South Africa’s Financial Regulator Dismisses Karatbars (KBC) Crypto Assets As A Financial Product

Karatbars International controversial KBC coin will no longer be getting attention from South Africa’s financial markets regulator, the Financial Sector Conduct Authority (FSCA). The regulator had earlier on issued a warning terming the KBC coin a ‘fraud’; German’s BaFin also made similar moves in response to Karatbars operations within its jurisdiction.

FSCA Vs Karatbars International

The FSCA warning to Karatbars back in November triggered a response in which the digital asset-oriented firm acknowledged involvement in marketing activities for its Karat Gold coin. However, the firm noted that the underlying crypto asset would launch in the SA market at a much later date. Karatbars also said that they are actively involved in the sale of gold bullions.

Looking back, it is notable that FSCA warning was mainly driven by the ‘crypto asset’ product mention. This SA regulator moved in after Karatbars started its marketing campaign and information circulated on the sale of KBC coins via WhatsApp. The recent developments however show that FSCA might have changed its strict stance towards Karatbars and instead opted to ignore.

According to a Dec 13 update by the FSCA, none of the Karatbars products fall within the SA financial market jurisdiction. This is simply because they do not meet the definition of financial products as one would say for securities. Despite being a significant statement, turning a blind eye on potential securities fraud by Karatbars can further give the firm leverage to market and sell its products in South Africa.

The Controversial July KBC Coin Hype

The KBC coin market hype back in July triggered a bull run for the digital currency which saw it rise to around 12 cents. However, this was very short lived as the price slid back to 3 cents in a month’s time. Some Analysts within the crypto industry said that the marketing efforts were part of a pump and dump strategy in which top promoters and management cashed out.

Source

Trace Labs and AppsPro in Partnership to Offer a Blockchain-based Solution to Oracle Users

A new partnership has been initiated between Trace labs, a blockchain development, and application company and AppsPro, a prominent service provider for Oracle Solutions.

The venture will offer an open-sourced blockchain solution based on OriginTrail protocol to the users of Oracle in the government and private sector.

Origin Trail protocol has been built by Core Company Trace labs, which develops robust blockchain technology solutions and enables scalable data transfer for the supply chain through its expertise.

AppsPro provides advanced and customized IT solutions to its customers by integrating into their systems. It is a Premium partner of Oracle and is widely spread across Middle East countries, partnering several successful projects in Saudi Arabia.

Bytes from Official spokespersons of AppPro and Trace Labs

General Manager Rani Abu-Shaar at AppsPro said, “This partnership enables us to offer easy to implement, out of the box blockchain solutions to our customers. Having a strong blockchain partner is a key part of staying ahead of the market in terms of the technology and IT solutions offered to the customers.”

General Manager of Trace Labs Jurij Skornik commented, “We see a lot of interest in the adoption of the next generation of the data exchange solutions, where trust is an inherent part of the technology. We first partnered with Oracle in 2018 and have since then, been closely involved in its ecosystem, presented our solutions at their events, and worked directly with Oracle’s clients. Partnership with AppsPro expands that reach, especially in the Arab market, which has high growth potential.”

Existent Protocol implementation 

Currently, the OriginTrail blockchain protocol has been implemented by a business verification company (BSI). It includes an authority certification and standard verifications for the know-how details of a Halal Poultry for a Food manufacturer in Europe, and for a fashion label, Avery Dennison’s to avoid imitation of its original works.

AppsPro customers will now be able to use the Origin trail Protocol to trace end to end transactions in the supply chain. The peer to peer sharing of data will now provide more security and transparency to their businesses.

Trace Labs

Based in Hong Kong, Trace Labs is a blockchain developer and distributed ledger technology company. It provides blockchain-based solutions to various sectors, including the corporates and governments.

AppsPro

AppsPro is based in the Middle East and is functional to offer cutting edge IT-based solutions at the lowest possible costs.

Source

Glencore to become member of blockchain technology network

Glencore is set to become a member of the Responsible Sourcing Blockchain Network (RSBN) which uses blockchain technology to support responsible sourcing and production practices of minerals from mine to market.

Glencore noted that the network’s blockchain has moved beyond proof of concept (PoC) and is scheduled to go live by next year.

It has been designed to be implemented by original equipment manufacturers (OEMs) in electronics, aerospace defence and automotive sectors.

