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“To trade or not to trade?” or How Chinese Exchanges Overcome the bitcoin Ban?

*It is a wide-known fact that China had banned bitcoin exchanges. The reason for this ban is the government’s statement that frauds and money laundering took place on the exchanges.* Before these bans, China had a trustworthy role as one of the biggest **cryptocurrency** trading markets. At the same time, this country is ahead with the mining business and became, actually, one of the cente...

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Norwegian airline’s customers may be able to purchase flight tickets with bitcoin

...from our side,” said the NBX’s CEO in the interview. Crypto-airline collab may widespread advanced solutions this spring. The project will be likely rolled out as early as next month but it is still unclear which digital currencies apart from bitcoin will be accepted. Although bitcoin is the best-known digital currency, there is a possibility that the list of supported cryptocurrencies will...

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SEC representative "hopes" bitcoin ETF will be approved

In a recently published interview Robert J. Jackson Jr., a commissioner at the U.S. Securities and Exchange Commission (SEC), has announced his expectations regarding bitcoin Exchange-Traded Fund (EFT). He hopes that soon the time will come and someone will satisfy the standards set by the SEC. As you may know, there was a number of bitcoin-based ETF proposals filed with the SEC in order to re...

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bitcoin Mining Faces Rumors in China

Major bitcoin mining companies in **China** were shocked by the news about power cancelation. Rumors claimed that the power companies are up to cutting off electrical supply of the mining rigs. However, soon after this report was promulgated, the information changed drastically. Sichuan Electric Power company published an article where **bitcoin mining** was indicated as an illegal activity a...

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In 2020 Starbucks will allow you to buy coffee using bitcoin

...thousands of people will be able to buy their coffee paying with cryptocurrency. **The largest coffeehouse chain Starbucks entered into a partnership with Bakkt, a digital assets trading platform, to allow its customers to pay for a coffee using bitcoin.** Bakkt is launching a crypto consumer app and merchant portal to enable cryptocurrency transactions for retail customers. Bakkt’s obje...

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Chinese court: bitcoin is a property with "economic value" and must be protected by law

Recently a **Chinese arbitration court stated that crypto-assets such as bitcoin have to be considered as property**, regardless of the infamous internal restriction on cryptocurrencies and other digital assets. As it was reported by a local newspaper, the Shenzhen Court of International Arbitration decreed that cryptocurrencies supposed to be legally treated as a property with “economic val...

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Tierion: utilizing the bitcoin blockchain to verify documents

**What Is Tierion?** The Tierion project utilizes **bitcoin’s blockchain to verify documents.** The platform accomplishes this task through a process known as anchoring. Anchoring links documents to exact blocks in bitcoin’s blockchain. The anchored documents are then verifiable at any time without the need of a trusted third-party. Let’s take a moment to examine this unique platform an...

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Lolli: how legit is the customer loyalty program that rewards users in bitcoin

...ine. Even better, imagine getting paid in cryptocurrency while shopping online. Sound good? A new customer rewards platform called Lolli thinks so and is paving the way for a new cryptocurrency cashback model. Or perhaps it should be coined the new bitcoinback model? Either way, users of the service will receive rewards in bitcoin when shopping at one of Lolli’s participating online retailers. ...

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Legal bitcoin to be!

The recent research, conducted jointly by Blockchain analytics company Elliptic, researchers from Massachusetts Institute of Technology (MIT) and tech giant IBM, showed an overwhelming bitcoin transaction clearness. The aforesaid partnership was organized in order to use deep learning developments and analyze bitcoin transactions in the context of measures to detect illicit activities, such a...

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bitcoin and its possible impact on insurance

...hout having to spend too much money or wait too long for a reply. International financial transactions have also become more straightforward and hassle-free. One of the significant technological strides in the financial sector is the invention of bitcoin. **bitcoin is a new type of currency which can be used in financial transactions without the need for a middleman** (usually banks). bitcoin w...

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The government of Zimbabwe is willing to treat bitcoin same way Switzerland does

Recently **Mthuli Ncube, the new minister of Finance in the Republic of Zimbabwe has stated that it is in the country’s interest to enforce bitcoin at a national level**,similar to the way Switzerland does. Referring to the Swiss central bank’s “investment and understanding” in bitcoin, the financial minister said he will communicate with the Reserve Bank of Zimbabwe (RBZ) to follow t...

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Israeli court determined bitcoin as an asset

An Israeli court has recently ruled that bitcoin is an asset and not legal currency. This is crucial a decision since it means profits earned selling cryptocurrency will now be liable to capital gains tax. Lod’s Central District Court rejected an appeal from a founder of a crypto startup who argued that profits from the sale of cryptocurrency should be exempted from taxes. The claimant state...

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Is Accepting bitcoin a Reasonable Choice for Banks?

