Tag Archives: digital

Here’s How Shibetoshi Sees Dogecoin Succeeding as a Digital Currency

Here’s How Shibetoshi Sees Dogecoin Succeeding as a Digital Currency
IN BRIEF
  • Billy Markus, the co-creator of Dogecoin, believes that the meme coin needs to market itself as a digital currency.
  • In the past, Markus had agreed that DOGE is “fast, scalable, and inexpensive.”
  • Dogecoin’s creator argues against it being a “shit token.”
Billy Markus, the co-creator of Dogecoin, took to Twitter today to suggest that Dogecoin needs to promote itself as a digital currency.

The American programmer argued that “if you want dogecoin to succeed, continue to be relevant, and have a reason and need to exist, utility comes from using it, accepting it, and showing others the benefits to do so.”

With that, Markus urged the community to contribute to the core development of the project instead of creating unnecessary hype. He commented, “speculation has brought attention. work brings utility.”

In the past as well, Markus had stated that “hype doesn’t last,” but only “attracts get rich quick people.” Instead, projects need to focus on “lasting value,” the creator had reiterated.

Dogecoin, which was a bitcoin spin-off and arguably the first real ‘meme coin,’ had garnered attention after DogeFather Elon Musk fuelled its social media following. But along with that, Musk and Markus have often agreed over Twitter exchanges that DOGE is “people’s crypto.” However, the original meme coin continues to attract critics, especially as it stands as the twelfth-largest crypto.

Arguing against DOGE being just another useless meme token, Markus also commented that “it’s a satirical cryptocurrency made for sillies that randomly caught on.” And, in his opinion, the meme tokens of today “[have] no use case.”

As we recall, Markus considers that DOGE is “fast, scalable, and inexpensive,” in contrast to his definition of ‘shit tokens.’

DOGE recovers

When it comes to Dogecoin’s price action, it has recently enjoyed some recovery along with the broader crypto market. The coin’s major hike also came this week when Elon Musk asked his followers if a new social media platform is needed.

In response, Musk seemed to like the idea of Boardroom Capital chairman, who suggested buying Twitter and replacing the blue bird with DOGE. With that, Anndy Lian, Chairman, BigONE Exchange highlighted the impact of the Twitter exchange on Dogecoin’s value:

In the past week, DOGE prices have gone up by over 17% and were trading at $0.1447 at the time of press. Despite that, it remains around 80% below its all-time-high valuation of $0.731578 reached last year in May.

 

Original Source: https://beincrypto.com/shibetoshi-dogecoin-succeeding-digital-currency/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

India’s Digital Rupee Plan Draws Mixed Response from Investors

India’s Digital Rupee Plan Draws Mixed Response from Investors

India has joined a growing group of countries introducing central bank digital currencies (CBDCs).

In the Union Budget 2022-2023, the Finance Minister has announced that the country will have its digital rupee backed by the blockchain and it will begin a phased rollout of the currency this financial year.

Blockchain Assets Review spoke to industry insiders and here is what they had to say about the digital rupee and it drew a mixed response.

While industry insiders see a lot of potential in the concept, some are still doubtful of the timely implementation of such a digital currency.

Aliasgar Merchant, a developer relations engineer at blockchain firm Tendermint, said, “The introduction of ‘Digital Rupee’ or CBDC is definitely a positive move” however, it also raises “some concerns and questions.”

Merchant noted that given the Reserve Bank of India’s (RBI) past record on technological implementation, the timely rollout of CBDC is a “matter of concern.”

Furthermore, he said that the RBI’s centralized hold over the currency defies the purpose and applications of a decentralized currency.

Another negative impact, Merchant said, is that “we do not know what kind of data the banks will gather from the people who use them, whether there would be a limit to how much one person can withdraw or deposit if there will be different transaction limit for individuals and businesses.”

“In addition, if a fraud is uncovered after the launch of CBDC, any wrongdoings will be attributed to the RBI,” he said, adding that having such a centralized authority is always risky.

Jay Hao, chief executive of global exchange OKX, appreciated that India is joining a growing list of countries in introducing CBDCs. However, he said that the country is slightly lagging behind in the digital currency race mainly due to the regulatory hurdles and reluctance in accepting the growing popularity of digital assets around the world.

“I hope the announcement made by Finance Minister regarding CBDC is implemented without any further delay as it will give a much-needed push to the blockchain industry in India,” Hao added.

Anndy Lian, chairman of BigONE Exchange, said, “The digital rupee is not an easy task for India. India is a big economy and may need to exercise more control over its currency before adopting it to its fullest scale.”

Potential security issues can be a problem at the start and experts should look deeper into the direct and indirect costs potentially linked to the implementation, he added.

While the announcement has made experts raise questions, many still trust the future of CBDCs in the country.

Charles Tan, head of marketing at Coinstore, said: “The digital rupee launch by RBI is a very interesting development as it makes the RBI’s stance on digital assets crystal clear,” he said.

India is moving from an unregulated space to a government-monitored crypto market, which will benefit all the stakeholders of the industry, he said.

Shivam Thakral, CEO of BuyUcoin, a homegrown cryptocurrency exchange said, “RBI has always been ambitious with its CBDC launch. The launch of CBDC by RBI will catalyze the growth of blockchain infrastructure in India and will encourage more entrepreneurs to join the blockchain revolution.”

