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In the post-Corona period, the use of cryptocurrencies is considered a necessity


The Digital Era


We are living in the digital era. An era when everything moves toward the digitization technology. Not long has passed since the advent of computers, but the changes that followed did so with an exponential rate and people got accustomed to this modern system gradually. If we take a look back at history, we can see that in the beginning, the use of email as a digital post seemed like a complex task, and some people still wanted to deliver mail via post boxes and post offices. Now with our smart phones, we can send and receive letters and files with a simple click. The same goes for money transfer. Most people still refer to middlemen, and using digital cryptocurrencies seems complicated. However, much like dollar, euro, and other currencies that are used for transferring value, cryptocurrencies are a type of money that are used for value transfer, especially since the value of fiat money is constantly in turbulence and affected by inflation. While provided that they have a proper structure, cryptocurrencies will resolve the issues related to inflation and by evading the centralized systems, they are an easy way for financial trades. Cryptocurrencies can eliminate the control over centralized and fiat money.



Coronavirus and the Necessity to Use Cryptocurrencies


With respect to such an unexpected issue as the Coronavirus, which has disrupted financial trades all over the world, and even worse, the fact that Coronavirus was spread through cash and physical money, the need for a change in financial transfer system and the important function of cryptocurrencies are felt more than before. The reason is that each country revolves around its economy, and each economy depends on financial trades, therefore in the post-Corona period, the use of cryptocurrencies will be considered a necessity and no country is an exception about this.


Exchanges Using Cryptocurrencies


From the very beginning of the advent of cryptocurrencies when people started buying and selling them, the exchanges whose job is the trading of money, set out to create trades through cryptocurrencies in order to provide better services to traders. But the philosophy behind the creation of digital currencies was to eliminate the middlemen, while “centralized” exchanges still act as a middleman. But there is no need to worry, because on the other hand there are the “decentralized exchanges” which have created an environment for people to directly conduct their currency transfers and manage them with ease of mind and with two-signature conditions.


In order to better understand the differences and positive features of decentralized exchanges over centralized ones, it is necessary to clearly elaborate their functions.



Centralized Exchange


  1. In the centralized exchange, all the assets of people should be stored in the exchange’s wallet, and users have no access to their private keys, and much like the banks, it is only the exchange that can oversee and control the assets and transfer digital currencies.


  2. Since all the currencies are stored in one place, then there is an opportunity for hackers to steal the entire assets.


  3. In the structure of a centralized exchange, regulators and policy makers can shut down the entire exchange or block the accounts at any second. In other words, an urgent regulation or law from a government or organization can shut down the exchange or block the access of some users to their accounts.


  4. Many of these centralized exchanges do not have the necessary permits and licenses in order to communicate with banks or other international organizations so that they could exchange fiat money (like dollar and euro) to digital currencies and vice versa. As such, they can only make the exchanges in the form of digital currencies.


  5. As a centralized financial institute in which people’s assets are stored, these exchanges might go broke due to an imbalance between supply and demand, or fraud can take place in them.


  6. In the centralized exchange, all the assets of people should be stored in the exchange’s wallet, and users have no access to their private keys, and much like the banks, it is only the exchange that can oversee and control the assets and transfer digital currencies.



Decentralized Exchange


  1. Decentralized exchanges implement the Blockchain technology and there are no middlemen in them and in fact people do not store their assets in the exchange’s account to be controlled. However, digital currency trades are taken place peer-to-peer (user-to-user) and the way these exchanges work is in a decentralized manner with peer-to-peer trades.


  2. The responsibility of the exchange is to protect the accuracy and correctness of trades so that people’s assets are transferred or exchanged properly. As such the buying and selling of digital currencies
    in electronic wallets are not entirely controlled by the exchange, however, both the buyer and the seller have a signature right, therefore the assets remain completely safe.


  3. Since people’s assets are not stored in this type of exchange, therefore they are safe from cyber-attacks and hackers.


  4. Since there are no central infrastructures in this type of exchange to affect the price of currencies by changing rates and buying and selling stats, the risk of price being tampered with is really low and the trade volume is really high.


