Elon Musk: Bitcoin Has ‘Quite Brilliant’ Structure, Paper Money is Going Away

Technology entrepreneur and Tesla CEO Elon Musk said that Bitcoin’s (BTC) structure is “quite brilliant” and that digital currency is “a far better way to transfer value than pieces of paper.” Musk made his remarks during an interview on advisory services firm ARK Invest’s podcast on Feb. 19.

In response to a question about whether Bitcoin becomes the only native cryptocurrency of the Internet, Musk said that “the Bitcoin structure was quite brilliant,” and that he thinks that “one of the downsides of crypto is that computationally it is quite energy intensive. So there have to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create the incremental Bitcoin at this point.”

On this note, Musk stressed that “it would not be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advance of sustainable energy.”

Musk continued saying that cryptocurrency “bypasses currency controls […] paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure.”

Last February, Musk tweeted that he only owned 0.25 BTC. He noted in the same tweet that apart from the 0.25 BTC a friend had given to him “many years ago”, he “literally own[s] zero cryptocurrency.”

Previously, major industry players also argued that Bitcoin occupies a unique place as a store of value or “digital gold.” Mike Novogratz, a former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, said that “Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”

Twitter co-founder and CEO Jack Dorsey — who is well known for his conviction that Bitcoin will become the “native currency of the Internet” — said earlier this month that “[Bitcoin] feels it’s the one that wants to be currency the most, versus others that are doing more general purpose things or distributed computing […] I think [the altcoin space] has generated some really amazing ideas, but I’m focused on currency and the transactional aspect.”

News source CoinTelegraph.com

Canadian Judge Appoints Legal Representatives for QuadrigaCX Customers

The Supreme Court of Nova Scotia has ordered Canadian law firms Miller Thomson and Cox & Palmer to represent customers of cryptocurrency exchange QuadrigaCX in upcoming proceedings. The ruling was announced in a court filing published on Feb. 19.

On Tuesday, Justice Michael Wood rendered a decision that Miller Thomson and Cox & Palmer will act as lead counsel to represent the representative committee of users of Canada’s major cryptocurrency exchange Quadriga.

Specifically, the representative counsel will be responsible for “managing communications with users; acting as user liaison for the monitor [Ernst & Young]; advocating for user interests before the court; identify[ing] potential conflicting interest amongst users; and advocating for user privacy.”

In the filing, Wood says that the proceedings should concentrate on efficiency and cost effectiveness, and that the counsel should not have open-ended retainers and undertake inquiries where they can exact fees from the exchange’s assets. The filing further explains:

“Representative counsel can make the proceeding more efficient and cost effective for all parties by providing a clear mechanism for communicating with the stakeholders and avoiding a multiplicity of potentially conflicting retainers.”

While the next hearing is scheduled on March 5, 2019, Justice Wood stated in the filing that he “expect[s] that representative counsel, the Monitor and the Applicants should be able to come to an agreement on most, if not all, of the terms of the order which could then be presented to the Court for consideration.”

Wood’s decision follows a hearing on Feb. 14, when the Nova Scotia Supreme Court brought together over “a dozen” lawyers who were vying to represent the 115,000 cryptocurrency traders owed around $260 million ($195 million) by QuadrigaCX.

On Feb. 13, Cointelegraph reported that Ersnt & Young’s recently released report dubbed “First Report of the Monitor” stated that “on February 6, 2019, Quadriga inadvertently transferred 103 bitcoins valued at approximately $468,675 to Quadriga cold wallets.” Quadriga has purportedly been unable to access its cold wallets as its recently deceased found Gerald Cotten was solely responsible for the wallets and corresponding keys.

News source CoinTelegraph.com

Ethereum’s Vitalik Buterin Discloses Non-ETH Crypto Holdings and Other Revenue Sources

Ethereum (ETH) co-founder Vitalik Buterin has disclosed that his crypto investments are virtually exclusively devoted to the Ethereum network, in a post published to an “Ask Me Anything” (AMA) Reddit thread on Feb. 18.

The AMA post is dedicated the Ethereum leadership and accountability, asking those in leadership positions in the ETH community to share their possible conflicts of interest.

