Tag: UK

Hospitals in the UK are using the Hedera Hashgragh  (HBAR) network to monitor coronavirus vaccines' cold chain. This is a major milestone as wider rollout to National Health Service (NHS) hospitals is planned as vaccine distribution progresses. Blockchain offers effective tracking of Covid-19 Vaccines supply chain Public hospitals in the UK are monitoring the storage of coronavirus vaccines with distributed ledger technology.  The solution was developed by the company Everyware in collaboration with Hedera Hashgraph (HBAR). Covid-19 vaccines must be…

The United Kingdom has announced plans to research stablecoins and a central bank digital currency (CBDC). The Treasury Department of the United Kingdom is drafting proposals to regulate private stablecoins and investigate digital currencies as an alternative to cash. This news is coming off the back of the UK's recent departure from the European Union (EU). The government is now looking for productive and innovative ways to improve its financial sector. In an official announcement, the UK Treasury Chancellor Rishi…

The leading cryptocurrency exchange Binance released a report explaining the way scams targeting cryptocurrency investors attempt to achieve credibility. The report, released on June 30, noted that the observations are based on an examination of reports of fraudulent investment schemes which promises quick or exponential returns on cryptocurrency investments. Binance Sentry which is an internal risk intelligence unit structured within Binance’s security team examined the reports, thereby coming up with its observations. However, the frauds go beyond cryptocurrency but likewise include forex,…

The renowned cryptocurrency exchange Binance is now supporting Great Britain Pounds (GBP) trading pairs on its main exchange, just two days after announcing a UK-based trading platform. On June 19, Binance announced the availability of 5 new trading pairs. The pairs to go live at 10:00 am (UTC) on June 19 include BTC/GBP, ETH/GBP, XRP/GBP, BNB/GBP and GBP/BUSD. “Binance will open trading for BTC/GBP, ETH/GBP, XRP/GBP, BNB/GBP and GBP/BUSD trading pairs at 2020/06/19 10:00 AM (UTC). Please note: The GBP is a national currency and does…

The economic effects of the COVID-19 pandemic have driven discussions regarding the digitalization of economy with central bank digital currencies. This led a blockchain company in the United Kingdom to propose a central bank-issued digital currency (CDBC) system to the Bank of England. The company known as L3COS proposed an operating system based on blockchain for a CBDC to the Bank of England (BoE). According to the company, the proposal represents a response to the BoE’s consultation document released three months ago. The…

Financial Conduct Authority (FCA) is considered relatively new in the financial service sector. It has been less than a decade since the regulator took over from its predecessor Financial Services Authority (FSA) in 2013. Such a transition is bound to cause some confusion on the scope of the regulatory measures in place. The broad and complex world of crypto assets and its evolving market is critical in the confusion of what falls under FCA regulations. As a consumer, you need…

Scammers continue to leverage the current pandemic to perpetrate their malicious activities. It is such that the national internet authority shut down more than 2,000 online scams associated with COVID-19 last month. A deeply shocking 471 fake e-commerce stores selling fake Coronavirus materials were shut down. They have also taken down numerous phishing scams and advance-fee frauds. Due to the rising scams, the United Kingdom’s National Cyber Security Centre (NCSC) is still raising awareness and warning citizens regarding the risks. According to the U.K. Minister for Security,…

New Zealand financial watchdog has cautioned the public over a suspect Bitcoin investment scheme. In its statement issued on April 6, the Financial Markets Authority(FMA) raised a red flag on the "Profit Bitcoin" project. The FMA labeled the venture a get-rich-quick scam. Allegedly, the scheme dupes the public that it offers software having a 99.4% success rate in winning Bitcoin trades. False Narrative According to the FMA, the project's website has telltale signs of a con job. To begin with,…

The U.K.’s central bank, the Bank of England (BoE) yesterday officially issued a discussion paper on Central Bank Digital Currency (CBDC). In the 57 page document, the bank outlined a model CBDC. According to the bank, it's CBDC would be an electronic form of central bank currency designed to store value and facilitate transactions between individuals and businesses. New Opportunities in Finance The BoE contends that CBDCs could open several opportunities in finance, including the realisation of a sturdy payments…