The Future of Cryptocurrency and Philanthropy

As most people assume, Bitcoin and other cryptocurrency are in the tech industry for trading and investing in order to make a profit on the market. However, if you consider the alternative which is philanthropy, a few companies are quite profound at doing just that.

Using Cryptocurrencies to Fundraise

Many charities are experimenting with cryptocurrency donations and some of the most prominent names involved are Red Cross, Save the Children, United Way and the Electronic Frontier Foundation. There is a clear ascension in number of donations with cryptocurrency. One of the biggest funds for donors, Fidelity Charitable, holds more than 69 million dollars worth of crypto donations as of 2017.

More recently, a number of programmes and schemes in the world of crypto philanthropy have come to notice. Such platforms embrace crowdfunding sites like BitHope for donating Bitcoin to your charity of choice. Other apps like GiveTrack and Alice are used to trace the movement of funds from account to charity, all on Blockchain, and confirm that select foundations have received allocated donations.

Non Profit Specific Coins

Besides making donations with Bitcoin and tracking its progress on applications, there are a number of coins created by organisations for their social and ongoing projects. There are coins for exact purposes like the one created by Charity: Water, called Clean Water Coin for raise money for the charity that works to supply clean drinking water to people all over the world. Another called Pinkcoin, is a coin that alerts traders use it to donate to specific charities as well as get a return on their funding. This coin is registered as a major cryptocurrency contender and does well in the market.

Foundations for Crypto Donations

An anonymous philanthropist has recently created a charity foundation that aspires to donate 5,057 Bitcoins. The charity is called the Pineapple Fund and has reached out to numerous contributors who have collectively given away 56 million dollars to 56 chosen charities. The creator, 'pine' holds the slogan, “Because once you have enough money, money doesn’t matter.” as a justification for his contributions.

With this use of Blockchain, a more credible process of donations to charities can be established. Most people have little trust in the working of bog charity organisations, speculating that these use a sizeable portion for their operations and little goes into the actual relief funds or projects. However, with a Blockchain system these doubts can be resolved with transparency in transactions, decreased operating costs, and overall efficiency in the process. These cynical ideas can be undone and lead to increased donations.

In a few years, with the success of Bitcoin and Blockchain technology, these foundations can all have their own set of cryptocurrencies or coins to maintain the flow of donations digitally. An exchange can be created on a token system focused solely on the purchase and selling of these coins by traders and donators. This may even create a new approach to philanthropy where charities as well as philanthropists profit from trade of foundation specific coins for the improvement of those in need. Gathering funds could be made easy for Non Profit organisations by mining of tokens.

Although the future holds so many possibilities, there are still limitations that stand in the way. Blockchain is a relatively new and unexplored system that still has a lot to be discovered by a majority of the public before it becomes mainstream. Most countries have not defined their legal stance on the trade of Bitcoin and many people do not have enough grasp of its operations.

Thus, it will be a while before crypto philanthropy is recognised and utilised for donations and fundraising.

Calling Out the Blockchain Gender Gap

There is no excuse for the lack of female representation in the Blockchain industry. More so, it is unacceptable for any industry. This pattern of young male entrepreneurs leading and monopolizing the world of technology has been going on for ages, prominently in the Silicon Valley, and now we think it has been endured for too long.

In the world of Blockchain women are simply not major contenders in an investment of cryptocurrency as they make up a small portion, 4 to 6 percent, of overall blockchain investors. This may be a result of the male-oriented clubs that have surfaced like “blockchain bros”, that tend to marginalize women and prefer exclusivity. This further makes it difficult for women to compete or even exist in such spaces. But Blockchain is supposed to be different. It came up with the ideology of creating a decentralized, transparent, and equal system for all. Surely with these values, it could foster inclusion and equality?

If there is already an inclination for male dominance so soon with the emergence of Blockchain, where does that put women in the near future of cryptocurrency? This behavior can influence the industry for years to come, making equality a questionable prospect. An article in the Times highlighted a tweet by venture capitalist Alexia Bonatsos, that urged women to ‘consider crypto’, ‘otherwise the men are going to get all the wealth, again’.