RSBN will also be adopted by supply chain partners such as mining companies and other battery manufacturers.

The company says that its membership in the network will enable it to deliver improved traceability and transparency of supply chain.

The company will also be able to form good practice with its supply chain partners.

The company’s initial focus of participation in the initiative will be on cobalt and eventually extended to tin, tantalum, tungsten and gold.

Glencore Copper and Cobalt marketing head Nico Paraskevas said:  “RSBN plays a key role in advancing the sustainable partnership between the producers of commodities that will enable the transition to a low-carbon economy and key consumers around the world.

“We look forward to working with the network to further embed responsible sourcing good practice across the mineral supply chain.”

Built on the IBM Blockchain Platform and powered by the Hyperledger Fabric of Linux Foundation, the blockchain technology aims to improve transparency by providing a secure record for members associated with the network upon permission.

RCS Global also assesses each participating firm initially and annually against responsible sourcing requirements set by the Organization for Economic Cooperation and Development.

Source

President of European Central Bank Pushes To ‘Be Ahead’ Of Stablecoins Demand

Stablecoins are lauded as a safe solution to volatility, leading the ECB president to push for innovation. However, the presidents before her seem to believe that the crypto market has no future in this industry.

  • Christine Lagarde was preceded as ECB president by Jean-Claude Trichet and Mario Draghi.
  • Both previous ECB presidents are fairly unsupportive of cryptocurrency.

Christine Lagarde is the president of the European Central Bank, and she’s recently made it clear how highly she holds stablecoins. In a recent tweet, she urged the bank to take note of the substantial demand for stablecoins in the world, adding that the institution needs to “be ahead of the curve,” regarding the issuance of stablecoins.

Stablecoins fall under the umbrella of digital currencies and cryptocurrencies. However, rather than holding their own value as a result of demand, they are pegged to a physical asset or fiat currency, reducing the volatile nature that exists in the industry.

Prior to becoming the president of the ECB, as the head of the International Monetary Fund in September, she stated that she would push for institutions to keep up with and adapt to the new financial environment. At the time, she said,

“In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognizing the wider social benefits from innovation and allowing them space to develop.”

Later in the month, the IMF released a statement on stablecoins, noting that they stood to bring major benefits to both individual customers and society as a whole. While introduction of this asset class could result in the loss of banks as intermediaries, the IMF believes that banks would likely work on their own options to compete with stablecoins.

Jean-Claude Trichet, the former president of the ECB, doesn’t share Lagarde’s stance on stablecoins, recently remarking that he doesn’t see cryptocurrencies ever taking over money. If anything, Trichet seeks cryptocurrency purchases as nothing more than speculation, even with the backing of a real asset.

Mario Draghi, who immediately preceded Lagarde, remarked that the cryptocurrency industry’s development is presently being watched by the European System of Central Banks. Draghi has continually been supportive of new technologies but sees both stablecoins and cryptocurrencies in general as being of little value.

Source

Binance Co-Founder, TRON Founder Violate Weibo Community Guidelines, Platform Deletes Accounts

Social media is one of the most widespread types of platforms online today, offering a way for individuals, companies, and other parties to speak to the masses. Unfortunately, it looks like Justin Sun hasn’t been paying attention to the rules for one social media website in China, and it didn’t take long for his entire account to be deleted as a result.

  • Both Justin Sun of TRON and Yi He of Binance had their accounts deleted from Weibo.
  • Sun posted to Twitter to tell followers that the platform is working to resolve this issue with the social media platform.

Justin Sun is one of the most well-known names in the cryptocurrency industry, both for his founding of TRON and his many controversial moves. He’s been linked to many false giveaways, and his passion for cryptocurrency has led to some unfortunate consequences. Now, as reported by The Block and other news media websites, Sun’s recent activity with Weibo has led to the shutdown of his account, as well as the account of Yi He, the co-founder of Binance.

Presently, on both Sun’s and He’s accounts, users will see the following message:

“The account has been blocked due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention.”

The specific circumstances are unclear, but Sun has been making waves for a while, following the hype over his scheduled lunch with Warren Buffett which never happened.

While the deletions are obviously bad for both parties, Sun had used Weibo as a way to engage with the supporters of the TRON blockchain in China. As it stands, neither profile can be searched with their Weibo IDs.

