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  • Report: Israeli Cryptocurrency Traders Locked Out of Banking System

    After being unable to deposit profits, Israeli cryptocurrency traders are looking for answers from banks and regulators.

    Aug 9, 2019
  • 3 Reasons Bitcoin Is Turning Into a Global Safe Haven for Investors

    Let’s take a look why Bitcoin price is rising as a result and why investors are increasingly considering taking shelter in Bitcoin.

    Aug 9, 2019
  • Bitcoin Outshines Gold Amid Risk Aversion in Financial Markets

    Bitcoin is outperforming gold amid heightened uncertainty in the global markets.

    Aug 9, 2019
  • Korean Financial Regulator Planning to Directly Regulate Cryptocurrency Exchanges

    The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has disclosed a plan to directly regulate cryptocurrency exchanges and bring them into the regulatory system. Currently, the FIU indirectly controls cryptocurrency exchanges through administrative guidance to banks. An FIU official said on Aug. 6 that the government will enhance the transparency of cryptocurrency transactions by introducing a “cryptocurrency exchange licensing system” recommended by the Financial Action Task Force (FATF). Lee Tae-hoon, head of administration and planning at the FIU, said, “If an amendment to the Act on Reporting and Use of Certain Financial Transaction Information, which reflects the FATF’s international standards for cryptocurrencies, passes the National Assembly, it will be possible to prevent money laundering through cryptocurrencies.” Lee was speaking at a public hearing on the enactment of a law to improve transparency in virtual asset trading held at the National Assembly Member’s Office building. “If the amendment is approved by lawmakers, we can raise the effectiveness of regulations by shifting from the current indirect regulation through commercial banks to direct regulation,” Lee said. In this regard, crypto…

    Aug 7, 2019
  • The City of Seoul Will Create a Cryptocurrency for Citizen Rewards

    The Seoul Metropolitan Government will establish its first blockchain-based administrative services in November, according to a report in the Korean-language blockinpress. At a conference held last month and attended by city officials and representatives of the private sector, specifics of the roll out were discussed, with timelines and goals established. The meeting seemed to revive an initiative that had lost some momentum since first being announced late last year. Three priorities were set for completion by the November deadline. The city’s blockchain points system will be introduced and residents of Seoul will receive S-coins for the use of public services. They will be able to redeem those points for rewards. Services that generate the coins include paying taxes and participating in public opinion polls. Seoul’s point system will integrated with ZeroPay, a city-government sponsored QR-code-enabled network established last December. It allows customers to pay for goods and services using their phones and does not charge merchants commissions. In addition to the S-coin, a blockchain service for submitting qualifications without paper documents is also on the list for completion by November, as is the enhancing of the…

    Aug 7, 2019
  • Singapore Considers Tax Waiver on Cryptocurrency Purchases

    Singapore’s Inland Revenue Authority (IRAS) recently put forward a proposal to waive sales tax on goods or services paid for in cryptocurrency or similar digital assets. The proposal intends to help spur development within the local blockchain and cryptocurrency industry. Existing tax laws have historically resulted in Singaporean residents being excluded from initial coin offerings (ICO’s) launched in the country. Singapore’s goods and services tax (GST) means residents wanting to get involved in ICO’s have to pay seven percent tax on their purchases. “The IRAS recognizes that taxing cryptocurrencies which function as a medium of exchange results in two tax points – once on the purchase of the cryptocurrency and again on its use as payment for goods and services subject to GST,” stated a draft e-tax guide from the IRAS. Singapore has long been seen as a highly crypto-positive nation for its favorable laws regarding cryptocurrency but still lags behind competing regions like Japan and Hong Kong. If the new tax policy is implemented, it will align the Asian financial hub with other progressive crypto nations and boost blockchain innovation on home soil….

    Aug 7, 2019
  • Bitcoin Price Jumps 10%, Outperforms S&P 500 by 10X YTD

    The weekend has been a positive one for bitcoin price which has cranked a further 10 percent as it heads towards $12,000. The move makes BTC a better performing asset than stocks by a factor of ten so far this year. BITCOIN POWERS THROUGH RESISTANCE Since bitcoin price broke above $10k late last week it hasn’t looked back. After spending most of Sunday hovering just below $11k BTC surged almost 10% to power through resistance and touch a new 24 day high. The bulls were charging during Asian trading today as bitcoin reached $11,800 according to Tradingview. Daily volume has cranked up to $20 billion once again as millions of dollars in BTC shorts on BitMEX were liquidated. On the daily chart, bitcoin is now into its seventh consecutive green candle which has pushed it back above the 50-day moving average indicating a strengthening of the uptrend. The CME futures chart could offer an indication of where the next resistance levels lie and trader ‘CryptoFibonacci’ has been eyeing it: “Another gap created to the downside.  But, price could go up to the 61.8…

    Aug 5, 2019
  • SEC Commissioner: US Could Draw Crypto Policy From These Countries

