Spin Protocol: Blockchain Solution for Manipulated Influencer Marketing

With the remarkable growth of e-commerce, the influencer marketing is attracting attention as a new breakthrough. However, suppliers and influencers are suffering from a variety of problems caused by non-transparency and the intermediary intervention. To find out if there is a workaround, and how precisely the situation can be changed, Coinspeaker reached Jay Yu and Kyle Kim – founders of Spin Protocol, decentralized commerce engine, which empowers suppliers to directly reach target influencers to sell their products worldwide.
Coinspeaker: “In his debut book ‘The Tipping Point: How Little Things Can Make a Big Difference’ Malcolm Gladwell introduced the Law of the Few according to which the success of social epidemic depends mostly on three kinds of people: Connectors, Mavens and Salesmen. Could the massive adoption of SPIN Protocol turn this nebulous concept into a credible business model?”
Spin Protocol Team: “We believe that with SPIN Protocol, many brands or products will be able to reach the “tipping point”.
As Malcolm Gladwell pointed out, a social epidemic occurs unintentionally at an unexpected time and these days, Influencers have become important contributors(factor) in each stage of such “unexpected” social epidemic(diffusion). Influencers nowadays serve the combination of the roles of conenctors, specialists, and salesman. They not only produce information but also distribute information with objective and reliable information in their own professional or specialized areas. Especially, so-called Micro-Influencers, who deal with specific topics in depth are growing rapidly in various fields as much as Mega-Influencers. As Influencers are fully connected, their followers will be the first saleman initiating the social spread.
By eliminating interventions between Influencers, Suppliers, and Consumers, SPIN Protocol aims to accelerate the process of “social epidemic” and assist each participant in the ecosystem to leverage such social phenomenon to reach the “tipping point.”
Coinspeaker: “Are there any specific requirements to become an influencer or a supplier in terms of SPIN Protocol?”
Spin Protocol Team: “There is no particular requirement to become an Influencer or a Supplier on SPIN Protocol. Suppliers however, need to submit the documents such as a proof of brand ownership, business license, trademark rights and POA (Power of Attorney) to register products onboard. As long as such minimum requirements are met, Suppliers and Influencers can agree on the revenue share without any intermediary interventions and freely engage global consumers.”
Coinspeaker: “The S-Fame evaluation index is expected to put to an end to the manipulation on influencers’ sales performance. But is the index itself fully protected from manipulation and slander?”
Spin Protocol Team: “S.FAME of SPIN protocol is calculated based on the weighted average index of all elements including the number of sales, sales revenue, user inflow, number of followers, conversion rate, and the number of agreed deals with Suppliers to rate Influencers.
All the token or fiat transaction will be stored On-Chain. In other words, all the sales and revenue generated from consumer payment will be recorded On-Chain and cannot be modified or revised for rating. Such On-Chain data is given higher weight.
Also, all the user inflow can be tracked from Off-Chain via a separate URL given to an Influencer. Any abusing cases that manipulate the customer inflow and the number of folloers to increase S.Fame will be detected based on Conversion rate(revenue/user inflow). For example, such Influencer with massive number of followers but with a very low conversion rate may indicate that Influencer is using an abnormal means to boost the number of followers or users. In this case, S.Fame will go down.”
Coinspeaker: “According to the token economy scheme, supplier can get the sales revenue in both SPIN token and fiat money, but influencer is not given a choice. What is the rationale behind it?”
Spin Protocol Team: “First of all, Influencers are rewarded in token to prove the transparency of the influencers’ activity data. All token transactions will be stored On-Chain, enabling the transparent recording and management of all Influencer activity data including sales.
It would be ideal if Suppliers and Consumers use tokens only but for practical reasons, it is difficult to force force them from the initial stage. Therefore we will start with Influencers, who is the most important beneficiary and participant in our ecosystem to use our tokens as the main currency at least within our ecosystem.
The more the influencers believe in the value and the potential of SPIN Protocol, the more will they participate actively and even prefer to be rewarded with our tokens. We believe creating such loyal and enthusiastic Influencers is the best way to make this ecosytem successful.”
Coinspeaker: “Let us delve into the token economy of SPIN Protocol. What should influencers and customers do to get rewarded for the contribution?”
Spin Protocol Team: “Influencers and Suppliers make an agreement on revenue share(R/S) ratio and tokens will be rewarded based on the R/S agreement.
Customers receive reward only for payments in tokens and get additional reward for participating in Influencer evaluation.”
Coinspeaker: “Your team of advisors includes not only crypto specialists, but a legal advisor. Do you plan to develop SPIN Protocol under the laws of some specific country?”
Spin Protocol Team: “As a Utility token, the token structure is under review to comply to the legal requirements of jurisdiction of the token-issuing entity.
To avoid any uncertainty of token generation events, the entity has been established in Singapore. And as the most of team members are Korean residents, SPIN Protocol services and fund-usage process will meet the compliances of Korean laws.
Our team has assigned the certified law firms in Singapore and Korea specialized in blockchain projects to clear any issues related to the ICO process and post-ICO activities.
To clear issues on custom and/or global commerce business, the commerce service providers on SPIN’s Application Layer will follow the regulations of each jurisdiction of the business.”
Coinspeaker:  “At the moment you have 8 blockchain partners and 43 brand partners. What are your expectations on further collaborations? Maybe, some big names are already involved in negotiations?”
Spin Protocol Team: “We have made a partnership with “AdPic” (one of the biggest Influencer marketing company in Korea) and “Mediance” (Influencer marketing company specialized in Instagram promotion).
Influencer marketing companies actually have the will to enter commerce business to expand business and increase profits for their Influencers but product sourcing and actual operation come to obstacles for further expansion.
SPIN Protocol, however, provides a relevant infrastructures for commerce business such as product sourcing, payment system and logistics to let such marketing companies function on their own.
Hence, partnership with SPIN protocol will empower marketing companies to expand their own capabilities within our ecosystem. We are now in contact with various Influencer agency in Korea, the biggest Influencer agency in Southeast Asia and mega-Influencer with more than 15 million followers in China.
Current Suppliers of Womanstalk made a supply contract with SPIN Protocol and on business agreement with major logistics company in Korea to solve global logistic issue.”
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Palazzo in Malta Valued at $3m Can Only be Paid for With Bitcoin