  5. The distributed nature of these exchanges and the multitude of people who engage in trades with no middlemen in a peer-to-peer manner prevent central regulating agencies and local and international organizations to be able to access and block them. As a result in such exchanges, people can trade with equal conditions and with high security and stability. In this exchange, power is not centralized and it has been distributed among users in a decentralized manner.


  6. In this type of exchange, there is a space to make income, since the system works in a way that it guarantees trust and security among users and thus people do not need to know each other in order to trade. Because of the trust that people have for the system, they can work with each other and each person can act as an independent exchange by buying and selling cryptocurrencies without middlemen and as such gain profits. As this system grows, in fact a new banking system is created which is free from any middleman.


Examples of Decentralized Exchange


LocalBitcoins and Counos DEX are among decentralized exchanges, both of which have official and legal permits and licenses. Although, LocalBitcoins is a little limited, since you can only trade Bitcoin in it. But Counos DEX, which has been registered in the country of Estonia with legal and official registration number and license, has the permit to work in the field of cryptocurrencies and fiat money (such as dollar and euro) and makes it possible to trade with various payment systems so that people can buy, sell or exchange their fiat money and cryptocurrencies with ease of mind and security.


Final Remarks


The amount of fee and how it is received are determined through agreement in both centralized and decentralized exchanges. But with respect to the explanations that have been just provided, decentralized exchanges, due to the high level of security, have attracted the attention of many Blockchain users. As a result, the use and understanding cryptocurrencies in this digital world is unavoidable, so it is recommended that before using any exchange and doing any trade, make sure to check for legal and official permits and licenses.

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ICO Decision: Request Filed With Cabinet Office

Acting Information Commissioner Answer Styannes issued Decision 04/2020, which relates to a request to the Cabinet Office  concerning the four Uighur men who arrived in Bermuda in June 2009.

A spokesperson said, “Acting Information Commissioner Answer Styannes issued Decision 04/2020, Cabinet Office, on Thursday, 28 May 2020.

“Decision 04/2020 relates to a Public Access to Information [PATI] request filed with the Cabinet Office for records of its correspondence, and correspondence of the former Premier, with the United States authorities concerning the four Uighur men who arrived in Bermuda in June 2009.

“Because no responsive records were found by the Cabinet Office, the requester asked the Information Commissioner’s Office [ICO] to independently review the reasonableness of the public authorities’ search.

“During the ICO’s review, the Cabinet Office took additional steps to find records responsive to the PATI Request but none were located. The Cabinet Office provided documentation of its initial search and the ICO verified its additional search efforts. The Acting Information Commissioner is satisfied that the Cabinet Office has now met the reasonable search requirement under the PATI Act.

“In Decision 04/2020, the Acting Information Commissioner emphasizes that to satisfy the reasonable search requirement, a public authority must show that it has taken all of the steps that a fair and rational person would expect to have taken under all circumstances to locate the records responsive to a PATI request.

“The Cabinet Office was not required to take further steps.

“This is the second decision that dealt with a conflict of interest on behalf of Information Commissioner Gitanjali Gutierrez, due to her prior work. The PATI Act lacks any provision for the Information Commissioner to recuse herself.

“With the parties consent, the ICO managed this investigation independent of Information Commissioner Gutierrez and the Decision was made by Acting Information Commissioner Styannes to avoid any appearance of bias.”

A full version of Decision 04/2020 follows below [PDF here]:

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Concept of Exchange


Exchange


An exchange, in the literal sense of the word, means trading of different currencies. Its emergence as an occupation can be traced back to the need of the people to determine the weight and validity of different coins that were prevalent centuries ago, and ignorance with regard to their weight and validity could have been disadvantageous. Exchange is the root of the current, modern banking.




With the advent of digital currencies, which are a type of electronic money in the form of cryptocurrency, and people’s overwhelming interest in buying and selling digital currencies, exchanges decided to engage in such trades and offer better services to traders.


To understand this matter better, let us first define different exchanges and their differences.


