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#Blockchain Malaysia Starts Regulating Cryptocurrencies Today

Malaysia Starts Regulating Cryptocurrencies Today

Malaysia’s finance minister has announced that the order to regulate cryptocurrencies and initial coin offerings as securities has come into force. Crypto service providers and exchanges are required to obtain authorization from the country’s Securities Commission, which will work with the central bank to ensure compliance.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Regulating as Securities

Malaysian Finance Minister Lim Guan Eng said on Monday that his country “will regulate initial coin offerings (ICOs) and the trade of cryptocurrencies,” Reuters reported, adding:

An order to recognize digital currencies and digital tokens as securities will come into force on Jan. 15, under the regulation of the Securities Commission Malaysia [SC].

The order is known as “the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019.” Cryptocurrencies, ICOs and their related activities must comply with relevant securities laws and be approved by the commission, the minister explained.

Malaysia Starts Regulating Cryptocurrencies Today

Following Lim’s statement, the Securities Commission Malaysia confirmed that it “will put in place guidelines to regulate offering and trading of digital assets.” The regulator noted that “the offering of digital assets, as well as its associated activities, will require authorisation from the SC and compliance with relevant securities laws and regulations,” elaborating:

The guidelines will among others, establish criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asset protection. Those dealing in digital assets will be required to put in place anti-money laundering and counter-terrorism financing (AML / CFT) rules, cyber security and business continuity measures.

Furthermore, the commission stated that it “will enter into coordination arrangements” with the Bank Negara Malaysia, the country’s central bank, in order “to ensure compliance with laws and regulations under the purview of both regulators.” In addition, the regulator revealed that “The relevant regulatory framework is expected to be launched by end-Q1 2019.”

Lim was quoted by The Star as saying, “Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil [~$2.44 million].”

Malaysia Starts Regulating Cryptocurrencies Today
Malaysian Finance Minister Lim Guan Eng

Ministry of Finance Sees Potential

The finance ministry “views digital assets, as well as … underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries,” Lim further described, elaborating:

In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and an alternate asset class for investors.

Meanwhile, Bank Negara Malaysia has repeatedly said that cryptocurrencies are not legal tender in its country. The central bank has advised the public to carefully evaluate the risks associated in dealing with them.

Malaysia Starts Regulating Cryptocurrencies Today

Bank Negara Malaysia has published a list of companies that have declared themselves as cryptocurrency exchanges or service providers, but emphasized that it has neither licensed nor authorized these businesses. Among companies on the list are Belfrics Malaysia, Bit Malay, Bitpoint Malaysia, Bit Trade Enterprise, Bong Technology, Bxm, Luno Malaysia, Openbit, Udax International, Upbit Malaysia, and Xbit Asia.

What do you think of Malaysia starting to regulate cryptocurrencies and ICOs? Let us know in the comments section below.


Images courtesy of Shutterstock, the Malaysian government, and Reuters.


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#Blockchain Dropgangs and Dead Drops: Report Highlights Evolving Darknet Market Opsec

Dropgangs and Dead Drops: Report Highlights Evolving Darknet Market Opsec

Since the creation and subsequent takedown of the darknet marketplace the Silk Road, the hidden market ecosystem has exploded with inventive solutions that promote private voluntary exchanges. According to recently published darknet market (DNM) research, the cat and mouse game continues with vendors inventing new ways to bolster online black market activities. In the last two years, the DNM ecosystem has popularized methods like ‘dropgangs’ and ‘dead drops’ to evade the clutches of the world’s law enforcement agencies.

Also read: Venezuelan BCH Proponents Bolster Cryptocurrency Use Cases and Adoption

The Rise of Dropgangs

When the Dread Pirate Roberts (DPR), leader of the now defunct Silk Road marketplace, created his darknet web portal, a new economy of online trade was born. Even after the Silk Road’s head was cut off by U.S. three-letter agencies, the DNM idea continued to spread like a hydra. A number of reinvented Silk Road clones dispersed throughout the deep web and global law enforcement has been trying to take each one down ever since.

