Singapore’s CIMB Group Bank Completes First Ever Blockchain Transaction Using iTrust

One of Asia’s largest investment banks, CIMB Group’s Singapore-based bank, CIMB Bank Berhad Singapore, settled its first ever transaction on blockchain technology on Oct. 17. According to a Yahoo Finance press release, the bank partnered with iTrust, a trade finance blockchain solution, to efficient, instant and transparent channels of global trade.

The CEO of CIMB Bank Berhad, Singapore, Mak Lye Mun, spoke on the recent partnership and looks forward to a fruitful partnership with iTrust in future while developing global blockchain based trade solutions. He said,

“This blockchain trade financing with iTrust will present an opportunity for CIMB Singapore to support our customers more efficiently and cost-effectively. It mitigates fraud risk, and alerts us of any unauthorized movement of the financed cargo.”

The First Blockchain Based Transaction

The banking industry is rapidly adopting blockchain technologies in a bid to reduce costs and enhance security and transparency of data. CIMB Singapore becomes the latest to join the band of banks in blockchain including JP Morgan, Santander Bank (adopted Ripple Inc. technologies) and recently Bank of America.

According to the report, the bank completed a transaction involving dairy products imported into China using the iTrust blockchain platform. The dairy import industry in China contributes close to $100 million USD but faces a number of challenges in the supply chain.

The iTrust blockchain platform ensures transparency in the supply chain of the cargo from one agent to another and provides clear tracking of the goods while in transit and storage conditions in the warehouses. By combining internet of Things (IoT) technologies and blockchain, the iTrust platform records data and documents securely in a distributed ledger and shares the information to all network participants in real-time.

CIMB Group in Blockchain

In November last year, another subsidiary of CIMB Group, CIMB Group Holdings, joined the RippleNet, a network of over 150 banks and financial institutions using the blockchain for cross border transfers. At the time, the CEO of CIMB Group, Tengku Dato’ Sri Zafrul Aziz, said,

“CIMB will focus on the ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN [using blockchain technology].”

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Huobi To Expand Into Turkey By End Of 2019; Adding A Crypto To Fiat Gateway with Lira-Tether

Huobi, one of the global crypto exchanges, is planning to roll out a fiat gateway for Turkey. This could give local investors access to over 250 forms of cryptocurrency.

This comes in the wake of Turkey putting forward a more specific form of the legal framework for the crypto market of the country to adhere to. Mohit Davar, Huobi’s Europe, Middle East, and Africa (EMEA) regional president, released a statement. He explained that Turkey is a country that already has a large number of cryptocurrency holders.

Davar stated that the Huobi had partnered up with one of Turkey’s most significant local banks. This was with the intent to build the compliance standards and infrastructure Huobi needed to facilitate the new fiat gateway. Strangely enough, Huobi has declined to disclose the name of their local partner.

Davar stated that the partnership would be announced with its new offering’s launch. He said that it would happen, at the latest, in December, but the actual date could be earlier as Huobi had started testing the gateway platform already.

Davar continued, saying that Huobi established a partnership with this mysterious bank back in June. They have since been trying to address the biggest problems that the Turkish banks have voiced. Davar stated that a lack of precise regulation in the framework had left banks with no choice but to make their own choice about the matter. He noted that the banks want to ensure that, should they partner up with Huobi, they would fulfill their obligations.

The fiat gateway is a relatively simple concept. It will enable transactions between the fiat currency, Lira, and the Dollar-based stablecoin Tether. When the users have bought Tether through their bank account, they are then free to trade however they wish with the other cryptocurrencies on Huobi Global. Huobi itself considers the Lira USDT pairing something that enables easier transactions for the local market. The alternative would be to number-crunch ever single currency’s exchange rate compared to Lira.

Davar explained that it’s no easy feat to offer full liquidity in over 250 forms of cryptocurrency against the local one. He said that you could convert Lira to the dollar-pegged Tether at a comfortable rate, without worrying about extreme volatility common through many forms of cryptocurrency.

Davar disclosed the exchange’s fee structure, citing that Turkish users can trade at a 50% discount and a 0.1% transaction fee. The transaction fees are even lower if the users hold HuobiTokens.

The exchange has already launched a mobile app and a Turkish version of its trading website. The next step would be to onboard its local team and start the operation. As a bonus, Davar states the partnership is non-exclusive. This allows the firm to add more banking partners as time goes on.

