Telegram Tokens Offered for Sale at Triple ICO Price

Telegram Tokens Offered for Sale at Triple ICO Price

Japanese crypto coin exchange Liquid reports that South Korea’s Gram Asia is selling rights to Gram, Telegram tokens, holdings at $4.00 per piece in a sale that will start on July 10.

The sale price is 3 times higher than the original $1.33 sale price at Gram’s 2nd ICO round in March 2018.

It appears that the sale set on July 10 will take place via Japanese crypto-asset exchange Liquid site. Liquid also hosted the Gram ICO in March, during which Telegram raised $850 million, reaching up to $1.7 billion in its total valuation.

Furthermore, it is stated that if buyers purchase Gram token with Liquid’s crypto QASH, there will be a discount and the price will be reduce to $3.50 per token.

Aton, Russian research agency, states that the future Gram token price will be variable; however, overall it will vary between 2.1 – 8 USD.

Telegram has set a start date by the end of the 3rd quarter 2019, before Facebook’s Libra token debuts.

Pavel Durov, who raised $1.7 bln from investors during the previous year to finance the development of Telegram Open Network blockchain, aims that transaction speeds will be faster than the BTC, as well as ETH blockchains and can even enter a competition with Visa and Mastercard.

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NEW CUBAN CRYPTOCURRENCY LAUNCHING SOON?

The government of the Cuban Republic is discussing the notion of using crypto coins in an attempt to improve their failing economy. The new Cuban cryptocurrency is meant to fix the economic issues in the country that stem from economic sanctions imposed by the government of the United States.

Another problem is the reduction of aid from the country’s ally, Venezuela, and President Trump’s decision to increase sanctions against Cuba. The embargo has been placed in October 1960 by President D.D. Eisenhower.

The economic reforms, presented by President Miguel Diaz-Canel and the Cuban Government, is supposed to raise money for 1/4 of the Cuban citizens and boost market reforms.

The main purpose of these changes is to encourage development of production and demand in Cuba. This is due to the fact that the sanctions enforced by the United States directly target tourism and foreign participation in the market.

One of the most well-known efforts of the government will probably be raising pensions and also wages for those employed by the government. The medium wage was raised from $25 to $ 44.5.

Despite all of this Cuban citizens are still skeptical and believe that these changes won’t be enough to break the gap between salaries and the expenses of living.

The move to create a crypto coin is reportedly influenced by Venezuela’s launch of its coin called Petro (PTR) in 2018.

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Kopitiam will Accept Crypto Payments

Food court operator Kopitiam, which is based in Singapore, announces programs to accept payments in bitcoin.

In an interview to the Business Time, the CEO of Kopitiam Alden Tan stated that KOPItech system cost about 500,000 in USD to create in-house. At the same time, he mentioned that the reason to take a decision to make it consistent with crypto coins originated from his interest about blockchain and the desire to achieve an increasing section of highly digital-savvy customers. In addition, he mentioned that cryptocurrency payments will opens up new opportunities in attracting more customers. Mr Tan noted:

“Allowing cryptocurrencies will help us to learn more about this segment of the payment system.”

Given the fluctuations in crypto-asset prices, sellers are often wary of accepting such payments. Tan notes the company is aware of the current situation and has developed a method that will allow outlet owners to cope with the new development.

According to Tan, Kopitiam will help restaurant owners convert the cryptocurrency received during the week into fiat currency. The converting process, crypto-assets to traditional currencies, will be implemented every week by Kopitiam along with its fintech partner. What’s more, Kopitiam will bear the fluctuation risks of any currency. Stallholders will keep earning their profits in Singapore dollars.

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Huobi will launch its own blockchain called FinanceChain

The Singapore based crypto Exchange Huobi reported about the plans to release its own public blockchain called FinanceChain to provide services in the sphere of decentralized finance.

Huobi is collaborating with startup Nervos to release a decentralized FinanceChain network, with the help of which financial companies, as well as exchanges will have the possibility to apply their own blockchains, token up assets and provide decentralized finance services.

With FinanceChain, it will be possible to create stablockcoins, make token offers (STO) plus create decentralized exchanges. At the same time, FinanceChain will support tools to verify the identity of customers, also comply with the requirements of regulators to counter money laundering. FinanceChain will receive assistance from payment services too.

