#CryptoAgainstCOVID Joins Fight Against COVID-19

Nothing like a pandemic to bring the cryptocurrency world together to join the fight against COVID-19. Without any doubt, the spread of the disease has taken a toll on several countries including the USA, Spain, and Italy and is weakening economies globally and creating an unemployment crisis. Equally dangerous is the spread for the medical professionals who have to work closely with infected individuals.

While many industries are already showing their solidarity against COVID-19, the cryptocurrency world has come together under #CryptoAgainstCOVID hashtag in order to contribute. Binance, the world’s largest crypto exchange, will contribute a whopping $1 million which will take the form of medical supplies. These supplies will be supplied to those countries hit hardest by the virus. You can also contribute on its website. For every $10 donation made Binance  is contributing another $20.

In all, a total of 34 companies have joined hands to contribute s. Arrington XRP which also is a noted digital asset firm has contributed $10,000 to Binance’s efforts. Huobi Global which is based out of Singapore also has contributed $50,000 to the cause.

Bank Account base Blockchain is letting other companies generate a fundraiser on its platform using its crypto BAX. In such huge attempts to raise a large number of resources, a phishing attempt has been discovered where companies are raising money for their own benefit. Before donating one has to conduct enough research in order to ensure that their money is being used for the right purpose. 

With these contributions, the spread cannot be curbed, but the ability to fight with the disease will surely increase. The best of the countries with the most superior healthcare, are floundering and seem saturated as they lack the necessary medical supplies. With such contributions, the lack of the supply compared to demand will hopefully be filled.

Image Source – Bitocto

Supreme Court lifts the ban on Crypto dealings in its landmark judgment

On Wednesday, Supreme court benched by Justices Rohinton Nariman, Aniruddha Bose and V Ramasubramanian delivered a judgment lifting the ban imposed on cryptocurrency trading which RBI had imposed. 

Since 2013, the RBI had been warning cryptocurrency dealers and users to avoid the use of cryptocurrencies so that the payment systems of the country are not compromised. It had administered a blanket ban on various crypto dealings which became effective from July 2018. RBI warned the banks to withdraw all banking transactions with business entities and individuals who are dealing in the currency. RBI intended to secure the financial foundations of the country which might shake up the entire system. 

The Internet and Mobile Association of India (IAMAI) was rooting for a lift on the ban based on the several petitions received from different stakeholders. IAMAI was of the opinion that cryptocurrency did not come under the category of currency because it is more of a commodity. It outrightly asserted that RBI is not authorized to impose any ban especially when there is no definite law restricting it. 

IAMAI – a non-profit body has some eclectic names in its membership namely Yahoo! India, Apple, eBay, Unocoin and Etsy and is a body representing the concerns of industry customers, investors, and shareholders. 

In the landmark ruling, the Justices ruled that RBI’s bid to ban the currency is inordinate. Arguments also gesticulated that RBI has-proclaimed it had the right to intervene and that crypto is a digital exchange currency, but IAMAI’s counsel Ashim Sood argued that it is a double-edged sword with it acting as a medium of exchange and also a valued commodity. He argued that RBI had no area of authority to impose the ban on firms that are providing services to businesses powered by cryptocurrency. 

Ever since Crypto dealings began in India, it has been facing many hurdles. The ruling by the Supreme Court might be the unburdening of these hurdles. In the fall of 2019, the government prohibited the drafting of the bill banning the use of Crypto in India. Earlier it envisioned a big dream of digitizing Rupee and Crypto was in its way but it seems like the ruling is slowly unlayering crypto and its potential in the future. 

Photo Credit – Photo by Vikas Sawant from Pexels

Libereum Eyes Sports Industry to Popularize Crypto

Technology is growing at an unimaginable speed. The blockchain technology and cryptocurrency have changed the way businesses are operated today. Cryptocurrency has seen exponential growth as new investors from around the world are flooding the market like never before. Growth in the economies has been assured thanks to the use of fresh coins by different firms. 

One such company that can be deemed as being early adopters of the cryptocurrency market is Libereum. The company has understood that Soccer is one of the most popular games played at a global level and are aware of the fact that Soccer is thriving due to the presence of clubs. 

Libereum, A Dutch-based cryptocurrency organization is firm on building a robust network of users in the Sports industry. Libereum is an ERC20 token in order to create a new ecosystem in the sports spectrum at a global level. It plans to cut it globally with LIBER token as the lead currency. 

Libereum aims to disrupt the system where Crypto is being dealt with by people belonging to the classes and not masses. The organizations intend to take the cryptocurrencies at the mass level by implementing crypto as the payment method at varied sports clubs especially Football active clubs. 

It is vying to establish contacts with firms and individuals who are more than ready to invest in Libereum so that they can gain acquisition in these sports clubs. It also will be used as the payment option especially for food, drinks, and relevant sponsor packages. The payment method is considered secure as it will be powered by the blockchain technology and with the deployment of the distributed ledger technology, storage and access of data will be top-notch.

Its long-term vision

As discussed earlier, Libereum intends to break the system where crypto was reserved only for the ones who were lucky. The company wants a deviation that guided the old school of thought where the gap between the elite and the commoners is ever-growing. It wants people to have a hold on their investments and not be dominated by forces reserved by the influential. The organization is motivating people to become a part of this revolution as it will not be able to take off without the support of the masses. 

The concern highlighted by Libereum sure shows that it is interested in an all-inclusive growth formula especially after what Bitcoin is doing. A look into Bitcoin wallets and trade volumes gives a glaring review of how 80% of the total market belongs to only 5% of investors highlighting the demarcation. 