After the busts in 2017, which saw the takedown of extremely large DNM the Alpha Bay and Hansa marketplace, vendors and patrons had to think of new ideas in order to continue to keep the economy thriving. Even though people still use DNMs such as Dream Market, online black market participants are reinventing the wheel when it comes to these types of illicit exchanges. Jonathan “smuggler” Logan’s nine-page report, written on Dec. 28, gives a comprehensive look at how some DNM community members are participating in ‘dropgangs’ and utilizing ‘dead drops.’

Dropgangs and Dead Drops: Report Highlights Evolving Darknet Market Opsec
“Given the additional plausible development that long distance, high payload drones become available more widely, and for much less cost, the procurement layer of Dropgangs will also become more secure and efficient,” explains the 9-page research report Dropgangs, or the future of darknet markets.

Although some of the ideas are still primitive, DNM merchants have started to create new types of private communications and operational back-ends, explains Logan’s research. Dropgangs use communication systems like Telegram to conduct business and Logan details that chat channels can then be broken down into unique counterparties. The channels are so sophisticated that lots of them use automated bots, which removes human interactions from the equation. “Automated bots allow customers to inquire about offers and initiate the purchase, often even allowing a fully bot-driven experience without human intervention on the merchant’s side,” Logan’s report noted.

The researcher’s report also emphasizes that these messaging platforms make things more comfortable for customers as they can discuss things in real-time and protect themselves with a virtual private network (VPN). Dropgangs still use cryptocurrencies to transact, but Logan says these days vendors are using privacy-centric digital assets to conduct trades. This is due to the rise of blockchain surveillance and cryptocurrency transaction tracing and the report details that this vector of attack is currently exploited by law enforcement.

Dropgangs and Dead Drops: Report Highlights Evolving Darknet Market Opsec
“Dead drops have to satisfy four functions: • They must be plentiful. The more potential locations for dead drops, the more secure their operation in face of law enforcement surveillance. • They must be easy to locate for the customer who has received the necessary information from the merchant. • They must be unlikely to be found by accident,” Jonathan ‘smuggler’ Logan’s report explains. 

  Dead Drops

Another method of trade DNM users have been experimenting with is dead drops. Basically, a dead drop is a random geographical location that a dealer uses to drop off packages instead of using the global mail systems. Dead drops have to be an easy location to find, the report explains, but they have to be obscure enough so that they cannot be identified and surveilled by law enforcement. Logan’s study notes the use of dead drops makes things asynchronous for the merchant and makes it so the customer doesn’t have to reveal their address or an address tethered to their identity.

“The use of dead drops also significantly reduces the risk of the merchant to be discovered by tracking within the postal system — He does not have to visit any easily to surveil post office or letterbox, instead the whole public space becomes his hiding territory,” the report details.

Dropgangs and Dead Drops: Report Highlights Evolving Darknet Market Opsec

Hierarchies and Anonymous Layers

The new DNM systems are not perfected yet and are nascent compared to centralized DNMs like Dream, but are gaining traction. Logan says cryptocurrencies are still the main choice of settlement, but escrow systems are nonexistent in this model. Sometimes multi-party transactions between customer and merchant are established, but Logan explains that it is rare. This has led to the regeneration of hierarchical structures, though the system can still be layered. Often times one layer of the structure doesn’t know the identity of the higher layers like product suppliers, messengers, and dead drop delivery employees. “All interaction is digital – messaging systems and cryptocurrencies again, product moves only through dead drops,” Logan’s research highlights.

What do you think about the use of dead drops and the advent of dropgangs? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, and Pixabay.


Show the world how cutting-edge you are with a Bitcoin Cash T-shirt, hoodie, bag, key-ring, even a Trezor hardware wallet. Shipping all over the world, quality merchandise and, of course, a payment system that makes people say “wow”!

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#Blockchain Denmark’s Tax Agency to Collect Information About Bitcoin Traders

Denmark’s Tax Agency to Collect Information About Bitcoin Traders

Danish tax authorities will soon be going after cryptocurrency traders in the country and beyond. The plan is to collect data from local bitcoin exchanges in order to verify if citizens who have traded digital assets have paid the right taxes. Information about foreign citizens and entities will be shared with other countries.   

