Home Blog

Get Involved into Europe’s Unique Event Fin:CODE 2020: Germany, March 19-20

DevOps | Scale | Velocity in the Financial Industry 

Frankfurt, Germany | March 19 – 20, 2020: fin:CODE is Europe’s unique event mainly focused on addressing the challenges that banks, asset management firms and insurance companies are experiencing when adopting and scaling DevOps at an enterprise level. At our 4th annual edition in 2020, 100 software development experts and DevOps geeks representing Euro Stoxx 50 companies will unveil their journey to Continuous Delivery and Microservices with precise insights into best practices and tooling strategies. https://www.fincode-eu.com 

Debate the most pressing challenges and solutions, such as software development, DevOps technologies, tools and methods to optimize teams and pipelines in more than 10 interactive workshops! More than 100 senior- level executives and leading professionals discuss challenges and solutions, technologies, trends and best practice innovations in the field of DevOps, Continuous Delivery and Software development.

Key Topics in 2020: 

  • DevOps: Impacting customer experience, productivity, costs & profitability, speed & application delivery by using Continuous Delivery
  • GitOps & Kubernetes: Ensuring best practices for cloud native deployment, management and monitoring
  • Organizational Cultural Change: Scale DevOps at an enterprise level by addressing barriers to cultural change
  • Continuous Deployment: Keeping up your documentation process along with the pace of deployments
  • Microservices & Containers: Improved scalability and better fault isolation
  • Cloud, Edge, Serverless Computing: How is DevOps playing a key role in cloud migration and application scalability
  • DevSecOps: How to make DevOps and Security run in the same sprint
  • Automation/Testing: From Unit and integration tests to functional testing
  • APIs: Leveraging an API strategy with DevOps
  • AI & Machine Learning: Hype or Truth? The democratisation of Artificial Intelligence for DevOps

For more information, please visithttps://www.fincode-eu.com/

Multi-Touchpoint Concept 

we.CONECT has established new conversational processes like world cafés, bar camps, open space and more than 20 interactive formats which are based on scientific principles. The formats are intended to facilitate open and intimate discussion, and link ideas within a larger group to access the “collective intelligence” or “collective wisdom”. This Multi-Touchpoint Concept is module-based to fit the needs of the conference attendees. In addition to traditional formats like keynotes, use cases and solution studies, the concepts opens up room for deep driving discussions, networking and knowledge transfer.

About we.CONECT: The we.CONECT business event portfolio offers business leaders from all over the world exclusive content, leads & business communities to gather information, share knowledge, network with peers and find solutions for their business critical challenges of today and tomorrow. It makes us particularly proud to be able to open you up to a new world of networking with other global players and niche businesses.

Nasscom Opposes Cryptocurrency Ban in India, says ‘Not a Solution’

Major Indian Trade Organization has mentioned that it is against a complete ban on digital currencies. Recently, the inter-ministerial committee of government proposed a draft to impose a ban on all digital currencies.

National Association of Software and Services Companies (NASSCOM) says that banning cryptocurrencies is ‘not a solution.’ Instead, the Indian government should consider working towards designing a ‘risk-based framework’ to control and verify digital currencies and tokens.

Imposing a ban could prevent new services and application from being implemented and could upset tech startup firms. It could block India from entering in new use cases that digital currencies and tokens provide, Nasscom stated.

Nasscom thinks that the recently proposed draft to ban all virtual currencies, including those supported by the central government is not a constructive step.

According to the report, Nasscom affirms that cryptocurrency projects can be verified under regulatory sandboxes, every-time before launch.

Nasscom further stated banning cryptocurrencies will only delay legal businesses that are currently pro-compliance.

Earlier, the government committee proposed a bill named ‘Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.  The bill is not yet officially introduced. If passed, it will make trading digital currencies illegal in India and a person can face imprisonment of up to 10 years if found associated with it. The cryptocurrencies that are listed in the proposed draft are Bitcoin, Ripple, Ethereum, and others.

