roadrunner

Dark web alleged Silk Road conspirator, Gary Davis of Ireland, agreed recently to be extradited to the United States. Once on US soil, he will face charges levied against him five years ago in connection with the eventual conviction of Ross Ulbricht (who prosecutors claim was the site’s mastermind). Mr. Davis, should he be convicted, would receive a life sentence. Also read: US Presidential Candidate Would Pardon Snowden, Ulbricht on First Day Alleged Silk Road Conspirator Extradited to US A visibly upset Roger Ver, CEO of Bitcoin.com, took to his personal Youtube channel, wearing a Freeross.org t-shirt. Mr. Ver set about reminding viewers of two ominous happenings in recent weeks as they related to the crypto community. Ross Ulbricht’s appeal to the Supreme Court of the United States was refused, upholding a Circuit Court decision affirming his life sentence without the possibility of parole. He, Mr. Ver also reminded, has been languishing in prison for half a decade now. Mr. Ver also lamented news a former employee at Bitcoin.com, Gary Davis, 29, was to be extradited from his native Ireland. Mr. Davis faces charges stemming from his alleged involvement in Silk Road. Silk Road was an online marketplace, one credited with demonstrating a use case for cryptocurrency as peer to peer cash. The site matched buyers and sellers, and often those voluntary exchanges ran afoul of US law. Gary Davis Mr. Davis was arrested by Irish law enforcement after US Judge James C. Francis IV, of the United States District Court for the Southern District of New York, outlined three counts of indictment: conspiracy to distribute narcotics, conspiracy to commit computer hacking, and conspiracy to commit money laundering. US prosecutors asked Mr. Davis be extradited as far back as early 2014. As of late June of the present year, Mr. Davis waived his final appeal from being sent to the United States, and essentially agreed to extradition. He was forced to capitulate shortly after Ireland’s highest court ruled 5-0 the process engaged in by US and Irish law enforcement was legal. Mr. Davis had two days to further appeal to the EU Court of Human Rights. He declined. Mistaken Identity, Isolation Mr. Davis will be caged in New York’s Metro Correctional jail, presumably until trial or plea. In advance of just this scenario, a legal team has already been assembled in the US, sources explained. They will have their work cut out for them if Mr. Ulbricht’s plight is any indication of what’s in store. The original Federal Bureau of Investigation (FBI) indictment pegs Mr. Davis as “Libertas,” allegedly Mr. Ulbricht’s right hand at Silk Road. The site was said by the FBI to have generated in excess of a billion dollars, with Mr. Ulbricht’s take in the teens of millions. Law enforcement officials in the US claim Mr. Davis was paid $6,000 a month to be a kind of customer service representative at Silk Road. Mr. Davis had been fighting extradition based on his Asperger’s syndrome spectrum, arguing health care wouldn’t be of similar quality in the US while awaiting justice in this matter. Speaking for the Irish Court, Judge McKechnie explained Mr. Davis’ defense did not ultimately constitute an obligation upon the government of Ireland, and cleared the way for his being handed over to US authorities. During his four year appeal process in his native country, Mr. Davis reportedly explained to a psychiatrist the entire case was due to mistaken identity. A copy of his passport on Mr. Ulbricht’s hard drive, he noted, was a mystery. Mr. Ver, in his video, highlighted how Mr. Davis had never been to the United States, and would essentially be uprooted from everything he’s ever known. Indeed, Mr. Davis’ defense made a similar argument about isolation in the United States. An Irish Justice agreed, stressing he wished to emphasize how he “in no way seek to diminish or trivialise the very real concerns and worries of the appellant and his family as he faces the prospect of extradition to the United States and being imprisoned there. Such a prospect would be daunting for an individual in robust mental health let alone someone coping with a significant mental health condition.” Is the Silk Road case an important story for the crypto community? Let us know in the comments section below. Images via Pixabay. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com. The post Dark Web Alleged Silk Road Conspirator Handed to US Authorities appeared first on Bitcoin News. View the full article

Five universities across three Spanish-speaking countries are now offering crypto courses. Among major topics of studies are Bitcoin, Ethereum, cryptocurrencies, blockchains, initial coin offerings (ICOs), smart contracts, DAOs, and crypto-economics. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Universidad de Alcalá, Spain Universidad de Alcalá is a public university located in Alcalá de Henares, Madrid. It is a Unesco world heritage site and one of the longest standing European universities, dating back to the year 1293. The school now offers a course entitled “Master in Ethereum, Blockchain Technology and Crypto-Economics.” The course is intended for “Professionals, students or those interested in learning about blockchain-based technologies from an integrative perspective of technical, economic, social and legal aspects,” the school’s website details. “The objective of the study is to provide comprehensive training in the field of blockchain technology, DAOs and smart contracts, including cryptocurrencies as a special and transversal case, from a triple perspective: technological, economic-financial and regulatory.” Universidad Autónoma de Madrid, Spain Universidad Autónoma de Madrid (UAM), the Autonomous University of Madrid, is a public university located on the north side of Spain’s capital city. Established in 1968, the school is currently offering a short course, from July 18 to 20, entitled “Blockchain: from cryptocurrencies to business networks.” “In this course, the technical foundations of the Bitcoin blockchain will be introduced, with an eminently practical approach, showing its limitations and placing special emphasis on the problems it poses regarding the intelligent management of records and their authorship,” according to the course description. “As solutions to these problems, the concept of smart contract and its implementation and use will be introduced in Ethereum and Hyperledger. Finally, in the context of a roundtable, possible models and business networks based on blockchain will be discussed.” Universidad Europea Madrid, Spain Universidad Europea Madrid, the European University of Madrid, is a private university with more than 16,000 students. The school offers a 6-month postgraduate diploma in Bitcoin and blockchain which starts in October. Six modules are included in the course: blockchain technology; basics of Bitcoin; security and investigation of the blockchain; legal aspects linked to cryptocurrency; innovation with the blockchain; and project development. “When you finish the course you will be able to analyze in a critical way the technical and legal viability of solutions based on blockchain technologies and to develop integral projects related to cryptocurrency,” the school describes. “You will be a professional in the technology sector capable of identifying innovative opportunities beyond the conventional use of technology, adding value to any company in the ICT or financial sector.” Instituto Tecnológico de Buenos Aires, Argentina Instituto Tecnológico de Buenos Aires (ITBA), the Buenos Aires Institute of Technology, is a private university focusing on information technology, business and engineering studies. The institute offers a diploma course entitled “Cryptoeconomics: blockchain intelligent contracts and cryptocurrencies,” which runs from July 11 through September 26. “It is designed especially for people who start from scratch or with very basic knowledge and who want to learn the reasons, mechanics and disruptive opportunities at a monetary, technological level and as a form of investment that is in the present and future in the world of crypto-economies.” According to the institute: The program is aimed at anyone who wants to start and acquire the basic and intermediate knowledge to understand the world of cryptocurrencies, tokens, ICOs, smart contracts and the different types of blockchains. Instituto de Estudios Superiores de Administración, Venezuela The Instituto de Estudios Superiores de Administración (IESA) is a private non-profit Venezuelan business school with campuses in Caracas, Maracaibo and Valencia. It was founded in 1965. The school is currently offering a course entitled “Cryptocurrency, blockchain and business in the new economy, opportunities and challenges for management and business.” The 60-hour course runs from July 20 to September 29. Its content includes “bitcoin, cryptocurrencies and the evolution of money” as well as “international experiences in the regulation of bitcoin and blockchain technology.” The course also offers to teach students “entrepreneurship in the new economy and its digital transformation,” as well as “fintech as a result of the innovation of the new economy on the financial system and means of payment.” Do you think soon all universities will offer crypto courses? Let us know in the comments section below. Images courtesy of Shutterstock, Unesco, Universidad de Alcalá, Universidad Europea, ITBA, and IESA. Need to calculate your bitcoin holdings? Check our tools section. The post Five Universities Offer Crypto Courses in Spain, Argentina and Venezuela appeared first on Bitcoin News. View the full article

The ultimate success of bitcoin core (BTC), hyperbitcoinization, contains the possibility of a purposeful and bright future. Inevitable mass adoption will lead to a globally dominant currency. Pushing all other competitors out means, ultimately, mooning prices. At least one theorist believes the above will happen, and further postulates one hundred million dollars per bitcoin could be in the works as early as 2030. Also read: 27% of England’s Male Millennials Say Bitcoin Better Investment Than Property Hyperbitcoinization Talk Resurfaces Daniel Krawisz doesn’t immediately grab first-time observers as a leading cryptocurrency philosopher. Mouse-colored, little Dutch boy hair, which he’ll at times flip in unintended punctuation during talks, and his generally casual demeanor could cause audience members to wonder aloud why a random stranger has taken the dais. Mr. Krawisz doesn’t ever cite his academic credentials. He is absolutely devoid of appeals to authority, credentialism, and officialdom. He can often be heard challenging listeners to not believe him. Crypto fame of a kind came his way around Spring of 2014. As co-founder of the Satoshi Nakamoto Institute, his articles took on new meaning during bitcoin’s run up and up and up through 2017. Hyperbitcoinization is his most enduring effort from that time, and he can be credited with the concept and neologism. “Bitcoin-induced currency demonetization, or hyperbitcoinization” is what would occur should “any hapless currency” stand “in bitcoin’s path of total world domination. If this happens, the currency will rapidly lose value as bitcoin supplants it,” he stressed. Years later, the topic has returned in some circles. The piece is less braggadocio and more nuanced than proponents are prone to mention, but it does speak to a time in bitcoin core (BTC) history when community optimism reigned. The current store of value talk and digital gold hodl maximalism is revisionist, which more honest BTC enthusiasts concede. The discussion then was mostly about merchant adoption, medium of exchange qualities, and prospects of freeing emerging economies from legacy remittance arrangements. These attributes are no longer highlighted by BTCers. $100,000,000 Recently, Hyperbitcoinization: Winner Takes All (or how Bitcoin gets to $100,000,000) was posted by Coin Monks. Pseudo-anonymous author Obiwankenobit lays out Mr. Krawisz’s case anew. In a longer, mathy, graphic-filled essay, he builds the case for a hyper-hyper-hyperbitcoinization even the most optimistic BTC true believers might have trouble getting behind. Everett Roger, Laszlo Hanyecz, Friedrich Hayek, Austrian economics, S-curves, Andreas Antonopoulos, Daniel Krawisz, Satoshi Nakamoto combine to build the basic argument. As BTC is accepted more around the world (and “acceptance” isn’t well defined), “the cost of rejecting bitcoin will exceed the cost of adopting it. Bitcoin will begin to assume money’s traditional roles and gain institutional and government support. It will become all money and form the backbone of a new global economy,” Obiwankenobit explains, describing the “tipping point.” With a price hovering in the mid $6,000s at press time, the path to that eye-popping estimate seems impossible. However, he believes the current price “is 0.01% of this future value. Bitcoin is currently experiencing ‘microbubbles’ and future appreciation will continue nearly unabated until it plateaus at a stable price.” Furthermore, BTC “affords us the opportunity to radically change our relationship with money. You will own your money. Central bank machinations will come to an end. 20 years ago we could not imagine how the internet would change our lives. In the next 20 years bitcoin will reframe our roles as citizens in a borderless, global economy.” BCH-like He doesn’t posit economic catastrophe to get there, which is refreshing. “Bitcoin can become the world’s first universal currency in part through voluntary social drivers and its inherent sound monetary policy,” he claims. Fanciful, novel ideas abound throughout his essay, and his “crystallization process” analogy is particularly innovative and fun. He hints at the contentious debate between BTC and bitcoin cash (BCH) by assuming BTC will act in ways similar to BCH. “Like any good form of money bitcoin is divisible. In fact, by up to 100,000,000 satoshis. The satoshi will act as our base accounting unit. You will buy goods and services and be paid in satoshis.” In the future, with something like 20% of bitcoin missing or lost, this places the “total accessible” at “16.8 million” coins when BTC inflation ends. “The list of global value of all money totals about $1.8Q,” he estimates. On his way to making this BCH-like parallel, he does some calculations: “Global value of all money = $1.8Q; divide by 16.8 million bitcoins = $107,142,857; round result = $100,000,000/bitcoin; 100,000,000 satoshis per bitcoin; $100,000,000/bitcoin ÷ 100,000,000 satoshis per bitcoin = $1 per satoshi,” allowing for micro-transactions. That sounds very familiar, and BCHers don’t have to wait. What are your thoughts on hyperbitcoinization? Let us know in the comments section below. Images via Pixabay. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com. The post Hyperbitcoinization: $100mil Per Coin by 2030 appeared first on Bitcoin News. View the full article

