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IBS Software Takes Lufthansa Cargo Handling to the Cloud – PRNewswire

Lufthansa Cargo's decision to move to IBS Software's SaaS hosting platform is part of its long-term objective to focus on its core cargo business without compromising on IT operations. As part of the decision-making process, Lufthansa Cargo evaluated the capabilities of global hosting service providers on critical areas including application availability, security regulatory and data privacy.

Lufthansa Cargo stands to benefit from IBS Software's industry-first 'zero outage' capability for its SaaS offering. With zero outage capability, planned maintenance is completed with absolutely no outage to the business IT system one of the major benefits for Lufthansa Cargo. This unique capability results in operational stability, which is essential to fulfill the customer promise and to provide effective and seamless cargo handling operations around the clock across all time zones without any service disruptions.

Lufthansa Cargo will also benefit from superior and faster application performance of highly complex cargo business functions and processes. As an example, Lufthansa Cargo processes one million messages per day. Each message will now be processed noticeably faster than before in less than one second on the IBS Software SaaS platform.

Initial performance of the system, which operates from IBS Software's new data centre in Frankfurt, has shown that the SaaS service has exceeded the benchmarks in all parameters set by Lufthansa Cargo, with 100% SLA compliance.

Lufthansa Cargo CIO Dr. Jochen Gttelmannsaid, "IBS Software has consistently delivered beyond expectations throughout our relationship that started with the iCAP implementation. They have demonstrated their capability to take on the established leaders in application hosting and offer a true SaaS provisioning that helps us to focus on our core competencies. We greatly value the responsibility and commitment that IBS Software brings to the table."

"IBS Software is thrilled to sign up Lufthansa Cargo as a SaaS customer, benefitting from our industry leading iCargo platform hosted in our world class data centres. Lufthansa Cargo's selection of IBS Software is testament to our excellent track record of iCAP delivery for the past seven years, andour commitment to consistently deliver value to our customers," said Ashok Rajan, SVP & Head of Airline Cargo Services, IBS Software.

About IBS Software

IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise and hospitality segments. IBS's solutions for the aviation industry cover fleet and crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel & air-cargo management, making it the enterprise with the widest range of offerings for the aviation industry. IBS also runs Demand Gateway - the world's largest distribution network for leisure hotels. For the tour and cruise industry, IBS provides a comprehensive guest centric, digital platform that covers onshore, online, and onboard solutions for the modern tour and cruise provider. IBS is a Blackstone company and operates from 11 offices across the world. Further information can be found at https://www.ibsplc.com/

Latest news and information on IBS Software is found at https://www.ibsplc.com/about/news

SOURCE IBS Software

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New realms of measurement, connected data silos, and more in 2020 (Reader Forum) – RCR Wireless News

Editors note: Keysight Technologies offered up these predictions for 2020, from CTO Jay Alexander and Jeff Harris, who leads the companys global marketing.

New realms of measurement will grow in importance in 2020:Measurement basedtools of many kinds are key enablers for the technology-based products and solutions we incorporate into our daily lives, and it will transform as disruptive technologies come into play.

In 2020, advanced applications related to 5G, will explode, using higher frequencies and smaller geometries. To support this growth:

In 2020, the use of software in implementing technology will remain prevalent, especially in networking and position or navigation-based smartphone applications. As a result, software-on-software measurement will see a strong surge and therefore, so will emphasis on interoperability among software tool chains. New standards and certifications will be created, impacting development processes, as well as the marketing required to ensure consumers are aware of what a software-centric product can and cannot do.

In 2020 there will be a substantial rise in specialized processors, such as GPUs and chips, that implement Artificial Intelligence or AI architectures which determine how anetworkprocesses and routes information and maintains security, privacy, and integrity. Quantum computing and engineering will continue to be in an aggressive hype phase in 2020, but the ability to control, measure, and error-correct quantum systems as the number of qubits grows will be important from the start.

As measurement and operation of the computer blends, those interested in building practical quantum computers will require knowledge about measurement technologies and techniques before the quantum computing goes into the mainstream.

Data silos will be connected to extract development insights:Leading companies collect data but typically store it in functional silos: R&D design, pre-production validation, manufacturing, operations and services.

