A recent report by Baidu has revealed a lot of details surrounding Chinas cryptocurrency. According to the document, the countrys central bank will be the institution monitoring the digital currency. However, as expected, the ledger used for its creation wont provide any kind of anonymity but rather allow the Government to monitor financial transactions closely.

China has been talking about issuing its own cryptocurrency for some time now. What is more, the Vice-Chairman of Chinas Center for International Economic Exchanges (CCIEE) came out and said that they will be the first to launch it.

A few months later, a Baidu report reveals more information about the initiative, potentially hinting at the fact that they might be closer to its development.

Digging deeper into the report, however, reveals that one of the primary concerns that a lot of community members had, is, in fact, true. The countrys central bank will be able to monitor all financial transactions, while other parties wouldnt.

Unlike Bitcoins complete anonymity, the central bank has the right to know the transaction data within the legal scope, and traceability of digital currency sources can be achieved through big data analysis, while other commercial banks and merchants cannot obtain relevant information. Reads the report.

In other words, no other but the central bank of China would have access to the ledger in a way that permits them to monitor transactions. On the other hand, the institution would be able to see each transaction, while also looking at its amount and exact parties.

Not surprisingly, the report frames it as if its something thats aimed at handling illicit activities.

This mechanism, while protecting data security and citizen privacy, also enables illegal activities such as money laundering to be effectively regulated.

The document outlines that there will be a distributed ledger that will be used to assist in the registration of digital currency rights and the processing will still be completed by it. This should, in theory, increase data security, while also handling the slower transaction times.

Interestingly enough, the cryptocurrency will be distributed by issuing banks, which would have to send a corresponding amount of fiat currency to the central bank, which, in turn, would send over the digital currency.

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As Expected: Chinas Cryptocurrency Aims To Provide Full Governmental Oversight According To Report - CryptoPotato

Founder of Morgan Creek Capital, Mark Yusko, believes Bitcoins Proof of Work (PoW) consensus is the only viable protocol on which to build a digital asset. In an interview, he discussed why the coin is a beautiful use case of blockchain, and why 99% of other coins will eventually go to zero.

Mark Yusko a longtime Bitcoin bull sung Bitcoins praises on the latest episode of RTs Keiser Report, calling the coin a beautiful use case of blockchain.

He outlined how the leading cryptocurrency, with its Proof of Work (PoW) consensus, is one of about a dozen coins with real world value and application.

Bitcoin aside, Yusko name-dropped Ethereum, Dash, and Monero. Other coins, he said, dont fit into the same category.

While Bitcoin is tried and tested, the majority of the rest are what he calls crowdsourced venture capital, pre-seed and seed stage deals with technology that may not work. 99% of these, Yusko said, may go to zero.

Bitcoin is better, Yusko a true maximalist argued, because of its protocol: decentralized, an increasing hashrate, and a community of miners and users that translate to the coin being a true store of value and medium of exchange.

Mark Yusko on Max Keisers show discussing bitcoin (source: RT Youtube)

Some traditional fund managers still view Bitcoin as some kind of scam, noted Yusko, as opposed to what he says is truly an evolution of technology. With an increasingly digitized world, Bitcoin will continue to play a fundamental role as a base layer blockchain protocol for decades and centuries, he said.

But while both Yusko and Keiser Report host Max Keiser agreed that most cryptocurrencies will fail, Bitcoin and about a dozen other PoW cryptocurrencies look to provide an opportunity thats similar to (but different from) dot-com era tech stocks.

The protocol is the application, said Keiser, comparing it to the opportunity of buying shares in the concept of email in the 1990s.

With Bitcoin, you have that opportunity. Youre owning a piece of the protocol thats dominating, Yusko replied.

Yusko also brought up Berkshire Hathaway vice chairman Charlie Munger, known in the cryptosphere as the person who claimed that Bitcoin trading is like trading in harvested baby brains.

Mungers comments were not particularly a surprise, as Bitcoin is set to have a big impact Mungers bread and butter: 47% of Berkshire Hathaways is in financial services which are being disrupted by these PoW protocols and associated blockchain technology.

Yusko concluded the interview by pointing out that investing in technology and innovation has always been the path to long-term alpha:

Look at the best investors in the world. They overweight innovation and get alpha, he said.

Read more:
Bitcoins System is The Only Way to Build Cryptocurrency: Investment Firm Exec - newsBTC

A series of large XRP transfers have crypto traders on alert.

