

Litecoin is the New Miami Dolphins’ Official Cryptocurrency

Maria Rodríguez
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Litecoin is the New Miami Dolphins’ Official Cryptocurrency

Users of cryptocurrencies can buy raffle tickets with LTC and Bitcoin (BTC). The aim is to benefit the Miami Dolphins Foundation and its charitable causes

The Litecoin Foundation recently announced that Litecoin is the new official cryptocurrency of the American professional football team The Miami Dolphins. Thanks to this decision, fans could pay with Litecoin and Bitcoin to buy tickets for the team’s 50/50 raffle, where half of the proceeds benefit the Miami Dolphins Foundation and its charitable causes.

This plan will be ready for the 2019 NFL season. The contribution to charitable projects is possible thanks to an alliance between the Miami Dolphins, Litecoin and Aliant Payments, a commercial services and crypto-payment processing company that allows crypto payments for the next 50/50 raffle of the team.

“We are thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins, the Managing Director of the Litecoin Foundation, Charlie Lee, said. The project gives Litecoin inclusion across the team’s different online properties and digital content.

According to the information, users of cryptocurrencies can buy raffle tickets with LTC and Bitcoin (BTC). They can buy these tickets both online and at 14 kiosk and raffle seller locations throughout Hard Rock Stadium.

Through a Massive Adoption

Charlie Lee, who also created Litecoin, hopes that this partnership is a way to educate the public about LTC and cryptocurrencies in general.

“This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale”, Lee said.

About Litecoin

Litecoin was created in 2011 and is one of the most readily available and most frequently transacted cryptocurrencies. It has gained popularity as a faster, less expensive and more secure means of payment for individuals. Also, it is considered as one of the favorites cryptocurrencies to help with growth for merchants. To date, many businesses around the world allow their customers to pay with Litecoin o Bitcoin.

“The Miami Dolphins are always looking for ways to enhance the fan experience, and this partnership with Litecoin provides the ability for guests to enjoy our 50/50 raffle while donating to a great cause”, Miami Dolphins Vice President & Chief Information Officer Kim Rometo said.

Other sports clubs have resorted to cryptocurrencies as a means of payment to their players or as a way for fans to acquire tickets.

One of the clubs that uses cryptocurrencies is the SL Benfica, which opened the payment of tickets and merchandise through these digital assets last June. The club partnered with the Utrust cryptocurrency service, in order to facilitate this new payment option. In this way, SL Benfica now accepts the Utrust native token (UTK), as well as BTC and Ether (ETH), as payment options.

By María Rodríguez

Binance Launches 2.0 Platform and Initiates Leveraged Trading

Willmen Blanco
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Binance Launches 2.0 Platform and Initiates Leveraged Trading

The new platform will allow leverage in BTC, ETH, TRX, XRP and USDT. Users are able to transfer funds from their margin wallet to their primary wallet without having to pay commissions.

The largest exchange house, Binance, has launched version 2.0 of its platform, a move that officially adds leveraged trading for its clients.

The company revealed that trading with a margin wallet for its users was already on its way by the end of May 2019, and soon afterward it said that the service would work with leverages of up to 20 times (20:1) in the future.

In a release published on Tuesday, July 9th, 2019 Binance indicated that leveraged trading (the amount that can be borrowed against a user’s cryptocurrency guarantee) is of only 3 times (3:1) at that moment. According to what the company commented in a tutorial video, the balance in the margin wallet will determine the amount of funds that can be borrowed, following a fixed rate of 3:1 (3 times). For example, if a user has 1 BTC, he or she could borrow twice that amount.

It was also established that, in order to make use of this service, traders must have passed a know-your- identification (KYC) check and they must also have established the two-factor authentication as an extra layer of security.

Initially, trading with the margin wallet is available for parities such as Bitcoin (BTC), Ether (ETH), XRP, Binance coin (BNB), Tron ​​(TRX) and Tether (USDT), but it can be financed with all currencies supported by Binance. The commissions are 0.02% in all cryptocurrencies with the exception of BNB, which maintains commissions of 0.01%.

The Co-Founder of Binance, Yi He, explained that the current market for cryptocurrencies and legacy trading platforms with leverage simultaneously establish great risks and benefits. However, they feel confident that their development, coupled with more knowledge about the proper way to manage risk, will help realize considerable long-term benefits.

Regarding version 2.0 of its platform, the exchange house indicates that, as well as having a “recently optimized interface,” it also has a new advanced operations engine aimed at improving order matching.

Moreover, the platform allows users to move funds from the margin wallet to their main/primary wallet in Binance, without being charged transaction fees. With reference to the addition of margin trading, the CEO of Binance, Changpeng Zhao explained that this is another step to provide an inclusive cryptocurrency trading platform that satisfies the needs of both advanced institutional traders and retailers under the same roof. He said that they are providing a new tool in financial services and in the cryptocurrency market in order to help improve the trading performance achieved through successful operations.

To summarize, it can be said that leverage consists of making a deposit, known as margin, to provide the users of the platform with increased exposure to an underlying crypto asset. In a few words, a fraction of the full value of the trade is placed and the provider loans the rest. The user’s total exposure compared to the margin is known as the leverage ratio.

By Willmen Blanco

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