Malta-based virtual assistant firm Vaiot has integrated IBM’s Watson Assistant with the Cosmos blockchain to sell car insurance. The new platform features an end-to-end sales process that does not require human assistance to complete the car insurance contracts. The mobile app interacts with customers via voice or text, initially asking a series of questions to identify and suggest insurance options. Once signed, the contract is stored on the Cosmos SDK in the form of a smart contract, underpinned by the Tendermint Protocol. The AI monitors the deal and automatically begins the insurance coverage once the payment goes through. Although multiple …

Pakistan’s government is working on a framework for regulating cryptocurrencies like Bitcoin (BTC). The Securities and Exchange Commission of Pakistan, or SECP, has published a consultation paper on regulating digital assets. Issued on Nov. 6, the paper outlines major concepts for the growing digital finance market in Pakistan and examines the existing regulatory frameworks developed by other global jurisdictions. In the document, the SECP emphasizes that digital assets are the “start of a new era of digital finance.” According to the regulator, the new era of digital finance “could only be possible by initiation of a new era that re-invents …

What factors contribute to transaction fee sizes? The two main factors affecting fees are the size of a transaction, and demand for block space. Given that some networks can only contain a limited amount of data in each block, miners or validators are restricted on the number of transactions they can include. When there are many users sending crypto funds simultaneously, demand for block space increases, and there are more transactions waiting for confirmation. Sometimes, demand for block space can get so high that networks experience congestion, and fees surge to unsustainable levels. Larger transactions require more space in the …

As public awareness of cryptocurrencies continues to grow, there’s one issue that the sector continues to grapple with: trust. According to research by Edelman, just 48% of people trust digital assets. Although this is up 11% on the year before, it’s still lower than the scores given to banks, credit card providers, insurers and the financial services sector as a whole. The report also suggests that levels of trust could rise if the industry doubles down on efforts to educate the public by demonstrating the distinctive use cases for cryptocurrencies and clearly explaining the advantages and disadvantages associated with this …

A Gibraltar-based company says it is building a digital asset exchange that will be fully compliant with regulations from the United States Securities and Exchange Commission, the Financial Industry Regulatory Authority and the European Union. According to INX, the evolution of blockchain-based currencies and assets is finally beginning to gain steam — and governments around the world are beginning to realize that digital payments are here to stay. The company’s team consists of top executives from some of the world’s biggest financial institutions, including American Express, Morgan Stanley, Standard Chartered, HSBC, TD Ameritrade and Societe Generale. INX says its vision …

The European Commission in collaboration with the 30-country alliance called the European Blockchain Partnership (EBP) plans to launch a pan-European blockchain regulatory sandbox by 2022. Per an update to the official webpage for the commission’s Digital Innovation and Blockchain team on Sep. 23, the European Commission will work with EBP on the sandbox to test use cases of blockchain and digital assets in the European Blockchain Services Infrastructure, or EBSI. The EBSI is a joint initiative of the European commission and the EBP that aims to deliver cross-border digital public services across the EU using blockchain technology. Outside of the …

One of the largest organizations investing in blockchain companies, Digital Currency Group, or DCG, has acquired the British multinational cryptocurrency exchange Luno. DCG first bought a stake in Luno by investing in the exchange’s seed round in 2014. Since then, the exchange has spread its roots across 40 countries and currently boasts of more than five million registered users on its platform. In an official announcement, DCG said it will make a “significant commitment” to help Luno further expand its territories in countries it already operates in and also help it launch in other countries. DCG did not reveal the …

After a series of regulatory changes led the South Korean exchange UpBit to force out its foreign users from the platform, the company is setting up a new division in Thailand. According to an announcement shared with Cointelegraph, UpBit has received approval from Thailand’s Securities and Exchange Commission to operate its digital asset exchange in the country. The Thai SEC has approved the exchange for four provisional licenses that allow the company to operate under four categories namely cryptocurrency exchange, digital token exchange, cryptocurrency broker, and digital token broker. UpBit claims that it is the first-ever digital asset business to …

Rep. Nathan Toman believes that an official "North Dakota coin" could potentially help the state's struggling economy in the wake of COVID-19, an Aug. 7 article from Inforum said. "That was my hope, but we're a little bit late to the game on doing something like that," Toman told Inforum regarding COVID-19 and the potential state-sanctioned Blockchain asset. Backed by aspects such as state-held precious metals and property, Toman told Inforum he sees the such an asset positioned as more of a store of value than a transactional currency. He additionally believes that it could function in tandem with loans …

A platform that claims to offer the world’s biggest digital shop for crypto users has announced that it now supports Bitcoin’s Lightning Network. Uquid notes this additional blockchain layer helps to speed up transactions while making them cheaper, eliminating two of the main drawbacks of using BTC directly. The shop boasts 35,000+ digital products, with new items added on a daily basis. According to the team, discounts of up to 60% are available on its range. “At the Uquid digital shop, we’re very excited about the Lightning Network. We believe this technology is the next step for future payment systems,” …

The number of accounts holding more than one million XRP has increased by 3.7% with 30 new whales appearing over the last two weeks, according to Santiment’s holder distribution chart. These investors now hold between $240,000 and $2.4 million in XRP each, which has contributed to upwards pressure on price. After a fairly uninspiring few months, XRP has seen a price rise of over 30% from $0.19 to $0.25 in a fortnight. At least 30 big investors with deep pockets believe the price rise is set to continue. XRP Holder Distribution vs. Price. Source: Santiment Why Ripple? There’s no obvious …

Russia passed a major bill today related to cryptocurrencies like Bitcoin (BTC). The State Duma — Russia’s legislative body — has passed a bill titled “On Digital Financial Assets” in its final third reading, local news agency Regnum reports July 22. After initiating the bill back in 2018, Russian authorities have finally agreed to provide a legal status to cryptocurrencies, preparing to adopt the first major part of legislation for the industry. Following the latest Duma’s decision, the bill “On Digital Financial Assets,” or DFA, is expected to be officially adopted in Russia on Jan. 1, 2021. The bill provides …