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Polish Financial Supervision Authority conduct social media campaign against the risks of cryptocurrencies, central bank produced anti-crypto video, government and Polish Bitcoin Association negotiate on future tax regulations. Last updated: May 24, 2018.

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Santander Using Ripple’s xCurrent in the New UK to Poland Corridor

Banco Santander the Spanish banking giant’s “One Pay FX”  went live in April 2018. Powered by Ripple’s xCurrent, the mobile app allows the banks customers near instant international cash payments. The app has now hit a new milestone.  Santander UK customers with a debit card will benefit from the now live UK–Poland payments corridor. The bank’s UK branch has released the version 1.3.1 of the “OnePay FX” app, which operates in the new European corridor.  Through it, the Santander UK customers can send Zloty (PLN) payment to their Polish recipients. The news was confirmed by Marcus Treacher, the Ripple Customer Success Senior Vice President:  “Santander UK’s One Pay FX app now supports payments to Poland from the UK – no fees, best ex rate, smooth payment experience.” Santander UK’s One Pay FX app now supports payments to Poland from U.K. – no fees, best ex rate, smooth payment experience #Santander pic.twitter.com/jp1iUMDlsy— Jeremy Light (@JeremyLight3) July 14, 2019 The bank’s UK customers can now make affordable GBP payments of up to £10,000 a day. This cash can be sent to 19 Eurozone nations, to Poland as Zloty or as USD to the US. Reports further state that customers will pay minimums in fees, starting with zero transaction fees perhaps as a promotional fee. This has led to the speculation that maybe the Santander app is also getting xRapid onboard for fast and cheap transfers. The UK–Poland Corridor At its inception, the One-Pay FX platform’s services were only available to the UK, Brazil, Poland, and Spain customers. However, during its 2019 Investor Day in April, the bank announced that it was in the process of expanding the app’s products. The announcement mentioned their newest service, “Pago FX,” an international payments platform that would be open to non-Santander customers. The new platform once operational, will be launched in Germany, the UK, and Poland.   The One Pay FX app has revolutionized the international payments process for Santander customers. First, customers can specify the exact amount they want their beneficiaries to receive in their native currency. The app is also moving these payments periods from same day to instant transfers.  Ana Botín, the banks Executive Chairman says:  “One Pay FX uses blockchain-based technology to provide a fast, secure and straightforward way to transfer money internationally – offering value, transparency, and the trust and service customers expect from a bank like Santander.” OnePay FX Could Be Better on xRapid Ripple’s xCurrent solution allows an end to end tracking of cross border payments. The platform does not use XRP, Ripple’s token, unlike xRapid. In 2018, Ripple went into partnership with three crypto exchanges to vamp up the startup’s payments ecosystem. Bittrex from the US, Coins. Ph from the Philippines and Mexico’s Bitso now enable the xRapid’s payments between XRP and the Mexican and Philippine Pesos and USD. Ripple has had a good year as far as the mass adoption of its products is concerned. Ripple holders are however getting angered by the prevailing low XRP prices. The token is currently down by a large percentage, trading at the 30 cents mark. In its defense, all altcoins prices are plunging as Bitcoin spiral down towards $9,500. The post Santander Using Ripple’s xCurrent in the New UK to Poland Corridor appeared first on Ethereum World News.
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Alior Bank in Poland Uses Ethereum’s Blockchain To Authenticate Documents

Polish Alior bank becomes the first financial institution to use the Ethereum blockchain The intention is to confirm the authenticity of documents issued by the bank The Polish-based bank Alior Bank is currently using the Ethereum blockchain in order to authenticate clients’ documents. This is according to a report released by Forbes on June 17. […]
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Poland’s Bank Alior Adopts Ethereum Smart Contracts Blockchain

Alior Bank, the 10th largest bank in Poland, has launched a document verification system based on the Ethereum network, to enable its customers to seamlessly check on the authentication and integrity of official documents, according to a Forbes report on June 17, 2019. Bank Alior Joins the Blockchain Bandwagon Per sources close to the matter,Read MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Potential Crypto Exit Scam in Poland Signifies Fraud

When is all this cryptocurrency-based fraud going to finally come to an end? It seems like this is becoming an everyday occurrence, and right when one case is over and done with, another one steps in to take its place. Problems Are Occurring Everywhere This time around, the fraud appears to have occurred through a Polish cryptocurrency exchange, which has seemingly shut down overnight and taken all its users’ funds with it. The exchange owners are also inaccessible and appear to have vanished into thin air. One user reports the president of the company ultimately opened a business in the neighboring region of Estonia within 24 hours after the closure. It has also been stated that the company was being investigated by the Polish economic authority, KNF, and “survived” for a few months before being entered into the KNF’s infamous “black list.” In other words, this was allegedly a fraudulent business from the start and quick action wasn’t taken. In a recent interview, one user comments that the money is gone, and probably won’t be recovered: There are some very interesting indicators that the cryptocurrencies were taken out and moved to other exchanges a few days before the shutdown. On the blockchain, nothing disappears. The situation has every sign that an exit scam occurred, and customers are looking to get to the bottom of what happened. This is terrible, not just for the people involved who lost their money, but for the entire industry. Over the past several years, cryptocurrency and blockchain both have worked hard to establish themselves as legitimate forms of financial technology, and while they have succeeded in several ways, moves like this tend to set them back several steps. In addition, fraudulent activity is becoming all too common in the crypto arena. We are constantly hearing tales of SIM-swapping and people potentially losing their funds overnight to hackers who have somehow gotten access to their login credentials through their phones. This can either be done through identity theft – in which hackers gain control of a person’s social security number or security answer questions – or through bribing individuals that work for the person’s phone provider. Fraud Occurs in Many Forms In addition, initial coin offerings (ICOs) have ultimately been banned by countries like China or are looked down upon as a funding mechanism due to the long trail of fraud often associated with them. ICOs work when a startup or new enterprise seeks to gain funding from investors by asking for money in exchange for a new digital coin that will give the investors access to their goods and services. Many of the companies that have held ICOs ultimately disappear in short time, or cut out with the money they earn, leaving their investors with empty pockets, bruised egos and worthless coins. The post Potential Crypto Exit Scam in Poland Signifies Fraud appeared first on Live Bitcoin News.
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Poland Authorities Release Pro-Victim Statement Regarding OneCoin to Recover Stolen Funds

According to Bitconist, OneCoin is a platform founded by Ruja Ignatova in Bulgaria in 2014. By the third quarter of 2016, the platform generated $3.8 billion in revenue and its tokens reached a value of nearly 30 euros each, even though there was no underlying blockchain, utility, or monitoring. The platform grew upon a constant […]
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Is Blockchain ready or not?

The Netherlands has doubts about blockchain, Putin's opinion, Poland accepts crypto, IPO in Hong Kong, Bitcoin can change Colombia, BitMEX has listed EOS

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DIGEST

All in this week’s News Digest: McAfee still has a lot of faith in crypto, Robert Shiller explains the roots of this faith, more new exchanges are coming, an investigation into Bitcoin price manipulation, and Verge is hacked again.

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High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
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