Category Archives: Cryptocurrency

Mr. Jimnez was fairly insulated. He had founded a start-up, The Social Us, that connected Venezuelan programmers and designers with American companies looking for cheap labor. Like many wealthier Venezuelans, Mr. Jimnez kept almost all his money in dollars, but this made transactions a headache. He had to illegally swap currency every few days, and a taxi ride would require a stack of bolvars so thick that most drivers accepted only wire transfers.

The situation rekindled Mr. Jimnezs long-running interest in cryptocurrencies. He began paying his employees in a digital coin; even with the crazy volatility of the crypto markets, it was more stable than a Venezuelan bank account, and it wasnt subject to the Maduro regimes diktats. The staff at The Social Us began touting cryptocurrency as a way for ordinary Venezuelans growing numbers of whom were buying Bitcoin on the street to deal with practical problems. One project they designed was a payment terminal that bypassed government limits on spending.

Initially, the Maduro regime saw Bitcoin as a threat. The technology, after all, used a decentralized network to create and move money, and no authority was in charge. But then some members of the government noticed that this cut both ways. Cryptocurrency could also be a way for Venezuela to escape sanctions levied by the United States and international organizations.

In September 2017, an official loyal to Mr. Maduro floated the idea of a digital currency backed by Venezuelas oil reserves. This was unorthodox: One of the tenets of Bitcoin is that its value does not derive from a natural resource or government fiat,only the laws of mathematics. But the distinction faded in the face of Venezuelas desperation. The official, Carlos Vargas, read about Mr. Jimnezs crypto work in a local publication and asked for a meeting.

Soon the hulking form of Mr. Vargas arrived at the office of The Social Us. As he consumed an entire bag of potato chips, Mr. Vargas flattered the young digital workers, saying they were among the only people in Venezuela capable of creating what he had proposed. The idea was exactly what Mr. Jimnez had hoped to hear. The goal was to create a new Venezuelan currency that would move freely over an open network, like Bitcoin. The government would be unable to control or bungle it. Mr. Vargas wanted to call it the Petro Global Coin, but Mr. Jimnez suggested something simpler: the Petro.

The Social Us put together a short pitch deck for the Petro project. But Venezuela is filled with people proposing crazy schemes, and Mr. Jimnez didnt put too much stock in it. Then, in early December, when Mr. Jimnez was at a conference in Colombia, he got an urgent text. Mr. Maduro had just announced a national cryptocurrency called the Petro. Mr. Jimnez threw open his laptop and found a video of the president, in his usual workmans shirt, telling a whooping crowd, This is something momentous.

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The Coder and the Dictator - The New York Times

Bitcoin has experienced wild price swings in recent days as cryptocurrency markets respond to the global economic uncertainty sparked by thecoronavirus epidemic.

The cryptocurrency has swung between highs of $9,000 and lows of 4,000 since the start of March, representing the most severe price volatility since the market explosion and subsequent crash in late 2017.

Over the last week the value of one bitcoin has risen by more than $1,000 to its current price of $6,600.

Sharing the full story, not just the headlines

The latest price rise came after the US Federal Reserve announced unlimited quantitative easing measures to help reduce the economic impact of coronavirus.

This follows similar announcements from other central banks like the Reserve Bank of Australia and the European Central Bank to artificially increase the money supply.

Such drastic economic policy is seen by some analysts as a potential opportunity for investors, who may consider bitcoin as a safe-haven asset due to its decentralised nature.

The limited supply of bitcoin only 21 million will ever exist means it is also immune to quantitative easing and other emergency monetary measures that fiat currencies are susceptible to.

The US Federal Reserves announcement effectively pumps billions of dollars into the market, so some investors may be weary that the dollar will lose its value, and are moving back into bitcoin to hedge against inflation, Simon Peters, a cryptocurrency analyst at the online trading platform eToro, toldThe Independent.

Because the amount of new bitcoin that comes on to the market decreases over time, it is by design a deflationary asset when compared with a fiat currency like the US dollar. In theory the value per bitcoin should increase over time.

Other major cryptocurrencies continue to experience similar fluctuations, though the full extent of the impact the coronavirus outbreak has had on markets is yet to be fully realised.

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

Bitcoin was launched in 2009in response to the financial crisis of the previous year, offering a revolutionary alternative to the traditional financial system.

