BetByBitcoin – Best Bitcoin Casino & Betting Game Review Site http://betbybitcoin.com Wed, 12 Sep 2018 14:09:36 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 110991239 A Judge Ruled That Securities Are Covered Under The US Securities Law http://betbybitcoin.com/a-judge-ruled-that-securities-are-covered-under-the-us-securities-law/ http://betbybitcoin.com/a-judge-ruled-that-securities-are-covered-under-the-us-securities-law/#respond Wed, 12 Sep 2018 14:09:36 +0000 http://betbybitcoin.com/?p=2063 A US District Judge made a landmark ruling which allows the US Securities and Exchange Commision to proceed with their legal case against the organizers of two cryptocurrencies.

According to reports, the US Judge, Raymond Dearie ruled that the case against Brooklyn resident Maksim Zaslavskiy can proceed to trial. The prosecutors filed a case against Zaslavskiy for allegedly defrauding investors in two cryptocurrencies reportedly to be backed by real estate and diamonds. Maksim Zaslavskiy and his two accomplices had defrauded investors through a number of ICO scams including REcoin. Prosecutors claim that Zaslavskiy gained a minimum of $300,000 from investors. The prosecutors also added that the tokens were not backed by any real estates or diamonds

The case, which was filled in March, had to take a break after Zaslavskiy and his team of lawyers claimed that cryptocurrencies do not fall under the Securities Exchange Act thus the authorities did not have the legal right to persecute them.

Judge Dearie in his ruling, stated that federal securities laws should be interpreted “flexibly” dismissing a motion from Zaslavskiy’s lawyers to drop the charges.

According to reports, Judge Dearie wrote in a statement:

“The question is whether the ‘elements of a profit-seeking business venture’ are sufficiently alleged in the indictment, such that, if proven at trial, a reasonable jury could conclude that ‘investors provide[d] the capital and share[d] in the earnings and profits; [and] the promoters manage[d], control[ed] and operate[d] the enterprise.’ For present purposes, we conclude that they are.”

The Securities and Exchange Commission started taking actions against ICOs last year due to an increase in fraudulent activities in the cryptocurrency market. Criminals had made a habit of creating a cryptocurrency token and disappear with investors money once they had enough in their pockets. Zaslavskiy was among the first cases that SEC had brought to court the authority had also brought a suit against, Protostar ICO and PlexCorps (for the PlexiCoin ICO).

Reports indicated that this was the first time a ruling of this nature was made in the history of the courts. Authorities count this as a win as it has set a legal precedent for other related cases in the future. Despite being a win, the case still has to go through a trial where  Zaslavskiy and his team of lawyers will have to prove their innocence. The final judgment will be made by the jury to determine whether or not  Zaslavskiy is innocent of the allegations

 

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The US Securities Watchdog Halt Operations in Two Trading Products over EFT Confusion http://betbybitcoin.com/the-us-securities-watchdog-halt-operations-in-two-trading-products-over-eft-confusion/ http://betbybitcoin.com/the-us-securities-watchdog-halt-operations-in-two-trading-products-over-eft-confusion/#respond Tue, 11 Sep 2018 09:10:07 +0000 http://betbybitcoin.com/?p=2060 The U.S Securities and Exchange Commission (SEC) stopped trading in two cryptocurrency related products due to confusion over the nature of their financial products. The news came on Sunday, September 9 in a notice on SEC’s website ordering the two to close shop until september 20 2018.

According to the post, the security watchdog has suspended two securities namely; Bitcoin Tracker One and Ether Tracker One. In the notice, SEC claims that application materials and trading websites provided by the two companies characterize them as exchange-traded fund and not securities.

SEC stated:

“It appears … that there is a lack of current, consistent and accurate information concerning Bitcoin Tracker One (Ticker Symbol: CXBTF) and Ether Tracker One (Ticker Symbol: CETHF, resulting in confusion amongst market participants regarding these financial instruments.”

