Japanese banks are launching a payment application on Ripple's blockchain
Japanese SBI Net Sumishin Bank, Suruga Bank and Resona Bank in the autumn are planning to launch a smartphone application called MoneyTap, which will run on the Ripple's blockchain. All three banks are members of a Japanese banking consortium led by SBI Ripple Asia, a joint venture between Ripple and the financial giant SBI Holdings.
As noted in Ripple, the new application will allow customers of these banks to conduct internal transactions 24 hours a day and seven days a week without the usual time restrictions imposed by traditional bank transfers. To do this, you can use your bank account number, phone number or QR code.
Now the application is under testing. After, its launch is planned in other 61 Japanese member banks of the consortium.
Japanese SBI Net Sumishin Bank, Suruga Bank and Resona Bank in the autumn are planning to launch a smartphone application called MoneyTap, which will run on the Ripple's blockchain. All three banks are members of a Japanese banking consortium led by SBI Ripple Asia, a joint venture between Ripple and the financial giant SBI Holdings.
As noted in Ripple, the new application will allow customers of these banks to conduct internal transactions 24 hours a day and seven days a week without the usual time restrictions imposed by traditional bank transfers. To do this, you can use your bank account number, phone number or QR code.
Now the application is under testing. After, its launch is planned in other 61 Japanese member banks of the consortium.
FSA suspended the work of two crypto-exchangers in Japan
The Financial Services Agency (FSA) on Thursday suspended the operation of the crypto-exchanger FSHO and Bit Station for a month. The reason was the results of the audit, during which the regulatory body found a number of violations in ensuring the safety of the work of exchangers.
FSA also issued warnings to crypto-exchangers Coincheck, Tech Bureau Corp., Tokyo-based GMO Coin Inc., Tokyo-based Bicrements Inc. and Fukuoka-based Mr. Exchange Inc. All five companies must submit plans to improve internal systems for monitoring money laundering and criminal operations with cryptocurrencies until March 22, otherwise their work may also be suspended.
This is the first decision of the Japanese regulator to suspend the operation of crypto-exchangers. The reason for the global verification was a major hacker attack on Coincheck in late January, during which NEM tokens valued at $ 530 million were stolen.
The market reacted negatively to the decision of the FSA. Most of the cryptocurrencies have lost in price.
The Financial Services Agency (FSA) on Thursday suspended the operation of the crypto-exchanger FSHO and Bit Station for a month. The reason was the results of the audit, during which the regulatory body found a number of violations in ensuring the safety of the work of exchangers.
FSA also issued warnings to crypto-exchangers Coincheck, Tech Bureau Corp., Tokyo-based GMO Coin Inc., Tokyo-based Bicrements Inc. and Fukuoka-based Mr. Exchange Inc. All five companies must submit plans to improve internal systems for monitoring money laundering and criminal operations with cryptocurrencies until March 22, otherwise their work may also be suspended.
This is the first decision of the Japanese regulator to suspend the operation of crypto-exchangers. The reason for the global verification was a major hacker attack on Coincheck in late January, during which NEM tokens valued at $ 530 million were stolen.
The market reacted negatively to the decision of the FSA. Most of the cryptocurrencies have lost in price.
Why bitcoin fell below $ 9,000
The price of bitcoin fell below $ 9,000, losing 24% in the price over the past three days. Only in the last 24 hours the drop was 12%. Now it is trading at $ 8,796.68 against the latest peak at $ 11,767 on 20 February.
Among the possible reasons for the decline are the actions of financial regulators from the US and Japan, as well as a large sale of cryptocurrency by the closed Japanese exchanger Mt. Gox.
First Wednesday, the US Securities and Exchange Commission reported that exchanges offering trade in "digital assets that are securities" will have to register with the agency. This statement was preceded by several weeks of pressure on the crypto-exchangers with SECs.