The electronic cash system has failed to achieve mainstream adoption in the subsequent years, during which the global economy recovered and achieved sustained growth. Some experts believe that the advent of another economic collapse could be see a renewed interest in bitcoin as an alternative form of currency and store of value.

This is the first time the world has faced a financial crisis when there has been an alternative financial system, said Marcus Swanepoel, CEO of London-based cryptocurrency exchange Luno.

Cryptocurrencies are still very young, and at this stage in their development cannot replace fiat currencies, but as the problems global markets face increase we will see investors looking at digital assets as a way of distancing themselves from digital investments.

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Bitcoin news: Price hit by dramatic value fluctuations amid coronavirus panic buying and selling - The Independent

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In our earlier CNPupdate article published on 9 May 2018, we discussed theregulatory approach to cryptocurrency and bitcoin exchanges inSingapore. In this article, we look at the regulatory developmentsfollowing the commencement of the Payment Services Act 2019("PS Act") on 28 January 2020.

Along with the PS Act, the following key regulations relating tothe new payment services framework have also come into effect on 28January 2020:-

Entities who operate or intend to operate Cryptocurrency andBitcoin Exchanges in Singapore (collectively,"Exchange Operators") may be required tocomply with the licensing requirements for providing a"digital payment token service" and operating a"digital payment token exchange" under the PSAct.

The Monetary Authority of Singapore (the"MAS") formed a new Payments Departmentin February 2020 to supervise the payment services industry inSingapore the ("PD"). The PD isresponsible for supervising the regulation of the payments industryin Singapore. The PD formulates policies on the regulation ofpayment services, and supervises payment services providers (e.g.cross-border money transfer service providers, digital paymenttoken service providers and money-changers) as well as paymentsystems (e.g. GIRO, FAST, NETS Electronic Funds Transfer atPoint-of-Sale). PD also supervises non-bank credit and charge cardissuers regulated under the Banking Act, and credit bureausregulated under the Credit Bureau Act.

Over recent months, there have also been some notabledevelopments in the cryptocurrency landscape in Singapore. iSTOX, adigitised securities trading platform, graduated from the MAS'Fintech Regulatory Sandbox on 1 February 2020 [link]. Intercontinental Exchange, an approvedexchange regulated by the MAS, launched the Bakkt bitcoincash-settled monthly futures contract in Singapore on 9 December2019 [link]. Xfers, a provider of e-money issuanceservice, announced on 7 November 2019 that it plans to issue theXSGD token (powered by Zilliqa), a Singapore-dollar backed andpegged "stablecoin" under the project nameStraitsX [link].

This update is provided to you for general information andshould not be relied upon as legal advice.

POPULAR ARTICLES ON: Technology from Singapore

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The nearly two-year long challenge by Indian cryptocurrency users, traders and exchanges, against the April 6, 2018 RBI circular[1], which cut off such users' access to the formal economy has come to a close.

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FinTech Comparative Guide for the jurisdiction of Hong Kong, check out our comparative guides section to compare across multiple countries

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Regulatory And Other Developments In Singapore On Cryptocurrency And Bitcoin Exchanges - Technology - Singapore - Mondaq News Alerts

The coronavirus pandemic continues to affect all walks of life, with everyone struggling to cope with what this means for what we think of as a normal way of life. Schools are suspended, most businesses closed until further notice, and governments all around the world are looking to both mitigate the spread while also lessening the fallout from the disease.

Within the financial world, Yahoo! Finance reports that insiders expect the global stock market to enter into a deep recession. This means that some are now looking to cryptocurrency as an alternative trading method, however crypto remains as volatile as ever. News outlets have either been praising cryptocurrencies rise or predicting its fall, and this news seems to change by the hour.

The rise of cryptocurrency

As of March 24, CNBC reports that the crypto prices have risento over 12 billion, which means their total value now amounts to about 155 billion. Bitcoin was up over 10%, while other cryptocurrencies such as Ethereum and XRP also rose. Cryptocurrency exchange expert Vijay Ayyar told the news outlet that investors are seeing this bullish rise as a positive, with investors gaining confidence and potentially seeing cryptocurrency as a safe haven amidst all the global stock market fears.

