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

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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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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Latest news on the cryptocurrency market - Born2Invest

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

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Contxto Two entrepreneurs want to clean up beaches using crypto. As a result, theyve joined forces with the Uruguayan governments National Agency for Development (ANDE).

Essentially, people will be able to gather plastic and then trade it for Plasticoins. They will then use this emerging cryptocurrency to acquire products and services at a discount with associated businesses.

The eco-friendly Plasticoin is set for full launch next summer in the coastal region of Piripolis, Uruguay.

Related article: Chilean sustainability startup Algramo to introduce portable repackaging units to US

The minds behind Plasticoin, Juan Rivero and Nicole Wyaus want this unique crypto to encourage people to separate their trash. And to incentivize this good behavior theyve come up with a cryptocurrency-based solution.

So this is how it works:

A person signs up and recollects as much plastic as they can. And for every kilogram of plastic they gather, they can exchange it for Plasticoins.Pricing is as follows:

In all instances, the plastic must be cleaned and compacted.

Anyway, the entrepreneurs and ANDE have prepared two collection centers where people can bring their plastic to be weighed and then exchanged for Plasticoins.

This cryptocurrency can be used to achieve discounts on products and services with partnering businesses. For example, two for one surf lesson.

As for the plastic thats gathered, it shall be reused for streets and in construction.

Related article: Conceptos Plasticos partners with UNICEF to build schools made of plastic in Ivory Coast

For the moment, Plasticoin is still in its pilot phase in one small location. Yet there are over 600 people whove registered to participate.

Further down the road, the project may even expand further to other parts of Uruguay such as Maldonado, Sols, Ocean Park, and Pan de Azcar.

Moreover, Juan Rivero and Nicole Wyaus hope to eventually bring Plasticoins to the coastal parts of Argentina, where plastic too plagues its lovely beaches.

I must admit its not entirely clear how this will transform into a business model for the entrepreneurs (Ill keep you posted!). Nonetheless, I found it to be an interesting initiative. And hopefully, it will be replicated in other parts of Latin America.

In many countries, separating garbage is the norm. But its still not common in Latam. Consequently, this type of project may motivate people to make an effort for the planet we all live in.

Related articles: Tech and startups in Uruguay!

-ML

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Plasticoin, the cryptocurrency that wants to clean up Uruguay's coast - Contxto

One quarter (24 per cent) of British workers believe cryptocurrency should be taught in schools as part of the national curriculum, according to a new study from cryptocurrency trading platform CoinBurp. Breaking down the data by age bracket, 35 per cent of 16-24 year olds surveyed agreed that they would benefit from cryptocurrency being taught as a subject in school.

This is compared to just 15 per cent of those older than 55 suggesting that there is a generational divide in public interest towards learning about cryptocurrency, which only emerged in 2009. The survey of over 2,000 professional workers in the UK, conducted by Censuswide, an independent polling company, also found that a combined average of 25 per cent of 16-34-year olds said they are planning to invest in cryptocurrency in 2020.

At the same time, 37 per cent of 16-24-year olds believe that their bank should provide access to cryptocurrency, whereas only 15 per cent of 55+ year olds agree. When asked about their confidence in the UKs economic future next year, almost half (49 per cent) said they believe the economy will go into recession in 2020. Interestingly, the ICT GCSE was recently phased out of the UKs national curriculum and replaced with the more challenging computer science, in order to better combat the predicted skills shortage of 800,000 skilled IT jobs in the EU by 2020. Similar to the skills crisis, a lack of understanding of cryptocurrency and blockchain technology could be as damaging to students future, should another financial crisis hit the UK.

Peter Wood, CEO, CoinBurp told The Commentator: Cryptocurrency is already offering exciting opportunities for investors and is set to transform the banking industry and wider economy in the very near future.

Right now, its utterly ludicrous that such important digital assets are being overlooked by businesses and our education system. "With trust in established financial institutions at an all-time low, the need for preparing the next generation to understand, invest and use digital currencies is absolutely vital. Likewise, the ability to transfer funds and make payments instantly, anywhere in the world without rip-off fees is essential for ambitious companies, particularly once the finer details of the Brexit process are agreed.

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Put cryptocurrency on the national curriculum, say one quarter of Brits - The Commentator

Steve Anderrson Friday, 24 January 2020, 06:23 EST Modified date: Friday, 24 January 2020, 06:23 EST

The blazing speeds and more efficient communications protocols that 5G expected to bring in expected to change the face of cryptocurrency-based payments in the average consumer space within the next five years.

It presumed that within 2025, nearly half of all smartphone owners who do not have access to a bank or a financial institution would be able to make cryptocurrency transactions for their daily business needs.

Managing VP at Gartner, Miriam Burt shared the same opinions at the Gartners Strategic Predictions for 2020 and Beyond keynote. It held at the Oracle OpenWorld 2020, which was hosted at the Dubai Trade Centre Arena this week.

She went on to state her belief that for financial leaders to remain competitive and have full customer satisfaction, the future of finance based on cryptocurrencies must undoubtedly be thought of and considered.

Were looking at the age of fintech, where there is a potential for all payments to be cashless and make financial services accessible to a whole new population that does not have access to banking services.

Burt went on to say that

In the Middle East and North Africa (MENA) region, two-thirds of people have no bank accounts; however, more than half of the countries have no bank accounts. However, more than half of the countries have a mobile subscriber penetration rate of 70% of the population. This means that we have more people who have phones than bank accounts. An estimated 23% of these people are under-banked, so they have access to smartphones but dont have access to traditional financial services.

What Burt is trying to convey is the idea that the onset of cryptocurrencies will bring financial services one step closer to people without having to go through complicated procedures that take time and infrastructure to build and maintain.

The phones are already in place, in the hands of the people, and the bases for the financial services are already there too within cryptocurrencies.

Cryptocurrencies will become the core of mobile payments, and digital payments in general, and bring financial institutions closer to the people globally.

Burt also said that China Telecom would be the first to implement this technology, and they are already working on blockchain technology-based projects that will use 5G SIM cards to transact cryptocurrencies.

Successful implementation of the above initiative could put China Telecom as a massive lead in telecommunications over other countries, and it will become highly popular.

They will have extremely secure standards, including next-level digital authentication and decentralized authentication, to allow cryptocurrency payments.

Original post:
5G Will Bring Forth A Cryptocurrency Evolution In Payments Within The Next Half-Decade - The Coin Republic