The authority claims that the suspension is aimed at protecting the investors and the public.  SEC believes that the two products have been violating set regulations. According to reports, the two products listed on the Nasdaq Inc (NDAQ.O) exchange in Stockholm, promised to track the prices of cryptocurrencies, with fewer fees.  However, both products have been trading over the counter in transitions that occur off exchanges within the United States.

The owner of Bitcoin Tracker One and Ether Tracker One, XBT Provider AB SE0010296574.St and its parent company, CoinShares have not made a comment to any news site regarding the matter.  CoinShares is an investment firm based in London.

Since its creation, SEC has taken a strict stand against letting ETFs tracking bitcoin and other on cryptocurrencies come to the market. Many have tried to fill applications to have the authority grant them the needed approval but their efforts seem to go in vain. SEC keeps rejecting and postponing their decision on the matter.  According to records, SEC has rejected nine bitcoin ETF applications. ProShares, GraniteShares, and Direxion filed these applications.

In July, SEC rejected a proposed by the Winklevoss twins to list their Bitcoin ETF on a regulated exchange.  This was the second time the authority had rejected the proposal. To support their decision the authorities stated that Bitcoin markets were uniquely resistant to manipulation.

SEC is yet concluded on whether or not to approve the VanECK and SolidX proposed ETF. The authority is expected to make a decision on September 30 2018.

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Cryptocurrecy Exchanges Still Operating In China despite Warnings http://betbybitcoin.com/cryptocurrecy-exchanges-still-operating-in-china-despite-warnings/ http://betbybitcoin.com/cryptocurrecy-exchanges-still-operating-in-china-despite-warnings/#respond Mon, 10 Sep 2018 14:05:17 +0000 http://betbybitcoin.com/?p=2057 Since the ban on cryptocurrency in China, traders have looked for various ways to conduct their operations away from watching eyes of the authorities.  According to reports, cryptocurrency trade in the country still continues despite the ban.

The Chinese government recently released a report that showed that the cryptocurrency activities have greatly decreased since authorities imposed the ban. In the report, authorities claim that cryptocurrency trade in China accounts for less than 1% of the global trading volume. This, however, does not seem to be the case. Traders have developed mechanisms that allow them to conduct their trading activities unnoticed by the authorities.

According to the South China Morning Post (SCMP)  and other local reports, authorities have identifies 124 cryptocurrency exchanges that have been illegally proving digital currencies to people around the country.  Reports showed that in order to continue with their operations, some exchanges in China had to change or modify their domain names. It is believed that by doing so, the exchanges were able to pass as service providers not dealing in cryptocurrency exchange.

In addition to making a few changes in the domain names, some of the exchange also changes their address and contact information. According to local news, these changes have made it difficult for the authorities to detect and close down the exchanges.

Others have resulted in moving their operation to locations outside of mainland China to make it hard for authorities to track their operations.

Apart from making use of illegal operating exchanges, traders are also using peer-to-peer trading to circumvent the ban. Chinese traders are now exchanging crypto between wallets directly without using a middle person like an exchange. These have proven to be an effective, method especially for people who do not have reliable under the table exchanges.  These types of transactions are done by converting fiat currency to Tether and sending the Tether as payment in exchange for virtual currencies. Traders conduct all their operations through a Virtual Private Network (VPNs).

The government has been tightening up regulations to make sure all the illegal cryptocurrency actives in the country are brought to an end.  In August, authorities closed a number of local illegal exchanges and 124 offshore cryptocurrency exchanges that were providing services to Chinese Investors.  While commenting on the challenges that Chinese regulators are facing as they attempt to stop crypto trade Terence Tsang, the COO of TideBit stated that:

“The latest warning and potentially increased monitoring of foreign platforms are targeted at a batch of smaller exchanges that had claimed to be foreign entities but are in fact operating in China claiming they have outsourced their operations to a Chinese company. Those exchanges whose website landing pages are in Chinese have drawn particular scrutiny by regulators.”

