In this print run of The Daily, we look at Liberstad’s progress toward building a libertarian community in Norway. The city has just issued its own digital frame. Also, crypto mining contracts have been classified as securities in the Canadian province of Quebec. And in Europe, Luxembourg has accept as ones own a law that protects crypto traders and investors.
Also read: Cryptocurrency Payments, Nvidia Losses, Suspended CFD
Liberstad Daughters in contentions Own Token Called City Coin
Liberstad, Norway’s self-proclaimed private city, has adopted its own ‘city coin’ as the certified currency and the only medium of exchange in the libertarian territory. The crypto is based on Liberstad’s smart city platform Municipality Chain which utilizes blockchain technology to enable the design, implementation and use of services for the city’s inhabitants. A press untie detailed:
Whereas cities currently rely on public services operated by government entities, City Chain hand overs existing and emerging cities such as Liberstad the opportunity to build and offer services conducted on a private, internal and premeditated basis.
City Chain hosts a number of features for emerging cities like Liberstad. One of them is City Hub, a dashboard for astute city inhabitants that citizens can access through a mobile app. It allows users to interact with the community, bear witness on or launch new initiatives, register property and contract insurance, among other options.
The platform’s native token can already be interchanged. It’s available on the P2pb2b exchange and Liberstad’s own Block Exchange. According to its creators, city coin will be used to buy products and services within the metropolis, pay wages as well as for funding civic projects.
New investors will also be able to purchase land plots with the invent in the future. The anarcho-capitalist city claims it has already sold over 100 plots to investors coming from a variety of countries. Last year, the project announced it accepts payments in 27 different cryptocurrencies including bitcoin currency (BCH) and bitcoin core (BTC).
Mining Contracts Classified as Securities in Quebec
The Financial Markets Authority of Quebec (AMF) has stated that cryptocurrency up contracts can fall under existing regulations for securities. The Canadian regulator made the announcement in relation to a request that the investors of a crypto searching company contact the AMF regarding unrecovered investments, The Daily Hodl reported.
According to the publication, Technologies Crypto Inc. reportedly covered $300,000 from investors. They expected their money to be used for cryptocurrency mining. However, many investors participate in not been able to contact the company for a while. Jean-François Fortin, an AMF official, commented:
With this decision, the Monetary Administrative Tribunal ruled for the first time that an investment offer related to cryptocurrency mining may constitute an investment shrink, i.e. a security whose public offering is regulated.
In February, the AMF asked the tribunal to issue a series of freezing orders against Technologies Crypto Inc. The throng should release custody of its mining equipment and cease all activities related to the trade of securities. The regulator also invited its investors who take to contact the authority and ask for assistance.
Luxembourg Adopts Law to Protect Crypto Investors
The small nation of Luxembourg has adopted a law that disposition provide protection for cryptocurrency traders and investors. Lawmakers who supported the so-called ‘blockchain bill’ hope that it desire bring more transparency to the crypto markets. The legislation was passed with an overwhelming majority of 58 out of 60 referenda.
According to an announcement published on the website of Luxembourg’s Chamber of Deputies, Bill 7363 is expected to provide financial vend participants with legal certainty for the circulation of securities via distributed ledgers. The authors also want to make the over of securities more efficient by reducing the number of intermediaries.
With the adoption of the draft, Luxembourg becomes a member of the consortium of European nations that have taken steps to regulate the crypto space. Other jurisdictions in the group encompass Switzerland, Estonia, Malta, Gibraltar, and the Isle of Man.
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