Iran backs national cryptocurrency!

Iran and its state owned cryptocurrency have been in a discussion and is likely to launch a national cryptocurrency backed up fiat currency, Rial. As soon as the Central Bank of Iran (CBI) approves its application, this national cryptocurrency will be issued to Fintech organisations for testing purposes. The new name of the cryptocurrency is not yet revealed.

The Central Bank of Iran has decided to launch the country’s own cryptocurrency along with the support of NCC and decided to list out the attributes. It appears to have similarity to the shadowy bitcoin, because transaction will occur via the Blockchain or distributed ledger technology, which stores information about all transactions across a user network. “The infrastructure is supposed to be an ecosystem for the Iranian banks.”

Why a state-owned cyrptocurrency?

The is mainly going to be used to run stress less financial payments, bank to bank settlements and  retail banking. On top of all, the new cryptocurrency will be used in a direct transfer. It will employ in a distributed and one-to-one framework for transferring without the involvement of any institute.

The purpose of the launch was the USA. With the US pulling out on of the nuclear deal, it has led to ignoring the US dollar in the country by coming up with their own domestic currency. The crypto will be thus launched to buy money or transfer from anywhere in the world and help them in sanctions. It has an idea that the speculation about United States implementation of the recently threatened sanctions is imminent and will likely occur in the future. The cryptocurrency is dubbed as a digital form of Rial. Illegal activities, including money laundering around cryptocurrency was in the past gave rise to Iranian ban. This is not the first country which has revealed its own cryptocurrency, for example even Venezuela has its own digital currency. Although the difference is that Petro is not being backed up by its country’s currency.

The government had announced in April, that they were experimenting with the digital domestic currency. The government had been very cool on cryptocurrency. Last year, Iran was looking at Bitcoin as a solution for the country being cut off from international payment networks, but in February, central bank nixed the idea, expressing distaste for cryptocurrency in general. The central bank then cracked down on institutions offering cryptocurrency services to combat capital fight.

The fiat currency is being backed up by Rial, and the ISC has stated the following attributes:

  • The national cryptocurrency of Iran is Rial-backed and has been designed by the Informatics Services Corporation based on hyper ledger Fabric Platform technology.
  • This will be issued by the Central Bank of Iran and the volume of issuance will depend on the banks decision.
  • It has been developed under the private Blockchain technology and infrastructure and thus cannot be mined.
  • The infrastructure thus created is supposed to be an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed.
lightCash /bitcoinnewsboards

LIGHTCASH ANNOUNCES GOLD BACKED ICO AFTER LAUNCH OF CRYPTOCURRENCY EXCHANGE THAT WILL INTEGRATE WORLD FIAT ECONOMIES WITH THE BLOCKCHAIN

As the cryptocurrency industry gets bigger and bigger, the need for a safe and secure decentralized currency exchange platform increases by the day. While many decentralized exchanges are self-regulated, Lightcash’s parent company is registered in Belize and the Lightcash ICO follows English Law with all necessary licenses issued by the International Financial Services Commission.

Belize City, Belize – March 10th 2018, Lightcash has announced that their Pre-Sale has begun for an ICO that is expected to be a top performer of the year. Lightcash is a financial marketplace that offers solutions for integrating existing world economies with decentralized economies. Lightcash has developed the first entirely legally compliant decentralized exchange for operations with cryptocurrencies, fiat currencies and the Lightcash Coin secured by real gold mined from gold deposits in Russia. The platform has an unparalleled amount of security features and user benefits that rival just about any digital currency wallets available online. The array of features include a multi-currency wallet, foreign currency trading, plastic debit cards and deposit accounts that pay interest for ICO participants.

