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Korean Regulations: Policy Easing, New Crypto Classification, Central Bank Report

2018-07-09T10:21:00.001+05:00

South Korea has been busy revising its cryptocurrency regulations. The regulators plan to ease the rules on crypto assets in line with G20 policies. While a new crypto classification system has been created, another government agency is conducting an on-site inspection of crypto exchanges following multiple hacks. In addition, the Bank of Korea has released a report with its view on using crypto as a means of payment.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Policy Easing

South Korea has been actively revising and updating its regulations for cryptocurrencies. The Korea Times reported last week that the country’s top financial regulator, the Financial Services Commission (FSC), has revised “its guidelines relating to ‘all activities’ of Korea’s leading cryptocurrency exchange operators.”

Furthermore, “financial regulators plan to ease rules on crypto-based assets in line with policies initiated by G20 nations to establish unified regulations,” the publication detailed.

However, an FSC official told the news outlet that “Any major reversal in policies is unlikely.” Specifically, the policy change will not affect the way cryptocurrencies are classified for regulatory purposes. “The administration earlier classified cryptocurrencies as ‘non-financial products’ due to their speculative nature,” the news outlet conveyed, emphasizing:

The FSC and FSS [Financial Supervisory Service] will not change the government’s stance on crypto or digital assets as it’s difficult to value them as ‘financial assets’.

New Crypto Classification System

The South Korean Ministry of Strategy and Finance’s Statistics Korea, responsible for statistics in the country, has created a classification system for cryptocurrency operators and other blockchain-related entities.

Sedaily explained that Statistics Korea has been gathering comments on the new classification system, which will be reviewed by the National Statistical Commission Policy Subcommittee on July 11. The official results will be announced on the 25th. The publication detailed:

Cryptocurrency exchanges such as Bithumb and Upbit are expected to be officially classified as crypto asset brokers after the government’s current title of ‘virtual currency handler’ is removed…The blockchain industry will be managed as a formal industry, starting with the government’s industrial classification, and conducting surveys and statistics.

Specifically, the news outlet added that “Blockchain platforms such as EOS and Ethereum also have unique industry classification criteria.”

The agency explained that the proposed classification “will be used for administrative purposes for the development of related statistics and various government policies and support,” Zdnet clarified. This new classification of crypto-related entities for statistical purposes does not affect the regulations by the FSC.

On-Site Investigation of Crypto Exchanges

The government also announced last week that the Korea Communications Commission (KCC) has launched an on-site investigation of major cryptocurrency exchanges. This is in collaboration with the Korea Internet Promotion Agency (KISA) following the hacks of multiple crypto exchanges. The announcement states:

The on-site inspection mainly focuses on the technical and administrative protection measures for personal information, such as access control to the personal information processing system, prevention of tampering with access logs, encryption of personal information, and prevention of malicious programs.

Bank of Korea’s Crypto Report

The Bank of Korea (BOK) released its big report on “crypto assets and central banks” on Friday, July 6, according to local media. This report examines domestic and international discussions on the economic and legal nature of crypto assets, as well as key issues related to the central bank.

Korean banks held crypto-assets totaling 2 trillion won (US$1.79 billion) as of December last year, equivalent to about 8 percent of the total deposits by the country’s brokerage houses, the central bank described.

According to BOK, “The amount of crypto-asset investment is not really big, compared with other equity markets, and local financial institutions’ exposure to possible risks of digital assets is insignificant,” Yonhap conveyed.

“Cryptographic assets are highly volatile, and transaction costs such as fees and processing time are high, making it difficult to function as currency,” Real News Korea quoted the report which also states:

It is not easy [for cryptocurrency] to have broad acceptance in the short term and [it] is less competitive than traditional means of payment such as cash or credit cards. In other words, it is difficult to become a medium of exchange.

While concluding that “it is difficult” to use cryptocurrency as money, Business Post quoted the central bank describing, “It is likely [for cryptocurrency] to be used as a means of payment in limited areas such as overseas remittances.”

Furthermore, the central bank divulged in its report:

If the technical problems of virtual currency are resolved and the acceptability of virtual currency in the general society is increased, it cannot be ruled out that it can be widely used as an investment asset and payment means.

What do you think of all the changes in Korean regulations? Let us know in the comments section below.

Images courtesy of Shutterstock, the Hankyoreh, and the South Korean government.

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German Bank Offers Special Accounts to Cryptocurrency Firms

2018-07-09T08:21:00.001+05:00

The Berlin-based Banking-as-a-Platform (BaaP) institution Solarisbank has recently announced the launch of their new banking service plan that’s focused on clients from the blockchain and digital currency industry. The newly featured resource called the ‘Blockchain Factory,’ will offer financial management services to companies whose business operations deal directly and indirectly with cryptocurrency solutions and blockchain technology.

Also read: A Look at the Long and Annoying Process of Claiming Bitcoin Forks

This German Bank Plans to Provide Special Bank Accounts for Cryptocurrency and Blockchain Companies

Over the past few years as cryptocurrencies have gained in popularity a few companies like exchanges and brokerage services that deal with digital currencies have had issues with their banking providers. Banks and other financial management services have ceased their partnerships with cryptocurrency firms and have closed business accounts making it very difficult for blockchain companies to establish reliable banking partners. Now the German financial tech company, Solarisbank, plans to offer a service called the ‘Blockchain Factory.’ Companies who deal with cryptocurrencies will now have a solid banking colleague who understands the technology.

“The Blockchain Factory will be used by Solarisbank to offer banking services to companies whose business is directly or indirectly based on cryptocurrencies and blockchain technology — One example of these services is the ‘Blockchain Company Account’ for the banking business of blockchain companies,” Solarisbank explains.

Furthermore, services for global cryptocurrency marketplaces will be made available to make it easier to buy and sell fiat currencies; such as the Solarisbank ‘Automated Trust Account’, an automated escrow account for cryptocurrency marketplaces.

High Demand from the Blockchain World for a Licensed Banking Partner

Solarisbank has done well since the bank’s inception in March of 2016, and entered a strategic partnership with Mastercard the following October with plans to build new banking modules. Last March, Solarisbank raised $70Mn USD in a Series B funding round from firms such as ABN Amro, SBI Group, Visa, BBVA, and Lakestar.

“There is high demand from the blockchain world for a licensed partner that forms the technological and regulatory bridge to traditional banking — as a technology company with a banking license, we are the natural partner,” Roland Folz, the CEO of Solarisbank details.

A Hybrid Future

The financial tech company has started its first partnership with another firm called VPE Bank and the two have plans to provide cryptocurrencies to institutional traders. Moreover, the firm will establish partnerships with cryptocurrency companies that deal with banking and debit cards within their business model.

“The fiat world is not about to dissolve. We are moving towards a hybrid future, in which the blockchain world still has to prove itself,” the CTO of Solarisbank, Peter Grosskopf explains.

However, we see the disruptive power of these business models and we want to help shape the future of this industry.

What do you think about Solarisbank’s new Blockchain Factory banking services? Do you think companies who deal with cryptocurrencies need better banking providers? Let us know your thoughts on this subject in the comment section below.

Images via Shutterstock, and Solarisbank.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. Need to calculate your bitcoin holdings? Check our tools section.

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ATO to Target Crypto Traders Using International Data Agreements

2018-07-09T06:21:00.001+05:00

Australia’s financial press is expecting that the Australian Taxation Office (ATO) will take a hard stance on cryptocurrency investors this tax season, with the ATO recently vowing to leverage international data-matching agreements in order to track the taxation obligations of Australian cryptocurrency traders.

Also Read: The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades Europe

ATO to Leverage International Data-Matching Agreements to Target Crypto Traders

The Australian Tax Office has announced that it will leverage data sharing agreements made between Australia and other nations to determine the tax obligations of Australian cryptocurrency investors.

“We’re alert to the potential compliance risks that arise from cryptocurrencies but we’re not really alarmed about them,” ATO acting deputy commissioner Martin Jacobs told Australian Financial Review.

“Where people attempt to deliberately avoid these obligations we will attempt to take action. We have a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived through cryptocurrency investment,” Mr. Jacobs added.

Mr. Jacobs also emphasized that changes to anti-money laundering rules mandating that Australian crypto exchanges identify wallet holders “will enable data exchanges to collect cryptocurrency trading information, which we’ll be able to access and use in our engagement activities.”

Many Traders May be Unaware of Tax Obligations

Paul Drum of accounting firm CPA Australia has speculated many Australian cryptocurrency users may not be fully aware of their tax obligations, stating “We’re at the pointy end of a financial year of seismic profits and if people were thinking they could fly under the radar, I’ve got bad news. […] People wrongly believe they’re getting a windfall gain that isn’t taxed. That could be a costly mistake.”