The exchanges are of two centralized and decentralized types:


1. Centralized Exchange


Centrality in such exchanges refers to the fact that the entirety of people’s assets are held and controlled by the exchange. People store their assets directly in the exchange and then the exchange is responsible for selling and buying operations, and users cannot access their private keys. This is why centralized exchanges work like banks.


A centralized exchange is used for trades in digital currency markets. This type of exchanges are able to exchange fiat money (like dollar, euro, etc.) to digital currencies and vice versa. They can also be used to exchange two types of digital currencies to one another. It needs to be mentioned that there are a lot of centralized exchanges that do not have necessary permits to communicate and cooperate with banks and other organizations, and therefore only engage in trading digital currencies, and they cannot be used for digital currency to fiat money exchanges.


As you know the philosophy behind digital currencies is the elimination of middlemen, observations, and controlling from them. This feature of digital currencies is at odds with the operation of centralized exchanges, since people’s assets are overseen and controlled by the exchanges. On the other hand, since digital currencies are stored in the centralized exchanges’ wallets, then hackers have had attacked a number of such exchanges and stolen the assets of investors.


2. Decentralized Exchange




In a decentralized exchange, where Blockchain technology is implemented, people can engage in peer-to-peer digital currency trades with no middlemen without the need to store their assets in the exchange’s account. In fact these exchanges act in a peer-to-peer and decentralized manner, and people’s assets are not held and controlled by the exchange. On the other hand, the responsibility of an exchange is to protect people’s assets and to create a safe environment for trades. For this reason, while buying and selling are taking place, people’s assets, here being cryptocurrencies, are kept in a MultiSig wallet. The MultiSig wallet is not in full control of the exchange and the buyer and seller also have a signature in it, and the cryptocurrencies stored in it can be accessed with at least two signatures. In this way the security of assets and trades is provided.


The Advantages of Decentralized Exchange




1. Security.


The assets of users are not stored in this exchange and therefore are safe from cyber-attacks and hackers


2. Low Risk of Tampering.


Among other important advantages of decentralized exchanges is the low risk of prices or the volume of trades being tampered with. There is no central infrastructure in this type of crypto exchange to be able to impact the price of currencies by tampering with the buying or selling rates or stats.


3. Independence from Policy-making Bodies.


The distributed structure of a decentralized exchange keeps it away from local and international policy-making bodies. In centralized structures, the presence of policy makers means the probability of the exchange being shut down or accounts being blocked. In other words, only an urgent policy from the government or organizations would mean some users will lose their access or the exchanges being shut down completely. As a result, in decentralized exchanges, different people engage in trades with equal conditions and with stability and security, and the power is no longer in a centralized form and instead it is distributed among people.


4. Creating an Environment for Business.



In this type of exchanges, due to their decentralized nature, each user can act as an independent exchange and engage in buying or selling of cryptocurrencies and gain profits. As this type of transfers and trading cryptocurrencies grow in the world, in fact a new, independent, and free banking system is created with no middlemen, in which any person can buy and sell without intermediation from a third party.


5. Fee.


The amount of fee in digital currency trades is among the most important things that investors care about. In centralized exchange, a certain amount of each transaction is deducted as the fee, while in decentralized exchanges, the value of the transaction taking place has nothing to do with the amount of fee, and in each transaction a nominal percentage is deducted as the fee.


Examples of Decentralized Exchanges


Binance, Dex.top, Open Ledger, and Counos are examples of decentralized exchanges. One of the limitations in most of these exchanges is the lack of fiat money trades (fiat money such as dollar, euro, etc.), and only crypto trades take place in them. But in the Counos Decentralized Exchange, which holds official permit and license number, users have a special advantage and that is the possibility of exchanging cryptocurrency with fiat money. Also, with the use of services offered by legal escrow agents and MultiSig wallet, a high level of security is offered to users. Five Advantages of Counos Dex


Conclusion


Basically making the decision to pick a centralized or decentralized exchange to do your trades is entirely up to your personal investment needs. Even though the level of liquidity is low in such exchanges, but due to the lack of middlemen and given their high security, they have attracted the attention of many professional Blockchain investors. And the last point is that before doing any kind of trade in an kind of exchange, make sure they have legal and official permits.

