The emergence of digital assets, cryptocurrencies, and their underlying blockchain technology is rapidly transforming the global monetary system. To better facilitate this transformation, the current regulatory environment must be enhanced to provide all participants with unambiguous regulations that provide accountability, integrity and transparency to prevent malicious behavior that can develop in rapidly evolving market segments. The Global Digital Asset and Cryptocurrency Association (Global DCA) was established to guide the evolution of this new technology within a regulatory framework designed to build public trust, foster market integrity and maximize economic opportunity for all participants. By devising standards and consensus-based solutions, the Global DCA will address the major challenges facing the digital asset and cryptocurrency industry.
Matt Lisle, Chairman of the Global DCA and General Counsel for DrawBridge Lending, LLC notes that “daily, we see headlines reflecting a great struggle for the legitimacy of this new asset class within a lightning-fast, rapidly changing environment. A healthy robust industry needs structure, standards and an efficient regulatory framework to thrive.”
Renata Szkoda, Treasurer of the Global DCA and CFO of Blue Fire Capital agrees and notes that “blockchain technology is groundbreaking and represents in so many ways a ‘reset’ within the world of traditional finance, banking and financial investment. The development of an unambiguous and suitable regulatory framework that is tailored to the needs of this developing technology is necessary for its evolution and mass adoption. At this stage, in my opinion, a unified industry engagement is essential and the Global DCA provides a compelling forum for it.”
Global GDA has signed up several members including DrawBirdg, Fintank, Inca Digital and UAE Based GRIP Investments to name a few.
Author: Source: Global Digital Assets and Cryptocurrency Association press release
UAE Based Sustain crypto exchange launches Football token
SUSTAIN.EXCHANGE, slamic compliant crypto ecosystem, has launched Koora Coin the world-first digital currency for football. SUSTAIN.EXCHANGE has issued 500 million Koora Coins allowing football fans and specialists to access, engage, and invest in the world’s football players and their football clubs via blockchain.
Koora Coin is covered with fixed valuable assets creating a solidified value for the coin and the security of the investors. Backed by several strategic partnerships with a number of leading international companies in the football field, Koora Coin is set to serve more than one billion football fans in the Arab region, the African continent, and several countries around the world.
“We are thrilled to launch Koora Coin and help the football fans across the world to invest in their passion. Tokenising football has been part of our growth plan for 2020 and we are extremely proud of raising the innovation in the sports crypto space from an Arab region. Our focus is to provide our investors a safe, ethical, and seamless technological experience, by leveraging our blockchain technology and our network of international partners” says HE DR Fahed Merhabi CEO of SUSTAIN.EXCHANGE.
Sustain Islamic Crypto exchange had launched back in May of this year. It then partnered with Affipay for digital payments while SUSTAIN will build its infrastructure platform on Tezos.
Author: Source: SUSTAIN CRYPTO EXCHANGE PRESS RELEASE
Mastermind of Alleged Billion Dollar Spanish Pyramid Scheme Arrested, Faces 16 Year Prison Sentence | News Bitcoin News
The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization and money laundering. Fuentes, who has been in hiding since September, was arrested at one of his properties in the south of Tenerife.
Fuentes’ arrest stems from lawsuits filed by Arbistar clients who allege pyramid fraud after the bitcoin trading company abruptly froze accounts leaving 32,000 families affected.
During a hearing, the Investigating Court Number 3 of Arona (Tenerife) described operations of Fuentes’ Arbistar as a “potential pyramid scheme.” The court released the CEO “on provisional liberty without bail” but ordered the withdrawal of his passport. In addition, Fuentes must report to the Arona Courts every 15 days.
Meanwhile, despite the widespread Spanish media speculation that $1 billion is missing, Judge Javier García Ramila cautions that “at this moment it is premature to estimate the amount of possible fraud, given that the exact number of customers who contracted the product offered is unknown.”
The Spanish court clarifies that it is only proceeding with the case against Fuentes based on 21 complaints that have been filed at “Police stations and Civil Guard barracks in Tenerife, La Palma, Málaga, Huelva, Granada Mallorca, and Lugo.” The total value of missing funds from the 21 reported cases is approximately $367,000.
In the meantime, describing the operations of Fuentes’ organization, court documents say:
Arbistar offered its clients computer tools (“bots”) that automatically executed buy and sell orders in the cryptocurrency brokerage markets thus guaranteeing them a revaluation of their savings of between 8% and 15%.
However, the documents say that the bitcoin investment company’s offer is on the condition that “during a reasonable grace period of two months customers would not be able to cash out their money.”
Consequently, in conclusions based on their findings, investigators say “it has been possible to attest that the aforementioned product could really be a pyramid scam.” Investigators add that “instead of executing the investment committed in the various virtual markets and rewarding the old clients with profits obtained” Arbistar appears to have been funding profit payouts with deposits brought in by new customers.
Investigators also say they unearthed possible money laundering activity involving Venus Capital Trade SL, a shell company that reportedly received $1.32 million from Arbistar.
