A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Cryptocurrencies are a type of digital currencies, alternative currencies and virtual currencies. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin.
Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger.
Even billionaire investors like George Soros are trading cryptocurrencies. Billionaire Alan Howard made sizable personal wagers — separate from his firm — in cryptocurrencies last year and plans to put more of his own money into digital assets and the blockchain technology behind them. Other macro managers have turned to digital coins as profits from their hedge funds dwindle. John Burbank, who shuttered his main fund last year, plans to raise $150 million for two funds investing in digital currencies.
Fundings – ICOs
An initial coin offering (ICO) is a means by which funds are raised for a new cryptocurrency venture. An ICO may be used by startups with the intention of bypassing rigorous and regulated capital-raising processes required by venture capitalists or banks. However, securities regulators in many jurisdictions, including in the U.S., and Canada have indicated that if a coin or token is an “investment contract” (e.g., under the Howey test, i.e., an investment of money with a reasonable expectation of profit based significantly on the entrepreneurial or managerial efforts of others), it is a security and is subject to securities regulation. In an ICO campaign, a percentage of the cryptocurrency (usually in the form of “tokens”) is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often bitcoin or Ether. The coins may ultimately be intended to be used as a medium of payment on a platform or serve some other purpose such as identity verification within an ecosystem.
“Monaco” VISA Card
Originally founded in June 2016, Monaco promises cryptocurrency spending at “perfect interbank exchange rates” but faced controversy after failed deals and drastic reworking of its product offering.
Monaco Technology GMBH, the company behind the revolutionary Monaco VISA® Card and App, announced the world’s first Cryptocurrency Cashback program. Their Monaco Visa Raises $3M in 3 Days.
The Principality of Monaco still objects the existence of Monaco as a form of cryptocurrency.
“It takes the actions of the companies FORIS LIMITED and MONACO TECHNOLOGY GMBH and intends to take all of the measures necessary to preserve the intellectual property rights which it owns. For this purpose, it has already initiated opposition proceedings against the applications to register the trademarks by FORIS LIMITED as part of this activity.”
ince 2012 Monaco also protects its name as a brand, therefore it is not easy to use the word “Monaco” or “Monte-Carlo” in your company, brand or in your product name anymore.
Monaco introduces bill on blockchains
On the 21 December 2017 the new legislation Bill 237 has been approved. With this step the Principality of Monaco decided to promote the activity of blockchains.
The bill starts with a three-year experiment period. During this period the State will not impose additional constraints on technical regulations.
To accompany this experimentation and to participate in the promotion of Monaco as an essential actor in blockchains, the bill’s text creates the Monegasque Authority of Blockchains (AMB), composed of experts and professionals involved in the digital field.
Monoeci – The Cryptocurrency for Monaco
Monoeci, this new crypto currency inrests several companies in Monaco as it could facilitate international transaction.
Monoeci is under no circumstance an initiative of the government of Monaco. The team of Monoeci states that they are in regular contact with the government of Monaco, in order to discuss advancements in the project, including legal, economic, and societal challenges linked to the implementation of the crypto currency in the Principality of Monaco.