This rise comes hot on the heels of cryptocurrencys rough patch earlier this month. Just 11 days prior to this rise, cryptocurrency prices tanked as investors were trying to quickly sell off their stocks due to the coronavirus panic. Financial insiders used this time to bemoan cryptocurrencys role as a safe haven in the face of a global economic downturn, but this recent growth means that cryptocurrency may indeed be the economic haven that traders are searching for.

What this means for traders

The fall and subsequent rise of cryptocurrency at this time thus begs the question: What does this mean for traders? While cryptocurrencys volatility is what makes it exciting, beginner traders who are safely at home can use this time to better monitor its conditions. Plus500s trading platform was built to help mitigate cryptocurrencys extreme volatility by alerting users of any sudden price increases and drops. While no one will ever have a concrete hold on how cryptocurrency stocks move, such tools allow traders to manage their profits and losses. After all, understanding how to manage your risk is an extremely important lesson when it comes to cryptocurrency trading.

In line with this, Forekast News emphasises the growing numberof ordinary people who are now trying their hand at cryptocurrency investments. Tech writer and cryptocurrency trader Sumit Gupta suggests that while cryptocurrency does benefit large financial institutions, its decentralised nature also means that all kinds of traders can get in. This inclusion can then increase the purchasing power of the ordinary citizen.

Our post on decentralised hubs in the Isle of Wight speaks to just how far this tech has the potential to grow. As many people across the globe brace themselves for the virus worst effects, financial insiders will continue to monitor cryptocurrencys growth amidst all the panic.

Excerpt from:
THE CORONAVIRUS' EFFECT ON CRYPTOCURRENCY TRADING - Island Echo

Despite the delay, the Peoples Bank of China (PBC) is closer to launching its official digital currency. By working together with several large private companies, the nations central bank has finished the development process and is working on the proper legislation before the CBDC is released.

After the COVID-19 outbreak, the Chinese central bank digital currency (CBDC) was delayed indefinitely. However, as the country is portraying initial stages of recovering after the deadly virus, a new report informed that the CBDCs launch is closer than anticipated.

The Chinese central bank has completed the development process by collaborating with several local firms, including Huawei, China Merchants Bank, Tencent, and the tech giant Alibaba.

The latter has reportedly publicized five patents related to the future digital currency from January 21st to March 17th. The patents cover various areas of the digital currencys future usage. Those include issuance, digital wallets, transaction recording, anonymous trading support, and assistance in supervising and dealing with illegal accounts.

Aside from all patents, the digital currency has to comply with local legislation as well. This, according to the report, could raise issues, because the currency has to operate with banking and insurance regulators on supervision. This process could be quite lengthy. Therefore, the exact time of the CBDC launch cannot be determined yet.

As the world is arguably entering the next, long-awaited, recession, most central banks are taking extreme measures to fight the economy curtail. The U.S. Fed, for example, cut the interest rates in an unprecedented manner and even announced unlimited quantitative easing.

Chinas approach for stabilizing its economy might differ substantially with the digital currency launch. Cao Yan, managing director of Digital Renaissance Foundation, believes that the PBC should accelerate the development of the CBDC.

He outlined two main merits; firstly, it would establish Chinas leadership position in this new digitally-oriented world. Secondly, a CBDC could be more efficient during times of uncertainty than simply lowering rates.

If there is a chance China is considering lowering its interest rate into negative territory as a final option and directing such policy to commercial loans and lending, a circulated digital currency rather than M0 will be able to achieve that. he explained.

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Chinas Cryptocurrency Is Closer Than Expected, Already Working On Legislation - CryptoPotato

March24, 20205 min read

Opinions expressed by Entrepreneur contributors are their own.

If youre a cannabis entrepreneur, you already know that banking and payment processing are major issues in the cannabis industry.

There are limited payment options if you sell CBD.It is magnitudes more difficult if you are selling THC-centered products.

RELATED:How To Guerilla Market Your Cannabis Brand

Last year, banking issues in the cannabis industry reached the national spotlight when NPR published the aptly-titled article Bags Of Cash, Armed Guards And Wary Banks: The Edgy Life Of A Cannabis Company CFO.

Once (or if) you can find a bank to work with, your bank account runs the risk of being shut down at a moments notice.

Then, you face the challenge of payment processing. Its more difficult for startups with no payment processing history to obtain one. And if a payment processor decides to ban you, your business will be left temporarily unable to accept credit cards.

