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  • Canada Plots National Digital Currency… To Spy On Its Citizens

    According to a report out of The Logic, the Bank of Canada is preparing to run the gauntlet and potentially launch its own digital currency in the near future. Journalists secured access to a presentation dubbed “Central Bank Money: The Next Generation”. The paper was prepared for the central bank’s board of directors and its governor Stephen Poloz. If launched, the digital currency would work hand in hand with physical cash. The bank, however, plans to eventually scrap physical trading entirely. The revelation is consequently receiving stiff criticism. Maxime Bernier, a leader for the People’s Party of Canada, warns of the dangers of the project. Central Bank of Canada: Surveillance is Our Right The report goes on to claim that the benefits of launching a digital currency far outweigh the risks. That includes this controversial little section which suggests broad surveillance is the right of the central bank: “Personal details not shared with payee, but could be shared with police or tax authorities.” One response to Bernier’s tweet highlights the negative implications of a ban on cash: “I think I’d rather have…

    Oct 18, 2019
  • Cointelegraph Blocked in Russia | Cointelegraph

    Cointelegraph’s website has become widely inaccessible in Russia as authorities added the domain to a registry of blacklisted sites. The blacklist Although Cointelegraph has been publicly on a list of blocked sites since 2017, it was only yesterday, October 16, that the Russian Federal Service for Supervision of Communications, Information Technology and Mass Media, more commonly known as Roskomnadzor, implemented the block on a technical level. The developer of a popular Russian anti-censorship browser extension, who wishes to remain anonymous for security reasons, confirmed the block to Cointelegraph. “The URL was added to Roskmonadzor’s blacklist file mailed to ISPs yesterday,” the developer told Cointelegraph. “It’s an XML file that’s privately distributed among ISPs so that they can enable blocking.” The relevant section of the file reads as follows: “<content id=”1155915″ includeTime=”2019-10-16T19:06:14″ entryType=”1″ blockType=”domain” hash=”CA7D2596FA15276CA7278F370CF6A1C7″ ts=”2019-10-16T20:01:00+03: 00″> <decision date=”2017-12-25″ number=”2-6-20/2017-12-22-310-..” org=”…”/> <domain ts=”2019-10-16T20:01:00+03:00″><![CDATA[cointelegraph.com]]></domain> <ip ts=”2019-10-16T20:01:00+03:00″>104.20.40.71</ip> <ip ts=”2019-10-16T20:01:00+03:00″>104.20.39.71</ip> </content>” “Why this website was only added recently — I don’t know,” the developer added. Johann Bihr, the head of the Eastern Europe & Central Asia Desk at Reporters Without Border, told Cointelegraph: “The…

    Oct 18, 2019
  • Telegram Asks Court to Deny SEC’s Gram-Related Injunction

    On Wednesday, Telegram responded to the Securities and Exchange Commission’s October 11 emergency action seeking a preliminary injunction against the company and its Gram digital token. In an October 16 court filing, the company asked the federal court to reject the SEC’s preliminary injunction request, arguing that the action could be “misconstrued” by the public, Telegram’s customers, and investors: “Telegram submits that there is no need for the Court to enter a preliminary injunction, which has the potential to be misconstrued by Telegram’s private placement subscribers and the public in this highly-publicized matter, where Telegram has already voluntarily agreed not to engage in the very conduct that the SEC is seeking to enjoin.” In its filing, the company argued that the SEC has improperly defined Gram tokens as securities. Telegram said that the Grams will be more akin to a currency or a commodity like gold or sugar once the TON Blockchain has been launched. In addition, Telegram suggested that the injunction is unnecessary, since the company has been voluntarily working with the SEC during the project’s development and launch…

    Oct 18, 2019
  • Nearly 75% of German Consumers Would Reject Facebook’s Libra: Survey

    Almost three-quarters of German consumers would not use Facebook’s planned digital currency, Libra, according to a recent poll. Only 27 percent considers using Libra On Oct. 17, Cointelegraph auf Deutsch reported that out of 2000 questioned Germans, aged 16 and over, only 27 percent would ever consider using Facebook’s Libra stablecoin as a means of payment at home or abroad. The poll was conducted on behalf of the Wirtschaftswoche business news magazine and Creditplus Bank AG. The results indicate that 73 percent completely reject the idea of Libra as a digital currency. 42 percent because they do not trust Facebook as a company and 31 percent because they only have trust in state-controlled currencies. The rejection of Libra among the over 35 age group is significantly higher than among younger consumers. In the age group 55 plus, 85 percent said that it is impossible to do anything with the digital Facebook currency. Libra finds its biggest support in the age group between 22 and 34 years. In this age group, almost 42 percent of the consumers would be open to…

