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World Economic Forum Releases Very Pro-Cryptocurrency Report

The World Economic Forum has recently released a report that suggests cryptocurrencies have a very prosperous future. The report, titled “Crypto, What Is It Good For? An Overview of Cryptocurrency Use Cases,” is rabidly optimistic about the future role of cryptocurrencies in the world’s economic and financial systems.

Here are some various quotes from the report:

Over a decade ago, a white paper by Satoshi Nakamoto was distributed to a cryptography mailing list outlining a novel proposal for a “peer-to-peer electronic cash system” called bitcoin. This innovation spurred a new, global industry and asset class that has created hundreds of billions of dollars in value, and inspired a generation of entrepreneurs and innovators.

From the foreword

Another pro-crypto statement:

The World Economic Forum Global Future Council on Cryptocurrencies represents a broad cross-section of experts working to make cryptocurrencies useful across a wide range of use cases.

From the foreword

And one more:

Cryptocurrencies have reached a point of inevitability. We have dedicated our careers to advancing the adoption and use of cryptocurrencies because we believe they represent an enormous opportunity to grow the global digital economy and benefit consumers and businesses across the world.

From the foreword

When on reads the report, it becomes very clear that the World Economic Forum clearly believes that cryptocurrency will permeate all economic and financial transactions globally.

These specific cryptocurrencies each have a dedicated segment in the report: Bitcoin, Ethereum, Ripple, Tezos, Celo, Litecoin, Zcash, Filecoin, and Arweave. These second layer protocols also have their own segments in the report: Bancor, Lightning, Compound Protocol, Uniswap, Etherisc, and OMG Network.

This report is more evidence that the world is heading towards mass adoption of blockchain.

Got crypto?

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NordikCoin Expanding To Asian Markets

Leading Estonian high-tech cryptocurrency exchange service, NordikCoin, is announcing that it will start accepting customers from Asian markets. The company will first begin accepting customers in selected jurisdictions, while further expansion is expected to continue in 2021. Whilst expanding its global reach, the company itself and its day-to-day operations will continue to be domiciled in global cryptocurrency haven Tallinn, Estonia.

Bitcoin on the rise

Bitcoin has been in the limelight for over a decade now, rapidly expanding its scope of applications, and continuously rising in value. On January 8th 2021, Bitcoin hit a new milestone by surpassing $42,000 in value, proving that its popularity is steadily increasing.

To support the rise in demand, Estonian cryptocurrency exchange NordikCoin will apply its European KYC and AML rules to customers from new Asian jurisdictions, with the main focus on security and compliance. NordikCoin’s AML/KYC policy stands for Anti-Money Laundering and Know Your Customer and was designed to prevent and mitigate possible risks of money laundering and terrorism financing.

NordikCoin aims to be one of the fastest and most hassle-free ways of buying Bitcoin. The exchange supports all major credit cards, whilst crypto wallets are provided free of charge to its customers. Due to the innovative use of electronic ID solutions, users from supported jurisdictions can set up their accounts in under five minutes – after which they can start trading Bitcoin immediately. The company is known for bringing innovation into the cryptocurrency space, being one of the first Bitcoin exchanges with Lightning Network protocol support. 

Inevitably, one of NordikCoin’s main priorities has been to follow all the latest cybersecurity standards and best practices, ensuring that the cryptocurrency exchange environment is safe and reliable for all users across the globe. This is, in part, due to the fact that the team behind NordikCoin is comprised of experienced lawyers, auditors and technologists from around the world.

Japan next for rapid expansion

One jurisdiction which is being considered for NordikCoin’s Asian expansion is Japan. The country has witnessed a notable surge in Bitcoin holdings by 11%, suggesting that it’s the perfect launchpad. Several crypto exchanges are already present and thriving in the Japanese market, regardless of current COVID-19 restrictions and difficulties. Key exchanges include Okcoin, Bitflyer, Bitbank and Btcbox, among others.

David De Marco, CEO of Omni Matrix Ltd, the parent company of NordikCoin.com, shares his excitement for the Asian expansion plans:

– Our expansion into the Asian market marks a unique opportunity for the company to present its innovative cryptocurrency trading services globally. We are thrilled to announce that we will be expanding our customer onboarding processes to facilitate clients from Asian markets. We are confident that this is the perfect stepping stone for the new era of cryptocurrency exchange with NordikCoin leading the way.

Asia has been dominating the cryptocurrency market in the past couple of years, with financial giant SBI taking a lead. The company made a series of crypto moves recently including a planned 2022 launch of a digital exchange with Switzerland’s SIX, a partnership with Ripple and, most recently, the acquisition of U.K.-based cryptocurrency trading firm B2C2. Asia has been found to adopt blockchain technology much faster than many Western countries, incorporating innovations quickly and efficiently. NordikCoin’s expansion plans seem to be a great way for Europe and Asia to join forces and increase efforts of pushing Bitcoin and cryptocurrency into the limelight. 

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Bittrex Announces Delisting 3 Privacy Coins

Cryptocurrency exchange Bittrex announced impending delistings of three privacy cryptocurrencies as of Jan. 15.

As privacy coins, the three fit into a category that is increasingly under threat from government regulators worldwide.

A not-so-Happy New Year for privacy enthusiasts?

On Jan. 1, the Bittrex cryptocurrency exchange posted a notice on their website that effective Jan. 15, Monero, Dash, and ZCash would be removed from their trading platform. These three are privacy tokens, which anonymize transactions.

The notice states:

You must perform any trades with these tokens no later than Friday, January 15, 2021, 23:00 UTC.

After the markets are removed, Bittrex generally seeks to provide users up to 30 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline.

Privacy tokens, as the name suggests, are relatively difficult for investigators to track. Their use is rising, and some tokens have been in regulators’ sights for a while.

Back in November, Bittrex announced the delisting of 23 tokens for a variety of performance or regulatory issues. The exchange also singled out Grin at that time as a possible target for future delisting. Readers should note that Bittrex also pointed to MEME and VRC for possible delisting.

Bounty program

 In Sep. 2020,  the Internal Revenue Service of the US government offered  up to $625,000 to the team(s) that could crack Monero’s or the Lightning Network’s encryption. The announcement carried a sense of urgency, considering that tight time frames were included in the rules. In particular, Monero seems to be a thorn in the regulators’ side. The request for proposals specified that a Lightning Network on Bitcoin monitoring tool already existed. However, tools for Lightning on Litecoin and on Ethereum were needed. 

Europe is seriously determined to thwart privacy.

In October, EUROPOL, the EU’s united policing body, released the Internet Organized Crime Threat Assessment (IOCTA) for 2020. Privacy coins ranked among the top threats. Mixing services and anonymization are evolving, the report noted. Moreover, crypto-enabled crime adapts quickly to the changing landscape.

Communications encryption 

Governments focused their attention on more than privacy coins in 2020. They turned to encrypted communication as well, and saw a threat. The European Union emphasized this in early November. The EU Council of Ministers issued a proposal regarding a resolution forbidding end-to-end encryption of communications. This proposal affected What’s App and Signal in particular. 

While the proposal was non-binding, it shows where the EU is heading in terms of privacy. The rest of the world is following close behind.