In 2020, companies will start connecting these silos of data using modern cloud architectures, such as private on-premises clusters, or public sites like AWS or Azure. With the data centrally available, teams will correlate performance through the development process, from early design to manufacturing to field deployment and close the loop back to design. The benefits for these teams include the rapid collection and reformatting of data, faster debugging of new product design, anticipation of manufacturing issues, and improved product quality.

To achieve these gains, teams will invest in a computing infrastructure, determine how to store the data, including file location and data structure, as well as choose analytic tools to select and process data to identify anomalies and trends. In addition, teams will change the way they work to shift attention to data-driven decisions.

5G and the Data Center:New 5G capabilities in 2020 will put pressure on networks, revealing new data center and network chokepoints.

Industrial IoT applications will increase access requests and mobile automotive IoT applications will stretch latency demands. Edge computing will become more important to process the increased access requests and meet stringent latency requirements.

Higher data speeds will place more demands for faster memory, faster data busses, and faster transceivers in the data center. Meeting the speed and flexibility demands will be one reason, but customer traceability through the network for application monetization will be the main driver to upgrade to the latest standards.

In 2020 we will see advanced design, test and monitoring capabilities that ensure networks and products deliver the performance and failsafe reliability expected. The industry will experience closer collaborations between chipset and product manufacturers, software companies, network carriers, cloud hosting companies and international standards organizations to build tomorrows networking infrastructures.

Challenges will Abound to get 5G to Maturity:5G represents technical evolution and revolution on many fronts creating new technical challenges that span many domains.

In 2020 the industry will move from a small group of early-movers who have commercialized initial 5G networks, to a global community in which multiple operators in every continent and in many countries will have commercial 5G networks.

The early adopters will add scale and those who launch in 2020 will quickly resolve issues in their initial deployments. Second-generation devices and base stations will be added to the market, and the standards will have another new release in 3GPPs Rel-16.

Key technical challenges for the industry in 2020 will be: ensuring performance in mid-band (3.5-5GHz) frequencies, moving mmWave to mobility, transition planning to a full Stand-Alone (SA) 5G network, and resolving architectural decomposition and standards for centralized RAN and Mobile-Edge computing (MEC).

The Internet of Things will become the Interaction of Things: IoT will rapidly move into the mainstreamwith widening commercial acceptance, increasing public-sector applications and accelerated industrial deployments

In 2020 we will see an increased level of smart experiences when the Internet of Things a collection of devices connected to the internet becomes the Interaction of Things a collection of things that are communicating and working effectively and efficiently with each other.

There will be powerful devices working with other powerful devices to act quickly and efficiently in the background independent of direct human intervention. Mission-critical applications, such as remote robotic surgery in the area of digital healthcare or autonomous driving in the area of smart mobility, will feel the impact of this shift.

While these applications will benefit from the Interaction of Things, new solutions will be developed to ensure they do not suffer from the Interference of Things, especially when communication failure and network disturbances can bring about devastating or life-threatening consequences.The same will be true of Industry 4.0 applications and smart city applications. Uptime will not be optional.

Digital twins will move to the mainstream:Digital twins, or the concept of complete replicate simulation, are the nirvana of design engineers.

In 2020, we will see digital twins mature and move to the mainstream as a result of their ability to accelerate innovations. To fully realize the technologys benefits, companies will look for advanced design and test solutions that can seamlessly validate and optimize their virtual models and real-world siblings to ensure that their behaviors are identical.

2020 will not be the year of the autonomous vehicle. Active cruise control, yes. Full autonomy, we have a couple years to go.The quantity and sophistication of sensors deployed in vehicles will increase in 2020, but fully autonomous vehicles will require more ubiquitous 5G connectivity and more artificial intelligence. Here is where we see the industry on each of those areas:

The ratio of fleets sales with EV or HEV powertrain will grow from single-digit percentage ratio to double-digits in 2020 tripling the shipped units compared to last year.

The first C-V2X network will hit the streets in China, but they will be operating on an LTE-V network until 5G Release 16 evolves the standard.

The technical advances for sensors and in-car networks will continue to evolve on a fast pace, needing faster in-vehicle networks. In 2020, Gigabit Ethernet based in-car networks become a reality and significantly improved sensor technology enables artificial intelligence developers to hit new performance levels.

