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Ripple Urges South Korea to Embrace Cryptocurrency and Blockchain Technology

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A lot of things are changing in South Korea’s financial sector. Regulation is negatively impacting cryptocurrency and blockchain technology, but Ripple is urging the government of South Korea to loosen regulations and focus on these industries sooner rather than later.


Fostering Cryptocurrency in South Korea

South Korea is a major hotbed for cryptocurrency trading, coming in as the world’s third-largest crypto market. Despite the growing interest in this technology, the national government has actually stifled this innovative new technology. Ripple is urging the government to loosen regulations and is putting its money where its mouth is. By donating over $50 million to various universities through its University Blockchain Research Initiative (UBRI), the company wants to see cryptocurrency and blockchain interest soar in the years to come.

That is an interesting development for many different reasons. First of all, the donations by Ripple focus on a global educational approach to blockchain and cryptocurrency. Overall, Ripple is donating to 17 universities scattered across the globe. However, Korea University is the only East Asian institution on this list.

Class at Korea University.

Forging a Path for Innovation

Korea University shows an interest in blockchain technology research, as is evident by their blockchain security center at the university’s graduate school of information. The donation by Ripple should further research into the algorithms powering this technology over the coming months and years.

Ripple senior VP Eric van Miltenburg comments:

We’ve seen that in other countries and in other technologies where you found a balance. Frankly if you think back to the early age of the internet, there were some people that only looked at the negative aspects of the internet saying we should shut it down for a while until we figure out what’s going on, and what’s good and what’s bad. But a more plausible approach would look at specific use cases and applying regulations in areas that would allow protection for users. So I think that philosophy would certainly pertain to regulations in Korea as well.

Additionally, the current regulations in South Korea will need to be revised as well to take advantage of cryptocurrency and blockchain technology. Banning all initial coin offerings and having strict cryptocurrency regulations have had a negative impact. Domestic blockchain firms are moving to other countries mainly due to the local restrictions. It will be interesting to see how the South Korean government plans to tackle this particular aspect moving forward.

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Swiss Federal Council: Regulations are on track, lack polish

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As is public knowledge, even though the European Union can establish laws that all countries must abide by, there is freedom of legislation in each one, that is why different laws may exist for each region of Europe. In the case of Switzerland, they have chosen to regulate Blockchain and Cryptocurrency technology in a particular way, distinguishing between their colleagues. However, in recent statements the Swiss Federal Council (Bundesrat) announced that the existing financial legislation in the country is adapted to the blockchain industry, but needs specific adjustments. These statements are based on the December 7 meeting, in which Bundesrat designed and published a report on the legal framework for Blockchain and distributed accounting technology (DLT) in the country’s financial sector. The report analyzes the relevant provisions of these regulations, describes the need for the measures and proposes concrete steps to develop the necessary legal conditions in the Blockchain sphere. That is, they developed an instruction manual explaining how regulations should be within the territory, with specific goals and requirements. One of the fundamental recommendations of the report is the development of a new and flexible authorization category for financial market infrastructures based on Blockchain. It also advocates for better legal clarity for right holders of digital registries, and to ensure that decentralized trading platforms are subject to the Anti-Money Laundering Act (AML). The reason why they emphasize these recommendations, is that the problem of ease of money laundering is a feature attached to cryptocurrencies since its creation, including the Federal Council mentioned the results of an interdepartmental working group on the risks of washing of money and terrorist financing of cryptocurrencies.

After the adoption of the report, the Bundesrat has instructed the FDF and the Federal Department of Justice and Police to prepare an adjustment plan for the first quarter of 2019. The Bundesrat has also instructed the FTF to investigate whether the law on money laundering Money must be reconsidered according to certain types of crowdfunding. Earlier this year, the Federal Council requested a report on the risks and benefits of launching its own government-backed digital cryptocurrency called e-franc. It can be seen that Switzerland has the willingness and interest to use cryptocurrencies and legalize them within their country, allowing their development. Currently they have the vision of how they should work, with time and practice they are polishing these ideas to fulfill their objective.

