What are the conditions in Armenia for the blockchain business ?

Armenia can become a very powerful ecosystem or a hub for blockchain technology, Henry Arslanyan, the first Asian teacher of the FinTech course at the University of Hong Kong, told reporters today in Yerevan.

Henry Arslanyan said there is a great interest now in blockchain technology. In his words, these technologies and the crypto technology market can be very useful to many young people, startups and technology companies in Armenia not only in terms of Armenia, but also in terms of entering the world market.

He said although blockchain is a new technology, there are startups in Armenia that work in this area, and an increase in the number of such companies is very important.

“The blockchain in Armenia is still at an early stage and the ecosystem is very small, but at the world level, many leaders and experts are Armenians who specialize in this industry, and this potential can be used as well,” Arslanyan said.

According to him, the capabilities of the blockchain can be used to improve the economic development of the country.

He said many countries today are trying to solve legislative and tax issues, but now it is much more important for this sector around the world to have technologies and highly qualified personnel and an ecosystem rather than a favorable tax legislation.

He stressed that in Armenia there are a lot of personnel in the technological and research sphere, there are the Central Bank and the government that are trusted by the population, as well as a strong and developed banking system.

In Armenia, all conditions have been created for the comfortable conduct of the blockchain business. Georgy Galoyan, head of Nooor Blockchain Armenia startup business, said this in an interview with LetKnow News.

“In connection with the velvet revolution that took place in 2018, Armenia became overnight one of the most promising countries for the development of any business, including blockchain,” he noted.

At the same time, the expert drew attention to the fact that the situation changed for the better only after the change of power.

“There is nothing better than a newly elected government, which puts the progress and development of the country, and not personal interests, as it happens in most CIS countries,” he added.

It is worth noting that part of the Ripple code was written in Armenia. In addition, Armenia leads in the number of women in the blockchain sphere. Also, one of the largest mining farms in the world was launched in Armenia.

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Cricket Club Lancashire uses blockchain to sell tickets

The United Kingdom’s Lancashire Cricket Club will trade tickets for all national and international fixtures at Emirates Old Trafford in 2020 by a blockchain-based platform.

The management of the English cricket club Lancashire Cricket Club announced plans to use the blockchain-based system developed by the TIXnGO startup to sell tickets.

According to the club’s management, blockchain will simplify the process of buying and reselling tickets, making it completely transparent. In addition, each ticket will be unique and impossible to fake. The development of the platform lasted about 18 months, and last year the system was successfully tested.

The platform has been collectively developed with Lancashire’s ticketing service provider, SecuTis, and was favorably examined during the 2019 season.

Excluding fraudulent tickets.

By using the platform, the club aims to decrease fake tickets and trail ticket distribution amongst its supporters. Lancashire’s head of ticketing and digital systems, Jonathon Nuttall, declared that the club became the principal in the sport to utilize the new blockchain secure mobile ticket technology, and continued:

“During the 2019 season, over 80% of tickets bought at Emirates Old Trafford have been made online, compared to less than 50% in 2018 so it’s vitally important that we continue to improve the digital ticking technologies to ensure we make things as easy, and as enjoyable, as possible for those supporters booking with us.”

David Hornby, UK MD of SecuTix, stated that “blockchain technology addresses many of the ticketing issues that both sports organizations and fans alike face. TIXnGO creates a unique, encrypted ticket for smartphones that is completely traceable, removes the risk of counterfeit tickets, and simplifies the process of transferring or reselling tickets for the customer.”

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Hawaii Senate Files Bill Allows Banks Offer Cryptocurrency Custodial Services Hawaii crypto custody.

Five lawmakers in Hawaii, a state in the US, have proposed a bill that could enable banks to hold and manage digital assets in their custody. The bill, Senate Bill (S.B.) 2594 was introduced last week and has passed its first reading.

Once approved, the legislation would make it legal for Hawaiian banks to hold digital assets such as “virtual currencies, digital securities, open blockchain tokens and digital consumer assets” on behalf of their customers.