Also read: 5 Crypto Exchanges Have Been Licensed in Gibraltar Since Regulation

Tax Agency Authorized to Gather Data From Three Danish Exchanges

Skattestyrelsen, the Danish Tax Agency, announced it has been authorized by the country’s Tax Council, Skatterådet, to obtain information about cryptocurrency trade conducted on three Danish exchanges between Jan. 1, 2016 and Dec. 31, 2018. The authority noted that it’s the first time it will access this kind of data. Karin Bergen, the agency’s director responsible for personal income tax collection, said:

With the permission of the Danish Tax Council, we will for the first time gain access to the trades made via Danish exchanges. This gives us new opportunities with respect to exerting control in the field.

The three platforms must now provide information about all purchases and sales of cryptocurrency made by their customers during the two-year period. They will be obliged to include identification information such as names, addresses, and CPR numbers, the personal ID numbers issued by the Danish Civil Registration System.

Denmark’s Tax Agency to Collect Information About Bitcoin Traders

The decision to permit the Danish Tax Agency to collect the data was taken at the last meeting of the Tax Council in December. It followed news that the agency has been informed by Finland’s tax authorities about Danish citizens trading cryptocurrencies on a Finnish bitcoin exchange. The Danish tax body also plans to share information about crypto transactions made by foreign citizens and companies in Denmark with tax authorities in the respective countries.

Big Market That Needs to Be Looked Into

Skattestyrelsen is now contacting the Danish crypto exchanges in order to establish a procedure for the disclosure of the information. Once the data is received, the Tax Agency will ensure that citizens who have traded cryptocurrency have paid their taxes. Bergen further commented:

Without going too far, I think one can say this is a big market that we need to look into. When we recently received information from the Finnish bitcoin exchange, it gave us a small portion of the larger picture, which we now have the opportunity to uncover even more of. However, it’s still too early to tell how many traders are out there and how much money has been traded.

The Danish tax authority will adjust the tax base for each trader before the summer. Every case will be reviewed and treated individually to determine whether a cryptocurrency trade is part of the taxable income.

Denmark’s Tax Agency to Collect Information About Bitcoin Traders

In December, the Tax Agency was tipped off by Finnish tax authorities about around 2,700 Danes trading on a cryptocurrency exchange based in Finland. According to the official estimate, the Danish citizens have traded coins worth more than 100 million krones (~$15 million) between 2015 and 2017.

Last month, the authority quoted a survey conducted by the National Tax Board which found that 450,000 Danes are considering shopping with cryptocurrency. The agency launched a campaign to inform taxpayers about their obligations but also the deductions they are entitled to.

What do you think about Danish tax authorities collecting information from crypto exchanges? Share your thoughts on the subject of crypto taxation in the comments section below.


Images courtesy of Shutterstock.


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#Blockchain Canadian Electoral Agency Clarifies Cryptocurrency Donations for Political Use

Canada Elections Agency Clarifies Cryptocurrency Donations for Political Use

Canada’s electoral body has started consultations on how political parties should handle cryptocurrency donations ahead of general elections slated for October. Political parties have requested guidance from Elections Canada (EC) on accepting contributions and conducting other transactions in bitcoin. EC has now released a draft note that broadly takes the position that cryptocurrency donations are non-monetary, in-kind contributions.

Also read: Thai Startup Atomicpay Launches Non-Custodial Crypto Payments Platform

‘Cryptocurrency Is More Like Bonds and Stocks’

In the draft guidelines published on the Elections Canada website, the autonomous agency states that virtual currencies “have traits of both money and property”, but stresses that they are not the same as money. It says a cryptocurrency donation is non-monetary, describing it more as bonds or stocks, and is therefore not eligible for a tax receipt. However, it should be received within the stipulations and limitations of the Canada Elections Act (CEA).

Canadian Electoral Agency Clarifies Cryptocurrency Donations for Political Use

“Like money, they [cryptocurrencies] can be used to make purchases from businesses that choose to accept them,” the note reads. “But unlike money, they cannot be placed directly into a bank account. Instead cryptocurrencies can be sold for traditional currencies that can be placed into a bank account.” This characteristic, according to Elections Canada, qualifies digital currencies as “a form of ‘property’ and fall under the definition of a non-monetary contribution.”

