Crypto Digest. Part 2 |

Crypto Digest. Part 2

We continue to make a review of interesting events taking place in the world of cryptocurrency, blockchain and finance! You can read the first part of the digest here.

Thai Bank issues $1.6B in government bonds on blockchain

In September, the Bank of Thailand launched a government bond issuance platform using the IBM Cloud blockchain technology, as the bank stated. The central bank has sold more than $1.6 billion in bonds within two weeks of launching the platform, according to IBM. This is the best example of how new technology is making it easier for public enterprises.

Why blockchain? The use of blockchain reduces the time for issuing government bonds from 15 to 2 days, optimizing processes for each participant, minimizing the need for additional checks and reducing operational costs.

Earlier, the Central Bank of Thailand announced preparations for the launch of a payment system using the bank's digital currency.

TOP-5 countries that prefer cashless payments

According to RBC, the ranking of countries in terms of the rate of refusing from cash is as follows: the UK, Canada, Australia, Russia (shares a place with Romania) and the Netherlands. Consumers are less using cash not only due to the coronavirus pandemic, but also due to the development of mobile applications, payment systems and the introduction of blockchain into the financial sector.

Many people around the world prefer to conveniently and quickly pay for any purchases and services online, while for most small business owners, marketplaces become a source of income. The annual revenue of the Amazon marketplace in 2019 increased by 40.5% compared to 2004.

Amazon annual revenue statistics for the period 2004-2019. Source: Statista

As of 2020, the number of active users on eBay has tripled in ten years.

The increase in the number of users on eBay for the period 2010-2020. Source: Statista

For users of the global EDC Blockchain community, an online blockchain-based ECRO marketplace was developed to apply the EDC coin. For small and medium-sized business owners, this is a convenient platform for selling their goods and services worldwide, as well as using the coin to create promotions, discounts and cashback. ECRO makes it easy for entrepreneurs to work with their store, provides marketing packages to promote their brand and takes on all the tasks that every seller faces.

Customers can purchase various products on the marketplace, choosing a store based on its convenient geographic location and paying for purchases online with EDC coins.

Romania set to auction crypto 

Romania will host the first auction of cryptocurrency in the amount of 0,97 ETH и 0,6 BTC, seized from a fraud case. Auction participants must comply with a number of rules: have the status of legal entities, pass KYC and comply with the requirements of the Romanian financial law to combat money laundering. The winner undertakes to provide their addresses data on the exchange.

This year, an auction of the seized cryptocurrencies has already been held in the US, while in 2019 - in the UK.

What’s wrong with John McAfee?

The U.S. Securities and Exchange Commission (SEC) accused John McAfee of tax evasion. The indictment says McAfee promoted cryptocurrencies and conducted consulting activities while keeping his income in the bank accounts of dummies.

John McAfee is now arrested in Spain and is awaiting extradition to the US.

Crypto Donation for Congress Representatives

As part of the “Crypto for Congress” initiative, each of the 535 members of the US Congress will receive $50 in Bitcoin equivalent. The initiative was supported by Congressional Blockchain Caucus, a blockchain organization that advocates for the wider use and acceptance of digital assets by congressional candidates and raising awareness of cryptocurrencies.

Egyptians start investing in cryptocurrency

Due to the crisis caused by the pandemic, the Egyptians turned to invest in Bitcoin and mining cryptocurrency. The unemployment rate in Egypt rose from 7.7% in the Q1 2020 to 9.6% in the Q2 2020, while more than 500,000 Egyptians lost their jobs. This prompted people to make money, unfortunately, so far in the speculative market, getting 4-5% of the trading difference. Perhaps this will be an incentive for the Egyptian authorities to launch a new draft allowing the free use of cryptocurrency in the country.

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