Part of the SB2594 put forward to the authorization of law courts to hear claims concerning digital assets. Hence, if passed, would equally enable Hawaiian courts to handle digital asset-related cases.

The development is coming at a good time as it could turn things around for crypto-related businesses in the state, given that, Hawaii has been among the regions with stringent requirements for crypto firms.

For instance, Coinbase, one of the leading crypto exchanges had to stop its operations in the state, due to a mandate by the state’s Division of Financial Institutions in 2017, asking crypto-licensed businesses to hold cash reserves that are equal to customers’ crypto holdings in their custody.

The bill, however, has a tendency to level up the path for cryptocurrencies,and digital assets in general, as it would probably reinforce the steps by banks in providing support for these assets.

Nonetheless, banks will have to maintain reserves like a trusted company, according to the document citing section 412:8–202, which states:

Every trust company shall have on hand at all times in actual money of the United States an amount equal to at least twelve per cent of all agency credit balances payable on demand and accounts payable, plus at least five per cent of all agency credit balances payable on time; provided that such reserve may be deposited payable on demand in banks and other trust companies approved by the commissioner or maybe cash in the vaults of the trust company.

Several lawmakers of the US state of Hawaii immediately proposed allowing local banks to store “digital securities”, “virtual assets” and other “open blockchain tokens.”

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Tether launches gold stablecoin XAU ₮ tied to gold.

This week, the crypto market saw a major development after the world’s largest stablecoin provider, Tether Ltd announced the launch of its highly-anticipated Tether Gold (XAU₮) token. Tether currently dominates the stablecoin market with a market cap of over $4.6 billion. Now, the firm seeks to transform the gold-backed token arena in much the same way.

News first broke via a post from Tether’s management team. In the post, the firm spoke on Tether’s proven track record for product innovation in the sector. Also, developers discussed the new XAU₮ token and its functionality. Specifically, the post clarified that XAU₮ represents ownership of one troy fine ounce of physical gold on a specific gold bar.

Tether Gold (XAU₮)

As part of the Tether Gold strategy, executives decided it was better to maintain direct control over the physical gold storage. As such, the gold represented by XAU₮ resides in a high-security vault in the country of Switzerland. The post explains that users don’t have to fear the loss of their physically-tethered gold because the vault incorporates best in class security systems coupled with advanced anti-threat measures.

Tether Gold via Company Website

In order to make this monumental task a reality, Tether chose to partner with long-time precious metals trader TG Commodities Limited. For their part, this UK-licensed firm provided the gold for tokenization. Notably, TG Commodities Limited is managed by one of the UK’s largest landowners, the Parduman K Gupta family. Consequently, the decision to work with TG commodities adds additional credibility to the entire concept.

Tether Gold (XAU₮) Tokens

Interestingly, Tether decided to go with a multi-blockchain approach to the market. Currently, XAU₮ tokens are to release in two different coding formats. XAU₮ is available in both ERC-20 tokens on the Ethereum (ETH) blockchain and TRC-20 tokens that live on the TRON network. Importantly, both types of XAU₮ are compatible with the current batch of Tether (USDT) wallets. In this way, XAU₮ tokens can transfer to any supported on-chain address without issues.

Tether Gold (XAU₮) Strategy

As part of Tethers XAU₮ unveiling, the firm made a couple of other important announcements regarding the token. Firstly, XAU₮ is to be the only gold-backed token to not charge custody fees. Notably, this decision improves the profitability of the token. Also, XAU₮ investors get access to a 24-hour dedicated customer support team. As it stands today, developers have not listed what exchanges will support XAU₮. However, developers did invite any interested exchanges to reach out for more details on how to list the token in the future.

Tether Gets Golden

Tether once changed the cryptomarkets forever, and now, it looks as if the firm is ready to do it again. It will be interesting to see exactly how Tether manages and audit this latest venture. In the past, the firm has run into issues regarding its Tether stablecoin accounting practices. Hopefully, the firm learned from those mistakes. For now, the entire crypto community awaits the launch of this unique gold-backed stablecoin.