In Buterin’s summary, his total holdings of non-Ethereum ecosystem tokens — comprising Bitcoin Cash (BCH), Bitcoin (BTC), Dogecoin (DOGE) and Zcash (ZEC) — account for less than 10 percent of the value of his Ethereum holdings.

A further set of non-ETH Ethereum ecosystem tokens — comprised of Kyber (KNC), OmiseGo (OMG), Maker (MKR), (OMG) and Augur (REP) — are similarly reportedly collectively worth less than 10 percent of Buterin’s Ethereum (ETH) holdings.

Buterin also disclosed on the AMA that he has “significant corporate shareholdings” in blockchain research and development firm Clearmatics, as well as in scalability- and privacy-focused blockchain startup Starkware. The latter notably develops cryptographic technology such as zero-knowledge proofs, of which Buterin is a vocal proponent.

Aside from this, Buterin revealed his external revenue over the past 12 months — aside from the Ethereum Foundation — was accounted for by his advisory role for the tokens disclosed in his holdings.

Vitalik also discussed his non-financial involvement in other blockchain projects — including the ecosystems for the aforementioned tokens — as well as several non-token-based Ethereum-related organizations; such as L4, Plasma Group, EthGlobal and EDCON.

He is also reportedly involved in several non-token-based and non-Ethereum organizations — “mainly professional cryptography and economics circles” — which he didn’t specify.

As reported, Vitalik has recently been engaged in an Ethereum developers’ discussion in regard to a new smart contract creation feature set to be released in the forthcoming Constantinople hard fork.

Some community members had voiced their concerns that the feature could have negative security implications, which Buterin refuted, while emphasizing the need to evolve the feature in question with a longer roadmap in view.

News source CoinTelegraph.com

Bitcoin Again Tests $4K Amidst Anticipation of US and China Trade Deal Finalization

Tuesday, Feb. 19: crypto markets have continued gaining momentum, with all of the top 20 coins by market cap seeing green and Bitcoin (BTC) testing $4,000 again, according to CoinMarketCap.

Market visualization from Coin360

Market visualization from Coin360

Following a slight decline to as low as $3,908 yesterday, Bitcoin has continued growing towards the new price point, currently trading at $3,941 and up 4.4 percent over the past 24 hours. The biggest cryptocurrency saw a sharp bullish move on Feb. 17 and approached $4,000 yesterday by touching $3,973, the highest price point since Jan. 10. Bitcoin is up around 9.3 percent over the past 7 days.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH), the second-largest cryptocurrency by market cap, is up about 3.5 percent, approaching $150. Ethereum is seeing large growth over the week, up more than 22 percent since Feb. 12, when the altcoin was trading at around $121.

Ethereum 7-days price chart

Ethereum 7-days price chart. Source: CoinMarketCap

Ripple (XRP), the second-top altcoin by market cap, is up about 8.3 percent and is trading at $0.338, which constitutes around 12 percent growth over the past 7 days. Recently, BankDhofar, the second-largest bank by market value in Oman, has started using RippleNet tech for cross-border payments to India.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

The fourth-top cryptocurrency by market cap, EOS (EOS), is seeing the biggest growth both over the past 24 hours and 7 days, up more than 15.7 percent over the day and about 30.5 percent over the week.

EOS 7-day price chart

EOS 7-day price chart. Source: CoinMarketCap

Total market capitalization has surged to $135 billion after having been stuck around $120 billion since Feb. 8. Daily trade volume has continued gaining momentum, currently seeing a slight decline from $36 billion to $35 billion.

Weekly total market capitalization chart

Weekly total market capitalization chart. Source: CoinMarketCap

Yesterday, Indonesia’s commodity futures regulator adopted a legal framework for operating crypto and digital assets futures markets, officially requiring multiple entities on the market to seek regulatory approval and apply for registration before legally launching businesses in Indonesia.

Also on Feb. 18, prominent Bitcoin bull and venture capital investor Tim Draper declared that in five years, only criminals will use fiat as crypto becomes universally widespread. Draper also argued that Bitcoin is more secure than the U.S. dollar, and compared cashing out from BTC with exchanging gold into shells.

Following the long President’s Day weekend in the United States, stock futures were flat to lower on Tuesday as traders waited for new data from the latest round of the U.S.-China trade negotiations, CNBC reports. According to data acquired by CNBC, the Dow Jones Industrial Average dropped about 20 points at the open, while NASDAQ and S&P 500 remained flat.