System level design, test and monitoring will experience a dramatic transformation:The connected world will force a shift in how performance, reliability, and integrity are evaluated.

In 2020, realizing the full potential of sensor systems connected to communication systems connected to mechanical systems will require new ways to test at the system level.

Today, there are available tests for radar antennas and a radar transceiver module. However, testing a multi-antenna radar system integrated into a car will require a different testing approach. The same is true for data centers, mission critical IoT networks, automobiles, and a wide range of new, complex, 5G-enabled applications.

In 2020, the electronics industry will emphasize system-level testing as the definitive, final step to assure end-to-end performance, integrity and reliability across the increasingly connected world.

Education will shift to prepare the next generation of engineers.Universities will adopt holistic, integrated, and multi-disciplinary curricula for engineering education.

Academia will tap into industry partnerships to keep up with the accelerating pace of technology and incorporate certification programs, industry-grade instrumentation and automation systems into teaching labs to train students on current, real-world applications.

To address IoT, Universities will combine methodology from basic electronics, networking, design engineering, cybersecurity, and embedded systems, while increasing emphasis on the impact of technology on society and the environment.

To address artificial intelligence, automation and robotics, Universities will mainstream currently niche topics such as cognitive science and mechatronics into required learning.

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Introduction to the Firebase Database – Database Journal

By Bradley L. Jones

Firebase is a Cloud-hosted, NoSQL database that uses a document-model. It can be horizontally scaled while letting you store and synchronize data in real-time among users. This is great for applications that are used across multiple devices such as mobile applications. Firebase is optimized for offline use with strong user-based security that allows for serverless based apps as well.

Firebase is built on the Google infrastructure and is built to scale automatically. In addition to standard NoSQL database functionality, Firebase includes analytics, authentication, performance monitoring, messaging, crash reporting and much more. Because it is a Google product, there is also integration into a lot of other products. This includes integration with Google Ads, AdMob, Google Marketing Platform, the Play Store, Data Studio, BigQuery, Slack, Jira, and more.

The Firebase APIs are packaged into a single SDK that can be expanded to multiple platforms and languages. This includes C++ and Unity, which are both popular for mobile development.

A Firebase project is a pool of resources that can include a database as well as items such as user accounts, analytics, and anything that can be shared between a number of client applications. A Firebase application is a single application that can be backed by the Firebase Project. A Firebase project can have multiple Firebase applications within it.

To create a Firebase project, go to the Firebase site at Firebase.Google.com. On the upper right corner (as shown in figure 1), click on the Go to Console button. This will take you to the console where you can build your project.

Figure 1: The Firebase site

The first step towards building a Firebase project is to enter a name for your project and accept the Firebase terms as shown in figure 2 where I've created a project called "Test Project - BLJ".

Figure 2: Naming your Firebase project.

After naming your project, youll step through two or three additional screens for setting up your project. The other setting you will be asked about is whether you want to enable analytics. Google Analytics is free and provides targeting and reporting in what you are doing. This will enable you to be able to more effectively do things such as A/B testing, user segmentation and targeting event-based Cloud Functions triggers, and user behavior predictions. The setup process will allow you to use an existing Google Analytics account or set up a new one. Once youve walked through the setup wizard, youll be told when your project has been created as shown in Figure 3.

Figure 3: Firebase Project Setup completed

With the project built, you can click the continue button, which will take you to your projects page that will be similar to what is shown in Figure 4.

Figure 4: Firebase Project

It's important to note that the project has been created under a free Spark plan. This means there will be usage quotas for Database, Firestore, Storage, Functions, Phone Auth, Hosting, and Test lab usage. Overall, the free account will allow you to get up and running with many small projects.

In the area of usage of the real-time database using the free account (at the time this article was written), you can have 100 simultaneous connections, store up to 1 GB of data, and have 10GB of downloads each month. You only have one databases within a project. Having said that, if you want to use storage outside of the database, the free account provides up to 5GB of storage with downloads of up to 1GB per day. You can do 20,000 uploads and 50,000 downloads per day. You can, however, only have one storage bucket per project.

If you need to get around these usage restrictions, or if you want to extend your project with the Google Cloud Platform, then you will need to upgrade to a Blaze account. It expands the usage amounts.

