Blockchain Australia has rejected the membership of its cryptocurrency Qoin. Qoin has nearly 28000 validated merchants. Blockchain Australia issued a statement that Qoin “has been asked to remove the Blockchain Australia logo and name in use of any promotional activity”.
Blockchain Australia represents almost 70 organizations working in digital currency. Organizations like Victoria’s Department of Economic Development, Jobs, Transport and Resources.
Qoin’s chief marketing officer, Andrew Baker expressed his disappointment with the regulation. But they do not want any disciplinary action to affect trade. Andrew said, “we are licensed to do what we do, we do it within the means of law”.
Concerns related to cryptocurrency Qoin
Last year Qoin was in full swing as a mum and dad investor. A cryptocurrency was useful to purchase goods and services just by scanning a QR code. However, later from a committee member concerns about the transparency of the qoin have been raised. Alex Saunders, founder of Nugget’s news, Qoin is bought and traded on Block Trade Exchange (BTX). Which is unlike its other competitors.
Qoin rejects third-party involvement
The issue of transparency of particular elements of the cryptocurrency Qoin was originated from “the third-party propaganda”
We’re not here to propagate that the value of Qoin will continue to grow. We clearly state that on our website, those indications of Qoin value growing previously is not an indication that Qoin value will grow into the future,” he said.
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