In Japan, on Thursday, Financial Services Agency suspended the operation of two BitTorrent and FSHO cryptographic exchanges for a month due to violation of safety standards, and also issued a warning to five more crypto-exchangers. Trustee of another Japanese crypto-exchanger Mt. Gox, which went bankrupt in 2014, yesterday sold Bitcoin and Bitcoin Cash for $ 400 million to pay off the exchanger's debts.
The price of bitcoin fell below $ 9,000, losing 24% in the price over the past three days. Only in the last 24 hours the drop was 12%. Now it is trading at $ 8,796.68 against the latest peak at $ 11,767 on 20 February.
Among the possible reasons for the decline are the actions of financial regulators from the US and Japan, as well as a large sale of cryptocurrency by the closed Japanese exchanger Mt. Gox.
First Wednesday, the US Securities and Exchange Commission reported that exchanges offering trade in "digital assets that are securities" will have to register with the agency. This statement was preceded by several weeks of pressure on the crypto-exchangers with SECs.
In Japan, on Thursday, Financial Services Agency suspended the operation of two BitTorrent and FSHO cryptographic exchanges for a month due to violation of safety standards, and also issued a warning to five more crypto-exchangers. Trustee of another Japanese crypto-exchanger Mt. Gox, which went bankrupt in 2014, yesterday sold Bitcoin and Bitcoin Cash for $ 400 million to pay off the exchanger's debts.
What are the market expectations after the G20?
The meeting of the G20 leaders will be held on March 19-20 in Buenos Aires, Argentina. The cryptocurrency market is waiting for this event with impatience, since the regulation of the cryptocurrency should become one of the topics for discussion of representatives of the world's largest economies.
The financial regulators of Germany, France and Japan have already expressed their desire to discuss cryptocurrencies. All countries recognize the potential problems of cryptocurrencies related to the protection of consumers and investors, tax evasion, money laundering and the financing of terrorism. However, the views on regulation of the industry are different for all.
China opposes crypto-market. South Korea and Japan are trying to find new ways to regulate the young industry. The US uses the current legislation for this, which is not always successful. Even within the European Union there is no consensus on this issue: while Germany recognizes bitcoin as a mean of payment, in Britain they say about the need to stop this "anarchy".
G20 countries are unlikely to come to a single common opinion. But this meeting will not pass without a trace for cryptocurrency market. Yesterday's statement by the head of the IMF, Christine Lagarde, which provoked the drop in the market, clearly shows this.
The meeting of the G20 leaders will be held on March 19-20 in Buenos Aires, Argentina. The cryptocurrency market is waiting for this event with impatience, since the regulation of the cryptocurrency should become one of the topics for discussion of representatives of the world's largest economies.
The financial regulators of Germany, France and Japan have already expressed their desire to discuss cryptocurrencies. All countries recognize the potential problems of cryptocurrencies related to the protection of consumers and investors, tax evasion, money laundering and the financing of terrorism. However, the views on regulation of the industry are different for all.
China opposes crypto-market. South Korea and Japan are trying to find new ways to regulate the young industry. The US uses the current legislation for this, which is not always successful. Even within the European Union there is no consensus on this issue: while Germany recognizes bitcoin as a mean of payment, in Britain they say about the need to stop this "anarchy".
G20 countries are unlikely to come to a single common opinion. But this meeting will not pass without a trace for cryptocurrency market. Yesterday's statement by the head of the IMF, Christine Lagarde, which provoked the drop in the market, clearly shows this.
Is Ripple waiting for its soon drop ?
While everyone shares positive news about the new achievements of Ripple, the real fate of the cryptocurrency is solved in the judicial walls. Soon, the New York court will consider the claim of the company R3 against Ripple, following which R3 can receive 12.5% of the total volume of XRP, which is in circulation.
The conflict between the companies began after they could not agree on a partnership. By that time, an agreement had already been signed, according to which R3 obtained the right to buy out 5 billion XRP tokens at a price of $ 0.0085 by the end of 2019. Ripple Labs tried to terminate the contract unilaterally, which led to a lawsuit from R3. Ripple filed a counterclaim in San Francisco, but the court rejected him. Now the last decision is up to the court in New York.