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Ofcom, ICO report drop in nuisance calls to landline, mobile customers

UK mobile and landline customers are receiving fewer nuisance calls than three years go, according to an update from Ofcom and the Information Commissioner’s Office (ICO) on their joint action plan to tackle nuisance calls and messages. 

In January 2020, 39 percent of landline customers said they had received a nuisance call on their phone, down from 61 percent in May 2017. For mobile customers, the proportion of customers receiving a nuisance call was down to 37 percent from 47 percent. 

The ICO has received around 37,000 fewer complaints about nuisance calls and messages than five years ago. It received 129,354 complaints in 2019, down 22 percent from 166,663 in 2015. Ofcom saw the number of complaints it received about silent/abandoned calls drop by half to 27,869 in 2019, from 49,648 in 2015.

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Transfer Money from anywhere in the world with a Counos X CCXX


Perhaps you have asked yourself these questions many times:


  • Is there a solution for money transfer (fiat money like Swiss franc, Euro, dollar, etc.) from one country to another?


  • What is the fastest and safest way possible?


  • How can we find a money transfer solution (fiat money) or engage in buying and selling in countries with money transfer issues?


  • Given the volatilities of the stocks markets and the major changes in the growth and development process of technology, is there a way for safe investment and business?


In this article we attempt to answer all these questions.


Advent of a New Market


As you may know, given the increasing development in technology and network communications, investment and business is not as it was in the past. It has undergone a paradigm shift. Traditional markets and physical communications are no longer the case. It’s the same for physical marketing and commercials. The time for middle-men is over and people do their business smarter than in the past.


With the advent of the new Blockchain technology in 2009, the cryptocurrency Bitcoin (which many of you may know or have even worked with) was introduced to the business world and has attracted the attention of investors during these years.


However, this was only the beginning, and as time went by many other services from this new technology were offered to users.


A Different Platform


Please allow us to introduce to you a different platform. A platform in which a similar technology to Bitcoin is used, and has many infrastructures for growth and development. In this platform, you can find the solutions to many of your requirements.


With the use Blockchain technology and offering cryptocurrencies like Counos X, Counos Coin, etc.,


Counos Platform was born in 2018 in Switzerland and has been offering services to its users ever since. The decentralized exchange of Counos Platform was born in 2019 in the country of Estonia with the official permit and license number 14673576 and has official and legal offices in the European Union, including the city of Vienna in Austria, the city of Bratislava in Slovakia, and also in Estonia.


Before going any further, you can refer to this link and make sure of the authenticity of this platform, which has been officially registered and has official and legal offices in the European Union and Estonia. You can also study the history of the users who have implemented this platform, review its growth diagram, and invest with ease of mind.


By offering services such as Counos decentralized exchange and legal escrow agent, Counos Platform allows its users to engage in money transfer and do their financial and business affairs with assurance and in the shortest amount of time.


So let’s clarify some things


Using the Counos Decentralized Exchange to transfer fiat money. (you can refer to this link and make sure of its authenticity and find out about how it works) Cryptocurrencies like Bitcoin, Counos Coin, Counos X, etc., and fiat money like Swiss franc, dollar, Euro, etc., which can be easily exchanged with one another, using Counos Decentralized Exchange, money transfer is simple.


We must mentioned that in order to transfer fiat money, it is better to use Counos X, because this cryptocurrency has a better price stability compared to other coins and cryptocurrencies, and you can use this coin as the basis for your buying and selling. You can also benefit from this cryptocurrency by buying them for a lower price and selling them for a higher price, like buying and selling fiat money such as dollar and Euro.


You can do this easily and safely, in the shortest amount of time possible, with Counos Decentralized Exchange. You can do this by buying Counos X with Euro, or any other cryptocurrency (it is better to use Counos X because it has a better price stability as a basis for buying and selling) and then sell this cryptocurrency to get the fiat money that you want, for example U.S. dollars. To do this you can submit an offer in the exchange or use the existing ones, and then sell your cryptocurrency and get fiat money in exchange.