Over the past year, there has been a lot of forked coins based on the Bitcoin Core (BTC) codebase in various forms and with all types of interesting names. There are anywhere between 40-70 forked coins in the ecosystem that are worth a few bucks, while some of them are worthless and not worth the time to claim. Over the past three weeks, news.Bitcoin.com started the process of collecting as many forks as we can, just to see if the processes are easy or how hard it is to claim these tokens. Also read: Presidential Decree Sets the Stage for Legalizing Cryptocurrencies in Uzbekistan Attempting to Claim the Vast Quantity of BTC Forks If you’ve been in the cryptocurrency space for a few years, you have definitely heard about all the forked bitcoins in existence. At the time of writing, there are roughly 40-70 coins that are snapshot-like clones with major to minor differences that reflect the BTC codebase from a certain period of time. There is bitcoin diamond (BCD), bitcoin private (BTCP), bitcoin gold (BTG), bitcoinx (BCX), bitcoin god (GOD), new bitcoin (NBTC), bitcoin cloud (BCL), bitcoin holocaust (BTHOL), bitcoin smart (BCS), and many more. Seeing how there are so many and some do have a little value, we decided to give our readers a taste of what it’s like to claim the myriad of BTC-based forks in existence. Make Sure You Empty Your Wallet and Study the Claim Process Carefully The first and foremost thing to do before beginning the process of claiming BTC forks is to take your BTC wallet and empty it into a completely different wallet, because you will need the empty wallet’s private keys. This means simply send your funds to a different wallet and you can now use the old seed phrase or private key to begin the collection process. You should never do this with a wallet that still contains funds. Next up is the search for coins and there are a lot of them, but we also found that a great portion of these forks are still unattainable. News.Bitcoin.com used data collected from the website Forkdrop.io, and the latest research from Bitmex that also lists a vast collection of recorded BTC forks. We then further studied the extensive amount of walkthroughs and processes found online concerning fork collection. Forkdrop.io lists forks like the website Coinmarketcap. Coinomi, Different Derivation Paths, and Ian Coleman’s Standalone Mnemonic Tool One of the easiest ways to collect a good portion of BTC-based forks is the Coinomi application, which can be found on both Android and iOS mobile app stores. With Coinomi we were able to obtain four forks from the massive list of clones out there in existence with ease. This includes bitcoin gold (BTG), bitcoin private (BTCP), bitcoin atom (BCA), and bitcore (BTX). There are a few other BTC-based forks that Coinomi holds but for some reason, we were not able to obtain these coins using the platform. Further, not all BIP 39 formats are the same and we used a BRD Wallet seed which uses a different derivation path than other wallets. To get the private keys for our BRD Wallet seed and sweep them into Coinomi and other fork wallets we used Ian Coleman’s BIP 39 Mnemonic Code Creator standalone offline. Not only does the platform create seeds, it also reveals the private keys derived from mnemonic phrases in all formats like BIP 32, and BIP 44. Ian Coleman’s BIP 39 Mnemonic Code Creator. You can download the client and use it offline and after entering the mnemonic phrase it will show you all the private keys to all the associated addresses and the extended private key as well. After entering an existing seed to an empty wallet, the tool will provide private keys that can be copy and pasted alongside scannable QR codes so people can sweep the private keys with a mobile phone. The tool also warns that some mobile scanners may be malicious and may save the scanned images. The Coinomi wallet for Android or iOS gives users access to a variety of BTC-based forks. We were able to claim bitcoin gold, bitcore, bitcoin atom, bitcoin z, and bitcoin private using Coinomi. Electrum Wallet Forks, Shady Websites, and Blatant Scams The Electrum fork for bitcoin diamond (BCD). We were able to claim BCD using our existing seed. After using both Ian Coleman’s tool and Coinomi, we then visited a few of the forked coin websites that offer different wallets and tools so you can claim tokens from an existing seed. We visited bitcoin diamond’s website and utilized the BCD forked version of Electrum. Other websites like bitcoin hush (BTCH) used other clients like the Agama wallet. Visitors of these sites should note, a lot of them are insecure websites with no certificates and downloading some of the wallet clients could put your operating system at risk. Some forks are easy to obtain and others are extremely difficult and are completely unobtainable. Super bitcoin was born on block height 498888. We were unable to obtain super bitcoin. With a Wallet That Held 1 BTC and 30 Fork Websites Visited We Collected $85 From the BRD Wallet that once had 1 BTC in it, we were able to obtain approximately nine different forks out of 30 websites visited, which is valued at around roughly $85 USD worth of tokens. About a third of the sites we visited had security warnings and wallet tools were downright scams and seemed to be blatant attempts to steal keys, so we avoided them after a certain point during the attempted claim process. Some of the coins like BTG, BCD, BTCP were collected very easily. With other forks, even after obtaining them, users will find there is no exchange in their country that offers trading pairs with these forks, and some have zero exchange support making them impossible to sell. Bitcoin file (BIFI) was born on block height 501225, there are supposedly 21.21 billion coins. We were unable to obtain bitcoin file. The Processes Can Put Your Privacy and Operating System at Risk, and Depending on the Number of Funds — Collecting Forks With Very Little Value May Not Be Worth the Time Over the last three weeks collecting the $85 bucks worth of forks took well over 24 hours of time between visiting websites, and following the claim process for each coin. The energy put into claiming all of the forks is only worth it if you had a decent amount of BTC held in a wallet before the block heights of each token split. Not only is the process time consuming it also puts your privacy at risk when using an old wallet that once held BTC. This means someone could connect the dots back to your original wallet by referencing wallets that have claimed these forks. Bitcoin hot (BTH) was born on block height 498848. BTH claims to have 2.1 billion coins, but we were unable to obtain BTH successfully. With the amount of energy and shadiness involved with the process, it is not very likely that a lot of people have claimed these coins. This means the small number of users who have attempted and have collected these forks are far easier to trace. But if you want a few bucks and are willing to follow the processes in a secure manner it may be worth it to collect a bunch of these coins and sell them for something you truly believe in — Unless you absolutely think that the future of bitcoin hot (BTH) will revolutionize the planet. What do you think about the fork claiming process? How many forks have you obtained over the last year? Let us know your thoughts on this subject in the comment section below. Disclaimer: Walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online. Images via Shutterstock, Coinomi, Forkdrop.io, Bitcoin Hot, Super Bitcoin, Bitcoin File, Pixabay, and Ian Coleman’s BIP 39 tool. Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post A Look at the Long and Annoying Process of Claiming Bitcoin Forks appeared first on Bitcoin News. View the full article

Indian police are reportedly facing a challenge of how to liquidate cryptocurrencies they seized since the country’s central bank, the Reserve Bank of India (RBI), has banned banks from providing services to crypto exchanges. The RBI ban is now in effect and a growing number of crypto exchanges have already announced they will no longer allow withdrawals from cryptocurrencies into rupees. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Court Permits Police to Liquidate Cryptocurrencies In connection with a bitcoin scam, the Pune police’s “cybercrime cell has arrested 10 accused, including 35-year-old alleged kingpin Amit Bhardwaj and his brother Vivek Bhardwaj from Delhi,” the Pune Mirror wrote on Friday, June 6. Pune is the second largest city in the Indian state of Maharashtra, after Mumbai. Amit Bhardwaj was arrested by the Pune police at the Delhi airport after returning from Thailand. “Two cases were registered against him in Nigdi and one in Dattawadi in Pune,” the Hindu clarified. The Pune Mirror detailed: During investigation, the cops seized 237.7392 bitcoins and 92.1 ethereum from the accused. The news outlet further noted that “At conservative estimates, the cryptocurrency scam is worth Rs 35,000 crore [~5.1 billion].” The special investigation team (SIT) of the Pune police’s cybercrime cell subsequently “filed an application in the sessions court, seeking permission to sell the cryptocurrencies seized during investigation,” the publication conveyed. In the document submitted to the court, the police asserted that to “protect the interest of investors…it has become imperative that the cryptocurrencies seized by the investigating machinery be sold or liquidated.” Citing the protection of “close to 8,000 investors, who were duped in the name of buying and investing bitcoins,” the news outlet elaborated: The sessions court has allowed [the police] to sell off cryptocurrencies worth Rs 11 crore [~US$1.6 million]. Further Challenge Ahead In their application to the court, before special sessions judge DG Murumkar, the police explained the difficulties of liquidating cryptocurrencies in India currently. The central bank issued a circular on April 6, banning financial institutions under its control from servicing crypto companies. Banks had three months to stop providing services to companies dealing in cryptocurrencies, including crypto exchanges. The ban is now in effect. The police’s document filed with the court reads: The Reserve Bank of India has prohibited all the banks from providing services which include maintaining accounts, registering, settling, clearing, opening accounts of exchanges dealing with them and transfer or receipt of money in accounts relating to purchase or sale of virtual currencies. The news outlet further detailed, “the cops also brought to the notice of the court that Zeb IT Services Pvt Ltd [Zebpay] and other cryptocurrency exchanges in India had issued notices to their account holders that they will be unable to liquidate cryptocurrencies held by them and withdraw balance in rupees since the banks will stop providing settlement services from July 6.” Zebpay is one of India’s largest crypto exchanges in the country. The exchange announced on July 3 that it had stopped fiat deposits and withdrawals. What do you think of RBI’s ban affecting the police? Let us know in the comments section below. Images courtesy of Shutterstock. Need to calculate your bitcoin holdings? Check our tools section. The post Indian Police Seek to Sell Crypto and Bypass RBI Ban appeared first on Bitcoin News. View the full article

In recent regulatory news, U.K. minister, Eddie Hughes has published a report that advocates for the creation of a “Chief Blockchain Officer,” the U.K. Financial Conduct Authority has announced that a number of distributed ledger (DLT) companies have been accepted into cohort 4 of its regulatory sandbox, and Finland’s Central Bank has published a report calling cryptocurrency a “fallacy.” Also Read: China Round-Up: Permissive Regulations Advocated, 3 Million Chinese HODLers, Xiaolai Recording Leaks U.K. Minister Calls for Creation of “Chief Blockchain Officer” Tory MP, Eddie Hughes, has distributed a report to other ministers titled “Unlocking Blockchain,” which advocates for greater adoption of distributed ledger technology in the praxis of government, and calls for the creation of a new government position of “Chief Blockchain Officer.” Mr. Hughes argues that the Chief Blockchain Officer “should be appointed from within the government’s existing task force to coordinate the U.K.’s strategy regarding the application of DLT to public services and data.” The report argues that the position should be expanded to cover emerging technologies such as artificial intelligence as such converge with distributed ledger technology. The report also advocates the establishment of a long-term target of “making a 1 percent efficiency saving” through embracing distributed ledger technology. DLT Companies Enter FCA Regulatory Sandbox The United Kingdom’s Financial Conduct Authority (FCA) has released a list of the 29 businesses “that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms.” The businesses accepted were among 69 firms that applied for cohort 4 of the regulatory sandbox. A number of the firms are involved in the distributed ledger technology industry, including Blockex – a “platform that facilitates the issuance and manages the lifecycle of regulated bonds using DLT,” and Fineqia – a “blockchain-based digital platform that enables companies to issue and administer debt and equity securities, including bonds backed by cryptoassets.” Other companies operating in the DLT sector that have been accepted in cohort 4 include Capexmove, Community First Credit Union, Etherisc, Fractal, Globacap, Natwest, Tokenmarket, Tokencard, Universal Tokens, Word Reserve Trust, and 20|30. Bank of Finland Calls Cryptocurrency a “Fallacy” Finland’s central bank has published a paper titled “The Great Illusion of Digital Currencies” that seeks to provide “analysis of digital currencies, including cryptocurrencies, and their potential as monetary instruments,” and claims it shows that “the concept of a digital currency is a fallacy.” The report claims that currency comprises “a physical representation of a monetary unit of account,” and that such “cannot be digitized, as this would inevitably mean creating a financial record keeping system based on accounts.” Cryptocurrencies, the report argues, “are not currencies at all but accounting systems for non-existent assets.” Do you think that the U.K. (and other jurisdictions) will soon appoint government positions tasked with overseeing the cryptocurrency and blockchain industries? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Wikipedia At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Cohort in FCA Sandbox, Central Bank Calls Crypto ”Fallacy” appeared first on Bitcoin News. View the full article

