Bře 26

Russia’s Blockchain Legislation Could Be Ready in a Few Months

· March 26, 2018 · 12:00 pm

Cryptocurrencies aren’t the only technology getting the regulation treatment in Russia. The country has stated that a legislative framework for blockchain technology could be implemented within the next few months.

Russia has made no secret of the fact that they are not cheerleading the decentralized cryptocurrency revolution. However, as with most industries, they are fully on board the blockchain bandwagon.

Russian President Vladimir Putin has previously endorsed the technology as a way for the country to advance itself. Because of this, Russia has set to work determining a regulatory framework for integrating blockchain into the country’s governance system.

Blockchain Legislation Around the Corner

Blockchain Legislation Around the Corner

In fact, according to TASS, this outline could be complete within the next few months. This announcement was made by the country’s Deputy Prime Minister, Arkady Dvorkovich. He said this while meeting with students of the Plekhanov Russian University of Economics.

In a roughly translated quote, Dvorkovich said:

It’s necessary to create a regulatory framework, not necessarily too detailed, not to limit the implementation of projects [too much]. Do it as quickly as possible, we are doing it now. I hope that in the coming months, the legislative issues of blockchain will be [resolved].

Widespread Interest

Even though blockchain was initially known as the supporting technology for cryptocurrencies, its advantages are being recognized and implemented over a range of industries. These benefits include a high level of security and immutable record-keeping capabilities.

In addition, because it is the underlying support for virtual currencies, blockchain is being used to aid in central banks and governments creating their own state-controlled digital currencies. Russia is one of the countries that have expressed a keen interest in doing just that by vocalizing plans to develop its own CryptoRuble. First Deputy Prime Minister Igor Shuvalov has also said that blockchain technology could help Russia reach a higher level of advancement in their economic sector.

Not Just for Cryptocurrencies

This type of technology has been on Russia’s radar for some time. Last year saw the launch of Masterchain, a software built using a fork of the Ethereum blockchain. It was created by Russia’s FinTech Association, which is a group comprised of payment institutions and financial startups headed by the Central Bank of Russia.

Blockchain technology can also be used to protect intellectual property (IP) as it not only offers safe and secure storage, but also ensures that any data that needs to be added to a creation or article can be done so efficiently.

February this year also saw Russia’s Agency for Housing Mortgage Lending (AHML) team up with Rosreestr, which is the Federal Service for State Registration, Cadastre, and Cartography, and Vnesheconombank, which is a state-owned Russian development bank. The joint initiative used blockchain technology to develop a shared-ownership contract for future construction development projects.

Russia is Fully Embracing the Technology

Russia is Fully Embracing the Technology

Herman Gref, who is the president of the country’s biggest bank, Sberbank, has previously stated that Russia has the most active blockchain projects in the world.

The country’s embrace of blockchain seems to be filtering from the top down as President Putin has previously said that anyone who is “late in the race” in terms of blockchain development and implementation, would be forced to depend on other world leaders.

He stated that:

Russia cannot allow this.

What do you think of Russia providing a framework for blockchain integration? Let us know in the comments below!

Images courtesy of Wikimedia Commons

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Pro 29

trade.io – Bringing Innovation to the Financial Sector

· December 29, 2017 · 4:00 am

trade.io has a vision to revolutionize the financial industry, recognizing that in 2008 the world economy nearly collapsed, arguing that it was not due entirely to recklessness and a lack of transparency, but also because the financial sector had failed to keep up with innovation.

The team behind trade.io sees that little has changed since 2008, nor have lessons been learned. Investors are at the mercy of high fees and low liquidity and, with transparency still lacking, even third-party verification suffers from conflicts of interest. trade.io aims to disrupt the current financial establishment and lead it forwards with honest and fair trading, conducted and recorded on the secure and transparent blockchain.

trade.io’s one-of-a-kind trading and financing platform goes beyond cryptocurrency assets, also offering Forex and CFDs over precious metals, oil, commodities, indices, and global equities. At launch, they plan to feature more than 120 products on their platform.