Although you should know that in the existing market of Counos Decentralized Exchange, there are many offers for buying and selling that you can use, and you can even submit your own offer in the market to buy whatever you want. Moreover, you can use your own personal account to receive or transfer fiat money.


Electronic Wallet


Now we would like to introduce the Electronic Wallet. As the name suggests, an electronic wallet is a place where you can store cryptocurrencies. There is a unique address for each cryptocurrency that is only for you and you alone have access to it. Also if your only aim for buying cryptocurrency is investing in this field, then to store them you can use Counos electronic wallet that you have to install on your smart phone or computer. To find out about how you can install and work with Counos mobile wallet, refer to this link.



In the Counos decentralized exchange, a multi-signature (MultiSig) wallet is used until the contract is finished and completed. This measure is taken to prevent any type of exploitation and also to increase the level of safety. The way MultiSig wallet works can be found in this link.


Making Income


You can see that many people need these services for business, buying and selling, and money transfer solution, especially in countries where there are issues in money transfer. So by identifying these people and using this technology, you can create an exchange for yourself, and by increasing the domain of people and transfers you can develop your exchange. In this way you can make money while also having a money transfer solution.


First of all, you do this in the decentralized exchange with no Middle-men.


The second point is that transfers are done in the shortest amount of time possible. And the third point is that you transfer your money with confidence and without the fear of fraud.


Our answer is that you can do business by buying and selling cryptocurrencies and fiat money in Counos Decentralized Exchange.


By buying and selling cryptocurrencies and exchanging them to fiat money from anywhere in the world, you can create an exchange for yourself and then develop it.


For example you are in the European Union, you can use this technology to transfer money and do business in United States, Asia, and even Africa.



This market is based on supply and demand. You buy your cryptocurrency, like Counos X, and then submit your offer in the market of Counos Decentralized Exchange with a competitive price to sell your cryptocurrency. In this way, with a simple buying and selling process, you get the benefits.


There is a lot of demand for money transfer services, so why not use this opportunity and create your own exchange. Given the current financial conditions, there are clear benefits from using the money transfer solution that we offer.


Another significant benefit of using Counos decentralized exchange is that you can enter into deals with people you don’t know or trust, with complete assurance and stress-free. How this level of safety is provided is by using an escrow agent in trades to review the documents, and also by using a MultiSig wallet which will need at least two private keys to release the funds.


Also, if you need to conduct some business anonymously, you can use the crypto to crypto trades decentralized exchange, and engage in trades with not Middle-men and in an anonymous way.


Today’s world is moving closer and closer to becoming a network. When the stock markets of the world and the United States fall into mayhem for a seemingly small challenge like a virus, then there is the need for an evolution in the financial systems.


By using the new Blockchain technology Counos Platform has created, this possibility for users to not only meet their needs, but also to be free from bureaucracy and Middle-men now exists. You can engage in financial trades and invest with even a modest budget instead of just saving.


It needs to be pointed out that you can engage in long term and also short term investment. Instead of buying gold or currencies or shares, you can buy a variety of cryptocurrencies (like Bitcoin which was 0.001 dollar back in 2009 and got to 12000 dollars in 2019), or create an exchange for yourself and engage in buying and selling and transferring currencies.


Included in the services offered by Counos Platform is its electronic payment gateways with which you can use cryptocurrencies to settle invoices in electronic markets and online shops (an article will soon be published about this).



Conclusion


There are many opportunities for investment, but why should you trust this platform?


Keep in mind that the most important point for trusting a platform is knowing what that financial platform sees in its own future, and what it has done to achieve its goals. For example, you cannot trust a platform that is not listed on any official exchanges. Therefore, you should look for a system with a bright future.


In this article, our intention is to teach you a money transfer solution so that you can make money and benefit from it. This system is growing ever more each day throughout the world.



