The future of cryptocurrencies and their relationship with corporations

The future of cryptocurrencies and their relationship with corporations

UK-based Electroneum became the first KYC/AML compliant cryptocurrency and has since been praised by many prominent figures in the industry as one of the very few cryptos creating value for the end user

Many economic analysts see significant positive changes coming to the cryptocurrency space as more merchants, service providers, and corporations get involved in the industry. However, many crypto projects have yet to embrace regulations, while financial authorities around the world are still learning about digital currencies to find ways to introduce rules and guidelines.

Responding to these issues and tackling them early on, Electroneum became the first KYC/AML compliant cryptocurrency and has since been praised by many prominent figures in the industry as a 100% legitimate crypto.

“My team of researchers have concluded their investigation into Electroneum and have found this ICO project to be completely legitimate,” Cointelligence CEO and Founder On Yavin told his Electroneum counterpart, Richard Ells. He later went on to Twitter to confirm.

Electroneum CEO Richard Ells spoke at the World Blockchain Summit in Dubai on 24 October 2019 about the fear governments in developing countries have in respect to cryptocurrencies.

“We have been speaking to financial authorities about Electroneum around the world. In developing countries, governments have expressed fear that through crypto, a lot of resources will flow out of their economies and out of their control,” he said. Ells explained that contrary to their belief, Electroneum and other crypto projects could bring greater prosperity to their countries.

Ells was referring to Electroneum’s AnyTask freelancer platform, which is aimed at giving the billions of people that are unbanked and living in poverty the opportunity to access the global digital economy.

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AnyTask will allow people with smartphones or laptops to sell skills globally and thus earn ETN tokens they will be able to use to purchase everyday items, pay for services, and top-up their mobile phones.

Cyprus Ip, a research analyst at global crypto exchange OKex, recently echoed the sentiment of corporations and crypto projects alike. He said the crypto industry might have to embrace more regulatory guidelines and rules globally to strengthen the confidence of corporations, merchants, and others interested in getting involved in the industry.

With this in mind, Electroneum took steps to position themselves ahead of these concerns by not only complying with KYC/AML regulations but also by developing and implementing their own Moderated Blockchain, powered by their proprietary Proof of Responsibility (PoR) protocol.

Their new network has made ETN the most secure crypto in existence. And because of this insusceptibility to 51% attacks and regulatory compliance, Electroneum is now one of the most transparent and trustworthy cryptocurrencies in existence. 

These characteristics helped Electroneum pave its way to become the first crypto to work with internationally reputable non-governmental organisations. These are Ubuntu Pathways and WONDER Foundation.

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Electroneum is gradually making its way into various countries around the world, including South Africa, Turkey, and Brazil, where they are working with mobile airtime and data AnyTask will allow people with smartphones or laptops to sell skills globally and thus earn ETN tokens they will be able to use to purchase everyday items, pay for services, and top-up their mobile phones.

Cyprus Ip, a research analyst at global crypto exchange OKex, recently echoed the sentiment of corporations and crypto projects alike. He said the crypto industry might have to embrace more regulatory guidelines and rules globally to strengthen the confidence of corporations, merchants, and others interested in getting involved in the industry.

With this in mind, Electroneum took steps to position themselves ahead of these concerns by not only complying with KYC/AML regulations but also by developing and implementing their own Moderated Blockchain, powered by their proprietary Proof of Responsibility (PoR) protocol.

Their new network has made ETN the most secure crypto in existence. And because of this insusceptibility to 51% attacks and regulatory compliance, Electroneum is now one of the most transparent and trustworthy cryptocurrencies in existence. 

These characteristics helped Electroneum pave its way to become the first crypto to work with internationally reputable non-governmental organisations. These are Ubuntu Pathways and WONDER Foundation.ng that many governments and institutions have gone from dismissing or underestimating cryptocurrencies, to not only accepting they are the future but even calling for central banks to issue their own.

During a FinTech festival in Singapore last year, Christine Lagarde, then head of the International Monetary Fund (IMF), praised various cryptocurrencies and said, “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply funds to the digital economy.”

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Bloomberg recently wrote that the IMF would in Washington convey the message to finance ministers and central bankers that “digital currencies are on your doorstep: get involved.”

The Director of the IMF’s monetary and capital markets department told Bloomberg that, “in the US and other countries around the world, it is just a matter of time before we see massive disruption. There is at least the potential that new technology might lead to a new global payment system fairly rapidly.”

Corporations and merchants

Corporations are gradually getting involved in crypto. A prime example is JPMorgan, one of the four largest financial institutions in the world. They launched their JPM Coin

In February 2019, JPMorgan announced they “became the first US bank to create and successfully test a digital coin representing a fiat currency. The financial institution created the JPM Coin on blockchain-based technology, enabling the instantaneous transfer of payments between institutional clients.”

UK-based Merchant Advice Service says, “cryptocurrency payment processing is becoming increasingly popular amongst merchants worldwide.” They explain that “merchants accepting cryptocurrency will appeal to a wider client market.” 

They say the reasons for that are security, accessibility to crypto due to its decentralised nature, lower transaction costs, and higher processing speeds.

The cryptocurrency industry, as many experts claim, is still at its very early stages. Nevertheless, projects such as Electroneum are poised to speed up adoption as they focus on connecting the developing world with industrialised nations through the eradication of financial exclusion. But most importantly, by complying with regulations and building trust through security.

Part 1: Crypto can help empower the billions of unbanked and living in poverty

Part 2: The financially excluded can only dream of the things we take for granted

Part 3: Can Electroneum make a difference in the lives of the unbanked or poor?

Part 4:  The evolution of payments

Part 5: Milton Friedman spoke of Internet currencies long before Bitcoin

Part 6: Building a new cashless ecosystem giving billions access to the global digital economy

Part 7: The evolution of cryptocurrency and regulations since the inception of Bitcoin

Part 8: Regulating the cryptocurrency industry as a path to mainstream adoption

 

About Electroneum

Having attracted nearly 4 million registered users in just under three years, award-winning Electroneum is making great strides toward becoming a top 10 crypto in usability as just over 1,900 merchants, and service providers in over 170 countries around the world accept ETN as payment. More than 2.6 million app downloads have taken place. Approximately 175,000 mobile top-ups and more than 296,000 app-to-app transfers have taken place with ETN by our Electroneum users. AnyTask is Electroneum's global freelance platform and has seen over 444,600 people register to the website as either buyers or sellers, with over 6,050 tasks listed. AnyTask does not charge freelancers any fees or commissions, and unlike all other leading freelance platforms that take up two weeks to get freelancers paid, it takes minutes to get paid after the buyer approves a task. Electroneum is one of the world's first fully KYC/AML compliant cryptocurrency. It is also one of the few blockchain networks that are insusceptible to a 51% attack. It is the greenest cryptocurrency in existence and the only one to have launched its very own affordable US$40 smartphone designed for the needs of people in developing regions. It is currently the only cryptocurrency that has a direct collaborative agreement with two mobile network operators. It is presently the only crypto that works with NGOs as their trusted blockchain transaction validators. And the only cryptocurrency to allow for an in-depth examination for publication, and verification for public knowledge. Check out ETN Everywhere and ETN Donate.