The position mirrors that of the U.S. Federal Election Commission. Most Canadian government and auditing bodies have already taken the position that cryptocurrencies are non-monetary. The Canada Revenue Agency considers crypto to be a commodity, subject to barter transaction rules when used to buy goods or services.

No to Anonymous Donations

Elections Canada said that political entities receiving donations should set up a two-step process to identify contributors of more than 20 Canadian dollars ($15) and to record transaction information from the blockchain so that contributions can be audited.

Although this recommendation may on paper look easy to implement, it is more difficult than it appears due to the anonymity associated with cryptocurrencies. Donations in crypto will typically be sent and received between digital wallets using public keys that are then translated into addresses and appear on the blockchain ledger as a string of letters and numbers.

Canadian Electoral Agency Clarifies Cryptocurrency Donations for Political Use

These addresses are the only data available to the public as to who the sender and receiver might be. To address these challenges, Elections Canada indicated that when a political party receives donations in cryptocurrency, it should keep “a record of the contributor’s name and address, transaction number on the blockchain or other public ledger, public addresses used in the transaction, contribution date, amount and type of cryptocurrency sent, commercial value in Canadian dollars at the time received, and any transaction fees deducted.”

In addition, the political party should report the individual’s name, address and contribution amount in the financial return, if required, in accordance with the rules for non-monetary contributions.

“Failure to follow these procedures could result in the contribution being considered anonymous for the purposes of the CEA which would require the political entity to pay an amount equal to its commercial value to the Receiver General for Canada,” explain the guidelines.

Candidates Cannot Buy Property Using Donated Crypto

Canadian Electoral Agency Clarifies Cryptocurrency Donations for Political Use

To meet the CEA’s objective of transparency, candidates and party leaders cannot buy property or services directly with cryptocurrencies. This is also the case for registered political parties in terms of their election expenses. The electoral body noted that cryptocurrencies must be liquidated and the funds deposited into the political entity’s bank account before being used to make purchases.

The draft report also noted that when a political entity sells digital currency, the transaction results in a contribution from the buyer only if the purchase price is above fair market value. The contributor must be eligible under the contribution rules and stay within their limit. But political parties can hold crypto for “an indefinite period,” which will be reported as assets at the fiscal year-end.

Political parties have up to Jan. 21, 2019, to submit their opinions and improvements to the draft document.

What do you think about Elections Canada’s draft note on cryptocurrency-based donations for political parties? Let us know in the comments section below.


Images courtesy of Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Checkforum.Bitcoin.com.

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#Blockchain BCH Developer Unveils Xthinner Scaling Protocol – Claims to Compress Blocks by 99%

BCH Developer Unveils Xthinner Scaling Protocol - Claims to Compress Blocks by 99%

On Sunday, Bitcoin Cash (BCH) developer Jonathan Toomim unveiled a project he’s been working on called Xthinner, a new block propagation protocol that leverages the benefits of lexicographic transaction ordering (LTOR). According to Toomim’s data, Xthinner can compress blocks by 99.6 percent and performs roughly 4x to 6x more efficiently than block propagation concepts like Compact Blocks and Xthin.

Also read: Venezuelan BCH Proponents Bolster Cryptocurrency Use Cases and Adoption

Xthinner Could Compress Blocks by More Than 99%

BCH Developer Unveils Xthinner Scaling Protocol – Claims to Compress Blocks by 99%
Bitcoin Cash developer and miner Jonathan Toomim.

Miner and programmer Jonathan Toomim has announced a new block propagation program he’s been working on recently. Toomim first discussed his new concept called Xthinner this past September, in order to exemplify the advantages of the Bitcoin Cash network’s lexical transaction ordering system often referred to as LTOR. In the developer’s recent Medium post, Toomin shows how Xthinner thinned out blocks significantly utilizing “this one weird trick.” On Sunday, Jan. 13, Toomim unveiled his project to the BCH community on Reddit and explained that Xthinner can handle strenuous network conditions.        

“Xthinner is a new block propagation protocol which I have been working on that takes advantage of LTOR to give about 99.6% compression for blocks, as long as all of the transactions in the block were previously transmitted,” Toomim detailed on the Reddit forum r/btc. “That’s about 13 bits (1.6 bytes) per transaction — Xthinner is designed to be fault-tolerant, and to handle situations in which the sender and receiver’s mempools are not well synchronized with gracefully degrading performance.”