Huobi Burning Money

As Huobi plans on expanding to Turkey, they are also reducing their supply of the local Huobi coin. In the third quarter, they have managed to burn over $40.63 million in Huobi tokens. This is a stark 70.6% increase from last year’s burning.

Huobi buys back outstanding Huobi Tokens from the various investors, then factor it out of the system ultimately to reduce the circulation of HT and thus stabilize their currency’s price. They burn different amounts of HT per quarter, mostly dependant on the market conditions.

The Huobi Token is the second largest form of exchange coin tokens, only beaten by the Binance Coin. Huobi itself cites the reason for its token burn this quarter was its great success in derivatives trading and spot trading.

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New Blockchain Education Alliance Formed by Tron And Stellar To Train Developers from Students

Tron, as well as Stellar Development Foundations, have joined hands with other companies to form a new alliance that is meant to produce the next generation of blockchain developers, Cointelegraph reports.

The new initiative dubbed Blockchain Education Alliance will be an international education initiative which is developed to offer the requisite skills, knowledge, and expertise to students on how the blockchain works.

Stellar and Tron are part of the inaugural thirteen firms that make up the Blockchain Education Alliance. The 13 companies will jointly come up with various educational initiatives as well be the main financiers in efforts to create awareness about the blockchain technology among the masses.

The new alliance is headed by MouseBelt, which is both a VC fund as well as design studio. MouseBelt aims at bringing different industry players together to bring blockchain technology to the masses via education and research. According to Ashile Meredith, MouseBelt director, the current crop of students are tech-savvy and are eager and yearning to become renowned blockchain experts in the future. Meredith added that universities and other learning institutions require experts about blockchain who can help in the development of curriculum as well as projects and companies like Tron and Stellar can be of great help.

Meredith also indicated that the project can’t be a success without the involvement of the universities. In this regard, MouseBelt is currently speaking with universities trying to bring them on-board. So far, the company has already signed official partnerships with engineering departments in three universities and it is seeking to reach out to Latin American universities as well.

MouseBelt has already rolled on a blockchain education initiative at UC Davis, UC Santa Barbara and UC Los Angeles with the aim of supporting a blockchain-based education, research as well as entrepreneurship.

MouseBelt is hopeful that the launching of the Blockchain Education Alliance will encourage the inaugural founding members to commit extra funds to go towards students’ activities as well as expansion of educational opportunities within the field.

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Overstock Rolls On State-of-the-Art Blockchain R&D Campus In Ireland, Over $1.1 Million Invested

US e-commerce and tech giant Overstock has announced that it has established a blockchain research and development center that will be based in Ireland.

In a press statement issued on Oct. 9, the company revealed that the new R&D base will be situated in ‘IDA’s flagship North West business park in Sligo’. The statement also stated that the center will employ its hundredth employee who will be Irish before the end of the year. At the moment, the center boasts of approximately 80 technologists.

The press statement also stated that the new R&D center in Ireland is worth more than €1 million ($1.1 million). According to the firm’s vice president who also doubles as the site head, David Kenny, the company was excited with the opening of the new center that will see all the teams under the same roof. Kenny explained that the new center was a validation of Overstock’s preference of the North West as a friendly area for business and the creation of high-performance teams for software development.

He added that the blend of varied career paths as well as high-quality tech environment coupled work-life balance had gone won excellently with the techies. This, he stated, was an added incentive for the numerous individuals who have continued to be part of their team.

Here is his exact quote:

“We’re absolutely delighted with our new home and getting all our teams back under one roof. It further validates Overstock’s choice of the North West as a great place to do business and build high performance software development teams. The combination of a diverse career path, a cutting edge tech environment and a great work life balance has really resonated with the techies who continue to join our growing team.”

The press statement was also categorical in that the new center will not only focus on blockchain but also on emerging innovations within the e-commerce sector as well as the machine learning domain.

Despite the opening of the new center, not all is smooth with the company. The tech giant is embroiled in a controversy which has contributed to negative effects on its reputation. A fresh complaint has been filed in Utah alleging that the immediate former Overstock CEO, Patrick Byrne as well as the former CFO Greg Iverson were in the middle of a securities fraud. In this case, it remains unclear whether the opening of the new R&D center will add to the company’s fortunes.

Cointelegraph reports that Overstock is following in the footsteps of IT firm Cisco which opened an innovative center in Singapore in February that also focuses on blockchain.

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Russian Central Bank Head Says “No Obvious Need” to Issue a National Cryptocurrency

Speaking at the Finopolis forum of innovative financial technologies, Elvira Nabiullina, Russian economist and head of the Central Bank of the country said the regulator doesn’t see a need to issue a national cryptocurrencyreported Russian News Agency, Tass.