While the number of things one can buy with Bitcoin remains somewhat limited, for those with significant holdings, a palazzo in Malta may sound appealing. For $3m this little slice of crypto-friendly paradise can be yours – but owner Ian Fitzpatrick is only accepting Bitcoin as payment.

Malta Continues to Make Crypto Headlines
It has been a very interesting year for Malta so far. Binance has set up an office on the island nation while other blockchain and cryptocurrency firms are exploring similar options. It shows the country is home to positive regulations for both blockchain and cryptocurrency. Because of this ongoing positivism, the use of Bitcoin seems to be increasing alongside.
One example of this is local homeowner Ian Fitzpatrick, who is looking to sell his property – a spacious palazzo – for cryptocurrency. More specifically, Fitzpatrick will only accept payments denominated in Bitcoin. The property is being sold through CryptoHomes, a company also based in Malta that aims to facilitate more real estate sales through cryptocurrency. All sellers and buyers will go through a rigorous KYC procedure to comply with local regulations.
The palazzo sold by Fitzpatrick is the first real estate to be sold for Bitcoin in Malta. The current asking price sits at 550 BTC – approximately $3.46 million at press time market prices. The lucky buyer will receive an 860 square meter-sized property that comes with permits to turn the palazzo into an office space or a hotel, depending on the new owner’s preference.
Bitcoin and Luxury Purchases Mix Well
Buying real estate with Bitcoin is not a new trend. While this is a first in Malta, other countries have seen similar ventures. Earlier this year, reports surfaced as to how wealthy Chinese people used Bitcoin to buy real estate abroad. Cryptocurrency is usually sold through international trading platforms and then that money is used to purchase properties around the world.
For more direct BTC-related purchases, options are available as well. One particular mansion in Texas can be paid for with Bitcoin. Realtors claim that close to 30% of all real estate sales will be completed with cryptocurrency by 2023. A very ambitious goal, but it also makes a lot of sense. Bitcoin offers lower fees and faster transactions for international property sales and purchases.
Other than real estate, other luxury goods are also in demand. Common purchases include expensive cars and jewelry. There are even so-called “elite marketplaces” for wealthy Bitcoin investors and speculators. Buying real estate appears to be a logical evolution of this ongoing trend. If the palazzo in Malta is sold for Bitcoin, a new precedent will be created accordingly.
Do you think we’ll be seeing more Bitcoin-only real estate for sale? Why or why not? Let us know in the comments below.