The buzz around the **cryptocurrencies** remains and we understand the mixed feeling about it. Many people still think it is just a bubble, whereas others believe that **bitcoin** is the new fiat. Unfortunately, nobody can predict all perspectives for sure and all we have is a forecast and assumptions. The rapid growth of the bitcoin rate and dozens of successful ICOs made many entrepreneurs...

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Possible Effects of bitcoin Halving

March, April, and May were major months for bitcoin (BTC). After a big price dive on March 12th, bitcoin slowly recovered to almost $10,000, where it was before the coronavirus world-wide pandemic crushed into the economy. A large portion of the increase came in the days preceding and following the bitcoin halving last week. In the middle of the May the rewards that bitcoin miners receive in ...

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bitcoin and cryptocurrency litigation

...addition of shops that credit virtual currency as payment. ***Top Cryptocurrencies*** Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and show their current value in dollars. Among the top cryptocurrencies are bitcoin, Ethereum, and Litecoin. * ***bitcoin (BTC).*** It remains to be the most popular form of cryptocurrencies. bitcoin price is at $6,573.69 p...

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Crisis Impact on Crypto Lending Sector

...e most affected sectors has been global financial markets. This has also been true in the cryptocurrency industry. Everyone is aware that the crypto lending sector has gained a reputation for resilience amid market downturns. While a majority of bitcoiners and other crypto advocates believed that cryptocurrencies would act as a safe haven during times of crisis, the opposite has proven to be t...

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How political unrest affects cryptocurrency?

...icult to quantify the ways in which political instability can affect the financial systems, there is doubt about the interdependent nature of finance, government, and politics. But what effects the political upheaval has on cryptocurrency? Since bitcoin and digital currency is a relatively new phenomenon, the effects of political events on cryptocurrency have not been closely studied. However,...

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China to become the first country to issue state-owned cryptocurrency

...come into effect on January 2020. The regulations introduce new standards for the function of cryptography. However, such positive announcements and developments in relation to the blockchain technology do not necessarily mean that China supports bitcoin and other similar cryptocurrencies. Perhaps, China’s bitcoin ban might be just one of the security measures which the government sees as...

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Outbreak of Crypto Frauds Amid Coronavirus Outbreak

...are used in order to steal passwords, money, and cryptocurrencies, or hold user files to ransom. The City of London’s National Fraud Intelligence Bureau (NFIB) has tracked 21 coronavirus scams since February, with a small number asking victims for bitcoin. It reports that non-crypto schemes have managed to scam around £800,000 so far. Crypto currency related scams have forced many countries ...

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Attempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule

...ch includes both crypto businesses and exchanges — to comply with FATF-ready AML rules. Additionally, to adapt FATF directive requirements, Singapore set its Travel rule threshold at around $1000 (SG $1,500). In 2017 Japan started acknowledging bitcoin and its crypto derivatives as property within Japan’s Payment Services Act. In addition, Payment Services Act calls for local crypto busines...

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Pandemic effect on Cryptocurrency markets

...* Many are stunned by the fear of the world economy to slow down, which is, therefore, affecting the stock prices to dip down. Reports suggest that the S&P 500 index has gone red with 10% since January 2020. Before Black Monday, when the price of bitcoin dipped below $4,000, indicating that cryptocurrencies are not immune to the influence — and downturns — of traditional financial markets, ...

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Russia adopting three-tier cryptocurrency regulation

... each type of crypto assets, it will be easier to clarify the right law and remain compliant. Under the three-tier regulation, cryptocurrencies are differentiated as: **Virtual Assets** - cryptocurrency that is used to transfer values (e.g. bitcoin) **Technical Tokens** – utility/technical tokens (e.g. Ethereum) **Digital Finance Assets** - ICO tokens. It worth noting that man...

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Crypto aspirations: North Korea is holding cryptocurrency conferences

...Korea is seeking to develop a “token based on something with physical value” and which would be designed for DPRK banks, companies and organizations. One of April’s conference attendees revealed that the **Government is interested in using bitcoin as a substitute for SWIFT**. Indeed, many international experts expressed concerns that North Korea may be intended to use bitcoin to get arou...

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Compliance deadline of January 2020: Crypto exchanges implement FATF anti-money laundering standards

...ons. Applying the “travel rule” can be quite challenging: unlike the bank transactions containing IBAN code, there is no information about the identity and location of the customer in a crypto transaction. As cryptocurrency’s address (e.g. bitcoin) consists of random characters, the only option to tie it with the identity of the owner is the owner’s consent to share his or her details....

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Legal salary in crypto. New Zealand experience

...said changes were implemented by New Zealand’s tax authority under the Income Tax Act with regard to section RD 3. The Inland Revenue Department (IRD) states that released rules applies to salaries and wages paid up in cryptocurrencies such as bitcoin, Ethereum or other. An employee can receive salary in crypto assets as long as payments are made regularly, the amount is fixed and employment...