“As Russia’s Central Bank, we have been studying this topic and the need to issue a national cryptocurrency is not obvious for us,”

said Nabiullina addressing Deputy Governor of the People’s Bank of China Fan Yifei.

“Not only for technological reasons, but also because it is (difficult) to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough,”

she added.

Back in July, Nabiullina said that one day the institution could launch its own digital currency but the technology must ensure “reliability and continuity.” But at that time as well, she said that fiat currency settlement systems are improving and already have

“good dynamics.”

She has repeatedly pointed out in the past that the regulator does not support the legalization of cryptocurrencies as a legitimate payment facility.

Earlier the lower house of the Russian parliament, the State Duma adopted a bill on digital assets.

Meanwhile, Fan Yifei said China is exploring the possibility of creating a national cryptocurrency. He believes it is important to cooperate with other countries so that regulatory standards could be developed.

After five years of research, China is finally ready with its cryptocurrency which is expected to launch soon.

Fan YiFei didn’t specify the launch date but said first there is a need to conduct studies and also take into account other countries’ experience.

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Vanguard to Create a Blockchain Platform with Symbiont for $6 Trillion Forex Market

Vanguard, a mutual fund giant of the financial industry, has started a partnership with Symbiont, a company backed by Nasdaq Ventures. Together, these two firms are set to develop a $6 trillion currency market platform focused on forex trades.

The main idea of the platform is to lower costs. Vanguard manages $5.2 trillion USD for very wealthy clients and it wants to decrease transaction costs without cutting its profits, so using the blockchain is a pretty good idea.

The CEO of Symbiont, Mark Smith, affirmed that the platform has been operational for around two months and that some of the first trades were already. Despite the progress, the platform was still not properly launched, as there are still some tweaks to be made.

Symbiont, which was founded in 2013, has raised over $35 million USD. The company had a seed round in 2014, a Series A in 2017 and recently a Series B round, in which it was able to raise over $20 million USD.

A spokesperson from Vanguard affirmed that the company is currently piloting the project to improve the efficiency of forex trades and reduce risks, which could help it to provide a much more efficient service. If the project is successful, it will certainly be an important milestone for Wall Street, as there is no similar platform at the moment.

The two companies have already worked together before. The two developed an index fund back in 2017 that would streamline the process of data collection using smart contracts.

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Two Senators Warn Mastercard, Stripe, & Visa On Associating With Facebook’s Libra

Facebook’s Libra stable coin’s problems are mounting by the day, PayPal one of the key members of the Libra Association has already withdrawn from the project amid growing pressure and questions being raised about the legitimacy and privacy concerns associated with the project.

Now Senator Sherrod Brown from Ohio and Senator Brian Schatz from Hawaii have urged there more associate members of Libra Association to reconsider their decision, reported Bloomberg. In a letter written to three payment processing companies Stripe, MasterCard and Visa, the Senators have tried to address the various issues that the Libra project. The letter noted that Libra not only poses a risk to the global financial network but could turn into an Achilles heel for various private payment processing giants as well.

The letter also mentions several news reports on how difficult it has become for the Libra Association members to obtain details about the organization’s management roadmap as well as various risks involved.

Both the Senators in a statement said that,

Congress, financial regulators, and potential Libra Association member companies have struggled to get sufficient details from Facebook about risks that Libra may pose, including facilitating criminal and terrorist financing, destabilizing the global financial system, interfering with monetary policy, or exposing consumers to risks currently limited to accredited investors.”

They added further,

“We urge you to carefully consider how your companies will manage these risks before proceeding, given that Facebook has not yet demonstrated to Congress, financial regulators — and perhaps not even to your companies — that it is taking these risks seriously,”

they said in the letter.

Facebook’s Libra has too many Concerns on its Hands

Right from its announcement, regulators and policymakers around the globe have been raising alarm bells about the complexities and issues associated with Facebook’s past record and the working structure of Libra.

The Senators pointed out Facebook’s inability to curb wrong use of customer’s private data which include grave offenses such as privacy rights violation, failing to curb spreading of disinformation, accusations of election interference and fraud.

Brown and Schatz, both the senators warned the associate members saying,

“You should be concerned that any weaknesses in Facebook’s risk management systems will become weaknesses in your systems that you may not be able to effectively mitigate.”

