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April 2006

The Latest in Cryptocurrency Regulations and the G20 Summit

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Cryptocurrency Regulations

Cryptocurrency Regulations

Cryptocurrency regulations seem to be gaining traction across the globe with the latest to call for regulation being the G20 finance ministers and central bank governors. The ministers and governors have asked the Financial Stability Board and the global standards-setting organizations to collaborate in the monitoring of cryptocurrency risks.

Call For More Cryptocurrency Regulations

In a note, G20 finance ministers indicated that they are welcoming the directory of FSB of cryptocurrency regulation. The statement indicated that although cryptocurrency does not pose a risk to the financial stability of the world at the moment, its regulation is necessary to avert risks related to consumers, to counter financial terrorism, as well as to anti-money laundering. The finance ministers asked the FSB and the standard-setting bodies to increase monitoring of risks as well as consider working on multilateral responses.

Vancouver mayor, Kennedy Stewart, on Friday last week suggested that Bitcoin ATMs should be banned because of risks associated with money laundering. The move comes days after eight individuals were apprehended in Spain on money laundering charges while trying to change fiat currency into cryptocurrency.

Growing Concerns Regarding Bitcoin ATMs

On the issue of ATMs, there was an incident in London’s Bond Street station where an ATM began spitting money. The incident occurred when a customer was withdrawing money, and the Bitcoin ATM began tossing out money.

>> The GateHub Hack: More Than 100 XRP Ledger Wallets Affected

The CEO and owner of Poland-based Bitcoin ATM firm Adam Gramowski said, while giving insight on the incident, that their ATMs usually support huge transactions and the customer was not careful. He said that a redesigned presenter would be a better solution to cope with smaller denominations that are allowed in the UK.

In April, Polish cryptocurrency exchange Coinroom closed down and took up to $15,000 worth of customer accounts, and there is no way founders can be contacted. It is incidents such as these that are the reason officials are calling for more cryptocurrency regulations. India is taking this to the extreme, and regulators have proposed a jail term of ten years for anyone found engaging in cryptocurrency dealings.

Featured image: DepositPhotos © designer491

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uBUCK Signs Agreement for Strategic Commercial Relationship with Deltec Bank And Trust Limited

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VANCOUVER, British Columbia, Nov. 07, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its subsidiary uBUCK Technologies SEZC (“uBUCK” or the “Company”) has signed a Strategic Alliance Agreement with Deltec Bank & Trust Limited (“Deltec”) to sell uBUCK prepaid debit cards from the uBUCK platform to banks and investment account customers at Deltec. Through this strategic commercial relationship, Deltec will also integrate and market the uBUCK prepaid debit card into Deltec digital wallet and exchange relationships, as well as private banking contacts.

Headquartered in The Bahamas, Deltec is a diversified independent financial institution that offers its global clients the unique combination of institutional expertise, bespoke solutions, and highly attentive service.

“We are very excited to enter into a strategic partnership with Deltec, a highly regarded financial institution with a range of private banking and fiduciary expertise,” said uBUCK CEO James Youn. “This partnership opens up uBUCK to a large network of financial services providers across the globe.”

The phases of the strategic commercial relationship between uBUCK and Deltec will include providing prepaid debit cards to their existing bank and wealth management clients, marketing the card program to regional private bank networks in the Caribbean, South America, Asia and Europe, a technology platform that links the cards and creating dedicated white label card programs to their existing digital asset exchange clients.

About Deltec Bank & Trust Limited

Deltec Bank & Trust Limited is the flagship company of the Deltec International Group, a diversified independent financial services group, providing through its member companies a range of private banking and fiduciary expertise, fund administration, investment management, digital asset financial services, insurance solutions, and corporate and merchant banking capabilities.