The Tether project announced the launch of the new Tether Gold token (XAU ₮), tied to gold, which has already begun to be traded on theBitfinex cryptocurrency exchange.

According to the management, the Tether Gold token provides the right to own one troy ounce of pure gold bullion; today the stablecoin cost is about $ 1,550. Tether Gold is presented as an ERC-20 and TRC20 standard token, and is released on the Ethereum and Tron blockchains.

The gold that the tokens are provided with is in the Swiss vault. Tether does not plan to charge customers a fee for storing the precious metal and directly control it, which will differ from its competitors.

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Japanese lawmakers will offer digital yen.

Japan ruling party lawmakers to float idea of issuing digital currency.

TOKYO (Reuters) — A group of ruling party lawmakers are working on a proposal for Japan to issue its own digital currency, one of the members said, in a sign of alarm Tokyo is feeling about Facebook’s Libra and China’s drive to create a digital yuan.

The digital currency could be a joint initiative between the government and private companies that would put Japan in tune with global changes in financial technology, Norihiro Nakayama, parliamentary vice minister for foreign affairs, told Reuters.

The group, led by party heavyweight and former economy minister Akira Amari, plans to submit its proposal to the government as early as next month, Nakayama said.

While Japan is unlikely to issue digital currencies any time soon due to technical and legal hurdles, the move comes in the wake of a decision by the Bank of Japan to join six other central banks to share expertise on doing so in the future.

In a sign of increased attention on digital currencies in political circles, Prime Minister Shinzo Abe told parliament that the government will work with the BOJ in studying digital currencies and find ways to enhance the yen’s convenience as a settlement means.

Facebook’s push to launch its Libra cryptocurrency has prodded central banks to quicken the pace at which they look at issuing digital currencies.

Some Japanese lawmakers have voiced concern over Beijing’s move as an attempt to expand the yuan’s use as a settlement currency in emerging economies. Former BOJ board member Takahide Kiuchi, however, said China and Japan have different reasons to consider issuing digital currencies. For China, the motivation is to enhance the yuan’s clout in the global community; for Japan, it would be to change the country’s cash-loving culture, he said.

“The BOJ probably won’t want to do anything that would stifle private-sector innovation. The best way could be to issue a hybrid-type digital currency that is operated and issued by private firms, with the central bank’s involvement,” he said.

Members of the ruling Liberal Democratic Party of Japan plan to offer the country the issue of its own digital currency. According to Reuters, about 70 MPs from the party believe that the digital yen is necessary to counter the upcoming launches of Libra stable coin and China’s digital currency.

According to Norihiro Nakayama, Deputy Foreign Minister, the initiative to keep Japan at the forefront of innovative technology will be a joint project between the government and the private sector.

The first step in achieving this goal will be the study of the concept of Japanese state cryptocurrency. The ruling party is led by former Minister of Economy, Trade and Industry Akira Amari, who is reported to present a cryptocurrency plan for the government next month.

This initiative is contrary to the opinion of the country’s central bank. In July last year, an official representative of the Bank of Japan ruled out the use of cryptocurrencies of the central bank, because for this the country would need to abandon the use of cash. In addition, in December, the head of the Central Bank Haruhiko Kuroda (Haruhiko Kuroda) said that the country has no demand for state digital currency.

Nevertheless, the Central Bank of the country, apparently, continues to keep abreast. Earlier this week, the central banks of Canada, the United Kingdom, Japan, Sweden and Switzerland, the European Central Bank (ECB) and the Bank for International Settlements (BIS) created a task force to jointly research state digital currencies.

In addition, according to Reuters, Prime Minister Shinzo Abe (Shinzo Abe) said in parliament that the government will work with the Bank of Japan to study digital currencies and ways to improve the effectiveness of the yen as a means of settlement.