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The Economist Talks Banning of Crypto Derivatives by Global Financial Regulators

On September 24th the price of Bitcoin tanked from near highs of $10,000 USD to below $9,000 USD in a couple of minutes. The huge drop in BTC led to over $600 million USD in long positions on BitMex exchanges being liquidated. With such volatility being experienced on BTC’s price, an article published on the Economist suggests regulators will soon start cracking down on exotic assets related to the cryptocurrency.

Tough Regulation for Crypto Derivatives

After yet another massive price swing at the end of September, a blog post on the Economist sees regulators tackling derivatives underlying Bitcoin. According to the article, regulators across the globe are looking to halt crypto derivatives trading for retail investors.

In May this year, the House of Representatives in Japan accepted a financial service bill on crypto regulation that requires traders to have stringent registration procedures before trading crypto derivatives. Hong Kong, France, and Germany are getting in on the act barring retail crypto investors from making crypto price bets.

FCA Joins in Regulation of Crypto Derivatives

In early July BEG reported the British financial watchdog, the Financial Conduct Authority (FCA), proposed rule changes to ban retail investors from making price bets on exotic crypto assets. On October 3rd, the agency held a consultation meeting on the proposed rule change with the final decision expected to be announced in early 2020.

The long waiting period, however, is not expected to heavily impact the decision to ban crypto derivatives, the Economist report further stated.

A Regulated Future for Crypto Retail Traders

The roadblocks on the cryptocurrency industry, given its young stage in growth, is set to continue according to the report. However, FCA does not want to stifle the development of the industry but help in it in growing in a regulated environment. In early Sep, the FCA granted a license to CF Benchmarks making it the first crypto index provider in Europe.

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India’s RBI Anti-Crypto Laws Block Police From Returning $1.2 Million In Stolen Money

As the government of India slowly moves more and more against Cryptocurrencies as a whole, an unexpected problem popped up for the city of Pune’s police department. They found themselves unable to transfer over 85 million rupees ($1.2 million) back into the State Bank of India’s treasury branch within the city.

Pune’s cyber police department had ceased a substantial amount of funds when they shut down a Ponzi scheme utilizing the Bitcoin format last year. This Ponzi scheme had accrued a total of 244 Bitcoin units in total, and the Pune Police Department wanted to put it back into the treasury.

The Pune Police had hired a tech firm by the name of Discidium Internet Labs Private Limited. With Discidium’s help, they planned on converting said bitcoin back into Rupees, then giving it back to their branch of the State Bank. This was eventually forcibly stopped as the Indian Reserve Bank when they froze Discidium’s account, situated at the Central Bank of India’s Worli branch.

Pune’s Cyber Police Department’s Senior Inspecter, Jairam Paygude, has released a statement expressing this information. The RBI prohibits dealings in virtual currencies, and they did not make a handy exception for situations like this.

Ujjwala Pawar, the district government pleader, explained that the police are going to make a formal request to the RBI to unfreeze the account.

The RBI itself had released a statement explaining that they had done no such thing. They expanded by denying that they told the Central Bank of India to do something similar.

India: First Large Democracy to Ban Crypto

India’s stance on cryptocurrencies as a whole would be easily summed up in the word “Hostile.” At the moment of writing, there is a bill in the works of being passed that would sentence anyone having dealings with cryptocurrency within the country to ten long years in prison.

The draft is, rather aptly, named the Banning of Cryptocurrency and Regulation of Official Currency Bill 2019. This bill would see anyone who generates, mines, holds, sells, disposes of, transfers, deals, or issue cryptocurrency in any way, shape, or form. This is a genuinely troubling move for the country, as cryptocurrencies are considered by many to be the future.

While the bill isn’t in effect yet, it’s causing a scare and subsequent brain drain of the country. Many crypto-based companies are now forced to move their businesses to other countries, fearing criminal persecution.

With the RBI freezing crypto assets as it’s transferred back into the country, one can’t help but wonder how this bill will look after it has passed. Preferably, this bill won’t pass, and India will have access to a $10 trillion industry.

Crypto is changing the way people see the world’s money, for better or worse.

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Litecoin Creator Charlie Lee Explains Why LTC Is Always Profitable for Exchanges

The creator of the Litecoin network, Charlie Lee, recently talked about his creation. He was interviewed by podcaster Dan Gambardelo, known as the founder of Crypto Capital Venture, and talked about the benefits of the cryptocurrency.

Gamberdelo asked his Twitter followers to come up with unique and original questions for him, so they did. One person asked a pretty interesting question: why Litecoin does not need to pay to be listed on any platform while most altcoins do?