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Cash – Not Cryptocurrency – Still King for Terrorists, Expert Says

Reportedly, cryptocurrency is a widely inefficient form of money for organizations associated with terrorism. Yet, one expert holds that the U.S. needs to take the necessary steps to prevent its potential adoption for illicit financing.

“Cold Hard Cash is Still King” For Terrorists
Speaking before Congress, the director of analysis for the Foundation For Defense of Democracies Center Yaya Fanusie, outlined that jihadists have found little to no success in cryptocurrency fundraising.
As an example, the expert pointed out the Mujahideen Shura Council (MSC) – a terrorist group in Jerusalem which managed to raise as little as $500 in a few weeks back in 2016.
Cold hard cash is still king.[…] Crypto is a poor form of money for jihadists because they usually need to purchase goods with cash often in areas with unreliable technology infrastructure. – The expert said.
Interestingly enough, though, Fanusie pointed out anonymity as the main quality of cash.
Not So Serious
Fanusie’s claims are not the only ones which point towards the fact that cryptocurrencies aren’t the preferred means of financing for illicit activities.
A memorandum of the Center on Sanctions & Illicit Finance issued in January outlined that only a tiny 0.61% of the money entering cryptocurrencies are used against regulations.
On the other hand, a more recent report on Money Laundering and Terrorist Financing issued by the Financial Services and Treasury of Hong Kong outlined that cryptocurrencies do not compose a threat at the current time.
Nevertheless, prevention is absolutely the best form of defense and governments need to do what’s necessary to counter the potential for terrorist crypto fundraising.
By preparing now for terrorists’ increasing usage of cryptocurrencies, the U.S. can limit the ability to turn digital currency markets into a sanctuary for illicit finance. – Fanusie said.
What do you think of Yaya Fanuse’s statements? Let us know in the comments below!

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Bitcoin Day Traders Need to Implement Stop-loss Orders, Expert Warns

Bitcoin price watchers are concerned about the current trend. With this extended bearish pressure, day trading has become rather risky. The same applies to long-term trading, as Fundstrat’s Rob Sluymer warn users to implement proper stop-loss orders.

