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November 2020

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 LOI With Datable to Integrate Loyalty Program Into uBUCK Pay and Flexible Cash Card Into Datable’s Rewards Offerings

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VANCOUVER, British Columbia, May 13, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(FRA:C0B:FF)(OTC:LLNKF), a leader in digital logistics and payment solutions, has announced that its wholly-owned subsidiary uBUCK Technologies SEZC (“uBUCK”) has signed a letter of intent (LOI) with Datable Technology Corp. (TSXV: DAC) (OTC: TTMZF) (“Datable”) to enter into a strategic commercial relationship.

Under the terms of the LOI, uBUCK will integrate PLATFORM³, Datable’s loyalty and rewards program into uBUCK’s digital payments platform. This would allow account holders of uBUCK Pay — who can now make online payments and send worldwide payment transfers within seconds without paying for transfer fees — to also earn rewards for purchases and payments made within the uBUCK Pay digital wallet or on their uBUCK Mastercard. uBUCK and Datable will share transaction fee revenue from the convenience fees charged for uBUCK pin vouchers and debit card transactions.

Datable’s customers are leading consumer brands that use PLATFORM³ to reward consumers for purchasing, viewing content, sharing content via social media, referring friends and completing surveys. The terms of the LOI also stipulates that the uBUCK prepaid credit card will be featured as a reward for consumers to purchase with their points on Datable’s client’s portals.

“We believe that Datable is the #1 Rewards platform on the market. They continue to sign up well-known brands and we’re excited to be a part of their cash card offerings,” says James Youn, CEO of uBUCK. Mr. Youn also commented, “The uBUCK Pay platform will see immediate growth. Datable’s referrals will allow uBUCK to potentially gain access to millions of new users.”

“Datable provides consumers of Fortune 500 brands with access to over 300 digital gift cards from leading retailers including Starbucks, Walmart, and Target. The partnership with uBUCK provides Datable with a unique and flexible cash card offering that our brand customers are looking to provide to consumers as rewards for engagement,”

says Robert Craig, CEO of Datable Technology.

Mr. Craig added,

“We have proven that PLATFORM³ delivers value to leading consumer brands and consumers, the uBUCK partnership is a new source of transaction-based revenues for Datable. In 2019, Datable is launching new products and applications leveraging the opt-in personally identifiable information that for PLATFORM³ technology collects to generate new transaction-based revenues.”

The terms of the agreement will also give Datable’s data management platform access to non-identifiable user purchase history data to offer uBUCK Pay users coupons and discounts for their most popular and similar purchases.

About uBUCK Technologies SEZC

Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in decentralized 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.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(FRA:C0B:FF)(OTC:LLNKF) 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. For more information about LiteLink Technologies Inc., please visit litelinktech.com. If you would like to know more about the 1SHIFT logistics platform, please visit 1shiftlogistics.com.

About Datable Technology Corp.

DTC has developed a proprietary, mobile-based consumer marketing platform – PLATFORM³ – that is sold to global Consumer Packaged Goods (CPG) companies and consumer brands. PLATFORM³ is delivered as a subscription service (Software as a Service model) and used by CPG companies to engage consumers, reward purchases and collect valuable consumer data. PLATFORM³ incorporates Artificial Intelligence and Machine Learning to monetize the consumer data, including demographics and purchasing behavior, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.com.

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:LLT)(FRA:C0B:FF) (OTC:LLNKF) visit microsmallcap.com.

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Bitcoin Drops Below $10,000 USD in Sudden Swing

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Bitcoin

Bitcoin

Bitcoin (BTC) price slides more than $600 in just 30 minutes on Wednesday to fall below $10,000 USD for the first time in over a month.

The Catalyst Remains Unknown

Bitcoin, which is up almost 200% this year, dropped more than 5% from just under $10,200 US to around $9,600 between 17:50 UTC and 18:20 UTC. It’s the first time the world’s largest cryptocurrency has fallen below the $10,000 USD milestone since July. The catalyst for the dropoff is not yet apparent; however, one analyst believes low trading volumes exacerbated the effects of the drop. Jeff Dorman, Chief Investment Officer at Arca, said:

“It’s the week before Labor Day. Half of crypto is at Burning Man and the other half is sitting on their hands doing nothing. Volumes are low and it takes very little to move markets right now, and you have big futures/options expirations coming up at the end of the week. The only definitive thing I can point to is that the move was led by declines in [altcoins] and other large-cap tokens that have been out of favor for months. I just don’t think there are a lot of investors willing to defend price right now.”

Altcoins Drop Alongside Bitcoin

As mentioned by Dorman, several major altcoins also dropped off sharply alongside Bitcoin today. Ethereum (ETC), Litecoin (LTC), XRP, and EOS also saw declines in the region of 5% to 10%. Another reason for this could be the recent news that China is planning its own cryptocurrency, which could potentially rival Bitcoin and force the major altcoins further down the pecking order.

>> Basic Attention Token (BAT) Gains 6% After Launch of New Brave Wallet

Just yesterday, some analysts speculated that Bitcoin could potentially hit the $20,000 USD mark before the end of the year, with many more believing it will cross that threshold at some point next year.  While data published on Twitter by Skew stated that there was only a 7% chance Bitcoin would hit the milestone, these chances have surely been diminished by today’s losses.

Featured image: DepositPhotos © freedomtumz

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Bitcoin Miners Turn Profitable | Good News for Cryptos?

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Bitcoin miners

Bitcoin miners

One of the things that do not often come into the surface is the work done by Bitcoin miners when it comes to the overall cryptocurrency ecosystem. Miners are the ones who actually create the Bitcoin tokens and are given a reward for each completed block. Hence, when Bitcoin went through its downturn for the whole of 2018, it was a bad time for miners, and many had to wind up their operations.

What’s Coming Ahead?

However, when the remarkable bull run commenced earlier this year, it made for a better time for the miners and for the first six months of the year, it has proven to be profitable.

The price of each Bitcoin token rose from around $3,000 at the start of the year to around $14,000 by the end of the first six months, and that resulted in a lot of rewards for the miners. Despite the drop off in the price of Bitcoin from the highs of June, analysts have stated that Bitcoin mining is still profitable for the miners. According to one expert, the current cost for Bitcoin miners to create one token is between the range of $7,300 and $8,500. Hence, the whole thing is still profitable.

>> Tether Introduces New Yuan-Linked Stablecoin, CNHT

However, the ultimate question for Bitcoin enthusiasts is whether the profitability of the miners is going to have a bullish effect on the price of the token or not. Some analysts claim the bullish trend among miners may not ultimately be a great thing for the price of Bitcoin. One analyst stated that Bitcoin miners are going to be eager to sell the tokens in which they are already profitable in order to fund their future operations. When that happens, it is going to put pressure on the price of Bitcoin as a whole, and that is something that needs to be watched by traders. However, it cannot be denied that 2019 has been a great year for Bitcoin miners so far.

Featured image: DepositPhotos © zoomteam

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