The Art of Bitcoin Bitcoin Magazine – Bitcoin Magazine

Bitcoin is more than an immutable transaction ledger, more than programmable money. Through its promise to fundamentally change the way we transact, share information and organize our society, Bitcoin is a cultural revolution. This is made clear by the art it inspires.

The work of self-described propagandist Lucho Poletti, for instance, combines imagery from wartime posters, doctors adverts and religious symbolism with Bitcoin-specific icons and messages to convey the importance of this revolution.

Its glorifying Bitcoin and putting down paper money, he told us.

Meanwhile, graphic designer Martin Fischer, who created the logo for Czech cryptoanarchy haven Paraleln Polis, is creating work that explores the subversive aspects of Bitcoin culture. Like Poletti, the ethos of Bitcoin is evident in his work, but hes less concerned with motivating adoption than capturing something about this technology for us to look back on.

My art is for those who already know, and absolutely not understandable for people from outside the crypto community which I love, Fischer told our Aaron van Wirdum.

Writing forBitcoin Magazine, multimedia artist Brekkie von Bitcoin expanded on the potential for artwork to incorporate the technology itself, describing the burgeoning journey to incorporate Bitcoin-based NFTs.

The ways in which NFTs are being issued and utilized by artists is still being figured out, he wrote. Artists are experimenting, finding out through trial and error, what works and what doesnt, and there is no right way to do it.

And, of course, art is baked into Bitcoin itself through its now-iconic logo. Diving into the history of the Bitcoin emblem, staff writer Colin Harper revealed the grassroots effort and detailed thinking that went into the way Bitcoiners present their tribe.

This is the art of Bitcoin.

Thank you to Brekkie von Bitcoin for his guest contribution this week.

Also, massive shout out to our in-house design team that helped structure this weeks issue: Pat Riley, Nicki DiCicco and Tommy Marsheschi. They have each been integral in the development of Bitcoin Magazine and the Bitcoin conferences. You can find their handiwork on every single one of our articles, but go give them a follow for more great art, too.

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The History and Symbolism Behind Bitcoin’s Logo – Nasdaq

Most of you reading this have only ever known Bitcoin by its current logo: that white, double-striped B superimposed on an orange circle.

Orange coin has become an internationally-recognizable symbol, but Bitcoin didnt come with this branding out of the box. As with almost every aspect of Bitcoin, Satoshi Nakamoto created a rudimentary logo in the protean days of the decentralized currency and the community iterated on it until this one stuck.

You truly old-school Bitcoin Maximalists will remember the evolutions in this design. And you also might recognize some of the mathematical symbolism that underpins Bitcoins logo.

For those of you who dont, heres a little history lesson and crash course on the design choice behind Bitcoins iconic emblem.

Bitcoin Core originally featured Bitcoins first-ever logo created by Satoshi: a gold coin with the initials BC inscribed on it. The nod to gold here shouldnt be overlooked (especially considering that some people think the digital gold comparison is some crazy notion cooked up by Bitcoin extremists when, in reality, Satoshi himself was thinking of Bitcoin in this way from the start).

OGs typically took to the logo well, though one or another would occasionally make suggestions to alter it on Bitcointalk. One of these suggestions involved using the Thai baht currency symbol () and designating the initials BTC as the official currency code.

The latter caught on more easily than the former. Using the Thai baht did prove to be a convenient stopgap before something else came along, though some insisted that using it would cause confusion.

But, it could have very well inspired Satoshi to added the dollar-stripes to Bitcoins design that make it so distinguishable today. On February 24, 2010, he introduced a new logo. It resembled the gold coin he had started with, but now the symbol inscribed in the middle had two vertical strokes and, unlike the Thai baht, these strokes did not cut clean through the B they only stuck out of its top and bottom and did not cross through the middle of the letter.

Reactions on Bitcointalk were mixed. Some felt it was still too similar to the baht, while others thought it was too dull.

Is this the official logo? one observer asked. I understand how difficult it can be to make something truly professional when you don't have the skills (which I don't) or the software (which I also don't) so I'm not trying to be rude, but wouldn't it be better if we adopted something...better? I really am not trying to be mean.

Official or not, this served as the predominant logo until the end of 2010, when a pseudonymous commentator named bitboy dropped their first message into Bitcointalk. Humbly, the user announced that they had just wanted to drop by to say hi and to share with you some of the graphics I have done.

