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News about generating blockchain funds by a Chinese company are in the news right now. But before discussing about that news, we must have a watch on the history and importance of blockchain. Designed in 2008, blockchain is the backbone of Bitcoin and all the other cryptocurrencies. Blockchain system works by taking in digital transactions and storing them in pieces of digital information called blocks. These blocks are in turn linked together to form ledgers. In case of blockchain, such ledger can be defined as a list of digital transactions. Each time you wish to change the data inside a blockchain database, the software adds a block to the chain containing all the information required to verify the changes. The block will have a unique identifier (a hash) and can be encrypted depending on the underlying software use-case for it.

blockchain funds

Importance of Blockchain Technology in other industries

Blockchain has also a serious impact on various other industries. Even IBM has started work on their own blockchain projects. The main reason for it is that blockchain has played an important role in maximizing the technology’s capabilities, such as autonomous records and easy to access contracts. Even the Pharmaceutical giants are planning to use blockchain to prevent frauds and secure their transaction records. Now let’s come to the point and elaborate why blockchain funds have become so important for China to show active participation in it.

Why China is interested in Blockchain Funding?

Due to such an important role of blockchain in digital transactions, especially cryptocurrency, it has been reported that a government-led investment firm known as Investment Association of China (IAC) is going to establish a funding center to strengthen the blockchain development in China.

This news leaked out when a document related to that entity was circulated by IAC on the internet. IAC reports directly to China’s National Development and Reform Commission.

Later, vice chairman of the IAC, Liu Ren confirmed the document’s authenticity. He further explained that IAC had to take an initiative in this regard due to the growing importance and popularity of blockchain in cryptomarket. That’s why their association decided to provide fundings and maintained standards for the good of cryptocurrency industry.

However, he did not disclose that whether the funding will be provided from the state or private sectors.

This new blockchain funding center will also seek further working with overseas blockchain projects to generate further investment options. It will also provide consultation services to those persons or firms that are interested in blockchain investment. In short, Chinese government is quite serious in its efforts to develop investment plans for the domestic as well as foreign blockchain industry. Chinese Ministry of Industry and Information Technology recently announced that it will soon launch a committee in order to set national standards for blockchain technology.

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Jay Clayton Believes ‘All ICOs Are Not Fraudulent’

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According to the chairman of the US SEC (Securities and Exchange Commission), Jay Clayton, ‘all ICOs (Initial Coin Offerings) are not fraudulent’. These remarks were made by Clayton, on 5th April, during a speech at Princeton University. Clayton also added that stamping out fraud in the cryptocurrency market is perilous to protect customers. As well as, the improved regulatory analysis will essentially benefit the industry by removing fraudsters from it and con artists who give the whole place a bad name. Since there’ve been many ICO fraud cases before, the remarks of Clayton became viral.

SEC Investigation

Jay Clayton’s Remarks

Clayton said:

“Is the approach taken in Washington by the SEC adversely affecting distributed ledger technology in other areas? My hope is that it’s actually helping because this technology is being used for fraud… And to the extent that it’s being used for fraud, history shows that government comes down harshly on that technology later.”

He also added:

“If we don’t stop the fraudsters, there is a serious risk that the regulatory pendulum – the regulatory actions – will be so severe that they will restrict the capacity of this new security.”

Clayton signalled about SEC investigations, in February 2018, that his agency would be investigating cryptocurrencies and at that time, he said:

“I believe every ICO I’ve seen is a security.”

However, a few weeks later, ICOs were again targeted by the SEC as it issued dozens of subpoenas to the tech-companies related to cryptocurrencies, and counsellors to explore how ICOs are organized.

ICOs Ceased for Scam

Fraud charges were filed against the co-founders of Centra Tech, Robert Farkas and Sohrab Sharma on April 2, by the Securities and Exchange Commission. Centra tech co-founders were accused of raising $32 million by vending unregistered securities throughout the Centra ICO, as it was promoted by Floyd Mayweather (boxing champ) and DJ Khaled (record producer).

According to public documents, the SEC is now looking forward to two bitcoin exchange-traded funds for listing on the NYSE Arca, which is the first “all-electronic” exchange in the US. The name of these two-bitcoin exchange-traded funds are:

  • The ProShares Bitcoin ETF
  • The ProShares Short Bitcoin ETF

 

SEC to Allow Cryptocurrency ETFs

Cboe president, Chris Concannon advised the agency to permit crypto ETFs and soon after that, the SEC consideration of bitcoin ETFs showed up. In a letter, that was sent to the SEC, on23rd March, Concannon sacked criticism that virtual currencies are extremely volatile to be treated like other dependable commodities.