Toomim’s analysis further explains that if each transaction was around 400 bytes and the block was 500MB, it could be encoded into 1.9MB of data or a “99.618% reduction in size.” Interestingly, the Bitcoin Core (BTC) and Bitcoin Satoshi’s Vision (BSV) networks cannot utilize the Xthinner concept. Toomim explained that both protocols would need to upgrade in order to reap the protocol’s compression benefits. “BTC also lacks CTOR/LTOR, which means [it] won’t work as well and would require substantial modifications to work at all,” Toomim remarked on the forum. The BSV network does not have lexicographic transaction ordering capabilities either, making Xthinner unobtainable to BSV developers.

BCH Developer Unveils Xthinner Scaling Protocol – Claims to Compress Blocks by 99%
Toomin hopes in time fellow developers will enable the Xthinner protocol by default in either ABC and/or BU implementations.

Blocktorrent: Breaking Blocks Down Into Fractions of Independently Verifiable Chunks of Data 

Toomim also detailed that once he’s finished Xthinner he intends to develop his project Blocktrorrent. As the name suggests, Blocktorrent leverages similar transmission techniques to the Bittorrent protocol. The developer detailed that Blocktorrent breaks blocks down into fractions (1500 bytes) of independently verifiable chunks for transmission. Toomim emphasized that just like Bittorrent was much faster than centralized services like Napster, Blocktorrent should outpace Xthinner’s performance. The Blocktorrent system will give nodes the ability to forward each IP packet shortly after that packet was received.        

“This should dramatically improve the bandwidth utilization efficiency of nodes during block propagation, and should reduce the block propagation latency for reaching the full network quite a lot — my current estimate is about 10x improvement over Xthinner,” Toomim added.

The BCH community seemed very pleased with Toomim’s Xthinner and Blocktorrent announcement as it quickly became one of the hottest posts on the forum. Over the last 24 hours, enthusiasts and fellow developers have been discussing the merits, trade-offs, and possibilities afforded by Toomim’s latest projects.


Image credits: Twitter, and Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post BCH Developer Unveils Xthinner Scaling Protocol – Claims to Compress Blocks by 99% appeared first on Bitcoin News.

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#Blockchain Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

The Marshall Islands’ plan to issue a sovereign cryptocurrency, dubbed ‘the Sovereign’ (SOV), appears to be progressing, with the Oceanic nation announcing that it will work alongside Steve Tendon, a former adviser to the Maltese Office of the Prime Minister regarding blockchain policy, in developing the virtual currency.

Also Read: Latin American P2P Bitcoin Markets Defy Global Trend to Set New Records

Marshall Islands’ Sovereign Cryptocurrency Team Revises Strategy for 2019

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyThe team working to launch Malta’s anticipated national cryptocurrency has published two documents seeking to articulate the project’s roadmap for the new year.

With regard to the ongoing cryptocurrency bear trend, the SOV team asserts that it is shifting its strategy from “attracting standard investors” to “forging partnerships with powerful allies that have a vested interest in seeing that sovereign crypto money succeeds.”

Elaborating further, the team predicts that sovereign countries will “play a major role in the future of crypto markets,” adding that “the blockchain that facilitates the first sovereign crypto money will be well positioned to achieve market dominance.” As such, the SOV team will seek to establish partnerships with “a handful of those powerful and well-capitalized blockchain platforms” to “provide a strong anchor for a coalition around the Marshall Islands.” The team also sought to reaffirm its commitment to launching the SOV during 2019.

Marshall Islands to Work With Steve Tendon to Launch SOV

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyIn an article recently posted by the official Medium account of the SOV, the project announced that it would be working alongside Steve Tendon to develop and launch the Sovereign. Tendon is the managing director of consulting firms Chainstrategies and Tameflow Consulting, and is the former strategic adviser for Malta’s Ministry of Economy.

While working with the Ministry of Economy, Tendon was credited with developing Malta’s “Blockchain Island” strategy and National Blockchain Strategy. Tendon was subsequently appointed to the position of Strategy Lead to Malta’s National Blockchain Task Force, where he advised the Financial Services, Digital Economy and Innovation Office of the Prime Minister in executing distributed ledger technology policy.