Mr. Drum also warned that many cryptocurrency traders are not aware of the tax event triggered by each “disposal” of virtual currency holdings, emphasizing that cryptocurrency-to-cryptocurrency trades require that traders declare any profits generated. “Even if you traded your ripples for bitcoin, you have to figure out whether you made a profit on the trade,” he said.

ATO Criticized Over Opaque Tax Guidance for Cryptocurrency Users

Australian Financial Review recently spoke to Adam Dimac of legal firm Hall and Wilcox, who are currently representing “Max” – an Australian lawyer who is currently in a dispute with the ATO regarding how his $7 million in cryptocurrency holdings should be taxed.

Mr. Dimac emphasized the lack of clarity surrounding the ATO’s regulations, stating “There are a lot of technical issues for which there is just no guidance at all. One example is initial coin offerings. From a tax point of view, there’s basically no guidance on how they are treated. It’s really new ground.”

Max’s lawyers are seeking to argue the personal use exemption. However, Mr. Dimac concedes that the team is “hearing it’s going to be hard to argue the personal use exemption. There are individuals who can genuinely say ‘yeah, I went into this out of intellectual curiosity and as a hobby. I’m a Millennial and this is how I think, I like to challenge the status quo. Five years later, it’s become $10 million.’ But nobody quite knows how the ATO is going to view it because everyone’s circumstances are different. And even then, the ATO is developing their thinking over time as they come to consider different scenarios and new cryptos come into the market.”

Laura Spencer of Sladen Legal also believes that the ATO has failed to provide sufficient guidance regarding the tax obligations of cryptocurrency investors, stating that “The insufficient guidelines and absence of case law in this area of tax leaves early adopters of cryptocurrencies in great uncertainty. As the treatment of cryptocurrencies will play an even greater role in the future, we await further comments from the commissioner.”

What is your response to the ATO’s decision to leverage international data-sharing agreements to target crypto investors? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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Youtube Dragged Into Bitconnect Class Action Lawsuit for Failure to Protect Victims

2018-07-09T04:22:00.001+05:00

Youtube has been dragged into a class action lawsuit against Bitconnect for failure to protect its users from being exposed to the scam’s videos. This case might be used by Google and others to justify their bans on crypto ads, arguing that their algorithms can not distinguish between legitimate projects and frauds.

Also Read: No Insider Trading, Market Manipulation and Misleading Ads – Malta’s New Crypto Law

Youtube to Blame for Bitconnect?

Youtube has been added as a defendant in a class action lawsuit against Bitconnect recently, evident by publicly available documents filed with the Southern District Court of Florida. According to the lawsuit, the Google-owned video platform failed to protect or warn its users from Bitconnect affiliates’ promotional material, which reached over 70,000 hours and 58 million views on Youtube.

“Several of the Affiliate Promoter Defendants had partnerships with YOUTUBE pursuant to which the BITCONNECT Defendants disseminated fraudulent and harmful content unsuspecting victims across the globe. YOUTUBE was negligent in failing to warn those victims of the harmful content for which YOUTUBE compensated their creators and publishers,” the document alleges. Another segment reads: ”In short, aided by YOUTUBE’s negligent failure to warn, the BITCONNECT Defendants defrauded tens of thousands of investors by capitalizing on the general public’s excitement for virtual currencies and by luring unsuspecting investors into purchasing unregistered securities and participating in pyramid/Ponzi schemes.”

“Wide-Reaching Ponzi Scheme”

As we reported earlier this year, the original complaint has been filed by Charles Wildes, Francisco Doria, Aric Harod, Akiva Katz, James Gurry, and Ronald Nelson – represented by the law firm of Silver Miller – made on behalf of all Bitconnect customers. The plaintiffs stated that Bitconnect’s former $2.5 billion market capitalization was “built through the use of fraudulent means,” in particular “a wide-reaching Ponzi scheme that defrauded investors, made a mockery of state and federal securities laws, and employed an army of social media mercenaries who were paid to bring more unsuspecting victims into the fraud.”

After the matter was exposed, a number of prominent people on the platform have called out Youtubers for promoting Bitconnect, including Pewdiepie. Now the accusations go deeper than that, blaming the platform itself, which might have chilling consequences for sharing crypto content on social networks if accepted by the court.

Should media platforms like Youtube be blamed for the content scammers upload? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

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Privacy-Centric ‘Bob Wallet’ Adds Bitcoin Cash Support

2018-07-09T02:27:00.001+05:00

Bitcoin Trading in Chinese Currency Drops Below 1% of World Total

2018-07-09T00:27:00.001+05:00

Bitcoin trading in renminbi (RMB) has dropped to less than 1 percent of the global total, the central bank of China announced. The People’s Republic banned yuan-crypto trade last year, prompting the exodus of hundreds of Chinese crypto businesses, including some of the world’s leading trading platforms.

Also read: Crypto Exchange Binance Expects up to $1 Billion Profit in 2018

‘Zero-Risk’ Exit for 88 Exchanges, the People’s Bank Says

The trading of Bitcoin with the Chinese national currency, the renminbi (RMB), has fallen to less than 1 percent of the world’s total, the People’s Bank of China (PBC) announced this Friday, quoted by Xinhua. At its peak, the RMB/BTC trade reached more than 90 percent of the volume, the state-controlled news agency noted in its report without detailing the data.

In September, 2017, Beijing authorities imposed a ban on the trading of cryptocurrencies like bitcoin with the Chinese yuan, referring to the presumed financial risk associated with the rapidly expanding crypto market. The measure also prohibited Chinese businesses from conducting crowdfunding campaigns through Initial Coin Offerings (ICOs).

In its announcement, The People’s Bank of China said the country had ensured a “zero-risk exit for 88 virtual currency exchanges and 85 ICO trading platforms,” since last year. Xinhua also quoted a “blockchain analyst” saying that “The timely moves by regulators effectively fended off the impact of sharp ups and downs in virtual currency prices and led the global regulatory trend.” The opinion belongs to Zhang Yifeng from the Zhongchao Credit Card Industry Development Company.

In February this year, reports came out in Hong Kong that advertisements of products and services offered by companies from the crypto industry no longer appear in China’s major search engines and social networks. The absence of sponsored crypto content prompted local media to allege that the ban also censors all crypto-related ads.

Chinese Platforms Expanding Across the Globe

PRC regulators imposed a comprehensive ban on bitcoin trading in September, 2017, when they ordered local exchanges to suspend their operations. The authorities in the People’s Republic also tried to block access to foreign cryptocurrency trading platforms offering services to Chinese residents. The restrictions encompassed the crypto-yuan trade hitting some of the world’s largest trading platforms.

The ban forced exchanges with Chinese roots, like Huobi, OK Coin, and Binance, to halt all trading in the country and seek to relocate to more favorable jurisdictions. The trading platforms founded new entities and opened offices in Hong Kong, Singapore, South Korea, Japan and the United States, which allowed them to continue their activities and even grow significantly.

Huobi, once one of the largest Chinese cryptocurrency exchanges, is now headquartered in Singapore and maintains presence in Hong Kong, the US and Japan, although it recently decided to close the accounts of Japanese residents as a result of compliance issues. The exchange also announced the launch of a trading platform in Australia supporting 10 pairs against the AUD, including bitcoin cash (BCH), with plans to add new cryptos in the future. Huobi confirmed it will open an office in London, too.

In April, the Hong Kong based Okex, the digital asset exchange founded by OK Coin CEO Star Xu, revealed plans to expand its operations to Malta. Its announcement came after in March, Binance, currently the largest crypto exchange by trade volume, shared its intention to move to the island nation. Binance wants to offer EUR and GBP pairs from Malta, which is a member of the European Union. The company is also launching a fiat-crypto trading platform in Uganda.

Do you think Chinese regulators will eventually reverse the ban on crypto trading? Share your expectations in the comments section below.

Images courtesy of Shutterstock, Changpeng Zhao (Twitter).

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Five of the Best Blockchain Explorers

2018-07-08T22:22:00.001+05:00

New Cashpay Wallet Feature Replaces BCH After Spending

2018-07-08T20:17:00.001+05:00

Just recently news.Bitcoin.com reported on a new Bitcoin Cash (BCH) centric wallet called Cashpay. The wallet launched last June and allows any user to purchase anything online using BCH. This week the development team has added a new feature called ‘Spend and Replace’ a wallet function that replaces BCH with a BCH buy order from Coinbase whenever the cryptocurrency is spent.

Also read: A Look at the Long and Annoying Process of Claiming Bitcoin Forks

Cashpay Allows Users to Replace the Bitcoin Cash They Spend

During the first week of June, we reported on a new bitcoin cash wallet application called Cashpay. The mobile app that’s available for Android and iOS was launched by the Cryptonize.it team. Cashpay has a few features that other crypto light clients don’t provide like the ability to donate to certain charitable causes with bitcoin cash. Further, the wallet allows users to purchase any item online through any merchant using BCH. Now the wallet makes it possible for users to replace the BCH they spend with a new feature called ‘Spend and Replace.’

