The Former UNICEF CEO David Bull has just announced that he will be working with the crypto startup Electroneum saying he is very optimistic about the project and that it will help to deliver on sustainable development goals that aim to increase the standard of living of the poorest people in the world. In the cryptocurrency news today, we find out more about his plan.
The former UNICEF CEO stated that he will be using his extensive experience in the charity sector to help Electroneum deliver on the humanitarian mission that aims to extend bank-like services to people who are unbanked. He added that he was most impressed by the project’s initiatives aiming to get the disadvantaged people around the world to be connected to the internet and to be able to earn in the evolving job market.
According to the announcement on his personal blog, Bull will be working with the crypto asset company Electroneum to help deliver on his mission. The project has positioned the digital currency ETN as an accessible and KYC compliant virtual currency that is aimed at promoting greater access to bank-like facilities to the 1.7 billion individuals that lack banking accounts. In the blog post, Bull explained that the current initiatives are aimed to help the globe’s poorest people to improve their lives and to catch up to the developed world fit with the rapidly digesting world.
Electroneum has multiple initiatives that will be able to provide access to bank-like facilities and education and also will help the individuals find work in the global economy rapidly shifting towards freelance positions. He added:
“Young people, in particular, would be able to make a living in their own community rather than feeling the need to migrate to the city for low paid and often exploitative low skilled work. They would spend their earnings in the community, driving development for other local businesses, and potentially lifting a whole community out of poverty and giving them back control of their lives and livelihoods.”
Bull explained that he is excited to be working with Electroneum and he thinks that his connections in the world of charity will help him and the company to forge valuable connections across the industry:
“This seems to me to be just the kind of innovation which can help ensure that, by 2030, no-one is left behind, unconnected and financially excluded, as the world changes around them.”
First-Ever Collectible Crypto Coin Will Be Issued In 2020
“This innovative coin will feature the signatories due to their significant role in the country’s history and contribution to the restoration of our independence.”He also said that the project will be a source of invaluable experience and know-how in the processes of creation cryptocurrencies for the Bank of Lithuania. This may be the first step for Lithuania if it wants to insert itself in the race for cryptocurrency emitting by the central bank, in which the undisputed leader in China where a pilot scheme has already been planned.The announcement added that it is expected to have encouraging effects on younger people in coin collecting as a consequence of the token, and also it can be an innovative way of introducing them with cryptocurrency and blockchain technology. The collectible crypto coins will be sold exclusively on the digital store of the Bank of Lithuania and it will not represent a legal tender.The collectors will get six random coins and will have the opportunity to exchange them for a physical silver coin after one from all of the six categories will be collected. The value of the physical coin will be symbolic of 19.18 euros representing the iconic date in the national history of Lithuania. A YouTube video portraying the launch displays the collectible coins as square tokens, probably with the symbolism of their place on the blockchain. The silver token will be the size of a credit card, and also will depict the Act of Independence and its signatories.The announcement stated continually that this commemorative action is an instrument in assisting the implementation of the Bank of Lithuania’s strategic direction in the sector of innovation and fintech. It has the aim to assist local and global businesses enriching their knowledge of blockchain and the comfort that cryptocurrencies afford.
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MATIC Collapses 70% In Less Than Hour Showing Liquidity Issues
“They did a shitcoin airdrop today, then the usual sell the news happened but for the first time we had margin trading on an illiquid Binance book in place to cause a cascade.”The MATIC network was one of the binance initial exchange offerings and it seems that the exchange can inadvertently take life as well as inject it into the altcoin itself. According to announcements, it was pitched to be the next greatest thing in blockchain by offering the layer 2 scaling solution that achieves scale by utilizing sidechains for the off-chain computation. Right now, the token price is scaling rapidly in the wrong direction.Another theory for the collapse is that a few MATIC addresses hold about 99 percent of the supply which could lead to massive manipulation if there is a coordinated liquidation. In terms of market cap, the amount dumped equates to more than $60 million some of the other theories include that there is a massive pump and dump, at least according to crypto trader ‘’Welson’’
“This is why it’s never a good idea to FOMO into a shitcoin, especially when the owners have 90% of the supply. Once they’ve manipulated prices to a high level, they will sell everything and have the buyers be left holding the coins for life.”The crypto guru Willi Woo stated that 99 percent of the current altcoins on the markets have virtually zero liquidity. For an asset to be tradable it has to have daily volume. MATIC is not the only token that crashed at the moment and the big dump seems to have hit some of the other illiquid cryptocurrencies including Ravencoin and Energi.
BigTech Companies And Their Crypto Pose A Threat To Global Stability
‘’Where stored value payment products (e.g. mobile wallets) become prominent, a relatively large and potentially mobile pool of funds may be controlled outside the banking system (though often these funds are ultimately deposited with banks)… Furthermore, the greater mobility of this pool of funds compared with the customer deposits may also reduce the stability of bank funding.’’The FSB is not alone in this stance, warning that the BigTech companies and their involvement in crypto assets could destabilize the banks worldwide. Several governments and regulators stated that the Libra crypto project could even affect negatively their ability to control sovereign monetary policies. Such is the level of opposition towards their involvement in digital payments that some of the regulatory stakeholders say their proposed solutions could be domiciled with the mainstream financial institutions. Some of the central banks are also working hard towards the creation of their own national cryptocurrency.The FSB reports also show that BigTech’s payment entry could expand the problems already identified with fintech lending and the new forms of credit could emerge from this trend are untested which have never gone through a complete financial cycle. The server credit crunch coincides with the proliferation of BigTech payment projects which could end up with negative economic consequences. The FSB is also keen on closely monitoring on Libra's crypto project as well.
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