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Iranian government issues over 1000 cryptocurrency mining licenses

The Iranian government has reportedly issued more than 1,000 licenses for cryptocurrency mining since it began regulating the industry. A number of large mining farms have set up in the country, but high electricity tariffs have kept many small investors away.

1,000+ Licenses Granted to Miners

An official with Iran’s ICT Guild Organization, Amir Hossein Saeedi Naeini, has revealed the state of the country’s cryptocurrency mining industry, the Financial Tribune reported Friday. In an interview with Ibena publication, he said that cryptocurrency mining is a new industry but many people have been attracted to it in Iran. Noting that miners need to obtain a license, he shared:

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country.

The official further elaborated, “Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy,” the news outlet detailed.

Major Challenge — Electricity Cost

Amir Hossein Saeedi Naeini believes that the cryptocurrency mining industry has the potential to help the Iranian economy. However, he explained that the cost of electricity is a major challenge for crypto miners in Iran. While “A number of large and industrial farming mines have been set up,” the official told the news outlet:

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.

He opined, “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate,” emphasizing that modifying the electricity rates and terms could boost the crypto mining industry and generate more revenue.

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Explore Airlines that Accept Bitcoin Payments.

Bitcoin’s growing acceptance all over the world, primarily in the tourism industry, has been pushing the airline industry to accept payments in bitcoin. Below is a list of airlines that are allowing clients to pay in virtual currencies:

Destinia.com

Source: Destinia.com

The Spanish travel agency, Destinia.com, is one of the new players which has recently started accepting bitcoins for payment. The company has made an addition of the new payment option through BitPay, which is one of the well-known cryptocurrency-related payment processors. Currently, Destinia.com offers a wide catalog range with over 190,000 hotels available to the customers.

CheapAir.com

In 2013, CheapAir.com was one of the first online travel agencies to accept bitcoin payments. They have now gone a step further and made the announcement that it will be also accepting Litecoin, BCH, and Dash as payment options. This will enable travelers to make payment using these cryptocurrencies while booking for flights and hotels.

airBaltic

Latvian airline airBaltic was one of the first airlines to accept bitcoins as payment from its customers, and offers over 60 destinations located across Europe, Middle East, and Russia.

LOT Polish Airlines

LOT Polish Airlines also accepts bitcoins for payment and it can be used to pay for flights to and from over 60 destinations.

Peach Aviation

Japanese budget airline, Peach Aviation, started accepting Bitcoin in late 2017 for all its discount flights across northern Asia.

Abitsky.com

Abitsky.com, which offers flights across continental Europe, also now accepts payment via bitcoins.

XcelTrip

One more interesting platform for booking hotels & flights is XcelTrip — Next-Gen Blockchain powered Travel Platform which is built to disrupt the trillion-dollar travel industry.

It boasts of features which are set to democratize crypto use-cases. Book with crypto at more than 1.5 million hotels & over 400 airlines, more being added. XcelTrip App is now

downloadable on both iOS and Android devices. It is a crypto-payment enabled solution to help you book various holidays, vacations, hotels and flights booking across the world using Bitcoin,Ethereum, Litecoin, Dash, Verge, KAU, Binance Coin and our very own, utility token XcelToken Plus (XLAB). We are constantly adding new tokens such as Bitcoin Cash, Ripple, Tron and others. What are you waiting for? Book trips using XcelTrip today! User can use their cryptocurrency to travel throughout the world with XcelTrip.

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Blockchain in Supply chain industry and Intellectual property.

Supply chain

Supply chains are a complex industry. There can be hundreds of stages in global supply chains — cargo ships, trains, warehouses, etc. And a distributed digital registry can be incredibly valuable here.

The blockchain has practical applications in ensuring transparency, contracts, tracking and payments throughout the supply chain. For example, each participant in the supply chain may have access to the details of the previous block and other relevant information.

Big players like Walmart are already using blockchain in their supply chain and are reaping the rewards.