    The U.S. Securities and Exchange Commission (SEC) could learn from other countries when finalizing its own crypto regulation, Commissioner Hester Peirce explains. While highlighting peculiar and notable features of the U.S. system, the commissioner emphasizes cross-border considerations, detailing applicable crypto frameworks of several countries. Importance of Cross-Border Considerations SEC Commissioner Hester Peirce explained last week her agency’s approach to regulating crypto assets and how the U.S. could draw from other countries’ regulatory frameworks in setting its own policies. Her speech was given in Singapore at the “SUSS Convergence Forum: Inclusive Blockchain, Finance, and Emerging Technologies,” hosted by Singapore University of Social Sciences (SUSS). Among the topics she discussed was cross-border crypto regulation. Peirce, known in the crypto community as Crypto Mom, suggested that “The U.S. SEC can look to our counterparts overseas for ideas in untangling some of our most difficult legal and policy questions in this area.” “Because so much of the activity is taking place outside the United States, we have to think about our regulation with a sensitivity for cross-border considerations, cooperation, and what I call co-learning.”…

    Aug 5, 2019
  • Research Reports Show Positive Crypto Industry Growth in H1 2019

    More than half the year is behind us and the cryptocurrency ecosystem continues to move forward, showing relentless growth over the last six months. 2019 has also seen a new theme arise as speculators believe the cryptocurrency ecosystem is experiencing an influx of institutional interest and regulatory crackdowns. A variety of cryptocurrency research reports analyzing the first two quarters of the year show the space has seen a lot of growth, despite regulatory headwinds. The Cryptoconomy 2019: Institutionalization, Facebook and Exchange Tokens Coinshares and cryptocurrency corporation Circle have recently published very detailed research reports concerning the digital asset space over the last six months. Over the last few weeks, the market capitalization of all cryptocurrencies has ranged between $250-300 billion. The U.K.-based firm Coinshares’ H1 report says that the last six months should be considered a net positive for the young industry. “The continuing professionalisation of the protocol services and corresponding technologies has been impressive and most assets have reacted by recovering substantially from last year’s brutal bear market,” explains Coinshares’ H1 study. It notes that there’s been “no shortage of speculation”…

    Aug 5, 2019
  • Cryptocurrency Price Review for the Week July 29 to August 4

    Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article. Bitcoin (BTC) This week Bitcoin saw a bit of positivity after the past couple of weeks of selling. The prices hit a high point of USD 10,946.78 and the lowest point of USD 9,437.34 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, OEX (4.63%), Bit-Z (2.88%) and RightBTC (2.40%). Among prominent news around Bitcoin, Early Bitcoin investor Max Keiser tweeted that he foresees Bitcoin price smashing through the $15,000 mark sometime this week amid troubles with centralized government and banking Ethereum (ETH) Ethereum has been kind of weak over past few days and the price is slowly inching back towards the USD 220 mark. Ethereum on the top, this week were at USD 224.62 and were at lows of USD 206.87. The markets that were more active, in volumes, with ETH across various pairs this week were Coinegg (4.17%), OEX (3.02%) and…

    Aug 5, 2019
  • Canadian Transcontinental Railway Joins Blockchain in Transport Alliance

    Canada’s transcontinental railway, Canadian Pacific (CP), has joined the Blockchain in Transport Alliance (BiTA). CP announced its new membership in an official press release on July 31. According to the announcement, CP is looking to support improvements in supply chain technology through blockchain technology. BiTA says that by joining the group, CP is helping them to drive global supply chain interoperability. BiTA president Patrick Duffy also commented on the potential benefits of blockchain in the transportation sector, saying that the new tech “has the potential to smooth the transactions that occur between shippers and carriers, but it requires the active participation of transportation leaders like CP.”  The Blockchain in Transport Alliance According to the announcement, BiTA has nearly 500 member organizations in the freight, transportation, logistics and affiliated industries. Members reportedly share a common goal of facilitating the adoption of new technology in these sectors, and work to both establish industry standards and provide education on blockchain solutions and distributed ledger technology. As per a report by the Canadian Broadcast Corporation, Duffy expounded on the issue of transportation currently requiring multiple tracking systems, saying…

    Aug 2, 2019
  • Analyst Says: Bitcoin Bull Run ‘Hasn’t Started’

    Bitcoin proponents discarded fresh criticism from gold bug Peter Schiff this week after he suggested the cryptocurrency was losing popularity despite its price rise. SCHIFF: BITCOIN VOLUME ‘MUCH LOWER’ THAN 2017 As a Twitter discussion which began July 29 revealed, Schiff, who is well known as a cryptocurrency skeptic, claimed Bitcoin’s 2019 bull run produced lower volumes than the previous one in December 2017.  “If Bitcoin really is gaining in popularity, why was volume on the most recent rally so much lower than during the 2017 rally?” he wrote.  “If interest and adoption have peaked, so too has price. That’s why this rally peaked so far below the 2017 high, and why the 2019 low will not hold!” Schiff’s suspicions quickly raised eyebrows among commentators. As reported, the past weeks have in fact seen daily Bitcoin network volumes hit repeated all-time highs.  Financial counsellor Phillip Kennedy was the first to counter the accusations, linking to volume statistics from monitoring resource CoinMarketCap. July volumes, he noted, were 300% higher than those of December 2017.  Schiff then countered with data from Blockchain.com, which provides…