Former Vice Chair of the national Libertarian Party in the United States, Arvin Vohra, announced his candidacy for President. Among keys to his platform is his stated position: “On the first day of my presidency. I will pardon those in prison who have neither harmed anyone nor stolen anything. I will start with @Snowden and @RossUlbricht,” he recently tweeted. Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation US Presidential Candidate Urges Pardons of Edward Snowden and Ross Ulbricht Education entrepreneur and principled libertarian firecracker, Arvin Vohra, 39, is adept at stirring things up. Though well-known, infamously, within more radical and mainstream libertarian circles, Mr. Vohra’s desire to seek the official Libertarian Party presidential nomination was less so. He took to Twitter recently to change that perception, announcing he would, upon entering Office, pardon the likes of Edward Snowden and Ross Ulbricht. Mr. Snowden, 35, came to worldwide prominence during the Obama administration while employed as an analyst by National Security Agency (NSA) subcontractor Booz Allen Hamilton. Summer of 2013 he revealed massive spying on domestic and foreign citizens by the US Central Intelligence Agency (CIA) and NSA in conjunction with EU partners and giant private telecommunications companies. Arvin Vohra His saga was chronicled by journalist Glenn Greenwald, Ewen MacAskill, and documentary filmmaker Laura Poitras. Their collaboration to bring Mr. Snowden’s smuggled classified information to light became the 2015 Academy Award-winning Best Documentary Feature, Citizenfour. He remains in formal exile at an undisclosed location inside Russia. Ross Ulbricht, 34, was arrested, charged, and convicted of operating Silk Road, an online site dedicated to bringing buyers and sellers together in a kind of underground Ebay model. The major difference being Silk Road enabled trading of substances and services deemed illegal by most governments, including the United States. Arvin Vohra Actively Courts Crypto Community Mr. Ulbricht was also prosecuted by the Obama administration around the same time as Mr. Snowden (eerily close). He was ultimately convicted of conspiracies to traffic in identification theft and narcotics, along with running afoul of computer hacking and money laundering laws. He was sentenced to life without the possibility of parole. Both a Circuit Court and the US Supreme Court have either upheld the conviction or denied further petition. For his part, candidate Arvin Vohra is facing an uphill battle even before he potentially gets the chance to wield a presidential pardoning pen. It appears last go-round’s Libertarian Party nominee for Vice President, who ran with Gary Johnson in 2016, former Massachusetts Governor Bill Weld, 72, is the odds-on, projected favorite due to name recognition and his reputation for rather mainstream politics. Mr. Vohra will also campaign against movement libertarian internet celebrity Adam Kokesh. Mr. Vohra’s enthusiasm for post-conviction justice also includes “all nonviolent drug users, all nonviolent drug traffickers, all nonviolent drug kingpins…anyone that’s in jail for crypto-currency crime [and] gun possession where they didn’t actually hurt anybody.” He told Reason, “My number one goal is to end the welfare state and abolish the income tax. I’m going to be using my campaign to spread that message on the policy level, but also to help people realize there are so many ways to reduce government without changing policy, including opting out of government schools, including using cryptocurrency, including using the power of jury nullification.” Mr. Vohra joins New York Libertarian gubernatorial candidate Larry Sharpe in the broader party’s courting of the crypto community. Should the crypto community concern itself with politics? Let us know in the comments section below. Images via the Pixabay, Twitter. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com. The post US Presidential Candidate Would Pardon Snowden, Ulbricht on First Day appeared first on Bitcoin News. View the full article

The Satoshi Revolution: A Revolution of Rising Expectations Section 4: State Versus Society Chapter 9, Part 3 The Free Market Can Provide Law Crypto is the Wild West, and there ought to be a law. I agree. But agreement is the beginning of a vigorous dispute. It comes down to the question of “what is law?” Crypto may seem to be its own law and legal sanction. Those who use the blockchain consent; the protocol enforces its own consensus by virtue of participation. It is an elegant system, an elegant solution. But what happens when crypto meets the pavement? What happens when it intersects with the hyper-regulated real world in which we all deal? The response of sensible people may be to blow off the absurdity of the Kafkaesque world that surrounds us, but the concept of law as applied to daily life should not be dismissed. It plays an important role in human society. Law should not be the entering edge of a situation because it is an organizing principle; this presumes there is something to organize, and it should follow ongoing arrangements. But, then, every once in awhile, a paradigm explodes and disrupts, well, the paradigm. Cryptocurrency exploded. Law has been scrambling to catch up ever since. And law should catch up. But the impact of that statement depends upon what is meant by the word “law.” Government makes “law” into a synonym for legislation: that is, edicts imposed by self-interested elites who wield power in pursuit of their own self interest. That bastardizes the word “law” and perverts its true meaning. The use of the word becomes weaponized against crytpo by reference to child pornography, sex trafficking, drug addiction, and other issues that cause minds to cloud over. The issue is too important to allow that to happen. The law should apply to cryptocurrency. But what is meant by “the law”? Government should not be allowed to monopolize the concept as it monopolizes so many other essentials of life. The term refers to nothing more than the rules that identify and regulate a system. When the system is human society, discussions of law tend to become matters of power because some people want to dominate. Human society is accustomed to politicians and other thugs who make the discussion of rules devolve into making beneficiaries of some at the expense of others. This is a brick wall that anarchy hits in its attempt to redefine society for the benefit of the average person. WHAT ABOUT LAW, is the shouted response it encounters? What about crime and the resolution of dispute? Without government, it is said, society will descend into chaos. This is the script crypto encounters when it tries to enter the mainstream of society. What about the law? And, the outcry has a ring of truth. As long as politicians define what constitutes law, then law will be the prerogative of government, and crypto will be an outlaw. It is time to ask “What is the law?” and how is it administered. More specifically, is “law” the one area of human society that cannot be addressed by the free market? Can freedom provide law? The inevitable objection is that law requires consensus. That may be true. But if law aims at nothing more than preserving person and property—law stripped to its essentials–requires a minimum of committee. You and your neighbor have a natural shared interest in not having your houses burned down, in not having your children kidnapped. A consensus among human beings who want a peaceful existence to raise a family is not a problem. Yet a question seems to remain. Can Freedom Provide Law? The question has been discussed for centuries. The Belgian-born classical liberal, Gustave de Molinari (1819-1912), respected the free market so deeply that colleagues called him “the law of supply and demand made into man.” Although he was highly praised in his day, Molinari has fallen into comparative obscurity. His legacy should be retrieved because he raised a pivotal question that deserves serious consideration. Why is the penultimate form of law—community security–a service that people believe must be provided government than by the free market? Apparently, it is too important for the free market to address. Why? Whether the free market can provide law rests upon the question. Molinari’s answer: Like every human necessity, security is best provided on a competitive basis with individuals possessing the authority to choose “yes” or “no.” In short, Molinari was a precursor to free-market anarchism. He is the first theorist to present a cohesive argument on how the free market could competitively provide law—which is defense and restitution—and do so not merely for individuals but for consenting collectives individuals who share territory. This is what crypto requires. Not merely a free-market “law” that resolves individual disputes but a law that has communal and global application. Such rules have evolved many times in the past: measuring systems, electronic standards. The rules evolved because they made sense, and they filled a human need. Molinari proposed a free-market rule of law writ large: a free-market alternative to “national defense.” He did so in an article entitled “The Production of Security” and in his book entitled Conversations on Economic Laws and Defense of Property. “The Production of Security” (1849) challenged a dominant social theme. The influential 17th century philosopher Thomas Hobbes had originated some of the fundamental assumptions of Molinari’s day. Only through a social contract, only through the state could men live harmoniously. Molinari argued the opposite. The natural impulse of man is to combine into society for mutual advantage. “mpelled by the self-interest of the individuals thus brought together, a certain division of labor is established, necessarily followed by exchanges. In brief, we see an organization emerge, by means of which man can more completely satisfy his needs than he could living in isolation.” That organization is the free market, and it exists to satisfy the needs of man through a division of labor and exchange. Molinari continued, “Among the needs of man, there is one particular type which plays an immense role in the history of humanity, namely the need for security. What is this need?” An individual needs to protect and preserve his person and property. Molinari was not naïve. He realized that “since…Cain and Abel,” there had been crimes “against the lives and property of individuals.” He acknowledged that Hobbes was correct on one point: Governments are established to address the need for security, or law. “Everywhere, men resign themselves to the most extreme sacrifices rather than do without government and hence security,” Molinari agreed. Nevertheless, men were incorrect in doing so because “they misjudge their alternatives.” Men would be best served by procuring their “security at the lowest price possible.” [Note: “price” refers not merely to money but to all costs involved in using a service, including convenience and efficiency.] Molinari presented three alternative means by which a good or service could be produced. The first is granting a monopoly to a privileged entity. The second is through coercive production that is said to benefit society in general. The authority is in the collective. The third is free-market competition. Here, the authority resides with the individuals who are called customers. Molinari wanted the self-interest of the individual to determine law at the lowest price possible. He argued: “It always benefits a consumer for goods and services to remain competitive because ‘the freedom of labor and of trade’ provides the lowest price and the highest efficiency.” The interests of the consumer should “prevail over the interests of the producer.” And, yet, because security is an essential “good” for society, it was and is assumed that security must be handled by government through monopoly or collectivization, and not through the free market. He also sketched a blueprint of the alternative. What would a free-market security service look like? To begin with, it would focus entirely upon the protection of person and property. That is, it would protect the individual’s interest in safety from criminals and invaders rather than the interests of the state in preserving or extending its authority. This contrasts with a monopoly or collectivized production of security, which leads to external conflict (e.g., war with other nations over territory) and internal conflict (e.g., class warfare over domestic power). In exchange for protecting individuals from aggression, the free-market agency would receive payment and function as a business. Customers would undoubtedly ask a series of questions of the provider, including if “any other producer of security, offering equal guarantees, is disposed to offer… this commodity on better terms…. In small districts a single entrepreneur could suffice. This entrepreneur might leave his business to his son, or sell it to another entrepreneur,” he concluded. “In larger districts, one company by itself would bring together enough resources adequately to carry on this important and difficult business. If it were well managed, this company could easily last, and security would last with it.” In short, Molinari envisioned a system of competing security providers that function much as insurance companies do today. He concluded, “Under a regime of liberty, the natural organization of the security industry would not be different from that of other industries.” The foregoing discussion provides nothing more than a general sense of the theory and spirit underlying the call for the competitive provision of security. As such, it is unlikely to convince anyone. But it raises important questions and places the burden of proof upon free market skeptics who argue for a monopoly or communistic production of security. The burden they shoulder resides in the question, “Of all services essential to man, why is security better provided by the state than by the free market?” If the free market can deliver the source of life to your doorstep—food, heat, shelter—why can’t it protect those sources of life? Taken down a lot of notches, what would free-market law look like? How would it apply to cryptocurrency? It is uncharted territory. Time to get out a chart. [To be continued next week.] Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first. The post Wendy McElroy: The Free Market Can Provide Law appeared first on Bitcoin News. View the full article

