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Also Read: Best and Safest BSV Coin Wallet
Also Read: How To Earn Bitcoin From Roll And Ball Bitcoin Game
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Since its introduction, cryptocurrency has gained high importance for both the digital and offline community. However popular, the general public does not have ease of access to mining: the entry threshold for new miners is still unreasonably high for most.
So, it has been so far.
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Developed by a team of blockchain enthusiasts, CryptoTab is a unique browser that allows users to mine cryptocurrency while surfing the web. CryptoTab Browser already has more than 5,000,000 users around the world and is available on every major online platform including Windows, MacOS, iOS & Android.
It also is fully compatible with Chrome, so you can personalize and customize it with more than 150,000 extensions.
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A 4-week-young blockchain game dapp, CryptoDozer, hits record high NFT transactions, averaging 30,000 weekly transactions, eclipsing well-known flagship blockchain game, CryptoKitties. CryptoDozer is a blockchain-powered arcade game with the aim to collect various ETH-valued CryptoDolls by dropping coins. The game has seen thousands of users successfully withdraw ETH since its launch. Even the first of CryptoDozer’s highest valued CryptoDoll, worth 70ETH, has been successfully won, by a player in Spain last week. The game has seen some serious ETH wins in its first four weeks, such as the college student from Vietnam collecting a 30ETH -valued CryptoDoll, CryptoDozer’s second-highest prize. As well as the 70ETH – worth approx. $11,000 at the moment – winner, a real-estate worker in Spain. CryptoDozer is converting many users from non-crypto friendly to crypto gamers. In fact, of the four largest winners to date, only one has played Crypto games extensively before playing CryptoDozer.
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The team behind the dapp, PlayDapp, is aiming high to ensure sustainable success in the blockchain gaming space. PlayDapp, a team of 20 with former PC and mobile gaming veterans, aims to build a blockchain-powered, open marketplace for individual game enthusiasts and developers. Running CryptoDozer successfully on Ethereum blockchain now, they are also developing their own additional titles and co-developing new dapp games of world-famous traditional game IPs recently partnered with.
Beyond CryptoDozer, Building a Massive Blockchain-Gaming Network
PlayDapp will leverage its own content power, its new NFT marketplace service, and major blockchain networks to maximize business opportunities into a dominant blockchain-gaming network while running multiple game dapps with top market share. Starting from CryptoDozer, the startup will unite various blockchain games and their assets on one channel, the PlayDapp open service. As the first step of platform building, they will launch additional integrated game dapps with the characters and game assets of CryptoDozer on different blockchain networks including Ethereum, EOS, TRON, Bitcoin Cash, and more.
[ PlayDapp Business Strategy]
PlayDapp team emphasized that the gaming sector is expected to drive massive user numbers to the blockchain space and that PlayDapp will lead the market with all-time high user volume as well as offer the new gaming economy standard in the sector.
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You can play CryptoDozer at https://cryptodozer.io
PR Contact
CryptoDozer PR Team
On the 31st of March, Credits blockchain company announced the release of Mainnet, creating a new line of blockchain-based products for a new generation.
Credits are designed to provide high-speed transfer of digital assets and commands in a decentralized and distributed environment with high-speed reading & writing operations with storage. It serves an all-purpose mediated between the technology and the business.
The platform has the following features:
- High network capacity – more than 50 000 transactions per second
- Minimum time to process a transaction is around 0.1 seconds
- Low fees ranging from $0.001
- Smart Contracts with advanced features and tools
“It’s been a year-long journey to get this technical masterpiece. From the beginning, we were intended to bring absolutely new solutions that could find its application in a wide range of industries”– Chugunov said.
After a year of development, and testing, Credits company is currently ready to roll out its product and services across the globe. The launch includes the public availability of the main Credits Platform components including:
- Credits Node – full client software
- Credits Monitor – blockchain explorer
- Desktop Wallet – the desktop version of wallet with a full functionality
- Web Wallet – web version of the wallet
The releases of the Credits Mainnet are an example of a long-anticipated milestone. The ambitious efforts helped Credits attract the titanic attention of developers around the world. The credits team has a goal to pioneer the use of blockchain in various industries, all with the same focus on quality.
All components of the Credits network are available online at developers.credits.com
The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.
The largest country in Latin America and 5th biggest in the world, Brazil has always been plagued by corruption and inefficiency. Crypto ecosystems may help – if only regulations will let it.
- Brazilian-style regulatory approach
- Death and taxes
- The other side of certainty
- The backlash from entrenched powers
- What does the future hold?
