Monthly Archives: May 2020

LG Shows Interest in Distributed Ledger Technology, Joins Hedera Hashgraph Governing Council

South Korea’s electronic giant exhibits interest in distributed ledger technology. LG Electronics has joined the governing council of Hedera Hashgraph, the enterprise-grade public distributed ledger platform. LG serves as the council’s fourteenth member, sitting alongside Boeing, Deutsche Telekom, Google, IBM, Tata Communications, and other leading organizations. Hedera Hashgraph CEO Mance Harmon told Cointelegraph that LG is the first home appliance manufacturer to join the Hedera Governing Council. Harmon noted that LG will specifically work with the other council members to identify ways that distributed ledger technology, or […]

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Lithuania’s Central Bank Completes Blockchain Regulatory Research

The Bank of Lithuania finished its research phase on the LBChain’s blockchain project that aims to provide a regulatory infrastructure. As of May 27, the Bank of Lithuania, or BoL, has finished the research phase of its blockchain-related project, LBChain. In the next phase, the institution will create a sandbox that mixes technological and regulatory infrastructure for the technology. The platforms used for the research phase include Hyperledger Fabric and Corda, which were developed by IBM Polska SP. Z.o.o and TietoEVRY. Adapting blockchain technology into different business […]

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Ethereum Network Use Hits a New All-Time High — Will ETH Price Follow?

Interaction with the Ethereum network recently hit an all-time high but the increase in gas usage may pose problems for the cryptocurrency network. According to a recent report by Delphi Digital, the total gas used on the Ethereum blockchain has reached an all time high and it seems like this the figure is set to increase. Gas is the measure used to price fees on the Ethereum blockchain, and the overall use of gas on the network has been rising since the beginning of 2020.  Gas Used […]

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GRX Group’s GRID Platform Hosts its First Tokenized Security

Digital advertising platform tribeOS launched its shares as tokenized securities on GSX Group’s GRID platform. Adtech firm tribeOS launched shares in its company as tokenized securities via GSX Group’s GRID platform. According to an announcement shared with Cointelegraph on May 27, the shares were already created using GSX Group’s STACS proprietary blockchain network. Per the announcement, STACS is designed to bring more efficiency to the legacy capital markets. GSX Group’s CEO, Nick Cowan, highlighted that tribeOS is the first company to utilize the firm’s GRID security tokenization […]

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Antigua’s Crypto Regulation Bill Passes Lower Parliament

Antigua and Barbuda take steps towards becoming crypto-friendly destinations in the Caribbean region. Antigua and Barbuda’s House of Representatives passed a cryptocurrency regulation bill on May 27. With this bill, they have taken steps towards becoming digital asset-friendly destinations in the Caribbean. The regulatory framework, called “The Digital Assets Business Bill 2020”, aims to regulate crypto companies that establish their operations on the island and provide protection for both exchanges and their customers. Among the critical inputs of the bill is the rule that all digital asset […]

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Bitfinex is Constantly Printing More Tether, None Of It Has Ever Been Burned

A report indicates that no Ethereum-based Tethers have ever been burned, though new ones are constantly being printed. A report from Flipside Crypto indicates that no Ethereum (ETH)-based Tether (USDT) tokens have ever been burned. The report has also come to a conclusion that the stablecoin is mostly used by arbitrageurs on centralized exchanges. The Flow of USDT Within A Crypto Ecosystem. Source:  Flipside Crypto. Binance, Bitfinex & Huobi The report states that Tether has thus far failed to fulfill its aspiration of providing stability to the […]

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Bitcoin May Be the Solution to Africa’s Broken Financial System

According to a recent report, Africa’s lack of traditional financial infrastructure makes the region fertile ground for cryptocurrency adoption. A recent report suggests that the lack of traditional financial infrastructure makes Africa a place where cryptocurrency adoption is likely. The report — shared with Cointelegraph by a Luno representative on May 27 — sheds light on Africa’s financial infrastructure and the role that cryptocurrencies play in it. The author of the research, which was jointly conducted by market analysis firm Arcane Research and crypto exchange, Luno, wrote […]

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South Korea is Exploring New Crypto Tax Laws

The government of South Korean is preparing to legislate crypto taxes by proposing a new amendment to the existing law. South Korea’s Ministry of Economy and Finance is preparing an amendment to apply to the nation’s Income Tax Law. This could include rules for profitable sales of cryptocurrencies as well as profits from national crypto mining projects. According to local newspaper E Daily on May 27, the ministry also mentioned including the profits generated by initial coin offerings, or ICOs. This is tantamount to a change in […]

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Russian Authorities Disagree Over Lifting Telegram Ban

While Russia is facing disagreement over the legal status of Telegram and crypto, both continue operating in the country. A major state authority in Russia has objected to the State Duma’s proposal to cancel the ban on Telegram’s encrypted messenger in the country. Russia’s Ministry of Digital Development, Communications and Mass Media, also known as MinComSvyaz, doesn’t support a recent initiative to lift the two-year-long Telegram ban, local news agency Interfax reports May 26. Russia doesn’t need more services to spread information about COVID-19 On April 22, […]

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FinCEN Director Blanco Concerned About Bad Actors Hijacking Crypto

The head of the agency that enforces the Bank Secrecy Act and KYC requirements in the U.S. says the agency aims to help crypto innovate responsibly. In a May 27 interview sponsored by Chainalysis, Director of the United States Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco was adamant that the regulator is not the enemy. “This technology belongs to all of us” FinCEN is the governing body that enforces the Bank Secrecy Act in the U.S., requiring financial institutions to provide know-your-customer (KYC) information. It’s a contentious […]

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