To recognize his services, Tendon was bestowed with the Malta Blockchain Awards’ “Outstanding Contribution to the Blockchain Island” in 2018.

Marshall Islands Seeks to Become Cayman Islands of Crypto

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyAccording to the team, the project’s developers “envision the Marshall Islands evolving in a similar way to the Cayman Islands,” a territory which currently incorporates “75% of the world’s hedge funds” in spite of having a small population that is comparable to that of the Marshall Islands.

The SOV team claims to be seeking to develop an analogous economic “ecosystem” in the Marshall Islands, which they hope “will attract existing and new banks, exchanges, and startups to operate physically and virtually from the Marshall Islands and grow a new industry there with a friendly and inviting regulatory framework, served with a native sovereign cryptocurrency.”

Do you think the Marshall Islands will succeed in becoming the first nation to issue a sovereign cryptocurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2TMlJvF Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

#Blockchain Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

The Marshall Islands’ plan to issue a sovereign cryptocurrency, dubbed ‘the Sovereign’ (SOV), appears to be progressing, with the Oceanic nation announcing that it will work alongside Steve Tendon, a former adviser to the Maltese Office of the Prime Minister regarding blockchain policy, in developing the virtual currency.

Also Read: Latin American P2P Bitcoin Markets Defy Global Trend to Set New Records

Marshall Islands’ Sovereign Cryptocurrency Team Revises Strategy for 2019

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyThe team working to launch Malta’s anticipated national cryptocurrency has published two documents seeking to articulate the project’s roadmap for the new year.

With regard to the ongoing cryptocurrency bear trend, the SOV team asserts that it is shifting its strategy from “attracting standard investors” to “forging partnerships with powerful allies that have a vested interest in seeing that sovereign crypto money succeeds.”

Elaborating further, the team predicts that sovereign countries will “play a major role in the future of crypto markets,” adding that “the blockchain that facilitates the first sovereign crypto money will be well positioned to achieve market dominance.” As such, the SOV team will seek to establish partnerships with “a handful of those powerful and well-capitalized blockchain platforms” to “provide a strong anchor for a coalition around the Marshall Islands.” The team also sought to reaffirm its commitment to launching the SOV during 2019.

Marshall Islands to Work With Steve Tendon to Launch SOV

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyIn an article recently posted by the official Medium account of the SOV, the project announced that it would be working alongside Steve Tendon to develop and launch the Sovereign. Tendon is the managing director of consulting firms Chainstrategies and Tameflow Consulting, and is the former strategic adviser for Malta’s Ministry of Economy.

While working with the Ministry of Economy, Tendon was credited with developing Malta’s “Blockchain Island” strategy and National Blockchain Strategy. Tendon was subsequently appointed to the position of Strategy Lead to Malta’s National Blockchain Task Force, where he advised the Financial Services, Digital Economy and Innovation Office of the Prime Minister in executing distributed ledger technology policy.

To recognize his services, Tendon was bestowed with the Malta Blockchain Awards’ “Outstanding Contribution to the Blockchain Island” in 2018.

Marshall Islands Seeks to Become Cayman Islands of Crypto

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyAccording to the team, the project’s developers “envision the Marshall Islands evolving in a similar way to the Cayman Islands,” a territory which currently incorporates “75% of the world’s hedge funds” in spite of having a small population that is comparable to that of the Marshall Islands.

The SOV team claims to be seeking to develop an analogous economic “ecosystem” in the Marshall Islands, which they hope “will attract existing and new banks, exchanges, and startups to operate physically and virtually from the Marshall Islands and grow a new industry there with a friendly and inviting regulatory framework, served with a native sovereign cryptocurrency.”

Do you think the Marshall Islands will succeed in becoming the first nation to issue a sovereign cryptocurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2TMlJvF Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

#Blockchain Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

The Marshall Islands’ plan to issue a sovereign cryptocurrency, dubbed ‘the Sovereign’ (SOV), appears to be progressing, with the Oceanic nation announcing that it will work alongside Steve Tendon, a former adviser to the Maltese Office of the Prime Minister regarding blockchain policy, in developing the virtual currency.