This is part of a series of stories on crypto regulation and worldwide adoption by the Cloudbet blog. To learn more, check out how regulations are shaping adoption in Africa, and the curious case of crypto in India.
Brazil is a land of contradictions, notorious for having a disgruntled, patchwork-style legislative framework – a trait that generates confusing, intertwined norms that in most cases lead to structural delay in innovation. In this context, the various administrative bodies that make up the national financial regulators finally began following the rest of the world in their mission towards the regulation of cryptocurrency usage. However, like most things in the country, this has been a path ridden with contradictions and uncertainty.
After bitcoin overcame the deep web and underworld currency-shilling, finally overcoming the borders of Silk Road and media sensationalism, the first Brazilian cryptocurrency exchange emerged in 2011, remaining in operation up to this day. Many others exchanges have popped up ever since, contributing to the dissemination not only of BTC and altcoin markets but also of a whole budding crypto ecosystem.
After the 2016-2017 crypto markets boom, the government’s interest also peaked, spurring political and regulatory action in its wake.
Brazilian-style regulatory approach
Since then, Brazilian regulatory bodies have begun to take interest in this issue, not only because of the potential disruption to the current wealth distribution model but also because of bitcoin’s overvaluation in 2017. At the height of the mania, the number of people registered in crypto exchanges reached 1.5 million, representing more than double the number of individuals registered as traders on the stock exchange.
Also Read: Best Cryptocurrency Arbitrage Platform To Make Profit
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These huge numbers led to the holding, in September 2017, of a public hearing in the Brazilian Chamber of Deputies’ Special Committee on Virtual Currencies, in order to discuss crimes in the virtual currency market. That gathering was attended by representatives of the Federal Public Ministry and other entities concerned.
On that occasion, the discussions involved the points of the law project n. 2.303/2015, which intends to frame the digital currencies in the Payment Arrangements law under the supervision of the Central Bank of Brazil, similar to the regulation of credit cards.
Apart from that, and although there are some drafts proposed by congressmen who dream of regulating it, there are currently no specific prohibition or regulation on the use of cryptocurrencies in the country. The only official position so far is an instruction by the Central Bank of Brazil, who warned citizens about the “risks of possible fraud or other improper business conduct, which may result in equity losses.”
Death and taxes
Nothing is certain but death and taxes, right?
In the Brazilian tax scene, that couldn’t be more true. Here, cryptocurrencies – because they are not officially recognised as currencies – are considered intangible assets with patrimonial value (much like any work of art). That doesn’t exactly offer a clear-cut status for crypto – that is, except for tax purposes. As a result, the Federal Revenue Service requires Brazilians to annually declare their crypto holdings in their income tax declaration.
If citizens, through buying and selling crypto, accrue capital gain in excess of R$ 35,000.00 (approximately € 8,100 as of the publishing of this article), then this must be stated in their Annual Adjustment Statement held every April – and of course, duly paid for.
In mid-2018, the Brazilian regulatory agency made headlines after they authorised Brazilian investment funds to make indirect investments in cryptocurrencies abroad, so long as these were lawfully admitted and regulated by the investment’s host country.
That shows there is a certain openness by the Brazilian regulatory bodies to the benefits of blockchain technology. This openness is even more conspicuous by looking at the development of the international blockchain consortium R3, which includes massive Brazilian financial institutions such as Banco Itaú. Such institutions are not known for being risk takers or going against regulatory trends.
The other side of certainty
But alas, Brazil is the land of contradictions, after all. If on the one hand the sky looks clear, on the other, gray clouds seem to be building up – and if taxes are always certain, all else is far from it.
In November 30, 2018, under the guise of preventing criminal actions involving money laundering, the Brazilian Federal Revenue Service (FRS) initiated a crackdown on cryptocurrency exchanges and brokers, publishing a rule mandating that such companies deliver a monthly report with all transactions in digital assets. The initial objective of such strategy was to cross-check exchange information with personal tax filings to seek and punish evaders, but one of the side effects is making it harder – and more expensive – for these businesses to operate.
Moreover elsewhere, in the field of regulatory issues for cryptocurrency exchanges and brokers, the Brazilian Securities Commission (CVM) has not only warned citizens against the consequences of money laundering, but also tightened oversight over companies that sell crypto assets as financial investments either as security tokens or as selling quotas, which is prohibited by the aforementioned body, and imposed severe fines.
