Wednesday, January 31, 2018
Ukraine’s Cyberpolice Supports Legalization of Cryptocurrencies
The cybercrime combating department of Ukrainian Police has voiced support for the legalization of cryptocurrencies despite sharing some concerns about them. The Cyberpolice unit also noted the need to regulate cryptos “as soon as possible”. Ukrainian parliament is yet to adopt new legislation amid mounting calls from other institutions to regulate cryptocurrencies.
Also read: Russia’s Longest-Serving Finance Minister Backs Crypto “Self-Regulation”
Legalize it or Ban it
It is necessary to regulate at legislative level all matters pertaining to the use of cryptocurrencies, Sergei Demedyuk, head of the Cyberpolice department, said in a statement quoted by local media. In his opinion, regulations should be adopted as soon as possible. He also pointed to the need to amend the law in order to tax crypto related transactions. The rules of operating cryptocurrency exchanges have to be determined, too, he insisted.
If authorities are unable to regulate the status of cryptos in the near future the state should officially ban their circulation, the National Police representative said. Then “everyone will know that by buying and selling cryptocurrency in Ukraine they risk losing their financial investments irrevocably, in the absence of any protection or compensation”, Demedyuk warned.
The high-ranking police official noted, however, that Ukraine’s Cyberpolice force was supportive of efforts to legalize cryptocurrencies and crypto mining in the country, despite concerns that their circulation might be “based on the same foundations as financial pyramids”.
Mounting Calls to Regulate
Demedyuk’s remarks are part of a long list of calls to legalize cryptocurrencies in Ukraine. His comments came after a study revealed that dozens of Ukrainian officials possess a total of more than 21,000 bitcoins, as news.Bitcoin.com reported.
Earlier this month the status of cryptocurrencies was discussed during a meeting of the National Cybersecurity Coordination Center in Kiev. Representatives of the security services took a closer look at the “uncontrolled circulation” of cryptos in Ukraine. The cybersecurity body decided to set up a special working group to complete the legal framework. It should assist other authorities in building foundations for the crypto market, establishing procedures to monitor transactions and clarifying aspects of taxation.
The Secretary of the National Security Council of Ukraine Oleksandr Turchynov said that the development of the cryptocurrency market could not be left unattended. The Minister of Justice of Ukraine Pavel Petrenko stated that Bitcoin must be brought into the legal field adding that government institutions should respond to the phenomenon. A petition to the president to legalize cryptocurrencies was filed on January 12.
While The National Bank of Ukraine remains opposed to cryptocurrencies, legislators have introduced two bills to regulate their status. The drafts have been advancing through commissions in the Rada since October. One of them aims to regulate the circulation of cryptos, and the other is designed to stimulate the cryptocurrency market and the trade of crypto derivatives. Proposed amendments to the tax code cover taxation aspects, with possible incentives for mining companies. The legalization of bitcoin, however, can take many more months, as the government must prepare subordinate statutory instruments to implement the law.
Do you think Ukrainian deputies will speed up the process of adopting cryptocurrency regulations after multiple calls by other Ukrainian institutions? Tell us in the comments section below.
Images courtesy of Cyberpolice Ukraine, Verkhovna Rada.
Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.
The post Ukraine’s Cyberpolice Supports Legalization of Cryptocurrencies appeared first on Bitcoin News.
via Lubomir Tassev
Hawaii’s New Money Transmitters Act Will Require Virtual Currency Licenses
The state of Hawaii is planning to regulate the use of bitcoin and digital currencies that would require licensure to transmit cryptocurrency-based funds. Two bills introduced by a group of partisan Hawaiian lawmakers are focused on digital currencies as a monetary instrument under the state’s Money Transmitters Act.
