Former FDIC Chair Warns US Federal Reserve It Needs Own Cryptocurrency
Sheila Bair, former chair of the US Federal Deposit Insurance Corporation (FDIC), has suggested that the Federal Reserve Bank should seriously consider the prospects of a central bank issued digital currency (CBDC), reports Yahoo Finance.
The concept of a cryptocurrency called FedCoin has provoked interest over past years, based on an idea proposed in 2014 by blogger JP Koning. Since then, the idea has been much discussed and the term is now generically used to describe a CBDC which could be overseen by the Federal Reserve, IMF, and the World Bank.
Read full article at https://bitcoinnews.com/former-fdic-chair-warns-us-federal-reserve-it-needs-own-cryptocurrency/
Topic: BitcoinNews: #1 In Blockchain News - page 39. (Read 4502 times)
South Korean Exchange CoinRail Suffers Major Hack
Sources over the weekend suggested that South Korea Cryptocurrency platform CoinRail had been hacked, a fact that was confirmed on its website this morning, according to Reuters.
CoinRail’s statement explains that its system suffered a “cyber intrusion” on Sunday causing a loss of 30% of its traded coins. Sources speculate that the amount stolen might be in the region of KRW 40 billion (Korean won worth roughly USD 37 million) but this has not been confirmed by the company. The exchange is ranked 90th in the world with a USD 2.6 million daily trading volume.
Read full article at https://bitcoinnews.com/south-korean-exchange-coinrail-suffers-major-hack/
Sources over the weekend suggested that South Korea Cryptocurrency platform CoinRail had been hacked, a fact that was confirmed on its website this morning, according to Reuters.
CoinRail’s statement explains that its system suffered a “cyber intrusion” on Sunday causing a loss of 30% of its traded coins. Sources speculate that the amount stolen might be in the region of KRW 40 billion (Korean won worth roughly USD 37 million) but this has not been confirmed by the company. The exchange is ranked 90th in the world with a USD 2.6 million daily trading volume.
Read full article at https://bitcoinnews.com/south-korean-exchange-coinrail-suffers-major-hack/
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First Certified Bitcoin Exchange Launches In Laos
Vientiane Money Exchange has become the first certified Bitcoin exchange in the Southeast Asian nation of Laos. It is headquartered in the capital of Laos and is planning on installing Bitcoin ATMs across the country starting on 1 July 2018 with deposit and withdrawal functionality.
The exchange and ATMs will facilitate the use of seven currencies including Bitcoin, Unit (a universal currency), USD, RUB, THB, SGD, and the local fiat currency Lao Kip (LAK). This will provide a one-stop shop for foreign exchange services, and provide a direct link between fiat and Bitcoin in the Laos economy, helping Bitcoin become an easily usable currency in the nation.
Read full article at https://bitcoinnews.com/first-certified-bitcoin-exchange-launches-in-laos/
Vientiane Money Exchange has become the first certified Bitcoin exchange in the Southeast Asian nation of Laos. It is headquartered in the capital of Laos and is planning on installing Bitcoin ATMs across the country starting on 1 July 2018 with deposit and withdrawal functionality.
The exchange and ATMs will facilitate the use of seven currencies including Bitcoin, Unit (a universal currency), USD, RUB, THB, SGD, and the local fiat currency Lao Kip (LAK). This will provide a one-stop shop for foreign exchange services, and provide a direct link between fiat and Bitcoin in the Laos economy, helping Bitcoin become an easily usable currency in the nation.
Read full article at https://bitcoinnews.com/first-certified-bitcoin-exchange-launches-in-laos/
500,000 Swiss Vote for Bitcoin-Like Financial System
Crypto-friendly Switzerland went to polls on Sunday to vote on the ‘Sovereign Money Initiative’ which would have seen the country bar any institution besides the central bank from creating new money, reports Forbes.
The system would have seen a door opening for the central bank to adopt a blockchain solution, not unlike Bitcoin; an alternative sovereign money. Although the idea did not receive a popular reception from voters, 25% supported the proposed initiative at the polls, numbering 500,000 votes.