The uncertainty of the current status brings about quite a few negative consequences, including the judicialisation of fines, wasteful – and repeated – investigations by the Public Ministry (both on national and local levels), and the unnecessary sensationalism that ensues by the negative media exposure. None of these usually lead towards a healthy landscape for innovation to thrive.
Backlash from entrenched powers
On top of that, part of the discussions has already been brought before the courts, motivated by incumbent financial institutions that seem like they are trying to stop the use of cryptocurrencies in Brazil.
As an example of a case, some of Brazil’s largest banks have issued notices stating the unilateral closure of bank accounts held by major cryptocurrency exchanges, alleging risks and the impossibility of tracking money laundering offenses.
The affected exchanges have started a judicial battle against the measure but were ultimately unsuccessful. A Brazilian court of appeals has ruled that banks have the freedom to discontinue the relationship with a person or company, as previously justified.
This is undoubtedly a reprehensible retaliation against a technology that, in a sense, is beginning to drain an increasingly larger share of resources from the incumbents. A potential consequence of driving legitimate players off the market is that crypto may be driven to the informal economy.
What does the future hold?
It is a consensus among scholars, enthusiasts, and even most government agencies and institutions that the use of cryptocurrencies is already transforming – and disrupting – the financial market.
If the past is any indicator, in terms of speed of regulatory matters involving this open and global technology, a comprehensive body of legislation in Brazil may take quite some time. Drawing a parallel between the arrival of the Internet in Brazil, in 1995, and its regulation through the so-called “Civil Internet Framework” in 2014, 19 long years had to go by until national legislators could be bothered to do it.
Making cars illegal would never return horses to the street of Rio de Janeiro; it would only mean people would take a lot longer to move around.
If this technology represents – as many seem to believe – a new layer over the internet as well as a new “global computer”, then any attempts at regulating it should be based more on common and universal principles among nations than on local technicalities.
In this sense, in Brazil, there is hardly any regulatory understanding at all. So far, the only points addressed by officials were the more obvious effects of cryptocurrency usage (as has been done by the FRS), whose strategies rest – quite justifiably – on the side of caution. But the clock is ticking, and being overly cautious – or too prone to “deferences” to incumbent financial institutions – may backfire.
In the long run, this approach is simply not appropriate to reap all the potential from this technology, and the country may be left behind. Making cars illegal would never return horses to the street of Rio de Janeiro; it would only mean people would take a lot longer to move around.
The original version of the article was published by Cloudbet and is part is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.
The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter. crypto in India
With over a billion inhabitants, many of which unbanked, and one of the highest rates of computer literacy amongst developing countries, cryptocurrencies should be booming in India, but. it’s complicated. Our guest author explains what’s going on.
- A look at the evolution of crypto in India
- The Indian government’s stance on crypto
- Demonetisation and crypto
- How to get hold of crypto in the subcontinent
- The future of crypto in India
Cryptocurrencies took their time to spawn a full-fledged market and community in India. They weren’t even a talking point In the country until late 2013 when bitcoin experienced its first bull run.
One of the major reasons for this is because at the time there was a lot of misrepresentation of bitcoin in the media. At that point, the first-ever cryptocurrency in the world – bitcoin – was basically synonymous with crime, as portrayed by the dark web’s infamous market, the Silk Road, while the economic backdrop behind the first digitally native currency was sadly overlooked.
Even if there were a few who believed that cryptocurrencies and blockchain technology were the breaks the country had been waiting for, at that time, most people in India believed that bitcoin was nothing but a bubble waiting to burst under the pressure of speculation.
Because of the lack of consensus, the government and its regulatory bodies put out disjointed warnings and announcements that sent out mixed signals to the population. At one point, after the cryptocurrency market picked up in the country, almost all banks were lending support for Rupee-Crypto and Crypto-Rupee pairs on almost all exchanges functioning in the country.
The cryptocurrency market then started booming in the country, and it was estimated that over Rs 500 crore (five billion Rupees) were added into the market per year, with almost 50,000 bitcoin wallets and over 800 bitcoin being traded on a daily basis. In 2017, the Bitcoin fever peaked with over 2,500 users trading Bitcoin daily, and the trading volume rising close to $20 billion in that year.
The only problem was that this fledgling financial market was effectively unregulated, as the government had no official stance on the matter of cryptocurrencies.
That is until the Reserve Bank of India (RBI) took quite a strong first step by issuing a decree for banks and enterprises to withdraw support for the cryptocurrency market, which essentially banned banks from providing services to crypto-related ventures. This was said to protect Indian investors and hence the Indian economy from the wild volatility of cryptocurrencies.