Also Read: Latin American P2P Bitcoin Markets Defy Global Trend to Set New Records

Marshall Islands’ Sovereign Cryptocurrency Team Revises Strategy for 2019

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyThe team working to launch Malta’s anticipated national cryptocurrency has published two documents seeking to articulate the project’s roadmap for the new year.

With regard to the ongoing cryptocurrency bear trend, the SOV team asserts that it is shifting its strategy from “attracting standard investors” to “forging partnerships with powerful allies that have a vested interest in seeing that sovereign crypto money succeeds.”

Elaborating further, the team predicts that sovereign countries will “play a major role in the future of crypto markets,” adding that “the blockchain that facilitates the first sovereign crypto money will be well positioned to achieve market dominance.” As such, the SOV team will seek to establish partnerships with “a handful of those powerful and well-capitalized blockchain platforms” to “provide a strong anchor for a coalition around the Marshall Islands.” The team also sought to reaffirm its commitment to launching the SOV during 2019.

Marshall Islands to Work With Steve Tendon to Launch SOV

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyIn an article recently posted by the official Medium account of the SOV, the project announced that it would be working alongside Steve Tendon to develop and launch the Sovereign. Tendon is the managing director of consulting firms Chainstrategies and Tameflow Consulting, and is the former strategic adviser for Malta’s Ministry of Economy.

While working with the Ministry of Economy, Tendon was credited with developing Malta’s “Blockchain Island” strategy and National Blockchain Strategy. Tendon was subsequently appointed to the position of Strategy Lead to Malta’s National Blockchain Task Force, where he advised the Financial Services, Digital Economy and Innovation Office of the Prime Minister in executing distributed ledger technology policy.

To recognize his services, Tendon was bestowed with the Malta Blockchain Awards’ “Outstanding Contribution to the Blockchain Island” in 2018.

Marshall Islands Seeks to Become Cayman Islands of Crypto

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyAccording to the team, the project’s developers “envision the Marshall Islands evolving in a similar way to the Cayman Islands,” a territory which currently incorporates “75% of the world’s hedge funds” in spite of having a small population that is comparable to that of the Marshall Islands.

The SOV team claims to be seeking to develop an analogous economic “ecosystem” in the Marshall Islands, which they hope “will attract existing and new banks, exchanges, and startups to operate physically and virtually from the Marshall Islands and grow a new industry there with a friendly and inviting regulatory framework, served with a native sovereign cryptocurrency.”

Do you think the Marshall Islands will succeed in becoming the first nation to issue a sovereign cryptocurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2TMlJvF Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

#Blockchain Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

The Marshall Islands’ plan to issue a sovereign cryptocurrency, dubbed ‘the Sovereign’ (SOV), appears to be progressing, with the Oceanic nation announcing that it will work alongside Steve Tendon, a former adviser to the Maltese Office of the Prime Minister regarding blockchain policy, in developing the virtual currency.

Also Read: Latin American P2P Bitcoin Markets Defy Global Trend to Set New Records

Marshall Islands’ Sovereign Cryptocurrency Team Revises Strategy for 2019

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyThe team working to launch Malta’s anticipated national cryptocurrency has published two documents seeking to articulate the project’s roadmap for the new year.

With regard to the ongoing cryptocurrency bear trend, the SOV team asserts that it is shifting its strategy from “attracting standard investors” to “forging partnerships with powerful allies that have a vested interest in seeing that sovereign crypto money succeeds.”

Elaborating further, the team predicts that sovereign countries will “play a major role in the future of crypto markets,” adding that “the blockchain that facilitates the first sovereign crypto money will be well positioned to achieve market dominance.” As such, the SOV team will seek to establish partnerships with “a handful of those powerful and well-capitalized blockchain platforms” to “provide a strong anchor for a coalition around the Marshall Islands.” The team also sought to reaffirm its commitment to launching the SOV during 2019.

Marshall Islands to Work With Steve Tendon to Launch SOV

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyIn an article recently posted by the official Medium account of the SOV, the project announced that it would be working alongside Steve Tendon to develop and launch the Sovereign. Tendon is the managing director of consulting firms Chainstrategies and Tameflow Consulting, and is the former strategic adviser for Malta’s Ministry of Economy.

