Daily Cryptocurrency News – 2nd November 2018

Here are the latest most important cryptocurrency news on November 2, 2018:

Ukraine New Policy Aims Towards Legalizing Cryptocurrencies

Source: Influencive

At the same time some governments are banning cryptocurrencies or thinking about what to do with them, the Ukraine government has made a decision. The Economic Development and Trade Ministry has enacted a new state policy. This new policy will aim towards cryptocurrencies becoming legal in the region.

Moreover, after announcing this policy, officials presented an outline of their goals for this policy. They mentioned that they want to create understandable conditions for conducting activities in the field of assets and virtual currencies. Also, they said that they aim at increasing cryptocurrency adoption levels in Ukraine.

There will be two stages to the implementation of this new state policy. The government expects to have this policy in full effect by 2021.

The first stage will focus on 2018 – 2019. In this stage, the government will provide a legal definition on the status of cryptocurrencies; the recognition of cryptocurrency exchanges that facilitate the trading of virtual currencies to fiat currencies (or vice versa); and analysis and monitoring of trends and problems in the crypto market. Furthermore, this will be used to develop proposals for the development of the regulation.

Finally, the second stage, which will run from 2020 – 2021 will see the recognition of cryptocurrency exchanges. It will also see the “development of special legislative acts on the regulation” of crypto assets and smart contracts.

Ethereum’s “Serenity” Upgrade Will Trigger a 1000x Increase in Scalability, said Buterin

Serenity, the planned Ethereum upgrade known as 2.0 has a new expectation. It will trigger an increase of 1000x in scalability, said Ethereum co-founder Vitalik Buterin at Devcon4 in Prague. Also, this article published by Breakermag on October 31, 2018, adds that the scheduled upgrade will additionally make the Ethereum network more secure, faster, and less energy intensive.

Furthermore, the release of Serenity will be divided into four-phases and will commence with “phase zero”

  1. The initial version with proof-of-stake beacon chain
  2. A simplified version of Serenity with limited features (no smart contracts or money transfers from one shard to another)
  3. An amplified version of Serenity with cross-shard communication. Users will be able to send funds and messages across different shards
  4. The final version with various tweaks and optimized features

You can now store IOTA on your Ledger Hardware Wallet

Image Source: Ledger Nano S Wallet

The IOTA Foundation, a non-profit foundation focused on distributed ledger technology and permissionless ecosystem development, has made an announcement. From now on, IOTA will be collaborating with Ledger, a cryptocurrency and blockchain security leader.

The purpose of this collaboration is to integrate IOTA tokens with Ledger’s secure hardware wallets for cryptocurrency.

The Ledger Nano S hardware wallet will allow users to protect their private keys which store their IOTA tokens in a secure chip.

In addition, the Ledger hardware wallets integrate with the IOTA Trinity and Romeo Wallets and isolate user’s seeds (the key for their account) from their computer or smartphone. Therefore, there will be an extra layer of security from hackers. Furthermore, users will be able to validate transactions on their Ledger hardware wallet as part of the security protocol.

Also, for Eric Larchevêque, CEO at Ledger, it is essential to provide the highest level of security and quality.

“The collaboration between the teams created an immediate synergy concentrated on developing a compatibility feature allowing users to access, store and manage IOTA tokens on Ledger devices. We are thrilled to welcome IOTA onto the Ledger platform.”

About Ledger

Founded in 2014, Ledger is a leader in security and infrastructure solutions in the blockchain. Headquartered in Paris and San Francisco, Ledger has a team of 200 professionals developing a variety of products and services to protect cryptocurrency assets for individuals and companies. Additionally, this includes the Ledger hardware wallets line already sold in 165 countries.

Are you interested in the Ledger Nano S hardware wallet? You can buy one here in this link.

Ron Paul, an Ex-Bitcoin Skeptic, Says Cryptocurrency Could Prevent Recession

Image Source: Washington Examiner

Retired US Congressman Ron Paul, a one-time bitcoin skeptic, called for a tax exemption on all cryptocurrencies, saying the move could prevent an economic recession.  Moreover, Paul criticized the central bank, saying government-created currency could lead to what he calls a “Fed-created recession.”

He made the suggestion in a recent blog post entitled “Trump Is Right, the Fed Is Crazy.” Moreover, In the post, he blasted the Federal Reserve for manipulating interest rates.

Paul said central banks constantly increase and decrease the money supply to control the economy by controlling interest rates.

In addition, he said the Federal Reserve‘s cyclical manipulation of interest rates actually fuels recessions by creating an artificial economic boom.

Ron Paul is a libertarian who opposes government intervention in the free market. Many in the cryptocurrency community share this opinion and prefer the decentralized and unregulated market that crypto operates in.

If you missed news yesterday, you can check them out here: Daily Cryptocurrency News – 1st November 2018

Image source: Medium

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