The future of cryptocurrencies and their relationship with corporations
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Many economic analysts see significant positive changes coming to the cryptocurrency space as more merchants, service providers, and corporations get involved in the industry. However, many crypto projects have yet to embrace regulations, while financial authorities around the world are still learning about digital currencies to find ways to introduce rules and guidelines.
Responding to these issues and tackling them early on, Electroneum became the first KYC/AML compliant cryptocurrency and has since been praised by many prominent figures in the industry as a 100% legitimate crypto.
“My team of researchers have concluded their investigation into Electroneum and have found this ICO project to be completely legitimate,” Cointelligence CEO and Founder On Yavin told his Electroneum counterpart, Richard Ells. He later went on to Twitter to confirm.
Electroneum CEO Richard Ells spoke at the World Blockchain Summit in Dubai on 24 October 2019 about the fear governments in developing countries have in respect to cryptocurrencies.
“We have been speaking to financial authorities about Electroneum around the world. In developing countries, governments have expressed fear that through crypto, a lot of resources will flow out of their economies and out of their control,” he said. Ells explained that contrary to their belief, Electroneum and other crypto projects could bring greater prosperity to their countries.
Ells was referring to Electroneum’s AnyTask freelancer platform, which is aimed at giving the billions of people that are unbanked and living in poverty the opportunity to access the global digital economy.
AnyTask will allow people with smartphones or laptops to sell skills globally and thus earn ETN tokens they will be able to use to purchase everyday items, pay for services, and top-up their mobile phones.
Cyprus Ip, a research analyst at global crypto exchange OKex, recently echoed the sentiment of corporations and crypto projects alike. He said the crypto industry might have to embrace more regulatory guidelines and rules globally to strengthen the confidence of corporations, merchants, and others interested in getting involved in the industry.
With this in mind, Electroneum took steps to position themselves ahead of these concerns by not only complying with KYC/AML regulations but also by developing and implementing their own Moderated Blockchain, powered by their proprietary Proof of Responsibility (PoR) protocol.
Their new network has made ETN the most secure crypto in existence. And because of this insusceptibility to 51% attacks and regulatory compliance, Electroneum is now one of the most transparent and trustworthy cryptocurrencies in existence.
These characteristics helped Electroneum pave its way to become the first crypto to work with internationally reputable non-governmental organisations. These are Ubuntu Pathways and WONDER Foundation.
Electroneum is gradually making its way into various countries around the world, including South Africa, Turkey, and Brazil, where they are working with mobile airtime and data AnyTask will allow people with smartphones or laptops to sell skills globally and thus earn ETN tokens they will be able to use to purchase everyday items, pay for services, and top-up their mobile phones.
Cyprus Ip, a research analyst at global crypto exchange OKex, recently echoed the sentiment of corporations and crypto projects alike. He said the crypto industry might have to embrace more regulatory guidelines and rules globally to strengthen the confidence of corporations, merchants, and others interested in getting involved in the industry.
With this in mind, Electroneum took steps to position themselves ahead of these concerns by not only complying with KYC/AML regulations but also by developing and implementing their own Moderated Blockchain, powered by their proprietary Proof of Responsibility (PoR) protocol.
Their new network has made ETN the most secure crypto in existence. And because of this insusceptibility to 51% attacks and regulatory compliance, Electroneum is now one of the most transparent and trustworthy cryptocurrencies in existence.
These characteristics helped Electroneum pave its way to become the first crypto to work with internationally reputable non-governmental organisations. These are Ubuntu Pathways and WONDER Foundation.ng that many governments and institutions have gone from dismissing or underestimating cryptocurrencies, to not only accepting they are the future but even calling for central banks to issue their own.
During a FinTech festival in Singapore last year, Christine Lagarde, then head of the International Monetary Fund (IMF), praised various cryptocurrencies and said, “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply funds to the digital economy.”
Bloomberg recently wrote that the IMF would in Washington convey the message to finance ministers and central bankers that “digital currencies are on your doorstep: get involved.”
The Director of the IMF’s monetary and capital markets department told Bloomberg that, “in the US and other countries around the world, it is just a matter of time before we see massive disruption. There is at least the potential that new technology might lead to a new global payment system fairly rapidly.”
Corporations and merchants
Corporations are gradually getting involved in crypto. A prime example is JPMorgan, one of the four largest financial institutions in the world. They launched their JPM Coin
In February 2019, JPMorgan announced they “became the first US bank to create and successfully test a digital coin representing a fiat currency. The financial institution created the JPM Coin on blockchain-based technology, enabling the instantaneous transfer of payments between institutional clients.”
UK-based Merchant Advice Service says, “cryptocurrency payment processing is becoming increasingly popular amongst merchants worldwide.” They explain that “merchants accepting cryptocurrency will appeal to a wider client market.”
They say the reasons for that are security, accessibility to crypto due to its decentralised nature, lower transaction costs, and higher processing speeds.
The cryptocurrency industry, as many experts claim, is still at its very early stages. Nevertheless, projects such as Electroneum are poised to speed up adoption as they focus on connecting the developing world with industrialised nations through the eradication of financial exclusion. But most importantly, by complying with regulations and building trust through security.
Part 1: Part 2: Part 3: Part 4: Part 5: Part 6: Part 7: Part 8: Regulating the cryptocurrency industry as a path to mainstream adoption The evolution of cryptocurrency and regulations since the inception of Bitcoin Building a new cashless ecosystem giving billions access to the global digital economy Milton Friedman spoke of Internet currencies long before Bitcoin The evolution of payments Can Electroneum make a difference in the lives of the unbanked or poor? The financially excluded can only dream of the things we take for granted Crypto can help empower the billions of unbanked and living in poverty
Originally published at https://news.electroneum.com on March 16, 2020.