While working with the Ministry of Economy, Tendon was credited with developing Malta’s “Blockchain Island” strategy and National Blockchain Strategy. Tendon was subsequently appointed to the position of Strategy Lead to Malta’s National Blockchain Task Force, where he advised the Financial Services, Digital Economy and Innovation Office of the Prime Minister in executing distributed ledger technology policy.

To recognize his services, Tendon was bestowed with the Malta Blockchain Awards’ “Outstanding Contribution to the Blockchain Island” in 2018.

Marshall Islands Seeks to Become Cayman Islands of Crypto

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyAccording to the team, the project’s developers “envision the Marshall Islands evolving in a similar way to the Cayman Islands,” a territory which currently incorporates “75% of the world’s hedge funds” in spite of having a small population that is comparable to that of the Marshall Islands.

The SOV team claims to be seeking to develop an analogous economic “ecosystem” in the Marshall Islands, which they hope “will attract existing and new banks, exchanges, and startups to operate physically and virtually from the Marshall Islands and grow a new industry there with a friendly and inviting regulatory framework, served with a native sovereign cryptocurrency.”

Do you think the Marshall Islands will succeed in becoming the first nation to issue a sovereign cryptocurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2TMlJvF Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

#Blockchain Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency

The Marshall Islands’ plan to issue a sovereign cryptocurrency, dubbed ‘the Sovereign’ (SOV), appears to be progressing, with the Oceanic nation announcing that it will work alongside Steve Tendon, a former adviser to the Maltese Office of the Prime Minister regarding blockchain policy, in developing the virtual currency.

Also Read: Latin American P2P Bitcoin Markets Defy Global Trend to Set New Records

Marshall Islands’ Sovereign Cryptocurrency Team Revises Strategy for 2019

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyThe team working to launch Malta’s anticipated national cryptocurrency has published two documents seeking to articulate the project’s roadmap for the new year.

With regard to the ongoing cryptocurrency bear trend, the SOV team asserts that it is shifting its strategy from “attracting standard investors” to “forging partnerships with powerful allies that have a vested interest in seeing that sovereign crypto money succeeds.”

Elaborating further, the team predicts that sovereign countries will “play a major role in the future of crypto markets,” adding that “the blockchain that facilitates the first sovereign crypto money will be well positioned to achieve market dominance.” As such, the SOV team will seek to establish partnerships with “a handful of those powerful and well-capitalized blockchain platforms” to “provide a strong anchor for a coalition around the Marshall Islands.” The team also sought to reaffirm its commitment to launching the SOV during 2019.

Marshall Islands to Work With Steve Tendon to Launch SOV

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyIn an article recently posted by the official Medium account of the SOV, the project announced that it would be working alongside Steve Tendon to develop and launch the Sovereign. Tendon is the managing director of consulting firms Chainstrategies and Tameflow Consulting, and is the former strategic adviser for Malta’s Ministry of Economy.

While working with the Ministry of Economy, Tendon was credited with developing Malta’s “Blockchain Island” strategy and National Blockchain Strategy. Tendon was subsequently appointed to the position of Strategy Lead to Malta’s National Blockchain Task Force, where he advised the Financial Services, Digital Economy and Innovation Office of the Prime Minister in executing distributed ledger technology policy.

To recognize his services, Tendon was bestowed with the Malta Blockchain Awards’ “Outstanding Contribution to the Blockchain Island” in 2018.

Marshall Islands Seeks to Become Cayman Islands of Crypto

Marshall Islands Updates 2019 Roadmap for Sovereign CryptocurrencyAccording to the team, the project’s developers “envision the Marshall Islands evolving in a similar way to the Cayman Islands,” a territory which currently incorporates “75% of the world’s hedge funds” in spite of having a small population that is comparable to that of the Marshall Islands.

The SOV team claims to be seeking to develop an analogous economic “ecosystem” in the Marshall Islands, which they hope “will attract existing and new banks, exchanges, and startups to operate physically and virtually from the Marshall Islands and grow a new industry there with a friendly and inviting regulatory framework, served with a native sovereign cryptocurrency.”

Do you think the Marshall Islands will succeed in becoming the first nation to issue a sovereign cryptocurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2TMlJvF Marshall Islands Updates 2019 Roadmap for Sovereign Cryptocurrency