Lee’s answer was, that it makes business sense, basically. Exchanges see Litecoin as a highly traded asset that can bring in a lot of revenue because people actually use it. The same cannot be said for many cryptocurrencies in the market.

The community also came up with several other questions. For instance, someone asked Lee if Binance charged him for listing the asset. He affirmed that they did not. When asked if he still mined LTC,  Lee confirmed that he had stopped to mine tokens himself around 2016 or 2017.

Someone also asked him if he ever talked to Satoshi. Charlie Lee affirmed that he did not have the chance to do it because Satoshi was already gone when he entered the crypto space.

Unfortunately, though, the situation is not looking good for Litecoin, despite what Charlie Lee states. The token is entering a bearish trend after losing some of its value recently and several LTC investors are already bracing for a long Winter ahead at this point. After the BTC sell-off, LTC went down together and it is now the 6th largest token by market cap.

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With The US Recession Scare, Will Bitcoin Or Gold Become The Best Safe Haven Asset?

There has been much talk among groups that Bitcoin, and cryptocurrencies like it, are the future of the world. Even so, as the last two days heralded a possible US recession, investors are turning a blind eye to cryptocurrency and focusing on the thing that always glitters: Gold.

Last Tuesday, the US Institute of Supply Management released a statement that their manufacturing index had dropped to an all-new 10-year low. With a reading of 47.8%, last month, it’s fallen from 49.1 in August. Anything below 50% indicates a contraction in manufacturing, so this doesn’t bode well at all for the US.

Holger Zschaepitz, a popular analyst, has released a tweet describing the US’s risk of recession to be above 40%. However, the yield curves indicate a staggering odds of 60%, but stocks and corporate bonds don’t show any increased risk.

As the recession scare works its way through the financial world, it’s dragging global equities down. The Dow Jones Industrial Average took a big hit from this, dropping more than 450 points in day two of a sell-off.

Gold vs BTC

As is usual for big recession scares like this, gold’s price climbed rather happily from $1 460 to a nice, even $1 500 per ounce within the last 48 hours. The historically precious metal will doubtlessly be eternally considered a haven asset, and now is no exception. As recession concerns rise and groups decide to avert risk, gold will be many’s go-to for financial security.

Bitcoin hasn’t enjoyed this level of success, however. While gold prices rise, Bitcoin remains trapped in a range of $8 200 and $8 500 since Tuesday. Bitcoin’s bounce from its $7 700 low has run out of steam within the 200 day moving average resistance of $8 483 within the last 48 hours.

Many voices have toted the argument that Bitcoin was the new, digital form of gold. While true that many investors consider BTC as a means of hedging against aggressive central bank policies, it doesn’t seem to have skyrocketed like the price of gold.

In fact, bids are in a bit of a dry spell. When the European Central Bank decided to cut rates by ten basis points back in September, the cryptocurrency fell from $10 000 to $8 000 per BTC.

Whether it be only its nature, or the public as a whole not yet willing to accept this new format of haven assets, BTC has lost this round to gold. Perhaps next time there’s a significant need for haven assets, people will turn more to Bitcoin. Bitcoin exhibits the ability to act like one, having no direct link to any government and is deflationary by design. This gives Bitcoin an inherent “value” like gold has.

As an interesting footnote, Lego’s also exhibit haven asset behavior. If investors are too keen on using physical, tangible assets, they may turn to plastic before being forced to go Crypto.

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OKEx To Form A ‘Self Regulatory Organization’ To Standardized Exchange Compliance Polices

Malta based crypto exchange OKEx is looking to make crypto exchanges self-regulated for a while.

The organization will be similar to FINRA in the United States, FINMA in Switzerland, The World Federation of Stock Exchanges, and the World Economic Forum, OKEx is engaging exchanges and market participants in the global crypto trading community to become members of this initiative.

Andy Cheung, the Head of Operations for OKEx says:

“Cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations by jurisdiction are not enough. […] The only way for exchanges to grow and deliver impact is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks.”

Headquartered in Malta, OKEx is a top-tier digital asset exchange offering more than 400 token and futures trading pairs to millions of customers in 150+ countries. OKEx offers the most diverse trading products in the market, ranging from spot trading, fiat-to-token trading, margin trading, and crypto derivatives. The company also helps traders, miners, and institutional investors optimize their investment strategies.

