Dubai to launch blockchain payments with state digital currency “emCash”
Dubai residents will soon be able to make payments for school fees, bills and other retail purchases with emCash, a state-developed blockchain-based digital currency. The UAE’s first official credit bureau – emCredit – is pushing its official blockchain-encrypted state digital currency emCash for wider adoption by rolling out point-of-sale devices at retail & government storefronts across Dubai.
Indonesian company PundiX will produce the point of sale devices, and Dubai fintech ebooc will manage the digital wallet. A spokesperson for the state-backed subsidiary emCredit said: “Deploying cutting-edge technology such as blockchain is a key priority and is delivering benefits to our citizens in the form of convenience and securities to customers and merchants across Dubai.”
Venezuelans forced to use Petro cryptocurrency to pay for passports
Venezuelans are now being forced to pay for passports with the country’s controversial Petro cryptocurrency. Vice President Delcy Rodriguez said in a press conference on Friday that a new passport will cost citizens two petros, an amount worth 7,200 bolivars.
With that amount being four times the minimum monthly wage, Venezuelans face an even harder task obtaining their travel documents as they seek to flee the country’s economic and humanitarian crisis. The UN says an estimated 5,000 people per day leave Venezuela.
Binance to disclose crypto listing fees & donate 100% to charity
Binance, currently the world’s largest cryptocurrency exchange by trading volume, has announced that it will now disclose all cryptocurrency listing fees and donate the funds to charity. Token projects seeking to be listed on the exchange will continue to be allowed to propose their own listing fees. The exchange will neither dictate such fees nor impose a minimum pricing level.
Notably, Binance said it will donate 100% of listing fees to its recently launched charity division, the Blockchain Charity Foundation. Also, all listing fees that are now effectively donations, will be published on the foundation’s website, in a move to increase transparency in the listing process.
Bitfinex uses HSBC for banking services
Leading crypto exchange Bitfinex has reportedly obtained a banking partner in London based HSBC, the $133 billion banking giant which is the world’s 7th largest bank. HSBC is the first “proper banking partner” Bitfinex has obtained since Wells Fargo in 2017. If the deal between Bitfinex and HSBC can be sustained throughout the long-term, it is expected to bring a level of stability to the operations of Bitfinex.
Kasper Rasmussen, director of communications at Bitfinex said that the firm cannot comment on the nature of the partnership between the exchange and HSBC. “Bitfinex does not, and has never, commented on actual or potential business relationships and this is not subject to change now” Rasmussen stated.
Kraken Daily Market Report for 07.10.2018
KRAKEN DIGITAL ASSET EXCHANGE
$34M traded across all markets today
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