Firebase has two different cloud-based solutions that support real-time data synchronization. These are Cloud Firestore and Firebase Realtime Database. The Realtime Database is the original Firebase database that works with synchronization across clients in real-time. It is an effective, low-latency solution great for mobile applications. Cloud Firestore is a newer offering that offers more scalability and faster access than the Realtime Databases. For example, one change it that when Realtime Database grabs a collection of items from a database, it also grabs all the sub-collections. With Cloud Firestore, queries are shallow in that they dont grab sub-collections.

This article was a quick introduction to Firebase. You can jump to firebase.google.com and create a project using a free account today. In the next article, you will see how to use a Firebase database from a simple web application.

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Source Code Escrow Agreements Are Reaching For The Cloud – JD Supra

Law360

Source code escrow agreements have long been accepted by software providers in traditional on-premises software sales. But how often do we see on-premises software licenses today? An overwhelming number of vital business functions are now offered through cloud applications, including software-as-a-service solutions.

When it comes to SaaS, the customer is often at a greater risk of losing access to the solution than it would be with traditional software, and yet the traditional source code escrow model is not sufficient to mitigate that risk. As tech transactions practitioners who negotiate SaaS agreements on a near-daily basis, we are seeing, in real time, a rapidly changing market in which SaaS customers are demanding source code escrow agreements, and a growing number of SaaS providers are capitulating.

So, how does it work, and how are the risks and costs allocated between the parties?

To understand the new escrow model, one needs understand the traditional on-premises escrow model. Source code escrow offers buyers a contingency plan in the event the provider goes out of business or no longer offers maintenance and support for certain software programs that buyers may consider mission critical to their businesses.

When a business becomes dependent on certain software to maintain operations, a source code escrow provision in its software license agreement (and separate three-party source code escrow agreement among the customer, provider and escrow agent) is considered an essential safety net for business continuity. This model has become so commonplace in the market that buyers expect it and, more often than not, software providers offer it up front, as a standard provision in their agreements. This leads to smoother negotiations and establishes trust between vendor and customer.

On-premises software operates in the customers own live environment, and the customers data is stored on its internal systems and backup systems. The softwares availability depends on the availability of the customers own system. If the software provider decides to discontinue the software, declares bankruptcy, or ceases operations, there is generally no immediate concern to the customer, because the software can continue to run on the customers system.

In such cases, the customer would invoke its rights under its traditional source code escrow agreement, obtain access to the source code and other materials and recreate (or engage a service provider to recreate) the development environment for the software, which would allow the customer to continue to use, maintain and update the software with little downtime, if any.

Because there is little or no threat of immediate, substantial business interruption, traditional source code escrow agreements often contain release conditions that require some time to pass before the escrow agent is permitted to release the materials to the customer (e.g., the provider must cease operations for a period of 60 days or more).

With SaaS, on the other hand, the software code, infrastructure, data and storage exist in a production environment outside of the customers premises. The availability of the software often depends not only on the SaaS provider, but on its third-party hosting/cloud providers. Outages, and inaccessibility to data, lasting mere minutes could result in substantial business interruption for the customer. In such a scenario, a traditional source code escrow agreement is of little or no use to the customer.

Instead, what is required is a far broader scope of escrow materials and services to aid the customer in case of an outage, including a copy of the customers data stored in a secure back up data center, back up hosting, highly detailed documentation containing build instructions for recreating (or engaging a third-party vendor to recreate) the application and production environment, and, of course, the source code and object code.

Recognizing this issue, source code escrow service providers now offer SaaS risk management services. These escrow providers have created programs to ensure SaaS application continuity and data accessibility, by offering capabilities such as copying the SaaS application (and all of the customers data) to a second server located at a secure data center, and even hosting a standby recovery environment on which to seamlessly run the application in the case of mission critical applications where the customer cannot afford even a few minutes of downtime. This concept isnt new; escrow companies have offered SaaS escrow services for over a decade.

SaaS providers, however, have resisted the inclusion of escrow provisions in their subscription agreements, though the tide appears to be turning recently. SaaS providers had previously taken the position that they made no continuity guarantees and have relied upon business continuity and disaster recovery policies to assuage customers (even though such business continuity and disaster recovery policies often apply to the providers business, not the customers business).