    Aug 1, 2019
  • Philippines’ UnionBank Launches Payments-Focused Stablecoin

    In a bid to drive greater financial inclusion, Philippines-based UnionBank has launched a payments-focused stablecoin pegged to the Philippine peso. A report from PhilStar Global on July 26 revealed that the new, bank-backed cryptocurrency —  dubbed PHX — is being implemented on UnionBank’s i2i platform.  Rural banks and Philippines’ main financial network I2i is an acronym for island-to-island, institution-to-institution, and individual-to-individual and is the name given to the blockchain-based clearing system that connects UnionBank to rural banks in the country. Arvie de Vera, UnionBank’s senior vice president, has outlined that the UnionBank-issued PHX is designed to function as “a stable store of value, medium of exchange and is a programmable token with self-executing logic. It enables transparent and automatic execution of payments.”  According to PhilStar Global, buy, transfer, redemption transactions and domestic remittances using PHX have been already been completed by three rural banks — Summit Rural Bank in Luzon, Progressive Bank in Visayas and Cantilan Bank in Mindanao — on the i2i network.  De Vera has added that the stablecoin resolves reconciliation issues and eases audit and compliance issues. Initially, the currency…

    Aug 1, 2019
  • PwC: Proposed Crypto Tax Cut in Singapore to Help Crypto Business

    Singapore’s plans to exempt certain digital currencies from the Goods and Services Tax (GST) would benefit cryptocurrency-related businesses, according to a partner in PwC Hong Kong’s corporate tax practice. As reported by Hong Kong’s English language newspaper South China Morning Post on July 29, Gwenda Ho argued that the Singapore government’s proposal to drop the seven per cent GST for cryptocurrencies when using them to pay for goods and services would have a positive impact on crypto exchanges, asset managers and blockchain entrepreneurs. Per Ho, the adoption of the proposed law would also put Singapore’s sales tax regime on an equal footing with those of other jurisdictions such as Hong Kong, Australia, Japan, Switzerland, and the European Union. Ho stated that, as long as the token has the features of a digital payment token as defined by the rules, such proceeds from initial coin offerings could also be exempted from GST. Ho continued: “While this proposal would improve Singapore’s competitiveness in its GST treatment on cryptocurrencies, Hong Kong in comparison is completely free of any sales tax so there is one less tax issue to be concerned about for cryptocurrency industry…

    Jul 30, 2019
  • US Defense Department to Develop Blockchain Cybersecurity Shield

    The U.S. Department of Defense (DoD) is looking to forge a blockchain cybersecurity shield. In a report published on July 12 titled Digital Modernization Strategy, the DoD outlined several ways to advance the nation’s digital defenses. This includes the integration of cloud and quantum computing, artificial intelligence, and improved communications through distributed ledgers. In fact, DARPA, the research wing of the Department is already experimenting with the technology “to create a more efficient, robust, and secure platform,” to secure messaging and process transactions, reports Decrypt. Specifically, blockchain may be deployed between units and headquarters as well as intelligence officers and the Pentagon. As part of the Digital Identity Management program, the agency may also issue a digital token that authenticates an agent’s identity. The DoD is also experimenting with the technology to facilitate the creation of an unhackable code to secure its databases. As part of the second Cryptographic Modernization program, in effect since 2000, the Department is replacing old hardware and cryptographic systems to meet the challenges of the improved computing power of the nation’s adversaries. Citing the trustless, transparent, and immutable…

    Jul 30, 2019
  • Market Outlook: Crypto Prices Consolidate as Economic Uncertainty Looms

    Digital currency markets have been meandering sideways for a few days as most of the top crypto prices have been consolidating. Some traders believe there will be a big bullish rise after the current slump, while others think crypto prices may sink even lower. Amidst the crypto market uncertainty, economists worldwide are predicting a great recession looming in the backdrop. Persistent Consolidation On Sunday, July 28 the entire market capitalization of digital assets is around $263 billion and there’s been $43 billion in 24-hour global trade volume. Digital currency market caps, individual coin prices, and overall global trade volumes have dropped significantly since June. Currently, the price of bitcoin core (BTC) is hovering around $9,500 with around $13 billion in daily trade volume. During the early morning trading sessions on July 28, more than 68% of BTC trades are paired against tether (USDT). Following BTC’s lead, ethereum (ETH) holds the second largest valuation as each ETH is swapping for $209. Ethereum markets have roughly $5.7 billion worth of Sunday’s overall trade volumes. Ripple (XRP) is still hanging tight in third position and each XRP is swapping for…

    Jul 29, 2019

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