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The head of cryptobirguin Binance expressed an opinion on cryptocurrency from Facebook and JP Morgan

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The head of Binance Changpen Zhao, the largest cryptocurrency exchange , shared his opinion on two conflicting cryptocurrency projects. According to him, the future cryptocurrencies of JP Morgan and Facebook have every right to exist along with other decentralized projects, although not everyone agrees with this idea.

“Unpopular opinion about JPM and FB coins. In a decentralized world, everyone can do whatever he pleases, unless it hurts others. The more people accept cryptocurrencies, the better. Acceptance of crypto must occur. Welcome! How successful will they be? Wait and see".

Contradictions

Both projects – JPM Coin and FB Coin – are rather contradictory. JPM Coin is the future stableblock for conducting mutual settlements between banks and financial institutions; Relationship with traditional finance can help him gain recognition. JPM Coin is now seen by many as a more limited and centralized version of the Ripple digital coin. Brad Garlinghouse, CEO Ripple, criticized this project.

It is also assumed that Facebook is working on a cryptocurrency project for making payments between users of the WhatsApp application. The Facebook coin causes a lot of controversy, as it seems to many that it “will resemble a centralized cryptocurrency version of PayPal” rather than a decentralized free cryptocurrency.

Interestingly, both companies in the past opposed cryptocurrencies: JP Morgan CEO Jamie Dimon called Bitcoin fraud, and Facebook still prohibits advertising ICO. Thus, both companies support cryptocurrency only when it is profitable for them.

Protection of centralized crypto assets

JP Morgan and Facebook coins have their defenders. Money institutional investors and the organization of payments – these are two ways by which the blockchain technology can get into the mainstream. Both companies have a good market position, which can significantly contribute to the adoption of cryptocurrencies in this way. Apparently, Zhao does not lose sight of exactly this.

CZ also believes that no one or anyone forces anyone to buy coins that they don’t like. At the same time, the Facebook coin is likely to be initially targeted only to users from India. JPM Coin also does not immediately become a “coin for consumers,” although Dimon does not rule out this in the end.

Binance cryptobirth itself seems to be balancing between centralization and decentralization. Its main platform is centralized, like most ordinary crypto-burg; and in addition, the company is conducting tests of its own decentralized Binance Chain platform for trading cryptocurrencies.

For now, it seems, CZ has chosen a very democratic policy in relation to the upcoming coins of two large companies, and it is possible that in the future we will see the listing of JPM Coin and FB Coin on this popular stock exchange.

Publication date 12.03.2019
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US SEC Commission: Some Stablecoins May Be Recognized to Securities

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According to Valery Schepanik, senior consultant for digital assets of the United States Securities and Exchange Commission (SEC), the norms of securities legislation may apply to certain types of glasscoins . Reported Decrypt .

According to Shchepanik’s classification, one stablecoin can be tied to real assets like gold or real estate, the other to fiat currency, and the third to use various “financial mechanisms that support price stability.” It is the third category, in its opinion, that can become the object of close attention of the regulator.

“I came across steyblokinoy, the value of which controls a certain pricing mechanism associated with the emission, creation or redemption of another type of digital assets tied to them. Or, it is supported by control over the ratio of supply and demand in order to keep prices in a certain range , ”said the SEC representative.

According to her, if the central side controls the steakblock's price volatility, or if the buyer is promised a guaranteed income or a controlled price, such an asset can be recognized as a security.

She noted that the agency applies equally to all cryptocurrency projects. Shchepanik also emphasized that companies should contact the agency for consultation before the release of the token , and not after:

“We would prefer that people turn to us for permission or advice before they do something, rather than do something first, and then come to ask for forgiveness.”

Publication date 18.03.2019
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Japan will consolidate the rules for cryptocurrency in the category of "cryptographic assets"

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The Cabinet of Ministers of Japan proposed amendments to the laws “On Financial Instruments and Exchanges” and “On Financial Settlements”. Thus, it is planned to consolidate a number of norms regulating the market for digital assets.

The Law “On Financial Instruments and Exchanges” is aimed at ensuring the transparency of markets and the safety of investors. It contains clear requirements for operations with derivatives and securities.

Several points may be added to Japanese law.

So, it is proposed to make cryptocurrency in a separate category – “cryptographic assets”. This is consistent with the definition adopted by the G-20 countries. Companies that deal with their exchange will receive the status of "agents for the exchange of cryptographic assets."

Cryptocurrency exchanges may be required to keep clients' funds in cold wallets. If for these purposes it is necessary to use the infrastructure that is connected to the Internet, then the assets should be provided with their own funds of the exchange.

Margin trading of digital assets is proposed to regulate by analogy with the markets of foreign currencies.

"In addition, cryptocurrency companies can prohibit the use of promotional materials that encourage speculation and indulge in dishonest practices (price manipulation, insider trading, etc.)."

Publication date 18.03.2019
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Ledger Nano S Wallet Receives Certificate of the French Cyber Security Agency

Ledger Nano S was the first hardware cryptograph certified by the French Information Systems Security Agency (ANSSI). Ledger is proud to announce that it is a wallet! The obtained CSPN certificate shows a third-party assessment of security, rather than taking our word for it. Read more here: https://t.co/PYrRcFt15u#DontTrustVerify […]

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Ledger Nano S was the first hardware cryptograph certified by the French Information Systems Security Agency (ANSSI).

As noted in the company's blog, the process of obtaining the first level of a security certificate involves evaluating a product according to several criteria, including "firewall, identification, authentication and access, security of communications and embedded software."

“We are proud to announce that ANSSI has passed independent certification ,” said Ledger CEO Eric Larshevek. “ For Ledger, safety is paramount.”

He also promised that his company would make an effort to certify the rest of its products.

Recall, recently the French manufacturer of hardware wallets Ledger reported vulnerabilities from its competitor Trezor.

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