    Oct 18, 2019
  • G7 Task Force Releases Full Report on Impact of Global Stablecoins

    A G7 task force reports that stablecoins, such as Facebook’s Libra, present significant risk to the global financial system but also have potential in the field of payments. Doubling down on regulations On Oct. 18, in a report requested by the G7 Finance Ministers and central bank Governors, the relevant task force confirmed that the group of the seven wealthiest nations would not allow any global stablecoin to launch without adequately addressing the related challenges and risks. Cointelegraph reported on an unpublished draft of the same report on Oct. 14. The full report reads: “No global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks outlined above are adequately addressed, through appropriate designs and by adhering to regulation that is clear and proportional.” The task force found that thus far, the first wave of cryptocurrencies has failed to provide a reliable and attractive means of payment or store of value. Stablecoins, on the other hand, are more readily usable as a means of payment and store of value and could potentially develop global payment systems…

    Oct 18, 2019
  • Ethereum (ETH) Rebound Faces Major Hurdle Near $180

    Ethereum price is currently correcting higher, but it is facing a strong resistance near $180 against the US Dollar. Bitcoin price is up more than 1.5%, but it is also facing resistance $8,120 and $8,200. This week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken). The pair is clearly facing a strong resistance near the $180 level and the 100 hourly SMA. Ethereum price is currently recovering higher versus the US Dollar, similar to bitcoin. However, ETH price must settle above $180 to continue higher in the near term. Ethereum Price Analysis Yesterday, we saw an extended decline in Ethereum below the $180 support against the US Dollar. Moreover, ETH price settled below the $180 support and the 100 hourly simple moving average. The decline was such that the price traded close to the $170 level. A swing low was formed near $171 before the price started an upside correction. It recovered above the $174 and $175 resistances. Additionally, this week’s followed major bearish trend line was…

    Oct 18, 2019
  • Bitcoin Slowly Forming A Bullish Pattern, Analyst Says $8,800 In View –

    Bitcoin recently broke the resistance at $8000 and the top cryptocurrency now barely rests above that level. After such a bullish breakthrough, the pace-setter cryptocurrency has continued to maintain a spot above $8k and according to analysis, further bullish pattern is slowly forming and Bitcoin may eventually get a spike to $8,800. The Bullish BTC Analysis By CryptoWelson According to cryptocurrency analyst and trader going by the name CryptoWelson on Twitter, there is a bullish possibility which may take the price of Bitcoin to the $8,800 level. The analysis identified a support level close to $8k which must be surpassed in order to continue on the bullish trajectory described by CryptoWelson. According to him, if BTC surpasses that support, then that will initiate a bull channel in which BTC is expected to gain about 10% before the end of the week. #Bitcoin could be forming a bullish channel. 🤑 If we can bounce from this support, we will be going to 8800$+ this week! 📈 A break below the green line would confirm the bearish scenario! pic.twitter.com/HovkL6B5wB — CryptoWelson 📊…

    Oct 18, 2019
  • CoinMarketCap Launches First Crypto Interest Rates Comparison Product on Site –

    CoinMarketCap aims to democratize information related to interest rates, making it easy to find venues for earning and borrowing cryptoassets. NEW YORK, OCT 17, 2019 – CoinMarketCap, the world’s most used cryptocurrency information resource for cryptoassets and crypto exchanges, is announcing an entirely new addition to their site today. The new product, Interest by CoinMarketCap, ranks the most popular platforms for depositing and borrowing cryptoassets according to their interest rates. Interest by CoinMarketCap is launching with 33 cryptoassets. Each cryptoasset is listed together with wallets, exchanges and decentralized finance platforms that provide interest products on that cryptoasset. Users can find corresponding annualized interest rates, the minimum duration for a deposit before realizing returns, start times of deposit offerings, as well as a description of each platform and its offerings. “We are excited by the growing interest (pun intended) globally in the uses of cryptocurrencies beyond trading or holding them,” said Carylyne Chan, Chief Strategy Officer of CoinMarketCap, “With this product, we hope to create a one-stop resource for users to find out where to save, earn, borrow and margin-trade with…

