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Ohio Congressman Calls For Blockchain Adoption, Responds To China

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Ohio Congressman Warren Davidson recently called for further blockchain adoption as a response to China embracing the technology as we previously reported in the blockchain news.

Although Bitcoin is 11 years old and is valued at $170 billion, the number one cryptocurrency and blockchain industries remain irrelevant on a global scale and are being treated not as a real competitor but merely a financial experiment. Most recently, the Ohio congressman urged for the adoption of blockchain technology in the US to help the economic growth and to improve the standard of living in America.

The regulatory environment in the States was not so conducive to the success of blockchain companies and some of them were even fined millions by the SEC and digital assets exchanges were forced to implement complex KYC and AM rules or simply leave the US market entirely. The President of the United States, Donald Trump, came out as anti-crypto this year but the Ohio Congressman Davidson, defended the blockchain technology and even wrote:

‘’While I share some of my colleagues’ skepticism about Facebook’s Libra project, I find their fear of blockchain and cryptocurrency shortsighted. Already, blockchain companies are moving overseas, where countries such as Switzerland have the regulatory framework to support innovation while protecting consumers. We need to do everything we can to keep these groundbreaking projects in the U.S. by establishing a clear regulatory framework that protects American innovators, investors and consumers.’’

He remarked that the regulatory clarity is simply not present in the US and the Americans ‘’risk surrendering global superiority and sacrificing improvements in quality of living-just to preserve the status quo.’’ Davidson is pushing for pro-crypto rhetoric for months now and became popular in the crypto community for mentioning the popular industry term ‘S**tcoin’’ in a congressional hearing at the start of this year.

Davidson is not the only pro-blockchain person in Congress. The Republican Representative of North Carolina Patrick McHenry explained that he fears that the regulatory climate in the country against Libra is a de-facto trial for American innovation by the policymakers. He added that the US regulators are pouncing on the companies and sending a ‘’chilling signal to innovation in the United States.’’

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Blockchain News

Chinese Fintech Company Launches Blockchain Investment Fund

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The Chinese fintech company has officially launched a global digital bank consortium blockchain investment fund with one purpose- to create a leading digital bank in the world so let’s read more about it in the blockchain news today.The Chinese fintech company, Hande Financial Technology Holdings Co, LTD and the chair of the company Cao Tong, made the announcement during the second China International Import Expo in Shanghai according to a press release. During the speech entitled ‘’Global Investment Opportunities for China’s Digital Banks,’’ Tong explained
‘’Based on the investors’ accumulation of experience in the fintech sector, the fund plans to invest in and create a leading digital bank, through which it will build a global digital bank consortium blockchain. The first step is to invest in and digitally transform a bank. The second step is to build a global digital bank consortium blockchain, with the digitally transformed bank as the main node.’’
Some of the other parties involved in the launch are Yillon Bank which is one of the four internet banks in China to receive permissions from the government to engage in online credit businesses and also Zhongguancun Privacy Equity & Venture Capital Association. Working with international investors but also domestic ones, the fund will reach up to $1 billion with a six-year investment phase and a two-year exit phase.With the blockchain technology and fintech as well as further development, the HDFH’s chair added that:
 “The fund empowers the targets through investment and fintech transformation while building an innovative global digital bank consortium blockchain, achieving broader value for the participating digital banks.’’
Last month, the president of the nation Xi Jinping, stated that the country should embrace blockchain and called the country to seize the opportunity and endorse the technology in everyday lives. Tong’s announcement came at the right time when China’s central bank, The People’s Bank of China (PBOC) is now working on its own central bank digital currency. Back in August, it was reported that the bank’s CBDC was ready to be launched after five long years of development. However, in September, Yi Gang, the governor of the Bank, noted the plans for the CBDC adding that despite the rumors, there is no launch date set yet.
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LocalBitcoins Exchange Receives FIN-FSA Crypto Provider License

