Bitcoin News In Africa Latin America Middle East Ripio Exchange Onegram Coin AML KYC Sage Harbor
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Hello fellow subscribers and new watchers. And happy 4th of July to everyone at home in the United States. Welcome to the Sobuka channel. This channel is for folks who like to know what’s going on with crypto currencies like Bitcoin specifically in Latin America, Africa, and the Middle East. If you are looking for a channel to get rich of an ICO or coin, then this channel is not for you. There are a gazillion of other channels you can go to that’s already out that where you can pump, dump, and speculate on these weird alt coins. And don’t get me wrong, I do the same thing. If you are into that, I have some great channels you can find under my subscription.
Today I will talk about what’s going in Argentina with a company called Ripio. The second news will be on CoinDesk putting up an article in mid-june. In this article it talks about how future banking tied to blockchain needs to involve Caribbean and African countries. And lastly, I will look into what’s coming out from the Middle East with a gold back crypto currency called One Gram. So stay tuned.
Let’s first take a look at what’s going on in Argentina:
TNW a news site from Amsterdam just put up an article today on how Argentina is booming with technology businesses and startups. One interesting company to look at that was included in the article was Ripio which is a Bitcoin exchange based in Argentina. What you are seeing right now is there actual website which I’ve translated in English. So similar to how Coinbase offers US residents the option to buy Bitcoin via their bank account, Ripio has a similar model. Ripio is a bitcoin wallet and brokerage service founded in 2014 by Argentinean entrepreneurs Sebastian Serrano and Luciana Gruszeczka.
As of 2014, it had a stated number of 3k users. And today, I would not be surprised if that number has already doubled or tripled by that amount. Argentineans can buy Bitcoin with their currency, the Argentinean peso.
I frankly find it fascinating that other folks around the world have already been investing in Bitcoin and cryptocurrencies. If you are outside the US, I’d be interested to know what exchanges you guys are using. Do you experience any issues with them going down? Please let us know what you guys are doing and experiencing over there.
Switching gears over to the Caribbean and Africa:
Coinbase released an article in Mid June titled “Banking and Blockchain: Why we need an AML/KYC Safe Harbor”. This article is basically saying with respect to Caribbean and African banks that its hard for them to participate in this digital currency market directly for fear of being fined by regulatory government agencies and treasuries. First let me define what AML and KYC means. AML stands for the Anti-Money Laundering and KCY stands for Know Your Customer. Both are rules in place to pass penalties from treasuries to banks if any bank deals with a non-compliant transactions. For example, if bank A receives an anonymous transaction (i.e. Bitcoin) in which they are not suppose to, they automatically would be served a fine. In response to this, banks have to deny their customers. This then forces their customers to use crypto exchanges as an intermediary to send funds to the banks. This article is looking at how less financial constraints can be placed so these banks can work with their customers and crypto exchanges seamlessly. How this might end up looking like, there is no idea yet. But it will require dialogue and cooperation from all parties involved.
Now Moving onto the Middle East Region:
The middle east is coming out with their gold back crypto-currency. OneGram uses blockchain technology to create a new kind of cryptocurrency, where each coin is backed by one gram of gold at launch. Historically gold is more resilient, and holds its worth better than any fiat money, particularly in times of economic instability. No currency can guarantee absolute stability, but OneGram limits your exposure to the downside risk. Because the base price of OneGram is always at least equal to the spot price of gold, OneGram has a floor price. Each OneGram transaction generates a small fee. Unlike other cryptocurrencies, in OneGram, this fee is reinvested (net of admin costs) to buy more gold and increase the amount of gold that backs each token. As transaction volume increases, more gold gets added to the vault and all OneGram owners share in the profit. So, over time, each OneGram is fundamentally worth more by design. OneGram is an asset class that increases in value. Not just from the price of gold but also from the amount of gold that backs each coin, which increases with each transaction. This makes OneGram a forever increasing valuable asset.
That’s all I have for today folks. New folks and fellow subscribers, the link to these article is below under my description section. The comments section is open to everyone. Especially if you are living overseas outside the US, please comment on what is going on in your country with respect to cryptocurrencies. I definitely know that Steemit, the social media platform on its own block chain is growing with subscribers all around the world. You can also find me on Steemit and subscribe over there as well. If you like this this video please give it a thumbs up. If you want to see more videos like this, hit the subscribe button.
News Link 2:
http://www.coindesk.com/banking-and-blockchain-why-we-need-an-amlkyc-safe-harbor/
Ripio Website:
https://www.ripio.com/es/comprar-bitcoins-argentina/
OneGram - Crypto Currency Backed By Gold
https://onegram.org/