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Albania is preparing a legal framework for virtual assets

In 2017, the Albanian Central Bank issued a warning to citizens that digital currencies like bitcoin were not under the direct supervision of the domestic banking sector regulations and that such assets carried high levels of risk. **Currently in Albania are no law providing for the regulation, prohibition or penalty in connection with virtual assets and related services.** But to change that...

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The UN warns on North Korean Crypto Conference

...as been previously reported, North Korea will host its second blockchain conference that will take place in February. The event is being arranged by Alejandro Cao de Benos, a president of the Korean Friendship and Chris Emms, a business developer at bitcoin.com. This January, the United Nations warned people not to attend the upcoming North Korean Crypto Conference and openly stated that attend...

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UK FCA issued clarifications of cryptocurrency regulations

...y be expected, the final guidelines do not significantly change the regulatory ground, instead these specify when certain types of crypto assets fall under existing categories. In these guidelines, the FCA determined main cryptocurrencies such as bitcoin and Ether as “exchange tokens". The regulator highlighted that such digital currencies do not fall under the regulatory scope of the FCA, ho...

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Crypto-Friendly bank ‘freeze’ bank account

... be viable.** If the bank restricts your cryptocurrencies purchase, cryptocurrency brokers are a good way to buy cryptocurrencies. Peer-to-peer cryptocurrency websites are very popular. These services connect you to other people who wish to sell bitcoin or other cryptocurrencies. Considering above mentioned and fact that every situation is being solved on case by case basis, the outcome of ...

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Japan's Financial Services Agency is ready to approve crypto exchange-traded funds (ETFs)

... previously had a brokerage account. In the U.S., certain number of individuals are preparing to initiate such crypto products, although the SEC (Securities and Exchange Commission) has not yet allowed any of it. In August 2018, SEC has dropped 9 bitcoin ETF applications in order to prevent fraudulent and manipulative acts and practices. Stay with Offshorelicense in order to be updated with ...

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FCA is planning to restrict crypto derivatives

...consumers. These are complex contracts built on top of complex assets."* A decision to discuss the ban of crypto derivatives was previously announced by the FCA last November. It became even more relevant due to a recent variation in the price of bitcoin and its general volatility. Global regulators have long encountered difficulties with derivatives related to crypto assets because of the w...

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Crypto exchange industry is not as compliant as it appears to us

...urns out that this is entity formed in some dodgy jurisdiction and you don’t know who is the owner, it’s very difficult to have recourse.”* This type of business structure can possibly create more lawsuits, similar to the famous one against bitcoin Market, filed in November 2018. It is still unclear whether Oklahoma, where the exchange owners reside, is the correct jurisdiction for this c...

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How Brokers in China Feel After the Website Blocks

We have already informed you regarding the latest **Chinese website restrictions** that occurred due to lack of information towards the financial regulator. Soon after the government **banned bitcoin and other cryptocurrency exchanges**, followed by the bans of other trade platforms. It affected all FX and trading platforms without ICP certificates. Trading community stated that the access to...

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Virtual Currencies’ Control in Singapore

...cies. Singapore took up an interesting position: this jurisdiction accepts innovations and helps them to develop, and at the same time makes sure that illegal actions using these innovations are limited and reversed. Furthermore, controlling **bitcoin** currency transactions is not an easy task. The **Monetary Authority of Singapore** chose quite a challenge by stating their obligation to co...

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A raising trend of investment scams in Australia

... that current level of fraud schemes, associated with cryptocurrencies, is alarming. Early this year, Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victorian government, announced its concerns about bitcoin scams. The above-mentioned regulator received reports of people being deceived through fake cryptocurrency websites. Recently in Australia...

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Hedge fund billionaire joined crypto market

...pto market.** Cohen through his venture capital firm, Cohen Private Ventures, made a significant investment in cryptocurrency-focused hedge fund Autonomous Partners, as was stated in the Fortune [article](http://fortune.com/2018/07/12/steven-cohens-bitcoin-crypto-autonomous-partners/){._blank} published on the 12th July. The amount of the investment is not revealed yet. Arianna Simpson, a vent...

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Why cryptocurrency is the future of electronic cash systems

In this article, we’ll look at why cryptocurrency is the future of electronic cash systems. Why it should become the most widely-used type of payment–and how this could impact the future of the global economy. We’ll also discuss why the bitcoin dip and other market factors present both challenges and opportunities. **Consumer Benefits of Cryptocurrency** Since the beginning of the 21...

