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Coinbase UK’s CEO to speak at this years Blockchain for Finance Conference

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This year sees the Blockchain for Finance Conference move from it’s location for the past two years of the Aviva Stadium across the city to Croke Park on October 7th – 9th. In the run up to the event, the organisers have announced that the UK CEO of Coinbase, one of the world’s largest and most established crypto exchanges, will be speaking at the event. The company has a presence in Dublin and is currently hiring for a number of positions. The official announcement is below; FinTech Network are excited to announce that Zeeshan Feroz, CEO (UK) at Coinbase will Source: https://bitcoinsinireland.com/coinbase-uks-ceo-to-speak-at-this-years-blockchain-for-finance-conference/

Blockchain

Market Analysis Report (23 Sep 2020)

There Are Now Over 10,000 Bitcoin ATMs Throughout the World | European Central Bank Says Term ‘Stablecoin’ Is Ambiguous | Bitcoin-Related Ads Appear on Disney+ In Some Regions

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Only 6 days left to swap NUT/EQ tokens! Users can get the maximum bonus by swapping over 5,000 NUT. Only 32% of the EQ token allocation remains available.

Equilibrium is the first money market to be built on Polkadot bringing true cross-chain interoperability to the DeFi space. Its innovation is to combine pooled lending with synthetic asset generation and trading in a one-stop-shop for DeFi users.

68% of EQ tokens allocated for the token swap have already been secured and the swap is filling steadily. Both retail NUT holders, as well as venture funds, have participated in the Equilibrium token swap. Among them are Taureon, Signal Ventures, YBB Foundation, PNYX Ventures, and others.

There is still a great opportunity for users who swap > 5,000 NUT to receive the maximum bonus.

Importance of Equilibrium’s new EQ utility token: The missing link

DeFi’s potential has not yet been reached, on the contrary, the currently fragmented market needs to be enabled and connected to reach its potential. For that, blockchains must be truly interoperable.

That is exactly what Equilibrium is achieving with its expansion, building on Polkadot’s technology, and its new product line. On Equilibrium, users will be able to pool and trade multiple assets from any other major blockchain in one convenient place, on one interface, thus achieving maximum liquidity. Its system stability and liquidity will be ensured by a foolproof 3-layered risk management system that proactively solves bad debt, avoids the risk of forced auctions in adverse markets, and thus prevents the kind of situation experienced by MakerDao this Spring.

Advantages of the swap for token holders

NUT will continue to be used for Equilibrium’s initial product line on the EOS blockchain, and there is no obligation to trade in your NUT if you prefer not to. However, NUT will not be usable for the governance or products in Equilibrium’s expanded scope that is cross-chain interoperable. Since this expansion is so promising and fills the key missing link to unlocking the DeFi market’s full potential, the chances are high that holding EQ tokens will pay off. The swap rate is 1 NUT: 75 EQ rate (~$0.3 per 1 EQ) Check the swapping details here.

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China Central Bank ‘Blacklists’ Local Bitcoin OTC Merchants

Firms in the blacklist will lose access to online banking for over five years, with many crypto OTCs reportedly shutting their business ahead of potential repercussions.

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In brief

  • Bitcoin and crypto OTC dealers in China are facing widespread issues in the country.
  • Those found transacting in crypto may see thier bank accounts suspended for five years.
  • The move is part of a broader crackdown on money laundering in China.

The People’s Bank of China (PBoC), the nation’s central bank, is flagging accounts related to large cryptocurrency traders in its latest crackdown, according to local news outlet WuBlockchain

The move is part of a broader crackdown on money laundering in China. Earlier this year, the PBoC launched its drive to eradicate illegal earnings and partnered with the country’s local banks to share account information and transactional details to prevent the proliferation of unlawful funds, of which cryptocurrencies form a part in China.

Facing the brunt are China’s over-the-counter (OTC) crypto dealers—or firms that conduct trades outside of the public market (such as on crypto exchanges) and usually transact with upwards of millions of dollars.

Some crypto OTC accounts have reportedly been put on a “blacklist” maintained by the PBoC and are forbidden to use bank-issued cards for the next three years or conduct online transactions in the next five years, the report said. These rules apply to all blacklisted accounts and are not limited to cryptocurrency accounts.

The specific process is that, after a bank’s risk system has flagged and restricted transactions from a certain account, it reports the account to a regional branch of the PBoC.  This ensures that information regarding blacklisted accounts is then shared across all Chinese banks, hence preventing OTC dealers from opening new accounts in other locations.

Lack of laws affecting business

The move has to lead to many crypto OTC dealers shutting down their business in fear of repercussions, the report said.

However, some industry observers say the blacklisting does not apply to simple cryptocurrency sales. “Normal cryptocurrency transactions are not illegal, and only those involving black money and illicit assets will be frozen,” said crypto exchange and OTC desk Huobi, in the report.

Still, the lack of unified rules across all banks would mean an OTC business would find itself in the blacklist regardless of its legitimacy, the report noted. China has no concrete laws on cryptocurrencies either, making the asset class a legal gray area and hence susceptible to the judgment of individual banks.

For China, the crackdown on cryptocurrencies is ironic considering its development in state-backed digital currencies. On the one hand, the country is pushing to launch the digital yuan—its digital version of the national fiat—and is already conducting testing in rural areas and taxi-sharing services. But public cryptocurrencies like Bitcoin are a strict no-no. Or perhaps that’s all part of its plan.

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Africa reports the least illegal activities involving cryptocurrency.

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According to a new report, illegal activity only makes up 1.4% of all digital currency activity in Africa. The report by blockchain analytics firm Chainalysis revealed that Latin America is the leading region for digital currency scams, with East Asia ranking second. The rapid rise in the adoption of cryptocurrencies in Africa has seen the number of scammers targeting traders shoot up as well. However, the number of traders falling for such crypto scams has remained relatively small in the region. 

African traders are wary of falling to crypto scams. 

The Chainalysis report also revealed the biggest cryptocurrency scams in Africa, with Mirror Trading International leading the way. Through its website MyMTIClub.com, the South African firm reportedly commands a dominant 95% lead in the past seven months. The number of funds it has managed to raise from African trades had surged steadily since December 2019, when it received under $1 million, to June 2020, when it received $8 million. Other scams that have brought in millions of dollars include SBlock.com, CloudTokenWallet.com, WoToken.pro, and F2Trading Corporation.net.

Crypto adoption increases in African countries this year.

Cryptocurrency adoption in African countries has increased this year amid the ongoing pandemic. The bitcoin trading on Peer-to-Peer platforms witnessed a rapid growth in recent months, with the African continent now the second-strongest region in the world for P2P volume, just behind the United States. The African continent is the only region to post an increase in the seven-day P2P trade in July. Since early this year, the sub-Saharan African continent has overtaken the Asia-Pacific, Eastern European, and Latin American regions to emerge as the second-strongest peer-to-peer market by a volume margin of more than 50%. Twitter CEO Jack Dorsey and several other industry giants believe that Africa will play a huge role in the mass adoption of crypto. 

Source: https://coinnounce.com/africa-reports-the-least-illegal-activities-involving-cryptocurrency/

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