On the backdrop of recent developments concerning the status and the future of cryptocurrencies in India, Bitcoin has been dragged into a political scandal between the country’s two major parties. We’ve covered the story in today’s Bitcoin in Brief. Also in the daily, check the details around some BCH-related projects and services, as well as the latest incarnations of the blockchain technology. Also read: Bittrex Invades Europe and Blockchain Gets Raunchy Bitcoin in a Blame Game With all the emotion surrounding the fate and future of cryptocurrency in India, it was just a matter of time before Bitcoin entered big politics and big scandals in Delhi. This week, the Indian National Congress (INC), one of the two leading parties in the country, accused its major political opponent, the ruling Bharatiya Janata Party (BJP), of being complicit in a “bitcoin scam”. On Thursday, INC spokesman Shaktisinh Gohil demanded a judicial probe into an alleged money-laundering scheme using the cryptocurrency. A Massive Bitcoin Scam of more than ₹5000 Cr has surfaced in Gujarat https://t.co/KR74Xc7skM via @Siyasat Network — Shaktisinh Gohil (@shaktisinhgohil) July 6, 2018 During a press conference, the Congress representative claimed BJP leadership participated in a scam in the state of Gujarat involving the conversion of “black money” through hawala and bitcoin transactions. According to Gohil, the “massive multi-layer extortion and hawala scam” was carried out by some top BJP leaders to the tune of at least 5,000 crore rupees, almost $730 million, Crypto News reported. However, he also quoted local press mentioning figures of up to 88,000 crore rupees, close to 13 billion USD. One of the main allegations is that BJP politicians have used bitcoin to convert illicit money and transfer them to businessmen in Gujarat during the demonetization, which was used as a cover. “We demand an impartial Supreme Court-monitored judicial investigation in this maze of ‘mega bitcoin scam’ so that the truth comes out,” Shaktisinh Gohil insisted, quoted by Indian media. BJP spokesperson Anil Baluni has since rejected the allegations calling them laughable. “The dirty tricks department of the Congress is at work to spread confusion and lies,” he said. Blockchain Craze Goes On While the Indian political class is exploiting bitcoin as a modern weapon in its never-ending wars, the government administration in Delhi has expressed willingness to explore the technology underpinning the cryptocurrency. The latest idea is to use blockchain in the management of fertilizer subsidies. The National Institution for Transforming India has recently signed a statement of intent to collaborate with Gujarat Narmada Valley Fertilizers & Chemicals on a solution to achieve that. The two organizations hope to create a proof of concept for an application that would improve the efficiency of the fertilizer distribution chain and increase the transparency of the subsidy system. That’s not the only new blockchain-related development in the Agribusiness sector. It was reported this week that the UK’s Food Standards Agency (FSA) has completed a pilot program employing the technology at a cattle slaughterhouse. The FSA has experimented using blockchain technology as a regulatory tool in order to ensure compliance in the food sector. “This is a really exciting development. We thought that blockchain technology might add real value to a part of the food industry such as a slaughterhouse, whose work requires a lot of inspection and collation of results,” said FSA information management head Sian Thomas, quoted by the specialized outlet Foodprocessing Technology. The news comes after reports of another crypto project in the food industry – an Israeli startup is working on creating a global vegan-friendly decentralized platform fueled by its own token, Vegancoin. Some representatives of the higher education system are also fascinated by blockchain. The state-funded Financial University, an institution under the Russian government, has announced plans to store diploma records on a distributed ledger, RTT News reported. Starting this September, employers will be able to verify the authenticity of any digital diplomas issued by the university on its official website, which provides a convenient and fast verification service. The idea for the project came from students of the International Finance Faculty. BCH Universe Expands Cointext, a blockchain startup that has developed a service allowing offline bitcoin cash (BCH) transactions, announced it had closed a round of $600,000 in BCH seed funding led by the Texas-based venture capital firm Yeoman’s Capital. The platform allows users to transact cryptocurrency with any type of mobile phone over text messages, without the need for Internet. They can send BCH to phone numbers or BCH addresses communicating with the blockchain through an SMS gateway. The beta release of the service was launched in March, as news.Bitcoin.com reported. The English language version is currently available in eight countries – US, Canada, UK, Australia, South Africa, Netherlands, Sweden, and Switzerland. No accounts, passwords, apps, or complicated cryptocurrency addresses are needed to use Cointext. Anyone can get a Cointext wallet by texting the word RECEIVE to the access number for their region, or when another user texts funds to their phone. Another positive development involving Bitcoin Cash this week was the announcement that Japanese exchange and wallet provider Bitpoint had started accepting BCH through its Bitpointpay service. The application has been upgraded to add support for BCH payments as part of efforts to expand payment options. Its users can now initiate payments in three cryptocurrencies, including bitcoin core (BTC) and ethereum (ETH). Currently, the Bitpoint merchant app accepts payments only from Bitpay accounts but the team plans to allow transfers from any wallet in the future. What are your thoughts about today’s news tidbits? Tell us in the comments section below. Images courtesy of Shutterstock. Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin. The post The Daily: Bitcoin Enters Indian Politics, Blockchain Obsession Grows appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Freeport, Grand Bahama – David Gallo, one of the most respected Oceanographers in the world has joined PO8, a marine archaeology start-up company in The Bahamas utilizing blockchain technology to unearth billions-worth of sunken artifacts and treasures from Bahamian waters dating back to the Spanish Galleon treasure ships of the Spanish Empire. With the use of blockchain, PO8 will bring full transparency to all stakeholders including the government of The Commonwealth of The Bahamas, which for the last 18 years has held a moratorium over its territorial waters preventing underwater expeditions due to years of looting, corruption and lack of oversight. Gallo, a 30-year veteran in Oceanography and formerly the Director of Special Projects at Woods Hole Oceanographic Institution in Massachusetts, will take on the role of Vice President for Exploration at PO8. His illustrious career includes serving as the co-expedition leader to create the first detailed and comprehensive map of the RMS Titanic and the successful international effort to locate the wreck site of Air France flight 447. For Gallo, the idea of using blockchain for ocean exploration and re-defining ownership of recovered artifacts, is a turning point for the industry. “To me PO8 is the most exciting project to come along in decades,” says Gallo. “It encourages the development of new technologies and techniques for undersea exploration and visualization. In doing so PO8 will accelerate the ability to locate, document, and protect the precious artifacts of Bahamian undersea cultural resources. The waters surrounding the islands of The Bahamas are not only rich with shipwrecks but also with unlimited treasures of the mind.” Divisions between the marine archeology community and commercial salvage companies often hinder new exploration attempts, which can result in the loss of the artifacts to slow deterioration. For this reason, PO8’s Co-founder and CEO, Matthew Arnett believes bringing on industry veterans like Gallo, who recognizes the importance artifact recovery without affecting the archeological composition of shipwreck sites is paramount. “We’re thrilled to have Gallo join the core team. Gallo is an authority in the Oceanography field. He understands the importance of blockchain and the critical role it plays in innovation for our industry. It brings all stake holders together. Whether it’s transparent record keeping or changing the way artifacts are owned, blockchain provides tremendous benefits to our industry,” says Arnett. One unique product PO8 is introducing is the Non Fungible Token or NFT and it’s PAZAR Marketplace. NFTs are created by using ERC-721 tokens on the Ethereum blockchain and represent digital ownership of physical assets like the underwater artifacts PO8 will be recovering. Each distinguishable NFT has a smart contract containing unique asset data cryptographically certified, confirming ownership of the physical asset. NFTs will allow for the the majority of PO8 artifacts to live on the blockchain and physically remain in the custody of the PO8 Foundation for continued studies by the archaeology community and to be exhibited in various museums worldwide, while the ownership of the asset can be from anyone around the the world. NFTs will be tradable on the PAZAR marketplace rolling out later in the year. PAZAR users will be able to buy, sell, auction, lease, trade and leverage their NFTs on the marketplace platform. For the first exploratory mission, Gallo and the PO8 team has its eyes on a couple of target sites in The Bahamas. Without giving specific coordinates for security reasons, Arnett confirmed “We’ve already identified a couple of locations with cargo manifest records indicating the loads are significant in value.” PO8 is currently in the middle of a token sale, which is a form of crowdfunding for future expeditions by selling tokens. The practice is also commonly referred to as an Initial Coin Offering or ICO. PO8 is raising funds by selling utility tokens for future use of the PAZAR Marketplace. PO8 will be holding a Bahamas Independence Day special pre-sale promotion for it’s massive 100,000 plus community worldwide. To register for the token sale, visit https://tokensale.po8.io/. Restrictions on certain countries apply. About David Gallo David Gallo is an American oceanographer. His PhD thesis focused on the subject of seafloor mapping with a wide-range of scientific tools. For nearly 30 years he was employed by the Woods Hole Oceanographic Institution in various positions, most recently Director of Special Projects. He was one of the first oceanographers to use a combination of manned submarines and robots to map the ocean world with unprecedented clarity and detail. He was a co-expedition leader during an expedition to create the first detailed and comprehensive map of the RMS Titanic and he co- led the successful international effort to locate the wreck site of Air France flight 447. He remains very active in undersea exploration, dedicated to education, and is an acclaimed international speaker. About PO8 PO8 is a blockchain ecosystem tokenizing the recovery and ownership of underwater artifacts and treasures. Utilizing ERC-721 tokens, also known as Non-Fungible Tokens (NFTs), PO8 provides a unique way to track and verify ownership of assets. PO8 is also creating a first of its kind curated digital commodity marketplace allowing for the transfer of distinguishable asset backed tokens separately within smart contracts. The real ownership of an asset is now determined by its NFT. For more information visit www.po8.io. Press Contact Email Address press@po8.io Supporting Link https://www.po8.io This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release. The post PR: Titanic Explorer Joins PO8 – a Bahamian Company Using Blockchain to Recover Underwater Artifacts appeared first on Bitcoin News. View the full article

Switzerland’s principal stock exchange has announced that it is building a platform for the trading, settlement, and custody of digital assets. This announcement follows reports of government officials working on giving crypto businesses access to banking services. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space SIX Launching Digital Exchange SIX, the operator of Switzerland’s principal stock exchange, SIX Swiss Exchange, announced Friday that it “is building a fully integrated trading, settlement and custody infrastructure for digital assets.” The SIX exchange is fully regulated by Swiss Authorities, the Swiss Financial Market Supervisory Authority (Finma) and the Swiss National Bank, as a Financial Market Infrastructure operator. The company plans for its new platform, called Swiss Digital Exchange (SDX), to “enjoy the same standard of oversight and regulation.” Citing that SDX will bridge “the gap between traditional financial services and digital communities,” the company claims: SIX Digital Exchange will be the first market infrastructure in the world to offer a fully integrated end to end trading, settlement and custody service for digital assets. The service will provide a safe environment for issuing and trading digital assets, and enable the tokenization of existing securities and non-bankable assets to make previously untradeable assets tradeable. SIX CEO Jos Dijsselhof commented, “this is the beginning of a new era for capital markets infrastructures. For us it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.” Will the Platform Trade Bitcoin Directly? While the official announcement by SIX does not mention whether the platform will support the direct trading of cryptocurrencies, a few publications indicated that it will trade bitcoin and other cryptocurrencies. Business Insider wrote, “SIX’s new platform, set to launch in the first half of next year, will offer end-to-end trading, settlement, and custody service for digital assets such as bitcoin and ICO [Initial Coin Offering] tokens.” The Financial Times wrote, “The platform being built by the Six exchange is designed to be used for cryptocurrencies such as bitcoin and will be based mainly on Blockchain distributed ledger technology.” However, SIX clarified in a tweet: First we will enable the tokenization of bankable assets like stocks or bonds and, potentially, at a later stage non-bankable assets. Whether we will also make cryptocurrencies such as bitcoin or existing ‘ICO tokens’ available, is still open. Meanwhile, SIX has been maintaining Crypto Market Index 10. Its objective “is to reliably measure the performance of the largest and most liquid crypto assets and tokens and provide an investable benchmark for this asset class,” its website describes. “The prices for the crypto assets and tokens are obtained from multiple exchanges.” Switzerland Wants to Become Crypto Nation Recently, news.Bitcoin.com reported on government officials and bankers working on giving crypto businesses access to banking services since Swiss banks have reportedly been refusing accounts to crypto firms. The country’s economic minister, Johann Schneider-Ammann, said earlier this year that his country wants to become the “crypto nation.” So far, the canton of Zug, promoting itself as the heart of “crypto valley”, has been attracting crypto startups with favorable tax and regulatory environment. In February, Finma published guidelines for ICOs after seeing a sharp increase in the number tokens planned or executed in the country and a corresponding increase in the number of inquiries about the applicability of regulation. What do you think of SIX launching a digital exchange? Do you think they will start trading bitcoin soon? Let us know in the comments section below. Images courtesy of Shutterstock, Twitter, and the SIX Group. Need to calculate your bitcoin holdings? Check our tools section. The post Switzerland’s Main Stock Exchange Dives Deep Into Crypto appeared first on Bitcoin News. View the full article

