Blockchain News

Zimbabwe Stock Exchange Interested In Adopting Blockchain Technology

Published

8 months ago

May 21, 2019

In the latest altcoin news, we are focusing on blockchain technology and the Zimbabwe Stock Exchange which seems interested in it. According to the chief executive officer (CEO) of the Zimbabwe exchange, Justin Bgoni, ZSE is interested in adopting blockchain technology but only if regulatory certainty can be achieved.

As a new report by the local news daily outlet The Chronicle shows in the latest cryptocurrency news, Bgoni is in favor of blockchain technology. However, he will wait to apply the technology at Zimbabwe Stock Exchange until the regulatory certainty issues have been resolved.

“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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Blockchain News

YouTube Purge Comeback: Davinci Reports His Channel Was Blocked Again

Published

22 hours ago

January 16, 2020

Stefan

The YouTube purge is back after it became an important topic in the last days of 2019, but it looks like it could be still in duration. Another well-known cryptocurrency YouTuber has lamented that he received a strike on a live stream video recently and his ability to upload new content was removed as we are reading in the latest cryptocurrency news.During Christmas time in 2019, the most talked topic in the cryptocurrency community was the YouTube purge. The content-sharing platform that is owned by Google began striking, removing videos and deleting accounts that were related to cryptocurrencies. The number of influenced influencers quickly increased, however, the issue was solved in a few days, supposedly. Furthermore, YouTube claimed that it was a huge misunderstanding, that happened because of a mistake, and the videos were allegedly restored.But it looks like things had not changed i.e. things are not back to normal. DAVINCIJ15 well-known crypto YouTuber, claims that he had received another strike on his last live stream video. Although he thinks it is a mistake on the platform’s behalf, he says that he cannot upload or stream any content. The crypto community demonstrated notable support during the first stages of the Purge. The same thing happens again, as a multitude of people shares the post and comment on the subject. One of the well-known defenders is The Moon Carl who in an interview with Cryptopotato asked on the matter is he afraid that the YouTube purge could return he said:

“Yes, of course! The fact that it happened once shows that it’s completely possible again in the future. However, I don’t think it’s likely that my channel receives any strikes again in this specific purge, because I was reinstated after manual review. But, I think it’s important just to realize how much power YouTube has over YouTubers.”

Also, there are a lot of people that think about the content sharing platform that is owned by Google, as a power monopolist, which is bad for the content creators. They have over and over again emphasized decentralized media sharing platform as a good alternative. Which lacks the centralized part of authority, which will eliminate the ability to ban or delete videos on the concrete topics, such as cryptocurrency.

Blockchain News

Bithumb Filed Complaint Against The National Tax Service

Published

22 hours ago

January 16, 2020

Stefan

The well-known and the biggest South Korean cryptocurrency exchange, Bithumb filed a complaint with the Tax Tribunal against the National Tax Service (NTS). The crypto exchange company wants the Tribunal to nullify a tax for nearly $69.3 million, which was imposed by the National Tax Service (NTS) on Bithumb’s customers as we are reading further in the blockchain latest news.At the end of 2019, the National Tax Service (NTS) imposed $69.3 million of withholding tax on the customers of Bithumb according to a certain report. Then this was the first case where the South Korean authorities had taxed crypto transactions.The well-known exchange expressed that it will take legal actions towards the decision of the National Tax Service (NTS), and it looks like they have fulfilled their promise. Earlier this day, South Korean news reported that Bithumb filed a complaint with the Tax Tribunal. The crypto exchange claims that the needed taxes are already paid by them and that the National Tax Service (NTS) request is without any ground. An official from Bithumb spoke on the issue:

“We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.”

The withholding (retention) tax must be paid to South Korea by the payer of the income and not the recipient. The Tribunal has to bring a decision on the case in a deadline of 90 days. The defense of Bithumb is grounded on the fact that cryptocurrencies are still not recognized as currencies by the South Korean law, and that authorities should not tax them based on that.This is where the arguments crash. The National Tax Service (NTS) considers that the gains withdrawn in Korean Won from foreigners must be taxed. But experts on the issue are supporting the argument of Bithumb, that cryptos are not still regulated under the tax laws of South Korea. An adviser to the Financial Supervisory Service, Choi Hwoa-In Supposedly talked about this:

“Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.”