Interestingly, Thakral noted if RBI allows the trading of CBDC on private exchanges, it will add a new dimension to public-private partnership in the country’s fintech space.

“The launch of RBI’s CBDC will prove to be a momentous occasion for the digital asset industry as it will create a government-approved market for the launch of new/existing digital assets,” he added.

Nischal Shetty, founder and chief executive of crypto exchange, WazirX, is bullish and called the news a ‘phenomenal’ one and said that the country is on the path to legitimizing the crypto sector.

“India launching a blockchain-powered Digital Rupee is phenomenal news. This move will pave the way for crypto adoption and put India in the front seat of innovation,” he told Blockchain Asset Review.

Sumit Gupta, co-founder & chief executive of crypto exchange, CoinDCX, said: “Introduction of CBDC sends a clear signal of India being a digital-first, efficiency-driven, and transparency-led system. CBDC with the backbone of blockchain will help us hold a powerful position in the global economy.

“We welcome the move and congratulate the govt for this visionary move,” he added.

Pratik Gauri, founder and chief executive of the blockchain firm 5ire noted that digital currency will open up great opportunities for innovation and foreign investment.

Raj Kapoor, founder of India Blockchain Alliance and chief growth officer at Chainsense Ltd, said: “The introduction of a digital currency in the next financial year using blockchain and other supporting technology validates not just the technology but also the intent to give a big shot in the arm for the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.”

In the budget announcement, Finance Minister Nirmala Sitharaman said that the introduction of a central bank digital currency will give “a boost, a big boost to the digital economy,”

“Digital currency will also lead to a more efficient and cheaper currency management system,” she said.

Countries all over the world are increasingly introducing digital currencies. Jamaica has also recently announced that it will roll out its national digital token in the first quarter of the year to reduce transaction costs and offer financial services to citizens who do not otherwise use banks.

Eastern Caribbean nations including Grenada, Saint Lucia, Antigua, and others launched a digital currency in 2021 called DCash while Japan, China, and the United States are also reportedly exploring the possibility of launching CBDCs.

 

Original source: https://blockchainassetreview.com/indias-digital-rupee-plan-draws-mixed-response-from-investors/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Singapore rejects over 100 licensing applications from digital currency firms

Singapore rejects over 100 licensing applications from digital currency firms

Singapore’s central bank is proving to be the toughest regulator in the world for digital currencies to obtain an operating license from. According to a recent report, of the 176 firms that applied for the coveted license, about 100 have seen their applications rejected and only five have obtained the license so far.

Singapore was once seen as a digital currency haven, with many firms setting up local operations or moving their headquarters there. However, the local regulator has become very tough on these firms in the past two years. The Monetary Authority of Singapore (MAS) has shown just how serious it is on ridding the country of unregulated entities after kicking out Binance and its local subsidiary Binance.sg from the country, despite its CEO Changpeng Zhao residing in Singapore.

A report by Japanese financial newspaper Nikkei reveals that the MAS crackdown goes beyond bringing down the world’s largest exchange. The newspaper reports that out of the 176 businesses that applied for a license to offer “digital payment token services,” 103 have either been rejected by the MAS or the applicants have withdrawn their application.

The MAS insists that it’s a supporter of blockchain technology and digital currencies and believes they have a role to play in the future of finance. However, it recognizes the risks they pose and is determined to protect Singaporean investors.

“Cryptocurrencies could be abused for money laundering, terrorism financing or proliferation financing due to the speed and cross-border nature of the transactions,” a spokesperson for the watchdog told Nikkei.

“Digital payment token service providers in Singapore … have to comply with requirements to mitigate such risks, including the need to carry out proper customer due diligence, conduct regular account reviews, and monitor and report suspicious transactions,” the spokesperson added.

At first, the MAS let the virtual asset service providers (VASPs) operate with little oversight. However, it introduced a new licensing regime in January 2020 when the Payment Services Act took effect. Companies that were already operating were allowed to keep on serving their clients by being granted an exemption until the MAS could review their applications. In July 2021, there were 90 companies in this category. A week ago, this number had shrunk to just over 70.

Currently, the MAS has only listed three firms as licensed digital currency entities. These are Independent Reserve, an Australian exchange; FOMO Pay, a digital payments startup; and DBS Vickers Securities, a subsidiary of DBS Group Holdings, Singapore’s largest bank.

Coinhacko and TripleA are the other two that have made announcements claiming to have received the coveted license, although the MAS hasn’t officially recognized them on its website.

Some appreciate the MAS’ strict regulations and requirements for the VASPs. However, there have been many complaints, especially from companies whose license applications have been denied.

Anndy Lian, the chair of Dutch exchange BigONE, is one of those who’ve expressed disgruntlement over the process under which the MAS is handing licenses. He believes that the regulator arbitrarily selects winners and losers in the Singaporean digital currency sector.

“The whole process of selecting who to give the license to is not very transparent. It gives the impression that the government is favoring big players and foreign exchanges,” Lian stated, speaking to Nikkei.

Even those that have obtained this license have some complaints about the MAS. Eric Barbier, the CEO of TripleA, one of the five licensed firms, called out the regulator for its refusal to engage with the industry and tell firms what it requires from them.

“MAS never talks. MAS asks questions and questions and questions. You can ask questions but they will not answer, and most regulators are like this,” said Barbier.

 

 

Original Source: https://coingeek.com/singapore-rejects-over-100-licensing-applications-from-digital-currency-firms/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j