On top of that, processing fees in the cannabis industry are significantly higher when compared to traditional commerce. We are talking between 4 percent and 6 percent, triple the average of other industries.

A solution is on the horizon.

An emerging, immature, and often misunderstood Bitcoin cryptocurrencytechnology was unleashed on the world in 2009.11 years later, it hascome a longway. Bitcoin can be bought and sold in every country. Mainstream financial channels like CNBC and Bloomberg have teams dedicated to Bitcointechnology.

The promise is appealing. You can be your own bank. No more frozen funds. Transactions cant be censored and the fees cost next to nothing. Plus, payment processing cannot be shut off, unlike traditional banking.

RELATED:Coronavirus Spikes Demand For Cannabis Delivery As People Stockpile Products

Cryptocurrencies like Bitcoin, Bitcoin Cash, and Ethereum intend to solve the problems faced by high-risk banking industries. Its worth noting that on a dark web marketplace known as the Silk Road,thenumber oneproduct sold (by far) was marijuana. The Silk Road is now defunct, but when it was still functioning back in 2011, it showed that Bitcoin has a role to play as a digital currency.

Is cryptocurrency a viable payment solution for your cannabis business?

Like many new technologies, cryptocurrency is not easy to understand. The complexity is where most people lose interest.

Heres something to think about:Most of us do not know how the internet works.Transferring data via "packets," the interaction of protocols like TCP, SMTP, and HTTPS, its all quite detailed under the hood. But this does not prevent you from shopping online, sending an email, or reading this article.

Our company hadprior experience with cryptocurrency, so it made the decision easier than it would be for other cannabis entrepreneurs.

Now that you want to enable the payment option, you have to get set up.

To acceptonline payments, we used the free tool Coinbase Commerce, which integrates with Shopify, WooCommerce and most major platforms. It took us about 30 minutes from signing up to having it live.

We were set up and ready to go, except for one thing: customers.

If you spend even 15 minutes interacting with the cryptocurrency community on Twitter, Reddit, or anywhere else, youll quickly see they are a passionate, enthusiastic (albeit tribal) group.

By sharing a few links on Reddit channels, we received cryptocurrency orders on the first day.

The most interesting and effective part was our charity initiative. By using cryptocurrency to cross borders and feed people in Venezuela and South Sudan, two countries with extremely limited banking options, it showed a fundamental advantage cryptocurrency holds over traditional banking.

RELATED:Cryptocurrency and the Allure of a Cashless Cannabis Industry

It sparked some sales and press for our startup. A few CBD stores reached out to us asking how they could accept cryptocurrency.Even our coffee supplier is open to receiving Bitcoin.There is a lot of underlying interest in the cannabis industry, but they are primarily spectators who arent sure how to participate.

After a few months of time has passed using cryptocurrency, it has been a positive experience. We think all cannabis companies should consider accepting Bitcoin at their business. Keep in mind, cryptocurrency orders are only a small fraction of our total orders. Thatshould be expected at any cannabis company. Your dollars will not turn into Bitcoin overnight.

Thats not to say there arent some drawbacks to consider. First off, if you use Coinbase Commerce, youll have to manually convert your cryptocurrency back into U.S. Dollars. There are services like GoCoin that do this for you for a 1 percentfee (still a lot cheaper than credit card processing).

Second, if you have storefront locations, the cashiers will have to know how to accept payments. AnyPay offers a free POS app, but like any software, it still takes some time to learn.

In the coming years, cryptocurrency has the potential for exponential growth, and there are perks to being an early adopter.Id encourage you to be skeptical of experts who dismiss cryptocurrency in its early days.Remember, Paul Krugman, the Nobel Prize-winning economist, once predicted: "By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.

Cryptocurrency will not be a magic bullet for your business. But in an industry that has an uncertain banking future, why not offer your customers an additional payment method and get some free press in the process?

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We Implemented Cryptocurrency In Our Cannabis Business. Here's What We Found. - Green Entrepreneur

The cryptocurrency in India was banned by the Reserve Bank of India(RBI) from April 2018.With no doubt, the ban largely affected the cryptocurrency and activities related to it on a large scale. However, on March 4th, the ban was lifted by the Supreme Court making the transaction open and legal.

Surely, the lifting of the ban is good news to the investors as well as the exchanges as it gives them both a new hope again.

But the question here is, will this work in favor of both?