If the decision is made in favor of R3, the company will receive 5 billion XRP tokens, which at current rates cost about $ 3.5 billion, at a price of only $ 42 million. In this case, the market will respond with a sharp drop in the cryptocurrency, which is now considered one of the most promising.
While everyone shares positive news about the new achievements of Ripple, the real fate of the cryptocurrency is solved in the judicial walls. Soon, the New York court will consider the claim of the company R3 against Ripple, following which R3 can receive 12.5% of the total volume of XRP, which is in circulation.
The conflict between the companies began after they could not agree on a partnership. By that time, an agreement had already been signed, according to which R3 obtained the right to buy out 5 billion XRP tokens at a price of $ 0.0085 by the end of 2019. Ripple Labs tried to terminate the contract unilaterally, which led to a lawsuit from R3. Ripple filed a counterclaim in San Francisco, but the court rejected him. Now the last decision is up to the court in New York.
If the decision is made in favor of R3, the company will receive 5 billion XRP tokens, which at current rates cost about $ 3.5 billion, at a price of only $ 42 million. In this case, the market will respond with a sharp drop in the cryptocurrency, which is now considered one of the most promising.
📅ICO calendar for the upcoming week 🚀
1️⃣9️⃣ March
🔷Crypterra - Building independent decentralized ecosystem infrastructure for cryptocurrency with own islands.
🔷ARQUTE G.A.S. (pre-ICO) - ARQUTE G.A.S – animation studio based on blockchain technology, in which every token contains the copyright’s to intellectual property.
🔷SprintX (pre-ICO) - SprintX will become the quality standard and reliability for launching ICOs.
2️⃣0️⃣ March
🔷Bubbletone - Blockchain in Telecom is the first decentralized telecom ecosystem that allows mobile network operators, phone users and service providers to interact directly.
🔷XchangeRate (pre-ICO) - The first Augmented Intelligence platform SaaS App that brings intelligently analysed data to the trader using automation and decentralized strategy sharing.
🔷Vooglue - To be the preferred provider of art ecosystem enablers for permanently connecting digital media and eCommerce counterparts to physical art.
2️⃣1️⃣ March
🔷ySign - ySign is a new blockchain-based messaging platform for free communication and discrete conversations with 100% privacy, created as an opportunity to stay anonymous and secure.
🔷Robotina - Robotina - Internet Of Things, Artificial Intelligence & Blockchain empowering energy consumers.
🔷Mossland- “Mossland” is a location-based Augmented Reality(AR) mobile game.
2️⃣2️⃣ March
🔷PumaPay - a comprehensive billing protocol that combines the best of traditional payment methods.
🔷Lapo (pre-ICO) - Decentralized finance reinvented.
2️⃣3️⃣ March
🔷FolleX - The combination of a powerful global Cryptocurrency Exchange and interactive Social Media platform.
🔷UbiatarPlay - UbiatarPlay as cryptocurrency to be everywhere.
2️⃣4️⃣ March
🔷Pycoin - Pycoin is a privacy preserving zero-knowledge protocol-based decentralized platform for writing, testing and deploying mathematically verifiable secure smart- contracts.
🔷Morpheus Labs - Powerful inclusive full stack Blockchain-Platform-As-a-Service for Enterprises.
2️⃣5️⃣ March
🔷BitBix - an open decentralized cryptocurrency, built on the innovative Ethereum blockchain.
1️⃣9️⃣ March
🔷Crypterra - Building independent decentralized ecosystem infrastructure for cryptocurrency with own islands.
🔷ARQUTE G.A.S. (pre-ICO) - ARQUTE G.A.S – animation studio based on blockchain technology, in which every token contains the copyright’s to intellectual property.
🔷SprintX (pre-ICO) - SprintX will become the quality standard and reliability for launching ICOs.
2️⃣0️⃣ March
🔷Bubbletone - Blockchain in Telecom is the first decentralized telecom ecosystem that allows mobile network operators, phone users and service providers to interact directly.
