Canadian cryptocurrency exchange Coinsquare has unveiled its first television commercial as it seeks to build out its customer base before going public later this year. The exchange — often described as “Canada’s Coinbase” — on Monday released an advertisement that will begin running on television later this week. The ad, which describes Coinsquare as “Canada’s The post Canadian Crypto Exchange Coinsquare Launches TV Ad Campaign Ahead of September IPO appeared first on CCN
In the Muslim world, cryptocurrencies are not Sharia-compliant by default. In fact, most cryptocurrency-related activities are somewhat of a hot topic when it comes to religious practice. It seems things are slowly changing in a positive manner, however. Several new gold-backed cryptocurrencies compliant with Sharia law have been launched in recent months. Creating Sharia-compliant Cryptocurrencies For people not well-versed in the Islamic faith, it is important to understand the concept of Sharia. More specifically, economic activity must not be based on hype and speculation. Instead, economic value can only be attributed to real and physical assets. It is evident that Bitcoin and other cryptocurrencies do not fall into this category, as they are intangible and speculative first and foremost. Because of this religious hurdle, it is doubtful Bitcoin and other cryptocurrencies will ever be considered to be compliant with Sharia law. While there is no official ban on cryptocurrencies or the trading of this form of money in most Islamic countries, they can pose a fair few problems in the long run. Not too long ago, two imams were fired because of their involvement in Bitcoin and a few other cryptocurrencies. As one would expect, Islamic governments have issued strong warnings on cryptocurrencies and their speculative aspect. Those warnings are nothing out of the ordinary, though, as we have seen them pop up in other countries as well. The speculative nature of Bitcoin and other cryptocurrencies will always remain a problem in the eyes of governments and religious leaders, but that won’t prevent people from investing in them whatsoever. Interestingly enough, we’ve seen a new type of Sharia-compliant cryptocurrency make its way to Islamic countries. In Dubai, companies such as OneGram have created new digital currencies backed by physical assets. Rather than opt for a national currency, OneGram links the value of its tokens to gold. As every coin is backed by a physical asset, they are Sharia-compliant. Whether or not this particular venture will be successful remains to be seen. There are a few other cryptocurrencies out there that are backed by gold or other physical assets. Even so, it is only normal that people living in Islamic countries prefer to deal with companies located in their region. As the price of gold has also been subject to some volatility, one could argue that it is not entirely Sharia-compliant either, although that will be a topic of debate. It is evident that Sharia compliance is an important point to keep in mind when it comes to cryptocurrencies and other forms of money. Becoming compliant may prove quite difficult, although foreign companies involved in cryptocurrency have successfully achieved Sharia certification. All of this goes to show that the Islamic world shouldn’t be overlooked when it comes to cryptocurrency, even though it has its own set of rules which one must keep in mind at all times.
The cryptocurrency situation in India has taken some interesting twists and turns of late. One of the more recent developments revolves around Bitcoin-related drug cases which have been identified by the country’s officials. As a result, some politicians want to ban Bitcoin use altogether, even though it’s doubtful they will succeed. Bitcoin is More Than a Currency for Criminals India’s Special Investigation Team on Black Money has been keeping a close eye on cryptocurrency activity as of late. This has mainly been done to ensure that no criminal activity can take place when using Bitcoin or altcoins, even though this will always be an uphill battle. During the most recent meeting of the black money SIT, it became evident that four different drug cases involved Bitcoin. This means Bitcoin’s reputation is not improving in India. The black money SIT wants to curb the use of cryptocurrencies altogether, although it is highly doubtful that the Indian government will take this approach. With crypto regulation still a topic of debate in the country, it is evident there are a lot of options worth exploring. What makes the black money SIT’s request so interesting is that it stems from the aforementioned drug cases. Although four drug-related incidents involving Bitcoin is problematic, it is not exactly unprecedented. Drug smuggling is a very big problem in virtually every country, yet most of these transactions have nothing to do with Bitcoin or other cryptocurrencies. One also has to keep in mind that all four cases were unearthed during the past two years. It is not commonplace to see Bitcoin being linked to drug smuggling or other criminal transactions in India, but for some reason, the black money SIT wants to see the use of this currency curbed once and for all. It’s a rather strong reaction on the part of officials, albeit one that may be warranted. This is not the first time we’ve seen a request to ban cryptocurrencies in India. Earlier this year, Finance Minister Arun Jaitley also asked for the “elimination of cryptocurrency usage”. At that time, very few people paid attention to the request, even though Bitcoin still doesn’t have legal tender status in India. With the government actively pondering regulation, that situation may come to change in the next few months. For the time being, it seems the request by the black money SIT will not be honored. The government has made it clear it wants to introduce a proper framework for cryptocurrency activity, and rash decisions will play no part in this process. At the same time, officials have to take all of the facts into account before rendering their verdict. Bitcoin plays a fractional role in India’s drug scene, as it seems cash and other financial tools are still the go-to solutions.
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It seems there is a growing demand for cryptocurrency wallets which support both ERC20 and ERC223 tokens. With the ERC223 token standard starting to gain traction, wallet providers will need to start paying close attention to it moving forward. Trust Wallet positions itself as the go-to solution for these particular tokens, and it seems other service providers will follow its example in the future. Trust Wallet in a Nutshell It is evident that new cryptocurrency wallets will be met with a fair amount of skepticism first and foremost. Even though Trust Wallet has some positive reviews on its website – and there have been no reported issues so far – not everyone is sold on this wallet. For those still on the fence about this product, the source code is on GitHub, as this is not a closed-source wallet solution. Trust Wallet aims to support all current and future tokens created on top of Ethereum. As such, its developers implemented support for two popular token standards. Both ERC20 and ERC223 are supported at this time, which is a positive sign. There are a fair few other wallets supporting ERC20, but when it comes to ERC223, the choices are a lot more limited. As one would expect from a mobile wallet, Trust Wallet ensures that one’s private key is only stored locally. This means the company has no access to this critical information, yet it also means users will need to make proper backups in case of something going awry. It also seems Trust Wallet will not gather user data for their own purposes, as information is kept private and secure at all times. There are some interesting features to take note of as well. Trust Wallet incorporates a decentralized exchange within the wallet. This is achieved through its partnership with Kyber Network. Being able to complete instant exchanges between various tokens without relying on an external service is a pretty big development overall. We can only hope to see more wallets integrate this functionality moving forward. It also seems Trust Wallet will let users interact with decentralized applications directly. This can be done with the built-in Web3 browser, which gives users direct access to the DApps in which they are interested. It is a positive development overall, as most people struggle to wrap their heads around DApps and how to access them. Having this functionality within one’s wallet simply makes sense. Trust Wallet may be one of the more valuable additions to the Ethereum ecosystem in recent months. Solutions like these give users access to all features the network has to offer, regardless of one’s technical knowledge or coding skills. All of these technologies are pretty intriguing, but unless people can use them, they hold very little appeal. Applications like this one may pave the way for wider adoption.
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Ubank Receives Investment from Inventure Partners for the Development of Its Blockchain-Based Platform Ubcoin...
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