About uBUCK Technologies SEZC

Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digital payments and wallets. uBUCK Pay, its online payments platform and pin voucher solution, offers consumers, businesses and merchants a fast, commission-free and highly secure alternative to traditional payments. Customers can purchase pin vouchers within the uBUCK Pay app or at participating resellers. For details about uBUCK Pay, please visit uBUCKpay.com. For details about Streambucks, please visit Streambucks.gg.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (CSE:LLT)(OTC:LLNKF)(FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.

Forward-looking Statement
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the nature of the business of LiteLink, and other factors or information. Such statements represent LiteLink’s current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. LiteLink does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Please visit the company’s website at litelinktech.com. For a free report on LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0Bvisit cryptocurrencynews.com.

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Blockchain and Its Impact on Communications and Beyond

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blockchain

blockchain

When people see blockchain, the first thing they probably think of is cryptocurrencies and Bitcoin. No doubt blockchain has been thrust into the limelight by the unprecedented popularity of Bitcoin and the universe of cryptocurrencies, but blockchain is more than just a technology used in transactions.

Blockchain, simply put, is a distributed ledger of digital transactions whose records cannot be altered or destroyed, thus making them safe and secure. The closest analogy is that of transactions that people can see in their bank statement. Each transaction makes up a block in the chain.

The technology not only has its uses in validating cryptocurrency mining but can also be used in other areas as well, as people are newly discovering every day.

Communications is one area where this technology is creating a transformation. The main feature of blockchain that makes it such a revolutionary technology is the security ingrained in it. Communications, whether it be between individuals or organizations, can be easily leaked or hacked and when we use the term ‘communications’ it also encompasses communications that have financial implications, such as the transfer of funds.

>> The SEC Guidelines are HERE! Release of Crypto Token Guidance

Blockchain ensures that communications are completely secure. In fact, private messaging apps are being created on blockchain technology, so that organizations can communicate privately with their customers and other stakeholders. Blockchain ensures that messages cannot go astray. At the same time, the content of the messages does not get recorded in the ledger system.

One challenge in the world of communications is that entities use various platforms and some platforms are not available to everyone. Blockchain helps in instances like this by providing users authentication tokens. These authentication tokens can be used to display the conversation to everyone irrespective of the messaging application they are using. Their identities are validated with the tokens.

Featured image: DepositPhotos © Fotofabrika

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Bitcoin Payments | AT&T Customers Can Now Pay with Bitcoin

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Bitcoin Payments

Bitcoin Payments

Mainstream adoption of cryptocurrency is slowly growing with the latest development being from AT&T Inc. (NYSE:T) which has indicated that from today they will be accepting bitcoin payments as an option of paying for mobile bills.

AT&T customers to pay bills in crypto

AT&T is the first major telecom company in the US to provide the option of paying in crypto. AT&T’s Communication Business Operations VP Kevin McDorman stated that the company is always looking for opportunities for improving and expanding its services. He added that cryptocurrency has become popular nowadays and some customers use it and thus the company is glad to provide them with a payment option of their preference for their bills.

Customers will be allowed to make their mobile bill payments through BitPay in the myAT&T app or by login to the online account. The company has not specified whether the bitcoin payments can be used to pay for purchases of phones and accessories in AT&T stores. BitPay will be processing the crypto payments and then give AT&T a conventional currency.

Although the adoption of cryptocurrency is a significant step, for Joe McCann Passport Capitals’ former hedge fund manager, the move may have come maybe as a result of the company having internal data that shows that more people are using Bitcoin payments nowadays. He added that AT&T did not have an upside to support Bitcoin payments.

Mainstream Bitcoin payment growing

BitPay’s Chief Commercial Officer, Sonny Singh lauded the move by AT&T and the job they have done to make it happen. He added that more companies will soon start the following suit because the adoption of crypto payment by such a big telecom company will motivate competitors to consider joining the trend as most companies are eager to learn.

AT&T follows other major corporation in the US that Accept bitcoin payments such as Subway, Expedia, Overstock, Microsoft, and Shopify. Most recently Whole Foods and a number of retailers began accepting bitcoin payments through third-party partnership.

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