Read full article at https://bitcoinnews.com/500000-swiss-vote-for-bitcoin-like-financial-system-but-public-not-ready-yet/
Crypto-friendly Switzerland went to polls on Sunday to vote on the ‘Sovereign Money Initiative’ which would have seen the country bar any institution besides the central bank from creating new money, reports Forbes.
The system would have seen a door opening for the central bank to adopt a blockchain solution, not unlike Bitcoin; an alternative sovereign money. Although the idea did not receive a popular reception from voters, 25% supported the proposed initiative at the polls, numbering 500,000 votes.
Read full article at https://bitcoinnews.com/500000-swiss-vote-for-bitcoin-like-financial-system-but-public-not-ready-yet/
Bitcoin Dealer Faces Prison for Over $6M in Unlicensed Transactions
Theresa Tetley of Los Angeles, who operated under the pseudonym Bitcoin Maven, making USD 300,000 a year from 2014 to 2017 by dealing Bitcoin on Localbitcoins.com, now faces up to 30 months in prison for operating an unregistered money transmitting business. In total, she transacted USD 6 to 9.5 million in Bitcoin on the popular peer-to-peer Bitcoin trading website.
Read full article at https://bitcoinnews.com/bitcoin-dealer-going-to-prison-after-handling-unlicensed-transactions-worth-millions/
Theresa Tetley of Los Angeles, who operated under the pseudonym Bitcoin Maven, making USD 300,000 a year from 2014 to 2017 by dealing Bitcoin on Localbitcoins.com, now faces up to 30 months in prison for operating an unregistered money transmitting business. In total, she transacted USD 6 to 9.5 million in Bitcoin on the popular peer-to-peer Bitcoin trading website.
Read full article at https://bitcoinnews.com/bitcoin-dealer-going-to-prison-after-handling-unlicensed-transactions-worth-millions/
$125M Russian Bitcoin Mining Farm Setting Up in Norway, Near NATO Military Exercise
The Russian New Mining Company is investing 125 million USD into a massive Bitcoin mining operation in Alvdal, Norway. This is a 20 minute drive from Tynset, Norway where Trident Juncture will begin on 5 October 2018; Trident Juncture will be the largest North Atlantic Treaty Organization (NATO) military exercise in Norway’s history.
Read full article at https://bitcoinnews.com/russia-setting-up-125m-bitcoin-mining-farm-in-norway-near-nato-military-exercise/
The Russian New Mining Company is investing 125 million USD into a massive Bitcoin mining operation in Alvdal, Norway. This is a 20 minute drive from Tynset, Norway where Trident Juncture will begin on 5 October 2018; Trident Juncture will be the largest North Atlantic Treaty Organization (NATO) military exercise in Norway’s history.
Read full article at https://bitcoinnews.com/russia-setting-up-125m-bitcoin-mining-farm-in-norway-near-nato-military-exercise/
UK’s FCA Advises Banks on “Good Practice” for Crypto Financial Crime Risks
In a letter addressed to the CEOs of domestic banks, the United Kingdom’s Financial Conduct Authority (FCA) has made recommendations for financial institutions to ramp up “good practice” approaches in regards to their clients who offer crypto-related services.
Protection and prevention
The letter begins by highlighting that evidence of cryptocurrencies being utilized for criminal activities is growing. Despite there being plenty of non-criminal motives for the usage of digital currencies, the anonymous and international scale of the technology means that it is open to abuse.
Read full article at https://bitcoinnews.com/uks-fca-advises-banks-on-good-practice-for-crypto-financial-crime-risks/
In a letter addressed to the CEOs of domestic banks, the United Kingdom’s Financial Conduct Authority (FCA) has made recommendations for financial institutions to ramp up “good practice” approaches in regards to their clients who offer crypto-related services.
Protection and prevention
The letter begins by highlighting that evidence of cryptocurrencies being utilized for criminal activities is growing. Despite there being plenty of non-criminal motives for the usage of digital currencies, the anonymous and international scale of the technology means that it is open to abuse.
