Multi platinum-selling recording artist Akon has chosen to build his Akoin cryptocurrency ecosystem on top of the Stellar blockchain. Akoin co-founder and president Jon Karas said they chose to launch the project on Stellar due to sharing similar values. “Akoin selected Stellar’s distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa,” he explained in a Feb. 28 announcement. Part of Stellar’s mission is to help bank the unbanked and Akoin’s spokesperson highlighted the fact Stellar was already working with businesses in Africa and could help with the project’s planned Dapps …

After a long and cryptic series of tweets on Bitcoin (BTC), SpaceX and Tesla CEO Elon Musk elaborated his stance on cryptocurrencies in a Jan. 20 podcast. Noting that he’s “neither here nor there on Bitcoin,” Musk focused on its use for illegal transactions. The billionaire has recently been in the spotlight for several short and cryptic tweets related to cryptocurrency. On Jan. 10 he published a tweet saying “Bitcoin is *not* my safe word.” This follows an equally cryptic tweet from April 2019, saying “Cryptocurrency is my safe word.” But while they were generally considered to be jokes, especially …

As the end of the year draws closer, discussing what the future holds for the crypto industry becomes increasingly relevant. In particular, how global financial and technological trends will affect the adoption of cryptocurrencies in the coming year. Despite the critics, the number of industry experts and crypto enthusiasts who foresee a promising future for cryptocurrencies has been on the rise. Institutional investors are now paying more attention to crypto-related projects and products, and universities have even started to offer courses on cryptocurrency and blockchain technology. Now, talks of how emerging technologies like artificial intelligence and the Internet of Things …

The People's Bank of China (PBOC) announced that it will pilot a restriction on large-scale cash transactions in three different regions across the country, with one expert calling the move paving the way for its upcoming digital Renminbi token (RMB). On Nov. 14, local news outlet Xinhuanet reported that the PBOC intends to carry out a large-scale cash management trial that will last for 2 years and will be implemented in phases in the Hebei Province, Zhejiang Province and Shenzhen City. Guide customers to non-cash payment tools The PBOC explained that large cash transactions facilitate illegal criminal activities that include …

Cryptocurrency investment app Abra starts selling crypto for cash in all 7-Eleven stores across the Philippines with a new partnership with payment processor ECPay. Crypto in 6,000 outlets in the Philippines Abra announced on Sept. 18 that the partnership will bring crypto to 6,000 retail outlets across the Philippines, including all 7-Eleven stores. The company says that the aim of the partnership is to make acquiring cryptocurrency easier: “Using new digital tools that open up financial access shouldn’t be hard. And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast. That’s why …

Australia’s government has delivered supportive statements on cryptocurrency as it looks to exclude the sector from new restrictions on cash payments. In an explanatory memorandum issued late last week, the country’s treasury said it wished to ban cash payments for goods and services which exceeded 10,000 AUD ($6,900). However, a number of exclusions would apply, including transactions involving what it describes as digital currencies. The reason, lawmakers state, is in order to prevent the disappearance of such currencies from the local economy, which in turn would lead to a block on freedom to innovate. The memorandum reads: “Digital currency is …

Throughout May 2019, United Kingdom-based nonprofit organization Oxfam International executed a month-long trial that saw MakerDAO’s DAI stablecoin distributed as a means of exchange among citizens of Vanuatu. The Oxfam initiative, named UnBlocked Cash, was conducted in partnership with MakerDAO, ConsenSys and Australian tech startup Sempo. The Australian government also supported the program. Tsunamis, cyclones and volcanic eruptions comprise a constant concern for the citizens of Vanuatu, with WorldRiskReport describing it as the world’s most at-risk nation to natural disaster for five consecutive years. The month-long program saw 200 residents of the Vanuatu villages of Pango and Mele Maat issued …

Bitcoin (BTC) and cryptocurrencies are used as a speculative investment tool and not money, a report by United States think tank the Congressional Research Service (CRS) claimed on May 10. As part of an investigation into cash usage in the U.S., the report, dubbed “The Potential Decline of Cash Usage and Related Implications,” appears to forecast a reduction in paper money as contactless card payments increase. Researchers also analyzed other forms of payment, including cryptocurrency, be it public, private or issued by a central bank. Taking bitcoin as its prime example, the CRS nonetheless draws conclusions which have become commonplace …

From bartering to blockchain, the world of money – and the way we transfer it – has never stood still. Indeed, even the assets we prize have changed. Although it might be nice to have some vegetables in your fridge, using it as a form of currency has probably never crossed your mind. It’s easy to take financial systems for granted. But every advancement over the centuries has caused some major disruption and a lot of getting used to. With each new system came imperfections and pitfalls – and in some ways, this is good. Cryptocurrencies hold a lot of …

Part of what has cemented cryptocurrencies on the map since they exploded into the mainstream investor market has been their volatility. Investors flooded to the likes of Bitcoin when, through November and December 2018, the value of the cryptocurrency increased in value exponentially. However, such volatility is a two-edged sword, and the cryptocurrency market has shown that in 2018 with Bitcoin’s price shedding more than 50 percent at times from its year end price of $13,000. The cryptocurrency market has also felt the ill effects of Bitcoin’s volatility because as a result of the price drops, Bitcoin’s trading volume, and …

South Korea’s central bank, the Bank of Korea (BOK), has recently announced it is considering cryptocurrencies and blockchain applications for its project for a “cashless society,” local news TokenPost reports May 1. South Korea's central bank says cryptocurrency and blockchain will allow societies to become coinless. The South Korean gov't has been trying to get rid of coins for a long time, many methods have been suggested but it wants to go with cryptocurrency.https://t.co/k8DNdinbl9 — Joseph Young (@iamjosephyoung) May 1, 2018 According to TokenPost, BOK announced the official launch of its cash-free society pilot in its “2017 Payment Report” yesterday. …

Litecoin Founder Charlie Lee recently shared with CNBC his position in the controversial Bitcoin split. In the interview, Lee brushed off any worries and anxiety regarding Bitcoin Cash’s coming into the picture of growing alternative cryptocurrencies. When asked about how Litecoin is playing into the mix, Lee said the split is not a big concern for Litecoin, but more towards the original Bitcoin. Lee says: “I don’t see it really as a threat to Litecoin and it’s causing more confusion to Bitcoin than anything.” Litecoin advantage Meanwhile, with the advent of so many cryptocurrencies, Lee shared Litecoin advantage over the …