Changpeng Zhao To Talk Crypto To Authorities

So the news (June 2022) is that the Binance boss Changpeng Zhao (CZ), is to talk to the authorities and legislators. The unique thing about this move is that, the talks would not revolve around his own or Binance’s legal wrangles with the authorities. The CEO of the world’s largest crypto exchange, will focus on general crypto happenings. With chaos and gloom descending on the crypto industry like never before, the CZ will need to do much preparation.

Hypothetically these are some points that should be covered in those talks. Things could differ in reality as the man, picks and chooses on issues to be covered. From the viewpoint of the authorities and lawmakers, the negative aspects of the crypto industry have been superbly showcased in 2022. Remains to be seen if, they would raise some very challenging issues in their talks with Changpeng Zhao.

Below is Glitzkoin’s wish list of what we hope, to be discussed in those very important meetings:

1) Crypto security and the slow pace at which crypto legislation has been moving. The need for more uniformity across the globe, when it comes to cryptocurrency legislation.

2) Making legal options more accessible to crypto investors when, they feel that they have been scammed or defrauded of their money.

3) Finding ways to track and punish, crypto price pumping. The need to find the faces behind, paid pumping scams.

4) Making crypto ‘analysts’ declare, their crypto holdings – this especially related to holdings in cryptocurrencies that they, comment and report about.

5) Defining parameters to flag scams and frauds in the crypto industry. An excellent example is the LUNA debacle, this could be a terrible mishap but, thousands of investors lost their money. It became a scam the moment, the authorities allowed the project to modify and continue.

6) Clear rules and regulations under which, crypto exchanges can be setup and operated. Setting up mandatory audits for the running and auditing technical algorithms of crypto exchanges.

7) Keeping focus on investor interests. This is something that could be discounted as, the Binance CEO is more likely to emphasize on things that, would make the crypto industry look good from his perspective.

The above list is in no way exhaustive - more ideas and issues covered, the better. Sure that this is just the beginning, of the communication between the crypto industry and the authorities. The move is welcome and we at Glitzkoin would love to see this happen more often. Having said that, it should be ensured that all stakeholders in the crypto industry are represented. Let’s face it crypto investors are an important group within the industry, they have sadly been left to fend for themselves way too often.

Cannot end this report without making a suggestion to crypto investors. Might be the right time for investors to band together in groups and prepare to, take up issues with the authorities, in their respective countries. These authorities in various countries can then band together, and get a more global view of everything crypto. Simply put investors must make sure, that they are well represented in a similar interactive process.

Also confirming that we have nothing against CZ or Binance. The move to talk with the authorities is very positive, this is likely to be the beginning of a constructive relationship between the authorities and the crypto industry. Having said that, it is important to ensure that crypto investor interests are not sidelined.

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GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token. 

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.

 

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