Winklevoss Twins To Launch Stable Coin Pegged To US dollar

Winklevoss Twins To Launch Stable Coin Pegged To US dollar
September 11, 2018

 

The cryptocurrency market remains range bound for the past few days. However, the overall sentiment remains slightly bearish. Bitcoin (BTC), which is the bellwether crypto, continues to hover around $6,300 after it fell by about $1,000 on news of Goldman Sachs decision to suspend the establishment of cryptocurrency trading desk. Goldman Sachs has denied the news but the cryptocurrency still faces considerable pressure on the downside.

 

Government level initiatives

Criminals can no longer escape sentence by questioning the validity of evidence provided with blockchain technology in China. The country’s Supreme Court has passed a decree saying that evidence backed by blockchain technology is legal and binding. The latest ruling is among one of a series of legal guidelines issued by the country’s highest judiciary to clarify the litigation process for internet courts across the country and the is immediately effective. Notably, in August 2017, the country established the world’s first internet court aimed to resolve internet-related disputes in Hangzhou in the Zhejiang Province. The court handled its first case involving blockchain-based evidence, in January.

The availability of privacy-focused cryptocurrencies has raised concerns about possible terrorist financing and other illegal activities among lawmakers in the US and other countries. The US Congress Subcommittee on terrorism and Illicit Finance met recently to discuss the possible methods employed by anti-social elements to fund terrorism and other illegal activities, including the use of cryptocurrencies and other traditional funding methods (banks, financial institutions, and even the hawala system). The discussion led to the conclusion that terrorist groups, including al-Qaeda, have failed in their attempts to raise money through cryptocurrencies.

 

Private sector initiatives

Credits platform, which offers exclusive services related to the launch of DApps, has joined hands with Lenovo’s New Vision Technology project. Under the collaboration, both companies are planning to advance IoT and AR/VR hybrid software. Furthermore, there is a plan to implement the software in diversified industries such as logistics and fintech. The project, which is primarily focused on artificial intelligence (AI) and augmented reality (AR), is aimed at offering competent industry solutions for partners regarding platform development, infrastructure, hardware support, service assurance, and system integration.

One of the issues facing cryptocurrency investors is the lack of trustworthy, regulated and transparent stable coin, which is pegged to the greenback. Traders are currently using Tether, a controversial US dollar-pegged cryptocurrency, to deposit and withdraw from cryptocurrency exchanges such as Binance, which do not support fiat currencies such as the greenback. The issue is expected to be resolved in the months ahead with the launch of Gemini stable coin (GUSD) by Winklevoss twins, the founders of Gemini exchange, which has received approval from New York regulators earlier this week. The cryptocurrency will also have the backing of the New York Department of Financial Services (NYDFS). The cryptocurrency is to be backed by the US dollars “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance, subject to applicable limitations.”

 

Education initiatives

ConsenSys, a blockchain software technology company, has entered into a partnership with Coursera, an online education platform, to offer a course on blockchain technology. The course which is entitled “Blockchain: Foundations And Use Cases” was created with the intention of enriching students’ knowledge and skills related to blockchain technology. The course will also teach students how Blockchain can be used to solve specific problems related to various industrial sectors.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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