It is not yet clear whether authorities will ban trading with foreign cryptocurrency exchanges. People in the cryptocurrency space hope the ban will soon be lifted and allow crypto trade in the country.

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Greece To Get New Cryptocurrency ATMs http://betbybitcoin.com/greece-to-get-new-cryptocurrency-atms/ http://betbybitcoin.com/greece-to-get-new-cryptocurrency-atms/#respond Fri, 07 Sep 2018 08:02:54 +0000 http://betbybitcoin.com/?p=2054 The cryptocurrency ecosystem in Greece is quickly growing and has attracted both local and international traders. The country has seen an increase in cryptocurrency owners since the beginning of this year. Consequently, there has been an increase in cryptocurrency exchanges to cater to this ecosystem.

The country will soon have more cryptocurrency ATMs. According to local reports, a local company, Thess Cash Hellas is planning to increase the number of cryptocurrency ATMs in the country. Stefanos Getsopoulos, who is the owner of the company, is planning to install three Bitcoin ATMs in the northern part of the country.

Currently, Greece has two cryptocurrency ATMs.  This new move will increase the count to five ATMs. Local media say that other companies have also shown interest in adding more ATMs in the country.

According to a Greek reporter:

“The need for cryptocurrency ATMs is driven by cryptocurrency users, some of whom prefer to avoid centralized financial institutions like banks. Other cryptocurrency users are just looking to access tied up assets quickly while on the move by allowing withdrawals in fiat from cryptocurrency balances; which is exactly what cryptocurrency ATMs permit.”

BTCGreese installed Greece first Bitcoin ATM back in 2015. According to reports, due to the increased number of ATMs, most parts of the country will have access to their cryptocurrencies.

Cryptocurrency ATMs continue to increase all across the globe. According to recently conducted research, there are 3,687 cryptocurrency ATMs around the world. The report indicated that 70 percent of these ATMs are located within South America. In the hierarchy of most cryptocurrency ATMs, Europe ranks second while Asia follows in third place.

Another study done by a research firm, MarketsandMarkets shows that the cryptocurrency ATM market is expected to hit $144.5 million by 2023. Currently, the market is at $16.3 million. The cryptocurrency trade continues to increase despite the volatility in prices.

Cryptocurrency ATMs have helped many people get access to money without having to wait days or hours. The machines have made life easier for the cryptocurrency communities all around the Globe by providing fiats without having to go to the bank. People can sell or buy their cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dash.

Cryptocurrency ATMs function similarly to the normal ATMs that distribute fiat money. A cryptocurrency holder has the opportunity to key in their login details and then trade cash or credit money for a variety of cryptocurrencies. Currently, most of the installed ATMs allow for a Bitcoin transaction. However, some ATMs offer some other popular cryptocurrency.

 

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Australian Bitcoiners Lose Access to Winning Poker Network http://betbybitcoin.com/australian-bitcoiners-lose-access-to-winning-poker-network/ http://betbybitcoin.com/australian-bitcoiners-lose-access-to-winning-poker-network/#respond Wed, 05 Sep 2018 05:18:15 +0000 http://betbybitcoin.com/?p=2050 Though Bitcoin acceptance is gaining momentum worldwide, Australia has suffered a minor setback in this area as the Winning Poker Network (WPN) announced that it has stopped doing business in the country. This poker group and its flagship site Americas Cardroom have been ardent BTC supporters, having first started to transact in the crypto-currency early in 2015, and they were also the second-largest online poker provider in the Land Down Under. This news represents a blow for altcoin enthusiasts as well because the WPN allows users to make deposits and withdrawals in more than 60 different digital coins.
Beginning Aug. 25, 2018, anyone who visits the Winning Poker Network’s website from an Australian IP address sees the following message:
“Australian Market
On August 9th, 2016 the Australian parliament passed the Interactive Gambling Amendment Bill, effectively banning all online gambling sites that are not locally licensed under Australian State or Territory law.
For this reason, The Winning Poker Network does not allow customers from Australia to play at any of the following poker sites: Americas Cardroom, Black Chip Poker, Ya Poker, True Poker.”