“It’s finally here — Spend and Replace is enabled on the Cashpay wallet making it possible replace the Bitcoin Cash you spend,” explains the Cashpay development team.

Spend and Replace works as follows: You connect your Coinbase account with Cashpay and enable Spend and Replace in the wallet you want to use. Every time you spent an X amount of Bitcoin Cash, the same amount of Bitcoin Cash (minus Coinbase fees) will be bought on your Coinbase account using the fiat available in your account.

Hodlers Can Now Purchase That Coveted Coffee

The spend and replace protocol is a first of its kind type of app that allows bitcoin cash users to do what they do best and that means spending BCH. Bitcoin cash proponents on forums seemed to like the idea of a wallet that allows people to spend their BCH on a cup of Starbucks coffee and replace the cryptocurrency spent with a Coinbase purchase. The Cashpay development team has also published a video walkthrough that shows people how to use the spend and replace feature.

Cashpay also explains that for users who have the Spend and Replace feature enabled but don’t have fiat available, Coinbase will choose the next available funding method like a debit card or bank account. Coinbase fees will apply as well so you will get slightly less BCH than you originally spent.

What do you think about the Cashpay Spend and Replace feature? Let us know your thoughts in the comment section below.

Images via Shutterstock, Cashpay, and Pixabay.

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The Weekly: Coinbase Custody Opens, Malta Adopts Crypto Law, Bittrex Invades Europe

2018-07-08T18:17:00.001+05:00

In this week’s daily editions of Bitcoin in Brief we reported about Coinbase opening the floodgates for institutional money, the new crypto law in Malta, and a move by Bittrex to invade the European market. We also covered, in this week’s most commented-on article, Nobel laureate economist Paul Krugman’s trolling of XRP and BTC supporters.

Also Read: No Insider Trading, Market Manipulation and Misleading Ads – Malta’s New Crypto Law

Fake Trezor Wallet Website

On Monday, we reported that hardware wallet manufacturer Trezor has issued a warning to clients about a phishing attempt against its users. A fake Trezor Wallet website was served to some users who attempted to access the legitimate address (wallet.trezor.io). The signs point toward DNS poisoning or BGP hijacking. Thankfully, the fake wallet has been taken down by the hosting provider. However, Trezor asked clients to remain vigilant and report all suspicious sites as it is possible that this attack method will be used again in the future. Additional stories included the floods in China that took out enough mining farms to make a dent in the global hash rate, and a couple of big new investments in the field.

Coinbase Custody Opens

The big story on Tuesday was that the new institutional offering Coinbase Custody officially opened for business. The service will be onboarding crypto hedge funds, exchanges and ICO projects over the coming weeks. It provides secure storage for institutions in both the US and Europe, and the company hopes to bring this offering to Asia as well, before the end of the year. The service currently supports BTC, ETH, LTC and BCH, and is expected to open the floodgates for big institutional money looking for cryptocurrency exposure. In other exchange-related news, Hitbtc responded to John McAfee’s accusations that the venue is “killing poor people”, BTCC officially launched its new platform, and Huobi announced the postponement of Hadax voting.

Buying Crypto is Too Hard?

On Wednesday, we reported that the complicated process of purchasing cryptocurrencies is the biggest obstacle for new investors entering the crypto space. This was according to a recently released survey of 1,000 US residents designed to profile crypto holders and better understand how they are using their digital coins. The poll also attempted to gauge the cultural perceptions surrounding cryptocurrency ownership. Another study found that despite regulatory pressures and other issues like bad publicity due to fraudulent or unsuccessful projects, Initial Coin Offerings (ICOs) have raised $11.8 billion through May 2018.

Malta Enacts Crypto Law

The big news on Thursday was that the parliament of Malta had given the final approval for three bills meant to create a welcoming regulatory framework for crypto ventures. The bills enacted into law are the Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. We took a deep look into the law and found a number of issues that can have an impact on traders and exchanges such as prohibitions on insider trading, market manipulation and misleading ads or ICO whitepapers.

Bittrex Invades Europe

On Friday, it was reported that Bittrex has released details of a new venture with Invest.com. The pair will be creating a digital asset trading platform, to open to EU traders initially. It will feature over 200 tokens whilst leveraging Invest.com’s knowledge of derivative trading, equity trading and portfolio management. And another six letter domain, Crypto.com has been sold for millions.

Bitcoin Enters Indian Politics

On Saturday, it was reported that the Indian National Congress (INC), one of the two leading parties in the country, accused its major political opponent, the ruling Bharatiya Janata Party (BJP), of being complicit in a “bitcoin scam”. INC spokesman Shaktisinh Gohil demanded a judicial probe into the alleged money-laundering scheme using the cryptocurrency. Additional stories covered some BCH-related projects and services, as well as the latest incarnations of the blockchain technology.

Paul Krugman Trolls Ripple

The most commented-on article during the week covered the verbal attack on XRP by Nobel laureate economics professor and New York Times columnist, Paul Krugman. “If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?” tweeted Krugman. He was prompted by a colleague’s recent article regarding a push by Ripple’s XRP to urge users to do more than just speculate. Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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Crypto Exchange Binance Expects up to $1 Billion Profit in 2018

2018-07-08T16:12:00.001+05:00

Dark Web Alleged Silk Road Conspirator Handed to US Authorities

2018-07-08T13:27:00.001+05:00

University Crypto Courses Advance in Spain, Argentina and Venezuela

2018-07-08T09:27:00.001+05:00

Five universities across three Spanish-speaking countries are now offering crypto courses. Among major topics of studies are Bitcoin, Ethereum, cryptocurrencies, blockchains, initial coin offerings (ICOs), smart contracts, DAOs, and crypto-economics.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Universidad de Alcalá, Spain

Universidad de Alcalá is a public university located in Alcalá de Henares, Madrid. It is a Unesco world heritage site and one of the longest standing European universities, dating back to the year 1293.

The school now offers a course entitled “Master in Ethereum, Blockchain Technology and Crypto-Economics.”

The course is intended for “Professionals, students or those interested in learning about blockchain-based technologies from an integrative perspective of technical, economic, social and legal aspects,” the school’s website details. “The objective of the study is to provide comprehensive training in the field of blockchain technology, DAOs and smart contracts, including cryptocurrencies as a special and transversal case, from a triple perspective: technological, economic-financial and regulatory.”

Universidad Autónoma de Madrid, Spain

Universidad Autónoma de Madrid (UAM), the Autonomous University of Madrid, is a public university located on the north side of Spain’s capital city. Established in 1968, the school is currently offering a short course, from July 18 to 20, entitled “Blockchain: from cryptocurrencies to business networks.”

“In this course, the technical foundations of the Bitcoin blockchain will be introduced, with an eminently practical approach, showing its limitations and placing special emphasis on the problems it poses regarding the intelligent management of records and their authorship,” according to the course description.

“As solutions to these problems, the concept of smart contract and its implementation and use will be introduced in Ethereum and Hyperledger. Finally, in the context of a roundtable, possible models and business networks based on blockchain will be discussed.”

Universidad Europea Madrid, Spain

Universidad Europea Madrid, the European University of Madrid, is a private university with more than 16,000 students. The school offers a 6-month postgraduate diploma in Bitcoin and blockchain which starts in October.

Six modules are included in the course: blockchain technology; basics of Bitcoin; security and investigation of the blockchain; legal aspects linked to cryptocurrency; innovation with the blockchain; and project development.

“When you finish the course you will be able to analyze in a critical way the technical and legal viability of solutions based on blockchain technologies and to develop integral projects related to cryptocurrency,” the school describes. “You will be a professional in the technology sector capable of identifying innovative opportunities beyond the conventional use of technology, adding value to any company in the ICT or financial sector.”

Instituto Tecnológico de Buenos Aires, Argentina

Instituto Tecnológico de Buenos Aires (ITBA), the Buenos Aires Institute of Technology, is a private university focusing on information technology, business and engineering studies.

The institute offers a diploma course entitled “Cryptoeconomics: blockchain intelligent contracts and cryptocurrencies,” which runs from July 11 through September 26.

“It is designed especially for people who start from scratch or with very basic knowledge and who want to learn the reasons, mechanics and disruptive opportunities at a monetary, technological level and as a form of investment that is in the present and future in the world of crypto-economies.”

According to the institute:

The program is aimed at anyone who wants to start and acquire the basic and intermediate knowledge to understand the world of cryptocurrencies, tokens, ICOs, smart contracts and the different types of blockchains.

