New York Assemblyman declares creation of ‘First’ US Crypto Task Force

An assemblyman of this New York country (NYS) legislature declared in a Facebook post on Jan. 3 that the nation is going to have the state’s “initial” cryptocurrency job force.

From the article, Clyde Vanel, an NYS Assemblyman and Chair of Subcommittee on Internet and New Technologies, said that New York became the first nation in the USA (U.S.) to make a cryptocurrency task force directed at analyzing the law, usage, and also definition of electronic money. The Senate Andrew Cuomo signed the bill dubbed “The Digital Currency Study Bill” into law on Dec. 21, 2018.

Back in June, the bank’s committee of the NYS legislature voted to advance the bill to make an electronic money task force. The members of this task force — such as technologists, customers, shareholders, blockchain businesses and professors — made by the Senate, Senate, and Assembly will allegedly have to publish relevant reports by Dec. 15, 2020.

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The analysis will examine the effects of regulations on the evolution of digital monies and blockchain businesses within the country, the usage of cryptocurrencies’ impact on local tax obligations, and also the transparency of their electronic money market.

According to the initiative,” Julie Samuels, executive director of a nonprofit organization representing New York City technology businesses, Tech: NYC, stated that”cryptocurrencies and blockchain technologies will, undoubtedly, significantly impact finance and several different businesses throughout the world for a long time ahead.” Vanel said:

“New York leads the nation in fund. We’ll also lead in appropriate fintech law. The task force of specialists will help us hit the balance between using a strong blockchain business and cryptocurrency economic surroundings while at precisely the exact same time shielding New York investors and customers.”

Other nations in the U.S. have introduced laws to make government bodies to examine the possible effect of the blockchain and crypto businesses on state trade. Back in June, Connecticut governor Dannel Malloy signed SB 443 to legislation, which established a blockchain working team to examine the technology. The legislation also created time-frames for exploring and providing reports about the possible use of crypto from criminal actions.

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Fortnite Merchandise begins accepting Monero as a Payment method

Retail Row, the product shop for the online video game Fortnite, has reportedly started accepting Monero (XMR) as a cryptocurrency payment choice, Monero tweeted on Jan. 1.

Fortnite is an online video game released in July 2017 and developed by Epic Games, which allegedly accounts for at least 125 million gamers worldwide. In October 2018, Epic Games has been appreciated at over $15 billion in its most recent funding round.

Retail Row affirms crypto payments agency GloBee, allowing retailers to take cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC) and Ripple (XRP), whilst XMR is the sole digital money supported by the shop. Clients may make payments with a variety of conventional methods such as credit cards and PayPal.

Also Read: Iran says Telegram Crypto Aspirations an Act against National Security

Since Cointelegraph reported in October, cybersecurity company Malwarebytes discovered that scammers were utilizing malware targeting the Bitcoin (BTC) pocket addresses of Fortnite players. “Con artists” were supposedly sneaking malicious info theft code to downloads which seemingly guaranteed”free” season six Fortnite Android variations, among other”fictitious cheats, wallhacks and aimbots.”

Free V-Bucks (in-game money ) also hidden malicious bundles of code, according to the investigation. Malwarebytes found that bogus hyperlinks were encouraged via hackers’ YouTubestations, which redirected users that hide the malware.

In June, enterprise and network security firm Palo Alto Networks discovered that approximately 5% of XMR in flow was mined maliciously via crypto jacking. Monero allegedly had an”incredible monopoly” about the cryptocurrencies targeted by malware, using a total of $175 million mined maliciously.

Also Read: Indian Government delays Crypto Regulations, Uncertainty continues

The report also notes that the information doesn’t comprise web-based Monero miners or alternative miners they weren’t able to access, meaning the 5 percentage is probably too low of a calculation. XMR is up 3.27 percent over the afternoon and is currently trading at $47.46 at press time, based on CoinMarketCap.

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Cryptocurrency Exchange Kraken enables Bitcoin Cash and XRP Margin Trading

Kraken has included Bitcoin Cash (BCH) and Ripple (XRP) into Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Augur (REP), Monero (XMR), along with Tether (USDT) bringing its own margin trading supplying to a total of eight cryptocurrencies.