Reasons for Abandoning Australia

As stated in the text shown above, Australia does not permit unlicensed operators to provide online poker games to its residents. The Interactive Gambling Amendment Bill is the name of the Australian law that established this prohibition although the WPN made a mistake by saying that it was passed in 2016 rather than 2017, the actual year that it came into law. Making this embargo on unlicensed sites even more unfair, there aren’t any licensed online cardrooms because there’s no procedure yet in place for obtaining an internet poker license in the country.
The laws on the books are only part of the picture though. Bitcoin poker players often have an array of online destinations to choose from even in jurisdictions where the pastime is banned. This is because such prohibitions are usually tough to enforce, and crypto-currency allows users to circumvent transaction blocking and other banking tactics intended to prevent them from gaming online.
Thus, the move to discontinue Australia-facing operations probably depended upon several factors, the presence of prohibitory statutes being only one. The WPN also has exposure to traditional financial institutions because it works with fiat currency in addition to cryptos, and so fears about Australian banking regulations may also have played a role in its recent decision. There have been rumors that a poker licensing scheme may be implemented in a year or two, in which case the WPN might be attempting to keep a clean image in the eyes of the Australian government by ceasing to flout the law. This would enable it to more quickly and successfully obtain license approval in any regulated market that’s eventually created.

Other Gambling Firms Affected

There are numerous other gambling firms that have felt the heat in Australia and have elected to call it quits. They include PokerStars, 32Red, PartyPoker and Pinnacle Sports. With the removal of each of these sites, Australians who enjoy internet gaming have seen the list of places where they can bet online reduced.
Yet, there are other entities that have performed their own cost-benefit analyses and have concluded that the rewards of continuing to serve Australia’s lucrative real money gambling economy are worth the risks.
Ignition Casino, a mainstay of the U.S.A. “gray market” online poker scene, actually opened its doors to Australians for the first time while the Interactive Gambling Amendment Bill was still moving through the parliamentary process. It instantly became the biggest poker destination online for Australians. Needless to say, this company was undeterred by the final passage of the bill, and it continues to happily welcome Australians to its casino and the attached poker room. Ignition offers Bitcoin and Bitcoin Cash acceptance although all funds are converted to and from U.S. dollars for use in the games.
Nitrogen Sports perhaps does even better by eschewing national currencies altogether and dealing only in bitcoins for both cashier functions and actual gameplay. While its poker division is fairly small compared to Ignition’s, it has a sportsbook, which Ignition lacks. Australians and residents of most other countries around the world can access the Nitrogen website without incident.

Poker With Bitcoin is Easy

Throughout the poker community, players are discovering the utility of Bitcoin and, to a lesser extent, other crypto-currencies. As an activity that’s typically viewed as a vice and, at best, barely tolerated by the authorities, poker is the subject of recurring crackdowns and prosecutions in various jurisdictions. By transacting in bitcoins, card game lovers can mostly avoid these problems and can do so without paying high fees. A well-researched guide explaining how to buy and sell bitcoins is all newcomers need to get started in this exciting arena.

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Laos’ notice to its citizens, on cryptocurrency trading and their usage http://betbybitcoin.com/laos-notice-to-its-citizens-on-cryptocurrency-trading-and-their-usage/ http://betbybitcoin.com/laos-notice-to-its-citizens-on-cryptocurrency-trading-and-their-usage/#respond Tue, 04 Sep 2018 13:12:27 +0000 http://betbybitcoin.com/?p=2046 Following a notice dated 29th August that warned the public of using unregulated cryptocurrencies, specifically mentioning Bitcoin, Ethereum and litecoin. Laos’ central bank has published a cautioning notice to the public, warning them against cryptocurrency trading and usage as a means of payment.  The notice was directed to merchants, traders and residents, urging them to do research in order to understand digital asset before investing too much in it. The notice is expected to affect crypto- related investments in the area.