Talking about the compliance in the industry, he says:

“You’re gonna have the competitive matrix — it’s gonna be there all the time — you’ll compete on price, you’ll compete on speed, you’ll compete on listings, but you have to have a sandbox where everybody can play. And fortunately we have a sandbox already set up. What’s unfortunate is that we are trying to go regulator-to-regulator, instead of saying let’s just set some high level rules that fit into all these regulations at some level.”

Member exchanges will work together to define and adopt standards that will promote digital asset adoption globally, educate governments and regulators, and develop metrics and criteria for trading, listings, and reporting.

OKEx was recently involved in a tangle with Blockchain Transparency Institute (BTI) on issues related to wash trading and reporting fake trading volumes.

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Torrent Platform The Pirate Bay Accumulates Over $1 Million Bitcoin from Donations: TrustNodes

Pirate Bay, one of the main torrenting portals has received more $1 million worth of Bitcoin from donations dating back to May 2013 when they started accepting cryptocurrency.

Bitcoin Donations

Reports from TrustNodes claim that the website has accumulated more than $1.3 million in BTC. This has been acquired from donations since 2013. It includes 13.37 BTC donations from a single BTC holder. This is an equivalent of over $110,000 in today’s market price.

At the time when 1 Bitcoin was around $50, donations of 0.1 and 0.5 were quite many. Up to around 2016, it seems like the site had received almost 77 bitcoins. It is believed that they have received donations of about 134 BTC in total and maybe a few bitcents.

TrustNodes believes that the website has a two-step mixing process. Funds received are sent to a different address other than the receiving address, they are then sent back to the receiving address by pirate bay. Now they are all together sent to a new different address.

In this process, full bitcoins or bitcents are scattered, and it becomes a problem determining where these funds are going. For a mere website that is populated, the $1.3 million funds seem substantial. That is an income of $200,000 per year or $20,000 per month for ten people getting a base income.

It is, however, unclear whether there is only one person involved and it is also not clear if they have stored these bitcoins up to date. TrustNodes suspects that they still have the bitcoins with them, at least the majority of it, if not all. It is because they remained partisan in the crypto-politics in December 2017 when bitcoin and bitcoin cash were at their peak prices.

Pirate bay has had problems with authorities since its launching in 2003 having to shut down several times. They always look to try and stay a step ahead of authorities to avoid the iterations.

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Bitmain to Debut World Digital Mining Map (WDMM) Platform for Connecting Farms and Miners

Gigantic Chinese-based crypto mining hardware Bitmain has announced that it will roll on a platform that will link crypto miners and farm owners next year. According to the announcement, this will be the first such platform in the globe that aims to link farms and  miners.

The platform will be known as World Digital Mining Map (WDMM) is set to be rolled on at the World Digital Mining Summit (WDMS) that will be held in Frankfurt from Oct.8 to Oct. 10, the company said in a blog post.

As per the blog post, the WDMM the platform will be a worldwide network that will link owners of mining hardware as well as mining farms that will offer their available power resources and accommodate them free of charge. Consequently, members of the network will be allowed to access various individualized services from Bitmain that will comprise of support with the design of the mining farm, linkage to international clients to host, assistance with operations as well as construction.

Cointelegraph states those that wish to be enlisted on the platform, the mining farm owners are required to offer data about their current mining facilities as well as show they have the capacity to accommodate miners. The blog post notes that mining farm owners will have a chance to apply for listing on the platform at the WDMS event.

The director of mining farm at Bitmain, Matthew Wang, said that the WDMM platform is set to enhance crypto mining and make it more sustainable in the long term. Wang explained that the new platform will offer a fresh way for linking mining farms to the hardware owners. Wang explained that Bitmain is set to continue to support miners using their hardware and enhance the overall growth in the industry.

In addition to the launch, Bitmain said it will name the top 10 mining farms in the world at the WDMS event. As per the blog post by the company, the winners will be awarded official certificates as well as VIP tickets for the WDMS event. At the time of publication, voting for the best mining farms is still ongoing.

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Pro-Crypto US Congressman Warren Davidson Proposes US Dollar Tokenization Concept

Renowned crypto advocate US Congressman Warren Davidson who is well known among the crypto worshippers due to his Token Taxonomy Act is now proposing the tokenization of the US dollar.

In a series of tweets, Davidson asked about the impact tokenization of the dollar would have in the world.

Appearing in a recent CNBC’s show “Squawk Box” Morgan Creek Digital’s Anthony Pompliano said that it was time that the US government becomes serious in tokenizing the dollar.