Nasscom stated, “To address consumer protection concerns, cryptocurrency-based businesses can be tested in the regulatory sandboxes being launched by the financial sector regulators across the country. We should work towards creating a regulatory framework that will constantly monitor and prevent illegal activities. Regulating would allow the law enforcement agencies to be better equipped to understand these new technologies, enable them to gather intelligence on criminal developments, and take enforcement actions.”

The panel also recommended that a federal virtual currency should be verified and the Indian government should maintain a broader perspective.

However, the government committee suggested that the emerging technology behind digital currency, DLT (Distributed Ledger Technology), the most frequent application is blockchain, can be of great advantage to India across numerous financial and non-financial sectors, such as minimizing the cost of KYC (Know Your Customer), enhancing access to credit and trade financing.

Nasscom appreciated this view of the committee and told it could interact with the central government in planning how DLT can be utilized across India.

Nasscom mentioned we would work with the government operators and look for additional discussion on the matter.

Nasscom, a leading trade institution of India, was established in 1988 and consisted of more than 2,700 member firms across IT, BPO and other tech-based companies.

India has not banned cryptocurrencies yet, but several cryptocurrency exchanges have been shut because the Reserve Bank of India (RBI) has banned financial organizations from providing services to crypto-based companies in India.

Other Stakeholders Speaks over Proposed Draft

Nasscom is not the only institution that has shared its view on the proposed draft. Other operators in the sector have mentioned that the proposed bill will not be able to block cryptocurrency usage across India.

Unocoin, CEO and Co-founder, Sathvik Vishwanath, recently informed a source that the online quality of cryptocurrency transactions makes it “impossible to tell where it’s happening from.”

“Crypto is just one manifestation of the technology. The regulation takes India away from speculative use of technology and paves the way for beneficial use of technology and thereby propagates auditable, secure digital business ecosystem,” Prashant Garg, data and analytics at EY India mentioned. 

JPTT CEO Ooi Boon Hoe Says Jurong Port Tank Terminal of Singapore acquires PetroChina as anchor Tenant

Petroleum and petrochemical storage center of Jurong Port Tank Terminal has been completely rented in Jurong Island, PetroChina of China will be occupying entire phase 1 volume, Jurong Port Tank Terminal (JPTT) mentioned on 29th July, Monday.

Phase 1 of Jurong Port Tank Terminal, which consists of around 252,000 cubic meters of clean storage and petrochemicals space, began its limited activities on 1st April 2019.

Authorities of PetroChina were not available for instant response.

The phase 1 terminal till now obtained, mixed and released products of over 1 million tonnes, and is believed to control around 7 million tonnes of pure petroleum-based products every year.

Chief Executive Officer of JPTT, Ooi Boon Hoe mentioned in a statement, “The majority of the existing tanks are used for gasoline storage with the balance used for chemical components for the blending of gasoline.”

When the terminal is completely working, it will boast almost 550,000 cubic meters of storage volume.

The CEO of JPTT mentioned JPTT and its associates are in serious talks over phase two of the facility. However, there is no deadline provided for the completion of the second phase.

 The second phase of the terminal is believed to add another 310,000 cubic meters of clean petroleum storage, thus getting a total storage volume of JPTT to 562,000 cubic meters.

State’s Senior Minister for Trade and Industry, ministry of education, Chee Hong Tat mentioned, “Jurong Port’s ability to continually innovate and create value for its customers will play a crucial role in ensuring that Singapore remains competitive in attracting strong investments from key players across various industries and creating good jobs for our workers.”

The 16ha petrochemical project of worth $200 million is a combined project between Jurong Port of Singapore and Oiltanking Company of Germany, with the storage volume of clean petroleum of 252,000 cubic meters.

While, from January 2020, the International Maritime institution will ban ships from utilizing fuels consisting of over 0.5% sulfur.

Mr. Chee, speaking during the opening ceremony, mentioned that the terminal is basically designed to control clean petroleum products along with components like focused, clean storage volume and focused outlet lines and tank inlet to avoid impurity.