Why is This the Reality?
How is it that women do not enter the sacred space of Blockchain, and are not already big players in these digital investment plans? Speculations of exclusion come from women being judged for their qualifications in the industry, but it is not necessary to possess a degree to be a good investor. Those who pursue careers as analysts, investors, engineers, and more are at times criticised for their appearance and ability to be a part of the crypto world. It certainly does not help that a recent Bitcoin convention was held at a Miami strip club.

However, despite the obstacles, there are leaders in the industry that try to create the opportunity and platform for women to join Blockchain. These projects show definite progress and will draw thousands to become investors.

Reclamation

According to the Director of Development at Digital Currency Group , Meltem Demirors, there is a prospect for change that will force the old and biased system to go female. She reports that the number of female Blockchain startup founders is increasing as well as the admission of female investors in crypto venture capital. Although there is still a long while to go before all is fair, she remains positive.

With the help of startups and major companies promoting diversity in the industry, Money Trade Coin Group would also reinforce such initiatives and will set the wheels in motion for equality in the future.

3 Imperatives about Blockchain Technology

In this rapid growth of Internet and technology, the phase of business has taken a massive turn. Where initially everything was at medium paced, everything has now turned digital. The advent of Blockchain Technology has surged the financial markets tremendously and also given a new hope to entrepreneurs.

Before taking on the dais and exploring this innovative world of Blockchain Technology, it is imperative to comprehend and understand the implications, benefits of the technology. It will help entrepreneurs to successfully utilize the benefits of this cutting-edge technology to run and survive in this competitive market system.

1) Fresh Fundraising Technique

Capital is one of the biggest concerns for a new business venture. It becomes extremely difficult to get investors on board for huge amounts of money. And the need for capital to kick-start the ideas into action is a never-ending process.

The Blockchain economy plays a significant role here as it allows one to raise capital through ICO. 

An Initial Coin Offering, commonly referred to as an ICO, is a new technique that is used to generate capital for cryptocurrencies. It is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for Bitcoin and Ethereum. The idea is similar to that of IPOs where investors purchase shares of a company.

2) A Smooth Functioning System

Gigantic companies and industries face thousands of problems which sometimes are caused due to human errors. Keeping all the departments intact and in place is a big responsibility for all. The need to supplant an intermediary to keep a check on the activities has become the need of the day. As such, Blockchain Technology helps to suffice this need by offering probable solutions to most of the difficulties. Entrepreneurs can abstract this technological breakthrough and apply it to a number of pressing problems. Be it marketing, sales, B2B or a trading platform, the implementation of this efficient technology can aide a company to run smoothly and steadily.

3) Decentralised System

Blockchain technology represents a decentralized system. That means the power lies with the people using the same. No external force, the government can intervene in its utilization. The peer-to-peer network provides complete Transparency. It thereby eliminates the risk of loss, frauds, corruption, hoarding, Hacking, and manipulation. All in all, it restores the power to the community as a whole.

Financial Action Task Force (FATF) amends global-AML policies so did Money Trade Coin

Financial Action Task Force (FATF), is an inter-governmental body whose aim is to maintain the standards and promote effective implementation of laws and measures which is to be taken correctly.

In a meeting held in Paris, about 35 countries have urged to take action against threats related to money laundering, terrorist financing, etc. held to regulate cryptocurrencies and countermeasures to tackle the use of cryptocurrencies for illicit activities. Many countries including India have agreed to the petition, seeing to that India had also created an interdisciplinary committee proposing new regulations related to digital currencies. The laws have been revised to protect the India cryptocurrency holders from the fraudster and scams.

India has been working on the regulatory framework since the financial budget of 2018 has arrived, as India is one of the major countries in Southern Asia. Seeing the frenzy trend of cryptocurrency among the people, the government have decided to regulate the cryptomarket and planning to stricken the Anti-money laundering (AML) policies. AML policy is meant to terminate all the illicit activities and all the other misuses of cryptocurrency. The possibility of fraud through cryptocurrency is because of the anonymity which it provides the users.

Money Trade Coin group is a pioneer of cryptocurrency market. It has introduced a vast segment of businesses trading, buying and holding of currency in India and longer for more opportunity to satisfy all the customers, keeping in mind the regulations and rules set by the Indian government.

 Money Trade Coin has acquired a 100% stake in Summit Wealth Management AG - A leading Swiss financial advisory firm. The acquisition will follow a recent uptick in the cryptocurrency market across the world. Based in Zug Switzerland, Summit Wealth Management AG offers a comprehensive set of personalized financial services in an assortment of wealth management areas, such as estate, tax, insurance and retirement planning through its team of experts, industry familiarity and innovative processes.

