In the crypto news today, we have General Motors Financial which is the daughter company of General Motors (GM), the biggest US automaker out there – with plans on tapping blockchain in order to reduce identity theft.
This move could potentially save the car maker millions of dollars in fraud costs. As previously reported, 95% of the carmakers expect to use blockchain technology in the next three years but GM is leading the herd.
The partnership will also see GM financial, which is a finance branch of General Motors, join the Spring Labs’ Spring Founding Industry Partners Program – as an initiative that is designed to advance the role of blockchain in data sharing.
This is a major confirmation towards real-world adoption of blockchain technology.
Very excited to officially unveil our partnership with @gmfinancial, one of the largest global providers of auto financing with operations in North America, South America, and Asia. https://t.co/DQ3HPpslXf
— Spring Labs (@SpringLabsMain) February 11, 2019
The chief financial strategy officer at GM, Mike Kanarios, spoke to Forbes and shared his beliefs that blockchain technology could deliver a “better, faster and cheaper” system in order to identify fraud.
GM Financial is right now fighting a huge battle – named synthetic identity fraud. This is according to many the fastest growing form of identity theft in the US and a process where various parts of people’s stolen data create new identities.
“As the captive finance arm for General Motors and one of the world’s largest auto finance providers, we are continually innovating and evolving our fraud prevention and detection capabilities to better serve and protect our customers and dealers.” GM Financial Chief Strategy Officer Mike Kanarios concluded.
Initial Exchange Offerings (IEOs) Supported By Bitfinex: Report
“What it means to be an exchange has evolved to become an entire ecosystem, not just limited to the remit of trading digital assets. We are proud to finally launch Tokinex and bring the opportunity for participation in quality token sales in a fair environment.”Tokinex will have its token sale on June 13th. Only users who will qualify will be able to participate in the token sale. The Tokenzied projects that use Tokinex will pay a fee if they hit a higher fundraising goal. Initial Exchange offerings and security token offerings represent the watchdogs of the next altcoin wave. Users will send Bitcoin or Litecoin in an exchange with a predetermined amount of coins from the brand new blockchain. The majority of the projects as reported in the best cryptocurrency news sites, that have funded via ICO failed and eventually lost their value for their investors. Tokinex is now entering a very competitive space with the most popular competitor being Binance Launchpad. Most of the exchanges have some kind of a platform that helps the new tokenized projects to lift off the ground. Launching a token via an exchange platform has a lot of benefits such as better liquidity and a higher degree of trust. Tokinex is represented as the ‘’trusted home of token sales’’ and goes live soon.
Zimbabwe Stock Exchange Interested In Adopting Blockchain Technology
“Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good," the chief executive of Zimbabwe Stock Exchange said.Right now, the regulatory certainty in the crypto space is pursued in several jurisdictions. As per the newly reintroduced Token Taxonomy Act (TTA) in the United States, regulatory certainty for crypto needs to be carried out by introducing uniform definitions and reclassifying it. In a related interview, the Central Dipository and Settlement corporation (CDSC) Kenya CEO Mrs. Rose Mlambo spoke confidently about blockchain which is somehow linked to ZSE and its interest. She said:
“Blockchain is the next big step in technology on our capital markets as Africa. It is good and enhances the security of your investment, every time you do a transaction it is recorded everywhere and cannot be altered at any stage. This is what investors want to boost their confidence,” she said.As many best cryptocurrency news sites report, the Zimbabwe Stock Exchange is considering blockchain-based services and products in real estate investment trust securities, mineral commodities exchange and exchange-traded funds. Meanwhile, Zimbabwe is known economically for the collapse of its national fiat currency back in 2015. Ever since then, the country has been in the focus of many blockchain-based currency proposals and activity. One paper has argued that the country is an ideal environment for Bitcoin firms and many blockchain projects. In 2017, the Reserve Bank of Zimbabwe (RBZ) - which is the country's central bank - touched the topic of crypto regulation and officially announced that Bitcoin is illegal in the country. That said, the RBZ Director and Registrar Norman Mataruka commented that the bank had begun investigating the risks of cryptocurrency and that it would need to create a new regulatory framework for digital assets before they could legalize cryptocurrencies.
Crypto Project OneCoin Denies Being A Ponzi Scheme
“By accepting the contract, the user becomes an independent, self-employed business owner. Let it be clear that neither OneCoin nor OneLife companies have organization, representation or employees in Samoa and New Zealand. No one has the authority to act or make statements on the company’s behalf in Samoa and New Zealand.”As it was previously reported in May this year, the former investor in the OneCoin company Christine Grablis is now suing the company for Fraud. Christine made clear that she will be seeking damages and will pursue a class action suit. She also aims to represent all of the investors that were reportedly defrauded by the crypto project-OneCoin.
Sberbank Bank In Russia Demands Income Data From Cryptocurrency By Client
“We are very much perturbed by how the Sberbank bank can appeal to terms that do not yet exist in Russian law.”The CEO of the decentralized exchange Tokenomica Artem Tolkachev also responded to this request saying that Sberbank ‘’operate within their regulatory framework for handling cash. So it is a way of legally introducing cryptocurrency revenues into circulation.’’ The Prime Minister of the country Dmitry Medvedev pointed out in the coming altcoin news that the crypto regulation is not a priority for the country anymore since cryptocurrencies are losing popularity. Medvedev previously urged the government to legislate at least some basic crypto terms. The hype around bitcoin has since dropped but the markets are still expected to rally as the prime minister concluded. The crypto bill ‘’on digital Financial Assets’’ was passed by the lower house of the Russian parliament back in 2018 but it was sent back to first reading state instantly due to a lack of key terms such as crypto mining. Since then, the Russian Duma hasn’t initiated another reading for the crypto bill and subsequently, it always gets delayed.
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