The team at Lightcash have a combined experience of over 50 years in everything from blockchain programming to finance and gold mining. The controlling company of the Lightcash project also own Lapri Mining Company, LLC, an operating gold mining enterprise. The Lightcash cryptocurrency Crypto Gold (LCSH) is backed by gold that is mined from an operating gold deposit owned by Lapri Mining Company. Lightcash has designed an app to make it easy to instantly exchange Lightcash tokens for fiat currencies or to shop for goods within the Lightcash ecosystem. The Lightcash iOS and Android mobile apps provide maximum ease of use and speed when managing finances. The Lightcash platform algorithms provide an effective, automated currency exchange rate comparison, which can be used for P2P exchanges on different cryptocurrency exchanges.

During a recent press conference, the company spokesperson for Lightcash was quoted as saying, “This is an amazing time for us here at Lightcash. All of the infrastructure is in place to launch our very own gold backed cryptocurrency! We have the necessary permits and state-issued licenses, now we are ready to launch our ICO.” He went on to say, “Investors have been showing a lot of interest in this ICO because it is backed by gold – there are not many tokens out there that can say they are backed by the real thing! To ensure the stability of the Lightcash system, we are planning to release our own cryptocurrency Lightcash Crypto Gold (LCSH) with low volatility. We own the alluvial gold deposit in the Amur Region of Russia, and have obtained the necessary permits and licenses required to operate a gold mine on the site.” In the near future, Lightcash also plans to introduce a number of free banking services.

The Pre-ICO for this highly anticipated ICO has already begun and is expected to close on March 11, 2018. During Pre-Sale only 210,000,000 tokens will be issued at a cost of 0.0002 ETH per token. Investors who enter during Pre-Sale will qualify for a 30% discount. ICO participants will be able to open crypto deposits and earn interest on purchased tokens. The Lightcash ICO will be conducted within the requirements of the SEC (US Securities and Exchange Commission) and under the guidance of appropriate legal counsel.

To learn more about the Lightcash ICO visit their official website at https://www.Lightcash.io or download their Whitepaper directly by clicking here.

Media Contact:

Lightcash
Attn: Media Relations Department
Belize City, Belize
+7 (914) 442 5776
mail@Lightcash.io

BitGrail/bitcoinnewsboards

BitGrail Cryptocurrency Exchange turns insolvent!

On 9th February 2018, the BitGrail cryptocurrency exchange from Italy released a public statement that it was rendered insolvent after an alleged hack of $170 million.

Read the public statement here: https://bitgrail.com/news

The BitGrail Cryptocurrency Exchange was one of the main portals for trading Nano (formerly RaiBlocks), the cryptocurrency of which 17 million units seem to have been stolen, according to BitGrail founder Francesco Firano. This prompted skepticism after the recent BitGrail activity.

The exchange blocked all withdrawals and deposits of the aforementioned digital coin in early January, as well as the Lisk and CryptoForecast tokens. Then, it announced that users’ identity would have to be verified according to AML protocols, with a potential ban on non-European users – in spite of its independence from the bank of governments.

Following these hacks, Firano asked the developers of the Nano currency to “fork” their records to restore the funds supposedly stolen from the exchange – which came as a surprise, due to the fact that many believe that cryptocurrency transaction records are and must be kept unchanged.

The devs turned down the request publicly, sharing a copy of such conversation with Firano. They said, “We now have sufficient reason to believe that Firano has been misleading the NanoCore Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.”

This hack seems to be a bit more complicated. One day after the company’s announcement, the team behind Nano posted an announcement of its own, in which they claim that Francesco “The Bomber” Firano has contacted them and asked them to modify Nano’s ledger in order to cover the losses. But the Nano team claims there have been no technical issues with Nano’s underlying ledger. “The problems appear to be related to BitGrail’s software,” the announcement said.

The Nano team did not provide further specific evidence of this claim, however, and would have obvious motives for drawing attention away from any security flaws in their own technology. Firano, 31, told the Italian news site Sole24ORE that he has received multiple death threats since announcing the hack and filing a police report, which he said is now being investigated. Users on Twitter and Reddit are circulating photos of Firano, accompanied by implicit and explicit threats.