Meanwhile, oil stayed within sight of its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC-led supply cuts although concern about slowing economic growth is expected to curb the demand.

As the U.S. dollar reportedly weakened on anticipation of the U.S. and China trade deal, gold prices increased to the highest level in more than two weeks on Monday, while palladium hit a record high of $1,449. U.S. gold futures increased by 0.3 percent to $1,326.1 an ounce.

News source CoinTelegraph.com

Owner of Indeed and Glassdoor Job Search Engines Invests In Privacy Coin Project Beam

Japanese employment information services company Recruit Co., Ltd. has invested in a blockchain-focused company Beam Development Limited, according to an announcement published on Feb. 18.

Per today’s press release, Recruit has invested in Israeli blockchain startup Beam Development Limited. The investment was made through Recruit’s $25 million fund called RSP Blockchain Tech Fund Pte. Ltd. The latter is focused on investing and acquiring shares in blockchain and cryptocurrency companies.

Beam is a privacy-oriented crypto project that purportedly secures transactions by enabling transaction data to be verified by a specified third party. The announcement states that the Beam token prevents the “divulgation of transaction data to third parties and protects user’s transaction information.”

Recruit further stressed that it “recognizes the revolutionary impact of blockchain technology in facilitating innovation while preserving confidential data, but at the same time Recruit understands the need for appropriate government regulation to ensure that this new technology is not abused.”

Beam confirmed the recent investment on Twitter, stating that it “helps Beam fulfill its mission in Japan […] when it comes to deploying a compliant, scalable, and confidential cryptocurrency.”

Founded in 1960, Recruit Co., Ltd. acts as an advertising and employment information services company internationally. The firm acquired job search portal Indeed.com in 2012, and then job search site Glassdoor in 2018.

Recently, Beam (BEAM) announced that it plans to introduce a Mimblewimble-compatible lightning network (LN) to enhance the altcoin in commercial settings where payments would require quick confirmation. While Beam’s paper states that their transaction capacity is three times faster than that of Bitcoin’s (BTC), the paper notes that it is not at the same level as other major payment processors.

According to a Litecoin Foundation blog post published Feb. 7, Mimblewimble is in part a variant of “Confidential Transactions,” which allows for transactions to be “obfuscated yet verifiable,” so as to achieve both heightened privacy and prevent double spending.

At press time, BEAM is trading at $1.26, having gained around 4.5 percent on the day, according to data from CoinMarketCap. The coin’s market capitalization is around $7.8 million, while its daily trading volume is around $7 million at press time.

News source CoinTelegraph.com

Blockstream Publishes Schnorr-Based Test Code for Bitcoin Blockchain Upgrade

The Schnorr-based multi-signature scheme MuSig, a test code for a potential upgrade to the Bitcoin (BTC) blockchain, has been released by blockchain tech firm Blockstream, according to an announcement published on Feb. 18.

Last January, four Bitcoin developers released a paper outlining how Schnorr multi-signatures (‘multisig’) could help scale the Bitcoin blockchain, saying that the technology could reduce its transaction size and “improve both performance and user privacy in Bitcoin”. In the paper, the developers state that MuSig is designed as “a protocol that allows a group of signers to produce a short, joint signature on a common message.”

Today’s announcement reveals that MuSig has been turned from an idea into usable code, while this week the code was also merged into secp256k1-zkp, a fork of secp256k1 representing “the high-assurance cryptographic library used by Bitcoin Core.”

In the post, the developers explain their decision to develop MuSig by creating “a misuse-resistant API without sharp corners, and which doesn’t encourage dangerous usage patterns even in constrained environments.” The post also stresses the necessity of improving verification efficiency and developing provable security in the public key model. MuSig signatures purportedly improve privacy since they hide the exact signer policy.

However, since the beginning of the MuSig development, its creators have reportedly found that a number of already published signature schemes —  including an earlier unpublished version of MuSig — are insecure. The post further reads:

“MuSig signatures, just like Schnorr signatures or ECDSA, use in their construction a secret ‘nonce’ which must be produced uniformly randomly. Any deviation from uniform, even by a single bit, can lead to secret key loss and stolen funds.”

