Chinese Shopping Giant Bans Crypto Related Goods

Taobao released the changes which are concerned with the increased control of crypto and ICO-related products
11 April 2018   888

Taobao is a Chinese online shopping website, headquartered in China, and is a subsidiary of Alibaba Group. It facilitates consumer-to-consumer retail by providing a platform for small businesses and individual entrepreneurs to open online stores that mainly cater to consumers in Chinese-speaking regions.

On April 10, 2018 Taobao has announced the new policy regarding the goods banned on the platform. The changes are concerned with the increased control of crypto and ICO-related products.

Taobao ban for product management specifications focuses on the goods related to blockchain technology, virtual currency and other digital products and services. It is stated that digital currency and similar digital products can easily be used for speculation and illegal fund-raising and can lead to a financing risk. 

The ban concerns Bitcoin, Litecoin, Biocoin, Quark, Unlimited, Cocoa, Penny, PPCoin, NameCoin and other digital currencies; products with the same technical properties and generating mechanisms as digital currency, such as digital pets generated based on blockchain technology; digital currency tutorials, strategies and software, such as mining hardware; ICO and derivative services which provide digital currency, such as technology development, business planning, brokerage, marketing, and other.

The new rules come into effect on April 17, 2018.

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Eidoo to Release Gold Backed Stablecoin

New stablecoin is called Ekon and it will be possible to it for one gram of gold of 999 test
20 September 2018   256

The Swiss blockchain start-up Eidoo has joined the ranks of projects launching own stablecoins, announcing the creation of a stable coin tied to the price of gold.

Eidoo's stablecoin is called Ekon and is a token compatible with the ERC-20 standard, which will be available in a multi-currency purse and on a hybrid decentralized project exchange. It will be possible to exchange 1 Ekon for one gram of gold of 999 test, which is in a special storehouse. Reserves of gold will be audited every 90 days, moreover, to increase confidence in the token, the company promises to be able to watch gold vault via a video camera.

The profit from the purchase and sale of Ekon within the Eidoo ecosystem will be converted into a native EDO project token.

Despite the uniqueness of the offer of the Swiss start-up, not all experts agree with its usefulness, since the price of precious metal is not so stable. So, for the last six months it has fallen by almost $ 150, however it has grown by $ 25 since the end of August.

In October 2017, Eidoo raised $ 27.9 million in a token, and in April of this year received a license from the Swiss Financial Services Standards Supervision Authority (VQF) under the national financial regulator (FINMA).