Instituto de Estudios Superiores de Administración, Venezuela

The Instituto de Estudios Superiores de Administración (IESA) is a private non-profit Venezuelan business school with campuses in Caracas, Maracaibo and Valencia. It was founded in 1965.

The school is currently offering a course entitled “Cryptocurrency, blockchain and business in the new economy, opportunities and challenges for management and business.”

The 60-hour course runs from July 20 to September 29. Its content includes “bitcoin, cryptocurrencies and the evolution of money” as well as “international experiences in the regulation of bitcoin and blockchain technology.” The course also offers to teach students “entrepreneurship in the new economy and its digital transformation,” as well as “fintech as a result of the innovation of the new economy on the financial system and means of payment.”

Do you think soon all universities will offer crypto courses? Let us know in the comments section below.

Images courtesy of Shutterstock, Unesco, Universidad de Alcalá, Universidad Europea, ITBA, and IESA.

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Hyperbitcoinization: $100mil Per Coin by 2030

2018-07-08T06:32:00.001+05:00

The ultimate success of bitcoin core (BTC), hyperbitcoinization, contains the possibility of a purposeful and bright future. Inevitable mass adoption will lead to a globally dominant currency. Pushing all other competitors out means, ultimately, mooning prices. At least one theorist believes the above will happen, and further postulates one hundred million dollars per bitcoin could be in the works as early as 2030.

Also read: 27% of England’s Male Millennials Say Bitcoin Better Investment Than Property

Hyperbitcoinization Talk Resurfaces

Daniel Krawisz doesn’t immediately grab first-time observers as a leading cryptocurrency philosopher. Mouse-colored, little Dutch boy hair, which he’ll at times flip in unintended punctuation during talks, and his generally casual demeanor could cause audience members to wonder aloud why a random stranger has taken the dais.

Mr. Krawisz doesn’t ever cite his academic credentials. He is absolutely devoid of appeals to authority, credentialism, and officialdom. He can often be heard challenging listeners to not believe him. Crypto fame of a kind came his way around Spring of 2014. As co-founder of the Satoshi Nakamoto Institute, his articles took on new meaning during bitcoin’s run up and up and up through 2017.

Hyperbitcoinization is his most enduring effort from that time, and he can be credited with the concept and neologism. “Bitcoin-induced currency demonetization, or hyperbitcoinization” is what would occur should “any hapless currency” stand “in bitcoin’s path of total world domination. If this happens, the currency will rapidly lose value as bitcoin supplants it,” he stressed. Years later, the topic has returned in some circles.

The piece is less braggadocio and more nuanced than proponents are prone to mention, but it does speak to a time in bitcoin core (BTC) history when community optimism reigned. The current store of value talk and digital gold hodl maximalism is revisionist, which more honest BTC enthusiasts concede. The discussion then was mostly about merchant adoption, medium of exchange qualities, and prospects of freeing emerging economies from legacy remittance arrangements. These attributes are no longer highlighted by BTCers.

$100,000,000

Recently, Hyperbitcoinization: Winner Takes All (or how Bitcoin gets to $100,000,000) was posted by Coin Monks. Pseudo-anonymous author Obiwankenobit lays out Mr. Krawisz’s case anew. In a longer, mathy, graphic-filled essay, he builds the case for a hyper-hyper-hyperbitcoinization even the most optimistic BTC true believers might have trouble getting behind. Everett Roger, Laszlo Hanyecz, Friedrich Hayek, Austrian economics, S-curves, Andreas Antonopoulos, Daniel Krawisz, Satoshi Nakamoto combine to build the basic argument.

As BTC is accepted more around the world (and “acceptance” isn’t well defined), “the cost of rejecting bitcoin will exceed the cost of adopting it. Bitcoin will begin to assume money’s traditional roles and gain institutional and government support. It will become all money and form the backbone of a new global economy,” Obiwankenobit explains, describing the “tipping point.”

With a price hovering in the mid $6,000s at press time, the path to that eye-popping estimate seems impossible. However, he believes the current price “is 0.01% of this future value. Bitcoin is currently experiencing ‘microbubbles’ and future appreciation will continue nearly unabated until it plateaus at a stable price.”

Furthermore, BTC “affords us the opportunity to radically change our relationship with money. You will own your money. Central bank machinations will come to an end. 20 years ago we could not imagine how the internet would change our lives. In the next 20 years bitcoin will reframe our roles as citizens in a borderless, global economy.”

BCH-like

He doesn’t posit economic catastrophe to get there, which is refreshing. “Bitcoin can become the world’s first universal currency in part through voluntary social drivers and its inherent sound monetary policy,” he claims. Fanciful, novel ideas abound throughout his essay, and his “crystallization process” analogy is particularly innovative and fun.

He hints at the contentious debate between BTC and bitcoin cash (BCH) by assuming BTC will act in ways similar to BCH. “Like any good form of money bitcoin is divisible. In fact, by up to 100,000,000 satoshis. The satoshi will act as our base accounting unit. You will buy goods and services and be paid in satoshis.”

In the future, with something like 20% of bitcoin missing or lost, this places the “total accessible” at “16.8 million” coins when BTC inflation ends. “The list of global value of all money totals about $1.8Q,” he estimates. On his way to making this BCH-like parallel, he does some calculations: “Global value of all money = $1.8Q; divide by 16.8 million bitcoins = $107,142,857; round result = $100,000,000/bitcoin; 100,000,000 satoshis per bitcoin; $100,000,000/bitcoin ÷ 100,000,000 satoshis per bitcoin = $1 per satoshi,” allowing for micro-transactions. That sounds very familiar, and BCHers don’t have to wait.

What are your thoughts on hyperbitcoinization? Let us know in the comments section below.

Images via Pixabay.

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A Look at the Long and Annoying Process of Claiming Bitcoin Forks

2018-07-08T03:47:00.001+05:00

Indian Police Seek to Sell Crypto and Bypass RBI Ban

2018-07-08T01:47:00.001+05:00

Indian police are reportedly facing a challenge of how to liquidate cryptocurrencies they seized since the country’s central bank, the Reserve Bank of India (RBI), has banned banks from providing services to crypto exchanges. The RBI ban is now in effect and a growing number of crypto exchanges have already announced they will no longer allow withdrawals from cryptocurrencies into rupees.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Court Permits Police to Liquidate Cryptocurrencies

In connection with a bitcoin scam, the Pune police’s “cybercrime cell has arrested 10 accused, including 35-year-old alleged kingpin Amit Bhardwaj and his brother Vivek Bhardwaj from Delhi,” the Pune Mirror wrote on Friday, June 6. Pune is the second largest city in the Indian state of Maharashtra, after Mumbai.

Amit Bhardwaj was arrested by the Pune police at the Delhi airport after returning from Thailand. “Two cases were registered against him in Nigdi and one in Dattawadi in Pune,” the Hindu clarified.

The Pune Mirror detailed:

During investigation, the cops seized 237.7392 bitcoins and 92.1 ethereum from the accused.

The news outlet further noted that “At conservative estimates, the cryptocurrency scam is worth Rs 35,000 crore [~5.1 billion].” The special investigation team (SIT) of the Pune police’s cybercrime cell subsequently “filed an application in the sessions court, seeking permission to sell the cryptocurrencies seized during investigation,” the publication conveyed.

In the document submitted to the court, the police asserted that to “protect the interest of investors…it has become imperative that the cryptocurrencies seized by the investigating machinery be sold or liquidated.” Citing the protection of “close to 8,000 investors, who were duped in the name of buying and investing bitcoins,” the news outlet elaborated:

The sessions court has allowed [the police] to sell off cryptocurrencies worth Rs 11 crore [~US$1.6 million].

Further Challenge Ahead

In their application to the court, before special sessions judge DG Murumkar, the police explained the difficulties of liquidating cryptocurrencies in India currently.

The central bank issued a circular on April 6, banning financial institutions under its control from servicing crypto companies. Banks had three months to stop providing services to companies dealing in cryptocurrencies, including crypto exchanges. The ban is now in effect.

The police’s document filed with the court reads:

The Reserve Bank of India has prohibited all the banks from providing services which include maintaining accounts, registering, settling, clearing, opening accounts of exchanges dealing with them and transfer or receipt of money in accounts relating to purchase or sale of virtual currencies.

The news outlet further detailed, “the cops also brought to the notice of the court that Zeb IT Services Pvt Ltd [Zebpay] and other cryptocurrency exchanges in India had issued notices to their account holders that they will be unable to liquidate cryptocurrencies held by them and withdraw balance in rupees since the banks will stop providing settlement services from July 6.”

Zebpay is one of India’s largest crypto exchanges in the country. The exchange announced on July 3 that it had stopped fiat deposits and withdrawals.

What do you think of RBI’s ban affecting the police? Let us know in the comments section below.

Images courtesy of Shutterstock.