Officially, not much has changed since that instruction. There is still no regulation on cryptocurrency trading, only more official warnings against risks associated with it. To mitigate the uncertainty surrounding the lack of an official stance and preempt against potentially strict future actions, crypto businesses have started ‘self-regulating’ by implementing things like KYC compliance, while getting around the RBI decree using a clever peer-to-peer mechanism that avoids direct banking.
And then, comprehensive regulation was drafted. Oh, wait… not really.
Indian Government on crypto
On the 6th of April, 2018, the decree issued by the RBI gave all banks, businesses, and enterprises a deadline of three months to withdraw support for the cryptocurrency market. Any above-mentioned entity found in violation of this decree would no longer be a registered enterprise with the RBI.
This decision sent shockwaves throughout the market and everyone took it as a sign of a nationwide ban on crypto. The central bank’s reasons for the decision included alleged concerns about “consumer protection, market integrity, and money laundering.”
Amidst the ensuing chaos, a lot of exchanges and community members were determined to fight the decree. Groups got together and raised a petition on public interest in various courts across the nation against the decree released by RBI, saying it was violating the protected constitutional right to an equal trade opportunity. In light of the stalling employed by the government and the judiciary, the people filed for a stay order on the enforcement of the decree.
The stay order request, however, was denied almost immediately after the filing. And after the deadline lapsed, banks withdrew support, making it a lot harder for the community to buy cryptocurrencies in India, although there are some loopholes that are still being exploited to go around this partial ban.
A couple of months ago, a new hope emerged, as the government came out and announced that the decree was a little premature and that they would strive to figure out ways to integrate the technology into the country’s existing financial setup with “caution.”
Essentially, they seem to have decided that they will try to use blockchain – a public ledger that serves as the backbone of bitcoin – in financial services for strengthening transparency and improving inclusion.
Demonetisation and crypto
On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2000 banknotes in exchange for the demonetized banknotes. The government claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.
According to economist Jean Dreze, “demonetization in a booming economy like India, is like shooting at the tires of a racing car.” Though it’s a bit of an exaggeration, this has turned out to become a harsh reality for India; international rating agency Fitch reported a lowered GDP growth forecast of 6.9%, down from the earlier forecasted 7.4%. The report also stated that consumers do not have the cash needed to complete purchases, and time spent queuing in banks is also likely to have affected general productivity; the impact on GDP growth is likely to increase as the disruption continues for a longer period of time.
Even if it probably didn’t have a massive impact on crypto worldwide, this experiment has definitely triggered interest in all things cashless in India, including bitcoin and cryptocurrencies. People started buying bitcoin ‘on the street’.
This meant that, in some cases, arbitrage traders would buy bitcoin and sell it for a very high premium for cash, which was no longer legal tender. This cash would be exchanged for new valid notes by the agents and deposited into their accounts.
Demonetisation had a mixed response from the people. The future looks bright as the negative effect of demonetization has been gradually fading, while the positive outlook for cryptocurrencies is starting to sprout here and there.
There are two ways to look at the problem…
How can Indian people get into crypto
After restrictions came into force, India’s cryptocurrency exchanges started reinventing their businesses to circumvent the ban and try to survive. Many of the platforms have shifted to exclusive crypto-to-crypto trade, wherein customers can exchange units of one digital currency for another. However, this means that the scope of these platforms is limited to the businesses of existing investors, significantly shrinking their customer pool.
Investors nowadays are relying on peer-to-peer (P2P) exchanges that connect individual buyers and sellers. After a while, almost all of the exchanges came up with a clever system where no bank is involved in a transaction, similar to Localbitcoins or to other such P2P platforms. For buying and selling cryptocurrencies in India nowadays there are many domestic exchanges. Some of the main ones include Coindelta, Koinex, and Pocketbits
In these exchanges, anyone in India can create an account – after going through KYC – with their email and phone number. By updating his/her documents in their profile, they can get their identity verified and start buying and selling cryptocurrencies. The KYC requirements are mostly Aadhaar card proof and a utility bill. The verification process can take up to a couple of days.
After getting verified they can make their first deposit by Adding Rupee (INR) to their wallets via UPI and IMPS/NEFT/RTGS by visiting the wallet page. Then the deposit will get credited and they can buy and sell and the market where all cryptocurrencies are paired with INR (Rupee).
Most of the exchanges have come up with a kind of system where no bank is involved in the transaction. They have introduced an engine to guide peer-to-peer deposit and withdrawal for Indian rupees just like the crypto P2P platforms – basically, matching depositors to withdrawals. As all the action happens between two individual bank accounts, legally it’s only a personal transaction.