In order to know, the views of three cryptocurrency experts were taken by Moneycontrol.

Mukul Shrivastava, Partner, Forensic and Integrity Services, Ernst & Young

According to Shrivastava, it is a mixed bag of rewards and risks. Investors having expertise in the field search for benefits by following technological advances. He said that it is equally important to have the necessary qualification and education and be aware of it all in terms of an economy, a crypto-exchange, a trader or a consumer to build a broader ecosystem where innovation is expected, and threats are mitigated.

Cryptocurrencies gained acceptability, but they need to be seen as a double-edged sword in todays probable, risky environment. For instance, there is no central authority to regulate, take ownership or provide security to safeguard crypto assets.

The use and making transactions on a real-time basis are easy with no cross-border limitations. Anonymity is offered, but there is virtually no know-your-customer (KYC) requirement, which makes it worrisome keeping in mind the traceability. One of the major issues is that crypto accounts can be used for purposes that are forbidden by the law which are impossible to track. This makes it a concern. The creation of a crypto wallet requires an internet-enabled device. With limited information technology literacy, this can expose users to high-risk situations and make them potential targets for cybercriminals. The use of cryptocurrencies once again will depend on how the ecosystem can grow while mitigating risks.

Nischal Shetty, Founder & CEO, WazirX

There is a need to initiate dialogue with the Indian policymakers and regulators and work towards creating a crypto regulatory framework in India says, Shetty.

Some time ago, South Korea legalized cryptocurrency while cryptocurrency has a positive response from other countries like Australia and Japan too. Those are not the only countries however and many others are using cryptocurrency. The main thing here is that all countries making use of cryptocurrency have made sure to set up regulations for it. If India successfully regulates cryptocurrency, it will be a positive aspect as doing so will lead to more blockchain-focused startups, more jobs, and more tax revenue for the government.

Crypto is a new age asset and should be not treated like any other random traditional asset.

Currency is just one of the many possible use-cases of crypto. Moreover, the financial action task force (FATF) guidelines clearly state that crypto is not a threat to the global economy, and can be regulated properly. FATF has, in fact, even submitted a crypto standard regulation report to G20 countries, and India is a G20 member. Both crypto and fiat can co-exist and, in fact, crypto can help banks solve the existing problems for millions of unbanked people. A peer to peer (P2P) platform was being used by Indians due to the note ban. However, the banking channel was more successful due to its convenience. Similarly, if Indians start dealing in terms of crypto, it will be an easier option.

Dr Garrick Hileman, Head of Research at Blockchain.com

Hileman stated that the use of cryptocurrency will serve as a foundation for users to be their own banks especially with the trending financial services

Since a long time now, experts have predicted and believed India to be one of the leading countries in terms of adopting and using cryptocurrency and digital assets especially as the economy is on the verge of shifting to cashless. With the Supreme Courts decision a path was created to stabilise and support the investors as well the exchanges that provide them.

Since cryptocurrency is a digital currency that runs on blockchain technology, not only will it increase the use but also make use of new ideas and talents which will be a boon to the blockchain and distributed ledger technology initiatives of India.

Countries that encourage public cryptocurrencies will attract talent and generate domestic technology advantages that will help them win the blockchain technology race. A recent example of this occurred in China, which partially relaxed regulations around cryptocurrency mining following President Xis speech announcing blockchain technology as a national priority.

India has developed a strong position in developing next-generation blockchain and distributed ledger technologies, and this combination of talent and enhanced regulatory clarity together will only help Indian firms develop regional and global leadership positions.

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Cryptocurrency now legal: Is the Indian Economy Favored?

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The cryptocurrency in India was banned by the Reserve Bank of India(RBI) from April 2018. With no doubt, the ban largely affected the cryptocurrency...

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Cryptocurrency now legal: Is the Indian Economy Favored? - Coinpedia

Mar 25, 2020 at 10:15 // News

The Central Bank of Russia (BoR) has shared some important statements about proposed cryptocurrency legalisation, especially on their issuance and circulation.

The new amendments to the draft of the bill on digital financial assets prepared by the Central Bank indicate that the issuance and opening of cryptocurrency selling businesses in Russia have unjustified risk. The bill provides for a prohibition on the issuing and selling of bitcoin and any other form of altcoin in the Russian Federation and brings liability for infringement of the veto.