Read full article at https://bitcoinnews.com/uks-fca-advises-banks-on-good-practice-for-crypto-financial-crime-risks/
This Year’s Bitcoin Crash Is Normal
Bitcoin hit all time highs near USD 20,000 in December 2017 and since then has been in a constant decline which has seen its price drop roughly 66% to USD 6,750 as of this writing, shaving USD 210 billion off of its market cap. This has caused much gloom and stress among investors and traders, especially all the new investors that were attracted to Bitcoin during its historic price rise.
However, Bitcoin old timers like Changpeng Zhao know that this type of Bitcoin market crash is simply business as usual.
Read full article at https://bitcoinnews.com/this-years-bitcoin-crash-is-normal/
Bitcoin hit all time highs near USD 20,000 in December 2017 and since then has been in a constant decline which has seen its price drop roughly 66% to USD 6,750 as of this writing, shaving USD 210 billion off of its market cap. This has caused much gloom and stress among investors and traders, especially all the new investors that were attracted to Bitcoin during its historic price rise.
However, Bitcoin old timers like Changpeng Zhao know that this type of Bitcoin market crash is simply business as usual.
Read full article at https://bitcoinnews.com/this-years-bitcoin-crash-is-normal/
Financial Action Task Force to Create Binding Crypto Rules for G20 Nations
The Financial Action Task Force (FATF) is going to announce its new rules for cryptocurrency in June 2018. In March 2018, the G20 said they looked forward to the FATF’s review of cryptocurrency activity and committed to implement the cryptocurrency standards the FATF decides upon, and call upon the FATF to advance global adoption of cryptocurrency.
Read full article at https://bitcoinnews.com/financial-action-task-force-to-create-binding-crypto-rules-for-g20-nations/
The Financial Action Task Force (FATF) is going to announce its new rules for cryptocurrency in June 2018. In March 2018, the G20 said they looked forward to the FATF’s review of cryptocurrency activity and committed to implement the cryptocurrency standards the FATF decides upon, and call upon the FATF to advance global adoption of cryptocurrency.
Read full article at https://bitcoinnews.com/financial-action-task-force-to-create-binding-crypto-rules-for-g20-nations/
No Such Thing as a Weekend for Bitcoin Traders
An analysis by Kate Rooney at CNBC reveals that the weekends are no time to rest and relax for Bitcoin traders. Since December 2017, 60% of weekends have seen a price swing of 5% or more, and 82% of weekends have seen price swings of 3% or more, according to data from CoinMarketCap. Indeed, this past Sunday, 10 June 2018, Bitcoin’s price declined more than 10%, plunging it below the USD 7,000 mark.
Read full article at https://bitcoinnews.com/no-such-thing-as-a-weekend-for-bitcoin-traders/
An analysis by Kate Rooney at CNBC reveals that the weekends are no time to rest and relax for Bitcoin traders. Since December 2017, 60% of weekends have seen a price swing of 5% or more, and 82% of weekends have seen price swings of 3% or more, according to data from CoinMarketCap. Indeed, this past Sunday, 10 June 2018, Bitcoin’s price declined more than 10%, plunging it below the USD 7,000 mark.
Read full article at https://bitcoinnews.com/no-such-thing-as-a-weekend-for-bitcoin-traders/
New US Trafficking Act Will Investigate Illicit Crypto Use
The Fight Illicit Network and Detect (FIND) Trafficking Act is being introduced by congressman Juan Vargas of California to the United States House of Representatives Committee on Financial Services. If the bill is passed, it would require the Comptroller General of the United States to investigate the illicit use of cryptocurrencies for drug trafficking and sex trafficking in online marketplaces.
Read full article at https://bitcoinnews.com/new-us-trafficking-act-will-investigate-illicit-crypto-use/
The Fight Illicit Network and Detect (FIND) Trafficking Act is being introduced by congressman Juan Vargas of California to the United States House of Representatives Committee on Financial Services. If the bill is passed, it would require the Comptroller General of the United States to investigate the illicit use of cryptocurrencies for drug trafficking and sex trafficking in online marketplaces.
Read full article at https://bitcoinnews.com/new-us-trafficking-act-will-investigate-illicit-crypto-use/
Moody’s, Fitch, S&P: Bitcoin Futures Considered Risky
The top three credit rating agencies, S&P, Moody’s and Fitch, said they consider Bitcoins future exchanges to be risky business, and that banks which clear Bitcoin futures contracts could have their credit rating downgraded if Bitcoin futures trading volume continues to grow.