That’s how the exchanges managed to work around the deadlock caused by RBI’s directive. It works – but the trade-off is the speed of transactions. This system takes a considerable amount of time to get it done and confirmed.
Which one of these two currencies has a bright future ahead?
The future of crypto in India
This current mode of indecisiveness and reactionary moves won’t hold for much longer. Yes, the past events have negatively affected the crypto evolution in India. If this state continues, India risks falling behind as the crypto economy will take an even longer time to develop. This situation is not tenable for long. The best course of action is to decisively lean towards a model of innovation with sandboxed regulation rather than stay paralyzed by fear of the future. In the near future, the Indian government will probably regulate the space and the whole crypto-economy will start to boom just like it did in 2017.
Despite the seemingly negative trend, good projects are still present in the landscape pushing out innovation in India. Private Bitcoin companies have also launched an association, called the Digital Assets and Blockchain Foundation India(BFI), to educate laypeople on Bitcoin benefits and usage. The government has started to work on understanding how blockchain and cryptocurrencies work. They need to work more to understand technology.
India is still a developing country. All said and done, the economy could use a boost and would greatly benefit from a (reasonably and sensibly) regulated environment. The cryptocurrency market runs atop one of the most disruptive technologies the world has ever seen. Many people believe that this technology is the future of the global financial market and well, frankly, it very well maybe. The technology has been maturing and blocking it out at this point is not the best way forward. While there is a chance that blockchain and cryptocurrencies may not be the winning solutions, the scales seem tipped in their favor, at least for now.
As this market is highly speculative in nature, governments needed a little more time to see how the market is reacting with the traditional markets. It was a tough choice for governments to wait in the sidelines. Now the time seems appropriate for the Government of India to start making progress in this space by implementing necessary regulations and enable the people to bootstrap an Indian Crypto-Economy for the future.
The minister explained that the government has constituted an inter-ministerial committee “under the chairmanship of Secretary, Department of Economic Affairs, with representatives from concerned departments to study all aspects of cryptocurrencies and crypto-assets including bitcoin.”
The committee includes representation from the Ministry of Electronics and Information Technology, the Reserve Bank of India (RBI), the Securities and Exchange Board of India, and the Central Board of Direct Taxes. India is just getting started with cryptocurrencies, and over time I believe that we will see more and more Indians getting involved in it.
A bright future ahead?
What’s on the horizon
There is currently no open ban on crypto per se, and retailers can accept it as payment, but with the government discouraging investors and no real institutional backing from India’s banks, the road ahead remains murky.
Blockchain technology, on the other hand, is positioned to flourish. The future of cryptocurrencies and the blockchain industry look bright and profitable for the Indian government and the country as a whole, too.
But having said that, the Indian government has put itself in a difficult position. Turning back on the decree would be admitting that they were wrong all along, and not doing so might be shooting themselves in the foot and stifling innovation.
I believe a positive framework is on the way and my guess is it will be close to the measures of the USA model of regulation. Even with tight taxation and attempts at stricter control, I believe there is a lot of potential hidden behind the world’s seventh-largest economy by nominal GDP, India.
Author: Ajith Varghese
The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.
The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.
How regulation is shaping cryptocurrency adoption in Africa
Home to over 1.2 billion people, the African continent is seeing quick growth in cryptocurrency use. In this article, our guest author investigates how local regulations are helping shape this adoption.
- Bitcoin adoption in Africa
- Regulation and taxation
- Case studies: South Africa and Nigeria
- Will regulation take off?
The rate of cryptocurrency adoption in Africa would surprise you. While Africa may not be the first place that comes to mind when it comes to crypto, it is proving to be fertile ground for the advancement of the blockchain revolution.
In East Africa, Kenya is making news waves with rumors of a Bitcoin Exchange Traded Fund. In West
Africa, Nigeria experiences millions of dollars in trading volumes a week while in South Africa, crypto startups spring up on a weekly basis. Earlier in 2018, African BTC exchange Paxful reported $40 million in monthly trading volume. These are but some of the many examples showing how the blockchain revolution has sprung up in what may seem to some like the most unlikely of places.
Cryptocurrencies have several use cases in Africa that offer practical solutions to, among other things, challenges inherent in international transactions with trading partners, payment of school fees abroad, and as a hedge against inflation and a broken banking system.
