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France To Push For EU Partners To Adopt Its Cryptocurrency Regulatory Framework

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It has been a formalised fact that the French parliament had cautiously approved a regulatory framework  that included rules aimed at attracting cryptocurrency issuers and traders to establish their companies and platforms in France by giving them some official recognition. In the other way, this law ensure that these issues and traders are appropriately taxed based on their profit generations. This financial regulatory framework was passed on last week.

This new cryptocurrency regulation passed in France is obviously the first of its kind adopted by a major nation. Unarguably, it will allow firms that want to issue new cryptocurrencies or trade existing ones to apply for a certification.

As has been stated before, the certification will be granted by the French market regulator for those who want it. And hence,  issuers, traders, custodians and investors will have to pay taxes on profits they make on those securities.

The major goal of this regulatory framework is to set up a market in mostly in the city of Paris for companies raising capital through cryptocurrency projects which would allow France to grab a slice of the expanding business while giving it some oversight of a niche which some fear could be a target for speculators.

Under this regulatory framework, France authorities would verify who is behind a new coin’s issuance or a trading platform, and check the companies’ business plans and anti-money laundering rules. The certification will give investors basic guarantees against outright fraud, but will not protect them against losses. However, the specific requirements companies need to abide by to get the regulatory stamp of approval are still to be defined by government decrees.

In the wave of this development, according to Reuters news report, France will ask for the European Union to adopt a cryptocurrency regulations similar to the one it brought in last week at a national level, becoming the first major country to do so.

This proposal was made known by Minister Le Marie in Paris at the event on blockchain technology. In his words: “I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience. “Our model is the right one.”

Reuters equally reported that “the European Commission has recently launched a feasibility study on how to regulate the cryptocurrency markets, though no legislation is expected at least until late 2019 as the mandate of the current administration is ending.”

 

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KuBitX Creates Africa’s first usable Stable Coin among other milestones

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Over the past few weeks we at KuBitX have been busy fine tuning our blockchain solutions while also working to raise some operational funding to help us go full blast with our marketing and scaling plans. The good news is that our efforts are finally paying off and you can rest assured we are taking this project further into the mainstream, where it needs to be. Remember KuBitX is all about adoption and inclusion?

 

In the past few months, we have also been working on how to ensure our supporters get the best value for their contributions. We understand one of the ways to do this is to bring more utility and relevance to our native exchange token (KBX – KubitCoin) and a number of business decisions have been made regarding the way forward especially when it comes to listing and getting it into the hands of more people both in crypto and the mainstream. We will talk more about KBX later but let us first discuss our issuance of Africa’s first usable stable coin.

 

Naira Stable Coin (NGNX)

Stable coins. We have all heard of them but they have either been associated with scandals or are typically merely used for trading against crypto pairs. We believe this amazing innovation of blockchain technology can be put to better use such as facilitating real life merchant payments, instant currency swaps and cross-border remittances. It is for this reason that we created NGNX, Africa’s first usable stable coin — a digital asset pegged 1:1 to the Nigerian Naira.

Why did we start off with NGNX?

Nigeria boasts the highest population, highest youth population and highest mobile device penetration in all of Africa. It has the biggest economy and it’s teeming youth population are strong adopters of crypto — an evidence which can be seen in the volume of Bitcoin traded by Nigerians monthly. By creating this Naira pegged asset, we are not only helping more mainstream people to embrace certain applications of Blockchain tech, we are also facilitating further adoption of the technology and thus helping it mature better and faster in our own way. Our NGNX will be “swappable” in real time with other pegged tokens we plan to create once all the business and audit procedures are set in place.

Today, people who own NGNX can currently use it on KuBitX PROW to:

Send XLM to their peers in any part of the globe

Receive funds from their peers across the globe via XLM swap pathways. More pathways are being created starting with other countries in Africa.

Pay for airtime, internet, entertainment, utility and other services for over 3000 merchants in Africa’s largest economy

Fund their KuBitX Exchange account to exchange for other kinds of assets listed on the Exchange.

Fiat Payment Gateway Integration on Exchange

A major challenge crypto adopters in Africa and other emerging markets have is the difficulty in obtaining the top crypto (BTC, ETH, XLM etc) or the fact that they usually buy them at a premium, and often with steep transaction fees. Since we pride ourselves in helping adoption and fostering inclusion, we have decided to integrate a fiat payment gateway to the Exchange so that people can more easily invest in promising assets and projects they want without losing time and money due to the volatility in a high frequency trading environment. Our fiat gateway also ensures people can buy assets closer to the real price without having to pay the steep 2–3% fees being offered by the likes of MasterCard or Visa. It is another way of showing how much we care about how much we can give to our community and not merely what we can take from them.

