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Seoul is set to launch its blockchain-powered petition system on March 1. The system will enable the residents of the city to air their views and share them with the local government. It will replace the existing system which has been marred by claims of fake identities and vote manipulation. Known as Democracy Seoul, the new system will give the residents of South Korea's capital the opportunity to turn the government's attention to issues that affect them. A resident will be able to propose any issue on the platform and if it gets at least 1,000 votes from other residents, the city's Mayor Park Won-soon will have to address it. This system will be similar to an existing national system that allows South Koreans to air their issues with the government. Once an issue receives 200,000 votes, the national government has to address it. The national petition system, as with any other online voting system globally, has been marred by accusations of vote manipulation and fake ide...

An Iranian commander has called on the country to seek more unique ways to bypass the several sanctions imposed against it. The general cited cryptocurrencies as one ideal solution at a time when the sanctions have crippled the economy and are forcing the country into a recession. Saeed Muhammad, a commander of the Islamic Revolutionary Guard Corps, was addressing a crowd recently, reported local crypto outlet Coinit.ir. The general criticized the stand taken by the American government, saying that it has been trying to impede the livelihoods of the Iranians and block its development. For a solution, he suggested, "We are demanding the creation of a more sophisticated mechanism to bypass sanctions. To circumvent sanctions, we must develop solutions such as the exchange of products and the use of cryptocurrencies with our partnerships in other countries." Iran has long been looking at using cryptos to evade the sanctions by the U.S government. For decades now, the country has ...

Controversial cryptocurrency exchange Binance has found itself scrambling to perform damage control and repair after regulators in Malta called it out over false claims. In a statement published by the Malta Financial Services Authority (MFSA) on Friday, the regulator made it quite clear that Binance has never received authorization to operate in the country. As a result, Binance has been trying to dance around the subject with some creative responses. The MFSA's message reads, "Following a report in a section of the media referring to Binance as a 'Malta-based cryptocurrency' company, the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorised by the MFSA to operate in the crypto currency sphere and is therefore not subject to regulatory oversight by the MFSA. The Authority is however assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight. Admission of virtual financial assets to trading...

Cryptocurrencies have gained significant value over the last few weeks and it's causing exuberance among digital currency proponents. Now a number of traders and influencers believe bitcoin and other coins are in bullish territory. Despite the surge to $13K last July and the deep pullback that followed, BTC investors and influencers have no issue believing that crypto is on the threshold of another bull market. 'Calling the Bull' Is a Bold Move, But a Number of People Are Doing So After BTC Surpasses $10K Bitcoin traders, analysts, and thought leaders on social media and forums seem to think that the crypto market is facing another bull run. Statements about a "bull market" and a possible "altcoin season" are littered all over Twitter and news articles about the cryptoconomy's swift rise. You can find a number of crypto influencers explaining that the bitcoin bull market is overdue for a variety of reasons. Some people claim the reward halving is pus...

The group leading the development of the IOTA blockchain, the IOTA Foundation, has run into a troubling situation.  The non-profit was forced to halt its network this past Wednesday after discovering that the IOTA Trinity wallet had been attacked by hackers, resulting in the theft of tokens it held.  The issue is still being unraveled, but there are reports that anywhere from $300,000 to $1.6 million in IOTA tokens may have been lifted from the wallet. When reports started flowing in on Wednesday that the wallet could have been hacked, the group took action and shut down the Coordinator node to look into the issue further.  It is reportedly looking into a security flaw found in an earlier version of the wallet, and explains, "First (but not all) exchanges have responded, reporting that no monitored funds have been transferred or liquidated.  Most evidence is pointing towards seed theft, cause still unknown and under investigation.  Victims (around 10 that identified with the IOTA ...

As China battles to contain the deadly Coronavirus outbreak, one expert believes that blockchain could greatly boost the country's efforts. The virus has infected over 28,000 people in just three weeks, with 563 losing their lives so far. According to an academic at the University of Hong Kong, it's time China turned to blockchain in its response efforts. In his post on the Oxford University Faculty of Law blog, Syren Johnstone believes that the time to build borderless solutions based on decentralized technologies has come. Johnstone, who is the Executive Director of the Master in Laws Programme at the University of Hong Kong, pointed out that blockchain and artificial intelligence can be used to better manage crisis situations. He stated, "A private blockchain network would enable the recording and tracking of anything that is donated, from donation dollars to N95 masks. It also creates clear points at which it is possible to hold a person or organization to account, fro...

European authorities have arrested 10 suspects accused of defrauding over $6 million from tens of investors. The suspects conducted a crypto pyramid scheme targeting investors in several European countries, including France, Belgium and the U.K. The arrests are the culmination of an extensive investigation that began in 2018. The investigation was led by Europol and Eurojust, EU agencies that focus on law enforcement and criminal justice cooperation respectively. In a press release, Eurojust indicated that the scheme had defrauded 85 investors, mainly from France and Belgium, although it was based in Israel. The scheme targeted its victims by phone, promising them incredible returns of up to 35% for a small investment. In a classic pyramid scheme technique, the fraudsters paid off the initial investors using money raised from late-stage investors. The initial payments led many of the investors to stake more money and recommend the scheme to others. However, after some time, the payment...