However, as businesses are becoming more sophisticated about cloud solutions, and more experienced in onboarding SaaS applications, we are seeing more demand for SaaS escrow provisions in subscription agreements.

There are many things to consider in negotiating SaaS escrow provisions. The scope of the escrow materials is an important issue, because the customer wants the deposited materials to include everything necessary to reproduce the development environment and run the application, and yet it is not always clear what that means. The level of detail that providers may have to give in their documentation to enable the customer or a third party to recompile the executable code may be far above and beyond what the provider typically states in its customer-facing documentation, which could lead to extra costs incurred by the provider.

In some cases, to fully transition the solution to another environment, the customer may need access to third-party ancillary software or data sources that support the SaaS application, and providers must consider whether it is even within the providers rights or ability to place into escrow.

Customers tend to want to use escrow service providers who can maintain mirrored applications that can be instantaneously activated and hosted by the escrow agent, the customer or the customers third-party service provider effectively serving as a business continuity site. Such escrow programs can be expensive, so the issue of cost allocation is another point of negotiation in SaaS escrow provisions as they become more prevalent in the market.

In addition, one of the biggest points of contention between providers and customers with respect to SaaS escrow is the escrow-release conditions. As discussed above, under the traditional software model the release of source code generally requires the vendor to cease all operations for a significant time period (e.g. 30-60 days), file a petition in bankruptcy or any other proceeding relating to insolvency, liquidation or assignment for the benefit of creditors, or officially discontinue the software and/or support for it.

With respect to the SaaS escrow model, savvy customers understand the need for release conditions addressing the urgency associated with downtime. However, providers do not want to release their applications and all of the intellectual property related thereto so easily.

Therefore, SaaS escrow release conditions often dovetail with the applicable service-level agreements. If an SLA provides for reasonable remedies for short periods of unplanned downtime, then the SaaS provider can argue that the escrow should only be triggered by longer periods of unplanned downtime or chronic failures.

Although there are several points of negotiation in these SaaS escrow provisions, providers are more and more frequently accepting the reality of SaaS escrow, including them in their form subscription agreements to appeal to prospective customers wary of business continuity risks.

From the customers standpoint, they must assess (1) whether the application is mission critical; (2) the cost from both a financial and reputational perspective of going down; (3) the availability of substitute applications; (4) the transition time to a substitute application; and (5) the stability and reliability of the vendor.

Even as SaaS escrow provisions become customary in vendor agreements, the question of their effectiveness remains. While the escrow can give customers comfort when taking on the risk of onboarding an SaaS solution, the actual, practical transitioning of the application, data center and hosting environment in the event of a release condition may be more catastrophic than the downtime itself. Its time for customers to make sure they cover their SaaS.

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Bitcoin And Crypto Investors: Avoid This New Cryptocurrency Like The Plague – Forbes

Bitcoin and cryptocurrency prices have crashed in the face of the global market rout sparked by the spreading coronavirus.

But one new bitcoin-rival, created by a group of mostly unknown cryptocurrency developers last month and styling itself as "the world's first crypto backed by death," allows traders to bet on the coronavirus epidemicwith the token's value rising as more people fall ill or die.

The World Health Organization has said more than 70% of those infected with coronavirus in China ... [+] have recovered but the virus is still spreading around the world, bringing global stock markets and commodities, as well as bitcoin and major cryptocurrencies, to their knees.

Coronacoin, which is currently being priced at less than $0.01 according to its developer's website, will see its supply fall every two days based on the rate of new cases and the number of people the virus has killed.

There is a fixed supply of the coronavirus-fueled token based on the world's human population: just over 7.6 billion.

"Some people speculate a large portion of the supply will be burned due to the spread of the virus, so they invest," said Sunny Kemp, who was named as one of the developers of the morbid bitcoin-alternative by Reuters, adding: "There are currently active pandemic bonds issued by the World Health Organisation. How is that different?"

The coronacoin team currently counts seven developers, mostly in Europe, according to Reuters, with Kemp indicating more are about to come on board.

Coronacoin is being traded on the allegedly decentralized cryptocurrency exchange Saturn Network, with coronacoin making up almost 60% of its meager volume.

An investigation by cryptocurrency news and analysis website Decrypt found Saturn Network to fall well short of common standards and recommended against using it.

