The cryptocurrency community is full of entrepreneurial people who think they can change the world. From challenging financial and tech giants to attempting to establish sovereign micro-nations, nothing is beyond their reach. A recent example shows they can even successfully convince countries to issue their own cryptocurrency.
Also Read:
How a Coin Is Born
The team behind Neema, an Israel-based remittances startup, has given interviews to various Israeli financial press about their involvement in the creation of the upcoming Marshall Islands cryptocurrency, (SOV).
CEO Barak Ben Ezer explained the problem with other cryptocurrencies that he thinks only a nation can solve: “These coins are unregulated and subject to capital gains tax as if they were stocks, and it created a situation in which these currencies could not be used in everyday affairs. When I tried to understand why it was stuck, I read a circular by the IRS, where it was written that the definition of money is ‘the legal tender of a sovereign state’, so I said that if that’s what they say, let’s find a state and create a digital currency together with it, which is its legal tender.”
As to why he approached the specific country that he did, the Marshall Islands, the CEO said: “I was looking for a country that would be open to the idea of adopting a cryptocurrency as legal tender. I ruled out countries like Sweden and went to the smallest countries in the world. The smaller the country, the easier it will be for it to adopt such a currency. I added another parameter – a country that does not have its own currency. That’s how I got to the Marshall Islands.”
Costs and Benefits
“We are taking all the expenses of this thing on us, which will cost us tens of millions of dollars,” explained Ben Ezer. “We need to finish developing the technology and implement the payment system across the islands, and each and every one of the businesses here will have the ability to accept payments in cryptocurrencies.”
As for where the money is going, he elaborated: “50 percent of the money will go to the State Budget Support Fund, 20 percent to the fund that handles the victims of the nuclear tests that the US conducted in the country in the 1950s and 1960s. Another 20% will be distributed directly to citizens – an office will be opened for each person to come with an ID and receive his allowance equally, and the last 10% will go to a fund that supports the use of green energy. The Marshall Islands suffers a lot from global warming because of its unique geography, and they want to transfer all their islands to solar energy. For us this is an opportunity to fulfil all our dreams of how we want a society and a state to be operating.”
Not Enough for a Tax Haven
Neema’s Israeli lawyers even helped with the drafting of the needed legislation. Attorney Yuval Shalhevet said: “The Marshall Islands central bank was involved in the process, but since they do not have a currency (they use the USD), the Marshall Islands rulers never dealt with monetary regulation. They did not really have currency laws, we helped write the law.”
“The Marshall Islands’ greatest concern was to [not] become a haven for money laundering,” Shalhevet explained. “The state did not want to turn into a shelter for money launderers. They were afraid of lawsuits against them, so we built up barriers. Once someone converts the coin to fiat money, there will be a face recognition process. This process does not exist at the initial offering stage, as is customary in ICOs. The technique will be using face detection technology to make sure that it is the right person who draws the money.”
Asked about the risk of creating a tax shelter, the lawyer answered that: “The tax authorities are the first to deal with the crypto coins, and if they think there is a problem with a tax shelter, they can fix it right away. Now the intention is to raise $30 million, that’s not exactly the amount of a tax shelter. Additionally, the document defines exactly how much the coins will grow every year, and there is also a set quantity for the pre-sale – so it’s not really a tax haven.”
What other countries do you think would be primely positioned to launch their own cryptocurrencies? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, SOV Telegram Group.
Do you like to research and read about bitcoin technology? Check out ’s page for an in-depth look at bitcoin’s innovative technology and interesting history.
The post appeared first on .
The rise of bitcoin, Ethereum and other cryptocurrencies in 2017 brought cryptocurrencies to the mainstream. Many have made a profit investing in cryptocurrencies. However, others have made losses in the same industry. This duality of opportunity and risk is something investors need to deal with in the crypto industry.
Sadly, many of the investors in the cryptocurrency industry do not have the business acumen or the technical skillsets to determine whether a cryptocurrency startup will be profitable in the future. As a result, any fall victim to the 46 percent of cryptocurrencies that fail each year and the 80 percent of startups that never get off the ground. However, Global Spy gives investors an alternative to protect them from losses.
Global Spy’s Approach
Global Spy protects investors by providing an avenue where they can research the cryptocurrency coins, ICO and securities that they want to invest in securely. Global Spy combines extensive business and technical analysis with blockchain technology. This benefits investors on the platform by providing them with another way they can make money.
Investors can acquire Spy Tokens through the popular exchanges or the ICO. The tokens can be used to pay for research on a specific cryptocurrency asset of any nature. The Global Spy researchers all over the world ensure they perform extensive research on the platform.
Sometimes this includes physical visits to the offices to ensure it is not a scam. Once it is done, the investor will get a digital copy of the research results with detailed recommendations on whether to invest in it or not.
Global Spy takes this further by using the blockchain platform to give investors who use the service an additional dimension of making money. If another investor asks for the same research, Global Spy will send them a duplicate of the first researcher’s findings.
However, half of what the second investor pays goes to the first researcher. This gives investors an opportunity to earn from the research they commission on the platform.
Why you should join the Global Spy community
Global Spy is offering more benefits that most of the standard research firms giving investors the ability to make better judgements when investing in the cryptocurrency industry. They include:
The platform is secured using cryptographic encryption to ensure that hackers cannot access the information
Global Spy is transparent. Since the ledger is decentralized, everyone can see the research other investors have ordered eliminating fraud
It provides investors with an additional income source. Early adopters can earn multiple times when others after them request for similar research. In some cases, they will even make a profit.
Global Spy provides business analysis for determining whether the firm and team behind a cryptocurrency or ICO are legitimate. This prevents users from falling for scams.
It provides technical analysis of the smart contracts, hash functions and algorithms to ascertain whether the blockchain is technically sound enough to succeed.
There are no downsides to investing in Global Spy. You can join the revolution by investing in the ICO slated for 15th March 2018. If you invest in the first week you get 20 percent discount which drops to 10 percent in the second week. This early bird discount will only be available till 29th where prices will revert to 5000 spy tokens for 1 ETH without discounts.
With the hard cap set at 150 million and the soft cap at 5 million spy tokens, make sure you invest as early as possible. Any purchases over 5.5 Eth will be subject to KYC to protect the platform and investors from nefarious individuals.
We expect the ICO to be very competitive. You can register in the Global Spy whitelist on the website or you can use any of the following official and channels to speak to our representatives.
The post appeared first on .