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Elon Musk’s ‘Teslaquila’ Plan Runs Into Opposition

November 15, 2018 |

Elon Musk could be in for another fight , this one over tequila. The Tesla co-founder recently announced his intentions to get into the booze business by launching “Teslaquila,” a distilled agave liquor. But Mexico’s Tequila Regulatory Council (CRT) is opposing Tesla’s application to trademark “Teslaquila,” arguing that the word is…
Newser

President of Marshall Islands Faces Challenge Over National Cryptocurrency Plan

November 13, 2018 |

President of Marshall Islands Faces Challenge Over National Cryptocurrency Plan

The president of the Marshall Islands, Hilda Heine, has narrowly survived a no-confidence vote. One of the principal catalysts for the challenge to Heine’s leadership has been opposition to her plan to introduce a national virtual currency.

Also Read: Venezuela: Petro Can Be Converted to Any Cryptocurrency If Bought This Year

Heine Barely Survives No-Confidence Vote

President of Marshall Islands Faces Challenge Over National Cryptocurrency PlanHeine, the 67-year-old president of the island nation and the sole female head of state in the Pacific region, barely survived the parliamentary no-confidence vote, which took aim at her leadership. The parliament voted 16-16, just one vote shy of the 17 votes needed to overthrow Heine.

Despite the lack of formal political parties in the Marshall Islands, Heine’s opposition appears to have been led by Casten Nemra, the country’s former president. Nemra has argued that Heine’s plans to introduce a state-backed digital currency, the Sovereign, have tarnished the government’s international reputation. Eight Marshallese senators supported this claim against Heine before the no-confidence vote was brought to parliament.

President of Marshall Islands Faces Challenge Over National Cryptocurrency PlanFinance Minister Brenson Wase has indicated that the government intends to proceed with its plans for the Sovereign once it has met the requirements of the U.S., Europe and the International Monetary Fund (IMF). The proposed rollout of the Sovereign would see the virtual currency given the same recognition as the U.S. dollar within the Marshall Islands.

In September, the IMF issued a warning to the Marshall Islands regarding its plans to introduce the Sovereign, stating: “The potential benefits from revenue gains appear considerably smaller than the potential costs … In the absence of adequate measures to mitigate them, the authorities should seriously reconsider the issuance of the digital currency as legal tender.”

Other Challenges to the President’s Leadership

President of Marshall Islands Faces Challenge Over National Cryptocurrency PlanThe former president also accused Heine’s government of failing to investigate the loss of $ 1 billion from the Marshall Islands Trust Fund. The fund was established by the United States to compensate Marshallese citizens who were affected by past nuclear tests.

Additionally, Heine has faced another political challenge. She has been accused of undermining the sovereignty of the Marshall Islands through her support for a Beijing-backed plan to turn Rongelap — an atoll inhabited by just 20 individuals that is under the administration of the Marshall Islands — into a special administrative zone that would host a tax-free port and offshore company registrations. Speaking to the parliament, Heine described the no-confidence vote as comprising a “referendum about our own politics.”

Do you think Heine’s government will be successful in its plan to introduce a national cryptocurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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The post President of Marshall Islands Faces Challenge Over National Cryptocurrency Plan appeared first on Bitcoin News.

Bitcoin News

2 New Crises Emerge in Canada’s Pot Plan

November 12, 2018 |

Canada seems to enjoy getting high, but officials there have a new worry: children and edible pot. Edibles aren’t legal in Canada yet—that won’t happen until at least 2019—but more young people are being hospitalized for marijuana poisoning as officials grasp the appeal of cannabis-infused gummy bears and…
Newser

Union complains about United Airlines’ plan for fewer attendants on international flights

November 9, 2018 |

The union that represents flight attendants for United Airlines is objecting to plans by the Chicago-based carrier to eliminate one flight attendant position on most of its long-haul international flights, starting in February.

The airline says the move won’t “impact our customer experience” and…


L.A. Times – Business

Marshall Islands President Attacked Over National Cryptocurrency Plan

November 7, 2018 |

Marshall Islands President Attacked Over National Cryptocurrency Plan

Dr. Hilda Cathy Heine, President of the Marshall Islands, is facing a political attack for her support of a planned national cryptocurrency. If the move is successful, it may dissuade other leaders from opening up to the new technology opposed by the IMF.

Also Read: Lawyer Invests $ 300 Million to Build Crypto City in the Nevada Desert

No Confidence in SOV

Marshall Islands President Attacked Over National Cryptocurrency PlanOn Monday, eight Marshallese senators introduced a motion of no confidence against President Heine for her backing of a national digital coin. The Sovereign (SOV) was announced back in February of this year, promoted by the team behind Israeli remittances startup Neema.

The main point emphasized by those against the national currency is that it will hurt the country’s reputation abroad. “I don’t see any indication of us being harmed … this is not an illicit activity. This is not illegal and our laws will not be tarnished,” Heine reportedly answered.