Mr. Chee further stated that the new tank terminal of Singapore, JPTT will boost the storage model of Jurong Island by providing 252,000 cubic meters of the clean storage capacity of petroleum product.

United States Secretary Of The Treasury Steven Mnuchin Believes Bitcoin Will Be Irrelevant Within 10 Years

Trump’s administration had remained silent on Bitcoin and cryptocurrencies challenges for a long time after assuming office. Now, finally, the US president’s administration seems to take the crypto industry seriously. The US government is planning how to address it from a regulatory perspective.

During an interview with CNBC on Wednesday, Steven Mnuchin, the US secretary of the treasury, responded on emerging technology cryptocurrency.

While in July, the US president also shared his outlook on Twitter, mentioning his dislike for the cryptocurrency. Steven Mnuchin also stated that the emerging technology cryptocurrency is a risk to the US national security if used illegally.

Now, once again, he commented on the cryptocurrency saying,

“I can assure you I will personally not be loaded up on bitcoin in 10 years. I would bet even in five to six years I won’t even be talking about bitcoin as Treasury Secretary.”

The recent view of US Treasure Secretary does not explain his unique regulatory guidelines.

Recently, Mnuchin said that the regulators of the US are examining the crypto industry, and more regulation policies are in progress.

Mnuchin further told:

“We’re looking at all of the crypto assets… We’re going to make sure we have a unified approach, and my guess is that there are going to be more regulations that come out from all these agencies.”

In order to avoid financial-based crimes, the US secretary has asked the US Financial Crimes Enforcement Network (FinCEN) and the US Financial Action Task Force (FATF) to create regulations that will maintain digital currencies at the top level.

 The agencies, namely Securities and Exchange Commission and the Commodity Futures Trading Commission both have tried to implement existing financial regulatory policy to the crypto-asset industry.

Mnuchin once again raised concern over the cryptocurrency in an interview. He mentioned that regulators were worried about cryptocurrencies such as Bitcoin and other altcoins were used for illegal intentions and that financial officials were determined to sort it out.

While on July 18th, Mnuchin accidentally stated that fiat currencies are not instruments for money launderers, although bitcoin and other crypto transaction of worth million dollars are performed for illegal purpose.

Earlier, Facebook revealed about the launch of its crypto coin Libra in 2020. From then onwards, more financial authorities from the world raised concern over the financial objective of Facebook. After which political members started focusing more on Bitcoin and another crypto asset.

Mnuchin later mentioned in the interview that he believes the dollar is the major currency across the world. ‘It’s in our interest. We want to maintain it.”

According to Mnuchin future of cryptocurrency is gloomy and he continues to support the dollar.

Not Much Change in the British Pound as Boris Johnson Gets Chosen as the New PM

When the result of the Brexit referendum was announced back in June 2016, the British Pound plunged to some of its lowest points in the following hours and days. Similarly, the British currency has generally reacted one way or another over the past three years to major political developments. Hence, it was expected that there was going to be similar movement when Boris Johnson was elected as the leader of the Conservative Party and became the Prime Minister-elect on Tuesday. However, to everyone’s surprise, there was very little turbulence in the British Pound. Over the past few months, the currency had gone up or down depending on the state of the country’s negotiations with the European Union regarding Brexit.

It is believed that Johnson’s message to unite the country and work out a deal with the EU, which could be in the best interests of all parties, has led to some positivity. After he was announced as the Prime Minister-elect, Johnson delivered a speech, and it was in that speech that he spoke about unity. He said, “Like some slumbering giant we are going to rise and ping off the guy-ropes of self-doubt and negativity with better education, better infrastructure, more police, fantastic full-fiber broadband sprouting in every household. We are going to unite this amazing country, and we are going to take it forward.”

Although the markets might have welcomed such a bullish stance from the new Prime Minister, it is unlikely that the immediate future of the United Kingdom is going to be that straightforward. The negotiations with the EU have dragged on for months, and the Parliament has rejected each and every deal that former PM Theresa May brought to the table. There is a school of thought that if the UK fails to agree to a deal, then they would bomb out of the EU without a deal and that could be catastrophic for the country. If that happens, then there is every chance of the Pound collapsing quickly. Hence, the stance regarding the Pound as of now might not actually sustain for long.

