The people of Venezuela are caught in the problem of cryptocurrency

· Russian Financial Monitoring Agency cooperates with SPI to track digital currency transactions

According to the BBC Russia, the Russian Financial Monitoring Agency has partnered with the Moscow Institute for Security and Information Analysis (SPI) to make it easier to track digital currency transactions through an analysis software. But the use of the software does not represent an expansion of the agency’s monitoring power. It is reported that the agency is responsible for investigating financial fraud, money laundering and terrorist financing, and has long been skeptical about digital currency. In a statement in 2014, it was claimed that digital currencies such as Monero coin, which focus on privacy, are actively used in drugs, weapons, counterfeit documents and other criminal transactions, and the use of digital currency itself is money laundering. Or evidence of terrorist financing. It is understood that the US Internal Revenue Service has been cooperating with Chainalysis to detect tax evasion since 2015, so Russia is not the first country to cooperate with technology companies in an attempt to decrypt encrypted transactions.


· South Korea’s Gyeongsang Province plans to issue its own cryptocurrency to replace local currency

According to South Korea’s Central Daily News, South Korea’s Gyeongsangbuk Province plans to issue its own cryptocurrency to replace the local currency of its nine cities. the currency tentatively named Gyeongbuk coin, and is expected to issue the first round of 100 billion won in the first half of next year. $90 million), digital currency can be used for payment within the province, merchants can receive using the QR code of the smartphone.

· Venezuela sets new rules for bank remittances Bitcoin users or face stricter constraints

According to Bitcoin Magazine, the Venezuelan government has set new rules for bank remittances, and the country’s bitcoin currency users may face tighter constraints. In a letter to “All Banking Institutions”, the government has ordered all domestic banks to disclose the IP addresses, financial details, transaction amounts and locations of all citizens who receive services from abroad. According to this measure, the national citizens need to inform the bank of the travel situation before leaving the country and specify the destination and departure time. In case of violation of regulations, banks can “develop special conditions that limit the ability of customers to conduct online transactions”. If they are found to use services abroad, banks can lock their bank accounts. The bank is required to report the name of the transaction holder, the identification of the asset, the place of birth and date, the date on which the restriction was imposed, and the IP address accessed by the citizen. If the regulations are not followed, the corresponding sanctions will be imposed.

The people of Venezuela are caught in the problem of cryptocurrency

· Russian Financial Monitoring Agency cooperates with SPI to track digital currency transactions

According to the BBC Russia, the Russian Financial Monitoring Agency has partnered with the Moscow Institute for Security and Information Analysis (SPI) to make it easier to track digital currency transactions through an analysis software. But the use of the software does not represent an expansion of the agency’s monitoring power. It is reported that the agency is responsible for investigating financial fraud, money laundering and terrorist financing, and has long been skeptical about digital currency. In a statement in 2014, it was claimed that digital currencies such as Monero coin, which focus on privacy, are actively used in drugs, weapons, counterfeit documents and other criminal transactions, and the use of digital currency itself is money laundering. Or evidence of terrorist financing. It is understood that the US Internal Revenue Service has been cooperating with Chainalysis to detect tax evasion since 2015, so Russia is not the first country to cooperate with technology companies in an attempt to decrypt encrypted transactions.


· South Korea’s Gyeongsang Province plans to issue its own cryptocurrency to replace local currency

According to South Korea’s Central Daily News, South Korea’s Gyeongsangbuk Province plans to issue its own cryptocurrency to replace the local currency of its nine cities. the currency tentatively named Gyeongbuk coin, and is expected to issue the first round of 100 billion won in the first half of next year. $90 million), digital currency can be used for payment within the province, merchants can receive using the QR code of the smartphone.

· Venezuela sets new rules for bank remittances Bitcoin users or face stricter constraints

According to Bitcoin Magazine, the Venezuelan government has set new rules for bank remittances, and the country’s bitcoin currency users may face tighter constraints. In a letter to “All Banking Institutions”, the government has ordered all domestic banks to disclose the IP addresses, financial details, transaction amounts and locations of all citizens who receive services from abroad. According to this measure, the national citizens need to inform the bank of the travel situation before leaving the country and specify the destination and departure time. In case of violation of regulations, banks can “develop special conditions that limit the ability of customers to conduct online transactions”. If they are found to use services abroad, banks can lock their bank accounts. The bank is required to report the name of the transaction holder, the identification of the asset, the place of birth and date, the date on which the restriction was imposed, and the IP address accessed by the citizen. If the regulations are not followed, the corresponding sanctions will be imposed.

How will the crypto community with only mainstream currencies develop?

Last year, a study by Satis Group Crypto Research showed that since 2017, 81% of ICOs are cryptocurrencies used for fraud.

This year, CVC CEO Vinny Lingham made a survey on Twitter, which showed that 81% of cryptocurrency users are not willing to participate in ICO.

This figure is quite a coincidence. At present, there are very few landed projects such as the ADA coin. Most of them are small projects. Basically, they can’t support it or they just want to swindle at the beginning, and finally choose to run away.

So, if there are only the top 100 mainstream cryptocurrencies in the world, what will the entire crypto community come like?


1. Lack of diversity
Now, there are about 3,000 kinds of cryptocurrencies that can be found from citicoins.com, and there are about 1,000–2,000 kinds of cryptocurrencies that cannot be verified. Maybe they are only operating in one country, and without globalization.

