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Japanese Internet Giant GMO to Launch Yen-Pegged Cryptocurrency

October 10, 2018 |

Japanese Internet Giant GMO to Launch Yen-Pegged Cryptocurrency

Japan’s GMO Internet Group has announced plans to issue a yen-pegged stablecoin called GMO Japanese Yen. Already in the crypto exchange and mining hardware businesses, the company plans to launch its third crypto enterprise with this stablecoin.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Yen-Pegged Stablecoin

Japanese Internet Giant GMO to Launch Yen-Pegged CryptocurrencyGMO Internet Group announced Tuesday that it “will start full-scale preparations to issue stable coins of virtual currency, with an eye to enter into the ‘settlement’ area of virtual currency business.” The company detailed:

‘GMO Japanese Yen (ticker symbol: GJY)’ [will be launched] through the unified brand (global brand) ‘Z.com’ in the overseas strategy of the GMO Internet Group. [It will be a] ‘yen-pegged currency’ linked with the Japanese yen.

Noting that there are already 57 stablecoins in the world, 23 of which are already in circulation, GMO disclosed that “We plan to start issuing [the stablecoin] for the Asian region around the fiscal year 2019.”

Third Crypto Business

Currently, GMO has two businesses in the crypto space: the exchange business which started in May last year and the mining business which started in December. In its earnings presentation published in August, the company outlined another crypto business area it seeks to enter called “cryptocurrency payment.”

In Tuesday’s stablecoin announcement, GMO revealed that it has been “investigating and researching whether the virtual currency could be the settlement currency from the viewpoint of volatility.”

Japanese Internet Giant GMO to Launch Yen-Pegged Cryptocurrency
GMO’s crypto businesses. Source: GMO Internet Group

GMO’s Hope for Its Stablecoin

Japanese Internet Giant GMO to Launch Yen-Pegged CryptocurrencyAccording to GMO, in order to solve the hyperinflation problem seen in many developing countries, “issues such as true non-centralization need to be overcome.” The firm asserted that stablecoins can be a solution to this problem “as a currency to replace low-credit domestic currencies.” The firm also believes that even in developed countries, stablecoins have “a potential to become a global standard innovative financial infrastructure.”

Referring to its yen-pegged crypto, GMO described:

One of the tasks is to stabilize price fluctuation (volatility), which is a risk to remittance and settlement, in order to increase the spreading and development of the virtual currency.

What do you think of GMO issuing a yen-pegged stablecoin? Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Internet Group.


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The post Japanese Internet Giant GMO to Launch Yen-Pegged Cryptocurrency appeared first on Bitcoin News.

Bitcoin News

An Internet Bill of Rights? One California representative says the time has come

October 7, 2018 |

By July of 2019, Rep. Ro Khanna (D-Fremont) aims to see the House of Representatives pass landmark legislation shielding consumers from the onslaught of data breaches and the anxiety and confusion over the misuse of their personal information on the web.

To nudge such legislation along, Khanna…


L.A. Times – Business

Eric Schmidt: Internet Could Split in 2 by 2028

September 21, 2018 |

Former Google CEO Eric Schmidt suspects there will be two separate Internets a decade from now—and you’re not going to be able to Google “Tiananmen Square massacre” on one of them. Schmidt, who led Google from 2001 to 2011, told the audience at an event in San Francisco on…
Newser

Don’t Hate EU Internet Regulation – Defy It

September 16, 2018 |

Don’t Hate EU Internet Regulation – Defy It

The European Union has come in for criticism over its repeated attempts to regulate the web. Critics assert that waves of EU legislation are suppressing free expression, impairing the user experience and, most heinously, “killing memes”. The solution, for those who take this view, would appear to be simple: don’t hate on the EU – defy them.

Also read: How to Use a VPN in the EU to Access the Uncensored Web

Rules Were Made to Be Broken

The European Union has the power to make internet laws, and it’s been exercising that right with gusto of late. When it comes to enforcing them, however, its powers all but evaporate. This is an important distinction to note. A lot of the headlines surrounding the passing of copyright laws Article 11 and 13, and the recent GDPR data protection legislation, are hyperbolic. That’s not to say there aren’t valid concerns to be raised over the implications of these laws, but the media, as well as the webmasters obliged to implement the EU’s directives, have missed the point.

Don’t Hate EU Internet Regulation – Defy ItWhen you try to visit a US website, as a European resident, and are barred from doing so by a notice blaming GDPR, that’s not the EU. That’s the fault of the webmaster, who has unilaterally decided out of caution, ignorance, or stupidity, to impose a blockade. The EU is not going to come after US websites that fail to display GDPR notices – it has no authority to do so, and no interest in doing so either. The same applies, believe it or not, for websites hosted within the European Union.

If you live in the EU, you’re sure to have bemoaned the absolute state of the internet lately. Visiting any website for the first time calls for blindly clicking to remove the GDPR-based privacy notice concealing the page before you can proceed. It’s annoying once; having to do so dozens of times a day is infuriating. Americans and Asians, free from the excesses of the EU, have no idea how good they’ve got it. Many European regions benefit from super-fast internet, but what’s the point in getting online faster, only to waste time clicking through a panoply of pop-ups?