The Bitcoin Price Decline Continues
Looking at this year’s Bitcoin price charts is is enough to depress even the most ardent of HODLers. There has been an ongoing bearish trend for over seven months now with very little relief. Every single attempt at an uptrend has been negated fairly quickly. This latest drop occurred through one massive sell candle across exchanges. That candle successfully wipes out several days of upward Bitcoin price momentum.
Developments like these have begun to worry traders around the world. Critical support levels appear to have been broken, which can have cataclysmic consequences for traders and speculators. In fact, some experts – like Fundstrat’s Rob Sluymer – advise traders to implement strong stop-loss orders. This applies to both short-term and long-term trades. It is unclear what the market will do exactly, although a further drop seems possible.
For Bitcoin price watchers, taking precautions is of utmost importance. Preventing further financial loss is the advisable course of action. Most exchanges facilitate such features through stop-loss orders. It ensures one’s open sell order is filled automatically if the price hits that level to avoid further damage. Bitcoin has shown a tendency this year to drop anywhere from 0.5% to 15% in a matter of 72 hours, causing quite a few headaches for ill-prepared traders.
Sentiment Becomes Even More Bearish
Based on the current market conditions, the stop-loss order advice is more than just a good idea – it is day trading gospel. Many new people entered the cryptocurrency space over the past twelve months and a lot of them are suffering from this ongoing value decline as they bought in near the top. As such, cutting one’s losses is sometimes the only viable option.
The bigger question is what the Bitcoin price will do next. A rebound seems in order, but may not necessarily materialize. Bitcoin has fallen below key technical levels in numerous ways. As such, it is impossible to accurately predict the future. Ensuring a stop-loss is in place may be more warranted than ever before.
At the same time, technical analysis only tells part of the story. It is equally possible this is the dip for a very long time to come. The coming weeks will offer a lot more clarity in this regard. Other currencies are also suffering from this ongoing negative market trend. Ethereum, for example, is recording even bigger losses at this stage.
Do you employ stop-loss orders in your trades? What other steps do you take to minimize any losses? Let us know in the comments below.

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South African Central Bank Uses Ethereum Blockchain For Payments

The central bank of South Africa has been awarded for its pioneering work in the use of cryptocurrency for making payments. South African Reserve Bank has been acknowledged by Central Banking for its innovative work in the use of the Ethereum blockchain in making payments on a decentralised ledger system.
The award which was for the Best Distributed Ledger Initiative, Central Banking’s FinTech & RegTech Awards, proved that distributed ledger technology (DLT) is very well compatible with the payment systems of banks and is even more secure than present systems. South African Reserve Bank won the award for its Project Khoka which turned out to be a massive success.
The results of the tests proved that DLT could transform the current analog transfer system of most banks into a typically digital one. Moreover, it also raised even more questions regarding the security of present analog systems.

Ethereum And Decentralised Ledger Technology In Project Khokha
The South African Reserve Bank, assimilated real life conditions during its test of the payment system with the Ethereum blockchain. The project was designed and completed within a space of three months.
Some targets of the project were to know how reliable, proficient, and scalable DLT is. That is to say, the company wanted to test how distributed ledger technology, when used in “realistic conditions” could be used for wholesale payments in a final system.
The Quorum network of JP Morgan Chase bank, the Istanbul Byzantine fault tolerance and the Pedersen commitments and range proofs. These participating banks used their own nodes to track and redeem a tokenised version of the South African Rand on the distributed ledger. The project however still run by abiding by the Principles for Financial Market Infrastructures.
During one test, the project sought to achieve a scaling from 70,000 to 200,000 transactions daily using real time settlement needs typical of South African banks. One other test tried to process within two hours a whole day’s trading.
The process also proved very much faster than most traditional systems. It says that it achieved a goal of 95% transactions completed in under a second, and 90% of them validated in under two seconds.
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Coinbase Wants to Bridge the Gap and Support ‘Millions’ of Tokens in the Future

Coinbase CEO, Brian Amstrong, believes that the only way is up for the cryptocurrency industry. One of the world’s biggest exchanges wants to be right there providing support to the “millions” of new tokens that the future may bring.

September looks like it is shaping up to be a busy month for San Francisco-based Coinbase. It is one of the biggest exchanges out there and its team has a strong ambition to be even bigger. The platform is expanding its operations to Ireland and will soon be opening a Center of Excellence in Dublin. To show just how serious they are, they have hired more staff to increase their complement to 500. They also have a range of job openings on their site.
The team also added four GBP–cryptocurrency trading pairs for their customers in the UK. In addition, Coinbase reportedly voiced their interest in exploring the possibility of adding a Bitcoin ETF to their investment offerings.

