Apparently, the reason for the removal from Blockchain Australia is the lack of transparency regarding the companies dealings, and the very limited ways you can cash out. This is due to the fact that the BPS Financial Limited company in is control of QOIN, and also owns the only crypto exchange where it can be traded, namely Block Chain Trade Exchange.
Discussions Over Legitimacy Ongoing
BlockchainNZ has stated they are looking into Qoin and the accuracy of complaints levelled against it – as well as the reasons why it may or may not be a scam.
Stephen Macaskill – an executive member of BlockchainNZ – stated that although they are not endorsing Qoin, they will be looking into the matter before giving their verdict. He also added that in his opinion, Qoin was not necessarily illegitimate, and that the view that it is may stem from the fact that unlike most cryptocurrencies it is not open source or decentralized. However, they are by no means the first nor the last crypto-related firm to stray from the transparent model.
“We’re not endorsing this business by any means, but there’s an international exchange that has their own digital asset and initially when they launched you could only buy their own digital asset on their own exchange, and there are a few of them out there like that. Over time those assets were listed on other trading platforms.”Stephen Macaskill – an executive member of BlockchainNZ
Macaskill also added that building a new cryptocurrency from scratch took a lot of work, and it takes a while for any new token to be listed on other trading platforms – a potential reason for the seemingly closed-circuit model adopted by Qoin.
Whether Qoin takes root in New Zealand or is eyed suspiciously there as well will be something to watch for, as this could set a precedent for other companies who take a rather unorthodox approach to cryptocurrencies.
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