These graphics were free to download and placed in the public domain. Bitboy utilized the B symbol Satoshi had refined but rendered it in white and placed it on a flat, bright orange circle, tilting the symbol so that it leaned to its right.

Best Bitcoin logos Ive seen so far! one user commented. This was the general consensus, evidenced by the fact that bitboys designs would become Bitcoins defacto branding for the next decade.

Indeed, the logo bitboy cooked up has become iconic. Even people who know nothing about bitcoin may recognize it as Bitcoins universal symbol. And, like the technology it represents, it was created pseudonymously without hope of profit.

One user commented in the thread about using the Thai baht as Bitcoins symbol that we should let [Bitcoins logo] evolve organically, like a word in a language, and not worry too much about it at the early stage.

November of 2010 was still a relatively early moment for bitboy to introduce what has become the official logo, but this user also got their wish: The logo did evolve organically.

And it was also imbued with its own intelligent design. Every aspect of the Bitcoin logo has mathematical rationale behind it; every corner was architected as much for practicality and form as it was for symbology and aesthetics.

These rationale are painstakingly documented (as well as the specific instructions on how to make a perfect BTC logo from scratch) in this Medium post. The author, Phil Wilson, had helped design both the second logo that Satoshi introduced in February 2010 and the orange one that we know today.

And the one we know today is riddled with symbols.

For example, the number eight pops up multiple times in the dimensions and geometry of Bitcoins design (e.g., the B is rotated clockwise 13.88 degrees more on this later). Per the internet language 1337, an eight resembles a B, which is short for Block, according to Wilson. Many of the patterns that went into creating the Bitcoin logos design, like the circles that eventually made up the B, contain the number eight. The dimensions of other shapes (like the rectangles in the design) had a length of 12.5 (or, one-eighth of 100, thus representing eight yet again).

Since eight is B, which stands for block in this symbology, each new pattern is like adding a new block to the logo. Everytime a shape is resized (as they were multiple times throughout the design process) this reflects the changing data size of each new block.

The trebuchet font thats used in the logo was inspired by the trebuchet catapult which was a favorite weapon of Wilsons in the Age of Empires computer game. By using the vertical strokes from the dollar sign in the Bitcoin design, Wilson wanted to give the impression that those lines are not actually from the Bitcoin symbol, but from the $ symbol that's been Stamped into the ground by Bitcoin an indication of Bitcoins monetary dominance.

The coin was colored orange for a practical as well as aesthetic purpose. In the words of Wilson, it had to be a color that could be printed/replicated on both websites and print media and one that would stand out against all [other currency/payment options].

The circle was chosen because, well, a coin makes sense and a circle is warm and friendly and continuous, endless, forever just like Bitcoin.

Now, for the question that most new people probably ask: Why is the B tilted to the right? Well, theres an explanation for that, too, and rather than butcher it, here it is straight from Wilsons keyboard:

14 came about by adding an infinite number of B's together by dividing the previous value by 10. 12.5 + 1.25 + 0.125 + 0.0125 + 0.00125 + 0.000125 + 0.0000125 + 0.00000125 + 0.000000125 + 0.0000000125 + 0.00000000125 + 0.000000000125 This comes to about 13.888 repeating. When using a drawing program that rounds the rotation angle to the closest full percent, the angle becomes 14. The angle represents the blockchain progressing into the future forever.

And, finally, the logo for the internets native currency wouldnt be complete without a reference to The Hitchhikers Guide to the Galaxy. In the logo, the orange circle is scaled to 525 percent to give it a precise diameter. Why is that? Naturally, because 525% is 12.5 x 42, according to Wilson; in other words, it is one-eigth of 100 times 42, which, according to the book, is the secret to the universe.

And why is the secret to the universe included in Bitcoins design?

This technology is supposed to be the answer to the ultimate question of life, the universe, and everything, Wilson explained.

Or, put less hyperbolically: Orange coin good.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The History and Symbolism Behind Bitcoin's Logo - Nasdaq

Why Are ‘Bitcoin Group’ and ‘Bitcoin Revolution’ Such Popular Searches on Google? – Bitcoin News

Google searches can reveal a lot about the perception of the masses when it comes to bitcoin. This post examines two popular Google search terms in recent months and years, and seeks to explain why these terms continue to pop up, what knowledge can be gleaned by looking into them, and the effects of Google hype on mainstream perception when it comes to bitcoin.