Coinbase to Be a Part of the Industry’s Rapid Expansion
Now, according to TechCrunch, the platform has its eye on the prize when it comes to the future of cryptocurrencies. Currently, members can use their fiat currency to buy five types of crypto on the exchange – Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. However, if Brian Amstrong has his way, this number could increase dramatically. The Coinbase CEO said:
It makes sense that any company out there who has a cap table… should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens. We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies.
Armstrong believes that this could lead to the development of “millions” of tokens in the future. Many in the industry, however, have warned that clear regulations first need to be developed and adopted. Armstrong agrees that there is uncertainty regarding whether or not these future tokens will be viewed as securities. He added:
We do feel a substantial subset of these tokens will be securities. Our approach has always been to be the most trusted [exchange] and the easiest to use. So we want to be the legal compliant place where you can start to trade these tokens that are classified as securities.
Coinbase already has permission from US Securities and Exchange Commission (SEC) to list tokens that have been recognized as securities.

A Force to Be Reckoned With
Armstrong also chatted about the evolution of the Internet and how cryptocurrencies can be a big part of its future:
Web 1.0 was about publishing information, web 2.0 was about interaction and web 3.0 is going to be about value transfer on the internet because now the web has this native currency and so applications can be built that instantly tap into this global economy on the Internet.
In addition, the Coinbase CEO believes that the current number of approximately 40 million crypto users could increase to one billion within five years. If so, the platform sounds as if it could have all of the capabilities and the capacity required to service the masses.
In fact, if the crypto future is as bright as Armstrong predicts, the platform would be bigger than one of its famous investors – the New York Stock Exchange.
However, as a famous uncle once said, with great power comes great responsibility. In the case of Coinbase, they will probably reflect on mistakes gone by and come up with a strategic plan to ensure that history doesn’t repeat itself.
Do you think Armstrong is right when it comes to the future of cryptocurrencies? Let us know in the comments below!

Images courtesy of Pixabay, Shutterstock
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EOS Block Producers Approve to Cut Costs for Onboarding New Users

The EOS block producers have finally found a way to incentivize new users by cutting down the onboarding costs. EOS New York made an official announcement on Thursday saying that 15 block producers have agreed to the new protocol. The new protocol talks about reducing costs for a new account from 4 kibibytes (KiB) to 3 KiB. EOS New York is one of the 21 EOS block producers elected to do transaction verification on the network.
EOS’ Existing Issues
The EOS platform managed to garner a lot of public attention due to its promise of providing better operational capabilities over the Ethereum network. EOS claims that its platform can address scalability issues much better than the Ethereum blockchain.
However, with time the EOS network has turned out to be expensive for developers to launch smart contracts and DApps. The EOS network users have to ultimately bear these costs. Hence getting users onboard to the EOS platform has turned out to be difficult with developers preferring to launch their programs on Ethereum blockchain.
The high cost of RAM has turned out to be a major hurdle thereby making it expensive to open new user accounts. EOS creator Dan Larimer has proposed some changes at the network protocol level to reduce costs. The good thing is a majority of the block producers have unanimously agreed to implement those changes.
EOS Proposed Changes
To cut the onboarding costs, the EOS New York blog posts explains cutting the RAM usage by stating:
“The default EOS blockchain hard-codes a RAM usage of 3 KB per account where 1.5 KB is currently reserved for future expansion. This was an overly conservative estimate. Upon closer auditing of actual RAM usage per account, we have concluded that only 512 bytes are required for each new account. Block.one will provide an update to the system contract that will create 1.5 KB of RAM per account and retroactively offset the overly conservative usage estimate.”
The blog post also emphasizes on the need of making it easy to create new accounts. To push the early adoption, it will also help to get decentralized app developers easily to the platform. The post explains:
“EOS account creation cost is an extremely important aspect of the health of the platform. Many users of EOS decentralized applications are early adopters, people who are eager and willing to spend the time to understand the EOS blockchain. But in the future, users will not be as eager.”
In addition to improving RAM usage, getting CPU is another issue that block developers need to address to get more developers and users on the EOS network. To get this, developers need to make a stake wherein the network participants will delegate EOS tokens to a particular kind of smart contract.
Laimer has also proposed a model to get the CPU but it has yet to be approved by the block producers.
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TransferGo Adopts Ripple For Transfers Between Europe And India