The single biggest transfer sent 49,999,995 XRP worth about $11.6 million to the Luxembourg-based cryptocurrency exchange Bitstamp. The transfer triggered quite a stir, with many traders wondering if the XRP holder is planning to sell.

According to the crypto tracker Whale Alert, the XRP in question was sent from an unknown wallet. However, data from the XRP explorer Bithomp indicates the wallet was activated by the crypto custody giant BitGo.

Bitstamp and BitGo partnered back in October in a move designed to give Bitstamp a safe way to store its customers assets. The fact that the wallet was activated by BitGo suggests the transfer may be a routine shuffle of assets at Bitstamp.

The security of our customers funds is always our highest priority at Bitstamp. With BitGo Custody, Bitstamps assets will be secured on 100% cold storage technology in bank-grade class III vaults and protected by BitGos $100 million (USD) insurance policy.

Meanwhile, the XRP Ledger Monitor is tracking a series of additional million-dollar XRP transfers in the last 24 hours. At time of publishing, the most recent is a movement of 15,000,000 XRP worth $3.5 millionfrom the crypto exchange Binance to another wallet activated by BitGo.

In addition, the South Korean crypto exchange Coinone sent 20,519,000 XRP worth $4.8 million between two internal wallets, and Bitstamp sent 21,990,778 XRP worth $5.2 million between two of its internal wallets.

The payments company Ripple, which holds more than half of the total supply of XRP, recently moved 356,207,423 XRP worth $78.4 million in two separate transactions. Ripple sold significantly less XRP in the fourth quarter of last year, with the purpose of the two transfers in question unknown.

Featured Image: Shutterstock/d1sk

See the article here:
49,999,995 XRP Sent to Bitstamp Is This Cryptocurrency Giant Behind the Curtain? - The Daily Hodl

Everybodys Staking But Whos Using Proof of Stake Blockchains?

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Paris Saint-Germain Teams up With Cryptocurrency Exchange Platform CoinCasso - Bitcoin News

The bull rally that has been praised immensely this January appears have died and passed on the mantle to the bears who want nothing but to wreak havoc in the cryptocurrency market. The market generally painted and interestingly, the biggest gainers last week are recording the biggest losses of the day. For instance, Bitcoin Gold is correcting lower 4.85%, Dash is down 4.18% and Ethereum Classic is teetering 3.58% lower on the day.

Read more:Ethereum Classic Price Analysis: ETH/USD bears flip the bulls, target shifts to $5

Bitcoin is undergoing a pullback from the recent $9,200 high. The reversal is taking place after an incredible performance since the beginning of January. Bitcoin extended the gains from last Decembers recovery from $6,500. The bulls nurtured the gains above several resistance zones including $7,700, $8,000, $8,400, $8,800 and $9,000.

However, it is apparent that a reversal mission is underway and Bitcoin could soon touch $8,000 if the support at $8,300 fails to hold. The largest cryptocurrency has a market value of $8,300, although an intraday high of $8,399 has been traded on Friday.

Looking at the hourly chart, Bitcoin price is holding onto thelower trend line of a falling wedge pattern. If the shallow recovery above the trendline continues, a breakout seems imminent above the patterns resistance. For now, $8,400 is the stubborn zone ahead of the resistances at $8,500, $8,800 and $9,200.

Ethereum has finally forced its way through the support at $160. The failed attempt to break above $165 yesterday, paved the way for a bearish action that is becoming too strong to stop. At the time of writing, ETH is trading at $158, which is 2.30% lower compared to the opening value of $162.50. Thehigh volatility and increasing growing bearish trend signal that a dive to $150 is possible in the near term.

Also read:Ethereum Price Analysis: ETH/USD balances at the edge of the $160 cliff

The third-largest cryptocurrency on the market has not escaped the bearish wave. Its price is dancing at $0.2216 after shedding 1.6% of the tokens value on the day. On the brighter side, the bulls managed to retake the support at $0.2200 after dropping to an intraday low of $0.2174. To avert possible declines to $0.20, XRP must scale the levels above $0.23 and focus on the resistance at $0.24.

Also read:Ripple Price Analysis: XRP/USD struggles to save triangle support at its peak

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Cryptocurrency Market Update: Bitcoin, Ripple and Ethereum dive into the rabbit holes - FXStreet

Updated: May 25, 2018:

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Cryptocurrency and OFAC: Beware of the Sanctions Risks - JD Supra

The man thought to be behind notorious cryptocurrency exchange BTC-e, which is involved in a multi-billion Bitcoin BTC fraud case, will be extradited to France.