The credit rating agencies assign letter grades to banks, corporations, and governments to indicate how likely they are to default on debts. The lower a grade a bank has, the harder and more expensive it is for them to obtain loans, limiting the amount of credit they can extend to clients.
Read full article at https://bitcoinnews.com/moodys-fitch-sp-bitcoin-futures-considered-risky/
The top three credit rating agencies, S&P, Moody’s and Fitch, said they consider Bitcoins future exchanges to be risky business, and that banks which clear Bitcoin futures contracts could have their credit rating downgraded if Bitcoin futures trading volume continues to grow.
The credit rating agencies assign letter grades to banks, corporations, and governments to indicate how likely they are to default on debts. The lower a grade a bank has, the harder and more expensive it is for them to obtain loans, limiting the amount of credit they can extend to clients.
Read full article at https://bitcoinnews.com/moodys-fitch-sp-bitcoin-futures-considered-risky/
Ethereum Co-Founder Joe Lubin: Blockchain and Crypto Can Transform Society
Ethereum co-founder Joseph Lubin believes blockchain will have the same kind of impact in the future as the internet had in the late nineties, writes Business Insider. The co-founder of ConsenSys was speaking at the MoneyConf in Dublin where the blockchain company has opened its new office.
Lubin made it clear that he was looking for blockchain to make a lasting impact: “This technology is so profound, it’s going to do so many amazing things for economic, social, and political systems worldwide… We’ve really no concern that the ecosystem or the technology is in real danger.”
Read full article at https://bitcoinnews.com/ethereum-co-founder-joe-lubin-blockchain-and-crypto-can-transform-society/
Ethereum co-founder Joseph Lubin believes blockchain will have the same kind of impact in the future as the internet had in the late nineties, writes Business Insider. The co-founder of ConsenSys was speaking at the MoneyConf in Dublin where the blockchain company has opened its new office.
Lubin made it clear that he was looking for blockchain to make a lasting impact: “This technology is so profound, it’s going to do so many amazing things for economic, social, and political systems worldwide… We’ve really no concern that the ecosystem or the technology is in real danger.”
Read full article at https://bitcoinnews.com/ethereum-co-founder-joe-lubin-blockchain-and-crypto-can-transform-society/
India on the Back Foot over Crypto Ban as Central Bank Admits Lack of Research
The Reserve Bank of India (RBI), India’s central bank, has admitted that it did not undertake a thorough enough research of cryptocurrencies before issuing its ban earlier this year, writes Bitcoin.com.
This was the bank’s response to a Right to Information query filed by an Indian blockchain lawyer, which has since been distributed to news outlets.
Read full article at https://bitcoinnews.com/india-on-the-back-foot-over-crypto-ban-as-central-bank-admits-lack-of-research/
The Reserve Bank of India (RBI), India’s central bank, has admitted that it did not undertake a thorough enough research of cryptocurrencies before issuing its ban earlier this year, writes Bitcoin.com.
This was the bank’s response to a Right to Information query filed by an Indian blockchain lawyer, which has since been distributed to news outlets.
Read full article at https://bitcoinnews.com/india-on-the-back-foot-over-crypto-ban-as-central-bank-admits-lack-of-research/
Germany Says Bitcoin No Threat to Financial Stability
The German Federal Government has stated that cryptocurrencies do not pose a threat to financial stability, reports Cointelegraph.
The government stated on 12 June that the volume of cryptocurrencies, when juxtaposed to the overall size of the German financial system, is comparatively low and, therefore, simply needs careful monitoring and regulatory measures put in place in order to control the space. This assessment is a view generally shared by the G20, of which Germany is a significant member state.
Read full article at https://bitcoinnews.com/germany-says-bitcoin-no-threat-to-financial-stability/
The German Federal Government has stated that cryptocurrencies do not pose a threat to financial stability, reports Cointelegraph.
The government stated on 12 June that the volume of cryptocurrencies, when juxtaposed to the overall size of the German financial system, is comparatively low and, therefore, simply needs careful monitoring and regulatory measures put in place in order to control the space. This assessment is a view generally shared by the G20, of which Germany is a significant member state.
