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Ukraine’s Tascombank Pilots Stellar-based E-hryvnia – Fintech Bitcoin News

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Ukraine’s Tascombank Pilots Stellar-based E-hryvnia – Fintech Bitcoin News

Tascombank, one of many oldest banking establishments in Ukraine, has accomplished the pilot testing of a digital forex primarily based on the Stellar community. The financial institution believes that its digital cash platform represents an economically viable implementation of blockchain know-how.

Tascombank Conducts Checks With New Ukrainian Digital Forex

An “digital hryvnia” has been examined by Ukraine’s Tascombank through the pilot part of a undertaking to create a forex with the Stellar community. In the course of the trials, the coin was utilized in settlements between patrons and sellers, the monetary establishment introduced in a report.

Operations with the brand new digital asset have been carried out in accordance with the present know-your-customer and anti-money laundering procedures, the financial institution identified within the doc, quoted by the crypto information outlet Forklog.

Tascombank additionally emphasised its analysis demonstrated a number of benefits of using blockchain, together with transparency in any respect phases of circulation and between all individuals within the transactions, elevated safety and confidentiality for person information, low prices, and excessive capability.

The digital cash circulation scheme studied through the pilot is an economically viable enterprise mannequin for utilizing blockchain know-how, the authors of the report elaborated, stating that they “think about the pilot undertaking profitable and promising when it comes to additional product improvement and implementation.”

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The financial institution added that it plans to proceed its research on the issuance and circulation of blockchain-based digital cash. One of many areas its future analysis goes to cowl would be the attainable use of such forex in retail non-cash funds.

Tascombank additionally revealed that the Nationwide Financial institution of Ukraine (NBU) believes the outcomes of its pilot, which was launched on the finish of 2021, can be utilized by specialists at industrial and central banks to conduct additional evaluation.

In January of 2021, the Ministry of Digital Transformation in Kyiv selected the Stellar Growth Basis as a companion within the improvement of the nation’s digital property ecosystem, together with infrastructure for NBU’s central financial institution digital forex (CBDC). In November, final yr, the NBU introduced a “draft e-hryvnia idea” to members of the crypto trade, banks, and different monetary establishments.

Tags on this story
Financial institution, Blockchain, CBDC, Crypto, Cryptocurrencies, Cryptocurrency, Forex, Digital Forex, e-hryvnia, Stellar, Tascombank, Ukraine, ukrainian

Do you suppose currencies like Tascombank’s e-hryvnia will be launched in parallel with government-issued CBDCs? Share your ideas on the topic within the feedback part beneath.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Japanese Europe who likes Hitchens’s quote: “Being a author is what I’m, moderately than what I do.” Moreover crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

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Picture Credit: Shutterstock, Pixabay, Wiki Commons, Denys_UA / Shutterstock.com

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any injury or loss prompted or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.

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Dogecoin, Shiba Inu Advance But Fartcoin, Pudgy Penguins Lead Memecoin Rally With Double-Digit Gains – Emeren Group (NYSE:SOL)

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Dogecoin, Shiba Inu Advance But Fartcoin, Pudgy Penguins Lead Memecoin Rally With Double-Digit Gains – Emeren Group (NYSE:SOL)

Memecoins roared back into momentum on Wednesday amid a broader rally supported by encouraging inflation data and Donald Trump’s pro-cryptocurrency moves.

What happened: The unconventional Fartcoin surged over 27% in the last 24 hours to emerge as the biggest meme coin gainer. 

The Solana SOL/USD-based token amassed a market capitalization of $1.24 billion at the time of writing, with trading volumes jumping 26% in the last 24 hours.

Fartcoin was followed by dogwifhat, another popular community-driven Solana meme coin, based on a meme featuring a dog wearing a hat.

The billion-dollar-valued cryptocurrency pumped 11%, while its trading volume jumped 75%.

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PENGU, the official coin of the popular non-fungible token collection Pudgy Penguins, gained 9.76% to a market capitalization of $2.16 billion.

Cryptocurrency Gains +/- Price (Recorded at 10:45 p.m. ET)
Fartcoin (FARTCOIN) +27.22% $1.25
dogwifhat WIF/USD +11.55% $1.71
Pudgy Penguins (PENGU) +9.76% $0.03448

See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally

Meme coin heavyweights like Dogecoin DOGE/USD and Shiba Inu SHIB/USD also gained momentum, rising 3.63% and 2.58%, respectively.

Ethereum ETH/USD-based frog-themed coin Pepe PEPE/USD jumped 6%, while cat-themed Popcat, one of 2024’s biggest gainers, rallied 7.88% in the last 24 hours.

The total meme coin market capitalization rose 4.83% to $106.94 billion, while the overall volume surged 27.81% to $10.74 billion.