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Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Cohort in FCA Sandbox, Central Bank Calls Crypto ”Fallacy”

2018-07-07T23:37:00.001+05:00

In recent regulatory news, U.K. minister, Eddie Hughes has published a report that advocates for the creation of a “Chief Blockchain Officer,” the U.K. Financial Conduct Authority has announced that a number of distributed ledger (DLT) companies have been accepted into cohort 4 of its regulatory sandbox, and Finland’s Central Bank has published a report calling cryptocurrency a “fallacy.”

Also Read: China Round-Up: Permissive Regulations Advocated, 3 Million Chinese HODLers, Xiaolai Recording Leaks

U.K. Minister Calls for Creation of “Chief Blockchain Officer”

Tory MP, Eddie Hughes, has distributed a report to other ministers titled “Unlocking Blockchain,” which advocates for greater adoption of distributed ledger technology in the praxis of government, and calls for the creation of a new government position of “Chief Blockchain Officer.”

Mr. Hughes argues that the Chief Blockchain Officer “should be appointed from within the government’s existing task force to coordinate the U.K.’s strategy regarding the application of DLT to public services and data.” The report argues that the position should be expanded to cover emerging technologies such as artificial intelligence as such converge with distributed ledger technology.

The report also advocates the establishment of a long-term target of “making a 1 percent efficiency saving” through embracing distributed ledger technology.

DLT Companies Enter FCA Regulatory Sandbox

The United Kingdom’s Financial Conduct Authority (FCA) has released a list of the 29 businesses “that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms.” The businesses accepted were among 69 firms that applied for cohort 4 of the regulatory sandbox.

A number of the firms are involved in the distributed ledger technology industry, including Blockex – a “platform that facilitates the issuance and manages the lifecycle of regulated bonds using DLT,” and Fineqia – a “blockchain-based digital platform that enables companies to issue and administer debt and equity securities, including bonds backed by cryptoassets.”

Other companies operating in the DLT sector that have been accepted in cohort 4 include Capexmove, Community First Credit Union, Etherisc, Fractal, Globacap, Natwest, Tokenmarket, Tokencard, Universal Tokens, Word Reserve Trust, and 20|30.

Bank of Finland Calls Cryptocurrency a “Fallacy”

Finland’s central bank has published a paper titled “The Great Illusion of Digital Currencies” that seeks to provide “analysis of digital currencies, including cryptocurrencies, and their potential as monetary instruments,” and claims it shows that “the concept of a digital currency is a fallacy.”

The report claims that currency comprises “a physical representation of a monetary unit of account,” and that such “cannot be digitized, as this would inevitably mean creating a financial record keeping system based on accounts.” Cryptocurrencies, the report argues, “are not currencies at all but accounting systems for non-existent assets.”

Do you think that the U.K. (and other jurisdictions) will soon appoint government positions tasked with overseeing the cryptocurrency and blockchain industries? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Wikipedia

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US Presidential Candidate Would Pardon Snowden, Ulbricht on First Day

2018-07-07T21:57:00.001+05:00

Wendy McElroy: The Free Market Can Provide Law

2018-07-07T20:07:00.001+05:00

The Satoshi Revolution: A Revolution of Rising Expectations
Section 4: State Versus Society
Chapter 9, Part 3
The Free Market Can Provide Law

Crypto is the Wild West, and there ought to be a law. I agree. But agreement is the beginning of a vigorous dispute.

It comes down to the question of “what is law?” Crypto may seem to be its own law and legal sanction. Those who use the blockchain consent; the protocol enforces its own consensus by virtue of participation. It is an elegant system, an elegant solution. But what happens when crypto meets the pavement? What happens when it intersects with the hyper-regulated real world in which we all deal? The response of sensible people may be to blow off the absurdity of the Kafkaesque world that surrounds us, but the concept of law as applied to daily life should not be dismissed. It plays an important role in human society.

Law should not be the entering edge of a situation because it is an organizing principle; this presumes there is something to organize, and it should follow ongoing arrangements. But, then, every once in awhile, a paradigm explodes and disrupts, well, the paradigm. Cryptocurrency exploded. Law has been scrambling to catch up ever since. And law should catch up. But the impact of that statement depends upon what is meant by the word “law.”

Government makes “law” into a synonym for legislation: that is, edicts imposed by self-interested elites who wield power in pursuit of their own self interest. That bastardizes the word “law” and perverts its true meaning. The use of the word becomes weaponized against crytpo by reference to child pornography, sex trafficking, drug addiction, and other issues that cause minds to cloud over. The issue is too important to allow that to happen.

The law should apply to cryptocurrency. But what is meant by “the law”? Government should not be allowed to monopolize the concept as it monopolizes so many other essentials of life.

The term refers to nothing more than the rules that identify and regulate a system. When the system is human society, discussions of law tend to become matters of power because some people want to dominate. Human society is accustomed to politicians and other thugs who make the discussion of rules devolve into making beneficiaries of some at the expense of others. This is a brick wall that anarchy hits in its attempt to redefine society for the benefit of the average person. WHAT ABOUT LAW, is the shouted response it encounters? What about crime and the resolution of dispute? Without government, it is said, society will descend into chaos. This is the script crypto encounters when it tries to enter the mainstream of society. What about the law?

And, the outcry has a ring of truth. As long as politicians define what constitutes law, then law will be the prerogative of government, and crypto will be an outlaw.

It is time to ask “What is the law?” and how is it administered. More specifically, is “law” the one area of human society that cannot be addressed by the free market? Can freedom provide law?

The inevitable objection is that law requires consensus. That may be true. But if law aims at nothing more than preserving person and property—law stripped to its essentials–requires a minimum of committee. You and your neighbor have a natural shared interest in not having your houses burned down, in not having your children kidnapped. A consensus among human beings who want a peaceful existence to raise a family is not a problem.

Yet a question seems to remain.

Can Freedom Provide Law?

The question has been discussed for centuries.

The Belgian-born classical liberal, Gustave de Molinari (1819-1912), respected the free market so deeply that colleagues called him “the law of supply and demand made into man.” Although he was highly praised in his day, Molinari has fallen into comparative obscurity. His legacy should be retrieved because he raised a pivotal question that deserves serious consideration. Why is the penultimate form of law—community security–a service that people believe must be provided government than by the free market? Apparently, it is too important for the free market to address.

Why? Whether the free market can provide law rests upon the question.

Molinari’s answer: Like every human necessity, security is best provided on a competitive basis with individuals possessing the authority to choose “yes” or “no.” In short, Molinari was a precursor to free-market anarchism. He is the first theorist to present a cohesive argument on how the free market could competitively provide law—which is defense and restitution—and do so not merely for individuals but for consenting collectives individuals who share territory.

This is what crypto requires. Not merely a free-market “law” that resolves individual disputes but a law that has communal and global application. Such rules have evolved many times in the past: measuring systems, electronic standards. The rules evolved because they made sense, and they filled a human need.

Molinari proposed a free-market rule of law writ large: a free-market alternative to “national defense.” He did so in an article entitled “The Production of Security” and in his book entitled Conversations on Economic Laws and Defense of Property.

“The Production of Security” (1849) challenged a dominant social theme. The influential 17th century philosopher Thomas Hobbes had originated some of the fundamental assumptions of Molinari’s day. Only through a social contract, only through the state could men live harmoniously.

Molinari argued the opposite. The natural impulse of man is to combine into society for mutual advantage. “[I]mpelled by the self-interest of the individuals thus brought together, a certain division of labor is established, necessarily followed by exchanges. In brief, we see an organization emerge, by means of which man can more completely satisfy his needs than he could living in isolation.” That organization is the free market, and it exists to satisfy the needs of man through a division of labor and exchange.

Molinari continued, “Among the needs of man, there is one particular type which plays an immense role in the history of humanity, namely the need for security. What is this need?” An individual needs to protect and preserve his person and property. Molinari was not naïve. He realized that “since…Cain and Abel,” there had been crimes “against the lives and property of individuals.” He acknowledged that Hobbes was correct on one point: Governments are established to address the need for security, or law. “Everywhere, men resign themselves to the most extreme sacrifices rather than do without government and hence security,” Molinari agreed. Nevertheless, men were incorrect in doing so because “they misjudge their alternatives.” Men would be best served by procuring their “security at the lowest price possible.” [Note: “price” refers not merely to money but to all costs involved in using a service, including convenience and efficiency.]

Molinari presented three alternative means by which a good or service could be produced.

The first is granting a monopoly to a privileged entity.

The second is through coercive production that is said to benefit society in general. The authority is in the collective.

The third is free-market competition. Here, the authority resides with the individuals who are called customers.

Molinari wanted the self-interest of the individual to determine law at the lowest price possible. He argued: “It always benefits a consumer for goods and services to remain competitive because ‘the freedom of labor and of trade’ provides the lowest price and the highest efficiency.” The interests of the consumer should “prevail over the interests of the producer.”