Kevin Wang, who is the co-founder of Nervos – a layered network, stated:

“More and more assets are moving into the digital world, including crypto and traditional assets. The financial industry is now at a turning point and together with Huobi we have every opportunity to help it modernize and create a decentralized future”.

Developers plan to submit the source code of this project in the 3rd quarter of this year. The release of the test network should take place in the beginning of the next year, and the main network will start in second quarter of 2020.

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RUSSIAN CRYPTO REGULATIONS ARE ADOPTED

The Ministry of Finance in Russia announced once again that, according to Russian crypto regulations, crypto coins won’t be employed as a means of payment in the country.

Alexei Moiseev, the Deputy Finance Minister, told the Russian news outlet Rambler News Services that crypto-assets certainly will not become a legal payment in the jurisdiction.

“The national currency of our country is the Ruble and all payments in Russia are to be made using Ruble,” Moiseev declared.

Regarding crypto mining, Moiseev pointed out that the Russian government wasn’t considering to make crypto coin mining illegal any more and no criminal charges will be made to miners.

“Currently it is not thought to be a crime and the authorities made the decision to review the issue longer before taking any action,” Moiseev continued.

When asked about Facebook’s upcoming crypto coin, Libra, the official that there were not going to be any particular laws and regulations in relation to this coin. It would be used like any other cryptocurrency in Russia.

However, laws around Initial Coin Offerings are changing now as they become legal. Right now, the legality of crypto coins in Russia is a heavily discussed issue and, according to Maiseev, crypto-assets may be categorized as foreign currencies.

This means that the citizens of Russia will have the right to trade and store crypto coins, however, using them to make purchases will be illegal. In Maiseev’s mind, allowing the usage of crypto coins as a payment method will create unwanted confusion.

The Deputy Minister of Finance also noted that investing in digital assets might become legal, yet payments are not an option.

Anatoly Aksakov, the Chairman of the State Duma Committee on Financial Market, announced a week ago that regulations and laws regarding crypto coins may be adopted in less than a month. The Government, however, still hasn’t made the final decision.

 

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RBI to Develop Blockchain-Based Banking Platform

The Reserve Bank of India (RBI) announced about the of a banking platform based on blockchain technology. The release of the platform is planned to take place in the coming year.

Director of IDRBT Dr. A. S. Ramasastri told BusinessLine:

“We have been working on a model platform for blockchain applications for the government in banking. It will be documented and developed next year.”

It is stated that the blockchain-based platform, the creation of which has become part of the blockchain research program, will be presented later this year. It will support various applications, but will only be used by banking institutions.

Although Reserve Bank of India seems to be moving into the blockchain industry, however, previously it has not been too friendly to crypto coins.  In April, the Indian regulator banned testing of crypto-related products and solutions in its sandbox. Moreover, at the end of April, there were even rumors of a total ban on crypto-assets in the country.

Nevertheless, the creation of a blockchain platform by the RBI can be a sign of the regulation softening in the country. Of course, so far we are talking only about the platform, but in the future, perhaps, the attitude towards cryptocurrency will become more friendly.

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Koinex Shut Down Ahead of Crypto Regulation

The Indian crypto asset exchange Koinex was forced to close down due to problems with the assistance of banking services and legal unclear situation in the country. The news reported via the Koinex blog.

Koinex representatives state that the last 14 months have not been easy to operate a crypto coin trading business in India, on account of the closure of bank accounts holding user deposits.

It is reported that financial institutions and banks refuse to cooperate and block transactions that are related to the exchange of crypto coins.

“We have continuously been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of crypto assets.”

It is also stated that Koinex has even had problems for transactions that have not regarded to crypto coins, transactions as wages and rent payment just because it’s a cryptocurrency exchange.

Restrictions associated with last year’s ban of the Reserve Bank of India, according to which all financial institutions do not have to meet the needs of organisations operating in the field of crypto coins. Since then, some exchanges have tried to dispute the verdict in court. Nevertheless, the proceedings stuck in place.

Koinex is not the 1st Indian exchange to shut down because of the regulatory problems. Coindelta, Coinome, Zebpay and some others had to go the same way.

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