Also read: The 35 Most Influential Bitcoiners Dominating Crypto Twitter by Follower Count

An examination of trends in Google searches shows some terms recurring over time, experiencing repeated spikes in popularity, though many in the crypto space may not know why. Sometimes, this is for good reason. A lot of these breakout search terms are simply scam sites that are not on the radar of crypto veterans, but are fervently sought by newbies looking to get rich quick.

Sometimes, though, the popular terms lead to products or sites that are legit. This post will examine one of each type.

The first popular search to be investigated is Bitcoin Revolution. While it sounds cool enough, the so-called revolution most are apparently searching for is just another cookie-cutter scam, following a popular template news.Bitcoin.com has covered repeatedly in the past.

The Bitcoin Revolution scam can be deceiving for those new to the crypto space, especially when top Google search results include many supposed scam or not reviews, falsely claiming the site is legit. Nothing could be further from the truth here, so tread cautiously. News.Bitcoin.com has previously posted tips for identifying bitcoin scam sites to help users steer clear of being conned.

As for the reason Bitcoin Revolution is so hot right now in terms of Google searches in the U.S. (especially for the state of Florida), it seems likely the multi-website-leveraging scam and masses of folks wanting to get rich quick is to blame.

The scam appears to have started in 2017, and persists to the current day in multiple forms. It is hard to say exactly why searches spiked especially in South Africa and Malta in late spring and summer 2018, but turbulent bitcoin prices could be to blame, with repeated $2,000+ jumps and falls on the way down from December 2017s all-time high. Also, the scam was reported by Maltese authorities early on as making false claims about a celebrity who had supposedly invested in bitcoin.

In 2013 and 2014 there was also media buzz about the revolutionary aspects of Bitcoin such as this March 2014 piece from Reuters, entitled Bitcoins promise: a financial revolution the webs been waiting for. This historical uptick in media coverage and Google searches corresponded with a meteoric rise in price for BTC which took the coin from around $130 to over $1,000 in fall 2013. Late 2017s all-time high also saw increased searches for bitcoin revolution, and the release of the documentary Magic Money: The Bitcoin Revolution occurred the same year.

Bitcoin Group, in contrast to the revolution scam, turns up something different. The search term, which experienced a small spike in popularity again in January, seems to tie back to a crypto and blockchain investment firm based in Herford, Germany, called Bitcoin Group SE.

While not as hot a query as Bitcoin Revolution currently, Bitcoin Group shows up repeatedly over time as a search term probably due to its prevalence and significance in the crypto space in Europe. Also, when the search bitcoin group peaked last June, CME Groups bitcoin futures were spiking in popularity and setting new records for large open interest holders, which likely influenced searches. Trends for bitcoin futures also seem to correspond roughly to peaks in the bitcoin group search displayed below.

As for Bitcoin Group SE, they released favorable news themselves in June. They hold 100% of Bitcoin Deutschland AGs shares, the company that operates Bitcoin.de, which is Germanys largest bitcoin exchange and boasts being the Largest Bitcoin marketplace in Europe with over 850,000 customers. With crypto becoming increasingly regulated in Europes biggest economy, the fact that Bitcoin Group would pop up again and again in Google searches isnt surprising. The group has also been on the scene a long while now, being founded in 2008.

News.Bitcoin.com has been doing its part to cover Bitcoin Group SE over the years. Happily the holding company is one seeming reason for a repeating trend in Google searches that does not lead back to a cookie-cutter scam. While it is often impossible to say exactly what causes each spike in Google searches, in the current climate of economic uncertainty, popular trends into the year will likely reveal much about the worlds perceptions of crypto. Currently, it seems we are still just scratching the surface of the true bitcoin revolution, which is economic freedom for anyone via permissionless, peer-to-peer electronic cash.

What are some other popular Google search terms related to bitcoin that lead to interesting conclusions? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Images courtesy of Shutterstock, Twin Design, fair use.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Graham Smith is an American expat living in Japan, and the founder of Voluntary Japanan initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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Why Are 'Bitcoin Group' and 'Bitcoin Revolution' Such Popular Searches on Google? - Bitcoin News

Africa Leading The Charge On Bitcoin (BTC) Adoption As P2P Volumes Reach Record Levels – Coingape

One of the fastest growing regions in peer-to-peer transactions of Bitcoin (BTC) is sub-Saharan Africa. Over the past year, the volumes traded on the top two P2P exchanges Paxful and LocalBitcoins hit a high of $400 million USD, signaling a possible explosion in volumes in the coming months. With countries such as Ghana and Kenya showing accelerated growth over the past few months, its only a matter of time before the region becomes a world beater in P2P crypto adoption.

