Regulations Needed To Address Trust Problem According To Winklevoss Twins

The Winklevoss twins renewed their calls for regulatory oversight of the cryptocurrency space to address the trust issue of cryptpcurrencies.

According to the twins the cryptocurrency industry needs to build trust if it wants to play a role in the future money.

In line with this belief the twins recently launched a new advertising campaign based on the message “Crypto needs rules.”

To emphasize the need of better regulations in the space the twins cited the recent QuadrigaCX fiasco where investors are still waiting to find out what happened to their cryptocurrency months after the exchange’s founder and CEO passed away.

The twins believe that better oversight could help mitigate such problems in the future and could even spark a recovery in crypto valuations.

Marshall Islands To Launch Its Own Sovereign Cryptocurrency

The island state of the Marshall Islands is preparing to launch its own cryptocurrency which will be called the Sovereign or SOV.

This is being developed together with an Israel-based firm, Neema, whose CEO Barak Ben-Ezer revealed that the cryptocurrencies will only see the light of day if stake holders are convinced that the crpto is ready.

However, there are concerns coming from the International Monetary Fund and US treasury Department regarding the safety related to launching the cryptcurrency.

Currently Marshal Islands’ government and Neema are working together to address several regulatory requirements outlined by American Financial regulators.

Quelling concerns for the currency being used for illicit activities, the CEO of Neema argues that every account that will be holding SOV will have to go through mandatory know-your-customer checks.

In addition to this new accounts will have to be verified against the US treasury’s office of Foreign Assets Control ensuring that all transactions are legitimate and legal.

Monero Upgrades Protocol Without Incident

According to news reports the privacy centric cryptocurrency Monero has successfully upgraded its protocol which is aimed to improve its privacy features and security.

The network protocol upgraded last March 9, 2019 which commenced at block 1788000.

Aside from this improvement in privacy and security, the new upgraded protocol has been reported to be more ASIC resistant.

Upgrades include the following: Dynamic block size algorithm, PoW tweak for ASIC resistance, dummy encrypted payment ID for transaction homogeneity and simplification of coding formats.

With this upgrade the team plans on cementing Monero as one of the go-to cryptocurrencies when users wants to use cryptocurrencies with superior privacy feature.

Binance May Launch Fiat Platform In Latin America

Changpeng Zhao the CEO of Binance took to twitter to reveal that the next fiat-to-crypto exchange of Binance will be launched at Argentina.

This comes after news broke out that the Argentine government will match 1:1 any investment made by Binance and a local accelerator called Founders Lab.

If this holds through it is more likely that the new fiat-to-crypto exchange will be called Binance Argentina which has been the case for most expansions made by Binance in countries such as Singapore, Lichenstein, Jersey and Uganda.

It seems that the Binance is poised to tackle emerging markets where most pundits believes cryptocurrencies and blockchain will take root.

While it is too early to assess if the initiative will bear fruit it is refreshing to know that crypto giants like Binance are looking into emerging markets as key markets for a burgeoning asset class that was primarily designed to empower the marginalized sector in finance.

Largest Blockchain-Focused ETF In The World To Start Trading In London Stock Exchange

It has been reported that independent management company Invesco has announced the launch of the largest blockchain-focused ETF in the world.

The said company has over $800 billion in assets under management and its ETF will include 48 different companies with exposure to blockchain technology.

According to Chris Mellor, the head of ETF equity product management of Invesco in Europe states that the ETF will initially invest in a portfolio of 48 companies based on a proprietary scoring system developed by Elwood Asset Management.

Elwood is a specialist crypto investment boutique backed by Aan Howard who is a co-founder of the Brevan Howard hedge fund.

It has been a growing trend for investors to have interest in Wall Street firms betting on crpto and blockchain, in fact Yahoo finance have compiled a study showing that 14 publicly listed companies outperformed the S&P 500.

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