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LocalBitcoins exchange is now officially registered as a virtual currency provider with the help of the Finnish Financial Services Authority (FIN-FSA) starting at the beginning of November 2019. Finland now allows for officially registered providers who fulfill the requirements to operate in the country as we are reading in the latest crypto news today.The LocalBitcoin exchange had to provide the regulator that it had all of the needed suitable Anti-Money Laundering and Know-Your-Customers procedures along with having the right safeguarding for customer assets so the management and key personnel also had to fulfill the criteria to be considered fit to serve the roles.Finland is often seen as a country that has a high level of control and trust in the global community and since it is an official virtual currency provider opens the new business opportunities for the exchange. The CEO Sebastian Sonntag explained:
 “Finland is a well-functioning society, which holds trust and confidence at high levels. At the same time, the controls in the financial sector are of particularly high quality and the position of the clients is well protected.”
The registration by the Finnish regulator is just the latest step on LocalBitcoins’ path from an unregulated champion of the KYC-avoiding bitcoin users to being a regulated peer-to-peer exchange. The exchange was known for its adoption in countries that are under heavy political pressure and economic turmoils such as Venezuela.As previously reported, LocalBitcoins had been under fire for a long time from the crypto community after introducing Know Your Customer (KYC) features on the platform. The new AML features were supposed to take out the fraud which the authorities claimed that it is very easy to do with cryptocurrency.LocalBitcoins seemed to have little choice in the issue with the approved proposal to the Finnish Parliament for a new act on ‘’Virtual Currency Service Providers’’ back in March. Crypto exchanges are still under scrutiny after multiple platforms were the target of KYC controversies. Many EU countries are open-minded towards cryptocurrencies but KYC is a strict one-way system that allows the governments to spy on citizens. However, this seems to be a good sign for the platform and its further development.
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Russia Gets Linked To $450 Million Exchange Collapse: Investigation

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Russia gets linked to a $450 million exchange collapse as the investigations show that we are reading further in the latest cryptocurrency news today.As per the BBC, investigation revealed links between Russia’s FSB intelligence agency (Federal Security Service) and the collapse of the WEX cryptocurrency exchange back in 2018. One of the co-founders of the platform claimed that he was forced to hand over the customers’ wallet data and told the money will go to the FSB funds.The BBC obtained audio recordings and telephone conversations in which it is claimed that Konstantin Malofeev discusses the importance of getting the WEX platform under FSB control. Malofeev is a Russian billionaire who is currently under the US sanctions for bankrolling the Russian forces in Eastern Ukraine and the Donetsk People’s Republic.Following the phone calls in April 2018, the founder of the WEX founder, Alexey Bilychenko, claims that he was taken to the FSB offices in Moscow and he handed multiple flash-disks over there with multiple instructions on how to access the customer’s online wallets with more than $450 million worth of Bitcoin and other cryptos. Soon after, the Bitcoin price spiked on the exchange and the customer withdrawals were frozen.Wex was launched in 2017 and followed the closure of the BTC exchange by the FBI and the arrest of Alexander Vinnik. It seems like Russia gets linked indeed since the exchange also founded by Bilyuchenko was investigated for money laundering and enabling the movement of about $4 billion illicit funds and was later used by the Russian hacking group Fancy Bear that also had connections with the US democratic party. If Bilyuchenko launches another crypto exchange, it is probably the best idea to stay clear. While the allegations by the BBC investigations seem to suggest that Russia’s intelligence agencies have not relations with Bitcoin and crypto, there is still no movement on the legal status in the country.Later in July, the officials stated that it would not get a monetary status any time soon and in September there were suggestions that mined Bitcoin might be taxed in the same manner as a treasure. The BBC investigation seems to be reliable but there are still multiple things needed to be re-checked.
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ConsenSys Chief Strategy Officer Steps Down From Function

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ConsenSys chief strategy officer Sam Cassatt announced he will be stepping down from his function to launch a new venture fund with the help of the founder of the company Joe Lubin. Consensys said that Cassatt will stay on the Ethereum venture studio in its advisory capacity so let’s find out more in the blockchain news today.During the TransTech conference in San Francisco, Cassatt explained that his fund aims to raise up to $50 million for its first round and aligned with the focus on emerging technologies including artificial intelligence, cryptocurrency, healthcare, and blockchain according to his statements. In a blog post that was published on Friday, Cassatt explained that the fund is designed to ‘’anticipate civilization-scale evolutionary changes in human behavior.’’Backing Aligned will be DARMA Capital managing partner Andrew Keys which is a former Consensys executive. The amount of Lubin and Key’s capital participation is yet unknown to the public. On the other hand, totally different from the company, the ConsenSys chief strategy officer Cassatt is looking to apply some similar principles that were employed by his former company as Cassatt stated. While Aligned is still in its early days, Cassatt explained that he is looking to tackle societal issues such as safe AI (artificial intelligence) and the digital age:
 “Not only [are we] looking for that societal change, but [we are] noticing that institutions … are no longer serving their purpose,” Cassatt said. “I think we are at a crisis point.”
Joining Aligned Capital will be Nichol Bradford who is the executive behind the Transformative Tech Lab that organized the event in San Francisco. Nicholas Paul Brysieweics who is the director of the development at the long now foundation is also listed as an advisor from a company that is best known for its entity building the 10,000-year clock inside a mountain in Texas. Cassatt later gave his opinion on the partnerships and the future of the project by saying:
 “You can come up with a lot of things as to why something would make some money. We are looking at where there are these momentous stepwise changes.”
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