Still, there are other cryptocurrency executives that manage to maintain their accounts. Star Xu of OKCoin, Leon Li of Huobi, and Changpeng Zhao of Binance all have active accounts still. While Zhao may still have access to his account, Weibo cited similar reasons when the platform decided to block the Binance account, as well as the account for the TRON Foundation. Binance responded by getting a new account, which The Block reports is still active.

In an effort to control the potential damage to TRON’s reputation, Sun has already taken to Twitter to let users know that there’s nothing to worry about. Sun vowed that everything will soon be resolved with Weibo, adding his Twitter handle for any users to follow as well.

At the time of writing, TRON’s TRX token had fallen by 3.36% in the last 24 hours, bringing the value down to $0.013714. The token has been rather steady in recent months, though the last jump recorded was in June, rising to $0.037408 at the time.

Source

Coinbase Pro Prepares to Launch Digital Privacy Network Orchid (OXT) As Next Digital Asset

Coinbase Pro continually strives to serve customers by bringing them cryptocurrency assets that they want to use. One of the latest to be added to the platform will now be Orchid (OXT), according to a recent blog by Coinbase.

As with all of the newly listed tokens on the platform, customers will be entering four separate stages as the integration is implemented on Friday, December 13th. The first stage is a transfer-only state, allowing customers to send inbound transfers to the OXT/USD order book from “supported regions,” though the orders will be in a pending state for the entire 12 hours of this mode, beginning at 10:00am PST.

The second stage is the post-only mode, allowing customers to post limit orders without completion. Minimum wait time for order books at this stage is one minute, though a maximum time is not listed.

During the third stage, limit-only, Coinbase allows limit orders to match and complete, but customers will not have access to market order submissions. This mode will last at least ten minutes for order books. Once these three initial stages take place, OXT/USD order books will enter the final stage, full trading. Services for limit, market, and stop orders will be available at this point.

Orchid was created in 2017, pushing for a more open and accessible internet for all. With its decentralized VP (virtual private network) service, individuals are linked with a group of bandwidth providers around the world. The providers can share their extra bandwidth by staking Orchid tokens, essentially functioning as network nodes. The nodes are stored as a list in an Ethereum smart contract that anyone in the world can access, and users pay the cost of their bandwidth with OXT, an ERC-20 token.

To use Orchid, consumers will need to download the Orchid app, register for a Web3 crypto wallet, and purchase OXT.

Source

South Korea’s KT Corporation Is Going After Blockchain Tech with China Mobile

Industries around the world are seeking to benefit from blockchain technology while it is still young, and the KT Corporation in South Korea refuses to be left behind. In their efforts to target mobile customers, KT has teamed up with China Mobile for the launch of the B.link system.

  • The new collaboration will be focused on integrating blockchain technology and 5G roaming.
  • South Korea’s Kakao Corporation has boasted that its own blockchain – Klatyn – is far superior to Facebook’s Libra.

KT Corporation is the largest telecommunications provider in all of South Korea, and they’ve decided to team up with China Mobile. In their new project, the twosome will be focusing on 5G roaming and blockchain technology, according to reports by The Korea Herald on December 5th. The launch of 5G roaming capabilities for Chinese citizens is scheduled by KT for late December.

While the companies prepare for the 5G launch, they are also working to establish a time-saving and cost-cutting blockchain system, which will be used in determining roaming charges for mobile customers. The Korea Herald reports that this new setup – known as the B.Link system – is made to “self-analyze roaming data from the two carriers and can process roaming charges on a real-time basis.”

About six months ago, KT had revealed that they’d already created their own blockchain network. Much like the collaboration, the KT Network Blockchain focuses on roaming, user identification, and other use cases. Prior to the announcement of the network, KT launched their Blockchain-as-a-Service, which helps South Korea firms access the technology with ease.

Both South Korea and China have been supportive of blockchain technology, as Cointelegraph has reported. After all, China hosted a publicity campaign in November, making  fintech a part of formal state policy. In South Korea, the Kakao Corporation recently stated that the new Klaytn blockchain has a much more advanced format than the controversial Libra token from Facebook.

A study published last year, referenced by CoinTelegraph, projected that blockchain technology stands to bring in $1 billion in added value for the telecoms sector in the next three to four years.