TransferGo, a top digital remittance and payment provider based on London, has announced plans to use Ripples blockchain service in India. According to a press release made by the company, the blockchain service will facilitate payments between all parts of Europe and India, thus replacing the slow communications systems which take 2 or 3 days to transfer payments. Even though the new service will not complete transactions instantly, the settlements will be done within 30 minutes.
It also added that the integration has opened up many horizons for the two parties to offer more goods and services, and thus they might look for more remittance services. Recently, the company initiated a cryptocurrency trading service which allows the users to trade Bitcoin Cash (BCH) Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Ripple (XRP).
Daumanatas Dvilinskas, the founder and CEO of TransferGo was happy that the company is among the first in the industry to offer real-time money transfers.
We are happy to be among the top companies in the market to provide real-time money transfers to our clients. If we all embrace and use the Ripples revolutionary blockchain technology, we will initiate real-time communication between Europe and Indian banking partners. It will, therefore, be easy and convenient for the TransferGo customers to send and receive money from friends, and relatives using international payments.
According to Daumanatas, the distance between Europe and India is a multi-billion dollar corridor hence there is no better choice of connecting the two other than using high ripple adoption. The success of the transfers will prove that blockchain technology can provide tangible value to customers and also open new horizons for the payment provider to add more products and services.
TransferGo added that Europe and India had a good business relationship for an extended period, and that is one primary reason why they chose India to be their first market. The high adoption rate of Ripple in India is another reason which contributed to the decision.
Ripple’s Plan For India
India has been one of the top global remittance markets. According to a recent World Bank report published by the economic times, it has an estimated monthly transaction value of $69 billion. It holds the largest Ripple market and still plans to expend the usage of cryptocurrencies.  Recently, Asheesh Birla, a senior director at Ripple, revealed that they are planning to board three or more banks of the world’s largest economies. This will help them to capture more than 80% of the Indian market effectively.

The Indian remittance payments are chronologically increasing; both the outward and inward remittances have shown a growth of more than 50%. Ripples aim is to facilitate these remittance payments by making them cheaper, faster and reliable. If the company continues to launch more services and partner with high-end companies, then it will surely become the bedrock of remittance payments in the world.
Right now, Details of the ripple technology which will be used are still not precise, but that doesn’t matter at this point. We are aware of the vital details; the technology will make it possible for TransferGo to change the slow communications systems like Swift.
Swift has been a monopoly for several decades in the cross-border money transfers industry, and complaints reveal that it is costly, and involves lengthy processes. It has also been involved in numerous hacking instances. Soon, it might be just a payment system of the past.
 
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Coinbase Doubling Staff Capacity Amid Works On A Bitcoin ETF

American crypto trader based in San Francisco, Coinbase, has made some pretty impressive progress in terms of fulfilling its vision and plan for the year 2018. The company had as part of its plans for the year a doubling of its staff and has apparently met that target just at the end of the third quarter of the year.
Founded in 2012, most of its plans and undertakings have been geared towards gaining a spot in and recognition on the famed Wall Street. Coinbase deals in trading of cryptocurrencies for fiat and vice versa. They currently have listed on the platform for exchanging, Bitcoin (BTC), and altcoins like Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC). They also deal in asset management, and custody brokerage. They presently have offices in Dublin, Chicago, Portland, and Tokyo.
As at February of 2018 the working force of the company stood at 250 personnel. In an interview back then, executives of the firm announced their plans to double that force in order to provide needed services to more people who join the crypto train and decide to trade on their platform. As of the very time of publication, the company now boasts a working force of 500 people.
CoinMarketCap presently rates Coinbase as the fifteenth largest exchange, with its (Coinbase) Pro section overseeing about an average of $138 million within every 24-hour span. However, Coinbase sees itself beyond this point. In a tweet posted not long ago the firm shared its view of the future of the cryptocurrency market and where its sees itself in that future.