Stop Caring About What the EU Says

Defiance has always been more effective than protest. Grumbling about the EU’s encroachment into your life won’t fix anything – openly defying them will. This exhortation applies to website operators in particular. Webmasters: take down your pop-ups. Conceal your GDPR notices in the Terms of Use page, where nobody goes. Ignore unjustified Article 13 takedown requests. Get on with doing what you were doing before the EU decided to become internet world police.

Don’t Hate EU Internet Regulation – Defy It

You won’t have been assailed by a privacy pop-up upon visiting news.Bitcoin.com because we don’t believe in molly-coddling our readers. We believe in Bitcoin, and the principles it stands for: empowerment, self-determinism, free will, and resisting overreaching government dictates. Kowtowing to authorities seeking to tell you what you can do with your internet money and internet platforms is a recipe for more laws and less freedom. Webmasters and web users: unite, keep calm and defy the EU. It’s your internet. Don’t let anyone tell you what to do.

Do you think EU laws make the web a better place or a worse one? Let us know in the comments section below.


Images courtesy of Shutterstock, and Twitter.


OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

The post Don’t Hate EU Internet Regulation – Defy It appeared first on Bitcoin News.

Bitcoin News

Poor Internet Access Could Slow Down Cryptocurrency Growth In Africa

September 15, 2018 |

Poor Internet Access Could Slow Down Cryptocurrency Growth In Africa

Africa is often lauded as the next big thing for cryptocurrency adoption and development. But could poor internet access and connectivity slow down progress? A new report by the International Telecommunications Union (ITU) shows that it will cost $ 450 billion to connect 1.5 billion people – most of them in Africa – to the internet. African governments spend almost three times less than the global average on broadband connectivity. Then there is also the issue of low education levels, and high cost of internet-capable devices against low incomes. All these factors could combine to slow down the cryptocurrency revolution in Africa, a revolution that rides on reliable internet connectivity.

Also read: New French Law Sets Out Guidelines For ICOs

Can Crypto Flourish Under Africa’s Irregular Internet Connectivity?

The debate about whether cryptocurrency can work in Africa could now be replaced by whether or not the continent of 1.2 billion people can possess the necessary infrastructure – and technical know-how – to allow virtual money to flourish unhindered.

Poor Internet Access Could Slow Down Cryptocurrency Growth In Africa
Connected From A Young Age

Over the past few years, the digital currency ecosystem has grown rapidly in several African countries like Kenya, Ghana, Uganda, Nigeria, South Africa, and Zimbabwe, with bitcoin becoming quite popular. The wave of crypto adoption is widely viewed as key to driving economic growth and financial inclusion on the continent.

However, a new report by the International Telecommunications Union titled “The State of Broadband 2018: Broadband Catalyzing Sustainable Development” shows that African governments have a lot to do to ensure that the continent will benefit from the ‘fourth industrial revolution.’

Latest ITU data reveals that some 52 percent or 3.7 billion of the world’s population currently remain unconnected to the internet, with the majority of them residing in Africa. The scale of the infrastructure that must be built or upgraded to bridge the digital divide and deploy emerging technologies is huge – ITU estimates that connecting the next 1.5 billion people will cost $ 450 billion.

Poor Internet Access Could Slow Down Cryptocurrency Growth In Africa
Unconnected in rural Africa

“National governments can truly make a difference in bridging the broadband gap by taking advantage of technologies such as satellite to bring reliable connectivity to unconnected areas and create an effective solution to expand internet reach,” says the ITU.

Bottleneck To Economic Growth

According to Internet World Stats, internet penetration in Africa stood at 27.7 percent by the end of March 2017 and this compared unfavourably with the world average of 49.6 percent.

The lack of internet access has arguably served as a bottleneck to economic growth, competitiveness, and development of basic services in countries throughout Africa. The report noted that only 6 percent of Africans have broadband internet access.

Poor Internet Access Could Slow Down Cryptocurrency Growth In Africa

These numbers make for uncomfortable reading in the development of cryptocurrency on the continent. Virtual money thrives where internet access and connectivity thrive.  Digital currencies will have to reach the unbanked in rural areas, where the majority of Africas reside, but internet connectivity is poorest in such regions.

The internet market in Africa has been stymied by the poor quality and relative scarcity of the fixed-line infrastructure. Currently, more than 90 percent of all internet connections are via mobile networks. Figures from the ITU report validate the point, showing that fixed-broadband penetration stood at 0.7 percent in Africa in 2016, compared to 29.3 percent mobile broadband penetration.

Rwanda Leads In Broadband Connectivity

But as African governments spend just about 1.1 percent of their Gross Domestic Product on broadband technology – about three times less the global average – one country stands out.

Rwanda has achieved 90 percent broadband penetration rate. In 2008, the Rwandese government embarked on a nationwide roll-out of fibre optic as a backbone infrastructure for broadband. This optic fibre connected different parts of the country and provided high-capacity cross-border links with onward connectivity to submarine cables.