Source

Cryptocurrency Mining Is Not A Taxable Activity, According to Kazakhstan Law

Miners can make major rewards as they participate in mining activities, as many companies and even individuals have learned. However, in Kazakhstan, since cryptocurrency isn’t considered to truly be money, miners aren’t taxed for these activities, due to new laws implemented this week.

  • Funds resulting from cryptocurrency mining are only taxed when they are converted into fiat currency.
  • Cryptocurrency mining is only an entrepreneurial activity if cryptocurrency mining hardware use is offered as a service.

Mining is an essential component for the cryptocurrency industry, though high electricity fees can make turning a profit more difficult in some areas.

The process itself is treated the same way as self-employment, by some countries, resulting in taxation of the miners associated with it. According to lawmakers in Kazakhstan, this will not be the case for miners in their region.

As mining isn’t considered to be an entrepreneurial activity, miners won’t be taxed while they participate in it, according to reports from the local Kursiv publication. Instead, it is considered a “purely technological process.” However, the new legislation states that the funds will be taxed when the mined cryptocurrency is exchanged for its real-world value in fiat currency.

The news was announced at “Blockchain Day” by Madi Saken, legislative analyst at the National Association for the Development of the Blockchain and the Industry of Data Centers of the Republic of Kazakhstan, on December 4th. The announcement was confirmed by Cointelegraph via email correspondence with Saken.

Based on the report, the lawmakers in Kazakhstan have already finalized laws on the taxation of cryptocurrency, though the presidential administration presently has the laws under consideration. This month, the bill is due to be sent to the lower house of the Parliament of Kazakhstan, which is the Mazhilis.

With this new law, both the legal status and taxation of cryptocurrency mining will be established. Saken noted that tax liabilities are only applicable to “real money,” which digital assets and cryptocurrencies aren’t considered to be. However, when converted into fiat currency, the taxes will be applied. Explaining further, Saken stated,

“Tax liabilities only emerge when there is an income in the form of real money, particularly when a cryptocurrency is exchanged for real money, which means it is sold on an exchange. Then, this income in the form of classic money will be subject to taxation.”

At this point, the only circumstance in which crypto mining is categorized as an “entrepreneurial activity” is if there is a service that allows an individual or company to use their mining hardware. Hence, mining farms will be taxed, as well as data centers.

Even with this taxation, the government in Kazakhstan has been more supportive and optimistic in the cryptocurrency and blockchain sectors.

The governor of the Astana International Financial Center (AIFC) stated that last year that the innovation of cryptocurrency and blockchain technology will continue, even as the need of regulation arises.

AIFC, the main financial hub in Kazakhstan, partnered with the Bitfury blockchain tech firm in May this year, with the purpose of incorporating blockchain technology in multiple industries.

Source

 

Microsoft and Enjin Collaborate to Strengthen Developer Community with Azure Heroes Rewards

Non-fungible tokens have become a staple for blockchain and decentralized apps. Now, Microsoft Azure is offering a NFTs in the form of digital badges as a reward for community members. How can users get these digital badges, and what can they do?

  • Microsoft is the creator of Azure Heroes, using the technology offered by Enjin.
  • Users must have an Enjin wallet to receive their digital badges, though the badges can be moved to another Ethereum wallet later.

Enjin is a blockchain gaming project in the cryptocurrency industry, but they’ve recently partnered with Microsoft Azure to take on another venture.

The cloud service recently utilized the tech of Enjin in its new reward system for active members of their online community, which is called Azure Heroes. The announcement explains,

“Microsoft and Enjin have collaborated in a local pilot to create a blockchain based recognition programme. The Azure Heroes badges were created in a number of original and unique designs which have been tokenised into a digital asset on the Ethereum public blockchain.”

As individuals contribute to the community, they are given digital badges, which are non-fungible tokens (NFT). These types of tokens have been used by projects like CryptoKitties and Decentraland, allowing consumers to use the assets within the community.

Consumers will have to submit a request to be considered a “community hero,” which puts them through a vetting process before being selected.

Once selected, a personal QR code will be provided to give the “hero” their digital badge, which is compatible with the Enjin wallet. Though users can later transfer the digital badges to their Ethereum address or even destroy them, they first must download and register for an Enjin wallet as the default destination for the badges.