A draft ordinance aiming to regulate the issuance of “electronic money” has been presented in Romania. The document authored by the Finance Ministry specifies the entities that can act as issuers and clarifies the conditions under which e-money can be emitted. While it does not specifically mention cryptocurrencies, some of its definitions and provisions can affect digital coins and tokens. Also read: Presidential Decree Sets the Stage for Legalizing Cryptocurrencies in Uzbekistan Emergency Ordinance Aims to Regulate E-Money The draft regulation released in Romania introduces definitions and rules regarding the issuing of what it refers to as “electronic money.” The “emergency ordinance”, published by the Ministry of Finance, proposes certain requirements for the issuers and tasks the Romanian National Bank (RNB) with the oversight of the process. The central bank will also be responsible for authorizing the issuing entities. The document describes electronic money as “monetary value stored electronically, including magnetic, representing a claim on the issuer issued on receipt of funds for the purpose of performing payment transactions and which is accepted by a person other than the issuer of electronic money,” Business Review reported. The description covers some aspects of cryptocurrencies and can potentially influence the status of digital tokens minted through initial coin offerings, although these have not been mentioned explicitly. According to the draft text, any legal entity considering the issuance of electronic money must have a share capital of at least €350,000 EUR. Each member of a given organization should also be verified and approved by the central bank in Bucharest which will check the tax and legal records. The financial institution will issue authorizations valid for a period of 12 months. The companies will have to perform annual audits and file reports with the RNB. The Finance Ministry has also listed several types of organizations that can emit electronic money. These include credit institutions, other entities authorized as issuers and providers of postal services issuing electronic money under the applicable national and European law, when they do not act as monetary authorities or exercise public authority. Romanian Central Bank to Authorize Issuers The National Bank of Romania will grant authorizations after reviewing each application within three months of its filing. It will authorize only entities that are able to prove they have established prudent and sound management, carefully designed electronic money issuance process, clear organizational structure with well-defined responsibilities and effective procedures to monitor and manage risks. The central bank will have the power to cancel any authorization if the respective entity is not issuing electronic money on the territory of Romania or does not start doing so within 12 months after receiving permission. Authorizations would be withdrawn if they were obtained on the basis of false information or through illegal means. The same will happen if an e-money issuer no longer meets the requirements of the regulation or if its activity endangers the stability of the country’s payment system. Last but not least, the ministry warns that the unauthorized issuing of electronic money is punishable by Romanian law, either by imprisonment of up to 3 years or by fine. Only three entities are currently emitting digital currencies in the country – Capital Financial Services SA, Vodafone Romania M-Payments Ltd. and Orange Money Ltd. Cryptocurrencies Deemed a Security Problem The e-money regulations have been proposed just weeks after the governor of the National Bank of Romania, Mugur Isarescu, made a statement against cryptocurrencies. Last month, he said it was hard to believe they could become actual money as they were unable to fulfil the basic functions of fiat currencies. In his opinion, the biggest problem with cryptocurrencies is the lack of a trusted issuer: “It’s not clear who the issuer is. From this perspective, it’s even a security problem.” Isarescu added that cryptocurrencies could hardly be a means of exchange, noting the limited number of transactions and the insignificant number of retailers accepting bitcoin. The banker explained that the payments with virtual currencies take more time and cost more than the existing payment options. However, like many of his colleagues around the world, the governor suggested that the technology behind cryptos, blockchain, should be explored. In February, BNR said it classifies digital currencies like bitcoin as volatile and risky speculative assets, stating that it discourages any involvement with them. The warning was also addressed to the country’s legacy financial institutions which were advised against providing services to entities investing or transacting in cryptocurrencies. In May, the oldest Romanian crypto trading platform, Btcxchange, shut down after Idea Bank closed its bank account in January. Bitcoin, however, has been gaining popularity in Romania over the past years. A poll conducted in March found that more than half of Romanians living in the cities know about cryptocurrencies and half of the respondents under the age of 40 want to use them to pay for goods and services. According to local media, at least six crypto ATMs are currently operational in the country, most of them are located in the capital Bucharest. Do you expect Romania to legalize cryptocurrencies and regulate coin offerings? Tell us in the comments section below. Images courtesy of Shutterstock. Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post Draft Regulating ‘Electronic Money’ Prepared in Romania appeared first on Bitcoin News. View the full article

In recent Chinese cryptocurrency news: a prominent scholar has advocated that China adopt a permissive regulatory apparatus, drawing influence from Japanese and U.S. legislation. Research conducted by the International Monetary Institute at Renmin University of China has estimated that the number of Chinese bitcoin investors exceeds 3 million, and an audio recording of famed bitcoin millionaire, Li Xiaolai, giving a scathing appraisal of several leading altcoins has been leaked. Also Read: Huobi Launches in Australia Offering 10 AUD Pairs Chinese Scholar Advocates Permissive Regulatory Framework The vice president of the Internet Finance Law Research Institute of the Beijing Law Society and professor of finance at the China University of Political Science and Law, Hu Jiye, recently advocated that China develop a permissive, western-styled regulatory apparatus pertaining to cryptocurrencies. During a recent interview with Chinese media outlet, Dayqkl, Mr. Jiye praised the regulatory efforts of Thailand and the United States, and described Japan’s current legislative apparatus as the most advanced globally. Of recent Thai regulations, Mr. Jiye stated “In my opinion, the Thai government is taking a rather proactive approach towards regulating the field of cryptocurrencies. Relevant legislation reflects the combination of prudential supervision and innovative promotion. If a digital currency tends to be used in an indirect financing market, it is more likely to be defined as a currency; and if a digital currency is more used in the direct financing market, its securities attributes are stronger.” Mr. Jiye also expressed reverence for the Japanese regulatory regime for activities related to virtual currencies, describing such as the most advanced globally. Ultimately, Mr. Jiye advocated that China’s regulatory institutions adopt a permissive regulatory apparatus drawing upon the achievements of the aforementioned jurisdictions, proposing the development of unified regulations developed by China’s central bank, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission. “We should gradually build a mature legal system for blockchain finance and digital currency regulation and I believe blockchain finance and digital currency industry have great development potential in China,” he stated. Number of Chinese HODLers Estimated to be 3 Million According to Chinatimes, Li Honghan, a research at the International Monetary Institute of Renmin University of China, recently discussed the current state of cryptocurrency in China whilst speaking at the “New Financial Trends and 2018 Financial Technology Summit” in Beijing. Despite China’s prohibitive policies regarding cryptocurrency exchanges and initial coin offerings, Mr. Honghan estimates that more than three million Chinese citizens presently own bitcoin. With China’s current population estimated to be nearly 1.38 billion, Mr. Honghan’s estimates would suggest that 0.2174% of Chinese citizens own bitcoin. Mr. Honghan also predicted that distributed ledger technology will revolutionize the copyright, financial data, and securitization industries in China. Recording of Li Xiaolai Offering Scathing Appraisal of Several Leading Altcoins Leaks An audio recording of Li Xiaolai, a man described by South China Morning Post as “China’s most high profile bitcoin tycoon,” has been leaked. In the recording, the bitcoin millionaire gives a critical assessment of China’s cryptocurrency sector, describing many of the industry’s leaders as “cheaters.” The Bitfund founder also criticizes a number of leading cryptocurrencies by market capitalization and trade volume – particularly Qtum (of which he was involved with promotion), Neo, and Litecoin. Mr. Xiaolai asserts that very little money can be made in a bear market, arguing that prominent crypto figures should seek to amass a large social following during cryptocurrency’s winter seasons – and seek to capitalize upon such during bull markets. The Bitfund founder also describes retail investors as “leaks” – a derogatory term referring to inexperienced traders who are “harvested” by experienced investors with deep pockets. Do you think that China will eventually move towards adopting a permissive regulatory apparatus regarding cryptocurrencies? Share your thoughts in the comments section below! Images courtesy of Shutterstock, Pixabay, Everipedia Get our news feed on your site. Check our widget services. The post China Round-Up: Scholar Advocates Permissive Regulations, 3 Million Estimated Chinese HODLers, Xiaolai Recording Leaks appeared first on Bitcoin News. View the full article

This week one of Europe’s largest speed trading platforms and exchange-traded fund (ETFs) dealers, Flow Traders NV, announced the firm is entering the cryptocurrency space by offering bitcoin and ethereum exchange-traded notes (ETNs) to its clientele. Also read: Switzerland Considers Granting Crypto Businesses Access to Banking Services Speed Trading Platform Flow Traders Enters the Cryptocurrency Trading Ecosystem The Amsterdam market maker, Flow Traders, provides liquidity to its customers by providing traders bid and offer prices for Exchange Traded Products (ETPs). Flow Traders was founded in 2004 and has become one of the top ETP exchanges in Europe, pulling in over €250 million in revenue per year. Now the trading platform has announced it’s entering the cryptocurrency space by providing customers ethereum and bitcoin ETNs. According to Flow Trader’s Co-Chief Executive Officer Dennis Dijkstra, the company’s trade volumes have “dramatically increased.” “People underestimate crypto,” Dijkstra explains during an interview on July 6. It’s big, and it is to be regulated very soon. The market participants are much more professional than people think. Institutional investors are interested — we know they are because we get requests. High-Frequency Traders Polarized by Bitcoin Speed trading otherwise known as high-frequency trading (HFT) is a technique that uses algorithmic swaps to trade products at high speeds, and fast turnover rates. Typically HFT operations trade extremely large volumes of trades which in turn makes up the low margins offered by the exchange. Flow Traders is not the first high-speed trading company that’s entered the cryptocurrency ecosystem. Five well-known HFT dealers Tower Research, Susquehanna, Jump Trading, DRW Holdings, and Hudson River are selling cryptocurrency products to clients as well. The proprietary trading firm DRW Holdings claims its been swapping cryptocurrencies since 2014. “What’s surprising me is how polarizing bitcoin is,” Bobby Cho the head of over-the-counter trading DRW’s OTC subsidiary Cumberland Mining. Everyone has a viewpoint on bitcoin, whereas with other asset classes you either care or you don’t care. Focusing on the New Asset Class Flow Trader’s Dijkstra details that the firm has been hedging its bitcoin (XBT) and ethereum ETNs with CME Groups and Cboe’s XBT products. The XBT provider’s managing director at Coinshares Ltd., Laurent Kssis, says with firms like Flow Traders purchasing ETNs they continue to see steady institutional demand for their cryptocurrency exchange-traded notes. “With the growing interest from institutional clients willing to invest in digital assets, I can see why so many proprietary trading businesses are now focusing on this new asset class,” Kssis added. What do you think about Flow Traders getting into dealing with cryptocurrency ETNs and futures products? Do you think more HFT platforms will flock to digital assets? Let us know your thoughts on this subject in the comment section below. Images via Shutterstock, and Flow Traders. Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today. The post Europe’s Top Speed Trading Firm Flow Traders Joins the Crypto-Economy appeared first on Bitcoin News. View the full article