And, yet, because security is an essential “good” for society, it was and is assumed that security must be handled by government through monopoly or collectivization, and not through the free market.

He also sketched a blueprint of the alternative. What would a free-market security service look like? To begin with, it would focus entirely upon the protection of person and property. That is, it would protect the individual’s interest in safety from criminals and invaders rather than the interests of the state in preserving or extending its authority. This contrasts with a monopoly or collectivized production of security, which leads to external conflict (e.g., war with other nations over territory) and internal conflict (e.g., class warfare over domestic power).

In exchange for protecting individuals from aggression, the free-market agency would receive payment and function as a business. Customers would undoubtedly ask a series of questions of the provider, including if “any other producer of security, offering equal guarantees, is disposed to offer… this commodity on better terms…. In small districts a single entrepreneur could suffice. This entrepreneur might leave his business to his son, or sell it to another entrepreneur,” he concluded. “In larger districts, one company by itself would bring together enough resources adequately to carry on this important and difficult business. If it were well managed, this company could easily last, and security would last with it.” In short, Molinari envisioned a system of competing security providers that function much as insurance companies do today. He concluded, “Under a regime of liberty, the natural organization of the security industry would not be different from that of other industries.”

The foregoing discussion provides nothing more than a general sense of the theory and spirit underlying the call for the competitive provision of security. As such, it is unlikely to convince anyone. But it raises important questions and places the burden of proof upon free market skeptics who argue for a monopoly or communistic production of security. The burden they shoulder resides in the question, “Of all services essential to man, why is security better provided by the state than by the free market?” If the free market can deliver the source of life to your doorstep—food, heat, shelter—why can’t it protect those sources of life?

Taken down a lot of notches, what would free-market law look like? How would it apply to cryptocurrency? It is uncharted territory. Time to get out a chart.

[To be continued next week.]

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters

Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

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The Daily: Bitcoin Enters Indian Politics, Blockchain Obsession Grows

2018-07-07T17:17:00.001+05:00

On the backdrop of recent developments concerning the status and the future of cryptocurrencies in India, Bitcoin has been dragged into a political scandal between the country’s two major parties. We’ve covered the story in today’s Bitcoin in Brief. Also in the daily, check the details around some BCH-related projects and services, as well as the latest incarnations of the blockchain technology.

Also read: Bittrex Invades Europe and Blockchain Gets Raunchy

Bitcoin in a Blame Game

With all the emotion surrounding the fate and future of cryptocurrency in India, it was just a matter of time before Bitcoin entered big politics and big scandals in Delhi. This week, the Indian National Congress (INC), one of the two leading parties in the country, accused its major political opponent, the ruling Bharatiya Janata Party (BJP), of being complicit in a “bitcoin scam”. On Thursday, INC spokesman Shaktisinh Gohil demanded a judicial probe into an alleged money-laundering scheme using the cryptocurrency.

A Massive Bitcoin Scam of more than ₹5000 Cr has surfaced in Gujarat https://t.co/KR74Xc7skM via @Siyasat Network
— Shaktisinh Gohil (@shaktisinhgohil) July 6, 2018

During a press conference, the Congress representative claimed BJP leadership participated in a scam in the state of Gujarat involving the conversion of “black money” through hawala and bitcoin transactions. According to Gohil, the “massive multi-layer extortion and hawala scam” was carried out by some top BJP leaders to the tune of at least 5,000 crore rupees, almost $730 million, Crypto News reported. However, he also quoted local press mentioning figures of up to 88,000 crore rupees, close to 13 billion USD.

One of the main allegations is that BJP politicians have used bitcoin to convert illicit money and transfer them to businessmen in Gujarat during the demonetization, which was used as a cover. “We demand an impartial Supreme Court-monitored judicial investigation in this maze of ‘mega bitcoin scam’ so that the truth comes out,” Shaktisinh Gohil insisted, quoted by Indian media. BJP spokesperson Anil Baluni has since rejected the allegations calling them laughable. “The dirty tricks department of the Congress is at work to spread confusion and lies,” he said.

Blockchain Craze Goes On

While the Indian political class is exploiting bitcoin as a modern weapon in its never-ending wars, the government administration in Delhi has expressed willingness to explore the technology underpinning the cryptocurrency. The latest idea is to use blockchain in the management of fertilizer subsidies. The National Institution for Transforming India has recently signed a statement of intent to collaborate with Gujarat Narmada Valley Fertilizers & Chemicals on a solution to achieve that. The two organizations hope to create a proof of concept for an application that would improve the efficiency of the fertilizer distribution chain and increase the transparency of the subsidy system.

That’s not the only new blockchain-related development in the Agribusiness sector. It was reported this week that the UK’s Food Standards Agency (FSA) has completed a pilot program employing the technology at a cattle slaughterhouse. The FSA has experimented using blockchain technology as a regulatory tool in order to ensure compliance in the food sector.

“This is a really exciting development. We thought that blockchain technology might add real value to a part of the food industry such as a slaughterhouse, whose work requires a lot of inspection and collation of results,” said FSA information management head Sian Thomas, quoted by the specialized outlet Foodprocessing Technology. The news comes after reports of another crypto project in the food industry – an Israeli startup is working on creating a global vegan-friendly decentralized platform fueled by its own token, Vegancoin.

Some representatives of the higher education system are also fascinated by blockchain. The state-funded Financial University, an institution under the Russian government, has announced plans to store diploma records on a distributed ledger, RTT News reported. Starting this September, employers will be able to verify the authenticity of any digital diplomas issued by the university on its official website, which provides a convenient and fast verification service. The idea for the project came from students of the International Finance Faculty.

BCH Universe Expands

Cointext, a blockchain startup that has developed a service allowing offline bitcoin cash (BCH) transactions, announced it had closed a round of $600,000 in BCH seed funding led by the Texas-based venture capital firm Yeoman’s Capital. The platform allows users to transact cryptocurrency with any type of mobile phone over text messages, without the need for Internet. They can send BCH to phone numbers or BCH addresses communicating with the blockchain through an SMS gateway.

The beta release of the service was launched in March, as news.Bitcoin.com reported. The English language version is currently available in eight countries – US, Canada, UK, Australia, South Africa, Netherlands, Sweden, and Switzerland. No accounts, passwords, apps, or complicated cryptocurrency addresses are needed to use Cointext. Anyone can get a Cointext wallet by texting the word RECEIVE to the access number for their region, or when another user texts funds to their phone.

Another positive development involving Bitcoin Cash this week was the announcement that Japanese exchange and wallet provider Bitpoint had started accepting BCH through its Bitpointpay service. The application has been upgraded to add support for BCH payments as part of efforts to expand payment options. Its users can now initiate payments in three cryptocurrencies, including bitcoin core (BTC) and ethereum (ETH). Currently, the Bitpoint merchant app accepts payments only from Bitpay accounts but the team plans to allow transfers from any wallet in the future.

What are your thoughts about today’s news tidbits? Tell us in the comments section below.

Images courtesy of Shutterstock.

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PR: Titanic Explorer Joins PO8 – a Bahamian Company Using Blockchain to Recover Underwater Artifacts

2018-07-07T14:37:00.001+05:00

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Freeport, Grand Bahama – David Gallo, one of the most respected Oceanographers in the world has joined PO8, a marine archaeology start-up company in The Bahamas utilizing blockchain technology to unearth billions-worth of sunken artifacts and treasures from Bahamian waters dating back to the Spanish Galleon treasure ships of the Spanish Empire.

With the use of blockchain, PO8 will bring full transparency to all stakeholders including the government of The Commonwealth of The Bahamas, which for the last 18 years has held a moratorium over its territorial waters preventing underwater expeditions due to years of looting, corruption and lack of oversight.

Gallo, a 30-year veteran in Oceanography and formerly the Director of Special Projects at Woods Hole Oceanographic Institution in Massachusetts, will take on the role of Vice President for Exploration at PO8. His illustrious career includes serving as the co-expedition leader to create the first detailed and comprehensive map of the RMS Titanic and the successful international effort to locate the wreck site of Air France flight 447.

For Gallo, the idea of using blockchain for ocean exploration and re-defining ownership of recovered artifacts, is a turning point for the industry. “To me PO8 is the most exciting project to come along in decades,” says Gallo. “It encourages the development of new technologies and techniques for undersea exploration and visualization. In doing so PO8 will accelerate the ability to locate, document, and protect the precious artifacts of Bahamian undersea cultural resources. The waters surrounding the islands of The Bahamas are not only rich with shipwrecks but also
with unlimited treasures of the mind.”

