This Week in Cryptocurrency

This Week in Cryptocurrency

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Slovenia’s Biggest Shopping Centre to become a True Bitcoin City

A huge commercial business and shopping centre in the capital city of Slovenia is making plans to become a ‘Bitcoin City’ according to point-of-sale (PoS) startup, Eligma. The goal is to transform the 475,000 meter-squared shopping centre into “a business and shopping ecosystem based on the latest technological solutions including blockchain, AI, and cryptocurrencies.” Eligma’s Elipay point-of-sale system will be the go to payment method throughout the entire complex and bitcoin connected city believes that a commercial center connected by blockchain will “create an open society.”

Binance Plans to Clean Up the Cryptocurrency Industry by Creating a $1 Billion Investment Fund

Binance has alloted $1 billion dollars to develop an investment fund that will help to eradicate illega ICO and cryptocurrency schemes by supporting companies that represent usable technologies that are beneficial to the future of the blockchain and cryptocurrency industry. The Crypto Governing Initiative (CGI) plans to invest $1 to $10 million into sensible projects with the understanding that the recipients must join the CGI. Ella Zhang, a recent Binance hire, went on record as saying, “”We hope the bubble will burst.” and, “The main purpose of this is to fight scams and shitcoins, and to boost crypto and blockchain technology.”

Faulty EOS Conversion Caused $1.1 Million to Remain Locked in EtherDelta

A wallet address registered to EtherDelta apparently contains more than 1.5 million eosDAC tokens which have not been converted.The obsolete ERC20 tokens are worth roughly $1.1 million, became useless after the EOS mainnet launch earlier this week but EOS developers have suggested that a ‘recovery system’ is in the works for tokens which were not converted during the EOS timeline.

South Korean Supreme Court Decides that Bitcoin is an Asset

The Supreme Court in South Korea reversed a previously set law in order to allow prosecutors to confiscate 191 bitcoins. This move, though unintentional, may have classified bitcoin as an asset. A criminal operating an illegal adult entertainment website was arrested in 2017 was found to be in possession of 216 bitcoins. The prosecution demanded that the convicts cryptocurrency should be confiscated as the bitcoins were the product of criminal activity. Previously, the court ruled that the bitcoins could not be taken as they are not legal currency but on May 30th, 2018, South Korea’s Supreme Court reversed this decision, which allows the prosecution to take possession of the bitcoins.

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