Mongolia Partners With Stablecoin to Use Blockchain for Lending Services, Money Transfers

Mongolia’s capital city of Ulaanbaatar has partnered with a stablecoin company to release instant money transfer and lending services, Asia’s largest tech media platform e27 reported on Jan. 11. Ulaanbaatar City’s administration has agreed to partner with a South Korean blockchain company, dubbed Terra, in order to eventually replace the current payment methods for utility bill and government subsidies with the Terra stablecoin, according to the publication. The pilot program is scheduled to be launched within the next six months, and will start in the city of Ulaanbaatar’s Nalaikh District,…

Texas Financial Watchdog May Recognize Stablecoins as Money for Licensing Purposes

The Texas Department of Banking could consider stablecoins as money, making them and exchanges that deal with them subject to a number of Texas laws and license requirements, according to a Supervisory Memorandum published on Jan. 2. Supervisory Memorandum – 1037, which published by the financial watchdog examines the regulatory treatment of digital currencies under the Texas Money Services Act and addresses current trends in the field, including the introduction of stablecoins to the market. Stablecoins are a kind of centralized cryptocurrency backed by the issuer with conventional currency, precious…

70% of Respondents Prefer Being Gifted Money in Digital Currency, Survey

The vast majority of respondents to an ongoing United Kingdom central bank Twitter survey, posted Dec. 17, said they would prefer to receive a gift of money in digital currency. Screenshot of the Bank of England’s Twitter survey. Source: Twitter The Bank of England’s survey asks participants to choose their preferred way to receive money as a Christmas gift, showing the options cash, bank transfer, gift voucher and digital currency. At press time, 8,230 people have responded and 70 percent of them have chosen digital currency. Cash is in second…

US Government Tells Bitcoin Bomb Scam Victims to Inform FBI, Not Pay Ransom Money

A suspected scam which threatens to blow up buildings unless recipients pay a Bitcoin (BTC) ransom caught the attention of the United States’ government Dec. 13. The scam, which centers on anonymous emails demanding payment of $20,000 in Bitcoin or face a “mercenary” detonating a device in “your building,” has appeared throughout the world. Now, the U.S. National Cybersecurity and Communications Integration Center (NCCIC) opted to release dedicated advice to victims, advising the only action necessary on receipt of an email was to inform the FBI. The NCCIC is “aware…

Canadian House Finance Committee Recommends Crypto Regulation to Prevent Money Laundering

The Canadian House Finance Committee has recommended that the government start regulating cryptocurrencies to prevent money laundering, Canadian digital newspaper iPolitics reports Nov. 14. According to iPolitics, the Canadian House Finance Committee suggested that cryptocurrencies should be regulated during its review of the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA), which occurs once every five year. The committee held 18 meetings for the PCMLTFA review, which started in February. As a result of the review, the committee put forward three ways for the government to regulate cryptocurrencies.…

Australia’s Science Agency & Commonwealth Bank Trial Blockchain ‘Smart Money’

Twitter Facebook LinkedIn A trial conducted by the Commonwealth Bank of Australia and the Data61 unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has proven that blockchain-powered smart money possesses immense social and economic benefits for Australia’s insurance scheme for persons living with disabilities. In the proof of concept, it was demonstrated that participants in Australia’s National Disability Insurance Scheme (NDIS) benefited from increased choice and control using the smart money that they accessed via a prototype app. Not only were administrative costs reduced but the risk of…

Australia’s Biggest Bank Trials Blockchain-Based ‘Smart Money’ for Disability Insurance

The Commonwealth Bank of Australia (CBA) and government-run digital innovation center Data61 have released the results of their trial for a blockchain-powered “smart money” system for Australia’s National Disability Insurance Scheme (NDIS). The development was reported by local financial and business news platform Business Insider Australia today, Nov. 13. Data61 is a digital innovation hub that forms part of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) — an Australian government corporate entity that undertakes scientific research to advance diverse local industries. The $93.5 billion market cap CBA is the…

Free Money? Traders In Asia Are Buying Bitcoin Cash Ahead of Hard Fork

With bitcoin cash (BCH) now looking certain to split into two competing cryptocurrencies, some traders in Asia are betting that the sum of the parts will be worth more than the whole. Specifically, these investors have been buying BCH in anticipation that Thursday’s contentious network software upgrade, or hard fork, will leave them owning two coins with a combined value greater than the current price. James Quinn, head of markets at Kenetic Capital, said even some institutions have gotten in on the act, as “the number of requests and interests…

Want to Make Money as a Programmer? Learn Blockchain Development

Despite the year-long bear market that has seen the prices of major cryptocurrencies drop 70 to 80 percent, the demand for blockchain developers is still at an all-time high. According to Mehul Patel, the CEO of San Francisco tech talent recruitment firm Hired, the demand for the blockchain has increased significantly in the past several months. The supply of software engineers is already low, and individuals that are well versed in the cryptocurrency sector are even more scarce. “There’s a ton of demand for blockchain. Software engineers are in very…

Sorry, I Turned Off My Bitcoin Faucet (Because Money)

Ofir Beigel is the general manager of 99 Bitcoins, an informational site for newcomers to the space. In November 2015, I started operating 99Bitcoins’ faucet. Almost three years later, on Oct. 8, I shut it down. Throughout its history, the faucet paid out over 12.795 bitcoins to its users. Here’s its story. What are cryptocurrency faucets? Faucets are a type of website that work on traffic arbitrage. It means you “buy” traffic cheap and sell it expensive. It works as follows: You give site visitors a small amount of crypto…