According to a Greek news report, Alexander Vinnik is facing allegations of laundering at least $4 billion through the cryptocurrency exchange.

[Read:Alleged Russian boss of Bitcoin money-laundering scheme wants to go home]

The extradition comes after a Greek court reportedly gave the go-ahead.

Vinniks lawyer Zoi Konstandopoulou said he had been flown to France just hours the court ruling. The lawyer said he had been taken to hospital as he was on the 35th day of a hunger strike in protest of his prospective extradition to the European country, The New York Times (NYT) reports.

However, NYT notes that Greek authorities were unable to confirm on Thursday whether Vinnik had already left Greece.

France reportedly wants to trial Vinnik for alleged cybercrime, money laundering, belonging to a criminal organization, and extortion.

As previously reported by Hard Fork, Vinnik was arrested by Greek authorities in July 2017 while he was holidaying in the country with his family.

The arrest came after Russia, France, and the US all issued international warrants for his arrest.

Vinnik has maintained his innocence throughout saying: I do not consider myself guilty [] The fact that I worked for BTC-e and did my job, and its not justifiable to accuse me of it. I found out about the charge about a month after I was taken into custody. This was told to me by my Russian lawyer.

Founded in 2011, BTC-e is reported to have handled almost 5 percent of Bitcoins trading volume at one point. However, subsequent research showed that as much 95 percent of ransomware-related cashouts took place through its platform.

An attempt to shut down the exchange was made by the US Justice Department after they charged Vinnik (and BTC-e) with allegedly running an international money laundering operation featuring stolen funds from Mt. Gox.

Published January 24, 2020 11:19 UTC

Originally posted here:
Alleged BTC-e boss will be extradited to France over cryptocurrency fraud - The Next Web

The Reserve Bank of India (RBI) has clarified that regulated entities cannot offer crypto assets in India, but this does not mean theres an overall digital asset ban. Recently, The Economic Times of India cited a document that the central bank had submitted to the nations Supreme Court back in September.

The document reads:

Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs.

In April 2018, the RBI had issued a statement limiting its services to anyone participating in cryptocurrency usage. The statement said:

In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs.

According to an earlier Cointelegraph report, following the banks statement, the Internet and Mobile Association of India (IAMAI) petitioned for a reversal of the crypto-related regulation. IAMAI is a non-profit group dedicated to digital growth.

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Indian central bank: Cryptocurrency is not banned in the country - FXStreet

Cryptocurrency market is relatively new and still maturing. Its largely unregulated currently, which is why its heavily manipulated. Even though, the basic premise of crypto-assets and blockchain technology is to create a decentralized, tamper-resistant and censor-free world. An unregulated market however is a double edged sword, while its free and operates without restrictions, however a lack of oversight and control can bring serious problems, as we are witnessing right now. Besides that, objectives of most crypto-assets dont align with the interests of most governments and institutions, why is why regulations will be implemented. Yes, like all other things, cryptocurrency regulations can be implemented, up to a point. But what are the types of regulations that we should expect?

Exchanges are where most regulations fall on or will be implemented later, as they are the points of trading and liquidity, where people go to trade assets and/or convert them back to FIAT money. They are required by major governments now to collect Know Your Customer (KYC) data to assign identities to random accounts and curb money laundering. The accounts which havent provided identity documents are limited, by the amount they can withdraw, in a day. Going forward, we should expect that exchanges will be required by most governments to share trading data and profits, so that gains and assets can be properly taxed.

Governments can also make exchanges safer by bringing them under the umbrella of the current financial systems, asking them to get insured and forcing them to improve their security. This will reduce the number of hacks, exit scams and provide protection to users, in case the funds are lost by the exchange. They should also be monitored for wash trading across trading pairs and asked to prove solvency to regulators and financial institutions.

A lot of cryptocurrencies operate on Proof of Work (POW) algorithm, which requires high computational power, expensive hardware and of course the latest hardware. These miners can be taxed by the governments directly and/or be required to pay special rates for electricity or for environmental matters. Similarly, crypto friendly governments can actually subsidise the mining activity, making it more lucrative for new entrants and existing ones. These regulations will definitely have an effect on the cryptocurrency prices.

A big roadblock in the further development of cryptocurrencies, is the lack of day-to-day usage and adoption by common people. Government regulations can be imposed, allowing or curbing the use of cryptocurrencies by retailers and service providers. This will massively help or obstruct, the use cases and adoption of crypto-assets.