Coronacoin claims that as tokens are burnt when the number of people infected with the coronavirus ... [+] or killed by it rises means it is likely the token will increase in value.

The number of coronavirus infections worldwide is now more than 111,000, with about 3,890 deaths, however the spread of the virus appears to be slowing in China, where it originated.

Italy yesterday extended its coronavirus quarantine measures, which include a ban on public gatherings, to the entire country, while in the U.S. the number of confirmed cases now exceeds 500.

The World Health Organization (WHO) has warned that the threat of a pandemic is "very real."

Despite the virus spreading around the world in recent weeks, governments are working hard to contain and minimize it.

Coronacoin is a macabre gimmick, designed to make its developers a quick bucknot to serve as a long-term store of value.

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South Korea passes one of the worlds first comprehensive cryptocurrency laws – TechCrunch

The South Korean National Assembly passed new legislation today that will provide a framework for the regulation and legalization of cryptocurrencies and crypto exchanges.

In a unanimous vote during a special session of the legislature convened amidst the countrys worsening novel coronavirus situation, the representatives passed an amendment to the countrys financial services laws that would authorize Koreas financial regulators to effectively oversee the nascent industry and develop rules around anti-money laundering among other processes.

South Korea has been on the forefront of the cryptocurrency boom and bust over the past few years, and its one of the few countries with wide-scale adoption of the technology. Surveys at the height of the crypto craze in 2017 showed that more than a third of the countrys workers were active investors in cryptocurrencies, like Bitcoin, Ethereum and other systems. The countrys largest city, Seoul, led a government initiative to introduce its own cryptocurrency S-coin that was designed to capture the zeitgeist of the frenzy.

During that period, South Koreas government moved quickly to push new regulations and clamp down on the spread of blockchain, which caused large gyrations in the price of Bitcoin as investors observed how the countrys investors would react.

Todays vote in the legislature just a few years later is a relatively quick turnaround for regulators, and shows the increasing acceptance of blockchain and, more specifically, cryptocurrencies in the context of financial services both locally and across the world. One of the countrys largest technology companies, Kakao, has continued to invest in blockchain initiatives, and the local ecosystem remains relatively robust in innovation in the sector.

The passage of the cryptocurrency legislation is a victory for the Korean startup ecosystem, but other major questions remain about the sector.

Among the most heated topics today is the fate of Tada (), the indigenous ride-hailing startup that competes with the traditional and regulated taxi industry. Since the companys launch in late 2018, the company has faced constant threats of shut down by regulators, before a reprieve a few weeks ago by the countrys top constitutional court approved its operations.

Yet, in the same special session that saw the cryptocurrency bill pass, the National Assembly a day ago approved in committee a bill that would effectively ban Tada and mandate that it receive an operating license from the government. Expect further action on Tada in the weeks ahead.

As for the cryptocurrency law, its passage and presumed signing by South Korean president Moon Jae-in starts a months-long rulemaking process that will also provide time for existing startups and exchanges to transition into the laws new regulatory apparatus.

Koreas parliamentary elections are coming up in just a few weeks (on April 15th), and, while the situation around the novel coronavirus is taking a lions share of the local headlines, votes on tech measures are a way for representatives to position themselves on other salient issues before voters decide.

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Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge – CNBC

A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.

Jordan Mansfield | Getty Images News | Getty Images

Cryptocurrency markets plunged following a plummet in oil prices and further sell-off in stocks.

The market capitalization or entire value of cryptocurrencies was down $26.43 billion from a day earlier at around 1:17 p.m. Singapore time, according to data from Coinmarketcap.com. The sell-off worsened as the day went on.

Bitcoin, the biggest cryptocurrency by value, fell over 10% in 24 hours at around the same time.

The violent sell-off in the cryptocurrency market comes after international oil benchmarkBrent crudefutures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. That was sparked by Saudi Arabia slashing its official selling prices for oil after OPEC failed to agree a deal on production cuts. This has led to fears of an oil price war. Brent has since pared some of its losses.

Meanwhile, stock markets in Japan and Hong Kong fell sharplywhile U.S. stocks are set for a steep drop at start of trading on Monday.

The other big digital coins ethereum, XRP and bitcoin cash, posted double-digit percentage point losses.

Despite the losses posted Monday, bitcoin is up around 9% year-to-date.