Along with Azure’s new project with Enjin, the platform also established a partnership with JP Morgan, the largest bank in America, to release a blockchain development kit.

Source

bitFlyer Europe Introduces “Instant Buy” Feature to Create a Simpler, Convenient and Transparent Crypto Experience

On Thursday, December 5, crypto exchange, bitFlyer announced the launch of their Instant Buy feature, the latest of their updates, on its Buy/Sell exchange platform. This feature enables users to make crypto investments using their credit or debit cards or by simply using local transfer methods.

According to the Co-Head and COO of bitFlyer Europe, Andy Bryant, this feature sets well with the organization’s goal of promoting convenience when it comes to investing in cryptocurrencies while promoting simplicity and a sense of secureness.

That said, the feature is said to resemble what users are already accustomed to in today’s society. He said:

“By making it similar to that of a traditional e-commerce experience, we are helping [to bring] cryptocurrency to a mainstream audience, while also giving experienced users a faster and simpler way to get their currency.”

Accessible on both desktops and smartphones, the feature is deemed beneficial to those looking for an all-in-one solution to purchase, store and secure their investments, getting hold of assets at predefined prices from the bitFlyer platform, and fees are said to be as transparent as they could get.

Speaking of fees, Bryant spoke with news outlet, The Block, disclosing that the transaction fees for processing credit card payments are 1.95% + €0.25/ transaction and for else methods, 1.95% + €0.30.

Besides Europe getting access to the Instant Buy feature, bitFlyer Japan recently added trading support for the XRP token because it stands as the second-largest cryptocurrency in Japan.

Source

Crypto Lender, BlockFi Rolls Out Real-Time Trading For BTC, ETH, And GUSD For Zero Fees

Crypto lending platform which is supported by Galaxy Digital, ConsenSys Ventures among others, has introduced a new trading platform that attracts zero fees. According to CoinDesk, the platform’s clients will have the liberty to buy or sell utilizing their current balances. The trading platform will allow the clients to buy or sell Bitcoin, Ether, and GUSD. For instance, customers will have the capacity to purchase Bitcoin using Ether or GUSD from their deposit and vice versa.

The new trading service will attract zero trading fees and comes with a divergent profit model. The profit will be generated from the sale of data based on user’s trades to large institutional crypto companies which will be the market makers within the platform, thereby offering liquidity.

According to Zack Prince, BlockFi CEO, explained that market makers are interested in information on the trades taking place and can only get it through maintaining relationships with various venues as per their support. In other words, market makers must pay to get data from different venues.

Prince also explained some of the market makers are already BlockFi customers but in the crypto lending section while others are equity investors such as Akuna Capital, Susquehanna  as well as CMT Digital. He added that since these firms will have different activities within the BlockFi platform, it will enhance the building of strategic ties with them.

According to the CEO the decision to launch an exchange or trading services after a survey revealed that the majority of the customers withdraw their crypto funds and assets for trading purposes. Prince explained that the majority of the customers requested an introduction of trading services within the platform.

Returns to Customers

BlockFi has become a big name in the crypto space for providing investors an avenue to get a return from their crypto without having to do anything. Customers who have kept their GUSDBitcoin or Ether with the platform are able to take loans using their cryptos as the collateral. Customers are also able to earn interest based on the amount of their deposits. The company lends the deposits to institutional investors for trading purposes who pay interest that is passed on to the depositors.

Source

Alipay Makes Blockchain Record as China Pays Less Attention to Bitcoin

These are interesting times for the blockchain niche in China. Xiang Hu Bao is a blockchain-dependent mutual aid network that is run by Alipay, a payment processor. It just made a new impressive record with its more than 100 million customers.

Opened in October 2018, the platform offers a comprehensive health package that sees to the needs of those afflicted with more than 100 kinds of disease conditions. Apart from being a blockchain-dependent network, Xiang Hu Bao also has some other perks for those who want to make use of it. For example, the users on the platform do not need to cough out any admission fees or even make any kind of upfront payments. As far as risk is concerned on the platform, it is shared by everyone involved and the same goes for the payouts too. Now with more than 100 million customers on its platform, Xiang Hu Bao looks more than prepared for the future.