Cryptocurrency Exchange OKEx Donates $4.5 million Bitcoin to Perpetual Swap Market Insurance Fund

One of the leading cryptocurrency exchanges of the world, OKEx has contributed bitcoin of worth $4.5 million to the perpetual swap market insurance fund, aims at enhancing the confidence of customers in digital trading currencies.

In 2018, Malta-based OKEx launched the perpetual swap business and new risk management system, together. These solutions greatly benefited its customers. Ever since the introduction of the new risk management system, OKEx exchange has registered no clawback for the perpetual swap trading and futures and zero clawbacks within severe variability.

The contribution of OKEx exchange to insurance fund will offer an additional layer of safety to the users and ensures that the interests of users are protected.

After getting verified by the trade market, OKEx exchange is delighted to notice that it’s crypto developed products have turned out to be the most reliable products of retailers and customers throughout the world.

OKEx exchange expects to move forward so as to make every customer feel convenient trading on OKEx platform.

In order to execute this plan, OKEx considered contributing US$4,567,888 of Bitcoin worth to OKEx’s perpetual swap insurance fund.

Operations head of OKEx, Andy Cheung, mentioned, “We strive for developing a healthy trading environment. No clawback has occurred on OKEx perpetual swap since its launch. We introduced a new risk management system to strike a better balance between avoiding early liquidation and maximizing traders’ benefits.”

Further, Cheung added we hope the donation of $4.5 million will provide more confidence to users market over OKEx platform. Our goal has always remained the same, creating a powerful cryptocurrency trading place, wherein every customer can buy and sell independently and in the right way.

The perpetual swap market insurance fund is created to pay margin call ahead of the activation of clawback. Hence, the bigger the insurance amount, minimum chances of having a clawback.

OKEx exchange offers services to millions of users across the world; it provides arbitrage and hedging tools, for example, futures and perpetual swaps, in order to support buyer and sellers to minimize their marketing techniques. OKEx developed a complex security network, and because of this no important security problems occurred, no scams have taken place and nor asset damage ever occurred on OKEx platform.

Andy Cheung stated,

“Customer satisfaction is the core of our service. The key to delivering the best user experience to our customers is security. Our founding members and executives are all tech and internet experts, allowing us to lead in product and technology development. As believers in Bitcoin and blockchain, we are dedicated to bringing more positive changes to the existing financial system, bridging the traditional and crypto markets with our technologies.”

Cheung also responded to the donation, saying,

“We wanted to support blockchain development in our own way and, more importantly, put our customers first. That’s why we decided to place our resources where our customers can directly benefit.”

The contribution is believed to go till July 24th; this contribution will increase the perpetual swap market insurance fund value by 2-fold.

Iran Government Recognized Cryptocurrency Industry and Mining of Digital Currencies

Mining of digital currencies has been approved in Iran by the Commission of Economics of the government. Now cryptocurrency has got recognized as the official currency by the government of the country. The government has taken the step to regulate the crypto mining firm of the country.

Elyas Hazrati, the chief of the economic commission, said in the parliament the country recognizes the digital currency as official industry to take benefit of tax and revenues.

The governor of Iran’s Central Bank, Abdolnaser Hemmati, told on Sunday the cryptocurrency mining is permitted in the country by the economic commission.  The discussion on it will later take place in the meeting of the cabinets.

Iran tried to suppress the digital currency mining industry for a long time in the country but seeing the cheap electricity price the miners got attracted towards it. So, the government was enforced to think over it.  Now the government has also acknowledged cryptocurrencies as legal tender in the country. But the electricity rates for the mining firms so far have not been debated and finalized in the parliament.

Elyas Hazrati further said that the income gained from the mining industry could be utilized for buying foreign exchanges. And remove the difficulties that the country is facing because of the US sanction. The news is also coming that the government is lightly launching the electricity rates for digital currency mining.