Currency Conversion on KuBitX Exchange

For the sake of ease and convenience of portfolio management, we have added currency conversion to the settings so that our users can decide to see the prices of assets as well as their wallet balances in any of the currencies we have made available most notably the NGN, KES, ZAR, UGX, USD, GBP, RUB, EUR and CAD.

Exchange Liquidity

You may have noticed the reduction of the available trading pairs on the exchange, but you will have also noticed that the available pairs are coming alive. In the following weeks, we will be working to ensure there is more liquidity for the projects listed on the exchange. We do not believe in listing every project out there, we only want to list the most viable ones we can access. As our operations stabilise even further, we will be conducting community voting events as well as initial exchange offerings to bring on board high quality projects for our esteemed users.

 

Bonus referrals and Loyalty Discounts for payments using KBX

We believe in giving back, we cannot emphasize this enough. For this reason we will be giving back money to our users whenever they or their referrals pay for their bills on KuBitX PROW. When a referred person pays a bill, the referrer gets 5% of the transaction fees. A referrer is also eligible to earning 3% of the transaction fee of his/her downline’s first referral. People will always pay bills so we believe this is a good way for mainstream adopters of our KuBitX PROW to earn passive income.

 

In addition to the bonus referral payments, we have also negotiated discounted transaction fees for our users when they pay their bills on the PROW using our KBX tokens. This helps the user get a good deal as well as adding more utility to the token itself which benefits all owners.

Work is also ongoing to allow our esteemed community to be able to stake their KBX tokens for periodic rewards. More information will be provided on this at a future date.

One more thing (One Big Partnership)

We signed a huge deal to co-create something that can change the way funds/value is moved across Africa by people and especially mainstream businesses. We are super excited about this partnership and we believe it is positioning us further in an influential place within Africa and beyond as far as Blockchain innovations is concerned. We will share more details of this after the Easter break.

Yet one more thing (#BWCLagos19)

Women across Africa attended the maiden Blockchain Women Conference held in Lagos, Nigeria which was attended by the likes of Eric Annan (KuBitX CEO) and Reggie Middleton (Veritaseum CEO). At the event, KuBitX CEO pleaded with Africans to let go of a scarcity mentality and start collaborating to build strong and meaningful blockchain projects so that in the next few years, Africans can look at themselves as Blockchain solutions co-creators and not merely consumers as has been the typical trend with past major technology waves.

When also puzzled about why KuBitX was giving so many top notch features out so cheaply, Eric Annan responded to say:

We are focused in bringing value to the entire continent, because Africans have been saddled with exorbitant charges, poor customer support including random unexplained closure of accounts by some platforms. We are more concerned about the people and the value we can bring them, hence we will continue to strive to make it easier for the continent to have easier access to useful and reputable digital assets in the coming months. We plan to do this with features such as card payment and direct bank deposit. This is only possible as a result of our commitment to strategic synergies and partnerships with the mainstream.

 

 

Thanks for your patience and support so far. Keep supporting us as we work to bring you value both in how we serve you as well as how we make KuBitX bigger and stronger. We have a few other things cooking which we would only be at liberty to share once all the background and paperwork has been completed. For now, the team will just keep doing what they know best — work, innovate, collaborate,deliver, improve, rinse and repeat.

 

Happy Easter Holidays

 

 

 

 

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West Virginia Set To Use Blockchain Voting in the 2020 Presidential Election

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In the upcoming 2020 US presidential election, West Virginia state is warming up to utilise Blockchain technology in casting of votes as an outcome of their successful trial the previous year where it is been recanted that West Virginia became the first US state to use mobile blockchain voting for a midterm election.

This innovative thought of utilizing blockchain technology in the 2020 Presidential election by West Virginia was reported by LongHash on April 15. According to LongHash, West Virginia will again use Voatz, the mobile blockchain voting startup, in the US 2020 Presidential election.

Donald Kersey, the elections director and deputy legal counsel in the West Virginia Secretary of State’s Office, in an interview with LongHash, hinted that the state (West Virginia) will continue to use blockchain voting.

“Using the Blockchain system makes more sense for the security of all data than relying on one server. The Blockchain offers a safer system. There are dozens of nodes that record data. In addition, data is encrypted in ways that are almost impossible to solve. It is illogical not to use it. when there is a system like that, ” Kersey said.