Poor Internet Access Could Slow Down Cryptocurrency Growth In Africa
Kigali, Rwanda

Currently, the government of Rwanda’s vision, policy and plans recognise broadband and ICTs in general, as a driver of economic growth, access to information and social cohesion, productivity and innovation across all sectors of the economy – though it doesn’t specifically mention cryptocurrency.

Steps have been taken to promote innovation and entrepreneurship, reduce the cost of end-user devices, stimulate the development and uptake of relevant content and diffusion of technologies into various sectors of the economy.

It remains something of a mystery that with all the progress made in delivering internet connectivity, digital currencies are only starting to take off in Rwanda. Perhaps, that has to do with the average cost of broadband in Africa, at $ 493 per month, according to the International Monetary Fund, beyond the reach of many, who earn just a fraction of the amount each month. Undoubtedly, poor internet access and connectivity may be the antithesis of cryptocurrency adoption and development in Africa.

Do you think Africa can overcome its weaknesses to become a leader in cryptocurrency use? Let us know what you think in the comments section below.


Images via Shutterstock.


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The post Poor Internet Access Could Slow Down Cryptocurrency Growth In Africa appeared first on Bitcoin News.

Bitcoin News

Verizon’s Internet Boss Tim Armstrong in Talks to Leave

September 7, 2018 |

The leader of Verizon Communications’ media and advertising business is in talks to depart, leaving unfinished the task of building the unit into a digital content giant.
WSJ.com: US Business

Double-Murder Charges After Mom’s Jarring Internet Search

September 1, 2018 |

A young mother in Alaska is accused of killing her two babies two years apart, and a disturbing internet search is part of the evidence against her. Stephany Lafountain, 23, is being held in Fairbanks on charges that she killed one infant daughter in 2015 and her second in 2017,…
Newser

Apple Co-Founder: Crypto World “Like the Internet When it was Brand New”

August 22, 2018 |

Apple Co-Founder: Crypto World "Like the Internet When it was Brand New"

Steve Wozniak, co-founder of Apple along with Steve Jobs, recently announced his participation in a crypto startup. During the interview, Mr. Wozniak (Woz) also spoke about cryptocurrencies and why he is excited about their prospects for the future.

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

Apple’s Wozniak is Very Excited About Cryptocurrencies and their Future

“I like to keep up with things,” Steve Wozniak, 68, famed computer engineer and co-founder of Apple explained at the Chainxchange blockchain convention recently in an interview. “Bitcoin caught my attention. It had so many unusual aspects for any technology I had ever heard of. Nobody is really known to be the creator. It doesn’t have any centralized [component]. It’s based on mathematics. There’s a certain number of Bitcoin that can ever exist.”

Apple Co-Founder: Crypto World "Like the Internet When it was Brand New"

Woz is best known in computer history lore as the right hand man to business visionary Steve Jobs. The two founded Apple, presently the most valuable company in human history, in 1976. Mr. Jobs handled the entrepreneurial aspects such as financing, Woz was the brains, building personal computing revelations, ushering in an industry that literally changed everything.  

“Mathematics to me is like nature,” Woz continued in his admiration for Bitcoin. “It’s much better than human beings… I trust those things of nature more than what man makes up. Man makes up currencies, controls them, issues new US dollars every year; Bitcoin was immune to that.”

Computer Revolutionary Describes Crypto Space as When the Internet Began

Woz helped Mr. Jobs build Apple in its critical infant years through 1981. He would finally leave the company in a more-or-less permanent way by 1985. He’s gone on to do a lot of philanthropic work, invented the Universal Remote, and has even hosted pop music shows. Of late he is seen more as an ambassador of computing’s earliest days.  

Apple Co-Founder: Crypto World "Like the Internet When it was Brand New"

It’s interesting to the current crop of builders, investors, and visionaries within the cryptocurrency space to get Woz’s perspective. It might be odd if he was less than enthusiastic about prospects in this regard, and, sure enough he didn’t disappoint convention goers.

“It’s so independent!” Woz announced excitedly about crypto. “It’s kind of like the internet when it was brand new… I was amazed at the technology behind it. People start up companies that do other things in life. I’ve encountered people working in real estate avenues, types of Uber systems, everything we’ve got in our life, especially involving transactions – retail sales, car sales, manufacturing of goods… working on Bitcoin applications… and they all have value. Every single one you hear about, to me, has value…. A few people can see the value, which reminds me very much of the early internet days.” He also discussed his involvement in a crypto investment group, Equi Capital — a first for Mr. Wozniak.

What do you think about Woz’ enthusiasm for crypto? Share your thoughts in the comments section below.


Images via Pixabay.


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The post Apple Co-Founder: Crypto World “Like the Internet When it was Brand New” appeared first on Bitcoin News.

Bitcoin News

Cable’s answer to cool new streaming services? Soaring internet prices

August 14, 2018 |

The good news: More “skinny bundles” of pay-TV channels will be available to consumers as a growing number of households abandon fat programming packages and seek cheaper online streaming options for home entertainment.

The bad news: Analysts say cable and phone companies, quickly adapting to this…


L.A. Times – Business