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The Central Bank of the Bahamas expressed digital currency plans

It is very likely that soon Bahamians will have their own digital currency. **The Central Bank of the Bahamas disclosed the plans to issue their own electronic money and establish digital currency as a legal tender.** According to the Central Bank, introducing the cryptocurrency will be a valuable input for handling economic issues. It will be the blockchain-based digital fiat currency dubbed...

Path: Blog
Bermuda became the first government to accept digital currency payments

**This week the Bermuda Government announced that the country is ready to accept digital currency for government taxes, services, and fees payments.** Bermuda thereby became the first government providing such an opportunity. This means that around 60,000 residents of the island will be able to pay their taxes using the cryptocurrency. **For government services payments, Bermuda will accept U...

Path: Blog
Cambodia will launch a central bank digital currency

**“Project Bakong” first trialed last summer is a specially designed digital currency that will serve as the national payment gateway for Cambodia.** Based on the blockchain technology, a peer-to-peer platform with its own digital currency will be launched in the coming months. Bakong central digital currency was designed by the Japanese blockchain company. The company Soramitsu has devel...

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Governmental digitalization in Malta

... Services Bill; and (III) the Virtual Financial Asset Bill. In a few words, blockchain is allowing digital information to be distributed at a high security level, blockchain technology created the backbone of network. Originally developed for the digital currency, the tech community is now finding other potential uses for this technology. A blockchain includes the whole history of all transacti...

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New hype or a real irreplaceable instrument. Contracts of digital age.

... were a lot of surveys stating that smart contracts are rather vulnerable and unstable instruments. In order to understand the essential thing about smart contracts we should learn a little bit of history. The term “smart contract” comes from digital currency pioneer Nick Szabo, who created it more than 20 years ago. But to this day, it’s not always clear what people mean under the term *...

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Dubai International Financial Center is planning to launch the world's first blockchain court

...sputes relating to blockchain-enabled agreements. In a few words, **blockchain is distributed ledger technology (also known as DLT) which allowing digital information to be distributed at the highest security level**. Originally developed for the digital currency, DLT technology is not restricted to it. Tech community is now finding out other potential uses for this technology. It has huge pote...

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New anti-money laundering rules for crypto exchanges in Norway

... - the customers will be obliged to provide information about the purpose of a transaction and/or the origin of funds. Service providers will have to report suspicious transactions to the FSA. It is worth noting that there are identical rules for digital currency exchange platforms in Australia. These businesses are required to comply with a range of AML/CTF requirements, including: • Impl...

Path: Blog
Tierion: utilizing the bitcoin blockchain to verify documents

...ed integration plans for additional blockchain functionality into their platform in the coming months. This comes as a result of the positive response members gave regarding Tierion’s services. Additional upgrades could include smart contracts and digital currency transactions, according to a Bloomberg report done on the company. **Bitcoin’s Blockchain** Tierion utilizes a dual blockchai...

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Russia adopting three-tier cryptocurrency regulation

...d control crypto assets was making those institutions really upset. Being a conservative country with solid roots in a traditional economy, Russia nevertheless has chosen the progressive path by adopting crypto legislation instead of prohibiting digital currency. Although even the Central Bank of Russia perceives cryptocurrency as a threat to Russia’s monetary system, many financial institut...

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Local cryptocurrency could soon be used in Japanese regions

**Two Japanese companies have been cooperating for two years on local cryptocurrency and now are launching a trial of a local digital coin.** Mitsubishi Research Institute and Kintetsu Shimakaze railway company introduced a new regional digital currency for use in Mie Prefecture - a famous tourist area. **The newly introduced cryptocurrency will be available for use from November 11 to Januar...

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China to become the first country to issue state-owned cryptocurrency

...ology. This is a big step toward the crypto industry for China. For years crypto technologies were viewed with skepticism in this country. This is evidenced by the cryptocurrency ban which is still in effect. It worth noting that despite the digital currency is still formally banned in China, the government passed new crypto regulations which will come into effect on January 2020. The regu...

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British Virgin Islands announces a dollar-backed digital coin

An on-going initiative of the British Virgin Islands government to boost the local Financial Technology sector includes the development of the sovereign digital currency. The British Virgin Islands have been using the United States Dollar as the national currency since 1959. Today, the government is cooperating with a blockchain startup LifeLabs to implement a central digital currency that w...

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How political unrest affects cryptocurrency?

...ntify the ways in which political instability can affect the financial systems, there is doubt about the interdependent nature of finance, government, and politics. But what effects the political upheaval has on cryptocurrency? Since Bitcoin and digital currency is a relatively new phenomenon, the effects of political events on cryptocurrency have not been closely studied. However, by the year...

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“Sand Dollar” pilot testing in the Bahamas

**The Central Bank of the Bahamas launched a pilot testing of a Central Bank digital currency (CBDC)** that was introduced on 27 December 2019. A so-called “Sand Dollar” is starting a pilot phase in Exuma, one of the districts of the Bahamas, and will extend to the Abaco Islands in the first half of 2020. The testing will allow collecting the data on the performance of the digital currency. ...

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UK Crypto Exchange Company Formation

...ents under the relevant law. In other words, promoters involved in Crypto Exchanges are recommended to carefully consider whether their activities could mean they are arranging, dealing or advising on regulated financial investments. Furthermore, digital currency exchanges that contribute the exchange of certain currencies should consider if they need to be authorized by the FCA to be able to p...

Path: Licensing