According to this new bill, specific guidelines explain how the banking institutions can apply the presumed 375-P protocol to address illicit activities associated with digital currencies, especially money laundering. The list of rules includes 100 signs which will enable banking institutions to regard cryptoassets activities as suspicious.

The drafting of the document has not yet been completed but that wont stop the Russian banks from prohibiting any form of transactions they mark suspicious or even close particular accounts of cryptoasset operators in the country in a lawful manner, as per the forexnewsnow report.

As revealed by Alexei Guznov, head of the legal dept of the BoR, the bank has reached an accord with other government agencies and market participants that take part in the debate. That agreement might be that nobody is going to forbid owning cryptoassets including Bitcoin.

Alexei Guznov stated:

Now weve approached consensus with other government bodies and market players that participate in the discussion. That consensus might be that nobody is going to ban owning cryptocurrencies.

Guznov further noted that no one will forbid cryptocurrency calling that absurd. But the bill is more likely to negatively affect the issuance of cryptoasset as these cause an unjustified risk.

A draft law on digital financial assets was issued by the Ministry of Finances on January 20, 2018, and then brought in the State Duma on March 20, the same year. Cryptocurrencies are categorised in the bill as property and are not regarded as legal tender. The bill doesnt authorise the exchange of digital assets for Rubles or other foreign money in Russia. But the exchange of cryptocurrencies for Rubles and foreign currency is actually allowed but if and only if is done via a licensed operator(s), according to an article from the Library of Congress. Moreover, it notes that cryptocurrency holders can actually trade in jurisdictions of the countries that allow cryptocurrency trading.

Despite long research and promises to ban cryptocurrency-related businesses, so far there is no exact definition on cryptocurrency in laws or guiding books in Russia.

According to the Russian Constitution - the Ruble is the only legal means of payment in the country. And the Federal Law on the BoR of 2002 indicates that Ruble is the only recognized national currency. Thus the issuance of any other means of payment can be considered prohibited.

So far, according to the report, legalizing the issuing, selling and trading of altcoins brings an irrational risk, and that is one of the reasons why the law is trying to put an embargo on supplying and arranging cryptocurrency-related business, and also sets the penalty for breaching the restrictions.

Cryptocurrency regulation has been a major topic that has been largely discussed by financial authorities, governments and other players in the cryptocurrency industry each and every year since the advent of bitcoin.

The BoR is still pro digital financial assets and blockchain technology implementation but against cryptocurrency businesses. In December 2019 it even carried out a pilot tokenization initiative in its regulatory sandbox.

Authorities in Russia are not trying to obstruct the creation and implementation of new innovative technologies such as blockchain, internet of things, cryptocurrency, smart contracts, artificial intelligence and others. So, the bill stands more chance of being embraced by different authorities.

Back in September 2018, as Coinidol reported, Dmitry Peskov, Vladimir Putins Special Representative on Digital and Technological Development revealed the issuing and circulating of cryptocurrencies cannot yet be allowed because it conflicts with the fundamental functions of government.

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Central Bank of Russia Reveals New Amendments to Bill on Cryptocurrency - Coin Idol

A pile of coins representing Bitcoin cryptocurrency sit grouped together in the U.K. Photographer:... [+] Chris Ratcliffe/Bloomberg

I am constantly running into techies and entrepreneurs who have made a ton of money by investing in cryptocurrencies. I dont usually get into something unless Ive educated myself on it and feel very comfortable with the industry, but to be honest, I havent experienced this much FOMO (fear of missing out) in a while.

Cryptocurrency just wasnt an area I jumped into early on because I had such a lack of knowledge about it. However, as an entrepreneur, its really important to make an effort to learn more so you dont miss out on a new opportunity. Recently, Ive made it a point to find out as much as possible about cryptocurrency so I can make more informed investments in the future.

