G20 Summit: What Should Crypto Community Expect?

Participants' names and dates of cryptocurrency-related meetings at G20 Summit unveiled

16 March 2018 523

The G20 summit, to be held next week in Argentina, will include two discussions on the topic of cryptocurrency. Participants of the meeting intend to develop a "common response" to the issue of regulating digital assets. This is reported by CoinDesk.

The first meeting will be held on Monday. Among others, the Minister of Finance of Argentina, Nicola Duchovny, and the Secretary General of the Organization for Economic Cooperation and Development (OECD), Jose Angel Gurria, will attend. The second meeting will be held on Tuesday.

The agenda and the main issues of the discussions is not called. According to the information from the published document, they will be connected with the influence of the crypto currency and the possibilities for applying the underlying technology.

The issue is an important item on the meeting agenda; delegates will consider a common response that would mitigate the risks without discouraging innovation.

G20 Summit Public Document

The document also notes that the blockchain "has the potential to spread financial services." At the same time, its drafters stress "it is important to analyze its implications to financial stability, tax evasion and financial illegal activities."

The discussion on the issue of crypto-currencies at the G20 summit was previously called for by representatives of the United States, Germany, France and Japan.

Mining Blockchain

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner

17 July 2018 137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.