Cryptocurrency markets are doing better this week since our last markets update as the entire digital asset economy is now valued at around $270.4Bn. Most digital currencies are up between 7-25 percent over the last seven days and trade volumes have picked up over the last week as well. The trend reversal has given enthusiasts and traders a bit more optimism as most cryptocurrency markets seem to be rebounding back from the recent correction of close to 70 percent since the highs last December. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Cryptocurrency Markets See Brighter Skies This July With about $16.5Bn in 24-hour trade volume, the 1600+ cryptocurrencies within the digital asset economy have seen some big improvements since last week. A few days ago the cryptocurrency space saw some northbound action after dumping non-stop over the last six months. At the moment the top digital assets by trade volume include bitcoin core (BTC), tether (USDT), ethereum (ETH), EOS, and bitcoin cash (BCH). These five assets are up between 0.5 to 2 percent over the last 24 hours. BTC Market Action BTC market action has seen some increased trade volume today on July 6, 2018, as markets are averaging around $5.23Bn. The cryptocurrency’s market valuation is hovering at $114Bn and BTC is up around 11.7 percent over the last seven days. The top five exchanges swapping the most BTC today are Bigone, Binance, ZB.com, Huobi, and Okex. At the moment the Japanese yen is capturing around 48.2 percent of BTC trades. This is followed by Tether (USDT 36.7%), USD (9.6%), KRW (1.9%), EUR (1.3%). The most popular trade on the peer-to-peer exchange Shapeshift this Friday is ETH for BTC. BTC/USD Technical Indicators At press time BTC is averaging around $6,574 as bulls are desperately trying to surpass current resistance. Looking at the 4-hour and daily charts on Bitstamp and Coinbase shows the two Simple Moving Averages (SMA) have shifted since our last markets update. The long-term 200 SMA is above the short term 100 SMA indicating the path of least resistance is towards the downside. Bulls need to muster up enough strength to pass the $6,800 range in order to make a dent at the $7K region again. BTC/USD July 6, 2018, 4-hour chart. RSI levels on the 4-hour chart show some recovery (53) as traders just experienced some overbought conditions (73) about an hour ago. Looking at order books shows the resistance is at the current vantage point up until $6,800 but buyers will struggle around $7K through $7,300 as well. On the back side if bears managed to grab the reins then there are some solid foundations between $6,400 to $5,800 with monstrous support after that too. There’s a good chance bulls can keep up the good fight but some market exhaustion would make them extremely vulnerable. BTC/USD July 6, 2018, daily chart. BCH Market Action BCH market action today is decent as well as the decentralized cryptocurrency is seeing about $436Mn in daily trades. The current market capitalization is roughly $12.63Bn at the time of writing. As we approach the weekend the top five exchanges today swapping the most BCH include Bigone, Okex, Huobi, EXX, and Hitbtc. This week BTC is not the top traded currency with BCH today as tether (USDT) is commanding the top pair with BCH by 45.9 percent. Tether is followed by BTC (32%), USD (10.1%), KRW (3.33%), and ETH (3.18%). Bitcoin cash is also the fifth most traded digital asset by trade volume today on July 6. BCH/USD Technical Indicators BCH charts show the spot price at the time of writing is $729 per coin on the exchange Bitstamp. Looking at both Bistamp and Bitfinex 4-hour charts show the same action as BTC, as far as SMA trendlines are concerned. At the moment the 200 SMA is above the 100 SMA which indicates resistance will be much tougher towards the upside. BCH/USD July 6, 2018, 4-hour chart. RSI levels show the oscillator at 53 at the moment too as BCH markets also revisited overbought conditions over an hour ago. Right now BCH bulls need to crank past $770 to make a solid move towards the lower $800s. Now if things went southbound then there’s pretty good foundations between now and $660. If BCH bulls can brush past the lower $800s, jumping to $900 faster is not out of the question. BCH/USD July 6, 2018, daily chart. The Top Cryptocurrency Positions Most of the top cryptocurrencies are seeing gains this Friday and the digital currency tether has made the top ten spot. The second highest market valuation below BTC is ethereum (ETH) which is up 1.91 percent today. One ETH is trading for $477 and the currency has seen a 13.4 percent gain over the last seven days. Ripple (XRP) markets are up 0.22 percent today as an XRP currently trades for $0.47 cents. Lastly, the fifth highest capitalization is still held by EOS but markets are down 2.5 percent over the last 24 hours as one EOS trades for $8.55. The Verdict: Optimistic Traders Hope This Week’s Market Action May be a Bit More Than a Mere Dead Cat Bounce The verdict this week is far brighter for cryptocurrency markets as we approach the weekend trading sessions. People are still skeptical about the bear market ending and wonder if we are just seeing a mere dead cat bounce but most seem hopeful. Furthermore, most short positions continue to liquidate big players and long positions are growing on most trading platforms that offer leveraged margin trading on exchanges such as Bitmex, and Bitfinex. Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below. Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Images via Shutterstock, Trading View, Coinlib.io, and Satoshi Pulse. Want to create your own secure cold storage paper wallet? Check our tools section. The post Markets Update: Cryptocurrency Prices Rebound During the First Week of July appeared first on Bitcoin News. View the full article

Crypto exchange Huobi has started trading in Australia with 10 pairs against the AUD, including bitcoin cash (BCH). More trading pairs will be added in the future. The platform also plans to partner with local startups through its investment fund and a subsidiary. Also read: Switzerland Considers Granting Crypto Businesses Access to Banking Services Huobi Starts Trading in Australia Cryptocurrency exchange Huobi has announced it is launching in Australia. Ten pairs against the Australian dollar (AUD) are supported from Thursday, July 5. These include bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC). More trading pairs will be made available to Australian traders in the future. Huobi Australia CEO Adrian Harrison commented: Crypto traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market. The Singapore-based trading platform also plans to set up partnerships with the growing number of Australian startups working on a variety of blockchain-oriented projects. The cooperation is expected to be channeled through Huobi’s $200 million Global Ecosystem Fund and Huobi Capital, an investment subsidiary. “For Huobi Group, the move to Australia is a natural fit… We are keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market,” Adrian Harrison said in a statement, quoted by China Money Network. Partnering with Blockchain Global, Huobi also wants to support the adoption of cryptocurrencies in Australia. Blockchain Global CEO Sam Lee referred to the partnership as a “win-win for the country’s blockchain space.” Expanding Globally The news about the launch of crypto trading in Australia comes after similar announcements by Huobi concerning other markets around the globe. About a week ago, the company confirmed its plans to open a new office in London, noting that UK-based crypto trading ranks fifth in the world. Huobi is currently the third largest cryptocurrency exchange by trade volume. Last month, it was reported that Huobi intends to enter the growing Brazilian crypto market. According to local media, the exchange has established an office in São Paulo, Brazil’s financial capital, and is seeking to hire qualified staff for the positions of chief compliance officer and digital marketing manager. In March, the platform launched in South Korea with 100 cryptocurrencies and a promise to add more coins in the future. Huobi, once one of the largest Chinese cryptocurrency exchanges, is now headquartered in Singapore. It also has offices in Hong Kong, Japan and the United States. However, the platform announced it will be closing accounts of Japanese residents as a result of compliance issues. What are your thoughts about Huobi’s global expansion? Share your opinions in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com The post Huobi Launches in Australia Offering 10 AUD Pairs appeared first on Bitcoin News. View the full article

The central bank of the Philippines has reportedly approved two new cryptocurrency exchanges, bringing the total number of accredited crypto exchanges in the country to five. Meanwhile, crypto transactions have been growing in the country. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Accrediting Two New Crypto Exchanges The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), has reportedly accredited two new crypto exchanges, Business World reported a senior official saying Friday. Deputy Governor Chuchi G. Fonacier told reporters: The regulator has approved applications filed by Virtual Currency Philippines Inc. and Etranss as platforms to convert pesos into virtual currencies (VC) like bitcoin and ethereum. The country now has five approved crypto exchanges. The first exchange approved was Betur Inc, also known as Coins.ph, which was approved in September last year. One month later, Rebittance Inc. was approved. Then, in May this year, Bloom Solutions was approved as the third crypto exchange operator in the country, the Philstar detailed. Crypto transactions have been on the rise in the Philippines. Last week, Fonacier revealed that, in the first quarter of this year, $24.16 million were converted from crypto into peso while $36.74 million were converted from peso into cryptocurrencies, the news outlet noted. Similarly, $24.79 million were converted from crypto into peso and $38.27 million from peso into crypto in the fourth quarter of last year. Refining the Rules Chuchi G. Fonacier. The country’s Anti-Money Laundering Council also said it will start looking at crypto transactions “as part of its tighter watch against dirty money,” Business World conveyed. The central bank has previously proposed that crypto exchanges must “secure separate licenses to operate as electronic money issuers.” It has been studying whether the exchanges “need to sign up as e-money issuers given that they maintain e-wallets for clients.” However, the publication reported Fonacier describing on Friday that “internal consultations showed that it may not be advisable, in a bid to keep the registration process simple for these new players.” She explained: Now, we are refining the rules…If your business model has a portion making use of e-wallet, then there’s an additional requirement but not necessarily or automatically an e-money license. Crypto exchanges signing up as e-money issuers must have a minimum capital of 100 million pesos (~US$1,872,291), the publication added, noting that “existing BSP rules also impose P100,000 as the aggregate load limit for e-money instruments per month.” Last week, the government-owned Cagayan Economic Zone Authority (CEZA) reportedly announced that it is drafting regulations for cryptocurrencies and planning to license 25 crypto companies. What do you think of the Philippine government approving two new crypto exchanges? Let us know in the comments section below. Images courtesy of Shutterstock and the Philippine government. Need to calculate your bitcoin holdings? Check our tools section. The post Philippines Government Approves Two New Crypto Exchanges appeared first on Bitcoin News. View the full article

According to a Chinese language Economic Daily News report, graphics cards and ASIC mining systems are expected to see a short term surge in orders from the crypto mining sector in Sichuan province, where reportedly over seventy percent of the mining systems are located in China. Sichuan province has been hit by continuous heavy rainfalls in the last weeks, affecting thousands of people and causing heavy economic losses, according to the Ministry of Water Resources. Also read: Alleged Fraudster Arrested in China Over $15M Mining Hardware Con 30% Drop in Hashrate Attributed to Floods The Economic Daily News report said that the natural disaster cut the overall mining hashrate by around thirty percent worldwide, although this has been disputed by other sources. According to the National Meteorological Center, heavy rainfall hit areas including Hubei, Sichuan and Jiangsu provinces from last Thursday to Sunday. Last week, thunderstorms struck 48 cities affecting over 250,000 people and causing estimated economic losses of 733 million yuan (US $111 million). No deaths or missing people were reported. The National Meteorological Center warned local authorities to reduce outdoor activities and take precautions against flooding, flash floods and landslides. “The Sichuan province had become a concentrated area of cryptocurrency mining activities due to its abundant amount and cheap electricity tariffs. The floods damaged tens of thousands of miners,” Golden Finance, a Chinese crypto news outlet reported. According to some statistics, more than seventy percent of the world’s crypto mining machines are located in China. “Just before the floods stroke, Sichuan mining farms received a large number of mining escrow orders.” Golden Finance reported. The news outlet also said that the miners were often installed in mountainous and rural areas, where the housing is “relatively simple.” Golden Finance also noted that a recent decline of the global mining hashrate is likely related to the natural disaster. It calculated that the entire network’s power had dropped significantly between June 24 and June 27, which coincides with the Sichuan floods. Due to variance, aka the luck with which miners discover new blocks, it is difficult to reliably calculate the BTC hashrate for a precise time period and to correlate it with the natural disaster. Do you think Chinese floods were responsible for the drop in hashrate? Let us know in the comments section below. Images courtesy of Shutterstock. China News Service. Golden Finance (金色财经) Need to calculate your bitcoin holdings? Check our tools section. The post Heavy Rainfall in China, Thousands of Miners Reportedly Damaged appeared first on Bitcoin News. View the full article