Chief of the Economic Commission is concerned about the deflation of Rial, the official tender of the nation, and also about the drainage of foreign exchange to other republics due to destabilized nature of cryptocurrency.

Although it is clear that the government of Iran accepts cryptocurrency, it remains uncertain whether they will be accepted for domestic payments or not. As in January, CBI has already imposed a ban on such fees and faced a massive protest from the local industrial community. Previously two Iran citizens were placed on OFAC sanction list for ransomware activities of Bitcoin. It can be understood the Iran government has not changed its mind overnight different ministries, councils, and organizations apart from the central bank has played an essential role in the matter. Although digital currencies have got acceptance, it remains a question of how the government will regulate it.  

Custom Department Of Iran Will Not Issue License For Importing Crypto Mining Machines In The Country As It Lacks Approval From The Government

Earlier, a source reported that Iran criticized the US for stopping their crypto mining activities, but now Iran seems to have a bigger barrier for crypto mining activities in the nation, and their internal government is to be criticized for it.

A customs administration agency of Iran has not given licenses for importing cryptocurrency mining devices in the country, because it does not have permission from the government.

It seems the government of Iran still does not have a positive outlook for the emerging technology cryptocurrency.

On Sunday, 21st July Tehran based news agency, Mehr revealed, the Islamic Republic of Iran Customs Administration’s (IRICA) Deputy President, Jamal Arounaghi mentioned that the customs administration had not issued licenses of any kind for importing digital currency mining equipment’s, however it will issue the license only when the government permit them. Once the government sends them a green signal only then they will create related operations.

Digital currency mining device is completely banned in Iran. However, IRICA has considered a tariff rate for the crypto device. As of now, IRICA has included the digital currency mining device under computers and central processors group and have a constant rate on its import device. Jamal clearly mentioned that just because the crypto mining equipment has a fixed tariff rate, does not indicate that it’s authorized by the state or legal. For instance, he said IRICA has traffic plans for some illicit drugs.

In July, a crypto source reported that officials of Iran are struggling with maximum people shifting to Bitcoin mining and adapting it to deal with the US sanction.

The community across the world believes that Iran has been adopting digital currency mining in order to avoid the heavy sanction imposed on the country by the United States.  While on the other side, delay in the government of authorizing the import of crypto mining devices reports different news.

The US sanction has greatly impacted the economy of Iran.

Mohammad Javad Azari Jahromi, Iran’s Minister for Information and Communications Technology earlier informed that Iran has become ‘heaven for miners,’ further said that

 “The business of ‘mining’ is not forbidden in law, but the government and the Central Bank have ordered the Customs Bureau to ban the import of [mining machines] until new regulations are introduced.”

Now, we need to see if Iran’s government will change its decision on cryptocurrency in the coming days or the government is playing a trick to make the global community believe that authorities view on crypto mining is still negative.

Security Tokens: The Next Big Thing in Fundraising or a Bubble About to Pop?

Predictions and strong claims about the future of the Security Tokens have flooded the internet these days. Some say that it is the next thing that the future of fundraising needs. And some say that it is just a brittle bubble about to pop. What should you believe? Should you go by the hype? Should you stay at the shore and deal with FOMO? Well, don’t get overwhelmed, this article is your reliable insight into the world of security tokens, and by the end of the article, you will be in a position to make up your mind about them. So, let us begin!

The background of tokens-

Before diving into the advantages and disadvantages of the security tokens, let us briskly walk through its concept. Talking at the fundamental level, tokens can be categorized as- ‘utility tokens’ and ‘security tokens.’ Utility tokens are usually based on Ethereum and offer some kind of utility in terms of benefits such as access to any system, or some service is offered, such as cloud space.

Security tokens, on the other hand, are not compulsorily developed around utility as the driving force. A security token often offers a share in a company who offered it. They have much in common with equity tokens. The major difference between a security token and a utility token is around the amount of regulation regulated by the govt. Security tokens are far more tightly regulated. And that is why they offer strong legal protection as well.