As stated by the Laotian Times, The central bank do not recognize cryptocurrencies as payment instruments, based on the law of payment system (last revised in November 2017) as they do not meet the specific standards set to classify it as a currency. Though the notice has warned the public on the risks involved in investing and trading in cryptocurrencies , as they are not yet regulated by any legislation in the country, nor  are they recognized in Lao law, businesses in the country are still accepting payment of goods and services in cryptocurrency.

Trying to make a distinguish between cryptocurrency and fiat currency, is a senior central bank official, that told Vientiane Times that cryptocurrency is not a real currency like Lao kip or Thai baht as its unable to pay debts. He says it’s just a digital record of a transaction. He added that since cryptocurrency is not yet regulated by law, people who will continue to be involved with it will be at risk if the system fails.

Vietnam, a country that neighbors Lao to the east has recently taken a more hostile path in its attempt to regulate cryptocurrency. Vietnam’s central bank issued a notice on October 2017 that outlawed cryptocurrency payment in the country with immediate effect. This took a stand on 2018 whereby Bitcoin adopters stood to be fined up to $ 9,000 and also could face criminal prosecution. Imports of cryptocurrency miners have also been suspended by Vietnam Government.

On the other hand, Thailand, which is also Laos’ neighbors are gracefully embracing cryptocurrency markets and initial coin offering. In order to regularize ICOs and cryptocurrencies, Thailand security regulators on July published regulations notably approving seven cryptocurrencies which operators may receive payment in. This are; Bitcoin, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Stellar and Litecoin. Laos would do quite well if they could borrow a leaf from them.

Apart from the public notice warning Lao citizens from investing in cryptocurrency,there is no explicit ban on cryptocurrency trading domestically.

 

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Financial experts urge the public to be wary on investing on cryptocurrency. http://betbybitcoin.com/financial-experts-urge-the-public-to-be-wary-on-investing-on-cryptocurrency/ http://betbybitcoin.com/financial-experts-urge-the-public-to-be-wary-on-investing-on-cryptocurrency/#respond Tue, 04 Sep 2018 10:50:36 +0000 http://betbybitcoin.com/?p=2043 An expat who had invested in cryptocurrency using a bank loan warns others of the risks involved in investing in cryptocurrency.

The French man started investing in cryptocurrency in September 2017 after hearing about it on work’s whats app group. This went very well as he made three or four times his investment. Filled with over confidence, the man who lived in Abu Dhabi decided to up his game. So he visited a bank to request for a loan.

The bank agreed to give the airline cabin crew a loan of Dh367,000 , which he invested in different cryptocurrency that included Lumen (XLM), Neo, Ripple (XRP), Ethereum (ETH) and Litecoin (LTC), all this are alternatives to Bitcoin

The first ten days were wonderful, and the French man made over Dh 100,000. Having no knowledge or experience in the stock market, the young man thought the trend is always shooting up, so he did not cash them out. This has been a bad year for cryptocurrency market that has let it to suffer huge losses, wiping millions of dollars off the value of investment. The value dropped to just Dh 110,000 leaving the investor in debts.

Talking to The Nation, he admits to not seeking financial advice before running to invest on cryptocurrency. Posting his crippling bank loan repayments statement on Reddit, which accounts for two thirds of his Dh 12,000 monthly salary, he hopes his experience will be a lesson to others. Though he has sworn not to invest anymore, he still clinks to the hope that the investment value will rise again. As he still has three and a half years to go before he is freed from the loan.

Though many have made large sum of money quickly through cryptocurrency investment, financial experts urge the public to be careful when it comes to cryptocurrency investment. Keren Bobker, a financial advisor tells the public to only invest an amount of money they are willing to lose.

