In my humble opinion...
education needs to catch up.
Coin of the Day
China's comprehensive database
for its people
(CRYPTO: TKY) TheKey is a company based in China whose vision is to provide secure access to a “3D print” of all individuals in the country. They've been operating under the radar for 3 years, with their service spanning across 66 cities and to 130 million people, with banks, insurance companies, hospitals and drug stores acting as their service providers. Although there are other companies such as Civic and Selfkey offering similar services, TheKey stands out for its already available technology, as well as having access to citizens’ data from the Chinese government’s database. As a result, users don't have to download an app on their phone or register to digitize their identities, but they only need their identification number or their fingerprints to pull their personal data from the government’s database. TheKey also boasts a strong leader, Catherine Li, who was crowned as the most outstanding female entrepreneur in China in 2017.
False alarm. South Korea isn't banning crypto exchanges anytime soon, while Russia's crypto rules are loosening.
Let's all take a collective deep breath. Great. Now that the market has recovered (well, for the most part), we can all rejoice at the news that South Korea is not shutting down cryptocurrency or crypto exchanges, period
. At least for the time being. Legislation for an outright ban takes time and more importantly, a majority vote in Korea's national assembly; something that could take months or even years. It appears that South Korea's still getting their footing regarding crypto's role in the country, with exchanges Coinone and now Bithumb raided
by tax officials and police yesterday (prompting a bit of a dip in Ripple and Bitcoin's price
, naturally). Meanwhile, the Bank of Korea (BoK), South Korea's central bank, has officially created and launched a cryptocurrency task force
that's going to examine crypto's effects on the financial system. The main concern? Crypto prices could seriously hurt the traditional financial system.Russia's Ministry of Labor has announced updated income, expenses, and property declaration guidelines, including cryptocurrency rules in the amendments. Government employees of the Russian government are not required to declare "virtual currencies"
due to the lack of legislation around blockchain and crypto in the country. People are now even more worried that this ruling will lead to more bribery in the form of crypto, although a member of the Business Against Corruption Center said that this risk was minimal
Ripple's ramping up their partnerships, as Venezuela's president ignores government's declaration and goes ahead with the sketchy Petro.
Yesterday, Ripple (XRP) announced a partnership with the payment service MoneyGram
, which will integrate the XRP coin into their payment system. This collaborative effort will provide the liquidity that the financial institution has been trying to obtain. Ripple's been presenting itself as a solution to several other companies, such as the Bill and Melinda Gates Foundation that's launched an open-source payments software using the Interledger technology created by the cryptocurrency
. Recently, Ripple's been in the middle of an extreme love/hate relationship with the crypto world. They've partnered with banks such as Santander
but is also in the center of a heated lawsuit with the bank consortium R3
. It's a lot to keep up with, so pay attention.It seems that Venezuela's president, Nicolas Maduro, is going ahead with his plans to pre-mine the Petro
, the country's oil-backed cryptocurrency that was declared illegal earlier this week. Over the next month and a half, the Petro's digital wallet will be sold. While the platform that the token will be used with is currently unknown, some crypto enthusiasts speculate it could be the Ethereum ERC20; in general, it's an easier blockchain to build cryptocurrency projects on and requires the coins to be pre-mined. Venezuela still has their Petro mining registry, which is open until January 20th. There are apparently some major issues with the token, mainly that it's perceived as a vehicle for money laundering, it's 'backed' by oil (but not actually redeemable), and isn't necessarily a cryptocurrency at all
(a centralized government cryptocurrency is oxymoronic). We're waiting anxiously for this whole situation to shake out.
Spend your crypto on...
a sweet new FitBit Charge 2. At $142, you an count your steps, track your sleep, and take calls all from this little device.