Canadian crypto exchange defies fentanyl epidemic

The approach assumes inclusion of more regulations into the platform that is by design anti-regulation
06 March 2018   535

Fentanyl issue became an international epidemic: 66% percent of overdose deaths in the US hold the drug accountable, while in Canada it is responsible for 922 overdose deaths in a year. Fentanyl is a synthetic drug that is 50 times stronger than heroin. Canada based virtual currency exchange Einstein proposes to form an alliance with other startups to establish a watch and maintain a blacklist of the digital wallets that are indicted in dealing with fentanyl and similar activity.

We would do a blacklist of wallets as our giveback [to society].

 

Christine Duhaime

Chief anti-money-laundering officer, Einstein

The initiative is supposed to start in Canada and the US with the perspective of making a global blacklist. Although a success of this enterprise would certainly improve the cryptocurrency overall reputation, Canadian law in particular sees a risk of violating the privacy by enacting such legislation. The idea of compiling a blacklist technically feasible because in most cases fentanyl dealers are not that bright to apply sophisticated anti-tracing methods such as changing wallets or tumbling coins.

Cryptocurrencies need government regulation to deter price manipulation and related wrongs, but the absence of of such regulation is one of the biggest reasons that investors buy into cryptocurrencies in the first place.

 

Michael Gokturk

CEO, Einstein

But unfortunately Einstein is too tiny of a player to tackle this issue solely on its own.

ICOs to Lose Popularity, Diar Research Say

Diar assumes that in the future unregulated ICOs won't attract significant attention
11 December 2018   33

Although since the beginning of this year, ICO-startups have managed to raise over $ 12.2 billion, the November figure was only $ 65 million, according to data from a new study of the Diar portal.

According to analysts, the once popular method of financing, which allowed startups to attract tens and hundreds of millions of dollars in the absence of any product, exhausted itself against the background of fears about regulators' actions and the general dynamics of the cryptocurrency market, which did not leave retail investors with anything except for an unpleasant aftertaste.

This version is also supported by the data from the TokenData portal, which Diar leads in his research. Even with respect to the October levels, which constituted only a small fraction of what could be collected a few months ago, the November figures were 3 times lower.

Diar assumes that in the future unregulated ICOs as we have known them over the past years will no longer attract significant attention and will give way to regulated platforms of tokenized securities.