In Zimbabwe, where inflation skyrocketed, BTC was trading as high as $14,000 as it served as a solution to the corrosive effects of economic challenges in the nation. Informally, many businessmen and traders utilize cryptocurrencies to assist in cross-border transactions with their partners in geographical regions such as Asia and Europe.
Two Giants, One Revolution
As a flower grows in a dark room, so too does the influence of cryptocurrencies in Africa. If bitcoin is the sleeping giant, then the world may indeed be on the brink of an era where two sleeping giants, Africa, and bitcoin, foster an alliance that changes the lives of 1.2 billion Africans.
Not only will Africans benefit from a blockchain empowered Africa, but also the world will benefit from a blockchain empowered Africa where greater financial inclusion, democracy, transparency, and trust are achieved.
To attain great heights of blockchain-enabled human development, Africa requires the foundational support of regulations. With suitable regulations, African States have an opportunity to encourage the adoption of cryptocurrencies, as well as support the creation of innovative technologies in the space.
Regulations and Taxation
Regulations, often seen as a double-edged sword for the progression of many industries, will be the key to adoption in Africa. Regulations made in the African States, however, are a complex business and highly dependent on the agendas of the respective governments.
A report by African Bank EcoBank shows that most governments in Africa are taking a “wait and see” approach to regulations of cryptocurrencies. More than half were yet to take a public stance on them, despite the same report outlining a “significant presence” of crypto in at least 36 countries.
The slow pace towards regulation is due in part to a lack of understanding of the intrinsic nature of cryptocurrencies. Without adequate knowledge of their potential benefits, many governments are yet to make an effort to regulate them.
To be fair, at least as of yet, the majority of Africa’s population have yet to hear about – or use – cryptocurrencies. However, as more Africans proceed to use them, it is likely that a more proactive governmental approach will follow as benefits such as tax revenue become increasingly apparent.
Existing regulations in each nation in Africa differ by the nature of the country’s existing laws, beliefs, and political systems. Let’s take a look at some of the continent’s powerhouses: South Africa and Nigeria.
South Africa Leading
According to the report by EcoBank, South Africa is leading the regulatory race and had the most crypto-friendly approach in the continent. In as early as 2014, South African Reserve Bank released a position paper on virtual currencies which seemed promising.
Bitcoin surge in South Africa
In the position paper, SARB concludes that:
VCs [Virtual Currencies] pose no significant risk to financial stability, price stability, or the National Payment System. However, end-users, whether individuals or businesses that accept VCs and businesses involved in the VCs are cautioned that any activities performed or undertaken with VCs are at their sole and independent risk.
Fast forward five years and South Africa has introduced draft tax legislation and a consultation paper on cryptocurrencies. South Africa’s policies indicate cautious optimism by the government. On the one hand, the government stands to increase its tax revenues. On the other hand, it is considering a “crackdown” on the more anonymous crypto-assets.
The consultation paper requires crypto-asset providers to comply with KYC (know-your-customer) and AML (anti-money laundering) rules, which include identifying customers and knowing their addresses.
Service providers would have to monitor and report suspicious transactions which could require more personnel committed to such roles and potentially impact the privacy of users. By making it easier to identify users of crypto-assets through such regulations, the government intends to better assess the tax payable by owners of crypto-assets.
Published in collaboration with the National Treasury, the SA Revenue Services (Sars), the Financial Sector Conduct Authority (FSCA), and the Financial Intelligence Centre (FIC), the consultation paper provides a set of rules that requires crypto-startups to register with the government to conduct business.
These rules aim to achieve greater accountability in the sector, as registered crypto-businesses, aware of supervision, may carry out better internal compliance processes that better protect consumers. Additionally, users of companies such as crypto exchanges may be held under more strict supervision – which may lead to more tax reports on crypto being filled.
Regulations of cryptocurrencies in South Africa may increase mass adoption, as more people perceive them to have legitimacy on account of the approach by the government. On the flip side, this is likely to increase the regulatory costs of crypto-asset providers in Africa, which could be transferred to end users of regulated services.
There are other challenges associated with the regulations of cryptocurrencies in South Africa. The fact remains that a shadow economy exists in the cryptosphere which is not easily measured or regulated by the government. Over-the-counter trading and remote exchanges that choose not to report taxes are just some of the elements of that. While useful for tax revenue and consumer protection, regulations can be very hard to implement. Also, if too strict, they may lead to the stifling of innovation with companies choosing to take their business elsewhere to regions such as Mauritius, where laws are more business-friendly for crypto-startups. Cloudbet
On the other hand, South Africans are more than open to informal forms of finance. Cryptocurrencies will be no different.