If you still doubting the potential that Africa shows on the P2P crypto market, check this out. In the past 365 days, SSA recorded a high of $399, 709, 000 USD in P2P Bitcoin trades beating the total amount recorded in Western Europe ($350 million), Australia ($71 million) and Middle East/ North Africa region ($42 million). North America leads the pack with a total of over $1.1 billion traded over the past year.

The countries leading the charge in P2P adoption rates in SSA are Nigeria, South Africa, Kenya and Ghana the last two experiencing massive growth in the past six months.

While the overall adoption of crypto has been on the rise in SSA over the past year, most of it has been contributed by Africas largest economy Nigeria. With over $288 million USD in trades transacted over the past year, Nigeria holds a massive 72% of the total trades on LocalBitcoins and Paxful. However, this represents a sharp 8% drop over the past period, as the country adjusts to the recent requirements set up on exchanges.

South Africa come in a distant second contributing $54.1 million USD in P2P trades, representing a 35% hike in volumes over the past year. However, the biggest performer over the past year is Kenya, which has seen a staggering 105% increase over the past year, recording $39 million USD in trades over the past year. Ghana crypto enthusiasts traded a total of $11 million USD over the previous 365 days, representing over 175% in growth.

The strong showing from Ghana and Kenya is likely due to the presence of easy payment options such as M-PESA, a mobile payment system in Kenya, and the market penetration of Paxful in the two countries. Nigeria on the other hand, may be experiencing diminished value of P2P trades as the countrys Bitcoin investors look towards regulated exchanges such as Luno.

Data and images collected from Usefultulips.org

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Africa Leading The Charge On Bitcoin (BTC) Adoption As P2P Volumes Reach Record Levels

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Africas strong showing on P2P exchanges.Kenya and Ghana lead the charge with over 100% increase in P2P volume in a year.

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Lujan Odera

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Coingape

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Africa Leading The Charge On Bitcoin (BTC) Adoption As P2P Volumes Reach Record Levels - Coingape

Bitcoin falls below 8,000 ahead of what is expected to be a rough day for U.S. stocks – Yahoo Finance

The global markets rout continued into Monday morning following a historic weekend for stocks and commodity trading over the weekend.

Trading of S&P 500 futures were halted Sunday following a 5% decline, indicating U.S. stocks will plunge at market open. The panic selling followed the largest one-day decline in oil prices in 30 years, which was set-off by a breakdown in conversations between OPEC and Russia to cut crude output.

The outlook for the oil market is bleak, according to Goldman Sachs. In a note to clients, the investment bank cut its second quarter and third quarter estimate for oil prices to $20 a barrel.

The jitters in oil are underpinned by broader market concerns about the economic ramifications of the ever-spreading corona-virus, which surpassed more than 100,000 confirmed cases over the weekend. Italy, a country reeling from its inability to control the virus outbreak, is limiting travel to the most impacted regions.

Indeed, investors have been seeking safety over the course of the last month, fleeing risk assets from bitcoin to stocks. As such, the yield for 30-year U.S. Teasury fell below 1% for the first time in history, while the 10-year hit a record low of less than 0.4%. Experts expect the Federal Reserve will once again slash interest rates to curb corona's fall-out.

Investment banks such as Citigroup and Goldman Sachs have been sounding the alarm bells, noting in research to clients that market turmoil might continue until the end of the year.

"The US economy could slip into a recession if the coronavirus contagion lasts for an extended period of time," Goldman Sachs said in a note reviewed by The Block.

"In that situation, we estimate S&P 500 EPS would fall by 13% to $143 in 2020 and the index would decline to 2450 by year-end."

The index ended Friday's trade at around 2,972, a more than 12% decline since February 19.

As for bitcoin, the price of the digital currencywhich has been lauded as both a safe haven and uncorrelated asset by some market pontificatorshas largely been in lock-step with the broader market. It has dipped below $8,000 Monday morning, trading down more than 12% since Saturday.