Make an informed decision


This article has been created for you in order that you can find the best way for exchanges currencies and transfer money also investment. The most important way for benefiting from an investment is field research. So, before making any move, you need to find out about different systems and platforms and look for the best solution. Our intention is to remove many ambiguities in your mind and introduce to you a platform which we have researched and reviewed extensively.


You can find out about Blockchain and Counos financial systems in counos.io website and get to the best conclusion.


Stay Tuned.

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Since January, the French Autorité des Marchés Financiers Has Whitelisted Just ONE ICO

France has been recognized as quickly crafting a digital asset friendly regulatory environment while some other jurisdictions struggled to move. The concept of digital securities and non-security crypto assets found support from policymakers and a law was enacted to create a structure for initial coin offerings (ICOs) in stark contrast to most other countries.

Under the Pacte Law (or Loi Pacte) ICO issuers were allowed to legally raise capital online and then, following the issuance of the digital asset, trade the tokens on a crypto exchange. Issuers of these utility tokens could receive a VISA issued by the French Autorité des Marchés Financiers (AMF) and be “white-listed” by the securities regulator – but the process was not a requirement.

Following approval of the law, Crowdfund Insider heard rumblings that a handful of aspiring issuers were applying to the AMF but since January only a single ICO issuer has been approved.

So is this a failure of policy that attempted to address a market that had since moved on? Good question. It is hard to tell.

There are still a fair amount of utility type digital assets floating around the world. While in the US, pretty much everything is a security or a digital currency, some other jurisdictions are more tolerant. Perhaps, there are other reasons for such a slow uptake of regulated ICOs in France.

As for the single AMF approved ICO issuer, French-ICO, the offering has topped its soft-cap of 500 ETH (about 530 ETH or €103,000) with 30 days left to go in the offering. The offering went live on March 1, 2020, with a maximum target of €1 million.

French-ICO is a platform for other ICO issuers to raise capital online. The FICO token may be used as a payment vehicle on the site. It is also possible to buy or sell FICOs on the exchange platform of Zebitex.com.

While the French AMF has white-listed just a single ICO, the liste noire or black list of “crypto-actifs” is very well populated.

Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

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RXR – A Knight in Shining Armour, Watch this new kid on the block in the crypto-currency world


RXR – A Knight in Shining Armour, Watch this new kid on the block in the crypto-currency world – Global Investing Today – EIN News

























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The UK ICO’s modified approach to data regulation during COVID-19 is welcome but risks remain ǀ View

While the tragic human consequences of COVID-19 have played out on nightly news bulletins, regulators across Europe have scrambled to adjust their approach to minimise its immediate and longer-term economic consequences. Early on, the UK’s Information Commissioner (ICO) declared its reasonableness and pragmatism in the face of the health emergency and, on 15 April, it fleshed this out in a publication setting out its regulatory approach during the coronavirus pandemic.

The ICO’s document is one of a series issued by the data watchdog in recent weeks and will be welcomed by data controllers and processors under exceptional pressure. Nevertheless, those seeking dispensation from data security obligations at this time will look in vain, and risks remain for the unwary.

Three factors lie behind the ICO’s temporary regulatory approach during the pandemic: regulated organisations face staff and operating shortages, public authorities are pre-occupied with meeting front-line service demands, and acute financial constraints are restricting finances and cashflows. As the regulator acknowledges, these factors may impact on data controllers’ ability to comply with data legislation. Rather than appearing “tin eared,” the ICO, like the European Data Protection Supervisor and national data supervisory authorities across Europe, has chosen to highlight the flexibility built into the EU’s General Data Protection Regulation (GDPR), and to reassure those it regulates by giving a steer on how data rules will be applied during this exceptional situation.

ICO’s approach during health emergency

Amongst the high-level indications set out on the ICO’s document are that the regulator will suspend data audit work to focus instead on the most serious challenges to the public, use its formal powers to require information sparingly and allow greater time to respond, and will conduct fewer investigations to concentrate on circumstances suggesting serious regulatory non-compliance. In fact, on 1 April, the First Tier Tribunal, which hears appeals from ICO notices, had already granted the Information Commissioner’s request for a 28-day general stay on all proceedings as a result of the pandemic. While the ICO’s stay application was made for technical reasons, it is a clear example of the ICO’s modified regulatory approach. Its practical effect will be that compliance with information, assessment, enforcement and penalty notices will also be placed on hold, granting recipients temporary “breathing space.”

