ECUREX Becomes First Digital Currency Platform Fully Compliant with Swiss Banking Acts

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ECUREX Becomes First Digital Currency Platform Fully Compliant with Swiss Banking Acts
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ECUREX, a digital finance marketplace for professional traders and financial institutions headquartered in Zurich, announced that it has become the first digital currency exchange platform to be fully compliant with the Swiss Banking Act. ECUREX has also been the first digital currency exchange platform to be compliant with the Swiss Anti-Money Laundering (AML) Act since April 2014.

Switzerland considers digital currencies such as bitcoin equivalent to any other foreign currency. This means that the professional operation of Bitcoin trading platforms constitutes financial intermediation with the requirement to comply with both the Banking Act and the AML Act.

“Switzerland probably has the most challenging regulatory environment for such a business and we are thrilled to be the first with a business model that allows us to operate here,” said ECUREX CEO Paolo Tasca. “We think a stable regulatory environment is not only beneficial for us in the long term, but also for our customers.”

The ECUREX trading system is not yet operating, but the team announced that this is the next important milestone. Within the next three to five years, the objective of ECUREX is to become the leading European digital finance hub for professional traders and financial institutions interested in digital currencies and blockchain technologies.

“By observing the current trend in blockchain innovation, in the near future we envision a landscape where this disruptive technology will create more agile and disintermediated financial and economic systems,” Tasca said in an interview with Bitcoin Magazine. “Blockchain technology will dramatically transform our economic systems, and our society in general, into something very different to what we have got used to thinking about in the last few decades. The disrupting force of the blockchain technology will hugely expand the use of digital currencies, because digital currencies and blockchain technology are an indissoluble tuple.”

He added that in the coming years banknotes, coins, checks and credit cards will all become hugely inefficient and will be replaced by digital money, which is easier and faster to process. According to recent studies, by 2020 90 percent of all payment transactions made in the United States and more than 50 percent of those made in Europe will be cashless.

Recently, the Denmark Central Bank declared that it will be discontinuing the printing of new fiat in 2016. Moreover, 45 percent of 25-34 year olds in the United States say they feel comfortable with the idea of using independently issued currencies.

At the moment there are more than four thousand privately issued currencies in more than 35 countries, and from 2009, when bitcoin was deployed in the market, there are now almost 500 different digital currencies.

“We glimpse a future characterized by the creation and diffusion of ‘brand’ currencies that will be used in closed-form environments as tools for internal rewarding, customer loyalty programs or incentive and governance schemes,” said Tasca. “ECUREX will be the single marketplace where users will instantly trade a massive range of online and offline, centralized and decentralized currencies cheaply and instantly.”

The ECUREX platform targets primarily professional traders and financial institutions, and provides professional tools like technical indicators for chart analyses, the possibility to trade from charts, multiple drawing and annotation tools, market data, reports by ECUREX Research, network data, price and trading news, and sentiment Indices.

The goal of ECUREX Research, part of the New Finance European research consortium, is to keep innovating by identifying the most important trends in nascent digital economies, but also to push boundaries on topics such as decentralized finance, economic networks, and generally to conduct cutting-edge research at the border between economics and complex systems that will benefit the community as a whole.

“At ECUREX Research, we believe that applied and fundamental research are complementary and yield benefits for the company, the industry and the world, and we have a long-term vision for independently funded, transdisciplinary science,” said Tasca.

ECUREX will distinguish itself from leading Bitcoin exchanges such as Bitstamp and Coinbase because instead of focusing only on bitcoin, ECUREX will allow users to trade in real-time and high-frequency different pairs of crypto-to-crypto and crypto-to-fiat.

“At the moment there exist about 500 different digital currencies,” said Tasca. “The digital currency market is so young that we welcome a Hayek’s regime of competitive monies where in the coming few years different digital currency protocols will co-exist to serve different needs. This is why we consider ourselves as a digital finance marketplace, and not a bitcoin-restricted exchange.”

 

Photo Rob Pongsajapan / CC BY 2.0

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Economists Disagree on Proposals for Alternative Currencies in Greece
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The Greek crisis and the prospect of Grexit – the exit of Greece from the Eurozone and perhaps even from the European Union – continue to make headlines. The government of Alexis Tsipras and his euro-skeptic, anti-establishment party Syriza, is trying to negotiate solutions for the struggling economy of Greece that would keep the country in the E.U. and the Eurozone, but the worst-case solution – Grexit – continues to be seen as a perhaps inevitable alternative option.

Greece’s Finance Minister Yanis Varoufakis wrote a blog post in February proposing a similar IOU-based currency, which he dubbed Future Tax Coin (FT-Coin). Varoufakis is not impressed by bitcoin as a currency, but he is persuaded that its underlying technology could be put to effective use in troubled economies.

“[T]he technology of Bitcoin, if suitably adapted, can be employed profitably in the Eurozone as a weapon against deflation and a means of providing much-needed leeway to fiscally stressed Eurozone member-states,” said Varoufakis. His post explained in detail how Greece could create an FT-Coin payment system with a Bitcoin-like algorithm to make it transparent, efficient and transactions-cost-free.

