Wednesday, April 24, 2024

Electroneum is All Set to Welcome FCA Regulations, says ETN CEO

Electroneum is a UK based cryptocurrency launched in 2017. Yesterday, there was an interview with the CEO of Electroneum, Richard Ells, where he revealed the current status of the cryptocurrency and also how the pandemic has affected the cryptocurrency. 

Electroneum was developed to make the cryptocurrency easy to use and access. Richard said that lots and lots of people believe that cryptocurrencies are for the unbanked. Although it’s easy to say, it’s not that easy to implement. 

Electroneum Adoption

Electroneum is completely based on smartphone ownership rather than using a desktop or a laptop. Electroneum is quite easy to understand and access as it has only two decimal places. Electroneum has an instant payment system to make it easier for use in the real world. 

Many countries like Southeast Asia, India, South America and many others have adopted the cryptocurrency to reach a total of 4 million users. More than 300,000 Electroneum app-to-app transactions are completed. Among which Brazil, Turkey, and Nigeria are the top three countries in the list. In the US and UK, nearly 11,320 and 7,833 transactions are completed respectively. 

The reason to gain good adoption is their instant payment system which is used in the real world. Not all cryptocurrencies have been successful for use in the real world. Electroneum can be used to buy everyday items from bread and milk to mobile recharge. If the user uses the ETN mobile application, then he/she can transfer ETN to anyone in a fraction of seconds. 

Electroneum has built an API system to help people integrate with the currency. Many people are not familiar with Blockchain Technology yet, so, Electroneum has built the APIs for easy usage. Electroneum is the first currency to voluntarily adopt Know Your Customer (KYC) and Anti-Money Laundering (AML) in 2018. Also, they have applied for FCA registration. 

How will FCA registration benefit the company?

Financial Conduct Authority (FCA) is a financial regulatory body in the UK which is similar to the SEC in the U.S. On Monday, FCA released a 57-page consultation paper revealing its expansion money laundering crimes oversight and involving the crypto startups and exchanges. 

The Financial Conduct Authority (FCA) plans to legally bind all the crypto startups to report all the financial crime activities to understand their vulnerability to money laundering. The FCA announced that the consultation period is open for feedback until 23 November 2020. 

The United Nations recently reported that,

“The estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or $800 billion – $2 trillion in current US dollars.”

A report by Inside Bitcoin suggests that the FCA plans to develop a strict regulatory scheme for its crypto industry. Richard Ells claims to welcome all the FCA regulations. He said, 

“Although cryptocurrency has the power to change the world for the better, we should always embrace regulations where the authorities are working to protect consumers from a myriad of global threats.”

He also added, 

“We embrace any regulatory environment that protects people, while still allowing the poorest people in the world to access, enhance and benefit from the UK and global digital economies”.

Further, he claimed that, 

“We’ve already seen the FCA’s paper on the Extension of Annual Financial Crime Reporting Obligations. We are happy to report that once again, we’ve assumed this was coming. Therefore, we have already created extensive data analysis of this type and implemented some third-party systems that mean we are ready for this, even though it’s only in the consulting stage.”

Recent Electroneum Updates

  • According to the latest update from Electroneum, 

“Electroneum and AnyTask will be intensely promoted via a three-part series to be aired on live TV on Bloomberg, Fox Business, and KRON. The combined audience Electroneum will reach across the three shows is estimated at over 200 million.”

  • The Electroneum Store Directory, ETN Everywhere has added a new feature, which is a new “Report” button. The feature is designed to keep clean and full of genuine businesses that accept ETN. If the user spots any issue, he/she can use the ‘Report’ button to notify about the issue. The website admin will get an instant notification of the issue, which can be resolved immediately. 

Electroneum Price 

Electroneum price at the time of writing is $0.00548643 with a 24-hour trading volume of $55,952,765. The circulating supply of ETN is 10 Billion coins and has a max supply of 21 Billion coins. Various exchanges like Kucoin, BitBNS, and CoinDCX allow trading of Electroneum. Among these exchanges, KuCoin is the current most active market trading it.

Renuka Belamkar
Renuka Belamkar
Renuka is an active blogger and guest writer at Coin Gyaan. In her experience, she has worked as a crypto-journalist and has also contributed to the blockchain, cryptocurrency, and fintech industries. She aims to provide the latest cryptocurrency & trading information to the readers to help them trade effectively.

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