Read full article at https://bitcoinnews.com/germany-says-bitcoin-no-threat-to-financial-stability/
Paper Finds Tether Used to Manipulate Bitcoin Price in Historic $20K Rally
A new paper published on the Social Sciences Research Network by John M Griffin and Amin Shams from the department of finance at the University of Texas at Austin has concluded that Tether was used to artificially manipulate Bitcoin’s price during the historic rally to USD 20,000.
The United States Commodities Futures Trading Commission already sent subpoenas to Tether and Bitfinex on 6 December 2017 during the height of the Bitcoin rally, possibly for the market manipulation that this new study has found, but this has yet to be confirmed. Tether and Bitfinex both have the same CEO, Jan Judovicus van der Velde.
Read full article at https://bitcoinnews.com/paper-finds-tether-used-to-manipulate-bitcoin-price-in-historic-20k-rally/
A new paper published on the Social Sciences Research Network by John M Griffin and Amin Shams from the department of finance at the University of Texas at Austin has concluded that Tether was used to artificially manipulate Bitcoin’s price during the historic rally to USD 20,000.
The United States Commodities Futures Trading Commission already sent subpoenas to Tether and Bitfinex on 6 December 2017 during the height of the Bitcoin rally, possibly for the market manipulation that this new study has found, but this has yet to be confirmed. Tether and Bitfinex both have the same CEO, Jan Judovicus van der Velde.
Read full article at https://bitcoinnews.com/paper-finds-tether-used-to-manipulate-bitcoin-price-in-historic-20k-rally/
Crypto Marketing Gets Creative Amid Ad Bans and Tighter Regulatory Scrutiny
A new Wired report finds that US companies are experimenting with new marketing channels within the crypto space, especially after recent high-profile bans on crypto-related advertising on social media channels and with the Securities and Exchange Commission (SEC) starting to take a closer look at unregulated token sales late last year.
This has also created new opportunities for those willing to take on the challenging task of differentiating genuine startups from fraudulent ones.
Read full article at https://bitcoinnews.com/crypto-marketing-gets-creative-amid-ad-bans-and-tighter-regulatory-scrutiny/
A new Wired report finds that US companies are experimenting with new marketing channels within the crypto space, especially after recent high-profile bans on crypto-related advertising on social media channels and with the Securities and Exchange Commission (SEC) starting to take a closer look at unregulated token sales late last year.
This has also created new opportunities for those willing to take on the challenging task of differentiating genuine startups from fraudulent ones.
Read full article at https://bitcoinnews.com/crypto-marketing-gets-creative-amid-ad-bans-and-tighter-regulatory-scrutiny/
Cloud Mining Firm Argo London Stock Exchange’s First Crypto Listing
Earlier this week, cloud-based cryptocurrency mining firm Argo was announced as the first of its kind to be listed on the London Stock Exchange. This is a significant step in the acceptance of cryptocurrency by the mainstream financial sector.
Read full article at https://bitcoinnews.com/cloud-mining-firm-argo-london-stock-exchanges-first-crypto-listing/
Earlier this week, cloud-based cryptocurrency mining firm Argo was announced as the first of its kind to be listed on the London Stock Exchange. This is a significant step in the acceptance of cryptocurrency by the mainstream financial sector.
Read full article at https://bitcoinnews.com/cloud-mining-firm-argo-london-stock-exchanges-first-crypto-listing/
Orphan Blocks Are Healthy for Bitcoin
The chief scientist of blockchain research and development company nChain, Craig Wright, has written up an analysis of orphan blocks and determined that although miners complain about them, they increase the health of the Bitcoin mining network by incentivizing miners to invest in increased connectivity.
Read full article at https://bitcoinnews.com/orphan-blocks-are-healthy-for-bitcoin/
The chief scientist of blockchain research and development company nChain, Craig Wright, has written up an analysis of orphan blocks and determined that although miners complain about them, they increase the health of the Bitcoin mining network by incentivizing miners to invest in increased connectivity.
Read full article at https://bitcoinnews.com/orphan-blocks-are-healthy-for-bitcoin/
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