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April 2011

Facebook Libra Must Follow US Rules, Says Treasury Official

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Libra

Libra

It was back in July that Facebook’s Libra was announced and ever since the announcement, it has become the subject of intense scrutiny from lawmakers. It has not only led to the scrutiny of the entire cryptocurrency project announced by Facebook (NASDAQ:FB) but that of the wider cryptocurrency market as well and consequently, it has proven to be a massive disruption. It also coincided with the point at which Bitcoin price started giving up the momentum that it had gained in the first half of the year.

Key Details

In a new development, a key US Treasury Official has stated that Libra will need to comply with the highest regulatory compliance standards before it is launched.

Although regulatory clarity is something that many in the crypto space are eager for, it has given rise to a whole deluge of uncertainty and remains one of the factors why many tokens, including Bitcoin, have underperformed. Sigal Mandelkar, who is the undersecretary of Treasury of Terrorism and Financial Intelligence, spoke at a conference in Geneva and made the above-mentioned comments. However, more importantly, she not only spoke about Libra but went on to state that strict regulatory compliance is necessary for all cryptocurrencies that operate in the United States.

>> Coinbase Launches New $2 Million USDC Bootstrap Fund

According to reports, Mandelkar said, “Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go.” Considering the threat of money laundering pertaining to cryptocurrencies, many regulatory officials have asked for greater regulation to be put in place.

At the conference, the official also said that it is important to put in more anti-money laundering safeguards in place in order to ensure that cryptocurrencies are not misused in any way. That being said, many in the crypto space are actually looking for more regulatory clarity so that institutional money can flow into it.

Featured image: DepositPhotos © Stockcrafter

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Tether Fires Back At “Flawed” Study, Says Coin is Backed By USD Again

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Tether

Tether

Tether has responded to what it describes as a “flawed” paper written by academics from the University of Texas and Ohio State University, which claimed that a single address on the Bitfinex exchange was responsible for manipulating the surge in Bitcoin value in 2017.

Tether Claims Study Was Lacking in Data

Professor John Griffin and Amin Shams analyzed over 200 gigabits of data relating to the transaction history between Bitcoin and Tether and found that the surge in value in late 2017 was attributable to one large trader, or a whale in the crypto world, but the identity of the investor remains unknown.

In a statement released on Thursday, Tether has said that the academics’ claims are “built on a house of cards” and are unsubstantiated due to a lack of a complete dataset. “As an example of one of many deficiencies, the authors openly admit they do not have accurate data on the crucial timing of transactions or the flow of capital across different exchanges. This critical lack of information means they are unable to establish a valid sequence of events through which the alleged manipulation could have happened.”

Tether Market Manipulation

However, the concerns that Tether has manipulated the crypto markets have been around for a number of years. Last month, Tether, and its sister company Bitfinex, were accused of orchestrating “the largest bubble in human history” in a class-action suit. The case alleges that the two companies, and a number of affiliated entities, manipulated the crypto market out of up to $1.4 trillion USD by printing unbacked coins.

>> Microsoft Partners with Ethereum to Create New Digital Assets

Tether has regularly flipped-flopped on its stance that its coin is backed 1:1 with fiat currencies. In February, while under investigation from the Department of Justice, the company changed its stance from saying that every token was “1:1 backed to the dollar” to say that its reserves “from time to time may include other assets.” There was a further walk back in April when one of its lawyers said it was actually only 74% backed by cash or cash equivalents.

In yesterday’s statement, Tether has said that its token is backed by reserves, but did not specify what those reserves were.

Featured Image: DepositPhotos © Grey82

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LiteLink Technologies Signs MOU with InstaPay to Offer Freight Factoring to 1SHIFT Logistics Customers

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VANCOUVER, British Columbia, May 30, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:BAXS) (FRA: C0B) , a leader in logistics, artificial intelligence and digital payment solutions, is pleased to announce that it has signed a Memorandum of Understanding (MOU) with InstaPay Flexible LLC (“InstaPay”) to offer freight factoring to 1SHIFT customers.

The deal will see InstaPay offer factoring services to 1SHIFT Logistics customers in order to ensure shipments managed through the platform are promptly settled.

1SHIFT will automatically forward qualify loads with proof of delivery to InstaPay, who will, in turn, advance payment to the carrier the same-day and distribute a carrier defined percentage to the truck driver.

“We are very excited to have the ability to offer advanced same-day payments to our 1SHIFT customers and alleviate one of the major issues plaguing the trucking industry,” said CEO of LiteLink, Ashik Karim. “The addition of freight factoring into 1SHIFT logistics ecosystem makes the platform a true end-to-end management solution that will completely change how the transportation and logistics industry does business.”

1SHIFT powered by uBUCK is an end-to-end logistics management solution that enables real-time transparency and tracking as well as peer feedback and regulation.

InstaPay is a leading digital factoring service with a 3% or less flat factoring fee. The company helps carriers receive payments from clients within 24 hours. With an online portal and dedicated customer support, the factoring process with InstaPay is hassle-free. No contract lock-up means that carriers have options – there is no monthly minimum threshold, allowing carriers to decide if they factor an individual load or not.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”) (CSE:BAXS) (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. uBUCK Pay is a multi-currency digital wallet that supports traditional fiat and digital currencies. Consumers are able to make online and offline purchases using the uBUCK debit card and send funds worldwide for free.

About InstaPay Flexible LLC

InstaPay is a tech-focused factoring company based in Austin, Texas, which offers financial solutions for American carriers and freight brokers. Their mission is to help businesses access working capital quickly and hassle-free so they can achieve their goals. InstaPay takes pride in both their innovative technology applications and the high degree of customer satisfaction they deliver.

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. (CSE:BAXS) (FRA: C0B) visit cryptocurrencynews.com.

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