For now, the developers are asking community members to test the code, which is reportedly posted on GitHub, and provide feedback.

Bitcoin’s next halving is expected to happen in May 2020. Bitcoin halving is an event that happens roughly once every four years, after which the amount of new BTC created and earned by miners will be cut in half.

In anticipation of the next halving, United States-regulated trading and clearing platform LedgerX released a new type of derivative contract unique to BTC called LedgerX Halving Contract (LXHC). The new product represents a binary option and reportedly “allows you to get a fixed payoff if the next halving block (#630,000) happens before a certain date and time. If the block is discovered after, the contract expires at zero.”

News source CoinTelegraph.com

Major Chinese University Launches Blockchain Research Center

One of the most selective universities in China, Fudan University, has opened a blockchain research center, according to an announcement published on Feb. 15.

Per the announcement, Fudan University established the Shanghai Blockchain Engineering Technology Research Center in collaboration with Zhongan Online Property Insurance Co., Ltd. and Shanghai Zhongren Information Technology Co., Ltd.

The center will purportedly carry out basic research on blockchain technology, demonstrate its application, as well as provide associated talent training. The establishment of the Shanghai Blockchain Engineering Technology Research Center will further promote the development and growth of the blockchain industry in Shanghai and purportedly facilitate the development of the Shanghai economy.

Other Chinese universities have also integrated blockchain into their scholarship programs. In January, in collaboration with blockchain payments firm Ripple, the Institute for Fintech Research at Beijing’s Tsinghua University (THUIFR) announced the Blockchain Technology Research Scholarship Program (BRSP). The program reportedly intends to bring together the best graduate students in China in 2019 to study global blockchain regulations and industry development.

Earlier this month, the Chinese Institute for Fintech Research at Tsinghua University joined Ripple’s global University Blockchain Research Initiative (UBRI) — which was originally launched in June 2018 — that supports academic research, technical development and innovation in blockchain, cryptocurrencies and digital payments.

News source CoinTelegraph.com

Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, TRON, Stellar, Binance Coin, Bitcoin SV: Price Analysis, February 18

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

CNBC commentator and CEO of digital currency investment firm BKCM LLC, Brian Kelly, believes that, “Bitcoin is about 50 percent undervalued.” However, just because it is undervalued is not a good enough reason for it to move up. Kelly opines that due to extreme negative sentiment, he will not be surprised even if Bitcoin drops to $1,500.

While it is difficult to predict where the current bear market will bottom out, various experts believe that the next bull run will be a strong one. Zhu Fa, the co-founder of Poolin, a Chinese-based crypto mining pool, is extremely ambitious as he expects Bitcoin to reach $738,000 during the next bull phase. However, he also warns that the next bull run might be the last.

Though astronomical price targets look enticing, we are currently looking for fundamental developments to carry crypto prices out of the bear market. Japanese e-commerce firm Rakuten is likely to integrate crypto payments in its mobile app that will be released on March 18. If this happens, it will be a welcome step in bringing crypto closer to mass adoption.  

There have been a few recovery attempts in the past few months but they have not sustained. Will the current recovery signal a bottom? Let’s look at the charts to find out.

BTC/USD

Unlike previous occasions, the tight range in Bitcoin (BTC) has resolved to the upside. Currently, the price is attempting to break out of the downtrend line, which has been a stiff resistance since the end November 2018. A break out of this resistance will indicate strength and attract buyers.

Traders can wait for a close (UTC time frame) above the downtrend line and buy 30 percent of their desired allocation. The stop loss can be kept just below the lows at $3,200. The next level to watch on the upside is $4,255.

A breakout above $4,255 will complete a double bottom pattern, that has a target objective of $5,273.91. Traders can add the remaining 70 percent position on a breakout and close above $4,255.

Contrary to our expectation, if the bears defend the overhead resistance of $4,255, the BTC/USD pair will remain range bound for a few more days. Our bullish view will be invalidated if the pair turns down and plunges below $3,236.09.

ETH/USD

Ethereum (ETH) broke out of the overhead resistance at $134.50 on Feb. 17 and has soared higher. Its next target is $167.32. Traders who have long positions can trail half of their stops closely so as to protect about 75 percent of paper gains. The remaining position can be held with the stop at the breakeven. We do not recommend booking complete profits because we anticipate a move to $167.32 and higher. Hence, we will give some wiggle room for half of the positions.