Association Romande Des Intermediaries Financiers (ARIF), a non- profit organization working to intercept activities on money laundering and terrorist financing.  Summit Wealth Management AG is an affiliated member of ARIF, hence Money Trade Coin can avail prominence into professional activities and promise conformity with understanding underAML and ARIF’s decree of self-regulation rules.

Singapore signs cooperative pact with India for innovative crypto projects

Singapore, Asia’s leading FinTech hubs, has recently signed a new cooperative pact with the Indian government. Joining hands for this new innovative project will help in exploring the new boundaries in the world of blockchain and cryptocurrencies related technologies. The pact will jointly focus on the making of the application of financial technologies including blockchain, digital and mobile payments and big data.

The Government of Maharashtra signed a Memorandum of Understanding (MoU) at a ceremony at Magnetic Maharashtra: Convergence 2018 event in India. Mumbai is taking the initiative for supporting innovative companies in the Financial industries, seeding funds and access to a global network of investors and corporate partners from across the Fintech industry. The start-up policies will intent to lighten regulatory and administrative hurdles. This will enable the ecosystem and environment wherein blockchain and crypto currencies will get a direction through entering FinTech industries.

The agreement will foster engagement between FinTech start-ups in Singapore and India, helping Mumbai to develop in Fintech technologies. The project will be a benediction in the creation of future skills, technology, and jobs. The Fintech based programme running in India will also be considered. Earlier Singapore has joined hand with Andhra Pradesh, a southern Indian state and with this successful alliance with Maharashtra, It could be the next Fintech hub of the Asian continent. 

Blockchain Technology - The Power to Transform Traditional Financial System

With cryptocurrencies gaining an upper hand in the financial market system, the technology that rules these digital assets, Blockchain Technology is being appreciated and accepted by institutions all over the world.

The innovation and development within the industry have led to a massive growth in the adaptation of the Blockchain technology.

While Blockchain has been used in many sectors for safe and fast transactions, many are still unaware of these long series of codes represent the key components of value transfer. 

However, the industry is booming at a large pace and with digitization taking the front step, blockchain with its umpteen benefits has been adopted for betterment. The applications of blockchain technology are enormous and can be implemented in the financial sector to encourage transparency. 

The latest developments suggest that the very efficient Blockchain technology can prove to be a boon bridging the educational gap and thereby strengthen the adoption of cryptocurrencies globally.

As per experts prior to implementing the technology in all the spheres of life, it is essential to have a complete understanding of the same. Despite experts and analysts,  the common people dealing with this technology should be thoroughly explained about its working, pros, and cons. This comprehensive knowledge among the people will help to build trust and thereby increase its utility and power.

Cryptocurrency Regulation - RBI to set up self- regulatory body

As cryptocurrency is gaining whooping popularity globally, the concerns regarding the Digital assets reliability is also surging high. Therefore, a number of official financial institutions have been making efforts to bring about a regulation in this volatile market system.

According to recent developments, the Reserve Bank of India has suggested innovation labs,  data protection laws, and a dedicated organizational structure in order to introduce stronger regulations and a self-regulatory body to keep a check on the activities of FinTech companies.

For the same, the RBI has arranged an internal Working Group to examine the issues related to FinTech and Digital Banking system in India. This group consists of members from major institutions such and SEBI, IRDAI, PFRD among others.

The main aim is to bring about a stronghold in the unregulated market which makes up a significant amount of the economy, thereby, stabilizing the financial market system. With a unique approach, the RBI has invited comments and suggestions on the by recommendations by email or post before February 28, 2018.

It is noteworthy that very recently, the Founder of Money Trade Coin Group, Dr. Amit Lankhanpal addressed the Indian government to provide a helping hand in adopting the Blockchain technology, developing and regulating the Crypto-market in the country. In the document, Dr. Amit Lankhanpal has provided probable guidelines and solutions that the government can undertake in order to control and regulate the volatile market, thereby, increasing its efficiency. He also tries to explain how the use of cryptocurrency can benefit the country's growth and development and provide a push to Shri Narendra Modi's dream of Digital India and the cashless society.