He added saying that though most people do not have the financial knowledge in cryptocurrency; they opt to move away from the stock market. The founder of Dubai-based Block Gemini,Christopher Fernandes says that getting rich fast is the mentality everyone have when it comes to investing in new technology. This mentality is what causes losses especially when you don’t understand what you are doing, he added. He urges other people thinking of investing in cryptocurrency not to invest more than five per cent of their portpolio.

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RBI worries over the results of banning Cryptocurrency http://betbybitcoin.com/rbi-worries-over-the-results-of-banning-cryptocurrency/ http://betbybitcoin.com/rbi-worries-over-the-results-of-banning-cryptocurrency/#respond Tue, 04 Sep 2018 06:01:13 +0000 http://betbybitcoin.com/?p=2040 Regulators in India directed on April 6th that all lenders should close down all accounts of cryptocurrency exchangers and traders. They were to also wind up their relationship with them within a three month period.

Reasons for the ban

The reserve bank of India stated that even though there haven’t been risks that have been reported in regards to cryptocurrency, its increase in popularity that has led to price bubble, like for instance the loss of nearly 200billion in Bitcoin that happened from the peak of December 2017.  This is a major concern, hence the need to protect its consumers and investors.

Another reason for the ban, as stated on the report was the fact that cryptocurrency do not have intrinsic value, as they are not backed up by assets. There is also the fear that if the cryptocurrency trading are not monitored, it will lead to increase in cash usage due to peer-to-peer mode of transaction. This may cause shift of crypto exchange to dark pools/cash and offshore locations, raising concerns on AML/CFT (anti-money laundering/combating the financing of terrorism) and also taxation issues.

Praveen Kumar, the chairman and CEO of Belfrics, a Malaysia-based exchange with operations in India, fails to understand why the ban was implemented, yet the exchanges were following all the procedures of know-your-customer and enforcing only bank related transfers. This would have aided to keep track of all money trails he added.

So far, so bad

As reported by Quarts India, RBI states its fears on the difficulty they have faced on regulating cryptocurrency market after the ban was imposed. This was reported on part of its yearly report that was published on August 29, 2018.

Effect of the ban

To circumvent the ban, cryptocurrency traders and operators have shifted their way of operation to peer-to-peer trade and crypto-to-crypto business model in order to eliminate the use of bank accounts. Peer-to-peer trade is a direct exchange between a buyer and a seller while crypto-to-crypto transactions are transactions that allow traders to buy units in one digital currency for an agreed rate. Some of the crypto exchangers have even opted to relocate their offices to other countries that are crypto-friendly.

Many platforms have resulted to different measures to deal with the ban. Some have taken measures to prevent the ban from interfering with their operations, while others have formed a coalition and on July 20th submitted a case before the Supreme Court to contest the legality of RBI’s pronouncement. The case was adjourned until September 11, 2018, when the final verdict will be issued.

As exchangers and crypto traders await the ruling, they feel this situation would have been regulated, by taking steps to understand the ecosystem, instead of shutting it down completely.

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Iran Gives Details Of Its National Cryptocurrency http://betbybitcoin.com/iran-gives-details-of-its-national-cryptocurrency/ http://betbybitcoin.com/iran-gives-details-of-its-national-cryptocurrency/#respond Fri, 31 Aug 2018 14:15:21 +0000 http://betbybitcoin.com/?p=2037 The Republic of Iran reportedly announced its plans to launch its own national cryptocurrency. The Iranian government started arrangements to create its own cryptocurrency in an attempt to avoid sanctions imposed by the unites states earlier this year.

Iran’s economy is on the verge of collapsing following the recent sanctions passed by the United States.  To protect the country, the Iranian Informatics Service Corporate (ISC), the country’s leading provider of banking services, has finalized a draft of the nation’s own cryptocurrency.