We are all aware of how important the sport of football is, and the Libereum blueprint encompasses the acquiring of a football team making cryptocurrency accessible to bolster economic activities surrounding the club. It is targetting at adopting large-scale crypto and consolidating it into football. 

Work process flow

It is a huge blocking project that has its prime focus on creating user networks in the sports industry. 

  • The first step of this mission is to source a soccer club in the most popular sports divisions in Europe. It will strive to build ties with contacts who are willing to invest in Libereum. 
  • Libereum will then be placed before fans and club sponsors
  • It will then make Libereum the only way to make payments for food, tickets, etc. 
  • After crowd sale, the tokens will be available for buying at market price through exchange trade. 

The company wants Libereum to become the only way to pay. `

Libereum has a bright future

Libereum is a much larger concept than what it is right now. With its vision intact, the company has already started taking a decisive strategy to spread the goals. With the company’s think tank and its history of executing difficult projects, this mission also can be executed successfully if the right tools are adopted at the right place at the right time. 

The Link between Coronavirus and Cryptocurrency

To say that Coronavirus is the only factor impacting the economy will be an overstatement.

Newsmakers, analysts, strategists, and decision-makers around the world earlier believed that the impact of Coronavirus is much larger than what it is made out to be but with the markets finally coming back to normalcy the opinions might differ. The illustration below shows the essence of the volatile markets until they started to normalize. 

When fears of Coronavirus were still hot, traders of cryptocurrency were facing highly volatile markets due to the spread of the virus. The number of virus cases reported in the rest of the world has exceeded the spread in China which has given rise to new fears. But, on the global economy in general, the virus is certainly leaving no stone unturned to instill fear and lack of confidence. 

The global economy is slowing down and with the fear that Coronavirus is spreading leading to a universal deceleration, all the benchmark indexes are dropping by the day. S&P 500 index has already reduced by an alarming 10% since 2020 began. Bitcoin or BTC as we know it is also burning its fingers with the mighty downfall of cryptocurrency trading below $9000. The over-the-counter (OTC) volume trading of cryptocurrency albeit became higher as the virus has been constant news in the circles. 

Cryptocurrencies like Bitcoin did suffer a minor setback due to sell-off but they are now showing resiliences as the indexes continue to slide down. Bitcoin experienced a slump this week but one thing that is definite is that they are just able to stay afloat if not take butterfly leaps. Look at how Bitcoin strongly came back after experiencing some serious fluctuations.

Cryptocurrency price is determined based on the market factors of demand and supply. They have an indelible impact as they provide several economic advantages namely: 

  • Transactions without the involvement of banks
  • Faster and secure transactions can be conducted
  • Cheaper to use
  • Lack of government protocols

Different locations have experienced different setbacks. Australia which is located close to the Asian countries has been highly influenced by the virus leading to a discernible drop in trading. There are several strategies being employed to counter the effects one of them being removing holds on the cryptocurrency assets until they are needed. 

Talking about China specifically, despite trading of cryptocurrencies being stable, the outbreak has influenced its technical upgrades, travel, business. The Chinese government major Chinese cities faced a shut down with many employees from the blockchain business been asked to work from home.

The experts say…

Many crypto experts have enumerated that one specific event will not have any bearing on the currency as there has been no correlation analyzed to date. One event cannot be conceptualized as a catalyst for its doom. Crypto is currently seen in a safe haven unless there is a monetary policy gone wrong!

Blockchained India Announces Mass Adoption Plan for Enterprises In India

Akshay Aggarwal, one of the co-founders of Blockchained India, an open blockchain enthusiast community, announced its mass adoption plan of Web 3.0 enterprises in India. In the announcement, he said that the vision entails transforming the enterprises of the future.

“Platforms for various kinds of preneurs like Flipkart, Makemytrip and Indiamart will be the new enterprises. Minds aspiring to become the next mover and shaker are working today to create platforms of tomorrow.”

The enterprises of today come with various flaws and one of those being ownership and accountability. Giving an example of one of the platforms, he said more of such problems would surface, and a strike will be needed to maintain a balance in the interests of all the stakeholders.

“A few years back, I had come across this case where a friend had ordered a phone through the online marketplace only to realize at the time of delivery; there was only a stone delivered inside the phone case. Much to his dismay, the platform team brushed off responsibility towards the seller justifying itself as only the mediator in the whole interaction.”

The platform enterprises powered by centralized ecosystem must require a gateway to solve conflicts before they start conflicting with stakeholders’ interest. Decentralization can help tackle the problems by bringing all the stakeholders on a decentralized network with creating a new platform with monopolistic tendencies.

Aggarwal emphasized blockchain’s usefulness in privacy focussed permissioned use cases and that this initiative will enable them to penetrate ahead into the industry. Stating further, he pointed out that many people still don’t believe in cryptocurrencies, and this step will evolve their belief and get it aligned with the created opportunities.

India is increasingly becoming conscious of blockchain technology, and firms are ready to experiment with it. However, the Indian regulatory bodies aren’t paying attention to decentralization or smart contracts, and as a result, Indian technological innovation is progressing very slowly.

Amid the recent hearings by Supreme Court on cryptocurrency ban, RBI disclosed that it didn’t ban crypto. They categorized virtual currencies as a financial instrument and prohibited financial entities from dealing in it. We can only see their frustration while trying to desperately justify their decision. Good times are coming, crypto winter seems to have passed!

Learn more about Blockchained India’s latest event – Blockchain Bytes featuring The Open Application Network on the 15th of February 2020.