Divisions between the marine archeology community and commercial salvage companies often hinder new exploration attempts, which can result in the loss of the artifacts to slow deterioration. For this reason, PO8’s Co-founder and CEO, Matthew Arnett believes bringing on industry veterans like Gallo, who recognizes the importance artifact recovery without affecting the archeological composition of shipwreck sites is paramount. “We’re thrilled to have Gallo join the core team. Gallo is an authority in the Oceanography field. He understands the importance of blockchain and the critical role it plays in innovation for our industry. It brings all stake holders together. Whether it’s transparent record keeping or changing the way artifacts are owned, blockchain provides tremendous benefits to our industry,” says Arnett.

One unique product PO8 is introducing is the Non Fungible Token or NFT and it’s PAZAR Marketplace. NFTs are created by using ERC-721 tokens on the Ethereum blockchain and represent digital ownership of physical assets like the underwater artifacts PO8 will be recovering. Each distinguishable NFT has a smart contract containing unique asset data cryptographically certified, confirming ownership of the physical asset. NFTs will allow for the the majority of PO8 artifacts to live on the blockchain and physically remain in the custody of the PO8 Foundation for continued studies by the archaeology community and to be exhibited in various museums worldwide, while the ownership of the asset can be from anyone around the the world. NFTs will be tradable on the PAZAR marketplace rolling out later in the year. PAZAR users will be able to buy, sell, auction, lease, trade and leverage their NFTs on the marketplace platform.

For the first exploratory mission, Gallo and the PO8 team has its eyes on a couple of target sites in The Bahamas. Without giving specific coordinates for security reasons, Arnett confirmed “We’ve already identified a couple of locations with cargo manifest records indicating the loads
are significant in value.”

PO8 is currently in the middle of a token sale, which is a form of crowdfunding for future expeditions by selling tokens. The practice is also commonly referred to as an Initial Coin Offering or ICO. PO8 is raising funds by selling utility tokens for future use of the PAZAR Marketplace. PO8 will be holding a Bahamas Independence Day special pre-sale promotion for it’s massive 100,000 plus community worldwide. To register for the token sale, visit https://tokensale.po8.io/.
Restrictions on certain countries apply.

About David Gallo
David Gallo is an American oceanographer. His PhD thesis focused on the subject of seafloor mapping with a wide-range of scientific tools. For nearly 30 years he was employed by the Woods Hole Oceanographic Institution in various positions, most recently Director of Special Projects. He was one of the first oceanographers to use a combination of manned submarines and robots to map the ocean world with unprecedented clarity and detail. He was a co-expedition leader during an expedition to create the first detailed and comprehensive map of the RMS Titanic and he co- led the successful international effort to locate the wreck site of Air France flight 447. He remains very active in undersea exploration, dedicated to education, and is an acclaimed international speaker.

About PO8
PO8 is a blockchain ecosystem tokenizing the recovery and ownership of underwater artifacts and treasures. Utilizing ERC-721 tokens, also known as Non-Fungible Tokens (NFTs), PO8 provides a unique way to track and verify ownership of assets. PO8 is also creating a first of its kind curated digital commodity marketplace allowing for the transfer of distinguishable asset backed tokens separately within smart contracts. The real ownership of an asset is now determined by its NFT. For more information visit www.po8.io.

Press Contact Email Address
press@po8.io
Supporting Link
https://www.po8.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Switzerland’s Main Stock Exchange Dives Deep Into Crypto

2018-07-07T09:27:00.001+05:00

Switzerland’s principal stock exchange has announced that it is building a platform for the trading, settlement, and custody of digital assets. This announcement follows reports of government officials working on giving crypto businesses access to banking services.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

SIX Launching Digital Exchange

SIX, the operator of Switzerland’s principal stock exchange, SIX Swiss Exchange, announced Friday that it “is building a fully integrated trading, settlement and custody infrastructure for digital assets.”

The SIX exchange is fully regulated by Swiss Authorities, the Swiss Financial Market Supervisory Authority (Finma) and the Swiss National Bank, as a Financial Market Infrastructure operator. The company plans for its new platform, called Swiss Digital Exchange (SDX), to “enjoy the same standard of oversight and regulation.”

Citing that SDX will bridge “the gap between traditional financial services and digital communities,” the company claims:

SIX Digital Exchange will be the first market infrastructure in the world to offer a fully integrated end to end trading, settlement and custody service for digital assets. The service will provide a safe environment for issuing and trading digital assets, and enable the tokenization of existing securities and non-bankable assets to make previously untradeable assets tradeable.

SIX CEO Jos Dijsselhof commented, “this is the beginning of a new era for capital markets infrastructures. For us it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.”

Will the Platform Trade Bitcoin Directly?

While the official announcement by SIX does not mention whether the platform will support the direct trading of cryptocurrencies, a few publications indicated that it will trade bitcoin and other cryptocurrencies.

Business Insider wrote, “SIX’s new platform, set to launch in the first half of next year, will offer end-to-end trading, settlement, and custody service for digital assets such as bitcoin and ICO [Initial Coin Offering] tokens.” The Financial Times wrote, “The platform being built by the Six exchange is designed to be used for cryptocurrencies such as bitcoin and will be based mainly on Blockchain distributed ledger technology.”

However, SIX clarified in a tweet:

First we will enable the tokenization of bankable assets like stocks or bonds and, potentially, at a later stage non-bankable assets. Whether we will also make cryptocurrencies such as bitcoin or existing ‘ICO tokens’ available, is still open.

Meanwhile, SIX has been maintaining Crypto Market Index 10. Its objective “is to reliably measure the performance of the largest and most liquid crypto assets and tokens and provide an investable benchmark for this asset class,” its website describes. “The prices for the crypto assets and tokens are obtained from multiple exchanges.”

Switzerland Wants to Become Crypto Nation

Recently, news.Bitcoin.com reported on government officials and bankers working on giving crypto businesses access to banking services since Swiss banks have reportedly been refusing accounts to crypto firms.

The country’s economic minister, Johann Schneider-Ammann, said earlier this year that his country wants to become the “crypto nation.” So far, the canton of Zug, promoting itself as the heart of “crypto valley”, has been attracting crypto startups with favorable tax and regulatory environment.

In February, Finma published guidelines for ICOs after seeing a sharp increase in the number tokens planned or executed in the country and a corresponding increase in the number of inquiries about the applicability of regulation.

What do you think of SIX launching a digital exchange? Do you think they will start trading bitcoin soon? Let us know in the comments section below.

Images courtesy of Shutterstock, Twitter, and the SIX Group.

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Draft Regulating ‘Electronic Money’ Prepared in Romania

2018-07-07T07:32:00.001+05:00

A draft ordinance aiming to regulate the issuance of “electronic money” has been presented in Romania. The document authored by the Finance Ministry specifies the entities that can act as issuers and clarifies the conditions under which e-money can be emitted. While it does not specifically mention cryptocurrencies, some of its definitions and provisions can affect digital coins and tokens.

Also read: Presidential Decree Sets the Stage for Legalizing Cryptocurrencies in Uzbekistan

Emergency Ordinance Aims to Regulate E-Money

The draft regulation released in Romania introduces definitions and rules regarding the issuing of what it refers to as “electronic money.” The “emergency ordinance”, published by the Ministry of Finance, proposes certain requirements for the issuers and tasks the Romanian National Bank (RNB) with the oversight of the process. The central bank will also be responsible for authorizing the issuing entities.

The document describes electronic money as “monetary value stored electronically, including magnetic, representing a claim on the issuer issued on receipt of funds for the purpose of performing payment transactions and which is accepted by a person other than the issuer of electronic money,” Business Review reported. The description covers some aspects of cryptocurrencies and can potentially influence the status of digital tokens minted through initial coin offerings, although these have not been mentioned explicitly.

According to the draft text, any legal entity considering the issuance of electronic money must have a share capital of at least €350,000 EUR. Each member of a given organization should also be verified and approved by the central bank in Bucharest which will check the tax and legal records. The financial institution will issue authorizations valid for a period of 12 months. The companies will have to perform annual audits and file reports with the RNB.

The Finance Ministry has also listed several types of organizations that can emit electronic money. These include credit institutions, other entities authorized as issuers and providers of postal services issuing electronic money under the applicable national and European law, when they do not act as monetary authorities or exercise public authority.

Romanian Central Bank to Authorize Issuers

The National Bank of Romania will grant authorizations after reviewing each application within three months of its filing. It will authorize only entities that are able to prove they have established prudent and sound management, carefully designed electronic money issuance process, clear organizational structure with well-defined responsibilities and effective procedures to monitor and manage risks.

The central bank will have the power to cancel any authorization if the respective entity is not issuing electronic money on the territory of Romania or does not start doing so within 12 months after receiving permission. Authorizations would be withdrawn if they were obtained on the basis of false information or through illegal means. The same will happen if an e-money issuer no longer meets the requirements of the regulation or if its activity endangers the stability of the country’s payment system.