The 20-day EMA is gradually sloping higher and the RSI has reached the overbought zone. This shows that the bulls are in command. The pair is in the early stage of forming an ascending triangle pattern. Our bullish view will be negated if the ETH/USD pair turns down from the current levels and plunges back below $134.50.

XRP/USD

Ripple (XRP) has broken out of the 20-day EMA and the 50-day SMA, which is a positive sign. It can now move up to $0.33108. The price has stayed below $0.33108 since Jan. 10 of this year. Hence, a break out of this level signifies bullishness. Traders can enter long positions on a breakout and close (UTC time frame) above $0.33108. The stop loss can be kept at $0.275. The target objective of this trade is $0.40 and higher.

Contrary to our assumption, if the XRP/USD pair turns down from the overhead resistance, it might remain range bound for a few days. The downtrend will resume on a breakdown of critical zone of $0.27795 and $0.24508. The flattening moving averages and the RSI close to 50 point to a consolidation in the near term.

EOS/USD

EOS has broken out of the overhead resistance zone of $3.05–$3.2081. Its next target objective is $3.8723 and above it $4.4930. The gradual up-sloping 20-day EMA and the RSI in the overbought zone shows that bulls have the upper hand. Traders who are long can protect half of their positions with a tight stop and trail the rest with a stop at $2.50.

We anticipate some resistance at $3.8723 but it is likely to be scaled. The target objective on the EOS/USD pair remains at $4.4930.

Our bullish assumption will be invalidated if the bears reverse direction sharply and push the price back below $3.2081.

LTC/USD

After inching higher for the past three days, Litecoin (LTC) finally broke out of the overhead resistance at $47.2460. If the bulls sustain the breakout, the next target is $56.910. The uptrending moving averages and the RSI close to overbought territory shows that the path of least resistance is to the upside.

Nonetheless, if the bulls fail to sustain above $47.2460, the traders can book partial profits on their long positions and raise the stop loss on the rest to $40. A break below this level can result in a fall to $35 and lower. The LTC/USD pair will turn bearish if it breaks down from the critical support at $27.701.

BCH/USD

After staying close to $121 for the past six days, Bitcoin Cash (BCH) has started its journey northwards. It is currently facing some resistance at $141.

However, after breaking out of $141, we expect it to pick up momentum. Therefore, traders can buy on a close (UTC time frame) above $141 and keep the stop loss below the recent lows of $116. The first level to watch on the upside is $163, above which the up move can extend to $175. The BCH/USD pair might consolidate or correct closer to $175. However, the pair has a history of vertical rallies. If the bulls pierce through $175, it will open the door for a rally to $220.

All our bullish expectations will be negated if the pair turns down from $141. The trend will turn negative if the bears sink the virtual currency below $103.

TRX/USD

The bulls are attempting to stabilize TRON (TRX) for the past five days but are facing resistance at the 50-day SMA. The moving averages are on the verge of a bearish crossover, which will indicate weakness. A breakdown of $0.02344160 can drag it to $0.02113440 and below it to $0.01830000.

On the other hand, if the TRX/USD pair scales above both the moving averages, it will face selling at the downtrend line and above it at $0.02815521. The pair will pick up momentum if it sustains above $0.02815521. The targets to watch on the upside are $0.0380 and above it $0.040. Traders who are long can keep their stops at $0.0230.

XLM/USD

For the past three days, Stellar (XLM) had been attempting to break out of the 20-day EMA. Though unsuccessful, we liked the way it did not give up any ground. A breakout above the 20-day EMA can carry it to the downtrend line and above it to the 50-day SMA. But as the digital currency has not participated in the recent pullback, we will wait for it to form a bullish setup before suggesting a trade in it.

Contrary to our expectation, if the XLM/USD pair fails to scale above the overhead resistances, it will enter into a consolidation. The 20-day EMA has flattened out and RSI is also inching towards the midpoint. This points to a range formation in the short term.

The pair will turn negative if it plummets below the recent low of $0.07256747. Following a breakdown, the next support on the downside is at $0.05795397.