“We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies.” — @brian_armstrong at #TCDisrupt today.https://t.co/0TOvy2cVeC pic.twitter.com/5TalzPnxwd
— Coinbase (@coinbase) September 8, 2018

Coinbase is thriving contrary to the down projection of cryptos since mid-January this year after the bullish market of December.
Coinbase Considering ETF And Heading Further Towards Institutional Services
As mentioned earlier, some of the services Coinbase provides (namely custody brokerage and asset management) are all geared towards attracting more institutional investors unto its platform.
Reports have surfaced recently about the company considering a Bitcoin ETF (exchange traded fund). But before this can see the light of day they are going to have to convince the SEC, which evidently hasn’t been an easy task (judging by their tussle with Ripple). Not just that, but then the Winklevoss Twins and SolidX still have their requests for a Bitcoin ETF pending and some rejected already for reasons it believes are in the market’s best interest.
The Bitcoin Exchange Traded Fund (ETF) is likely going to track not just Bitcoin but several other altcoins like Ethereum, Ethereum Classic and Litecoin. There is also a higher likelihood that this will may be done with Coinbase’s index should a request to the SEC be granted. Coinbase however is looking to BlackRock for help in making this ETF a possibility.
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Central Bank of Uruguay Clarifies its Position on Cryptocurrencies and Blockchain Technology

Mario Bergara, the president of the Central Bank of Uruguay (BCU), clarified the position of the country about cryptocurrencies and blockchain technology. The information has been released by Cripto247, a regional news site.
BCU Clarifies its Position on Cryptocurrencies
The Central Bank of Uruguay has expressed its opinion about virtual currencies. Mr. Bergara talked a the Blockchain Summit that was hosted in Montevideo the past Wednesday 5.
During his presentation he said that it is difficult to think about cryptocurrencies as currencies. Additionally, he analysed the main challenges that central banks are now facing related to the new technologies.
He mentioned about virtual currencies:
“Cryptocurrencies are not stable. They can be everything, but they are not stable. They can be worth 150 dollars and the next day $1000 and so on. What I want to say is that we don’t see Bitcoin and other virtual currencies as a real threat to national currencies. They do not have the necessary characteristics to operate as currencies. They work as financial assets. They must be considered, according to their volatility, as risky financial assets.”
Moreover, he explained that the volatility in fiat currencies is not comparable with the one experienced by cryptocurrencies. He went on saying that in fiat currencies it is possible to understand why the price moves up or down, but it is not possible to do that with virtual currencies.
He has also related virtual currencies with criminals saying that kidnappers ask for ransom in Bitcoin because it is difficult to discover who received the funds.
However, Bergara mentioned that technology innovation is not against financial industry. Bankers are very interested about blockchain and how it can be used in the future to improve the industry. In order to have a secure market, it is important for the regulatory authorities to create a clear legal framework. Indeed, technology should protect and not facilitate money laundering and terrorism financing.
About the technology he stated:
“Blockchain will be a paradigm much more settled [in some years]. In economy it is possible to talk about blockchain economy. It is possible to talk about crypto economics, were the focused is on mechanisms and their design. We analyze incentive mechanism associated to decentralized protocols that build human behavior in digital platforms.”
He then asked the audience whether there is sense to implement blockchain in current systems. For example, one of the most important applications that blockchain technology has is related to know your customer (KYC). In this way, banks do not need to ask for the same information several times. Additionally, banks can be compliant with regulatory agencies and have a strict control on who uses the platform and for what.
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