The Trade Token and ICO

In order to facilitate a new trading platform, trade.io will introduce the Trade Token (TIO), a utility token that enables transactions of a wide range of assets, which also acts as a medium of exchange and as a store of value.

One of the main benefits that trade.io will be offering investors is access to what they are calling the liquidity pool, where owners will be given the opportunity to contribute an amount of their stored assets to a P2P liquidity pool. From this pool, 50% of the daily revenue generated by trade.io will be paid to owners in the pool although a minimum of 2500 Trade Tokens will be required to qualify for this benefit.

Trade.io will be issuing 500 million Trade Tokens, of which approximately two thirds will be made available for the crowdsale. Their ICO will run from the December 7th until the 4th of January 2018, and any unsold tokens will be destroyed at the end of the crowdsale.

Allocation of the tokens will be in the following areas;

  • 23% for acquisitions and IP’s,
  • 20% for licenses,
  • 20% for operations,
  • 18% for the liquidity pool,
  • 7% for development,
  • 9% for seed and venture fund,
  • 3% reserved for legal, audits and advisory purposes.

trade.io has completed their pre-ICO successfully, raising over $11.3M from over 4,000 participants.  According to icoscanner.io, trade.io is currently the 5th most successful ICO in Ethereum contributions.

trade.io’s Experience and Partnerships

trade.io’s team have over 20 years of experience in trading, investment banking, compliance and risk management. They have formed strategic partnerships with a number of companies in the cryptocurrency and blockchain spaces, including:

  • Civic, whose technology will be used for identification and verification purposes;
  • MODULAR, whose new Biosym framework decreases ICO processes by 85% on the Ethereum Network;
  • HitBTC, the London based exchange has agreed to accept trade.io Trade Tokens. trade.io will announce shortly when the Trade Token (TIO) will start trading. TIO will have trading pairs with Bitcoin and Ethereum;
  • Bancor, whose protocol will allow trade.io users to convert Trade Tokens (TIO) to any other ERC20 token.

Paul Clarkson, CPO of HitBTC had the following to say:

“It’s no secret that HitBTC is extremely selective in the tokens & coins we list, we have strict criteria and require an extensive amount of due diligence prior to extending an offer. trade.io has proven to be a trusted partner and we are pleased to list TIO, and start a long-term relationship.”

As well as partnering with other high profile and innovative companies, trade.io also purchased the US regulated broker-dealer (BD) in an effort to focus on US regulatory compliance.

William Heyn, trade.io’s VP of Capital Markets, explained:

Being able to conduct trade.io’s business in the United States in a regulatory compliant manner is critical.  The broker/dealer will afford us with tremendous opportunities and unlock many sources of revenue potential.

One of the newest partnerships forged by trade.io is that with Bancor. By integrating the Bancor protocol with their own platform, trade.io users will be able to convert their TIO tokens to any other ERC20 token in the Bancor network at an automatically calculated price. Of the new partnership, trade.io CEO Jim Preissler commented:

We continue to deliver to the trade.io community unique value-added propositions, and see this relationship with Bancor as a further example. We already have generated a large demand for our community and it’s only logical to provide a simple way to convert tokens.

Investment in Education and the Future of Blockchain

Investment in Education and the Future of Blockchain

trade.io recently announced that they had funded two post-doctoral seats at the University of Nicosia with a specific focus on advanced research into Distributed Ledger Technology. Research will help develop and implement future updates regarding side-chains and cross-chain interoperability, as well as smart token corporate governance in an effort to develop best practices and implementations.

Preissler spoke with Bitcoinist about the company’s educational support at the University of Nicosia:

This is a major development for us, it provides trade.io with access to some of the brightest and most innovative minds in blockchain and digital currency.  The University of Nicosia has embraced blockchain technology since 2013, they were the first university in the world to offer coursework and an accredited academic degree program in this field (MSc in Digital Currency) and are considered a global leader in academia in this area.

To learn more about trade.io please visit the company website. You can also download the project white paper and register for the upcoming ICO.

How will trade.io change how people invest not just in digital assets but in traditional assets as well? Let us know your thoughts in the comments below.

Images and media courtesy of University of Nicosia, trade.io

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