Huobi Expanding to Brazil, Monster Products Eyes $300 Million ICO and Hong Kong Rules Out CBDC For Now

Crypto Corner - May 31, 2018

Huobi Expanding to Brazil, Monster Products Eyes $300 Million ICO and Hong Kong Rules Out CBDC For Now

Huobi, the world's third largest cryptocurrency exchange, is expanding to Brazil according to local outlet Portal do Bitcoin. The piece says that Huobi representatives "were seen distributing" business cards during VI Bitconf, a crypto conference in São Paulo. The piece also claims that Huobi is scouting Brazilian talent via LinkedIn.

"Via Linkedin, the company is also selecting Brazilian talent. Two vacancies are open: the Chief Compliance Officer, whose main function is to monitor the operations carried out, aiming to identify deficiencies and irregularities in the processes of exchange, trading, systems and registration, thus preventing money laundering in these operations with possible fraud irregularities . The other is for Digital Marketing Manager, whose function is to develop the brand in Brazil and create a strategy for its growth."

Monster Products, the company responsible for Beats headphones, are planning to hold a $300 million USD ICO, according to an SEC filing dated May 25. The proceeds from the sale of Monster Money Tokens (MMNY) tokens will go to the creation of an Ethereum-based e-commerce platform called the Monster Money Network.

The Company intends to develop Monster Money Network in three stages as set forth below:

Stage I: establish Monster Money Network to provide the basic transactional functions, such as Monster Money Wallets and processing transactions in MMNY Tokens;Stage II: establish a private off-chain platform where micro-transactions can be completed without or with very limited transaction costs caused by mining activities ("gas").Stage III: complete Monster’s blockchain and integrate such blockchain to the operating systems of the Company, such as marketing, accounting and auditing, payroll services, inventory control and shipping management.

Hong Kong has no current plans to issue a Central Bank Digital Currency (CBDC), according to a government press release yesterday. Joseph Chan, the Acting Secretary for Financial Services and the Treasury, did not rule out CBDCs in the future but cited Hong Kong's robust existing payment infrastructure as reason not to currently pursue it.

"The HKMA has carried out research on CBDC. At the same time, the HKMA notes that the benefits of CBDC and its efficiency gains will depend on the actual circumstances of a jurisdiction. In the context of Hong Kong, the already efficient payment infrastructure and services make CBDC a less attractive proposition. The HKMA has no plan to issue CBDC at this stage but will continue to monitor the international development."

Sam Mowers,

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