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The upsurge followed slower-than-expected growth in core inflation, seen as a net positive for risk-on assets. Additionally, a report raised hopes for clear cryptocurrency regulations under new SEC leadership in the Trump administration.

Read Next: 

Market News and Data brought to you by Benzinga APIs

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Streamlined Cryptocurrency-Focused Apps

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Streamlined Cryptocurrency-Focused Apps
Blaqclouds, Inc. has introduced ShopwithCrypto.io, a Progressive Web App designed to enhance cryptocurrency usability in daily transactions. This app offers a streamlined, multi-device experience that supports over 250 cryptocurrencies across major blockchain networks like ETH, BNB, and MATIC.

Key features of ShopwithCrypto.io include offline functionality, QR code integration, and the ability to purchase gift cards from global merchants, all while ensuring security and transparency through the ZEUS Blockchain. The Progressive Web App’s lightweight design and compatibility with both Android and iOS platforms make it accessible without the need for app store downloads. By combining ease of use with robust security measures, it aims to bridge the gap between digital assets and real-world spending. Its integration with popular wallets like MetaMask allows users to manage their transactions seamlessly while maintaining control of private keys.

Image Credit: Blaqclouds, Inc.

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Delta police targeting cryptocurrency scams

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Delta police targeting cryptocurrency scams

DPD and blockchain analytics company Chainalysis co-hosted other law enforcement agencies and cryptocurrency exchanges for ‘Operation DeCloak’

A cryptocurrency fraud workshop co-hosted by the Delta Police Department last fall identified over 1,100 victims worldwide, including a ‘significant number’ in Canada.

On Sept. 16 and 17, 2024, the DPD and blockchain analytics company Chainalysis hosted “Operation DeCloak,” bringing together representatives from law enforcement agencies including the RCMP, Victoria Police Department, Vancouver Police Department, the BC Securities Commission, the BC Prosecution Service and the BC Financial Services Authority, as well as key stakeholders from cryptocurrency exchanges such as Shakepay and others.

The initiative was a localized “sprint” of Chainalysis’ “Operation Spincaster,” a series of public-private collaborations designed to disrupt and prevent cryptocurrency scams. Spincaster itself spun out from “Operation Disruption,” a collaboration between Chainalysis and the Calgary Police Service in March 2024.

“Leveraging the transparency of the blockchain, Chainalysis proactively identified thousands of compromised wallets. This actionable intelligence formed the basis of a series of operational sprints across six countries (U.S., U.K., Canada, Spain, Netherlands and Australia) with over 100 attendees, including 12 public sector agencies and 17 crypto exchanges,” the company said in a press release.

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“Over 7,000 leads were disseminated during these sprints, relating to approximately US$162 million of losses. These leads were used to close accounts, seize funds and build intelligence to prevent future scams.”

During last fall’s Operation DeCloak, Chainalysis led training sessions in investigating leads, tracing stolen funds and identifying compromised wallets using the company’s proprietary “Crypto Investigations Solution.”

According to a DPD press release, 240 crypto addresses were closely examined, revealing an estimated collective loss of C$35 million.

SEE ALSO: Court rejects environmental challenge to massive Delta port expansion

The event also promoted proactive policing and disruption strategies aimed at combating fraud, with particular emphasis on a growing tactic known as “approval phishing” used by romance and investment scammers targeting cryptocurrency transactions. 

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The method involves scammers gaining their victim’s trust by promoting false investment opportunities with the promise of high returns, thereby convincing victims to unknowingly approve malicious blockchain transactions.

The initial transaction gives the scammer access to tokens in the victim’s digital wallet without the victim’s knowledge, resulting in unauthorized withdrawals.

Police say scammers typically connect with their victims through social media, or via apps or pop-up ads.

During Operation DeCloak, police say immediate steps were taken to notify identified victims of these scams.

“With the co-operation of the exchange companies, affected individuals were promptly contacted with the goal of preventing further harm,” the DPD said in its press release.

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Since the workshop, the department has successfully deployed the techniques learned through Operation DeCloak. 

“The technique was applied to a previous investigation which identified stolen cryptocurrency funds in a blacklisted address containing US$1.2 million. This address was in the process of being seized by an overseas police agency,” the department said.

Using the DeCloak techniques, the DPD’s Cybercrime Unit has identified an additional 70 transactions worth US$800,000 sent from Canadian exchanges. Investigators are identifying those victims and seizing the funds from the blacklisted address so they can be returned.

“This collaboration with Chainalysis and cryptocurrency exchanges is a testament to the DPD’s focus on innovation and commitment to community safety and well-being.”

SEE ALSO: Conservative candidate files court petition over Surrey ‘voting irregularities’

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SEE ALSO: Good Samaritan saves 3 people in fiery single-car crash in Surrey

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