Recently, CNBC contributor Brian Kelly, the author of “The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World,” proposed a similar bitcoin-like solution for Greece’s troubled economy. Kelly notes that Greece could stay in the Eurozone and begin repaying its debt, but for that it needs a method to monetize state-owned assets while still maintaining ownership. Kelly is persuaded that a digital currency based on blockchain technology could provide the solution.

Now, one of the most prestigious financial news sites analyzes whether the creation of an alternative currency could help toward a solution of Greece’s financial problems. “Could a Parallel Currency Help Save Greece From Drowning?” asks Peter Coy on Bloomberg Business. Coy reports that even German Finance Minister Wolfgang Schaeuble has said that Greece may need a parallel currency if talks with creditors fail, according to sources familiar with Schaeuble’s views.

“One version of the idea calls the second currency a TAN, for tax anticipation note. Another calls it a grec, for government reimbursement exchange credit. There’s also the TCC, for tax credit certificate,” notes Coy, and adds a mention of Varoufakis’s proposal on the FT-coin, “where FT stands for future taxes and coin refers to bitcoin.”

The common idea is to free up Euros to pay foreign debts and to juice economic growth by spreading more money around domestically. The money would be an IOU issued by the Greek government that could be passed from one person to another.

“The government could print a bunch of the new currency (or create electronic ledger entries if the currency is virtual) and spend it on whatever governments buy, including civil servants’ salaries,” says Coy. “People would in theory be willing to accept the money because it could be used to pay taxes. “

The Bloomberg article outlines contrasting reactions of notable economists, ranging from enthusiastic to strongly skeptical. Especially interesting is the observation of Robert Parenteau, owner of investment and economic consultancy MacroStrategy Edge, who has written about the TAN as an electronic parallel currency and advised the Greek government in collaboration with economist Jamie Galbraith, who has worked closely with Varoufakis.

“Maybe the idea will take root in Spain or Italy,” said Parenteau.

 

Photo epSos. de / CC BY 2.0

The post Economists Disagree on Proposals for Alternative Currencies in Greece appeared first on Bitcoin Magazine.

SuperNET Sponsors Drachmae “Blockchain Solution For Greece” Project
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SuperNET, a mega network of cryptocurrencies that offers innovation in the digital currency sector, has announced its Platinum Sponsorship of the unprecedented Drachmae project.
Drachmae undergoing research in Greece to see if the technology has a viable opportunity as a parallel digital currency to the Euro.
Groundbreaking Crypto777 technology will enable private chains for Drachmae users.

SuperNET was founded almost 9 months ago, and in that time has built up the largest collaborative network of digital currency developers and enthusiasts in the world: with over 700 members. Drachmae, its newest entrant offers an unprecedented project to outline a “Blockchain Solution For Greece”. Drachmae’s founder, Lee Grant of Coinstructors, is currently in Greece on an exploratory trip for a small test case to present Drachmae as an innovative solution to obtain live test results to confirm in the different case scenarios if the Blockchain can be used and how. Lee has also been invited to Singapore, to present and discuss Drachmae to the Asian banking sector in a round table meeting in July.

Drachmae is a centralised hybrid banking platform that harnesses the security and transparency of blockchain technology. As a complex blockchain project, Drachmae requires infrastructure that supports multiple blockchains. As well as supplying a pool of digital currency developers and professionals, SuperNET also provides the multi-blockchain technology that will contribute to Drachmae’s success. SuperNET’s 700 + members also bring to the Drachmae think tank immense technical expertise.

SuperNET’s Sponsorship enables Drachmae to be presented on the 4th of July in London at a private and closed door event to the Fintech world. Drachmae will also be presented on the 9th of June at the Crypto Workshop at www.payexpo.com, alongside blockchain development platform NXT, which is the Crypto Sponsor at Payexpo.

Another recent SuperNET project is the Crypto777 NXT Asset which is listed on www.secureae.com. Crypto777 will play a key role in Drachmae, as it reduces the size of the main chains and enables private chains for specific sectors

Drachmae will now participate in SuperNET’s mega network alongside a number of leading digital currencies, where it will be able to share features and services for the mutual benefit of all participants. With SuperNET’s integrated blockchain services and huge pool of cryptocurrency talent, Drachmae is now positioned to evolve from being an idea, to a reality. SuperNET only admits unique and groundbreaking projects that will mutually benefit all other participants.

Lee Gibson-Grant, founder of Coinstructors said:

SuperNET’s sponsorship of Drachmae project enables Coinstructors presence with the NXT Team at this year’s Payexpo, and adds to the credibility of Drachmae as a viable option to solve real time issues with blockchain technology. We’re very excited by Drachmae’s potential to demonstrate the way governments and their citizens can take advantage of the unprecedented opportunities provided by blockchain technologies.

To learn more about SuperNET please go to: http://www.supernet.org/

To learn more about Drachmae please go to: http://www.drachmae.org/

Media Contact:

Name: John McLeod

Email: press@drachmae.org

Ph: +442074047477

 

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