Tempers are flaring in Quebec, as its climate and relatively cheap electricity have made it a magnet for the burgeoning cryptocurrency mining industry. The provincial government and its energy concern, Hydro-Quebec, have been accused of playing favorites to the likes of mining giants such as Bitmain. Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation Quebec Mining Drama Continues and So Does Debate About Influence Quebecers are known for their regional passion. They’ve openly fought to preserve their French roots in language, for example, and are provincial in the extreme, patriotic sense; at least that’s the dominant impression. And so when economic concerns arise, politicians and industry are expected to favor locals. Quebec has among the lowest, if not the lowest, rates on the continent. Miners have sought its favorable conditions through last year and up to the present, leaning on cheap electricity produced by Hydro-Quebec. It seemed a match made in bitcoin heaven, and for a time the province embraced the rush. Hydro-Quebec contracts fetched multi-year deals. The getting was so good, however, it became worrisome. By Spring of this year, the energy supplier hit the pause button on future deals, as applications were overwhelming in number. Some experts even suggested that, in its zeal, Hydro-Quebec actually oversold electricity packages to miners, threatening even domestic supply. It seemed mining and Quebec were about to divorce as a result. Around the same time, Quebec Premier, Philippe Couillard, voiced snide sarcasm at mining prospects. “There needs to be added value for our society,” he said, “just having servers to do transaction mining and acquire new Bitcoins, I don’t see the added value.” That malaise remained until early Summer, when, as regional news organization Les Affaires revealed recently, “Declaring nothing about its economic activities or the number of employees in Quebec, Equipement Bitmain was registered in Quebec on June 14th exactly one week after the Quebec Minister of Energy announced a moratorium on new cryptographic projects.” Tweetstorm Gathers Steam Within the mining space, Bitmain has considerable muscle and leverage. The China-based juggernaut has enjoyed considerable, and very public, success (reportedly $4 billion from 2017 alone). It does seem to be everywhere, from investing in decentralized marketplaces such as Openbazaar, opening a repair center in Russia, establishing a branch in Switzerland, and those are just in the first half of this year. Bitmain was also rumored to be looking for a North American foothold, and from Washington state in the Pacific Northwest to Quebec were top contenders. According to media accounts, and at least one local advocate, Bitmain lobbied Hydro-Quebec and relevant politicians to lift the moratorium. Well known regional players such as Jonathan Bertrand took to social media to suggest something sinister was afoot. Claiming his sentiment is shared by other local miners, Mr. Bertrand complained of a lack of transparency. Indeed, he lamented, a closed auction formula was used to squeeze out smaller mining outfits. Mr. Bertrand also suggested such an arrangement was due to Bitmain lobbying. He is incensed by mining applications being reopened, seemingly as a result of favoritism. Mr. Bertrand also believes Bitmain faked applications, forcing Hydro-Quebec’s hand when it came to selling electricity in its favor. The idea, according to his theory of events, is for the mining giant to gain such a stranglehold locally that other miners are pushed out altogether. And that conspiracy gels well with an increasingly broader opinion such corporate giants put at risk the very notion of crypto decentralization. For its part, Bitmain maintains its success is due to the age old adage of satisfying customers and delivering great products. Are Quebecers over reacting or is Bitmain a threat? Let us know in the comments section below. Images via the Pixabay, Twitter. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com. The post Quebec Mining Drama: Bitmain Money Muscle or Local Sour Grapes? appeared first on Bitcoin News. View the full article

From the sublime to the smutty, today’s Bitcoin in Brief runs the full gamut of emotions and stories. These include Bittrex’s new foray into Europe, EOS’ quest to offload its billion-dollar warchest and Jackson Palmer’s viral new project, 50 Shades of Blockchain. Also read: Switzerland Considers Granting Crypto Businesses Access to Banking Services Bittrex Teams Up with Invest.com US-based exchange Bittrex has released details of a new venture with Invest.com. The pair will be creating a digital asset trading platform, to open to EU traders initially. It will feature over 200 tokens whilst leveraging Invest.com’s knowledge of derivative trading, equity trading and portfolio management. “We believe that excellent product experience coupled with supreme customer support, value added services and regulation state of mind will provide the community of traders with the ultimate platform to trade cryptocurrency in a safe and secure environment,” said Invest.com cofounder Itai Avneri. “Our goal is to become the most reputable platform in the EU and later in numerous countries across the globe.” Bittrex will handle trade execution while Invest.com takes care of marketing, sales and compliance. Interested parties can now register for the service. BIS Chief Rages at Cryptocurrency Yesterday we reported on the Bank for International Settlements’ (BIS) assertion that the decentralized nature of cryptocurrencies is in fact a weakness. It’s since emerged that its rotund leader Agustín Carstens has complained that young people should “stop trying to create money” in the form of cryptocurrency. Only banks are allowed to do that, apparently. Carstens also took the time to share the kindly advice that cryptocurrencies are “a bubble, a Ponzi scheme and an environmental disaster.” The crypto community took the BIS’ chief’s wisdom in their usual measured manner. “Keep dismissing bitcoin, it will make the next bull run that much sweeter,” countered Matt Odell. Monaco Spends Millions on Crypto.com Crypto debit card service Monaco has purchased the coveted domain Crypto.com, Tech Crunch reports. It’s believed to have cost them several million dollars. The publication explains: Registered in 1993 by Matt Blaze, a professor of computer and information science at the University of Pennsylvania who sits on the board of directors of the Tor Project, the domain has attracted a vast amount of interest as you’d expect given the explosion of crypto in recent years. However, Blaze has turned down all offers. In January, Blaze repeated that the domain was “not for sale” and that people shouldn’t both to contact him. It appears that Monaco made him an offer he couldn’t refuse. As part of a rebrand, Monaco will take on the name of its new domain and will rename its native token as simply MCO, which is its current abbreviation, in a move reminiscent of Ripple and XRP. EOS Creates $1 Billion Fund Faced with the question of what to do with the billions of dollars raised in its year-long ICO, EOS has turned to VC. Block.one have appointed Michael Alexander, former CEO in Asia of an investment banking firm, to identify projects to nurture with VC money. Focus will fall, naturally, on ventures that are built on the EOS platform. While the news will be welcomed by blockchain projects wishing to integrate with EOS, it’s been criticized by some as further evidence of EOS’ excessive raise, leaving them with more money than they can spend. Blockchain Gets Sultry Fifty Shades of Blockchain is the latest venture from Jackson Palmer. The former dogecoin and Are We Decentralized Yet creator is unrelenting in his quest to point out the idiocy and vacuousness of most ICOs and crypto whitepapers. The @blockshade account he’s created combines machine learning-generated whitepaper snippets with extracts from EL James’ much mocked novel. The results are as amusing as they are unsettling. What do you make of the BIS chief’s indictment on cryptocurrencies and today’s other stories? Let us know in the comments section below. Images courtesy of Shutterstock, and Twitter. Need to calculate your bitcoin holdings? Check our tools section. The post The Daily: Bittrex Invades Europe and Blockchain Gets Raunchy appeared first on Bitcoin News. View the full article

Cryptocurrencies – Thematic Research, a report recently issued by Global Data, is attempting to smash what it views as myths and huge untruths about the hype surrounding crypto. Among their findings, the company concludes cryptocurrencies are expensive, slow, mostly unspendable, and cannot scale to meet their projected demand. Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation Cryptocurrencies Expensive, Slow, Unspendable, Cannot Scale Talk about kicking a fellow when he’s down (assuming cryptocurrencies are male). London-based research firm, founded in 2006, Global Data, released a 34 page study on exactly why they believe crypto won’t ever live up to its hype or promise. Its Chief Analyst, Gary Barnett, gets to the heart of the matter, “Many of the most basic claims made by proponents of cryptocurrencies simply are not true. We are told that cryptocurrencies speed transfers up, that they help to eliminate middlemen and that they are free of cost, but none of this is true.” Anecdotes abound as to the veracity of his claim, especially as it relates to bitcoin core (BTC), the world’s most popular cryptocurrency, and the most well known. The ecosystem has famously chosen to employ ‘middlemen,’ the very same Satoshi Nakamoto’s white paper was written to avoid, such as banks (Coinbase) and other exchanges that are allowed to hold full control over a user’s coins and tokens. “Cryptocurrency transactions are not free,” Mr. Barnett continues. “For example, at its peak the per transaction cost for bitcoin exceeded $50, which is not exactly a great way to buy $25 worth of groceries. While the cost per transaction hovers around $1 when the bitcoin network is not under load, it will inevitably rise if transaction volumes grow again.” Here again, the whipping boy is BTC, and no mention is made of viable alternatives in this regard like bitcoin cash (BCH) or others. Perhaps most damning, when considering just what the ‘currency’ part of cryptocurrency means, Mr. Barnett fires “no cryptocurrency is widely accepted and transacted. The number of retailers and businesses that accept cryptocurrencies as payment for goods and services is vanishingly small, and those that do typically report very low volumes of cryptocurrency transactions by comparison to other means of payment.” This somewhat begs the question, but it might require Mr. Barnett and Global Data to be a little hipper when it comes to the more recent history of BTC in particular. Enthusiasts have taken nuanced sides as to the importance of claims like Mr. Barnett’s, and the differences are so profound in the crypto space entire projects exist to prove the others wrong. Plus, it is early days with regard to merchant adoption — constant mainstream media hectoring, along with governments the world over threatening ever tighter regulation, doesn’t help matters. The Scaling Issue Continues to Haunt Global Data hammers home a key bugaboo with regard to crypto, scaling. For ‘big blockers,’ this issue seems to trump most. With the advent of bitcoin cash (BCH), larger blocks allow for more transactions, less congestion, and ultimately lower fees and faster confirmations, at least in theory and so far. Nevertheless, the report concludes “cryptocurrencies cannot scale. The Visa payment network is capable of supporting 24,000 transactions per second (tps) at peak rates and regularly averages in the region of 1,500 tps. Bitcoin, meanwhile, struggles to achieve a transaction rate over 10 tps, while bitcoin cash can handle around 60 tps. The only cryptocurrency which comes close to Visa’s average is Ripple, which is capable of 1,500 tps.” And so, mainstream research firms such as Global Data are left to muse about the current state of crypto valuations. As “currently applied to cryptocurrencies,” Mr. Barnett stresses, they “have no basis in fact; cryptocurrencies represent a classic bubble, in which valuations are purely the result of speculation on the likely behavior of the market rather than a clear-eyed assessment of underlying value.” No mention is made of it being only near a decade in arriving at valuations, and how currencies such as BTC are up thousands of percents since their inception. Bubble doesn’t seem, yet, to describe crypto prices well. The report’s lone sober take, though still mired in mainstream cynicism and assumptions, comes as a preface. “In fairness,” researchers note, “all currencies are a confidence trick. The US dollar, British pound, and the Euro all depend on nothing more than market confidence for their value. The extent to which a currency works effectively is a function of a range of factors and this report sets out to determine whether cryptocurrencies represent a serious alternative to the established fiat currencies.” Few crypto proponents would claim decentralized money to be quite there, but, then again, government money has had a huge head start. Is crypto a failed, over-hyped experiment? Let us know in the comments section below. Images via the Pixabay, Global Data, Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com. The post Global Data Report: Cryptocurrencies are Expensive, Slow, Unspendable, Cannot Scale appeared first on Bitcoin News. View the full article

