Blockchain
World Resource Organization to launch all-inclusive blockchain ecosystem in May
To date, no company or organization has developed an infrastructure that fully encompasses the main facets of blockchain technology, namely: scalability, security, and decentralization. Coming May 2019, the World Resource Organization (WRO), funded by OCEANPEC (Singapore), will launch an all-inclusive blockchain ecosystem that is backed by three main pillars: 1) Finance, 2) Resources and 3) High-tech services. This ecosystem aims to accelerate the use of blockchain technology in real-life scenarios, as well as break down barriers between traditional and new economies.
In the finance industry, there are banks, payment companies and supply-chain firms providing services such as cross-border remittances, credit reporting, and letters of guarantee. Blockchain technology will enable financial transfers to be faster, traceable, and with lower transaction costs. The resource industry consists of the likes of logistics companies and raw material procurement departments. Services in this sector include electronic evidence, supply chain management, as well as goods traceability and authentication. Examples of data that can be transmitted through blockchain technology transparently, quickly and securely are: invoices, purchase records, and bills of lading. As for the technology sector, it is made up of network providers, cloud computing service companies, telcommunications operators and more.
The Resource Token (RT token) will help the World Resource Organization to facilitate fee payments and data transfers. RT tokens will be used as the primary means of fee payment, such as service fees for technical services, communication services, Internet services, patent-licensing, and cloud computing services. Enterprises in the WRO ecosystem will provide financial, resource and high-tech services for RT token holders.
WRO has established a global network of partnerships and local offices to support its activities. OCEANPEC (Singapore) has inked agreements with the Abu Dhabi National Oil Company (ADNOC) and Cuallix Bank. ADNOC is the largest crude oil company in the United Arab Emirates, with monthly crude oil output of 100 million barrels. Based in the United States, Cuallix Bank has partnerships with 172 counties and regions, as well as SWIFT, MasterCard and UnionPay. Cuallix Bank is also the first financial services organization to collaborate with Ripple (XRP).
RT resources has 10 local offices working on natural gas, crude oil, precious metals and gemstones in Mainland China, Singapore, Hong Kong, Mongolia, South Korea, United States (Houston), North America (Mexico), Middle East (Abu Dhabi), Australia (Darwin), and Switzerland.
World Resource Organization is helmed by a team of highly-qualified professionals with years of experience in the financial, energy, trade, commodities, and legal sectors. Chairman Louis Li, who also chairs OCEANPEC (Singapore), is influential in the energy and minerals industry, having presided over the construction and operation of many refining and chemical projects. Under him are: CEO JJ Chen of ZHENGRONG Energy Korea, Feng Quan, Mendy Liu, Michelle Park, Andy Jin, Franke McQuilkin and Tetsuya Nagaoka. The WRO is also backed by a strong team of advisors from across the globe to provide insights and give direction to the project.
The WRO was established with lofty ambitions to encompass scalability, security and decentralization in blockchain technology. By leveraging on their financial, resource and technological advantages, they believe that they can build an all-in-one ecosystem to provide services to users and investors globally. Through constant development and optimization, they believe that everybody can enjoy the benefits of blockchain technology across various industries.
SOURCE World Resource Organization
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Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
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