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Decentralized Internet – affordable resources and privacy on the web

...Finally, the Filecoin project developed by Protocol Labs represents another popular choice. ***Decentralized Internet – Concluding Thoughts*** To some extent, decentralization resides in the eye of the beholder. The blockchain network for bitcoin is decentralized in terms of the consensus algorithm. But given the cost of hardware resources and electricity, wealth is required to mine it....

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5 signs of booming blockchain innovation in Australia

...The Australian Securities Exchange (ASX) already been listing cryptocurrency exchanges and blockchain companies since 2014, but they’re actually migrating their entire infrastructure to blockchain by 2020. We’re not just talking about listing bitcoin or other digital assets here. The country’s main stock exchange will embrace blockchain technology entirely. The plan is to implement a post...

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How blockchain will combat bias in news reporting

... centralized, ad-funded news, decentralized news outlets are not subject to advertiser bias. By handing control of news promotion and censorship to a decentralized blockchain community, Civil and DNN secure the news itself. In much the same way that bitcoin and other blockchains are vulnerable to a potential 51% attack, the decentralized news would need 51% of its network to agree to promote “ba...

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Polymath CEO Trevor Koverko on smart investing, secret societies, and security tokens

...CoinCental’s Christina Comben squeezed a few minutes of Trevor’s time at the World Blockchain Forum in London, and here’s what we found out. **He Makes Smart Investment Choices** Active in crypto since the early days and buying his first bitcoin on eBay, Trevor is famous for investing in early ICOs, including MasterCoin, Ethereum, ShapeShift, and EOS. Before that, he was in Silicon Val...

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Cryptocurrency: what are your options?

...e addition of shops that credit virtual currency as payment. **Top Cryptocurrencies** Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and show their current value in dollars. Among the top cryptocurrencies are bitcoin, Ethereum, and Litecoin. * -bitcoin (BTC). It remains to be the most popular form of cryptocurrencies. bitcoin price is at $6,573.69 per c...

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Bitmain's IPO: looming threats and insights from a Bear market

When bitcoin mining and ASIC miner-producing juggernaut **Bitmain** released its IPO prospectus to the Stock Exchange of Hong Kong in September 2018, the world got to take a peek at some wild growth rates in the cryptocurrency industry not purely linked to astronomical gains from market speculation. The most impressive component is the leap from Bitmain’s 2016 revenue ($278M) and profit ($11...

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What is coin selection and why does it matter?

**Coin selection is the process that describes how the algorithms driving bitcoin choose which of your bitcoins to spend when you approve a spending transaction.** If you have 1.2 BTC in your wallet and you pay out 0.3, you have 0.9 BTC left, right? Well, yes. But it isn’t necessarily that simple. After all, you can have $100 in your physical wallet. That $100 could comprise two fifties...

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Herding in the most volatile market in decades

...n between price and volume is 0.66, this means that both price and volume follow each other especially over a longer term, but this does not explain which one causes the other. The graph below shows a scatter plot of the volume and closing price of bitcoin, with volume being scaled down by a factor of one hundred thousand, in order for the data to fit into the chart. Using other mathematical p...

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FATF is planning to release International Crypto Regulation by next summer

...above-mentioned regulation will face restrictions, and be added to a FATF blacklist. FATF shall require relevant firms across the globe to become duly licensed and regulated in attempts to prevent money launder by the way of cryptocurrencies like bitcoin and Monero. Initial coin offerings will be subject to the same regulations.

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Attention! New guidelines for crypto holders were announced by the UK Tax Agency

...to note that the above-mentioned report explains that the method of token treatment depends rather on the token’s use case, than its definition. HMRC stated that the guideline takes into account the taxation of exchange tokens (like Ethereum or bitcoin) and does not particularly treat utility or security tokens. For utility and security tokens it provides basic principles. The report goes ...

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Ethereum has attracted considerable interest of the CFTC

...integrity of the derivatives markets as well as monitoring and reducing systemic risk by enhancing legal certainty in the markets. The RFI seeks to understand similarities and distinctions between certain virtual currencies, including here ether and bitcoin, as well as ether-specific opportunities, challenges, and risks.”* The questionnaire consists of 25 various questions about Ether and the...

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Japan Virtual Currency Exchange Provider’s License

...ncy of the Payment Services Act. There are two types of Virtual Currency that are described and regulated by the mentioned Act. In short, they are: A currency that has financial value and can be used to pay for goods and services (for example: bitcoin, Litecoin, Ether etc.); A currency that can be exchanged with the virtual currency that falls under the first description. That said, a...

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Switzerland Crypto License

...et by each canton. Overt he past few years, Switzerland, and in particular the canton of Zug, has become the world center of business in the field of cryptocurrency. The Canton of Zug is sometimes called the crypto capital of the world and many bitcoin service startups are located there, including Xapo, Shapeshift, Ethereum, Monetas, and bitcoin Suisse. This situation is the result of several...

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