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. The Bitcoin Cash community can now use their BCH to take part in ICOs and Private Sales on QUOINE’s ICO platform. The global fintech company already allows token sale participants to use BTC, ETH and QASH. The addition of BCH adds a new layer of flexibility to participation in the token sales presented by QUOINE. ICO Mission Control is a safe and secure platform that sits within QUOINE’s QRYPTOS exchange. ICO participants need only sign up and KYC once in order to access the token sales. The ICO Mission Control platform all but eliminates common risks associated with ICOs, such as hacks, scams, phishing and data leaks. “ICO Mission Control is about bringing ICOs back to the people. The ICO space has been broken for too long. Not only is it extremely complicated and laborious to take part in an ICO, let alone several, but it’s also incredibly risky as scammers lurk around every corner. We do extreme levels of due diligence for all the projects we list on the QUOINE ICO platform and we aim to bring our customers a steady stream of high quality projects,” said QUOINE Head of Operations Seth Melamed. “When we add a new funding currency, we’re extending an invitation to that community because we want as many people as possible to be able to take part in not just ICOs, but also private sales, on our dedicated platform. With ICO Mission Control we have created a new utility for BCH and opportunities for BCH holders to spend their tokens.” ICO Mission Control is an end-to-end solution for blockchain projects conducting an ICO with QUOINE. With ICO Mission Control, QUOINE will handle all administrative ICO tasks including AML/KYC, Private Sale, Public ICO, token distribution, OTC conversion to fiat and secondary market listing. QUOINE can also facilitate introductions to large investment funds interested in investing in the crypto space. Among highlighted projects listed on QUOINE’s ICO platform so far are Vanywhere and FanChain, both of which can be bought using BCH. Vanywhere is a blockchain-based, skill sharing platform that instantly connects people seeking and offering skills through live, 1-on-1 video, voice and chat. Vanywhere empowers anyone with a marketable skill to capitalize on their knowledge and provide services for which they earn VANY tokens by the minute. FanChain is a token aimed at sports lovers. The FanChain token is a hybrid fungible/non-fungible cryptocurrency that rewards you for doing what sports fans do best: talking about your favorite team. New users are welcome to sign up with QRYPTOS and complete KYC in order to get access to ICOs hosted on QUOINE’s platform. As the first global cryptocurrency company to be regulated by the Japan Financial Services Agency, QUOINE upholds rigorous standards when it comes to security of digital assets and protection of customer data. This year, QUOINE’s QRYPTOS and QUOINEX exchanges will merge to become LIQUID, an all-new, immersive cryptocurrency platform that will offer top security, enhanced liquidity and multiple fiat pairings, as well as regular quality token sales. Interested in hosting an ICO with QUOINE or just want some more information? Email listings@quoine.com supporting-link https://www.qryptos.com/ This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release. The post PR: Quoine’s ICO Platform Adds BCH as Funding Currency appeared first on Bitcoin News. View the full article

Trading isn’t the only way to acquire crypto. Daily SPA, a Japanese media outlet, has reported on a Japanese man using his company dormitory’s free electricity to mine cryptocurrencies without asking permission. Also read: Japan Gives Jail Sentence to Crypto Miner in a Remote Mining Case An Extraordinary Income “Virtual currencies are processed cryptographically,” Sora-san, a Japanese man working in a major Japanese manufacturing company explained to Daily SPA. “A miner is the machine that supports this encryption process. If you mine Bitcoin, you can process 12.5 bitcoins in 10 minutes, which would be the equivalent of 10 million yen, (US$ 90,000). If you mine Ether, you can make 3 ether worth 200,000 yen (US$ 1,800) in 10 minutes.” he added. But Sora elected to do things differently than everyone else in order to drastically reduce the costs of mining in Japan. “Because mining requires a huge amount of electricity, the common sense would be to do mining businesses in Mongolia or China, where electricity costs are very low, compared to Japan. But I live in a company dormitory. My electricity costs are null. I thought, I gotta take advantage of this opportunity,” Sora said. Right now, Sora can mine 0.8 ether in a month. Once converted into fiat, he makes 50,000 yen ($500) as a secondary monthly income. “Once it’s set up, I don’t need to do anything, I just let the machine run on its own. It’s really a ‘free’ income,” Sora explained. The man started to mine crypto in his dormitory room about six months ago. He said he first investigated the limit of electricity, if any, he is allowed to use for free. With the collaboration of his colleague, he bought a bunch of dryers and let them run all day and all night. “I was worried that the dorm manager would notice it,” he said, “but I was able to figure out the amount of usable watts.” He said he calculated that it would cost more than 20,000 yen ($200). “Now that I found out that I can mine in my room, I am planning to extend installing miners in the rooms of my close colleagues,” he said, laughing. Because the company dormitory includes 100 employees, even if the electricity bill rises a little, it won’t get noticed, Sora believes. What do you think of this man mining in his dorm room in Japan? Let us know in the comments section below. Images courtesy of Shutterstock and Daily SPA. Need to calculate your bitcoin holdings? Check our tools section. The post Japanese Man Exploits Free Company Electricity to Make $500 Secondary Income Mining appeared first on Bitcoin News. View the full article

The Thai Securities and Exchange Commission (SEC) has officially announced its regulations for initial coin offerings (ICOs). The rules specify requirements for ICO portals, issuers, as well as who can invest in tokens. The Commission has also provided a series of infographics to explain the regulations. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Thai SEC’s Official Statement Rapee Sucharitakul. The Thai SEC officially announced Wednesday the regulations for ICOs, which will take effect from July 16, according to local media. The ICO regulations fall under the Digital Asset Management Act BE 2561 which regulates cryptocurrency in the country, Thai Rath newspaper quoted Mr. Rapee Sucharitakul, Secretary-General of the Thai SEC, explaining. Along with the announcement, the Commission has published a series of infographics to explain the regulations which are shown below. ICO Portals Mr. Rapee detailed, as reported by Prachachat Turakij, “those wanting to launch an ICO must undergo screening from an ICO portal. So, initially, the SEC will first approve ICO portals.” A platform wanting to operate as an ICO portal must apply for approval from the Commission which can take up to 90 days. “Once the portal has been approved, the SEC will begin to consider applications for the issuance and sale of digital tokens,” he clarified. An ICO portal applicant must be a Thai company with registered capital of at least 5 million baht (~US$150,636). Citing that ICO portals must identify “investors’ status, identity, and risk-taking ability,” the Bangkok Post elaborated: ICO portals’ management structure and personnel must be adequate for business operations. They are also required to be prepared to evaluate ICO issuers’ business plans and the distribution structure of digital tokens as well as perform checks to ensure that computer code, or source code, matches the disclosed information. Furthermore, the news outlet quoted Mr. Rapee saying, “the SEC is pleased to immediately discuss details with those who would like to be approved as ICO portals in order for them to be prepared for the regulatory framework.” ICO Issuers Anyone wanting to launch an ICO in Thailand will first need to obtain an approval from an ICO portal before applying with the SEC. Upon obtaining an approval from an ICO portal, a would-be issuer can subsequently apply with the SEC, supplying details of the ICO. The SEC can take up to 60 days to make a decision. In a statement to Reuters, the Commission explained that “issuers of digital tokens must be a company registered under Thai law and will be able to offer such assets of an unlimited amount to institutional investors, ultra high net-worth investors, venture capital and private equity firms,” adding: Issuers of such tokens can accept baht or cryptocurrencies, including bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin, ripple and stellar. Who Can Invest in ICOs in Thailand The SEC has also set rules on who can invest in ICOs, divided them into four groups. The first consists of institutional investors. Ultra-high net worth investors make up the second group, which the SEC defines as retail investors with net worth of at least 70 million baht (~$2.1 million) or those with investments of at least 25 million baht (~$752,785). The third group consists of venture capitalists and private equity firms. The last group comprises other retail investors, but their investment is capped at 300,000 baht (~$9,034) per person and per ICO project, “or no more than 70% of total value of offered tokens,” the Bangkok Post added. As for taxation, the country’s finance minister, Mr. Apisak Tantivorawong, said in March that “the finance ministry will impose a 15% withholding tax on gains from digital tokens and cryptocurrency trade,” Reuters reiterated, adding that “there will also be a 7% value-added tax, but general investors will be exempted.” What do you think of Thailand’s ICO rules? Let us know in the comments section below. Images courtesy of Shutterstock and the Thai SEC. Need to calculate your bitcoin holdings? Check our tools section. The post Thailand Officially Announces Rules for Token Issuers, Portals, and Investors appeared first on Bitcoin News. View the full article

Crypto companies based in Switzerland may receive access to regular banking services as early as this year. Political will and economic wisdom seem to be in place as some government officials and bankers are already working to resolve a serious issue. Swiss banks have been refusing accounts to firms from the growing crypto industry. Also read: Swiss Crypto Company Acquires License to Distribute Funds to Investors Banks Expected to Offer Services by the End of the Year In terms of crypto development, Switzerland is now standing at a crossroad. With very few exceptions, most of its banks have been refusing banking services to a growing number of startups residing in the country’s Crypto Valley and this is beginning to suffocate growth in the fintech sector. Luckily, far-sighted policy makers and seasoned financiers have already pulled their sleeves up and are working to break the deadlock. One of them is Heinz Tännler, the finance director of the canton of Zug, home of the Swiss Crypto Valley. Speaking to the Financial Times, Tännler said he expected Swiss politicians and regulators to remove the obstacles in the coming months, which would allow crypto companies based in the country to operate with banks just like any other business. He added: We hope to clarify relationships by the end of the year at the latest. Time is pressing – other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage. According to Mr. Tännler, the country’s central bank, financial supervisor and federal government “are willing to help.” He also stressed that “We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.” Traditional financial institutions are increasingly under pressure to offer crypto startups regular services like bank accounts. According to Swissinfo, the bottleneck has become acute since the ICO craze brought $1.46 billion to Switzerland last year. A recent report by the Crypto Valley Association revealed that token sales through May this year have attracted nearly double the funds raised in 2017. Mounting Pressure to Break the Deadlock Representatives of the industry have warned that if crypto businesses are not provided with access to banking services they may start looking for better conditions elsewhere. “Starving startups of bank accounts is akin to killing the goose that laid the golden egg,” said blockchain and cryptocurrency expert Guido Schmitz-Krummacher, former director of the Tezos foundation and advisor to projects like Cardano. He believes that the failure to provide a reliable environment for startups will harm the reputation of the Crypto Valley in Zug. “I am already seeing projects choose Singapore, Malta and Gibraltar because they can’t get a bank account in Switzerland. They will be followed by projects already established in Switzerland unless the banks and politicians address this topic.” The lack of access to normal banking services is worrying, according to Alain Kunz, chief executive of Coinlab Capital, a startup offering blockchain asset management services. “You can do a lot with crypto but you can’t pay rents and salaries,” he told the FT. Some Swiss politicians and bankers have already heard these worries. In January, economy minister Johann Schneider-Ammann shared a vision of Switzerland becoming a “Crypto Nation.” His colleague, finance minister Ueli Maurer went a step further by forming a working group with representatives of the Swiss Bankers Association (SBA), the financial regulator and the central bank in an attempt to find a solution. The SBA has also set up a taskforce and is planning to establish a set of standards for ICO startups in order to simplify the process of opening bank accounts. “Both we as an association and the banks have an interest in business relations in this growth area. Banks see the potential that the blockchain technology offers for their industry and Switzerland as a financial and technology hub,” the SBA said in a written statement quoted by Swissinfo. Welcoming its actions, the Crypto Valley Association (CVA) said it anticipated “a progressive broadening of offerings by a number of Swiss banks.” Very few legacy institutions in Switzerland have so far declared readiness to offer services to the 200 Zug-based blockchain and crypto firms. Among them are Neuchâtel Cantonal Bank and Neue Helvetische Bank. They were joined recently by Hypothekarbank Lenzburg, which announced this month it was accepting cryptocurrency related businesses as account holders. In the meantime, some Swiss startups have opened bank accounts in neighboring Liechtenstein using the services of local banks such as Frick and Alpinum. Others have decided to enter the sector of traditional financial services through partnerships. Do you expect Swiss banks to offer crypto companies unrestricted access to banking services? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post Switzerland Considers Granting Crypto Businesses Access to Banking Services appeared first on Bitcoin News. View the full article