Huge moves in cryptocurrency prices are not unusual and these digital coins are known for their volatility. Market players however said this could be an opportunity to buy some bitcoin.

"For those who have long term investment horizons, bitcoin is absolutely a buy during these dips," Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups toldCNBC. "We can expect more of this volatility sparked by macro health and financial shocks, but ultimately long term investments in the digital future and it's key asset Bitcoin will be a winning strategy"

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View: Why it’s better for RBI to just wait and watch on cryptocurrency – Economic Times

By Ateesh TankhaImagine an Indian hotel chain thats mortally afraid of the coronavirus. No cases have yet been reported at any of its properties, but, lacking sufficient information and medical infrastructure, the chain instructs its properties to cancel all guest bookings in line with what hotels abroad have done. A set of disgruntled guests take the hotel to court, claiming that the chain has taken disproportionate action.

Should the law rule be in favour of the guests because the hotel lacks empirical evidence that proves that the properties would have suffered reputational or other damage if the bookings had not been cancelled? A March 4 Supreme Court judgement overturning an earlier 2018 Reserve Bank of India (RBI) ruling on cryptocurrencies seems to suggest as much.

In April 2018, after five years of unregulated trading in cryptocurrencies, RBI issued a ruling to its member banks not to deal in virtual currencies (VCs) or provide services for facilitating any person or entity in dealing with or settling VCs.

Subsequently, a governmental committee urged GoI to ban and criminalise the use of unofficial virtual currencies in India. The reasons for this are neither so outrageous nor so far-fetched.

There are two parts to a cryptocurrency. First, theres the distributed ledger technology (DLT), like blockchain, thats a system of replicating, sharing and synchronising digital data personal details, transactions, etc without the need for a centralised authority or trusted service provider. The many advantages of this technology relate to activities ranging from the efficient collection and authentication of KYC (know your customer) and batch-processing micro-payments, to expediting cross-border payments and sharing defaulter data.

In short, DLT can make many processes in the world of payments and financial services cheaper, faster and more reliable. But then, theres the token, the actual virtual currency. As a store of value and as a medium of exchange, there are a few challenges that exist.

The least of these relates to the creation of technology integration and transaction processing speed. Over time, and with enough investment and innovation, these issues will be overcome. Far greater concerns exist in two principal areas fraud, and money laundering and illegal transactions.

Consumers have been the victims of virtual currency fraud for some time now. Let alone the 2018 Gain Bitcoin scam that defrauded the public of Rs 2,000 crore, there have been scams like OneCoin that make the former look like loose change. Add to this the fact that even legitimate exchanges like Bitpoint and Binance have had tens of millions of dollars stolen by cybercriminals. It is estimated that $4.2 billion was stolen from cryptocurrency users and exchanges in 2019. Its no wonder that RBI wishes to err on the side of caution.

An even greater regulatory and oversight challenge, however, exists when it comes to controlling transactions related to money-laundering and other nefarious activities.

Early on in the cryptocurrency saga in the US, it quickly became apparent that VCs were mainly used for completing transactions related to narcotics. Similarly, thanks to the Dark Web, many regulators have banned, or severely restricted, the use of VCs to control activities like terrorist financing, sanction circumvention, and other forms of illegal trafficking.

Which brings us back to RBI. As the official entity that oversees the health of the financial system in India, it is only to be expected that it will take a more conservative approach to enabling and regulating something as protean as cryptocurrency.

Critics complain that RBI does not fully understand the technology, or the power of VCs. This may be true. They also say that the purpose of RBI is to build a regulatory infrastructure around technology so that consumers are not defrauded.

This is true, but easier said than done. The recent debacles with both public and private sector banks should serve as cautionary tales for those advocating less stringent oversight.

And until RBI is comfortable with a way forward, it should not need to show empirical evidence of how its member banks have suffered any loss or adverse effect directly or indirectly on account of enabling VC transactions. There is sufficient global evidence and precedence for the stance taken by RBI.

As with the coronavirus, if you dont know what you dont know, and you are still likely to be held liable for an outbreak, enforcing a quarantine may be the best way to wait and watch developments.