Pompliano also stated that the US federal government should move with hurry to issue its own virtual currency to counter the expected Chinese digital Yuan. he argued that a digital Chinese yuan may be highly adopted if they the country goes ahead and launches the currency. China is expected to roll out its central bank digital currency (CBDC) probably next month.

During the interview, some of the followers wondered why there was a need to have another tokenized dollar yet there other payment solutions like PayPal.

However, Davidson gave out various reasons why digitalization and tokenization are different saying that tokens are meant to be stored on a distributed ledger. In addition, tokens cannot be controlled by the creators or central authority who always have a vested interest. Davidson also explained that tokens can be transferred without intermediaries like banks.

Despite the strong advocacy for tokenization of the dollar, in the recent past, the Federal Reserve Chair Jerome Powell indicated that the US central bank has no plans in the near future to launch its own cryptocurrency.

In a recent past, Simon Potter a former Fed official explained that he sees no reason that would warrant the replacement of the US digital dollar with a cryptocurrency. He said that there is no need to create anything that is complicated when there large liquid capital markets in the country.

U.Today reports that in June, former FDIC chairperson Sheila Bair had suggested that the time was ripe for the Fed to develop its own digital currency in order to eradicate various frictions that are present in the payment system.

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ING Chief Economist: Central Bank Cryptocurrency Developments Will Happen in Next 2-3 Years

Mark Cliffe, chief economist of ING bank believe that central banks around the globe would move towards creating their own digital currency. Cliffe was responding to a question on when would a central bank among G20 nations can launch a full-fledged digital currency.

2019 has been the year of crypto adoption despite the ups and downs of the trade market. Private technology giants like Facebook and Telegram have announced the launch of their digital tokens, while many others are pondering over the same. SoFi, a financing firm added crypto to its trading platform, Bakkt launched “physically” settled bitcoin futures contracts.

Many governments around the globe who were either skeptical over regulating cryptocurrencies or were watching from the sidelines have decided to regulate it. China has fast-tracked its stable coin launch after Libra’s announcement, France and Portugal have made crypto transactions tax-free while Russia has proposed to tax crypto under property tax code.

Banks must strategize their digital currency plans in the same timeline as private sectors

ING last week released a report in which it discussed the growing trend of private firms releasing their own stablecoin, especially focusing on the recent announcement of Libra. The report pointed out that central banks around the globe must start thinking more seriously towards adopting the modern fintech trend before the private sector captures the future financial market.

The report also hinted that Libra is putting pressure on these central banks to start mulling about the ongoing trend of crypto. However, the report also downplayed the argument of future being cashless.

Cliffe’s response came during an event organized joint event held by ING and the central bank thinktank, OMFIF. The meeting was to discuss,

“Rapid advances in distributed ledger technology have spurred debate about the possibilities, advantages, and drawbacks of central bank digital currencies. The principal limits and trade-offs seem to stem from CBDC’s economic, monetary and financial contexts, and depend on underlying policy and political preferences concerning privacy, data administration, market power, cybersecurity, and the division of labor between the public and private sector.”

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Telegram Reveals Its Gram Wallet Is Now Accessible App’s Alpha Version On iOS

Giant instant messaging service provider Telegram has stated that its wallet for its native token, Gram (GRM), is now accessible in alpha version on iOS.

The messaging app reported that the Gram wallet is now available on alpha version but will only be accessed on iOS. However, the wallet at the moment only operates only in Telegram Open Network (TON) testnet. At the moment, those willing to use the wallet will only be able to delete the wallet, receive as well as send Grams, and sharing their wallet address.

According to Fyodor Skuratov who works at TON Labs, which is a subsidiary of Telegram’s token providing investors, stated that the wallet is still under development and as such the Telegram’s in-built wallet will consist of just the basic features. In addition, Skuratov explained that users who are willing to access moe advanced functions like buying and exchanging Grams will have to contact third-party developers.

Early this month, Telegram launched TON testnet explorer as well as node software. In April, the firm rollen on its private beta to test the TON blockchain but was only accessible to a handful of world developers. At the time two unnamed testers stated that the blockchain proved to have very high transaction speed.

In the recent past, Cayman’s Island based crypto exchange platform known as Blackmoon said plans are at an advanced stage to list the yet to be released Gram token via a partnership with Swiss-based crypto custodian Gram Vault.

Before Blackmoon came out with the news of listing the token, a crypto exchange known as Liquid which is based in Japan had stated that it would act as a sales representative of Gram tokens for the Asian Market. However, sources close to Telegram dismissed the announcement afterwards.