BNB/USD

Binance Coin (BNB) has again risen close to the overhead resistance of $10. We anticipate strong selling in the $10–$12 zone. From mid-August to mid-November, it had struggled to break out of this range on two occasions.

Still, if the price sustains above $10, it will signal strength. A consolidation between $10 to $12 will be bullish for the BNB/USD pair because a breakout can push it to $15 and above it to $18.

Conversely, if the pair turns down from the current levels and breaks below the 20-day EMA, it can slide to the 50-day SMA, which is a critical support. We do not find any reliable buy setup with a good risk to reward ratio, hence, we are not suggesting any fresh long positions in it.

BSV/USD

Bitcoin SV has broken out of the 20-day EMA. This had been a major roadblock since Jan. 3 and the price had repeatedly turned down from it.

The BSV/USD pair is currently facing resistance at $71.412 and the 50-day SMA. Traders can initiate a long position on a close (UTC time frame) above the 50-day SMA, with a target objective of $102.580.

The failure of the bears to capitalize on the weakness and sink the price below $57 shows demand at lower levels. Our bullish view will be invalidated if the pair turns down from current levels and breaks down of $57. If that happens, a drop to $38.528 is probable.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

News source CoinTelegraph.com

Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years

Billionaire investor and known Bitcoin (BTC) bull Tim Draper argued that in five years, only criminals will use fiat as crypto becomes universally widespread. Draper made his claims in an interview with American financial news tv channel Fox Business released on Feb. 18.

Reiterating his previous statements predicting that fiat money will become laughable and obsolete in five years, Draper has elaborated on his forecast, stating that nobody but criminals will keep using cash, since criminals who use crypto can be tracked via blockchain. He said:

“The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.”

In August 2018, an agent of the United States Drug Enforcement Administration (DEA) noted that she prefers people to keep using cryptocurrencies, as the blockchain provides tool to identify criminals.

In the interview, Draper also said that he believes his money in the bank to be less secure than his money in Bitcoin. “My bank is constantly under a hack attack,” Draper has stated, adding that to date, nobody has managed to hack Bitcoin’s blockchain.

Claiming that his Bitcoin is more secure than a dollar is, the Bitcoin billionaire has compared cashing out from Bitcoin with exchanging gold into shells, arguing that there is no sense to go back in time as the future is about Bitcoin and other cryptocurrencies.

When asked how much crypto he holds, Draper provided a short response: “a lot.”

Draper’s recent statement has echoed the stance of young Bitcoin millionaire Jeremy Gardner, who said that the existing financial system is much more culpable for things like terrorism and crimes than blockchain technology perhaps will ever be.

In November last year, Tim Draper reaffirmed his April 2018 Bitcoin prediction that the biggest cryptocurrency will trade as high as $250,000 per coin by 2022. Meanwhile, Bitcoin has seen significant growth recently, having jumped around 7.6 percent over the day and trading at $3,907 at press time, according to CoinMarketCap.

News source CoinTelegraph.com

Waste Management Firm Launches Blockchain Platform in UAE City

A blockchain-enabled waste permit portal will be launched in Sharjah, the United Arab Emirates (UAE), the country’s official news agency, Emirates News Agency (WAM), reported on Feb. 17.

The blockchain-based waste permit portal will be jointly developed by environmental, recycling and waste management company Bee’ah and the Hamriyah Free Zone Authority (HFZA) — the city of Sharjah’s free trade zone. According to WAM, the platform is the first in the city to employ blockchain technology to validate, process and store transactions.

According to the report, the platform will cut costs for customers applying for permits within HFZA as well as reduce permit-issuing time from several days to only a few hours. The statement also claims that “all transactions are completely secured, essentially eliminating any human error or fraud.”

Khaled Al Huraimel, CEO of Bee’ah, said that he expects the technology “will not only facilitate seamless operations, but also increase trust between customers and operators.”

As Cointelegraph reported in December last year, the UAE’s central bank is collaborating with the Saudi Arabian Monetary Authority to issue a cryptocurrency accepted in cross-border transactions between the two countries. This month, six commercial banks from the countries reportedly joined the project.

In December last year, news broke that, according to some experts, the UAE is looking to join the list of leading destinations for blockchain-related businesses in 2019, due to promising new crypto-related legislation.

News source CoinTelegraph.com