Currency trading of eight will be accessible on most of Kraken’s platforms. The latter website boasts an improved user interface and integrated graphs and tools in addition to supporting trading.

Kraken’s news release adds:

Please be aware that BCH and XRP aren’t security monies. As a consequence, that you can’t open perimeter positions contrary to the value of your BCH or even XRP balances.

Exchange consumers are advised to maintain accounts of security monies while trading and also to take care when trading security monies to BCH and XRP with margin places available, as account fairness is going to be decreased.

Also Read: Samsung wants UK Trademark for Crypto Wallet

Kraken then steps in the Benefits of margin trading:

Margin trading lets you leverage your accounts for higher gains, while also assuming a greater danger.

Whilst also warning of the dangers of higher losses and margin places could be closed if losses are good so as to shield leveraged funds.

“This usually means you might be made to have a massive loss on a transaction instead of having the choice to attempt to await a more favorable cost.”

Kraken points into its margin trading manuals and the increased risk does imply that inexperienced traders must find out more about the trading choice completely.

Also Read: National Bank of Kuwait partners with Ripple to launch Cross-Border payment service

In June 2018 Korea judged Coinone’s margin trading to become prohibited gaming. In October Poloniexannounced that it was eliminating margin products for U.S clients to stay regulatory compliant and Japan remains toying with capping cryptocurrency margin trading.

Kraken itself struck the information this September when a New York State Attorney called Kraken, in Addition to Binance and Gate.io, into the New York Department of Financial Services (NYDFS) for possible breach of New York’s virtual money regulations. Kraken’s CEO, Jesse Powell, was critical of New York’s “controlling” behaviour and had not returned a questionnaire which was a part of the Office of the Attorney General (OAG) report.

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National Bank of Kuwait partners with Ripple to launch Cross-Border payment service

The agency is launching with a remittance corridor into Jordan just, but is expected to expand into more states in the not too distant future, the lender said in a statement. NBK has a presence in China, Geneva, London, Paris, New York, and Singapore, and regionally in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and UAE.

Dmitrios Kokosioulis, the deputy CEO-group surgeries and technologies stated:

“Focused on electronic transformation, NBK has launched successful and innovative products which serve various sections, such as the NBK Harness & Purchase, QuickPay, NBK SelfiePay, cardless cash withdrawal, Biometric Cards, along with the constant improvements to the NBK Mobile Banking App along with other solutions which produce our client’s banking experience a fun one.

This support is a substantial accomplishment as it enables our customers to make money transfers in minutes, easily and at their convenience anytime of the day.”

He announced that NBK Direct Remit are also made accessible Jordan and shortly will likely be expanded to other nations.

Marcus Treacher, SVP of Client Success at Ripple, stated:

“The National Bank of Kuwait (NBK) is a significant partner in the area, and we are excited they have started moving live payments over our blockchain community on behalf of the clients.”

NBK is charging a fee of 1 Kuwaiti dinars ($3.29) each trade for Jordan transfers whenever funds are routed to its regional branch. For customers with other banks, then it is going to levy 5 KWD ($16.47) each trade. The default limit for trades is capped at 2,000 KWD ($6,586).

Also Read: Samsung wants UK Trademark for Crypto Wallet

In the first announcement of NBK on Twitter, it said:

“For the first time in Kuwait: Send money instantly using NBK Direct Remit. Log into NBK Online Banking with RippleNet’s Blockchain technology. NBK Direct Remit is now available for Jordan. “

This isn’t the first success touched by Ripple and XRP in 2018. Lately, the business published a string of 2018 discoveries in which it discussed all of its institutions and accomplishments, make it in the kind of adoption or in the business of academics, development, and research.

2018 has been a hectic year for Ripple and yet one which was marked with many collaborations with strong institutions.

Just lately, Odilon Almeida, head of international currency move at Western Union, said that the company is operating with Ripple towards researching Western Union’s potential use of blockchain.

He explained:

“This technology has a great deal of software. You are likely to find much more use of the technology moving forward.”

