Dubai Announces New Partnership to Enable Cryptocurrencies as a Payment Method as Cryptocurrencies are slightly down
Oct 09, 2018
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- According to a report by airline focused magazine, Airport World, data from SITA Lab indicates blockchain technology attracted the most research attention in the airline industry in 2018. SITA, a technology research company that collaborates with airlines, airports, and global technology specialists, believes distributed ledgers and blockchain platforms are more efficient and provide advantages in airline services such as passenger identification, ticketing, and more. SITA’s data also reveals that both airlines and airports have found relevant uses for blockchain technology in frequent flyer programs and e-ticket programs.
- Chair of the European Securities and Markets Authority (ESMA), Steven Maijoor, told European Parliament's economic affairs committee that some ICOs resemble financial instruments and should fall under a specific set of regulatory frameworks. Currently, initial coin offerings under question in Europe are handled on a case-by-case basis. The ESMA is set to make a final decision on ICO rules by 2019.
- Citizens in Dubai will be able to purchase goods, services, and utilities with digital currencies after the Dubai Department of Economic Development and blockchain payment providers, Pundi X and Ebooc Fintech & Loyalty Labs, LLC, agreed to a new partnership. The partnership entails the development of terminals to facilitate a point of sale payments system across the country. Ebooc and Pundi X plan to roll out 100,000 terminals over the next three years that would utilize Emcash, the cryptocurrency stablecoin pegged to the United Arab Emirate’s fiat currency, the Dirham.
- GMO, a Japanese IT giant, announced Tuesday that it has begun preparation for launching a stablecoin pegged to the Japanese Yen, called GMO Japanese Yen (GJY). GMO plans to issue its stablecoin across Asian markets via Z.com, a cryptocurrency exchange subsidiary launched by GMO, beginning in 2019.
- Host of CNBC show Cryptotrader, Ran Neuner, claimed in a tweet this weekend that Bitcoin’s price, “is about to explode”. Neuner believes that a surge in Bitcoin’s price is near, citing the US Security and Exchange Commission’s upcoming decision regarding nine Bitcoin Exchange Traded Fund (ETF) applications. Neuner went on to add that he believes Bitcoin’s rally in 2017 from USD$6,692 on November 11th to USD$20,000 on December 17th was driven by expectations of the launch of cash settlement Bitcoin futures contracts.
- IBM is officially moving its food-tracking blockchain platform into production while signing European supermarket giant, Carrefour, to become a user of the blockchain. IBM’s IBM Food Trust will allow large companies as well as small and medium-sized enterprises in the food supply chain industry to join the platform for a monthly subscription fee ranging from USD$100 to USD$10,000. Carrefour, the first user of IBM Food Trust, currently operates 12,000 stores across 33 countries.
- PricewaterhouseCoopers (PwC) announced Monday a partnership with Cred, a decentralized lending platform, to provide technology expertise in the launch of Cred’s US Dollar-backed stablecoin. PricewaterhouseCoopers promised to ensure a, “valuable perspective on how standards can be enhanced”, to provide, “a more transparent set of reserve functions”. PricewaterhouseCoopers also noted that their participation in the partnership adds useful insights into governance, security, and risk management in launching the US Dollar-backed stablecoin.
- Singapore’s first fiat-to-cryptocurrency exchange, EurekaPro, has launched its open public beta attracting 8,000 signups in the first week. Singapore’s first fiat-to-cryptocurrency exchange will allow users to purchase cryptocurrencies with different Asian fiat currencies, including the Singapore dollar, Malaysian ringgit, Indonesian rupiah, and others. In August, Singapore’s Monetary Authority partnered with Deloitte, NASDAQ, and Anquan to develop solutions for simultaneous exchange and the final settlement of digital currencies and security assets.
- The Emirates Securities and Commodities Authority (ESCA) has approved and is planning to introduce initial coin offerings (ICOs) to capital markets in 2019. According to a Reuters report, initial public offerings in the United Arab Emirates have been negatively impacted by “weak” equity markets and low oil prices, and regulators see this as a way for companies to diversify funding. The Emirates Securities and Commodities Authority also announced that they are working with the Abu Dhabi and Dubai stock markets to develop ICO trading platforms.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio