Blockchain platform NEM announced that its partner, cryptocurrency payment system and exchange LoyalCoin, which uses the LoyalCoin token in its activities, has entered into a lucrative deal with Grab Phillipines, the Philippine version of Uber.
This means that you can now pay for a taxi with LoyalCoin tokens. Through this transaction, the NEM Foundation found itself in a new large market.
NEM is a blockchain platform using a Proof-of-Importance algorithm. This means that users mine their cryptocurrency (XEM) according to their importance, which is calculated based on the number of XEM coins in the wallet and network activity. To qualify for importance, a user must have at least 10,000 XEM in their account, which is approximately $1,823 today.
NEM was launched in March 2015 and now has a capitalization of $1.6 billion according to coinmarketcap.com. In January 2018, hackers stole XEM tokens worth $534 million from the Japanese cryptocurrency exchange Coincheck. The NEM Foundation stated that the exchange itself was to blame for the theft because it stored the stolen coins in an unsecured wallet.
In response, she developed a tracking program that rendered the stolen funds useless to the thieves.
The Philippines is the third largest remittance market. According to CCN, the country received $30 million in transfers in 2015. This is why cryptocurrencies are so popular there. Last month, the Central Bank of the Philippines announced that approximately $36.74 million was converted from cryptocurrency into the Philippine peso during the first quarter of 2018.
In 2018, the Philippines became the first country to develop regulation of cryptocurrency activities, applying regulations to cryptocurrency exchanges. The Central Bank of the Philippines said that cryptocurrencies are a useful tool rather than legal tender that need to be regulated due to the fight against money laundering and terrorism, consumer protection and financial stability. Last week, the government announced that 25 cryptocurrency exchanges will be allowed to operate in the government-controlled Cagayan Economic Zone Authority (CEZA), which will have laws in place to facilitate business... Exchanges that want to obtain a license will have to open a representative office and deposit $1 million over two years, and ICOs will have to register with the Securities and Exchange Commission.
According to financemagnates.com
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