🔷XchangeRate (pre-ICO) - The first Augmented Intelligence platform SaaS App that brings intelligently analysed data to the trader using automation and decentralized strategy sharing.
🔷Vooglue - To be the preferred provider of art ecosystem enablers for permanently connecting digital media and eCommerce counterparts to physical art.
2️⃣1️⃣ March
🔷ySign - ySign is a new blockchain-based messaging platform for free communication and discrete conversations with 100% privacy, created as an opportunity to stay anonymous and secure.
🔷Robotina - Robotina - Internet Of Things, Artificial Intelligence & Blockchain empowering energy consumers.
🔷Mossland- “Mossland” is a location-based Augmented Reality(AR) mobile game.
2️⃣2️⃣ March
🔷PumaPay - a comprehensive billing protocol that combines the best of traditional payment methods.
🔷Lapo (pre-ICO) - Decentralized finance reinvented.
2️⃣3️⃣ March
🔷FolleX - The combination of a powerful global Cryptocurrency Exchange and interactive Social Media platform.
🔷UbiatarPlay - UbiatarPlay as cryptocurrency to be everywhere.
2️⃣4️⃣ March
🔷Pycoin - Pycoin is a privacy preserving zero-knowledge protocol-based decentralized platform for writing, testing and deploying mathematically verifiable secure smart- contracts.
🔷Morpheus Labs - Powerful inclusive full stack Blockchain-Platform-As-a-Service for Enterprises.
2️⃣5️⃣ March
🔷BitBix - an open decentralized cryptocurrency, built on the innovative Ethereum blockchain.
Is Russia testing the technology of state cryptocurrency followed by Venezuela?
Venezuela created its own cryptocurrency El Petro in cooperation with the Russian authorities, the media writes citing unnamed sources. Journalists argue that the decision to help Venezuela was taken personally by Russian President Vladimir Putin.
The evidence also shows that the advisors of the President of Venezuela, Nicolas Maduro, are two Russians associated with the largest Russian banks and billionaires close to the Kremlin. Those are the general director of Zeus Trading Denis Druzhkov and the director of Aerotrading Fyodor Bogorodsky.
In Venezuela, El Petro was needed to circumvent US economic sanctions. In Russia does not exclude the creation of a "cryptoruble" with the same purpose. As Sergei Glazyev, an adviser to the Russian president on economic issues, stated in an interview, while the states are wary of cryptocurrencies that private individuals are issuing, "but this situation will not last long".
"More states are announcing the issue of a national digital currency," Glazyev said. It seems that Russia is planning to enter the number of such countries and now looking closely, how this mechanism will work in another states.
Venezuela created its own cryptocurrency El Petro in cooperation with the Russian authorities, the media writes citing unnamed sources. Journalists argue that the decision to help Venezuela was taken personally by Russian President Vladimir Putin.
The evidence also shows that the advisors of the President of Venezuela, Nicolas Maduro, are two Russians associated with the largest Russian banks and billionaires close to the Kremlin. Those are the general director of Zeus Trading Denis Druzhkov and the director of Aerotrading Fyodor Bogorodsky.
In Venezuela, El Petro was needed to circumvent US economic sanctions. In Russia does not exclude the creation of a "cryptoruble" with the same purpose. As Sergei Glazyev, an adviser to the Russian president on economic issues, stated in an interview, while the states are wary of cryptocurrencies that private individuals are issuing, "but this situation will not last long".
"More states are announcing the issue of a national digital currency," Glazyev said. It seems that Russia is planning to enter the number of such countries and now looking closely, how this mechanism will work in another states.
Why the cryptocurrency market is doomed to growth
Number of users crypto-exchangers dropped twice as compared to December-January and returned to the level of November 2017. The number of search queries for the word "bitcoin" in Google fell by 82% compared to the end of 2017. In Twitter, the cryptocurrency is written half as much.
The fall of crypto-market does not mean that it should be discounted. Now, there are those who are really ready to deal professionally with cryptocurrency.