Kersey made it known that a big part of why the state is utilizing mobile blockchain technology for voting is to better enable military personnel stationed outside of the United States to cast their votes because the military personnel stationed outside of the country find it very difficult and sometimes even impossible to submit secure ballots on time, either by mail or electronically.

In his own words: “In America, we have a democratic government. The folks that represent us, that pass our laws, they are elected by the populace. And a big part of our community in America is our military.”

Kersey’s stance is anchored on the fact that many voters do not even vote at all. This ugly situation is been ascertained by the  Federal Voting Assistance Program which once reported that only around 7% of overseas voters submitted ballots for the 2016 presidential election. Hence, as a good reaction to this situation, Kersey believes that a simple, secure, and easy-to-use mobile blockchain application is the answer, as it is better than submitting ballots through a single server and easier and faster than mail.

While Kersey is all for mobile blockchain voting to increase the number of voters, especially those overseas, he hinted that he doesn’t see it taking over traditional means of voting anytime soon, and expects to receive some reports for using such new technology.

 

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An all out War Against Craig Wright the Self-acclaimed Satoshi  started by Binance CEO, CZ.

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Binance announced it will delist Bitcoin Satoshi Vision tickered BSV following the numerous lawsuit filed against several persons in the cryptocurrency space notably Peter McCormack who was the recent victim of Dr. Craig’s alleged Cyber Bullying. Over the years Dr. Craig Wright has been claiming to be the creator of the first cryptocurrency Bitcoin which was built and released to the public as an open source project in 2009 following the global financial turmoil the world which saw untold impact on businesses and personal lives.

Craig’s claim to be Satoshi Nakamoto has been refuted by a lot of cryptocurrency and Blockchain enthusiast not over the years when various persons came up claiming to be the pseudonymous creator Satoshi Nakamoto. The desire to unearth the mystery man behind this border-less cryptographically protected currency has touched mainstream media and other enthusiastic fellows. This search has brought about many names popping up but all not proving true the cryptocurrency community requirements of the Identity of the mystery man. This requirement has been the same which has been requested from the notorious bitcoin creator claimant. To sign a transaction with the keys to the wallet popularly known to be Satoshi’s. This request Dr. Craig Wright has continually been refused to be heed to.
However, Dr. Wright agrees saying that he has the private PGP key, but that using it would not prove anything. The cryptographic proof he offers is of a different kind. The cryptocurrency community has clearly ultimately disregarded his claim and this is the reason for him taking legal actions on notable people in the space of which lastly on Peter McCormack which he responded to requesting public acknowledgement of Dr. Wright to the fact that he is not Satoshi and to apologize to the global community else face retaliating legal redress. This last act of legal cyber bullying has infuriated several key industry players which resulted to the decision by CZ the CEO of world top exchange Binance to delist the Dr. Craig’s Forked Coin the Bitcoin Satoshi Vision even after issuing a warning prior to the delist announcement.

Craig Wright is not Satoshi. Anymore of this sh!t, we delist!

Following this decision, several industry players in the Exchange and Wallet business also expressed their dissatisfaction on the activities of Dr. Wright by also deciding to toe the path of CZ in withdrawing support for the Bitcoin fork. Evidence from the Poll ran by the Kraken Exchange saw a 76% level of respondents agreeing to delisting of BSV saying it is Toxic.
This can be said to be an affirmation to the cryptocurrency opinion and support of the industry players to kick to the recesses of the cryptocurrency community Dr. Craig Wright. Expressing his anger on the situation of things, industry titans poured their opinions not excluding CZ who said

To be clear, I don’t choose sides on technology. We let market do that. I am against fraud, such as lying to be someone. As such, it is my strong opinion that: Craig Wright is fraud.

Commenting on the issue, Crypto Die Hard Loyalist John McAfee said

I hate to sway a poll but what idiot would believe that Craig Wright is Satoshi and therefore BSV is not a scam? If thete ever was a scam it is BSV!

He continued

Enough is enough! There at least a dozen crypto adherents who know the true identity of Satoshi. I can assure you, 100%, it is NOT Craig Wright. This absurd claim of Craig’s is incomprehensible. Mr wright: Have you no shame? Seriously sir! Have you no shame?

In a very special message posted on Twitter from YouTube, the CEO of Bitcoin.com Roger Ver called Dr Craig a liar and fraud and asked that he be sued again.

With industry players in the exchange and wallet business such as Kraken, Binance, Shapeshift etc already ending support for Bitcoin Satoshi Vision, one is left to wonder what will happen to the vision of the acclaimed Satoshi.

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