Their partnerships have expanded beyond the Middle East as in Israel, GMT, Israel’s major financial services firm with over 250 branches throughout the area, has allegedly joined Ripple.

Ripple Plans More Business Done With Regulatory Clarity

At the latest installment of The Ripple Drop, the business has emphasized some of the major success stories and goods the year 2018 seen from the Ripple and also XRP ecosystem. Marcus Treacher and Ashish Birla were showcased in the event, talking of the critical landmarks the blockchain attained in 2018. Treacher had said the One Pay FX, a payment support by Santander as”making an authentic international network… to deliver the net of significance into life”.

Also Read: Japanese FSA receives 190 Cryptocurrency Exchange License Apps

Birla has cited xCurrent and xRapid systems because his selections for the calendar year, touting both working together to provide solutions worldwide.

For 2019, Birla implied the aim was to bring xRapid to more particular corridors with regulatory clarity and demand for solving a large pain point for a client base.

Hundreds of Crypto Projects depicts signs of plagiarism, fraud and unlikely returns

A recent study by the Wall Street Journal printed on Dec. 27 demonstrated that countless cryptocurrency offers revealed indications of deceptive action, unlikely yields, and plagiarism.

In the course of its study, the WSJ downloaded”white papers” of all 3,291 cryptocurrency jobs that declared that an initial coin offering (ICO) from three sites — ICOBench.com, Tokendata.io, and ICORating.com.

A white paper is an informational document issued by a business which describes the organization’s standing, staff biography, and technical details of a job, and is made to be utilized as a marketing tool for prospective investors.

The terrorists further conducted an investigation of the papers, excluding replicate and non-English newspapers:

“To identify replicate language, the Journal compared paragraphs with 10 specific words to each other sentence in additional white papers. Reporters then reviewed and read almost 10,000 sentences appearing more than once one of the 3,291 newspapers analyzed and eliminated legal and technical sounding language. Thenthe Journal compared reported supplying dates to ascertain which document first printed any sentence and excluded those jobs from this database”

Also Read: Blockchain will survive a Cryptocurrency Apocalypse

The study allegedly suggested that 16 percent — or 513 — of those aforementioned white newspapers showed indications of plagiarism, identity theft and guarantees of implausible yields. White papers of over 2,000 of those 3,291 jobs contained paragraphs with luring conditions such as”nothing to lose, guaranteed gain, return on investment, maximum yield, higher yield, funds gain, no risk and little hazard.”

State and national regulators at the United States have broken down on several different offerings with similar terminology, issuing cease and desist orders and sometimes filing fees against alleged criminals.

Moreover, the WSJ attempted to determine bogus team members by inverse picture search of photographs of individuals related to 343 crypto jobs, which didn’t mention crucial data about members. Some records didn’t record team members in any way, therefore the Journal hunted for titles appearing in a record of more than one million handled by the U.S. Census Bureau.

In August, the WSJ maintained at research that cryptocurrency cost manipulation was mostly conducted by coordinated”trading classes” using services like Telegram. The WSJ implied that coordinated “pump and dump” schemes had witnessed traders inflate and wreck the costs of different cryptocurrencies this past year.

With Inputs from Larry, Editor at PCMag

Litecoin Foundation to sponsor UFC Title Fight in a bid to increase crypto adoption

The Litecoin Foundation will host an event of this Ultimate Fighting Championship (UFC) combined martial arts business, based on a statement printed Dec. 26.

In the announcement, the base said it has come to be the”Official Cryptocurrency Partner” of the UFC light heavyweight title fight between Jon Jones and Alexander Gustafsson. The Litecoin Foundation said that the sponsorship is part of its attempt to enlarge the adoption of electronic currencies, stating:

“With institutions and brands continued to push cryptocurrency and blockchain, this is just another sign of the technology moving closer towards mainstream”

Also read: Bank of America discloses New Blockchain Patent targeting cash handling

Litecoin (LTC) premiered in 2011 by former Coinbase engineering manager Charlie Lee. The money is a proof-of-work currency using a restricted supply of 84,000,000 LTC. Litecoin isn’t centrally managed, but the Litecoin Foundation develops its own network. Lee is also the managing director of the base.