Financial institutions currently dont engage in or allow the trading of crypto-assets. If new friendly regulations are brought and institutional investors are allowed to invest or engage in trading, this will help the whole ecosystem massively, opening it to new money, further development and recognition.

Other general Cryptocurrency regulations can include: Friendly governments declaring them as legal tender and choosing to receive taxes and payment for other services in cryptocurrencies, though it most probably will be in their own national cryptocurrencies. A few countries are developing special zones for blockchain development and giving incentives to do so. Also, regulation needs to be drafted for crypto-assets to be recognized in the court of law as an asset and in the case of a persons death, it needs to be included in the inheritance category to be given to inheritors, under legal protection.

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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors.CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.

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TheSEC announced on 30th September, 2019that it has approved a settlement with block.one, the company developing the EOSIO software, for

In an announcement on July 8, FINRA (The Financial Industry Regulatory Authority) and the SEC (The United States Securities and

With the release of new products like Libra from big companies like Facebook, there is a sense of urgency among

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Can Cryptocurrency be Regulated? - CryptoTicker

Swiss Cryptobank hopes to attract money from new investors, including financial institutions, family offices and individuals. The banks crypto services include asset management, trading, custody, and financing.

For fresh updates on cyptocurrency, biotech or fintech, Born2Invest offers an app that aggregates business news from the most trusted sources.

SEBA, a young Swiss digital asset bank with a regulatory license, is seeking to raise more than $95 million in additional funds. The SEBA crypto bank aims to get $103 million (CHF 100 million) from new investors, including financial institutions, family offices, and individuals, reported Financial News London.

The crypto friendly startup SEBA Bank AG, announced its launch on November 12th, 2019, after the Swiss Financial Market Supervisory Authority (FINMA) approved the team to operate in the world of securities and banking.

The crypto bank raised significant capital in its first round of fundraising, attracting more than $103 million, according to the Seba CEO Guido Bhler in a press release dated November 12th. Bhler said that: We are proud to have founded a bank in 18 months, raising CHF 100 million in capital from investors.

Oklahoma Senator Nathan Dahm wrote a new bill for his state that seeks to build an innovative state-backed financial institution around blockchain technology, establishing a new classification of institutions. Dated January 15th, 2020, the bill stated that the state-licensed financial institution will be the central depository of the virtual currency used by government agencies in this state.

Adding more details, the text explained that the movement will essentially prevent regulatory suffocation, allowing innovation to grow while protecting citizens. The document noted: The purpose of this new state-licensed financial institution will be to provide valuable financial and technical services to innovators and developers of blockchain and virtual currency.

More than 5,000 victims of the Dunamiscoins cryptocurrency scheme have applied to the Ugandan Parliament to seek reimbursement of money they lost in the scam. Arthur Asiimwe, the leader of the petitioner group that submitted the application to Speaker of Parliament Rebecca Kadaga, claimed that the government has granted a license to the alleged scamming company, according to an official announcement by the Ugandan Parliament on January 16th.

First seen in early December 2019, Dunamiscoins is allegedly involved in defrauding more than 10,000 people, resulting in losses of around $2.7 million. The apparent scam company reportedly closed its offices only one month after opening, stealing money from its investors and employees after previously promising a 40% cash return on investments.

Asiimwe stressed that the Ugandan government must be held accountable for the Dunamiscoins incident. The government authorized this company and gave it the go-ahead to work as a non-deposit-taking financial institution. It performed its functions as a micro-finance company. They gave unrealistic bonuses..

Canadas leading financial supervisory body has highlighted that cryptocurrency will be subject to the securities law if it acts as custodians of users digital assets. The Canadian Securities Administrators (CSA) said that the common exchange practice of guarding users assets could subject them to securities legislation: simply by providing users with a contractual right or claiming an underlying cryptocurrency asset. Whether, and to what extent a cryptocurrency asset has been immediately handed over to a Platform user, is an important component in assessing whether and to what extent the transaction and the Platform are subject to securities legislation, says the joint statement.

The CSA is a group of provincial security regulators in Canada, who do not have a federal equivalent such as the U.S. Securities and Exchange Commission. The CSA said that non-delivery transactions constitute derivative sales. Even if the asset under custody is generally recognized as a commodity, such as Bitcoin, it could be classified as a sale of debt or an investment contract, a transaction that is governed by the countrys securities law.

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(Featured image by Andr Franois McKenzie via Unsplash)

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First published in CRIPTO TENDENCIA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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