Switzerland Testing Blockchain Voting

The Swiss City of Zug will use the City’s eID system to vote using their smartphones this month from June 25 to July 1. Residents of the said city will be able to download an application to register and vote.

This is part of a Blockchain based voting test. Dubbed as the Crypto Valley by many the Blockchain friendly city has seen numerous Blockchain startup setting up shop in the city and established an electronic identification system called eID last November of 2017. It has already close to 200 users.

The City of Zug already accepts cryptocurrencies to pay for some of its city services. The Blockchain powered electronic polling test is not binding since it is only a test if this said system can be effective launching in a larger scale.

It will be Switzerland’s first electronic polling test. It was revealed that the government wants 2/3 of the country’s cantons to offer electronic voting by the end of 2019.

Crytpcurrency Prices In A Freefall Tumbles To A 3 Month Low

Bitcoin and all major cryptocurrencies are on a freefall following an incident of a Korean exchange, Coinrail, had been hacked.

Checking coinmarketcap.com almost all top 10 digital currencies accumulating double digits loses within a single trading day.

Some may argue that the relative size of Coinrail compared to other giant exchanges like Binance, Coinbase and OKex would unlikely trigger this effect.

There are also speculations that the recent decision of the United States Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) to investigate rumors bitcoin price manipulations might have triggered the event.

The latest dip goes against general sentiment that bitcoin should rebound and have seen the bottom at $7000.

Based in the price movement for the last three days that bears still dominate the market, it is interesting how this will play out in the next few days.

Bank Of Thailand To Check Blockchain Technology And Cryptocurrencies

The Bank Of Thailand is said to be exploring Blockchain technology and has been closely working with various stakeholders who are in the financial services sector to leverage the emerging technology.

Its governor, Veerathai Santprabhob, praises Blockchain and describes it as a driver for financial industry growth. Once such initiative is the creation of a central bank digital currency (CBDC) that will utilize blockchain to conduct interbank settlement.

Aside from this intiative Santprabhob, also reveals that Thailand Blockchain Community Initiative which is a collaborative efforts of the central bank, 14 Thai banks and seven leading business enterprise with the aim of developing Blockchain solutions for the financial services industry.

One such of its project is the issuance of letters of guarantee over a Blockchain which is slated to be operational on the second half of this year.

Other initiative includes the development of Blockchain powered issuance of scriptless bonds and instant payment systes that links banks accounts with various forms of identification

Bitcoin To Replace USD As Main International Currency

Ken Jacobs, CEO of financial advisory and asset management firm Lazard, speculates that we can see bitcoin or other cryptocurrency will usurp US dollars as the main international currency in the not so distant future.

He reveals that the technology already exist that can make it possible and added that the current tendency of the current US government to have a unilateral foreign policy and unilateral trade policy is temping the world to find an alternative other than to use US dollar to be the reserve currency of the world.

Coming from a CEO of a company that manage more than $250 billion of assets and one of the world’s top 10 merger advisers that statement is nothing to scoff at.

Cryptocurrencies is already the top form of flight capital but being the world’s top international currency of choice remains to be seen but very much possible.

Binance CEO Sees Similarities With Price Correction Of 2018 To 2014

The CEO of Binance Mr. Zhao Chengpeng reminded people who are invested in the crypto space that the currency downward trend is nothing to be concern about.

Through his twitter account he reminded new comers that bitcoin price is volatile dips and valleys happens all the time in cryptocurrency space.

This volatility is not a bad thing in fact this is one of its characteristics why this market is so appealing.

If we look at the historical evidence Bitcoin is just fine in the long run. Institutional investors are slowly trickling in and technology that will address scalability issues are already available which will bring some positive changes in the years to come.

New comers will learn this lesson in time.

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