Cointelegraph reports that Telegram intends to roll on the Gram token next month after the public testing for its underlying blockchain TON is finalized.

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Pompliano Believes Satoshi Should Get The Nobel Peace Prize For The Creation of Bitcoin

Anthony Pompliano, the founder of Morgan Creek Digital, a large digital assets company, has recently affirmed that the creator of Bitcoin, the person who created the alias of Satoshi Nakamoto, should receive the Nobel Peace Prize for his contribution to the world.

According to the executive, Satoshi has created the first global reserve that could be fully used without anyone ever needing to engage in

“violence”.

Pompliano’s idea of violence comes from the view that national fiat currencies only hold value because they are centralized and backed by the coercion of the State. Because of this, a truly international currency that had no central control would be non-violent in his view.

During the current U. S.-China Trade War, his argument can be seen in how countries use their currencies as “weapons” to achieve economic policies and to fight for power. The whole world is shaken because of the tumultuous policies enacted by the two countries.

While China is using its fiat to hurt the U. S. economically, the U. S. is using the dollar to control the finances of the world for decades. Fiat currencies are from being only a store of value, they are a tool for power and for enacting policies. Only Bitcoin, in Pompliano’s vision, would be exempt from that and a more non-violent form of money.

Obviously, it would be hard to give Satoshi the price since he disappeared in 2010 and there is not a single trace of him anymore. People such as Craig Wright and others have been claiming that they are the real Satoshi Nakamoto for years, but no one was able to actually prove it yet until now.

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Report: Telegram to Launch TON Blockchain Public Testing

Telegram Open Network’s (TON) blockchain public testing will launch on Sept. 1, according to one of the investors.

On Aug. 28, Russian news outlet Vedomosti quoted an anonymous TON investor claiming to have learned this information from the development team, and the head of one of the companies that participated in the testing so far.

According to the outlet’s sources, TON’s node software and all relevant documentation would be released to the public on Sept. 1. This first version of the blockchain is already expected to feature sharding and various functional consensus mechanisms, the source added.

A blockchain that was popular from the start

TON project is a decentralized application and messaging platform developed by open source messenger Telegram’s team. The blockchain is planned to be integrated into the messaging app used by over 200 million people.

The firm is planning to launch its native TON token — Gram — by the end of Q3 2019. In July, Cointelegraph reported that South Korean Gram Asia began to sell Grams at $4 per token — triple the initial coin offering price.

As Cointelegraph also reported in May, encrypted instant messaging service Telegram released a test client for TON, according to an email sent to investors.

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Major Computer Chip Maker Faces Infringement Lawsuits From Competitor

TSMC, the world’s largest independent semiconductor foundry and chip supplier for Bitmain, is facing multiple lawsuits from its competitor GlobalFoundries (GF).

Alleged patent infringement

GF, the second biggest semiconductor foundry by sales after TSMC, filed several lawsuits in the United States and Germany, accusing Taiwanese TSMC of infringing on 16 GF patents, according to an official GF statement on Aug. 26.

In the lawsuits, the California-based company seeks orders to ban TSMC from importing semiconductors produced with its technology to the United States and Germany, with GF claiming that importation of infringing Taiwanese semiconductors is unlawful.

Additionally, GF is seeking damages from TSMC based on TSMC’s unlawful use of GF’s proprietary technology in its “tens of billions of dollars of sales,” as announced by GF.

Multiple lawsuits were filed on Aug. 26 in the U.S. International Trade Commission, the U.S. Federal District Courts in Delaware and Texas, and the Regional Courts of Dusseldorf and Mannheim in Germany.

TSMC will defend its tech

TSMC published an official statement regarding the issue on Aug. 27, claiming that the company is in the process of reviewing the complaints. However, TSMC stressed that they are confident that GF’s allegations are baseless. TSMC added that the firm is “disappointed to see a foundry peer resort to meritless lawsuits instead of competing in the marketplace with technology.”

Apple, Google and Nvidia also on the list of defendants

According to a report by Chinese finance news outlet Sina, GF’s allegations included infringement of technology that covers 7 nanometer (nm), 10nm, 16nm and 28nm semiconductor processes. Citing a report by China-based tech blog DeepTech Deep Technology, Sina reports that apart from TSMC, Apple and Nvidia, as well as six chip design manufacturers and ten consumer product suppliers such as Google, ASUS and Lenovo have joined the list of defendants.

In July, Bitmain reportedly confirmed its urgent order for wafers from TSMC, claiming that it will receive 30,000 7nm wafers from the company.

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