Nigeria’s Growing Love for Crypto Overshadows Regulations
In the West of Africa, Nigerians are no strangers to cryptocurrencies. Even during the bear market, it was reported in 2018 that over $4 million dollars in cryptocurrencies were traded on a weekly basis in the region. If OTC trades were also taken into account, the figure would certainly be much larger.
Nigeria’s approach to regulation of cryptocurrencies has been mixed but very much based on that same “wait and see” attitude. The government has issued warnings on the volatile nature of cryptocurrencies in the past but has not issued a ban. It did, however, release a draft for a licensing regime that could increase the minimum shareholder funds for fintech companies to as high as $15 million. Cloudbet
This is a measure that could, if enforced, prevent a lot of local companies from entering crypto markets. A lack of competition in the provision of goods and services in the cryptocurrency space in Nigeria could be bad news for prices. Consequently, cryptocurrency users in Africa may suffer from higher costs and/or inefficiency of services. Cloudbet
Being a global phenomenon, users are likely to utilize platforms based abroad which are under less regulatory uncertainty. For example, foreign exchanges such as BRD and Binance are freely available in Nigeria, while remaining outside from direct oversight of Nigerian regulators. Cloudbet
Again, the shadow economy may prove to be too great for regulations to restrict the eventual mass adoption of cryptocurrencies. In Nigeria, a shadow economy exists in food markets, clothing markets, and other industries where the measure of economic activity cannot be ascertained formally. This, of course, makes it incredibly difficult for lawmakers and the executive to implement their own restrictions and rules on cryptocurrency use. In Benin city, for example, many informal cryptocurrency trading booths are popping up which, due in part to the lack of awareness by police in the region, operate freely.
The takeaway
The decentralized nature of blockchain and cryptocurrencies is such that it is almost impossible for a regulator to have full oversight. Even informal economies, regulation of the financial system has limited success. To this end, it is clear that the insurance against fraud and lack of transparency is the blockchain itself. This is why so many more people continue to adopt cryptocurrencies in Africa.
The blockchain gave the world a hand-held bank. From a phone, a transaction can easily be made with little worry. The security of blockchain networks upon which cryptocurrencies run will be the driving force for adoption in a continent where people do not trust centralized banks due to a history of inadequate customer service and malpractices. Cloudbet
As awareness of the benefits of cryptocurrencies grows, the adoption of cryptocurrencies will grow in Africa. The desire to utilize a life-changing technology that presents a change in the dynamics of finance for billions of lives is likely to outstrip any regulation that is presented. Regulation can be attempted, but if necessary regulation can also be outgrown.
Author: Calvin Ebun-Amu
The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.
BITWIN- Bitcoin casino reveals plans to relaunch platform on the blockchain, offering brand new features and paving the way for the iGaming industry’s decentralization.
Long established status quo in the online casino and sportsbook field may soon be altered due to the platform revision, named Bitwin 2.0, that offers a new approach to centricity thanks to blockchain. It will eliminate most pain points bothering contemporary faces of gambling by facilitating unprecedented levels of security, cost-effectiveness, and transparency.
Also Read: Best Stratis Wallet
Also Read: How To Retrieve Stolen Bitcoin: Recover Scammed Bitcoin
Bitwin platform back-end will be developed on Ethereum blockchain, which guarantees evident game mechanics. The distributed ledger will protect all players and bettors from RNG algorithm tampering and any future attempts to change the outcome of any game or product, in any way.
The extra layer of transparency, which the technology provides will also enable Bitwin labeled products to be thoroughly scrutinized, not only by authorities but also by players themselves.
Recently announced Bitwin’s blockchain plans aim for cross-platform functionality. The casino, by design, will have a feature called Global Jackpot, which will be available to license by white-label platform operators.
Furthermore, the available gaming content will be curated by the users and external game developers themselves, thanks to the game development kit comprised of necessary tools to build upon.
Bartosz Bulda, Bitwin CEO- “Sacrificing three years on finessing product development, we reached a phase that to keep up the attractiveness of the platform with a fast-growing user base we have to experiment with rare advancements on the market.
Blockchain technology will empower Bitwin to augment platform sustainability, fairness, scalability, and get much needed competitive edge in the vertical”.