China Focuses on Blockchain

Apart from becoming the darling of private investors, there are other things going on very well for the blockchain community. Probably the most amazing of all these is the fact that the government of China is now placing a lot of attention to blockchain technology. This technology got a massive boost when it was loudly promoted and endorsed by President Xi Jinping. Ever since the announcement was made, the Chinese government has been making concerted efforts to consolidate the adoption of blockchain technology in its projects at every level.

The goal is to ensure that blockchain technology plays a very big role in the economic advancement of the country. This explains why the Bank of China is making aggressive use of blockchain technology all through its insurance sector. The goal of this is to improve and promote efficiency.

As it is now, it does not look like the Chinese government is going to reduce its efforts in this regard. On the 7th of November, the China International Import Expo was held and it was yet again another pointer to what the government of China has in mind. At the event, the Shanghai Customs, the Shanghai Municipal Commission of Commerce and representatives from six different banks appended their signatures to form what is now known as the Blockchain Alliance. This is a group that is going to assist in the use of blockchain at several levels to promote trade across international borders.

Chinese Government Means Business

That is not even all. The government of China is also ready to spend as much as $2 billion just to improve the blockchain network in the country. This is a goal that the government is planning to achieve by 2023. Things are really looking good for the blockchain niche in China at the moment. In addition to the fact that the government is interested, several private interests are also doing the same. These include big brands like Alibaba and Huawei and all these can mean just one thing – that blockchain technology has a bright future in China.

Source

New Research Shows That BTC’s Carbon Footprint Is Lower Than Expected

A new research piece published by The New Scientist, a prominent science magazine, has pointed out that Bitcoin (BTC) mining might not be so harmful to the climate as it was thought before. The study, which was made by Massimo Pizzol and Susanne Kohler at the Aalborg University in Denmark, criticized some notions that BTC’s mining consumption may be so high.

The study analyzed carbon emissions from electricity in China, the country with more miners in the world. By analyzing this data, the researchers believe that the results for the environment may be different than expected. The global footprint of BTC mining would not be as high as 63 megatonnes, as it was claimed before, but only 17.3 megatonnes.

This happens because the mining made in areas with more green energy harm the environment less than in other areas. Mongolia does only 12% of all BTC mining, for instance, but it is responsible for 25% of all total carbon emissions.

According to Kohler, it is important to put the data into perspective. It may be becoming harder to mine BTC, but if the mining is done with green energy, it is going to be far less harmful, which means that the means to get the energy is more important than how much energy is spent mining BTC.

Another recent study, this one made by CoinShares, affirms that 74% of all BTC mining is done with green energy, so this would be a step in the right direction. When determining how harmful BTC mining can be for the world, it is important to always use accurate data and be mindful of the latest research pieces on the subject.

Source

Healthcare Sector in Afghanistan to Experience Transformation via Blockchain

The health sector in Afghanistan is about to witness a major shift. This is coming after the country’s ministry of public health entered into an agreement with a blockchain venture. The venture is named FantomOperations and the plan is to incorporate blockchain technology into the country’s healthcare sector. This announcement was made public on the 27th of November when the Afghan Voice Agency reported it.

Big Transformation Coming

According to what was agreed upon, the healthcare sector in the country is about witness real change. In fact, the agreement is so comprehensive that blockchain technology is going to be employed in the identification of fake drugs. It is also going to be used in the establishment of medical registries in different medical centers. Even the digitization of the records of patients across the nation is also part of the deal.

While speaking on the whole deal, Ferozuddin Feroz, who is the country’s minister of public health was quite optimistic about the whole deal. He clarified that the ministry of public health was very dedicated to the idea of incorporating the latest forms of technology into the running of the health sector. He also went ahead to state that in order to achieve this goal, the adoption of blockchain technology was going to be the best bet. He also added that there are several benefits that the country stands to gain from the coming of blockchain technology. These included increased effectiveness, higher levels of transparency and even an overall increase in the speed of the various transactions.

Taking Challenges

Stakeholders of the sector on the side of the government and the general public are all worried about the several challenges ahead. One of the most prominent of these is the proliferation of fake drugs all over Afghanistan. This is a nation where so many Afghans depend on the use of traditional drugs as solutions for their several health challenges. There are reasons why they do this. Some of the main reasons are of affordability and easy access. This has been confirmed by a study from the European Asylum Support Office which made its findings public earlier in the year in April.