Blockchain News

Nakamoto LTD Insurance For Custody Accounts Launched By Gemini

Published

23 hours ago

January 16, 2020

Stefan

Today, the US Exchange Gemini by the Winklevoss twins, launched Nakamoto LTD, a captive insurance company that will serve the custody accounts according to the reports that we have in our cryptocurrency news.The press release says that the announcement explains that with the coverage of up to $200 million for offline storage but it is the largest purchase by any other crypto custodian across the globe. The insurance company is called Nakamoto LTD and is licensed by the Bermuda Monetary Authority and the company worked with the insurance brokers Marsh and Aon to set up the platform in Bermuda which is a commonplace to set up a business because of the favorable tax conditions.The latest risk-mitigation development of Gemini, gone to great lengths to ensure compliance with the US regulators and security for the client base and it now offers the clients the opportunity to purchase additional insurance for the separated crypto assets along with the hot wallet coverage for the funds to be kept online. The US dollars that are held on the Gemini platform are covered by the Federal Deposit Insurance Corporation which is a ‘’pass-through’’ deposit insurance for up to $250,000 per customer. This kind of insurance is American federal-level insurance which covers all of the qualified accounts.Aon serves as the captive manager and Marsh’s Digital Asset Risk Transfer team worked for the broker excess insurance from the commercial markets. It is evident that the self-insurance funds are now much more common in the crypto exchange and it is welcomed by the crypto community since it provides some assurance to the users that their funds are safer from theft. Binance divers a share of the trading fees into the self-managed insurance fund that is called SAFU which was used to cover the individual losses when the exchange got hacked last year.The captive insurance operates separately from the company of which it operates and these companies are formed by larger firms as a means of formalizing the self-insurance. Rather than purchasing insurance policies with the help of third parties, a company can choose to self-insure against the losses by setting up a fund. Gemini is now a subsidiary that provides risk mitigation services that will cover the financial losses that are not dissimilar to an external insurer.

Blockchain News

Bitconnect Celebrates Crashed Exactly Two Years Ago On This Day

Published

24 hours ago

January 16, 2020

Stefan

Bitconnect celebrates its two-year birthday since it burned as a pyramid scheme and got the title as the most controversial and notorious platform as we reported back in our blockchain news.The crypto lending scheme got very popular between the users and was known for its mass-audience meetings and messages that promised huge rates of return depending on the bitcoin prices. BitConnect’s token BCC reached prices close to $600 too. However, in only one day, BCC dropped to below a dollar and was soon delisted from all of the exchanges after the platform announced it was closing because of the multiple cease and desist orders. BitConnect was the first crypto lending scheme that took in Bitcoin and paid out huge interest rates in dollars.The trick was that the customers had to convert their Bitcoin coins to BCC coins on the website. Because the BitConnect token was only traded on the internal BitConenct exchange, the scheme could set the price as high as the platform wanted. BCC started off really slowly with a price of just $3.0 but later the customers had to pay a much higher price. The approach is exactly the one of a Ponzi scheme or a financial pyramid that strictly relies on new investors paying in to pay the earliest investors. Bitconnect however, managed to pay out a monthly return for most of the scheme’s duration which helped to create the illusion of the stable system.BitConnect worked very cautionary but that didn’t help other similar projects from cropping up. Short after Bitconect crashed, DavorCoin which is another similar project, lost about 99 percent of its value. Similar attempts also included Auscoin and when Bitconnect failed officially, other big crypto scams unraveled including Onecoin. Sadly, this did not kill the attempts of the people to build Ponzi schemes. In 2019, the Plustoken project became known after a lot of months of attracting Asian investors without communicating with Western Buyers. Plustoken raised a lot of BTC haul and is still working its way up to exchanges today.BitConnect celebrates the birthday of its crash and it’s important to remember that the platform even tried to relaunch a new iteration by selling new tokens however the name already was out there. Trevon James, one of the main influencers that promoted the scheme, is still at large but active on social media. He was criticized for moving into HEX which is another suspected crypto scheme.