Token Sale domain: https://token.bitwin.com/
Whitepaper: https://token.bitwin.com/files/Bitwin-Whitepaper.pdf
Prototype (Bitwin 1.0): https://bitwin-demo.com/
Bounty: https://bitcointalk.org/index.php?topic=5090203.0
Social Media:
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=5081449
Facebook https://www.facebook.com/bwtoken
Telegram https://t.me/bitwin_token
Instagram https://www.instagram.com/bitwintoken
Medium https://medium.com/@bitwintoken
Twitter https://twitter.com/BitwinToken
Discord https://discordapp.com/invite/DNCksEm
LinkedIn: https://www.linkedin.com/company/bitwin-com
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One of the most revolutionary technologies of the present era is a blockchain technology that plays a key role in cryptocurrencies like Bitcoin. However, technology can benefit a host of other industries too. One such industry is healthcare. This technology helps in better management, streamlined processes, and foolproof security. Thus the technology plays a pivotal role in solving some of the most crucial healthcare issues that require collaborative research.
In healthcare, critical information is scattered across multiple systems, and sometimes, it may not be accessible when needed the most. The current healthcare infrastructure has often been called inadequate to handle information exchange and requires certain tweaks. Blockchain has gone beyond the “innovation trigger” and is just at the “peak of inflated expectations” according to the most recent Gartner Hype Cycle and could perhaps transform how we view healthcare and data together.
Benefits of Blockchain Technology in the Healthcare industry
Effective and cost-efficient
Streamlined and hassle-free data sharing across key healthcare providers play a pivotal role by offering benefits like cost-efficient treatments, precise diagnosis, and eventually a better cure for various diseases. By utilizing the blockchain, healthcare providers can work simultaneously with the help of networks with enabled shared access. Effective data tracking and powerful security provisions are other purpose-specific features offered by blockchain solutions that are way beyond previous technology.
Powerful monitoring
One of the key issues for ensuring a better healthcare management network is constant, powerful monitoring. As a precise response, the blockchain allows for documenting the transactions in a decentralized record. It enhances precision and brings transparency while at the same time saving crucial resources like time, costs, and efforts.
Better Collaboration
To the great extent, the success of any public health care initiative depends upon the collaboration of various parties involved and deep insights into vital healthcare trends. With the help of distributed ledger technology, it proactively promotes innovation in the field by empowering key participants to collaborate and group research.
Transparent and organized processes
Healthcare being a crucial industry, it is very important to ensure a well-organized methodology as well as transparent processes. At the same time, the high-end security measures and 100% accuracy is equally, if not more, important. Blockchain technology not only results in integrated healthcare information but also maintains traceable records of distributed data and work. Besides, the public/private key access strongly safeguards the overall security by eliminating the chances of data leakage. The blockchain also facilitates tracking the movement of drugs from the producer to the patient. Apart from ensuring timely supply it also eliminates the chances of counterfeiting.
Easy access and Budget Control
The uninterrupted connectivity with level-based authorization and easy access greatly empowers the providers/researchers. By automating the tedious processes, the blockchain helps the healthcare industry to extract the maximum potential of manpower during different phases and processes. As a result, it enhances human productivity, and increased productivity means better output in a shorter span of time. By enabling slicing the processes into different phases blockchain technology also helps to keep the budget under control, lowers administration costs, and allows better, purpose-specific utilization of allocated funds.
Protection of crucial data
One of the major challenges during the research and development processes is the leakage of crucial patient data that can be used for malicious purposes or vested interests. Another challenge is to ascertain that only the authenticated and most updated version of patient information/diagnosis data available to different parties during different phases.
Equipped with the latest cryptographic features, blockchain technology not only facilitates checking the data authenticity with the help of a digital signature but also helps in offering foolproof security to the data. Thus it offers a precise solution to the twin issues of trust and security.
A good example would be Stem Cell Innovations. Stem Cell Innovations focuses on research and development in the field of stem cell science, with the dual purposes of furthering human longevity and expanding access to stem cell treatments through cutting-edge technology. The company is led by co-founders Moe Galal and Ben Barel, and the ultimate goal for the company is to connect people who need treatment with a dedicated team of professionals who can provide personalized solutions based on patient factors and demographics collected in their dual blockchain-supported platform.
Extracting the best benefits
While there are diverse points of digitally collecting the healthcare data, it is even more important to extract the best benefits out of this healthcare data without complicating the processes. For that purpose, the portability of data and uniform compatibility while working across diverse systems is very important.
Due to its keen focus on streamlined flow, uniform portability, and multi-faceted protection system across different phases, the blockchain perfectly handles diverse present challenges as mentioned above. Collectively it helps in extracting the maximum output from the data collected on diverse levels.