Meanwhile, Judge Ramila, who refuses to impose more punitive restrictions on Fuentes, says he now “needs to scrutinize countless documents and electronic devices and work with banks to trace diverted customers funds.” Nevertheless, the judge says he is open to “more burdensome measures” being imposed against Fuentes.
Fuentes faces up to 16 years in prison if found guilty.
What are thoughts about Fuentes’ release on provisional liberty without bail? Share your thoughts in the comments section below.
Arbistar, Arbistar Scheme, avier García Ramila, Bitcoin Fraud, Bitcoin investment, buy and sell orders, cryptocurrency brokerage, Money Laundering, Pyramid Scheme, Santiago Fuentes, Spanish Investment Scheme, Trading bots
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ardor Trading Up 8.5% Over Last 7 Days (ARDR)
Ardor (CURRENCY:ARDR) traded 5.2% lower against the U.S. dollar during the one day period ending at 19:00 PM ET on October 25th. One Ardor coin can currently be bought for about $0.0519 or 0.00000398 BTC on major cryptocurrency exchanges including LiteBit.eu, Stocks.Exchange, OKEx and HitBTC. Ardor has a total market capitalization of $51.83 million and $2.15 million worth of Ardor was traded on exchanges in the last day. During the last seven days, Ardor has traded 8.5% higher against the U.S. dollar.
Here’s how similar cryptocurrencies have performed during the last day:
Ardor uses the hashing algorithm. It launched on October 13th, 2016. Ardor’s total supply is 998,999,495 coins. The official website for Ardor is www.ardorplatform.org. The Reddit community for Ardor is /r/ardor and the currency’s Github account can be viewed here. Ardor’s official Twitter account is @ArdorPlatform and its Facebook page is accessible here. The official message board for Ardor is nxtforum.org.
Ardor Coin Trading
Ardor can be bought or sold on these cryptocurrency exchanges: Bittrex, Stocks.Exchange, LiteBit.eu, Poloniex, HitBTC, OKEx, Upbit and Binance. It is usually not possible to purchase alternative cryptocurrencies such as Ardor directly using US dollars. Investors seeking to trade Ardor should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, GDAX or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Ardor using one of the exchanges listed above.
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Author: John Danvey
X-CASH Trading Up 1.2% This Week (XCASH)
X-CASH (CURRENCY:XCASH) traded 2.5% lower against the US dollar during the 1-day period ending at 0:00 AM E.T. on October 25th. One X-CASH coin can currently be purchased for approximately $0.0000 or 0.00000000 BTC on major cryptocurrency exchanges including Trade Satoshi, Stocks.Exchange and Cryptopia. X-CASH has a total market cap of $1.31 million and approximately $39,496.00 worth of X-CASH was traded on exchanges in the last 24 hours. In the last week, X-CASH has traded up 1.2% against the US dollar.
Here’s how similar cryptocurrencies have performed in the last 24 hours:
hashing algorithm. Its genesis date was September 1st, 2014. X-CASH’s total supply is 59,164,333,942 coins. The official website for X-CASH is x-cash.org. The Reddit community for X-CASH is /r/xcash and the currency’s Github account can be viewed here. X-CASH’s official Twitter account is @XCashCrypto.
X-CASH Coin Trading
X-CASH can be bought or sold on these cryptocurrency exchanges: Cryptopia, Trade Satoshi and Stocks.Exchange. It is usually not currently possible to purchase alternative cryptocurrencies such as X-CASH directly using US dollars. Investors seeking to acquire X-CASH should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, Coinbase or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase X-CASH using one of the aforementioned exchanges.
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Author: ABMN Staff
What is the exchange rate of USD (US Dollar) / CNY (Chinese renminbi) on Sunday October 25, 2020
Get the latest mid-market rate for USD (US Dollar) / CNY (Chinese renminbi) for Sunday October 25, 2020 right here.
The latest rates for USD (US Dollar) / CNY (Chinese renminbi) are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest Forex Market data to bring you live information to help you make the right forex trading decisions.
Sunday October 25, 2020 1 USD (US Dollar) is worth 6.686804 of CNY (Chinese renminbi) .
Remember to always trade with a reputable broker. It’s also possible to apply forex concepts to cryptocurrency trading.
Considering making a trade? Forex is one of the most volatile markets in the world and there are hundreds of currency combinations to choose from. Understanding how the market works is key and we’re here to help you.
Currencies are always traded in pairs. When you buy or sell one currency you automatically buy or sell another. In every currency pair there is a base currency, in this case USD (US Dollar) and a quote currency CNY (Chinese renminbi).
The price displayed for a currency pair represents the amount of quote currency, or CNY (Chinese renminbi) you will need to spend to purchase one unit of the base currency USD (US Dollar) In this example that means you need to spend 6.686804 of CNY (Chinese renminbi) in order to purchase 1 USD (US Dollar).
Forex pairs fall into three categories; the majors, the commodity currencies, and the cross currencies:
Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.
It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.