(The writer is former head, partnerships and Citi merchant service, Citibank, US)

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Chinese Nationals Charged with Laundering More Than $100 Million in Cryptocurrency | Chief Investment Officer – Chief Investment Officer

Two Chinese nationals were charged by the US Justice Department with laundering more than $100 million worth of cryptocurrency that was part of more than $230 million hacked from a virtual currency exchange by North Korean co-conspirators.

According to an indictment unsealed in the US District Court for the District of Columbia, Tian Yinyin and Li Jiadong were charged with money laundering conspiracy and operating an unlicensed money transmitting business.

The hacking of virtual currency exchanges and related money laundering for the benefit of North Korean actors poses a grave threat to the security and integrity of the global financial system, US Attorney Timothy Shea said in a statement.

Nearly $101 million was laundered through hundreds of automated cryptocurrency transactions in order to prevent law enforcement from tracing the funds.

According to the legal complaint against Yinyin and Jiadong, in 2018, an employee of the exchange communicated with a potential client via email. While communicating with the potential client, the employee unwittingly downloaded malware that attacked the exchange. The malware provided remote access to the exchange and unauthorized access to private keys controlling wallets to seven virtual currencies.

Yinyin and Jiadong engaged in nearly $101 million in virtual currency transactions, which primarily consisted of their exchange of virtual currency traceable to the hack of the exchange, the complaint said. The two allegedly converted the virtual currency into fiat currency and transferred it to customers for a fee. The funds were laundered through hundreds of automated cryptocurrency transactions aimed at preventing law enforcement from tracing the funds.

The North Korean co-conspirators circumvented multiple virtual currency exchanges controls by submitting doctored photographs and falsified identification documentation, according to the complaint. A portion of the laundered funds was used to pay for infrastructure used in North Korean hacking campaigns against the financial industry.

North Korea continues to attack the growing worldwide ecosystem of virtual currency as a means to bypass the sanctions imposed on it by the United States and the United Nations Security Council, IRS-Criminal Investigation (IRS-CI) Chief Don Fort said.

The complaint also alleges that the North Korean co-conspirators are tied to the theft of approximately $48.5 million worth of virtual currency from a South Korea-based virtual currency exchange in November. As with the prior theft, they allegedly laundered the stolen funds through hundreds of automated transactions and submitted doctored photographs and falsified identification documentation.

The civil forfeiture complaint specifically names 113 virtual currency accounts and addresses that were used by the two defendants and unnamed co-conspirators to launder the funds. The forfeiture complaint seeks to recover the funds, a portion of which has already been seized.

The US Department of the Treasurys Office of Foreign Assets Control also imposed sanctions on Yinyin and Jiadong for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, a malicious cyber-enabled activity.

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Tags: Chinese, Cryptocurrency, hack, Li Jiadong, North Korean, Tian Yinyin, virtual exchange

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Will Japan have a National Cryptocurrency? – Asia Crypto Today

Countries around the world are increasingly formulating or finalising plans to launch a national cryptocurrency. From China to Palestine, nations are seeing the benefits of digital currencies.

One country that had been surprisingly slow in its steps towards a national cryptocurrency in Japan. Often seen as the home of cryptocurrencies, with a population that is crypto-friendly and a decent regulatory framework in place, it would seem that this would be the leading nation in future nation based crypto.

Yet, since the past few months, Japan has been relatively quiet on the national cryptocurrency front. However, with Asian rivals China increasing the pace of its digital RMB plans which will be implemented by the Peoples Bank of China, Japan has looked to counter it.

The Bank of Japan is leading the talks, with meetings held in January between them and the Ministry of Finance (MOF), and Financial Services Agency (FSA). Notable names were in attendance. These include Ryozo Himino, FSA vice-minister for international affairs, Yoshiki Takeuchi, vice-minister of finance for international affairs, and Shinichi Uchida, BOJ executive director for international affairs.

Bank of Japan Governor Haruhiko Kuroda has expressed the intentions of the Bank in its central bank digital currency (CBDC) plans but said there was not a huge motivation or need currently:

We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.

Overall, it would appear that Japan is joining an ever-growing list of nations and their central bans looking to add a central bank digital currency to their ecology.

The Bank of England, the European Central Bank, the Central Bank of Sweden, Canada and the Swiss National Bank have all announced their crypto intentions alongside Japan after signing a group partnership with the Bank of International Settlement.

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