    Oct 17, 2019
  • Central Banks Have Three Options for Crypto Regulations, Says Official

    Denis Beau, the deputy governor of France’s central bank, Banque De France, recently delivered comments regarding central banks’ approaches to cryptocurrencies. Establish appropriate cryptocurrency regulations On Oct. 16, Beau spoke at the Official Monetary and Financial Institutions Forum conference in London, where he discussed the role of cryptocurrency assets in today’s global financial payment system. Beau stated that the traditional bank-based ecosystem could face significant changes due to the many technological developments, such as blockchain and distributed ledger technologies, further explaining: “With the emergence of so called crypto-assets […] and so called stablecoins, we may also see new settlement assets develop which may compete against and possibly, according to their promoters, replace commercial and central bank money as settlement assets at the center of our payment systems.” Beau continues by saying that stablecoins of potentially large size and reach might present unforeseen challenges of “system-wide importance, to competition policy, financial and monetary stability.” Beau adds that central banks really only have three available options to address cryptocurrencies. The first would be to completely ignore crypto-assets, which would not mitigate any…

    Oct 17, 2019
  • Bitcoin is Totally Different to Libra: Calibra Head David Marcus

    ⁠David Marcus, the head of Facebook’s forthcoming cryptocurrency wallet Calibra, said that he is a fan of Bitcoin (BTC) but it is totally different to the proposed Libra stablecoin. Bitcoin is digital gold, Marcus says In a Squawk Box interview on Oct. 16, Marcus stated that he has been looking at Bitcoin since 2012 and considers it to be akin to digital gold. When asked by Squawk Box co-host Joe Kernen if he owns any Bitcoin or other cryptocurrencies, Marcus did not answer directly but noted that he was an early fan of the major cryptocurrency. He said: “I’m a big fan of Bitcoin what I see as digital gold and totally different Libra.” Bitcoin versus non-volatile and scalable cryptocurrency While treating Bitcoin as digital gold, Marcus stressed that the Libra project is seeking to create a non-volatile and scalable cryptocurrency rather than provide services for a high-volatile asset such as Bitcoin. He explained: “If there was a stable, low-volatility, scalable version of Bitcoin that we could use today, my life would be so much simpler. We could just focus on embedding that…

    Oct 17, 2019
  • Ethereum (ETH) Dives To $170, Is $160 Next Bear Target?

    Ethereum price extended its decline and broke the $175 support area against the US Dollar. Bitcoin price is also down more than 3% and it broke the $8,000 support area. Yesterday’s highlighted key bearish trend line is intact with resistance near $175 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains in a bearish zone and it could face resistance near $175 and $180 in the near term. Ethereum price is under selling pressure versus the US Dollar, similar to bitcoin. ETH price remains at a risk of more losses below the $170 level. Ethereum Price Analysis Yesterday, we saw bearish signs for Ethereum below the $185 resistance area against the US Dollar. ETH price remained in a bearish zone and even broke the $180 support. Moreover, there was a close below $180 and the 100 hourly simple moving average. It opened the doors for more downsides and the price broke the key $175 support area. It traded close to the $170 level and a swing low was formed near $171. At the moment, the price…

    Oct 17, 2019
  • Bitcoin And Crypto Market Cap Down Sharply: LTC, BNB, BCH, TRX Analysis

    The total crypto market cap is declining and it could soon test the $200.0B support area. Bitcoin price is down 3% and it broke the main $8,000 support area. Binance coin (BNB) price broke the key $18.00 support and it might revisit $17.20. Litecoin (LTC) price is down around 5% and it is approaching the $50.00 support zone. BCH price is testing the main $215 support level, below which it could slide sharply. Tron (TRX) price is extending losses below the $0.0152 and $0.0150 support levels. The crypto market cap and bitcoin (BTC) are showing bearish signs. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS are likely to extend losses. Bitcoin Cash Price Analysis BCH price failed to clear the $230 resistance area and recently declined sharply lower against the US Dollar. The BCH/USD pair traded below the $220 level and it is currently testing the key $215 support. If there are more losses, the price could test the next major support near the $200 level. On the upside, an initial resistance is near the $220 level, above…