Now that Im caught up and feel more comfortable, I want to pay it forward and help other entrepreneurs and potential investors who might also be hesitant to dive into the world of digital currency. Here are some ways to prepare before jumping at the next ICO:

1. Stay Updated On Timely News

Its taken me some time to get caught up on crypto news because its always changing. It seems as if theres a new form of digital currency almost every day, from bitcoin to Ethereum, Dogecoin to Garlicoin, its tough to keep up. With crytocurrency being such a new industry, any change in the crypto world could skyrocket the value of your investment or send it into a tailspin. Thats why Ive spent the last few months building up my resources for staying informed. Here are a few of my favorites:

Coinzy:Coinzyis a daily newsletter of top-curated articles related to the bitcoin and crypto world. Trust me, its worth a sign-up because everybody and their grandma is covering the space in some way. I spend the advertised eight minutes a day reading the newsletter, and I love it. Its a great way to consistently get the education you need so you arent just going off of what the hip tech guy told you at the last conference.

The Bad Crypto Podcast:I know these two wild and crazy guys personally, so Im probably biased, but Joel Comm and Travis Wright have the energy and personality it takes to make an entertaining podcast.The Bad Crypto Podcastis a newer podcast, but it already has more than 4 million downloads and is growing fast. Ive learned a decent amount from listening to them, so its a good resource and a fun listen.

Tech events:Cryptocurrency-focused events may not be the best use of your time; theyre typically populated by hardcore blockchain enthusiasts and might be too advanced for those just looking for a good investment opportunity. Instead, I recommend going to tech andleadership conferenceslike Collision or Web Summit. These events are great for talking to other entrepreneurs and leaders who have a similar interest in the crypto world and many who have already been successful investing in it.

2. Take Baby Steps

Tim Draper is one of the more knowledgeable people in the cryptocurrency space and has made some big calls that have turned out to be right. He offers some great advice that Id like to pass on to you.He says:

The way I look at getting started with cryptocurrency is to get involved a little at a time. Id suggest purchasing a small amount of cryptocurrency onCoinbaseor to put some crypto on a ledger. A ledger is a hardware wallet, so if you are worried about someone taking your cryptocurrency you can put it there.

Its impossible to understand cryptocurrencies entirely right off the bat. I cant tell you how many stories Ive heard of people losing money because they misplaced or locked themselves out of their own digital wallets. Its best to educate yourself little by little.

Start by learning about ledgers, wallets, exchanges, and how to buy and sell. Invest a little money to help yourself understand how each of them works and how they interact with each other. When you feel comfortable with the structure of cryptocurrency investment, invest more.

3. Talk With Someone You Trust

Try to have as many conversations as you can withpeople you trustabout what you should do. Cryptocurrency is all the rage, so its not hard to find people talking about it. In my experience, though, Ive found that many who talk a big game are fluffing their successes a bit.

Thats why its so important to seek advice from people you know who know their stuff. Reach out to friends, family members, co-workers, or financial advisors who have experience in cryptocurrency and crypto investments. Find out what worked, what didnt, and what guidance they can offer. They may not know everything there is to know, but you can trust theyll share honest, genuine advice with you, and thats a place to start.

Though cryptocurrency is daunting, its an exciting and potentially world-changing technology. I was extremely scared when I started investing in it, but as with most things, the more you educate yourself with good sources, the more comfortable youll feel. Utilizing these tips and resources to get on board the cryptocurrency train now may not only be a smart investment, but could also prepare you for a future where these currencies are more widely accepted and used.

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What Is Cryptocurrency? A Simple Guide To Understanding ...

Welcome to CryptocurrencyPrices.net!

The aim of the site is to make it easy to compare and analyse the relative values of cryptocurrenies. Simply looking at market cap or price does not give a true valuation of a crypto currency.

A crypto with a price of $0.01 can be "worth" more than one with a price of $100 if the first has a much higher number of coins. You can find all that info out here. Use the filters above for the main table or click on any crypto to analyse it specifically and compare it to another crypto, set yourself a target price and see what that would mean in terms of a total market cap, or even compare the value of cryptos against the GDP of countries.

You can also check out the list of my personal crypto picks.

Current Circulation vs Total Supply: Some cryptocurrencies have more coins / tokens than are in the general circulation. The "Market Cap" displayed on e.g. Coin Market Cap only takes into account the supply in general circulation and not the total supply. Use total supply to see a more accurate figure.

Adjusted price: This figure takes Bitcoin as a base, then values every other crypto from there. All cryptos have a different number of coins in circulation, but if they had the same number of coins as bitcoin, this is how much one of those coins would cost.

% of [BTC]: The market capitalisation of each coin, measured against BTC, or whichever crypto you choose to compare to.

More here:
Cryptocurrency Prices - Compare the value of all crypto ...