The next step is the introduction of cryptocurrencies and blockchain-technologies into real life. In 2018, ICO start-ups that raised funds in 2016 and 2017 must submit their projects. If they are successful, this will lead to the emergence of a real blockchain industry and a new growth of crypto-market.
Another factor is interest in cryptocurrencies from large world companies. Online stores are ready to accept bitcoin for payment, instant messengers want to become payment services.
The current decline can only be considered as a preparation for a new breakthrough. Cryptocurrencies occupy a small share of the global financial market - and their growth potential is huge.
Number of users crypto-exchangers dropped twice as compared to December-January and returned to the level of November 2017. The number of search queries for the word "bitcoin" in Google fell by 82% compared to the end of 2017. In Twitter, the cryptocurrency is written half as much.
The fall of crypto-market does not mean that it should be discounted. Now, there are those who are really ready to deal professionally with cryptocurrency.
The next step is the introduction of cryptocurrencies and blockchain-technologies into real life. In 2018, ICO start-ups that raised funds in 2016 and 2017 must submit their projects. If they are successful, this will lead to the emergence of a real blockchain industry and a new growth of crypto-market.
Another factor is interest in cryptocurrencies from large world companies. Online stores are ready to accept bitcoin for payment, instant messengers want to become payment services.
The current decline can only be considered as a preparation for a new breakthrough. Cryptocurrencies occupy a small share of the global financial market - and their growth potential is huge.
Why bitcoin is taking the lead again
As a result of trades on Thursday, bitcoin for the first time since last year took a share of 45.66% in the total volume of cryptocurrency market. Obviously, with a general drop in crypto-market up to $ 279,091,792,181, it is bitcoin that causes the greatest confidence of users. There are several reasons for this.
First, at the end of March the cost of transaction in bitcoin network decreased to a record amount of 1 satoshi. This is due to the introduction of Segregated Witness scaling technology: the share of SegWit-transactions is already 30% -35% of all transactions on the network.
Secondly, bitcoin is becoming increasingly widespread in real trade: this is happening in the European Union and Asian countries. The last example is the new service of the Korean crypto-exchanger Bithumb, which allows users to pay for purchases using cryptocurrencies in 6,000 stores across the country.
In a situation where bitcoin will become increasingly common, its forks will not be needed. Now this is already happening with Bitcoin Cash: OKEx and KuCoin crypto-exchangers have already eliminated illiquid pairs with this cryptocurrency.
As a result of trades on Thursday, bitcoin for the first time since last year took a share of 45.66% in the total volume of cryptocurrency market. Obviously, with a general drop in crypto-market up to $ 279,091,792,181, it is bitcoin that causes the greatest confidence of users. There are several reasons for this.
First, at the end of March the cost of transaction in bitcoin network decreased to a record amount of 1 satoshi. This is due to the introduction of Segregated Witness scaling technology: the share of SegWit-transactions is already 30% -35% of all transactions on the network.
Secondly, bitcoin is becoming increasingly widespread in real trade: this is happening in the European Union and Asian countries. The last example is the new service of the Korean crypto-exchanger Bithumb, which allows users to pay for purchases using cryptocurrencies in 6,000 stores across the country.
In a situation where bitcoin will become increasingly common, its forks will not be needed. Now this is already happening with Bitcoin Cash: OKEx and KuCoin crypto-exchangers have already eliminated illiquid pairs with this cryptocurrency.
Why Europe cannot reject cryptocurrencies
While experts are discussing the future of cryptocurrencies, they continue their victorious march through European countries. The National Tourist Board of Germany (GNTB) announced that tourists can pay for services and services with bitcoin and other popular cryptocurrencies in any of the 32 offices of the organization located around the world.
Recently, the Lithuanian processing unitary company Coingate signed an agreement with the e-commerce application Prestashop, which will allow taking bitcoin and other cryptocurrencies as payments in 86,000 small and medium-sized European stores.
These are just two examples. Adding to this initiatives to legalize and regulate cryptocurrencies in Switzerland, Malta, the Baltic countries and other European countries - and we can conclude that the free circulation of cryptocurrencies throughout the European Union is only a matter of time.