    Oct 17, 2019
  • Dark web picks Bitcoin over other currencies, report

    A recent cybercrime threat report released by the European law enforcement agency Europol suggests that the dark web prefers Bitcoin over any other currency, despite the fact that Bitcoin scams remain most vulnerable to detection. If the dark web is the Amazon of illicit items, then Bitcoin is the driving force behind it. The breeding ground of illegal activities offers everything under the sun, from hacked subscription credentials, prepaid cards to guns, drugs, and fake money, and Bitcoin remains the most preferred mode of payment, owing to its popularity and awareness surrounding it. And while the darknet criminals are always on the lookout for ways to circumvent the law enforcement, it cannot seem to do away with the crypto king. Europol is Europe’s backbone of law enforcement operations and an information resource of criminal activities. The Netherlands-based agency is committed to tackling cyber terrorism and attacks, among many other forms of illegal activities. Bitcoin named as currency of the dark web In its latest report entitled ‘Internet Organised Crime Threat Assessment 2019’, darknet criminals prefer to transact in Bitcoin even…

    Oct 16, 2019
  • Bank of England Governor Carney Defends Facebook’s Libra Stablecoin

    Bank of England Governor Mark Carney has defended Facebook’s choice to create a new currency. Canadian news outlet TheStar reported Carney’s remarks on Oct. 15, noting that he highlighted the shortcomings of the current traditional financial system. Because of the inefficiency of the payments, Carey thinks that firms such as Facebook should be involved in projects like Libra. The current payments industry is lacking More precisely, he reportedly criticized the high costs of moving money, saying that they penalize small businesses and can cost firms as much as 200 basis points per transaction, besides being processed too slowly. According to the report, he said: “That’s not good enough in this day and age. Those payments should be instantaneous, it should be the same as us exchanging a banknote online. It should be virtually costless and it should be 100 per cent resilient.” Regulation is still a must Carney admits that the problem can be solved in multiple ways, and notes that the challenge “is to bring online payments and other payments up to the standard that is found in a…

    Oct 16, 2019
  • HSBC Enacts First Letter of Credit on a Blockchain in Malaysia

    Major bank HSBC has announced the successful enactment of a letter of credit (LC) on a blockchain in Malaysia. The transaction English language local fintech news outlet Fintech News Malaysia reported the development on Oct. 14, noting that the transaction involved packaging firm Simply Packaging importing resin from an unspecified Singaporean chemicals company. The issuing bank was HSBC Malaysia and the nominated bank was HSBC Singapore. Per the report, this is the eleventh blockchain-powered transaction carried out by HSBC and the first such pilot carried by its Malaysian branch. HSBC Malaysia CEO Stuart Milne commented on the successful test: “I am very pleased that HSBC has pioneered Malaysia’s first pilot blockchain LC transaction. This showcases our strong commitment and ability to support cross-border trade by Malaysian businesses using cutting-edge technology platforms.” HSBC’s involvement with blockchain According to the article, trade between Malaysia and Singapore was worth over $85 billion last year and the administrative paperwork often delays the delivery of goods traveling across this trade route. The exchange and processing of the documents involved in reportedly take five to 10…

    Oct 16, 2019
  • Squashing Libra Could Boost China’s Digital Currency

    Analysts at RBC Capital Markets have suggested that stifling Facebook’s Libra may leave the field open to China’s central bank digital currency (CBDC) to dominate in emerging economies. China shifts development of digital currency in extra gear On Oct. 15, financial news outlet Markets Insider reported that RBC analysts believe that once Facebook announced its Libra stablecoin plans, China shifted development of its own yuan-backed CBDC into the next gear. RBC wrote to clients: “If US regulators ultimately dismiss Libra and decide not to draft regulations to encourage crypto innovation in the US, China‘s CBDC may be strategically positioned to become the de facto global digital currency in emerging economies.” United States Treasury Secretary Steven Mnuchin recently said that firms that decided to drop Facebook’s Libra stablecoin project did so because of regulatory concerns. Mnuchin added that the Libra project is not up to par with American Anti-Money Laundering standards, saying: “If they don’t meet the standards of our money-laundering standards and the standards that we have at FinCEN, we would take enforcement actions against them. I think they realized…

    Oct 16, 2019

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