According to the local outlet, Ibena, the Central Bank has revealed the details of the national cryptocurrency, which was developed by the ISC. In the announcement made by the Central Bank, the cryptocurrency will be backed by the Iranian rials. The cryptocurrency will be issued by the Central Bank who will have the discretion to decide on the volumes, which distributed to the public.

The announcement also revealed that the national cryptocurrency would not be mined. This is because the currency is recorded on a private blockchain based on open-source Hyperledger Fabric technology.  The Hyperledger Fabric technology is an open-source blockchain framework hosted by the Linux Foundation. IBM and Blythe Masters’ Digital Asset Holdings originally developed the technology.

The ISC revealed that the cryptocurrency would be deployed out in two faces. Firstly, the cryptocurrency will be deployed as a token and interbank payment instrument. In the second phase, the currency will be used as an instrument for retail payment in a society.

The ISC further added that:

“After being tested and reviewed, the cryptocurrency is supposed to be as an ecosystem available for Iranian banks and active companies in the cryptocurrencies industry.”

Alireza Daliri, who is the deputy for management and investment at the Directorate for Science and Technology Affairs, stated while speaking to local news outlets that the currency will be used to facilitate the transfer of money anywhere in the world.

Iran began its plan to create their own cryptocurrency back in February when the United States government and the Iranian government had a falling out over a nuclear deal. When the deal failed to go through, US president, Donald Trump ordered sanctions against the country. Iran decided to follow Venezuelan’s footsteps and create their own cryptocurrency in hopes of saving their economy.

Venezuela created and launched its own state-backed cryptocurrency back in February called, the Petro. They have also created a new national currency pegged on the Petro. Rumors also stated that Russian was also looking into cryptocurrencies to protect its economy from sanctions imposed by the United States.

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First Cryptocurrency project in Kenya http://betbybitcoin.com/first-cryptocurrency-project-in-kenya/ http://betbybitcoin.com/first-cryptocurrency-project-in-kenya/#respond Fri, 31 Aug 2018 13:33:46 +0000 http://betbybitcoin.com/?p=2033 In Africa, blockchain technology has been slowly adopted, with South Africa recording the highest number of users in blockchain technology.

Kenya has not been left behind in embracing the blockchain technology. The major areas that have shown interest in the technology is in economic and political development. Recently, the chairman of Kenya Independent Electoral and Boundaries Commission (IEBC), Mr Wafula Chebukati said in a public statement, that the government is in consideration of using the Distributed ledger Technology to enhance efficiency and transparency in the electoral system.

The new cryptocurrency

TMX global coin is the first cryptocurrency in Kenya. This has been made possible through partnering up with the Asian and European countries. The system has been equipped with a convenient interface that allows an importer or customer to be able to find the best online stores from all the listed options and also choose the most convenient freight forwarder to coordinate the cargo shipping. The CEO of TMX , Mr Njoroge told the local newspaper,  that by using this technology consumers will be able to go through  the required documentation even before they begin their trading process. He also added that a consumer will be able to know the amount required in every process and the estimated amount of time.

Its purpose

This cryptocurrency was developed using a decentralized protocol in 2017, it uses smart contracts based on Blockchain technology. Its main purpose to solve the problem experienced in both local and international logistics. The developers of this system believes this is the solution to the problem experienced in the export sector such as price hikes, that is caused  by value chain in the sector.

One of the major problems that was constantly reported by the clients was loss of property in the process of importation said Mr Njoroge. He hopes that the blockchain technology will be able to solve this problem and enhance traders’ way of doing business. He further states that the platform will enable users to talk to each other. The problems that have been registered in this business industry have been due to unaccountability, corruption and illicit trade.

The blockchain platform will be accessed by shippers, carriers, freight forwarders and many others in the supply chain. Though the first phase of the currency will be rolled out towards the end of September 2018, it’s hoped that by May 2019 the currency will have been fully adopted in the trading sector.

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