There are so many types of cryptocurrencies, although a large part of them are fraudulent. But it is undeniable that this has also led to the diversification of the blockchain. If there are only 100 currencies left, then this diversification will be greatly reduced.

Similarly, although some projects are scams, the initial idea is indeed good. For example, WICC combines blockchain and lottery, perfectly utilizes the trust of the blockchain to solve the problem of the unfair and distrust. But unfortunately, it is a fraudulent coin.


2. A more mature system
Because of the existence of more than 3,000 currencies, the development team of the entire blockchain has been dispersed. According to Nakamoto’s vision, he did not want to announce Bitcoin whitepaper as soon as possible, because he had predicted the impact of Bitcoin on the global market.

Moreover, he himself has also revealed that bitcoin is a technology that cannot be developed too fast. Otherwise, it will only become a tool for businessmen to make the profit without developing the technology.

If only 100 kinds of coins exist, then the people in the blockchain around the world will slowly gather together for research and development, and the entire blockchain system will develop more maturely than the chaos of today.

If this is that’s true, then each cryptocurrency can perform its own duties, as the leader of each industry blockchain, develop the technology. However, this is not realistic, because the nature of human beings is desire and competition. This situation will occur sooner or later. But this situation is too fast to the blockchain.


So, is the world where only mainstream currencies exist will be better? Or is it better to have a no coin blockchain? Leave your comment.

Traceability - one of the most practical projects of cryptocurrency in today

The blockchain can solve many real-life problems because of its globalization, non-tampering, transparency, decentralization and so on. Such as decentralization of bitcoin currency, decentralized applications built on EOS tokens. But one of the most widely used applications among them is called “traceability”.


1. The source of traceability
This word can be broken into two words: trace and ability. which means that this technology exists to ensure the safety of the source of the product and reduce the risk.

So why things need traceability? The reason is simply that there are various kinds of fraud in the world today. Some scammers make huge profits by copying goods, and others swindle through the fake product to bully the business and earn profits. Over time, a grey business chain has naturally emerged.

But that is extremely harmful to millions of companies and manufacturers around the world. Because of these frauds, many companies will reduce profits by 10%-30%, and will infringe on the patent rights of these people. And there are also unruly companies that will fake directly in the product. So in response to this situation, traceability came into being. Of course, this traceability is not a blockchain commercial system like omg token, but a basic traceability technique.


2. Traceability technology
There are roughly three types of traceability techniques:

One is RFID radio frequency technology, which is labeled with a chip on the product packaging. The product can be automatically collected and read in and out of the warehouse and transported, and the flow of the product can be recorded on the chip;

Another one is a QR code. Consumers only need to take a QR code through a mobile phone with a camera, and they can query the relevant information of the product. The records of the query will remain in the system. Once the product needs to be recalled, the SMS can be sent directly to the consumer. Achieve accurate recalls;

There is also a bar code plus product batch information (such as production date, production time, batch number, etc.). In this way, the production enterprise basically does not increase the production cost.

But there is a big loophole in these methods, and that is centralization. Unlike lisk coin, a completely decentralized cryptocurrency, the entire centralized process can make documents tamperable, and suspected of being manipulated by the company itself.


3. Traceability of blockchain
The blockchain like TAC which with the traceability is quite different, mainly the following:

One is decentralization, which ensures that all records are kept by the blockchain network, not simply manipulated by some people; the second is trust, which ensures that all records can be kept highly Trust; the third is globalization, which can make the traceability technology out of the country’s limits, so as to truly trace the origin.

Moreover, the current blockchain traceability has been extended to the moment the product was first born. As long as the product is produced, it is followed by a record that cannot be tampered with. This technology is stronger than bancor coin-liked currency and lands faster.


The current traceability technology is mainly aimed at food, medicine and other necessities. I believe that by the time the technology matures, the entire traceability ecology will be established, and no one will be hurt by forged things. So from this perspective, I am very supportive and optimistic about the blockchain traceability technology.

Today’s cryptocurrency news is all about Asia.

First of all, today BTC price has fallen back, and now is making the final struggle far away from $6900. Once it fails, the market will continue to the bear market.

· Bank of the Philippines launches blockchain-based intercom system

According to Cryptovest, the Federal Bank of the Philippines (UBP), one of the earliest institutions in the domestic banking industry to adopt blockchain technology, announced on Wednesday that it has launched its first general circular (GCs) on its blockchain platform to provide more A cost-effective and faster way to communicate. UBP said the technology will allow employees in all branches of the Philippines to access internal communications and publish general announcements on a more secure and immutable platform.


· China Shenzhen Mutual Gold Association issued risk warnings to prevent illegal fund raising in the name of blockchain and virtual currency

According to Phoenix.com, the Shenzhen Internet Finance Association of China also called on all member units and practitioners to strictly abide by the regulations and consciously resist illegal financial services related to virtual currency and pseudo blockchain. He also pointed out that virtual currency is easy to become a tool for illegal crimes, and there are many illegal characteristics of such activities. Investors speculate that “virtual currency” is easy to lose the principal, and “virtual currency” is not legal tender.

· The Bank of India is studying the feasibility of introducing digital currency to cope with rising banknote management costs

According to the Times of India, the Central Bank of India (RBI) has formed an inter-departmental group to explore the introduction of rupee-backed digital currency, which, unlike USDT coin, is used to cope with the growing cost of banknote management. This is the first time the Reserve Bank of India has tried to use digital currency.