Concannon wrote in the letter:

“Because of its innovative features as a digital asset, bitcoin has gained wide acceptance as a secure means of exchange in the commercial marketplace and has generated significant interest among investors.”

Concannon also added that there is sufficient reliable price info from the bitcoin futures market on CME and Cboe Futures Exchange that must alleviate the regulatory uncertainties about its impenetrability as an asset-tool.

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How To Make A BitCoin Payment Using An Online Wallet Service

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Why Trump had to ban Venezuelan cryptocurrency Petro in the US?

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An executive order has been issued by the U.S. President Donald Trump to ban the US Citizens from buying Petro cryptocurrency. Petro is first state-issued cryptocurrency developed by the government of Venezuela.

Further more, Trump has issued strict orders to the Treasury Secretary, Steven Mnuchin, to implement this ban. Earlier this year, the Treasury Department also announced sanctions on four Venezuelan government officials.

buying petro

Why was Petro Launched?

The cryptocurrency Petro was launched in February 2018, which could be purchased through US dollars and euros. At the time of its launch, it was claimed to be backed by the oil and mineral reserves of the Venezuelan government. According to some critics, if investors once started buying Petro, it could easily support the official currency of Venezuela, which is steadily falling down mainly due to US-imposed financial sanctions.

Reason for Trump’s Ban on Petro

As mentioned above, the ban was an attempt to put pressure on the Venezuelan President Nicolas Maduro and his undue policies. As a result, the efforts of Maduro’s government to boost their foreign currency reserves have been greatly affected.

US Treasury Secretary, Steven Mnuchin stated that President Maduro destroyed the Venezuelan economy which gave rise to a destructive humanitarian crisis in Venezuela. Instead of improving the present condition of their citizens, the Venezuelan government is trying to bypass the US sanctions through its Petro digital currency. In short, the Venezuelan President is trying to loot the resources of his people.

Effect of Trump’s ban on Petro

According to many critics, it is probably a quiet big blow for the Venezuelan government. Since most of the cryptocurrencies and their present market value is based upon the US dollar, so when we take the role of US out of that scene, the interest and potential rate for any of the cryptocurrency is also automatically reduced.

At a stage when Petro was struggled to create some serious interest among foreign governments, the ban by Trump will be extremely fatal. Earlier this year, Poland had also shown an interest in trading food and medicine with the Venezuelan government for the Petro, which was denied due to the sanctions imposed by the US president.

Let us know your point of view about all this in the comments below!

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ICO Regulation: Finance Minister of France Considers to Regulate ICOs For Crypto-Startups

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An opinion piece was recently published, in which the finance minister of France, Bruno Le Maire exposed that the country is planning to create a legal framework for ICOs (Initial Coin Offerings) in an attempt to become one of the most leading ICO hubs and to attract the crypto startups as well. The opinion piece was published on “Numerama,” which is a French website. In that opinion piece, Le Maire stated that he asked Jean-Pierre Landau (ex-central bank representative), to draft a proposal for a statutory framework on cryptos.

crypto startups

Why was taskforce chosen by Jean-Pierre Landau?

Jean-Pierre Landau is basically known for his fabled nickname “Monsieur Bitcoin,” and was selected to head a cryptocurrency task-force last month in France. The task-force is accountable for recommending guidelines and strategies for the development of regulations, according to a report.

Jean-Pierre Landau said:

“France has every interest in becoming the first major financial centre to propose an ad hoc legislative framework for companies making an initial coin offering.”

Action Plan Revealed

Moreover, Le Maire also revealed that an action plan will be presented to the government of France within few weeks and will intend to see the French market regulator AMF (Autorité des marches financiers) having the opportunity to sanction companies in order to raise funds through ICOs, on condition that they respect the particular standards that are set for protecting stakeholders. So, it’s visible that ICO regulation is current plan of French Minister, Bruno Le Maire.

Le Maire also proclaimed that the startups in the country will be offered opportunities by the blockchain technology, as they will be capable of raising funds just by issuing tokens.

Bruno Le Maire’s Statement:

According to Le Maire:

“A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens (…)This promises to create a network of confidence without intermediaries offers increased traceability and will boost economic efficiency.”

France has a tradition of financial novelty, and according to Lee Maire, its new ambition is to enter the 21st century’s finance world by ensuring every participant, the required security for their improvement. Le Maire also wrote in the article that France shouldn’t lose out on the blockchain innovation.

France, along with Germany, remarkably gathered for discussing cryptocurrencies at G20. The summit was held in Buenos Aires, in which Argentina Le Maire highlighted how imperative blockchain technology and cryptocurrencies are. The G20 communique showed a curb on cryptocurrencies, however, regulation proposals are set to be originated within three months.

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