While experts are discussing the future of cryptocurrencies, they continue their victorious march through European countries. The National Tourist Board of Germany (GNTB) announced that tourists can pay for services and services with bitcoin and other popular cryptocurrencies in any of the 32 offices of the organization located around the world.
Recently, the Lithuanian processing unitary company Coingate signed an agreement with the e-commerce application Prestashop, which will allow taking bitcoin and other cryptocurrencies as payments in 86,000 small and medium-sized European stores.
These are just two examples. Adding to this initiatives to legalize and regulate cryptocurrencies in Switzerland, Malta, the Baltic countries and other European countries - and we can conclude that the free circulation of cryptocurrencies throughout the European Union is only a matter of time.
Telegram raised $ 1.7 billion within the ICO of TON
The blockchain project of Telegram messenger attracted $ 1.7 billion in two rounds of ICO. This was announced by the project's founder, Pavel Durov, reporting to the US Securities and Exchange Commission. In the second round, $ 850 million was raised. The minimum investment of investors was $ 1 million.
In the first round, it was also possible to raise $ 850 million from 81 investors. Also, the third round is expected, within which the price of the token will increase from $ 1.33 of the second stage to about $ 2.2.
Apparently, Durov is raising funds only from trusted investors to minimize his risks in terms of the legitimacy of the project. Therefore, open sale of TON tokens is not planned yet. It is not yet clear about the tools of payment which will be used.
The blockchain project of Telegram messenger attracted $ 1.7 billion in two rounds of ICO. This was announced by the project's founder, Pavel Durov, reporting to the US Securities and Exchange Commission. In the second round, $ 850 million was raised. The minimum investment of investors was $ 1 million.
In the first round, it was also possible to raise $ 850 million from 81 investors. Also, the third round is expected, within which the price of the token will increase from $ 1.33 of the second stage to about $ 2.2.
Apparently, Durov is raising funds only from trusted investors to minimize his risks in terms of the legitimacy of the project. Therefore, open sale of TON tokens is not planned yet. It is not yet clear about the tools of payment which will be used.
Which state is going to legalize cryptocurrency next
Recently it became known that Thailand is legalizing cryptocurrencies and ICO. New rules aimed at protecting investors, will start to enter from April. They will include requirements for information disclosure and warnings, but the state as a whole is more loyal than, for example, China.
It is noted, that in March, Germany announced the legalization of bitcoins and other cryptocurrencies. Now digital coins can pay for goods in some stores, cryptocurrencies has been adopted by the German Tourism Office.
By 1 July, cryptocurrencies should be legalized in Russia. Legislation on regulating crypto-market is now under consideration in the Russian parliament. The desire to become the leader of the cryptocurrency industry was declared by Switzerland.
What's next? More and more countries will legalize cryptocurrencies, including using the working time of those who have already made such a decision. Where will the next state be, it is difficult to say. But given the Asian skepticism from Korea, China and Japan and the interest of the European Union, it can be assumed that the following positive news will come from Europe.
Recently it became known that Thailand is legalizing cryptocurrencies and ICO. New rules aimed at protecting investors, will start to enter from April. They will include requirements for information disclosure and warnings, but the state as a whole is more loyal than, for example, China.
It is noted, that in March, Germany announced the legalization of bitcoins and other cryptocurrencies. Now digital coins can pay for goods in some stores, cryptocurrencies has been adopted by the German Tourism Office.
By 1 July, cryptocurrencies should be legalized in Russia. Legislation on regulating crypto-market is now under consideration in the Russian parliament. The desire to become the leader of the cryptocurrency industry was declared by Switzerland.
What's next? More and more countries will legalize cryptocurrencies, including using the working time of those who have already made such a decision. Where will the next state be, it is difficult to say. But given the Asian skepticism from Korea, China and Japan and the interest of the European Union, it can be assumed that the following positive news will come from Europe.