Intellectual property

Theft of original creations and / or ideas is common throughout the world. People constantly use intellectual property for personal and commercial purposes, and the creators are in no hurry to seek legal protection. Why? They will need to provide evidence, such as a patent, trademark, or copyright to a publicly accessible creation, which will take time and money.

Digital registry technology can help protect intellectual property. Thanks to the immutable and safe blockchain system with timestamps, you can record your discovery or creation in the digital registry. This can serve as an ideal proof in case of legal issues.

Thus, the blockchain will prevent digital thieves from cheating and stealing intellectual property.

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Industries that blockchain can revolutionize: Healthcare, Education, Cybersecurity.

Healthcare

Blockchain can save lives. It may be said loudly, but it really has that potential.

Firstly, the use of blockchain in medical supply chains can prevent the sale of fake drugs. All legal pharmaceutical companies and pharmacies can be registered on a common blockchain with access to their databases. Thanks to the transparency and immutability of the blockchain, fraud can be detected if the numbers do not match.

Blockchain can also save lives in hospitals. If you create a global blockchain with medical data for all patients that will be available to legitimate doctors, this will save lives in emergency cases. Moreover, based on the patient’s history, you can choose the perfect medicine for him.

In addition, health insurance companies can also prevent fraudulent claims.

Education

Online education and distance learning is already a reality, and blockchain can help take the next step.

Thanks to the blockchain, all the data on the education of each person, as well as his achievements and skills, can be made available to institutions and students. These records will be unchangeable, transparent and verifiable, which will allow institutions and organizations to select the right people and weed out impostors.

Moreover, it will help institutes and students in collaboration. In this way, blockchain can help wherever someone needs to be tested. It also promotes learning anywhere in the world.

Cybersecurity

The blockchain offers decentralized storage solutions, which means that it is not stored on any particular server. Although registry blocks are publicly available, advanced cryptography keeps sensitive data safe from hackers.

This concept allows you to protect the Internet of things, private messages, etc. from cyber threats.

As we could see Blockchain is capable of revolutionizing any industry that deals with transactions, data transfer and security. The above are the industries that he can revolutionize in the first place, thanks to such characteristics as immutability, cryptography and decentralization.

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Chinese blockchain companies raised about $ 3.5 billion last year.

The Chinese investment platform Rhino Data, in collaboration with the pro-government publication Xinhua Finance, presented a report on investments in the blockchain industry in 2019. This is stated on the official website of the company.

How blockchain helps protect copyright and fight piracy.

In this segment, in the Chinese blockchain space, analysts managed to count 245 investment transactions totaling about $ 3.5 billion. Both values ​​fell by about 50% compared to 2018, but turned out to be significantly higher than in 2017. It is expected that the recently taken course by the Chinese leadership on the development of the blockchain will have a positive impact on the results of the current year.

Over time, there has been a decline in investment in projects at an early stage of development — in the total volume of investments, they accounted for 43%. In the second half of the year, strategic investments and acquisitions of third-party companies were more in demand.

The most popular areas for investment were blockchain news resources, market data platforms, exchanges, and decentralized financial services (DeFi). The companies that received the largest volumes of financing included exchanges (Bitfinex, which allegedly raised $ 1 billion through the sale of LEO tokens), representatives of the mining industry (Canaan, which successfully carried out an IPO in the USA) and financial platforms on the blockchain. It is noteworthy that companies outside these sectors are still unlikely to offer a product that would interest investors.

China has recently been trying to introduce blockchain in various fields. Anhui Province of China will use blockchain to optimize business. Authorities announced plans to use new technologies, including blockchain and artificial intelligence, to optimize the business environment and provide public services.

Also, in the Chinese city of Kunming, a car rental machine appeared that authorizes the user by scanning his face. The system is developed on the basis of the blockchain and allows you to quickly rent a car.

And the State Intellectual Property Office of China has revised its leadership and clarified patent examination procedures for new technologies.

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XcelPay’s mission is to make the daunting cryptocurrency market accessible to everyone, accelerate adoption of blockchain technology and democratize ownership of cryptocurrencies.