Last but not least, the ministry warns that the unauthorized issuing of electronic money is punishable by Romanian law, either by imprisonment of up to 3 years or by fine. Only three entities are currently emitting digital currencies in the country – Capital Financial Services SA, Vodafone Romania M-Payments Ltd. and Orange Money Ltd.

Cryptocurrencies Deemed a Security Problem

The e-money regulations have been proposed just weeks after the governor of the National Bank of Romania, Mugur Isarescu, made a statement against cryptocurrencies. Last month, he said it was hard to believe they could become actual money as they were unable to fulfil the basic functions of fiat currencies. In his opinion, the biggest problem with cryptocurrencies is the lack of a trusted issuer: “It’s not clear who the issuer is. From this perspective, it’s even a security problem.”

Isarescu added that cryptocurrencies could hardly be a means of exchange, noting the limited number of transactions and the insignificant number of retailers accepting bitcoin. The banker explained that the payments with virtual currencies take more time and cost more than the existing payment options. However, like many of his colleagues around the world, the governor suggested that the technology behind cryptos, blockchain, should be explored.

In February, BNR said it classifies digital currencies like bitcoin as volatile and risky speculative assets, stating that it discourages any involvement with them. The warning was also addressed to the country’s legacy financial institutions which were advised against providing services to entities investing or transacting in cryptocurrencies. In May, the oldest Romanian crypto trading platform, Btcxchange, shut down after Idea Bank closed its bank account in January.

Bitcoin, however, has been gaining popularity in Romania over the past years. A poll conducted in March found that more than half of Romanians living in the cities know about cryptocurrencies and half of the respondents under the age of 40 want to use them to pay for goods and services. According to local media, at least six crypto ATMs are currently operational in the country, most of them are located in the capital Bucharest.

Do you expect Romania to legalize cryptocurrencies and regulate coin offerings? Tell us in the comments section below.

Images courtesy of Shutterstock.

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China Round-Up: Scholar Advocates Permissive Regulations, 3 Million Estimated Chinese HODLers, Xiaolai Recording Leaks

2018-07-07T05:37:00.001+05:00

In recent Chinese cryptocurrency news: a prominent scholar has advocated that China adopt a permissive regulatory apparatus, drawing influence from Japanese and U.S. legislation. Research conducted by the International Monetary Institute at Renmin University of China has estimated that the number of Chinese bitcoin investors exceeds 3 million, and an audio recording of famed bitcoin millionaire, Li Xiaolai, giving a scathing appraisal of several leading altcoins has been leaked.

Also Read: Huobi Launches in Australia Offering 10 AUD Pairs

Chinese Scholar Advocates Permissive Regulatory Framework

The vice president of the Internet Finance Law Research Institute of the Beijing Law Society and professor of finance at the China University of Political Science and Law, Hu Jiye, recently advocated that China develop a permissive, western-styled regulatory apparatus pertaining to cryptocurrencies.

During a recent interview with Chinese media outlet, Dayqkl, Mr. Jiye praised the regulatory efforts of Thailand and the United States, and described Japan’s current legislative apparatus as the most advanced globally.

Of recent Thai regulations, Mr. Jiye stated “In my opinion, the Thai government is taking a rather proactive approach towards regulating the field of cryptocurrencies. Relevant legislation reflects the combination of prudential supervision and innovative promotion. If a digital currency tends to be used in an indirect financing market, it is more likely to be defined as a currency; and if a digital currency is more used in the direct financing market, its securities attributes are stronger.” Mr. Jiye also expressed reverence for the Japanese regulatory regime for activities related to virtual currencies, describing such as the most advanced globally.

Ultimately, Mr. Jiye advocated that China’s regulatory institutions adopt a permissive regulatory apparatus drawing upon the achievements of the aforementioned jurisdictions, proposing the development of unified regulations developed by China’s central bank, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission. “We should gradually build a mature legal system for blockchain finance and digital currency regulation and I believe blockchain finance and digital currency industry have great development potential in China,” he stated.

Number of Chinese HODLers Estimated to be 3 Million

According to Chinatimes, Li Honghan, a research at the International Monetary Institute of Renmin University of China, recently discussed the current state of cryptocurrency in China whilst speaking at the “New Financial Trends and 2018 Financial Technology Summit” in Beijing.

Despite China’s prohibitive policies regarding cryptocurrency exchanges and initial coin offerings, Mr. Honghan estimates that more than three million Chinese citizens presently own bitcoin. With China’s current population estimated to be nearly 1.38 billion, Mr. Honghan’s estimates would suggest that 0.2174% of Chinese citizens own bitcoin.

Mr. Honghan also predicted that distributed ledger technology will revolutionize the copyright, financial data, and securitization industries in China.

Recording of Li Xiaolai Offering Scathing Appraisal of Several Leading Altcoins Leaks

An audio recording of Li Xiaolai, a man described by South China Morning Post as “China’s most high profile bitcoin tycoon,” has been leaked. In the recording, the bitcoin millionaire gives a critical assessment of China’s cryptocurrency sector, describing many of the industry’s leaders as “cheaters.” The Bitfund founder also criticizes a number of leading cryptocurrencies by market capitalization and trade volume – particularly Qtum (of which he was involved with promotion), Neo, and Litecoin.

Mr. Xiaolai asserts that very little money can be made in a bear market, arguing that prominent crypto figures should seek to amass a large social following during cryptocurrency’s winter seasons – and seek to capitalize upon such during bull markets.

The Bitfund founder also describes retail investors as “leaks” – a derogatory term referring to inexperienced traders who are “harvested” by experienced investors with deep pockets.

Do you think that China will eventually move towards adopting a permissive regulatory apparatus regarding cryptocurrencies? Share your thoughts in the comments section below!

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Europe’s Top Speed Trading Firm Flow Traders Joins the Crypto-Economy

2018-07-07T03:32:00.001+05:00

This week one of Europe’s largest speed trading platforms and exchange-traded fund (ETFs) dealers, Flow Traders NV, announced the firm is entering the cryptocurrency space by offering bitcoin and ethereum exchange-traded notes (ETNs) to its clientele.

Also read: Switzerland Considers Granting Crypto Businesses Access to Banking Services

Speed Trading Platform Flow Traders Enters the Cryptocurrency Trading Ecosystem

The Amsterdam market maker, Flow Traders, provides liquidity to its customers by providing traders bid and offer prices for Exchange Traded Products (ETPs). Flow Traders was founded in 2004 and has become one of the top ETP exchanges in Europe, pulling in over €250 million in revenue per year. Now the trading platform has announced it’s entering the cryptocurrency space by providing customers ethereum and bitcoin ETNs. According to Flow Trader’s Co-Chief Executive Officer Dennis Dijkstra, the company’s trade volumes have “dramatically increased.”

“People underestimate crypto,” Dijkstra explains during an interview on July 6.

It’s big, and it is to be regulated very soon. The market participants are much more professional than people think. Institutional investors are interested — we know they are because we get requests.

High-Frequency Traders Polarized by Bitcoin

Speed trading otherwise known as high-frequency trading (HFT) is a technique that uses algorithmic swaps to trade products at high speeds, and fast turnover rates. Typically HFT operations trade extremely large volumes of trades which in turn makes up the low margins offered by the exchange. Flow Traders is not the first high-speed trading company that’s entered the cryptocurrency ecosystem. Five well-known HFT dealers Tower Research, Susquehanna, Jump Trading, DRW Holdings, and Hudson River are selling cryptocurrency products to clients as well. The proprietary trading firm DRW Holdings claims its been swapping cryptocurrencies since 2014.

“What’s surprising me is how polarizing bitcoin is,” Bobby Cho the head of over-the-counter trading DRW’s OTC subsidiary Cumberland Mining.

Everyone has a viewpoint on bitcoin, whereas with other asset classes you either care or you don’t care.

Focusing on the New Asset Class

Flow Trader’s Dijkstra details that the firm has been hedging its bitcoin (XBT) and ethereum ETNs with CME Groups and Cboe’s XBT products. The XBT provider’s managing director at Coinshares Ltd., Laurent Kssis, says with firms like Flow Traders purchasing ETNs they continue to see steady institutional demand for their cryptocurrency exchange-traded notes.

“With the growing interest from institutional clients willing to invest in digital assets, I can see why so many proprietary trading businesses are now focusing on this new asset class,” Kssis added.

What do you think about Flow Traders getting into dealing with cryptocurrency ETNs and futures products? Do you think more HFT platforms will flock to digital assets? Let us know your thoughts on this subject in the comment section below.

Images via Shutterstock, and Flow Traders.

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Markets Update: Cryptocurrency Prices Rebound During the First Week of July

2018-07-07T02:17:00.001+05:00