Venezuela wants to pay Russia for spare car parts in El Petro cryptocurrency
Venezuela will use El Petro to pay for spare car parts of "KamAZ" supplied from Russia. The news was reported by the Minister of Foreign Trade of Venezuela, José Vielma Mora.
According to him, this decision was discussed during the meeting of the bilateral intergovernmental commission in Caracas. In addition to supplies of components, the alliance with the Russian motorcar factory provides vehicle assembly on the territory of Venezuela, which is planned to be partly paid for in El Petro.
It worth noting that recently the information that Russia helped Venezuela in the release of El Petro appeared in media. Thus, the Russian authorities allegedly wanted to estimate the possibilities of the state's cryptocurrency in circumventing international economic sanctions. There were no official comments on this matter.
Venezuela will use El Petro to pay for spare car parts of "KamAZ" supplied from Russia. The news was reported by the Minister of Foreign Trade of Venezuela, José Vielma Mora.
According to him, this decision was discussed during the meeting of the bilateral intergovernmental commission in Caracas. In addition to supplies of components, the alliance with the Russian motorcar factory provides vehicle assembly on the territory of Venezuela, which is planned to be partly paid for in El Petro.
It worth noting that recently the information that Russia helped Venezuela in the release of El Petro appeared in media. Thus, the Russian authorities allegedly wanted to estimate the possibilities of the state's cryptocurrency in circumventing international economic sanctions. There were no official comments on this matter.
Dubai is trying to get the Arab world interested in blockchain and cryptocurrencies
The Islamic Academy (Fiqh) plans to express its attitude to the cryptocurrencies and, possibly, issue a fatwah this year. Now the debate over the religious permissibility of cryptocurrencies in the Shariah countries significantly inhibits the development of digital money in this region and limits the flow of Arab capital into the crypto industry. In the meantime, the OneGram start-up from Dubai has issued a cryptocurrency, backed by real gold, the trident equivalent of cash payments in the Islamic world. The British-born Arabian Ibrahim Muhammad, who launched the start-up, received the conclusion in Dubai's Al Maali Consulting that his cryptocurrency is in line with the principles of Islam, and in May he expects to start trading on the exchange. It is already known that start-ups from Singapore and Malaysia are going to follow the example of OneGram.
The growing interest of crypto traders in Arab capitals is also evidenced by the venue choice for the Futurama Blockchain Innovators Summit, a representative blockchain conference, which will take place in Dubai on May 3-6. One of the event headliners will be the American company Vimana, which develops an air transport infrastructure on the blockchain for Smart Cities. Everything that concerns Smart City, IoT and smart air transport (in this case, unmanned passenger convertible aircraft) in recent years has been struck a chord with investors from the Arab Emirates. Now the audience will clearly see how modern engineering solutions from the real world can interact with the blockchain and be funded through the digital money.
The Islamic Academy (Fiqh) plans to express its attitude to the cryptocurrencies and, possibly, issue a fatwah this year. Now the debate over the religious permissibility of cryptocurrencies in the Shariah countries significantly inhibits the development of digital money in this region and limits the flow of Arab capital into the crypto industry. In the meantime, the OneGram start-up from Dubai has issued a cryptocurrency, backed by real gold, the trident equivalent of cash payments in the Islamic world. The British-born Arabian Ibrahim Muhammad, who launched the start-up, received the conclusion in Dubai's Al Maali Consulting that his cryptocurrency is in line with the principles of Islam, and in May he expects to start trading on the exchange. It is already known that start-ups from Singapore and Malaysia are going to follow the example of OneGram.
The growing interest of crypto traders in Arab capitals is also evidenced by the venue choice for the Futurama Blockchain Innovators Summit, a representative blockchain conference, which will take place in Dubai on May 3-6. One of the event headliners will be the American company Vimana, which develops an air transport infrastructure on the blockchain for Smart Cities. Everything that concerns Smart City, IoT and smart air transport (in this case, unmanned passenger convertible aircraft) in recent years has been struck a chord with investors from the Arab Emirates. Now the audience will clearly see how modern engineering solutions from the real world can interact with the blockchain and be funded through the digital money.