According to the report, the association of those importing medicines into the nation raised an alarm about a huge chunk of the medicines and medical equipment entering the country. They cried out that as much as two-fifths of these items are entering the country either illegally or they are fake. This is one of the reasons why the government is doing everything possible to tackle these hydra-headed challenges.

The United Nations is also interested in the developments made in the country. It has made it known that Afghanistan has commenced the implementation of blockchain technology-based solutions to address several issues. A good example in this regard is the one that has to do with sustainable urban development. The body is expecting that Afghanistan is going to become urbanized in the next one and half-decade. If all is to go as planned, then it has taken urgent steps now and that explains the use of blockchain.

Source

dApps on EOS blockchain Looking to Migrate If Severe Network Congestion Is Not Resolved

EOS platform is known for serving as a hosting platform for various dApps and smart contracts. The platform is facing severe congestion in maintains the flow of transactions due to the EIDOS dapp.

Since November 1st the issue of congestion has intensified as the EIDOS dapp has blocked the entire network by taking up most of the transaction processing. The network which was known for its seamless flow of transaction requires a minimum of 100 EOS at stake to perform a simple operation. The congestion issue is quite similar to that of Ethereum network where Cryptokitty gaming dapp created quite a similar issue.

In light of increasing conversion, some of the dapps are thinking about migrating from the platform unless the platform find an immediate solution. EarnBet dApp is among the first ones to make the demand and has asked EOS Block Producers (BP) to find a solution in 30 days. Their official tweet addressing the issue read,

“The current 21+ #EOS block producers need to begin governing with the best interests of the blockchain in mind. If these block producers are unable to institute a comprehensive fix in 30 days, we will be leaving the $EOS network.”

EOS was once seen as an Ethereum competitor where it promised faster transactions at no cost, but a malfunction created by a single dApp has brought the network to a sad halt. The issue could have been resolved and still can be resolved since EIDOS dApp does not really serve any purpose on the platform and losing other dapps because of that would be a big mistake.

The EarnBet team called the current state of network as “sad” and wrote a medium post about the declining EOS ecosystem. The blog post read,

“The EOS mainnet is in a sad state. With intense network congestion and spam, users are unable to access their EOS accounts. Currently, the network requires around 30 EOS staked to an account in order to perform a single transaction each day.”

The congestion on the platform is so bad that users cannot access their accounts at the moment and what was proclaimed to be zero fee network currently cost around 100 EOS to initiate any kind of operations.

Source

Ripple Gets Mainstream Exposure Via BBC On Their Worklife Program

Ripple’s XRP had quite a forgetful year in terms of its market value where the largest altcoin failed to break above the psychological barrier of $0.30 throughout 2019. Even when the rest of the market made double digital gains on more than one occasion, XRP failed to ride on the bullish wave. However, despite the dismal performance, it has maintained its 3rd position to everyone’s surprise.

XRP might not have had a great year in terms of the token price but it continued its partnership spree and also got a mention on the mainstream news broadcaster BBC. Ripple was mentioned during the BBC’s Worklife show, a program dedicated to the latest update in the business world.

On the show, XRP was mentioned in the reference of traditional payment systems which are slow and costly. The presentation called XRP a viable solution for these sluggish traditional payment systems. Nathalie Oestmann, the COO at Curve said,

“Right now, if you are making a cross-border transaction, it is really time-consuming. Clearing and settlement take days,”

She started that Ripple can prove to be a better solution which can fix any existing issues with the current platforms and make cross-border transactions seamless. She explained,

“Ripple, who produces the XRP cryptocurrency token, is producing some commercial opportunities for companies to do a cross-border exchange, removing the multiple-day process and hangovers.”

Are cryptocurrencies stable enough to become a real-world payment method

Cryptocurrencies for sure are fast in terms of transaction speed and cost-effective low as well, however, at the same time they are highly volatile which makes it very complex to use it as a mode of payment without a fixed value.

Brad Garlinghouse, the CEO of Ripple feels otherwise as he claimed that Ripple is much more stable than SWIFT and transactions on that platform take 3-5 days while Ripple processes the same in a matter of few seconds.

The mention of cryptocurrencies on mainstream media platforms has become more common in the last year. Since a majority of the governments around the globe are either investing in blockchain or forming regulations for crypto use. There have been several appearances made by crypto personality on leading news media houses.

Source