As part of the ICO’s approach during the pandemic, enforcement action is unlikely where Freedom of Information Act and data subject access requests are not satisfied within normal timescales. Breach notification required under GDPR Article 33 should still be notified to the regulator within the requisite 72-hour period. However, even here, the watchdog hints at flexibility where the reporting deadline is affected by the current crisis. That said, any organisation breaching data protection laws to take advantage of the situation is likely to face serious consequences.

In terms of COVID-19’s impact on GDPR penalties, much media attention has focused on the ICO’s agreement with British Airways and Marriott to extend its disciplinary process for high profile data breaches involving thousands of customers’ personal and financial data, which came to light during 2018, until later on in the summer. This deferral is giving rise to speculation that the pandemic was the cause. In fact, earlier extensions had been granted in January, weeks before the pandemic was declared, indicating that other factors are at work in the resolution of those investigations.

Nevertheless, the ICO’s established Regulatory Action Policy had always included ability to pay as a factor in determining the amount of any penalty, and the data watchdog has now openly acknowledged the current situation is likely to reduce fines. Given the financial ‘hit’ suffered by the airline and hospitality industries since the pandemic was declared, it would be surprising indeed if this was not a key consideration when determining any sums ultimately paid by the two stricken corporate giants.

A false sense of security?

While the speed at which COVID-19 spread has left legislators and regulators with little choice but to relax regulation, this brings with it significant compliance risks.

Where regulation tries to adapt too quickly to novel and rapidly developing circumstances, there is a risk of oversimplification. For example, in its well-intentioned guidance to the many community support groups which have grown up during the pandemic, the ICO ostensibly reduces the finely balanced three-part GDPR test of the legitimate interests basis for data processing to a single sentence. This demonstrates the risk that urgent regulatory guidance issued in the wake of the pandemic could lead the unwary into inadvertent error.

Similarly, as traditional office-based working patterns have been suddenly upended, criminals have stepped in to seize opportunities provided by homeworking infrastructure using phishing techniques, hijacking online meetings, and exploiting vulnerabilities in desktop virtualisation technologies. On reading the ICO’s approach during the pandemic, a “forgiving” attitude might initially be assumed towards data breaches. In fact, the ICO elsewhere makes clear that those responsible for data security should consider the same measures for homeworking that would be considered in normal circumstances. Lax security exposing data subjects to significant risk – particularly after general warnings of heightened danger from the National Cyber Security Centre, the National Crime Agency and the ICO itself – may still precipitate a costly and reputation-damaging regulatory investigation, if not now, later down the line.

While data controllers and processors will welcome the reassurance provided by the ICO at the present time, the regulatory approach remains principle-based; certainty of what is required will remain elusive. Businesses and organisations may draw some comfort from the ICO’s position during the current health emergency, but they would be wise to maintain data protection standards wherever possible and not to see the regulator’s approach as a “free pass.”

____________

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Counos Decentralized Exchange (DEX)


Counos OÜ decentralized exchange is a peer to peer and community-based decentralized exchange that enables users to exchange cryptocurrencies in a secure and free environment. By using our DEX services, each person can exchange his/her digital assets (cryptocurrencies) to other cryptocurrencies or even to fiat money. Counos DEX is run and operated by Counos OÜ, which is a Company registered in the country of Estonia (EU Zone) and has acquired all the necessary permits and licenses for operation.


To exchange Crypto with Crypto in Counos DEX, you DO NOT NEED to have KYC. But to exchange crypto with fiat money, you MUST have KYC. It is required in three stages:


  1. Phone number


  2. Individual or company information


  3. Banking information, then uploading the following documents: driving license, passport, ID card, selfie (visual ID in the form of a face image plus you should be holding a paper with the date, counos.com, your frist name, last name, and date of birth written on it), and a bank statement which Your full name your residence address and bank account be there.