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Meanwhile, CME Group Bitcoin futures arguably the easiest product for traditional traders, hedge funds, and large asset managers to get exposure to bitcoin had seen volumes fall off a cliff since breaching $1 billion in traded volume the day before the S&P500 peaked. The 7-day rolling average trading volume of CME bitcoin futures is down more than 75% since then.

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Bitcoin falls below 8,000 ahead of what is expected to be a rough day for U.S. stocks - Yahoo Finance

Bitcoin And Crypto Investors: Avoid This New Cryptocurrency Like The Plague – Forbes

Bitcoin and cryptocurrency prices have crashed in the face of the global market rout sparked by the spreading coronavirus.

But one new bitcoin-rival, created by a group of mostly unknown cryptocurrency developers last month and styling itself as "the world's first crypto backed by death," allows traders to bet on the coronavirus epidemicwith the token's value rising as more people fall ill or die.

The World Health Organization has said more than 70% of those infected with coronavirus in China ... [+] have recovered but the virus is still spreading around the world, bringing global stock markets and commodities, as well as bitcoin and major cryptocurrencies, to their knees.

Coronacoin, which is currently being priced at less than $0.01 according to its developer's website, will see its supply fall every two days based on the rate of new cases and the number of people the virus has killed.

There is a fixed supply of the coronavirus-fueled token based on the world's human population: just over 7.6 billion.

"Some people speculate a large portion of the supply will be burned due to the spread of the virus, so they invest," said Sunny Kemp, who was named as one of the developers of the morbid bitcoin-alternative by Reuters, adding: "There are currently active pandemic bonds issued by the World Health Organisation. How is that different?"

The coronacoin team currently counts seven developers, mostly in Europe, according to Reuters, with Kemp indicating more are about to come on board.

Coronacoin is being traded on the allegedly decentralized cryptocurrency exchange Saturn Network, with coronacoin making up almost 60% of its meager volume.

An investigation by cryptocurrency news and analysis website Decrypt found Saturn Network to fall well short of common standards and recommended against using it.

Coronacoin claims that as tokens are burnt when the number of people infected with the coronavirus ... [+] or killed by it rises means it is likely the token will increase in value.

The number of coronavirus infections worldwide is now more than 111,000, with about 3,890 deaths, however the spread of the virus appears to be slowing in China, where it originated.

Italy yesterday extended its coronavirus quarantine measures, which include a ban on public gatherings, to the entire country, while in the U.S. the number of confirmed cases now exceeds 500.

The World Health Organization (WHO) has warned that the threat of a pandemic is "very real."

Despite the virus spreading around the world in recent weeks, governments are working hard to contain and minimize it.

Coronacoin is a macabre gimmick, designed to make its developers a quick bucknot to serve as a long-term store of value.

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Bitcoin And Crypto Investors: Avoid This New Cryptocurrency Like The Plague - Forbes

Chinese Nationals Charged with Laundering More Than $100 Million in Cryptocurrency | Chief Investment Officer – Chief Investment Officer

Two Chinese nationals were charged by the US Justice Department with laundering more than $100 million worth of cryptocurrency that was part of more than $230 million hacked from a virtual currency exchange by North Korean co-conspirators.

According to an indictment unsealed in the US District Court for the District of Columbia, Tian Yinyin and Li Jiadong were charged with money laundering conspiracy and operating an unlicensed money transmitting business.

The hacking of virtual currency exchanges and related money laundering for the benefit of North Korean actors poses a grave threat to the security and integrity of the global financial system, US Attorney Timothy Shea said in a statement.

Nearly $101 million was laundered through hundreds of automated cryptocurrency transactions in order to prevent law enforcement from tracing the funds.

According to the legal complaint against Yinyin and Jiadong, in 2018, an employee of the exchange communicated with a potential client via email. While communicating with the potential client, the employee unwittingly downloaded malware that attacked the exchange. The malware provided remote access to the exchange and unauthorized access to private keys controlling wallets to seven virtual currencies.

Yinyin and Jiadong engaged in nearly $101 million in virtual currency transactions, which primarily consisted of their exchange of virtual currency traceable to the hack of the exchange, the complaint said. The two allegedly converted the virtual currency into fiat currency and transferred it to customers for a fee. The funds were laundered through hundreds of automated cryptocurrency transactions aimed at preventing law enforcement from tracing the funds.

The North Korean co-conspirators circumvented multiple virtual currency exchanges controls by submitting doctored photographs and falsified identification documentation, according to the complaint. A portion of the laundered funds was used to pay for infrastructure used in North Korean hacking campaigns against the financial industry.