So, what are Security tokens?

Security tokens are digital assets based fundraising instruments. STO or Security Token Offering is tightly regulated by regulations, and therefore, the token issuing company is made accountable for the sale, and the related actions.

Security tokens are like investment contracts that vouch for legal ownership of any asset or commodity, which is verified in the blockchain. It can be used for token trading, collateral services, storing of funds, and so on. A traditional example may help in clarifying the concept in a better way. For instance, gold can be owned by the people who can afford it. But what if we tell you that a few people together can own the x amount of gold in fractions? That is what security contracts allow you to do. The decentralized quality of security tokens allows ownership of assets or commodities all over the world.

Regulations around Security tokens-

Security tokens are highly reliable ones, given the fact that they are highly regulated by the local regulations of the particular country where they are offered. For instance, in the United States, security tokens have to comply with Regulation D, Regulation A+ and Regulation S. Let us understand these regulations in detail-

Regulation D-

Regulation D requires filling up of the ‘Form D’ by the creators of the security token sale after the securities get sold. This regulation also frees up the creator from the compulsion of registering with the U.S. SEC (Security and Exchange Commission.) Further, the offerings also need to be solicited as per the Section 506C, which verifies the accreditation of the investors and the information supplied by them.

Regulation A+

As per this regulation, the creator can offer security that is allowed by the SEC. The security is offered to non-accredited investors. The upper limit of this solicitation is 50 M U.S. Dollars in investment. This regulation takes more time than other regulation and is also more expensive than the others.

Regulation S-

When the creator wants to offer security token outside the U.S., then he or she needs to comply with this regulation. This regulation frees up the creator from complying with Section 5 of the 1993 Act. Under this regulation, the creator has to follow the regulations of the country in which he or she intends to offer the security token sale.

Above was a simple layman explanation of the respective regulations and should not be considered at par to the legal definitions. For a detailed perspective, it is strongly advised to consult legal authorities.

Conclusion- Finally, Security Token Sales are far more regulated in comparison to the Initial Token Sale. This ensures clarity, security, and legal back-up. Other benefits of the security tokens are more liquidity, global access to the security tokens, 24/7 trading possibilities, inter-operational assets, strong regulation compliance, fractional ownership, and so on. Yes, Security tokens have gained a lot of limelight lately, but it’s not because of any hype, but solely on its merit!

The Concept of Crypto Mining

Cloud mining is a process through which anyone can participate in the mining of the cryptocurrency without actually owning the hardware and other peripherals required for the process. It is advantageous in nature as it allows people to become a shareholder in the process without bearing any cost related to the mining hardware and equipment. You can open an account with an organization which offers a cloud mining at a very basic cost and according to your share your purchase, and you will receive the proportion of the profit earned by the organization.

Cloud Mining Idea and Process

The idea behind cloud mining is to make this facility available for persons across the various locations around the globe, which is based on the theme of decentralization. In order to participate in cloud mining, you are required to purchase some amount of “hash power.” This “hash power” will ultimately decide the share of the profit you are going to get in the overall profit made by the company.

The mechanism behind the working of cloud mining is quite simple. We all are aware of cloud computing, which involves accessing computer services such as storage, software, and databases through the cloud. The companies offering cloud services charge customers on the usage basis just like we pay for the water or electricity. Similarly, we have the mining process which can be considered as a backbone of any cryptocurrency. For the starters, mining is the process by which transactions are added to the open public ledger after being verified. It also refers to the process of adding new coins, and people can participate in both of these processes through cloud mining.

How can one participate in Cloud mining

In order to participate in the cloud mining process, you are required to open an account with the crypto mining organization. You can open an account with the company by visiting their website and selecting certain requirements like how much hashing power you will purchase and the period of contract. Since the field of crypto mining is quite popular, many fraudulent organizations or imposters have also crept into the system, and therefore one needs to be vigilant while opening an account with a crypto mining organization.

0FansLike
0FollowersFollow
0FollowersFollow

Latest posts