It needs to be mentioned that all these steps are put in place to protect the security of users and to prevent any fraud and scam from taking place so that users can engage in Buying and Selling in an environment that is completely safe and free from threats.


Counos Decentralized Exchange, by implementing the Blockchain technology and cryptocurrencies, has created an environment for users so that each person and company can act as an exchange and complete any commercial trade, buying and selling, money transfer, exchanging cryptocurrencies with fiat money without the presence of middlemen and with complete assurance of the lack of exploitation.


In order to provide security for its users, Counos Dex cryptocurrency exchange has some features, discussed below:


First, the Counos Decentralized Exchange is registered in the European Union and has acquired all the necessary permits and licenses for operation, with offices and legal entities.


The second point is that users’ assets are not staying to the exchange or other individuals. Simply a wallet address is created in the escrow system which acts as an intermediary account which is called a MultiSig wallet (a multi-signature wallet) with three distinct private keys, each for one side of the contract, one for the buyer, one for the seller, and one for the escrow agent. The Cryptocurrency in this wallet can only be accessed with at least two private keys, thus guaranteeing that no party can access the assets alone.




Now the question is that what is exactly a MultiSig wallet and what advantages does it have?


In order for people to do trades with each other, especially people who do not know each other and intend to engage in a financial trade, then a MultiSig wallet is used in order to provide security and prevent any fraud in the Counos Decentralized Exchange. The MultiSig wallet which is used to hold the assets of the parties involved in a smart contract, has three private keys, and the three parties involved, buyer, seller, and the escrow agent, all have one. The assets cannot be accessed unless with at least two private keys.


Buying and selling is performed in this website as follows:


For example if you want to sell cryptocurrencies and get fiat money, then you can register your request by looking for the right market for you, comprised of your cryptocurrency and the fiat money you want to receive. After that, the system will give you the best markets suited for your need and after you submit the request, the exchange will ask you, the seller, to send the cryptocurrency to the MultiSig wallet, but this does not mean that the cryptocurrency will be sent for the buyer, because two private keys are needed to access the assets in a MultiSig wallet.


It needs to be mentioned that in Counos Dex exchange, there are three legal escrow agents which are as follows: a legal firm with an official attorney at law registered in EU, an official attorney at law registered in Switzerland, and also the agent from the Counos Decentralized Exchange who has the official license for providing the wallet and exchange. Each agent has its own determined fees, and people can choose between them.


The escrow agent chosen for any smart contract has one of the three private keys to the MultiSig wallet, and thus ensures that the assets in the MultiSig wallet cannot be accessed unless both parties to the contract, the buyer and the seller, are happy with the result of the contract.


After the seller transferred the cryptocurrency to the MultiSig wallet, then the buyer has to make the payment and upload the scanned receipt of the transfer. Parties have 10 hours to make their payments and upload the receipt to be approved, after that, if the transfer has not taken place, then each side of the contract can make a complaint. At this time, the escrow agent will review the documents and see who is right. Since the assets in a MultiSig wallet are released with two private keys, then the escrow agent can release the assets to the party who is the right one in the dispute and has upheld his part of the contract. In this way, there is no possibility of fraud and no possibility for sustaining loss.


The example given above was for an exchange of cryptocurrency with fiat money, but another type of exchange that usually takes place is the exchange between Crypto to Crypto. In this type of exchange, users don’t need to have KYC. In this type of transactions , the parties to the contract have first one place order has 45 hours to deposit the cryptocurrency to the MultiSig wallet, and other one 10 hours after then the exchange will take place quickly and easily, otherwise, transaction going to be cancel.


The last but not least is that the Counos Decentralized Exchange enables users to engage in trades no matter where they are, regardless of geographical and legal limitations. The aim of Counos Decentralized Exchange is that each person can act as an exchange and engage in financial transfers through buying and selling cryptocurrencies from anywhere in the world with no limitations.

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