North Korea continues to attack the growing worldwide ecosystem of virtual currency as a means to bypass the sanctions imposed on it by the United States and the United Nations Security Council, IRS-Criminal Investigation (IRS-CI) Chief Don Fort said.

The complaint also alleges that the North Korean co-conspirators are tied to the theft of approximately $48.5 million worth of virtual currency from a South Korea-based virtual currency exchange in November. As with the prior theft, they allegedly laundered the stolen funds through hundreds of automated transactions and submitted doctored photographs and falsified identification documentation.

The civil forfeiture complaint specifically names 113 virtual currency accounts and addresses that were used by the two defendants and unnamed co-conspirators to launder the funds. The forfeiture complaint seeks to recover the funds, a portion of which has already been seized.

The US Department of the Treasurys Office of Foreign Assets Control also imposed sanctions on Yinyin and Jiadong for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, a malicious cyber-enabled activity.

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Tags: Chinese, Cryptocurrency, hack, Li Jiadong, North Korean, Tian Yinyin, virtual exchange

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Chinese Nationals Charged with Laundering More Than $100 Million in Cryptocurrency | Chief Investment Officer - Chief Investment Officer

View: Why it’s better for RBI to just wait and watch on cryptocurrency – Economic Times

By Ateesh TankhaImagine an Indian hotel chain thats mortally afraid of the coronavirus. No cases have yet been reported at any of its properties, but, lacking sufficient information and medical infrastructure, the chain instructs its properties to cancel all guest bookings in line with what hotels abroad have done. A set of disgruntled guests take the hotel to court, claiming that the chain has taken disproportionate action.

Should the law rule be in favour of the guests because the hotel lacks empirical evidence that proves that the properties would have suffered reputational or other damage if the bookings had not been cancelled? A March 4 Supreme Court judgement overturning an earlier 2018 Reserve Bank of India (RBI) ruling on cryptocurrencies seems to suggest as much.

In April 2018, after five years of unregulated trading in cryptocurrencies, RBI issued a ruling to its member banks not to deal in virtual currencies (VCs) or provide services for facilitating any person or entity in dealing with or settling VCs.

Subsequently, a governmental committee urged GoI to ban and criminalise the use of unofficial virtual currencies in India. The reasons for this are neither so outrageous nor so far-fetched.

There are two parts to a cryptocurrency. First, theres the distributed ledger technology (DLT), like blockchain, thats a system of replicating, sharing and synchronising digital data personal details, transactions, etc without the need for a centralised authority or trusted service provider. The many advantages of this technology relate to activities ranging from the efficient collection and authentication of KYC (know your customer) and batch-processing micro-payments, to expediting cross-border payments and sharing defaulter data.

In short, DLT can make many processes in the world of payments and financial services cheaper, faster and more reliable. But then, theres the token, the actual virtual currency. As a store of value and as a medium of exchange, there are a few challenges that exist.

The least of these relates to the creation of technology integration and transaction processing speed. Over time, and with enough investment and innovation, these issues will be overcome. Far greater concerns exist in two principal areas fraud, and money laundering and illegal transactions.

Consumers have been the victims of virtual currency fraud for some time now. Let alone the 2018 Gain Bitcoin scam that defrauded the public of Rs 2,000 crore, there have been scams like OneCoin that make the former look like loose change. Add to this the fact that even legitimate exchanges like Bitpoint and Binance have had tens of millions of dollars stolen by cybercriminals. It is estimated that $4.2 billion was stolen from cryptocurrency users and exchanges in 2019. Its no wonder that RBI wishes to err on the side of caution.

An even greater regulatory and oversight challenge, however, exists when it comes to controlling transactions related to money-laundering and other nefarious activities.

Early on in the cryptocurrency saga in the US, it quickly became apparent that VCs were mainly used for completing transactions related to narcotics. Similarly, thanks to the Dark Web, many regulators have banned, or severely restricted, the use of VCs to control activities like terrorist financing, sanction circumvention, and other forms of illegal trafficking.

Which brings us back to RBI. As the official entity that oversees the health of the financial system in India, it is only to be expected that it will take a more conservative approach to enabling and regulating something as protean as cryptocurrency.

Critics complain that RBI does not fully understand the technology, or the power of VCs. This may be true. They also say that the purpose of RBI is to build a regulatory infrastructure around technology so that consumers are not defrauded.

