December 7

Ueli Maurer: Switzerland does not get a new Bitcoin profit Blockchain law

There will be no new blockchain law in Switzerland. At least according to Finance Minister Ueli Maurer. This was announced by the SVP member at the Infrachain in Bern. Nevertheless, the country does not want to miss out on European integration.

The Infrachain is a blockchain conference that is somewhat out of line. Instead of the usual focus on the future of (international) financial technology, the Swiss capital will focus on the needs of public administration and infrastructure operators. In short: all areas that blockchain technology can revolutionize with more efficiency and cost reduction. To discuss this potential, representatives from industry and government met in Bern on 3 December.

Ueli Maurer wants to adapt Bitcoin profit laws

Ueli Maurer, Switzerland’s Finance Minister, spoke on the subject of Bitcoin profit regulation. According to finews.ch, there should be no new law for Bitcoin profit blockchain technology. Rather, the government wants to adapt existing laws in order to meet the new requirements of the technology. The Blockchain Task Force, which was set up in January, now has two weeks to provide the necessary documents.

According to the magazine, a total of six laws are about to be changed. These include the Swiss Code of Obligations and the Bankruptcy Act – according to Ueli Maurer, the necessary adjustments are to be introduced before the end of this year. After all, it is also a matter of not missing out on the European blockchain race.

Don’t miss the Bitcoin profit

Countries such as Malta and Liechtenstein are making efforts to achieve effective and attractive Bitcoin profit. Read the review about Bitcoin profit. They offer tax incentives for young blockchain start-ups. In Germany, the authorities are not yet quite as united as in Switzerland. But at least there is already a plan to bring early regulation to the German Bitcoin scene. In any case, there is plenty of fertile soil for this.

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December 4

Water on the Blockchain: Austria launches first Security Token Offering

Austria achieves the breakthrough in the area of Security Token Offerings. The Austrian Financial Market Authority (FMA) approved the capital market prospectus of Hydrominer IT-Services GmbH on 26 November. According to the prospectus, the security token can be used to trade profit participation rights for H3O worth up to 75 million euros.

The STOs are not unlike the Bitcoin code

Now that the Bitcoin code funding model has come under increasing criticism, security token offerings should be the next promising investment opportunity. Just a little more secure. With security tokens, companies can issue tokens that can be compared to shares. In contrast to the ICO, investors have ownership rights here. This is not the case with utility tokens (which are distributed with ICOs). The functions and output of the tokens are controlled by a block chain using Smart Contracts. The tokens stored on the block chain ultimately represent the rights of the token owners in the respective company.

Now an Austrian company is breaking new ground in this field. According to a press release of the law firm Stadler Völkel, which is available to BTC-ECHO, the company is the first in the European Union to carry out an STO.

Details on the Bitcoin code Security Token Offering by Hydrominer

The corresponding Hydrominer Bitcoin code tokens are called H30 tokens and secure “qualified subordinated profit participation rights” for the holders: “Holders of Bitcoin code tokens have […] the right to actively participate in Hydrominer’s business decisions. This right of participation [goes] beyond that of shareholders and allows investors to actively participate in decision-making processes. In addition, the Securities Terms provide for a kind of co-sale right in the event that a qualified majority of the owners of Hydrominer sell their shares”.

In addition, the H3O tokens serve as a key to identify themselves to Hydrominer as security holders. This applies to the payout as well as to the exercise of the rights of codetermination associated with the H3O token.

Hydrominer already carried out an ICO last year – with the H2O token one could invest in primarily environmentally friendly Bitcoin mining. The associated tokens then stand for Bitcoin Mining time units.

The H3O security token is therefore a novelty on the crypto market. Hydrominer’s legal department is therefore very pleased with the results:

“With the approval of what is probably the first capital market prospectus for a security token offering within the EU, we have not only set a milestone for the industry, but also for Austria as a business location. We are particularly pleased that we can continuously advise on the legal fine-tuning of blockchain application forms and enjoy the trust of the community as a highly specialised partner in the blockchain sector, explains Arthur Stadler, Stadler Völkel Attorneys at Law.

Subscription is possible from 1 February 2019. The offer will be made exclusively in Austria and Germany on the basis of the capital market prospectus approved on 26 November 2018, which can be found on Hydrominer’s website.

December 1

Telegram Passport – Identification on the blockchain

Telegram is testing a new service for storing data for identification purposes. Telegram Passport will make it possible to store personal data such as ID numbers, bank details and similar data on the TON platform.

That the blockchain technology is not only used to manage crypto currencies like Bitcoin is probably clear to many by now. The management of health data, government documents, elections or shipping industry data is possible with the blockchain – in principle, anything that can be managed in any way can also be stored on the blockchain. This includes identity documents and other personal data.

And that Bitcoin news make sense

Because the decentralized administration of such sensitive information would not only make it forgery-proof. Rather, it also makes it possible to identify oneself more easily, quickly and cost-effectively. Not to mention the large amount of paper that is saved. The Bitcoin news messaging service from Russia now wants to take on this task: Is Bitcoin News Trader a Scam? Read This Review Before You Sign Up! With its planned Telegram Open Network (TON), not only the messaging services will run on the blockchain, but also identification processes.

Only recently, the company announced that they had already collected enough money in the pre-sale for the Telegram Open Network. The amount of money collected from private investors alone is obviously enough to make a public sale unnecessary.

As one can now see from Russian media, Telegram is now using this money, among other things, to use the new service to store identity data. The application will be called Telegram Passport and will be part of TON. Since the platform is supposed to be able to buy goods and services with the currency Gram, one has to be able to identify oneself. The team around founder Pawel Durov is planning the Telegram Passport so that you don’t have to go to the office every time.

Users can upload their personal data and documents such as copies of ID documents, driving licences, electricity bills, bank information and possibly photos. Once they are on the platform, they can be shared with Telegram Passport within the Telegram Open Network. But this should also be possible outside of TON. Only with the respective consent of the owner, of course.

Telegram Passport complies with regulatory Bitcoin formula requirements

In the last weeks and months the Telegram team got problems with the authorities again and again. Above all, the government in Russia expressed concerns about Bitcoin formula anonymity and the associated danger of illegal activities. With the planned identification system the team apparently wants to secure itself. Read more about it: https://www.forexaktuell.com/en/bitcoin-formula-scam/

This apparently also arouses the interest of potential partner companies. According to sources, the Russian service provider Qiwi has already announced a possible cooperation.

Ultimately, the control over the data should lie solely with the users. In the sense of the blockchain, they can authenticate their data themselves and release it at their own discretion. The data can then be viewed by any business partners or companies and can thus be checked again.

There is no exact release date yet. The advance of Telegram can again be seen as an important step towards adaptation of the blockchain technology.