French government allows trading unlisted securities on blockchain

France has passed new rules allowing banks and fintech firms to establish blockchain platforms for unlisted securities trading
11 December 2017   743

Earlier this year French government has established blockchain working group to research possible blockchain implementations and to assess its benefits and applications for the public sector.

Now France adopts a new set of rules, regarding blockchain usage in financial sector to allow various financial agents, including banks and fintech groups, to establish blockchain-driven platforms for trading unlisted securities. This allows trade without reliance on middlemen, such as brokers ans custodian banks, and, in theory, all exchange will happen at near-instant speeds.

Use of blockchain technology will allow various financial agents to develop new ways of trading securities that are faster, cheaper, more reliable and more open, said Finance Minister Bruno Le Maire.

Le Maire added on this topic, that such a move would be another asset for Paris' attractiveness as a financial center. This is beneficial to French effort to displace London as a current fintech powerhouse.

Eager to make Paris more attractive to business after Brexit, French government has already passed a set of laws to facilitate economical development of the city. Now, the introduction of blockchain will set a precedent to usage of shared digital ledgers.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   95

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.