In 2017, the worldwide sports marketplace was appreciated approximately by $557 billion, while North America was the largest area in the sports marketplace that year, using a 33 percent market share, based on market research and intelligence business that the Business Research Company. Raising capital through enlightenment purportedly brings new patrons into the current market, together with cryptocurrency-related support slowly expanding thus far.

Back in December, Brazilian premier league football team Atletico Mineiro started a buff token dubbed “GaloCoin” predicated on Footcoin — a stage for producing usefulness replicas on the Ethereum blockchain. Atletico’s token enables fans to buy game tickets, official clothes, and take part in reduction programs.

Also Read: KuCoin Crypto Exchange removes 10 Tokens as they fail to fulfill listed Criteria

Back in September, French soccer team Paris Saint-Germain (PSG) partnered using blockchain stage Socios.com to establish a token ecosystem. The token will enable the club to start a Fan Token Offering (FTO) that gives fans access to branded Saint German club tokens. The tokens will include voting rights and may also confer VIP standing and/or rewards for their holders.

In June, the world’s biggest crypto market Binance made an undisclosed investment to blockchain-based esports voting platform chiliZ.

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KuCoin Crypto Exchange removes 10 Tokens as they fail to fulfill listed Criteria

Singaporean crypto market KuCoin has declared that the delisting of 10 cryptocurrency jobs under its distinctive Treatment Rule frame designed to make sure that only projects that meet and keep specific standards are recorded on the stage. In a statement published on its official site in December 21, the market revealed the affected electronic assets will probably have deposit solutions stopped at 20:00 (UTC+8) on December 21, 2018.

Observing this, trading pairs to the delisted cryptocurrencies will be stopped at 18:00 (UTC+8) on December 24, 2018. Users will continue to be able to impact withdrawals of their delisted assets before 18:00 (UTC+8) on March 21, 2019.

KuCoin Particular Treatment Rule

The influenced cryptocurrencies are as follows:

  • Jibrel Network (JNT)
  • WePower (WPR)
  • Modum (MOD)
  • EthLend (LEND)
  • STK (STK)
  • Asch (XAS)
  • Bread (BRD)
  • BitClave (CAT)
  • Mobius (MOBI)

According to the statement, the decision to delist the resources was created after completion of the most recent period of monitoring below the stage’s Special Treatment frame which exists to make sure that listed cryptocurrencies meet certain minimal requirements regarding bandwidth, roadmap adherence, marketplace behavior, safety and job solvency among other standards.

Also Read: Wall Street is Backing Out of Crypto

An excerpt from KuCoin’s Particular Treatment statement reads:

The Exchange may, throughout the monitoring period, choose to delist the ST Job if the Exchange considers the ST Job fails to take crucial actions to cure the Negative circumstance. But the Exchange reserves the right, in its sole discretion and without prior notice, to immediately delist the ST Job if the Exchange believes conditions warrant so.

According to the announcement, jobs might be delisted if they’re discovered to have low liquidity for a particular length of time or should they cease operations for a period of 3 months. Issues that could also disqualify a job from ongoing listing comprise failure to alert the trade of material changes, failure to cooperate with the trade for routine review, safety failings, deviations from job whitepapers, an absence of advancement communicating on the project’s site, and incomplete, untrue or deceptive data disclosure.

Other issues recorded as deal-breakers include job bankruptcy, the participation of project team members in questionable actions and analyses concerning prohibited actions, forex trading, insider trading, market manipulation and any other scenario the system deems risky because of its clients or its own standing.

Also Read: Bank of America discloses New Blockchain Patent targeting cash handling

Last month, CCN reported that KuCoin successfully completed a $20 million Series A funding round led by IDG Capital, Matrix Partners, and Neo Global Capital since it attempts to increase expansion efforts after its own $ 3 million investment at Bitcoin Australia because it seeks to increase its footprint throughout the Asia-Pacific area.

Image Credits:
KuCoin/PR NewsRoom
Tipped by:
Shubham Rawal, Christ University