The vote on the no confidence motion has been scheduled for Nov. 12, after the opposition and the president present their respective cases on the matter in parliament.

International Pressure

Marshall Islands President Attacked Over National Cryptocurrency PlanThe claim against the Sovereign used by the Marshallese senators basically just echos the position of the International Monetary Fund (IMF). The Washington, D.C. headquartered organization issued a stark warning to the country’s government back in September, trying to pressure the Marshall Islands to drop the plan. It claimed that:

The potential benefits from [digital currency] revenue gains appear considerably smaller than the potential costs arising from economic, reputational, AML/CFT, and governance risks. In the absence of adequate measures to mitigate them, the authorities should seriously reconsider the issuance of the digital currency as legal tender.

Whatever the result of the no confidence vote next week, it can potentially generate waves far from the shores of the Marshall Islands. Other offshore jurisdictions, in regions such as the Caribbean, are known to be in different stages of exploring the technology. If the IMF succeeds in dissuading them from issuing digital assets, the field might be left only to countries already antagonistic to the West such as Iran, Venezuela and Russia.

Will this vote prove the IMF can easily bully small nations away from opening up to cryptocurrencies? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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The post Marshall Islands President Attacked Over National Cryptocurrency Plan appeared first on Bitcoin News.

Bitcoin News

Trump mulls plan to bar entry of all migrants at US-Mexico border

October 26, 2018 |

President Trump is considering a sweeping executive order that would block migrants, including asylum seekers, from entering the U.S. in a bid to stop the incoming caravan of thousands of migrants.
FOX News

Trump Unveils Plan to Lower Drug Prices

October 25, 2018 |

Less than two weeks before the midterm elections, in which health care has been a major issue, President Donald Trump on Thursday announced a plan to lower prices for some prescription drugs, the AP reports, saying it would stop unfair practices that force Americans to pay higher prices than people…
Newser

Rand Paul Has a Plan for the Saudi Crown Prince

October 22, 2018 |

Sen. Rand Paul unloaded Sunday on Saudi Arabia and said the nation’s leader should be shown the exit door, per Fox News . “I think it’s insulting to anyone who’s analyzing this with any kind of intelligent background to think that, oh, a fistfight led to a dismemberment with a bone…
Newser

CNN

UK’s May has less than two days to save Brexit plan

October 16, 2018 |

British Prime Minister Theresa May will face EU leaders Wednesday in a make-or-break summit, as European Council President Donald Tusk warned the UK is barreling towards a disastrous no-deal Brexit.
CNN.com – RSS Channel – World

Report: Barclays Drops Plan for Cryptocurrency Trading Desk

October 15, 2018 |

Barclays Reportedly Stops Its Cryptocurrency Trading Desk Initiative

Barclays (LSE: BARC) has reportedly scrapped its plan to launch a cryptocurrency trading desk. However, it remain unclear whether the U.K. banking giant is acting under pressure from regulators or for other reasons, such as insufficient demand for crypto-related services from hedge funds.

Also Read: Research: Corporations Fail to Deliver on Blockchain Hype, Scalability a Top Concern

Crypto Plan ‘On Ice’

Barclays Reportedly Stops Its Cryptocurrency Trading Desk InitiativeA group of senior Barclays executives have stopped working on the initiative, according to a report by Financial News London, citing two people familiar with the situation. Chris Tyrer, the man who headed the bank’s “digital assets project,” is said to have parted ways with Barclays in September, following a decision to put the initiative “on ice.”

The group of four executives, assembled earlier this year, was reportedly trying to assess the long-term viability of cryptocurrencies as an asset class. They were also looking at demand for cryptocurrencies among the bank’s clients and the kind of IT infrastructure that would be needed to support trading. It is unclear if the executives had reached any firm conclusions about the project at the time the bank decided to drop the plan.

Preliminary Assessments

Barclays Reportedly Stops Its Cryptocurrency Trading Desk InitiativeSources close to Barclays first revealed that the bank was considering launching a cryptocurrency trading desk back in April. It was reportedly trying to gauge potential demand among its clients, which include hedge funds and other large investors. Although the bank denied that it had any specific plans to launch a cryptocurrency trading desk at the time, sources revealed it had already conducted preliminary demand and feasibility assessments.

In May, Barclays CEO Jes Staley denied that the bank would be opening a cryptocurrency trading desk in a speech at the bank’s annual general meeting.

“Cryptocurrency is a real challenge for us because, on the one hand, there is the innovative side of it and wanting to stay in the forefront of technology’s improvement in finance,” Staley told shareholders. “On the other side of it, there is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”

However, despite Staley’s denial, Barclays filed two cryptocurrency-related patents with the United States Patent and Trademark Office in July.

Will Barclays be too late to return to the crypto market once prices pick up? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Report: Barclays Drops Plan for Cryptocurrency Trading Desk appeared first on Bitcoin News.

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