EagleCoin to release TestNet

TestNet with Master Node will be launched on July 5 by EagleCoin along with an updated website on July 7
26 June 2018   372

EagleCoin is going to release IronGeekChain TestNet with Master Node on July 5. The TestNet registration will be opened for master node along with the distribution of 2500 dummy BENZ to users for the testing purpose. BENZ (Benzin) is a token for IronGekChain.

Afterwards, on July 7 the project will roll out EagleX website and whitepaper to address updates on EagleX, BENZ and IronGeekChain. EagleCoin is the EaglePay project to develop a payment gateway system with an aid of the blockchain.

Price-wise, EagleCoin (EAGLE) parameters are as follows:

Average price 0.052865 USD
Market cap 110,670 USD
Volume (24H) 2,246 USD

Financial Establishments warned by UK Central Bank

The Bank of England’s Prudential Regulation Authority (PRA) reminded financial institutions`CEOs that activity with crypto-assets may cause “reputation risks”
29 June 2018   370

In a letter dated June 28th to CEOs of banks, insurance firms, and designated investment companies, PRA Deputy Governor Sam Woods briefs leaders to act in correspondance to regulatory rules and work with the PRA to reveal any sort of information the financial watchdog would deem as important.

In his letter Woods writes how the cryptocurrency industry has experienced fast growth but is filled with “high price volatility and relative illiquidity.” He claims it is vulnerable to nefarious activities like money laundering and terrorist financing. The letter approves: “crypto-assets should not be considered as currency for prudential purposes,” but discussions are still going on about the prudential treatment of crypto-assets.

The letter points out risk strategies and management systems the PRA considers as appropriate in demands to cryptocurrency. The members and senior leadership demand PRA approved individual to sign off on any sort of risk assessment procedure a firm has “for any planned business direct exposure to crypto-assets and/or entities heavily exposed to crypto-assets.”

The PRA as well recommends businesses to conduct their necessary diligence before exposure to crypto-assets and directs firm leadership to rely on expert voices to assess risk. Finally, the watchdog awaits firms to keep governing contacts abreast about any cryptocurrency-related activity or planned exposure and give a risk estimation about supposed exposure.