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EOS: They also lose in the bear market

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While the market turns red, EOS also loses the bear (bears). The currency that is among the 10 most powerful has been suffering the curse of the market in recent weeks and nothing seems to have changed so far. According to CoinMarketCap, the currency has a value of $ 1.84 with a negative fall of 1.13% with a market capitalization of at least $ 1.6 billion and a change of approximately $ 600 million in the last 24 hours.

According to the Binance platform, the 1H chart shows a slight recovery with the cryptocurrency struggling to beat short-term resistance of $ 2.00.

The Chaikin Money Flow indicator at the time of writing is on the line above zero, which is indicative of the entry of money into the ecosystem, at least in the short term. The Klinger Oscillator indicator after a resounding descent, the level line has crossed with the indicator and begins to draw a small upward trend, pushing towards the purchase zone for a short-term price recovery. Bollinger bands begin to separate, expanding the cloud between them to give an indication of high volatility in the market.

In the 6H chart in Binance, the decline in assets is 12%, going from levels of $ 2.01 to the price of $ 1.81 with strong support at $ 1.7428. The Parabolic SAR indicator shows a bearish trend drawing the trend line above the candlestick chart. For its part, the RSI indicator remains at purchasing levels, struggling to move to the upper zone for a price recovery. In conclusion, EOS, maintains a short-term struggle to recover its value with strong indicative that in the coming hours despite the adverse market may reach levels of $ 2.00, gaining traction at least 15% of its value current, for a short time. EOS is the token of the decentralized application of Block.one developed by Daniel Larimer and that managed to break records in its ICOdel 2017. It is a cryptocurrency that used the Delegated Proof of Stake (DPOS). With this software, all those who have EOS tokens will be able to choose to produce blocks thanks to a voting and approval system. The mining of the currency works as follows, a user will be given permission to produce blocks in proportion to the votes he accumulates. Block.one intends that the EOS software can support decentralized applications whose interface is equal to that of the normal applications that we currently have. In this way, easy-to-use applications are obtained with all the benefits offered by blockchain technology. In addition, it is also expected to improve the scalability of companies in blockchain technology, hoping that more and more are able to join it. All this thanks to its ability to process millions of data in a short time.

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CEO of the largest exchange in Romania is arrested on the orders of US attorneys

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Vlad Nistor, CEO of the largest cryptocurrency exchange in Romania, Coinflux, was recently arrested for a US order, accusing him of multiple crimes including money laundering and organized crime. Coinflux, an exchange founded in 2015, was conceived as a platform for online digital currency trading, which to date had achieved more than 200 million euros in Bitcoin, Ethereum, Litecoin and Ripple transactions. The accusations against the company director took many by surprise. It is not yet known if the defendant actually took money from the exchange house or used it as a façade to launder money, but it is presumed that, if the charges against him are confirmed, it will be demonstrated that Coinflux may be involved (or be a victim, as you prefer to see) of many businesses outlawed. After the request of US prosecutors reached the Romanian authorities, they were prepared to arrest Nistor, who is currently in custody in the European country. The issue of the extradition of the CEO to the United States to answer for the crimes of alleged fraudulent activity, organized crime and money laundering will be reported by the Court of Appeals of Bucharest. After the arrest, Coinflux announced that it would temporarily suspend all its operations, without specifying any tentative date to rejoin. Spokesmen for the company said that the bank accounts of the exchange were frozen and that the ongoing investigation had also restricted access to some parts of the platform. Although, in theory, the exchange complied with all the rules stipulated by the authorities of the country, this case will cause the exchange house to be reviewed again to confirm that it complies with the required obligations.

In Romania, the issue of cryptocurrencies, although it has some rules, does not yet have the necessary regulations according to some members of the government. Among them, Ilan Laufer, Minister of Environment for Trade, Commerce and Entrepreneurship of Romania, who expressed that, despite their faith in the potential of digital currencies, they should be properly regulated in the country. The lack of standards in the industry is nothing new, it is a pattern that is repeated in different countries and in different parts of the world. Romania is another example where the authorities waited until the last moment to discuss the regulations. Even the first Bitcoin ATM was installed in the country in 2014, but it took the authorities three more years to give an official comment on the cryptography. Is it because of the delayed occupation of this growing industry that Vlad Nistor managed to go unnoticed until now? The investigation to the businessman and Coinflux will be what answers that question.

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