This is true, but easier said than done. The recent debacles with both public and private sector banks should serve as cautionary tales for those advocating less stringent oversight.

And until RBI is comfortable with a way forward, it should not need to show empirical evidence of how its member banks have suffered any loss or adverse effect directly or indirectly on account of enabling VC transactions. There is sufficient global evidence and precedence for the stance taken by RBI.

As with the coronavirus, if you dont know what you dont know, and you are still likely to be held liable for an outbreak, enforcing a quarantine may be the best way to wait and watch developments.

(The writer is former head, partnerships and Citi merchant service, Citibank, US)

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View: Why it's better for RBI to just wait and watch on cryptocurrency - Economic Times

Will Japan have a National Cryptocurrency? – Asia Crypto Today

Countries around the world are increasingly formulating or finalising plans to launch a national cryptocurrency. From China to Palestine, nations are seeing the benefits of digital currencies.

One country that had been surprisingly slow in its steps towards a national cryptocurrency in Japan. Often seen as the home of cryptocurrencies, with a population that is crypto-friendly and a decent regulatory framework in place, it would seem that this would be the leading nation in future nation based crypto.

Yet, since the past few months, Japan has been relatively quiet on the national cryptocurrency front. However, with Asian rivals China increasing the pace of its digital RMB plans which will be implemented by the Peoples Bank of China, Japan has looked to counter it.

The Bank of Japan is leading the talks, with meetings held in January between them and the Ministry of Finance (MOF), and Financial Services Agency (FSA). Notable names were in attendance. These include Ryozo Himino, FSA vice-minister for international affairs, Yoshiki Takeuchi, vice-minister of finance for international affairs, and Shinichi Uchida, BOJ executive director for international affairs.

Bank of Japan Governor Haruhiko Kuroda has expressed the intentions of the Bank in its central bank digital currency (CBDC) plans but said there was not a huge motivation or need currently:

We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.

Overall, it would appear that Japan is joining an ever-growing list of nations and their central bans looking to add a central bank digital currency to their ecology.

The Bank of England, the European Central Bank, the Central Bank of Sweden, Canada and the Swiss National Bank have all announced their crypto intentions alongside Japan after signing a group partnership with the Bank of International Settlement.

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Will Japan have a National Cryptocurrency? - Asia Crypto Today

Lloyd’s syndicate partners with cryptocurrency broker to protect online wallets – Insurance Times

Lloyds syndicate Atrium has partnered with Welsh broker Coincover to launch a new liability product that protects cryptocurrency held in online wallets.

The policy, which offers flexible limits from 1,000 upwards, aims to protect individuals against losses arising from the theft of cryptocurrency or other malicious hacks on virtual wallets.

The new product is backed by a panel of Lloyds insurers, which are all members of the markets Product Innovation Facility (PIF). This includes TMK and Markel, to name a few.

Prospect Insurance Brokers was also involved in the development of the policy.

Matthew Greaves, underwriter at Atrium, said: There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular.

It is a testament to Lloyds that the market has put together an innovative solution to mitigate these new risks and protect against theft from physical as well as online vaults thereby providing customers with piece of mind that their assets are safe.

The liability insurance policy uses a dynamic limit that will increase or decrease in line with the price changes of crypto assets this means that policyholders will always be indemnified for the underlying value of their asset, even if this fluctuates over the policy period.

David Janczewski, chief executive at Coincover, described the product as a unique and timely solution.

He continued: As the crypto asset market heats up again at the start of 2020, a new wave of crypto-curious customers are standing by at the ready to jump in, having previously been put off by the lack of adequate protection against theft and loss.

With this innovative new policy, we can remove these barriers and broaden the appeal of crypto. It represents another step forward in enabling cryptocurrency adoption.

Trevor Maynard, head of innovation at Lloyds, added: As more money flows into the crypto asset market, losses from hacks are on the rise.

Nevertheless, cryptocurrency companies have found ways to protect their digital assets from theft and, by working closely with Lloyds underwriters, to insure losses that do slip through the net.

This liability product marks the second new insurance product to be backed by PIF members.

Last September, PIF members supported the launch of a profit protection policy for hotels this uses an event-based triggered.

Coincover has received significant support from the Development Bank of Wales, as well as Welsh angel investors.

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Lloyd's syndicate partners with cryptocurrency broker to protect online wallets - Insurance Times