Also read: Coinbase Exits as Hawaii Requires Bitcoin Companies to Hold Fiat Reserves
New Definitions Applied to the Hawaiian Money Transmission Act
Last week Hawaiian bureaucrats reviewed a proposed bill, HI SB3082, that aims to tether regulatory policies to digital currency transmitters. The proposed law adds new definitions like “virtual currency exchanges, transfers, and storage.” The bill will apply to anyone credited with virtual currencies, moving them, relinquishing control, and any use tied to a medium of exchange if passed. The laws will recognize bitcoin as a “permissible investment and statutory trust.” Although, if the statutes does pass, anyone who plans to transmit bitcoin and other forms of digital assets must apply for licensure.
Hawaii’s Virtual Currency Transmission Requirements
Last year Coinbase left the state of Hawaii due to the state’s proposed laws which would require licensed virtual currency transmitters to hold USD reserves. The recently submitted SB3082 has changed this requirement for specific qualified trading platforms. Applicants who want to apply for virtual currency transmission will be required to reveal a lot of information like the applicant’s name and principal address, prior criminal convictions, a description of the business activities, sample of the virtual currency instruments or products, and the name and address of the clearing banks involved. Further, for each virtual currency sale, exchanges must provide its customers with some form of a receipt.
“Each licensee who receives money or monetary value for transmission and the licensee’s authorized delegates shall provide a receipt to the customer that clearly states the amount of money or equivalent value presented for transmission and the total of the fees charged by the licensee,” explains the proposed bill.
Hawaii’s SB3082: “These Currencies Are Not Backed”
One notable section describes virtual currencies as based upon computational cryptography and derive their value “solely from the market’s perception of their value.” Hawaii’s SB3082 states:
[Virtual Currencies] can experience great swings — These currencies are not backed by backed by any physical commodity, such as gold or silver; not backed by the United States or any other national government; not legal tender for debts; and are not insured by the Federal Deposit Insurance Corporation or any government.
The bill further details that consumers can lose all their cryptocurrencies through many attack vectors. “Computer failure; malicious software attack; an attack, closure, or disappearance of a virtual currency exchange company; lack of security; loss of your private key; or a sudden or dramatic change in value” are just a few examples explains the SB3082 text. The bill further notes:
Some virtual currency users have been unable to access their legitimate virtual currency account because of heavy traffic by other users or a prevalence of criminal activity in virtual currency use — To protect yourself, become educated as to the potential risks before deciding whether you want to transact in virtual currency.
Hawaiian officials will have a public hearing on SB3082 on February 2, 2018, at 9 am. The newly reformed money transmission act passed its first reading on January 26.
What do you think about the new virtual currency definitions that aim to be applied to Hawaii’s money transmission act? Let us know your thoughts in the comments below.
Images via Pixabay, Hawaii’s Senate, and state logo.
The post Hawaii’s New Money Transmitters Act Will Require Virtual Currency Licenses appeared first on Bitcoin News.
via Jamie Redman
South Korean Court Rules Bitcoin Has Economic Value
A South Korean court has ruled that bitcoin has an economic value for the first time. This overturned an earlier court ruling which did not recognize the digital currency. The case involves the confiscation of 191 bitcoins.
Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies
Bitcoin’s Status Re-Examined
The Suwon District Court in South Korea has, for the first time, recognized that bitcoin has an economic value and can be confiscated, local media reported on Tuesday.
The ruling concerns the case involving Ahn who was arrested in May of last year and convicted of operating an illegal pornography site with approximately 1.2 million members. Ahn pocketed 1.9 billion won (~USD$1.78 million) in membership fees. While arresting him, the Southern Gyeonggi Provincial Police Agency confiscated his 216 bitcoins from an online wallet which received some fees from the site.
In September of last year, the court did not recognize bitcoin and ruled that it could not be confiscated, as news.Bitcoin.com previously reported. An official from the court explained that they did not judge bitcoin to have any economic value because it is “in the form of electronic files without physical entities, unlike cash.”
Landmark Court Ruling on Bitcoin
Following the first ruling, the prosecutor appealed in December to the court for the ability to confiscate bitcoins. The second hearing was held recently.
In the second hearing, the court found that “The crime profit concealment law does not restrict the criminal income to the goods but the cash, the deposit, the stock, and other property with economic value,” Chosun reported and further quoted the court explaining:
Bitcoin can be changed into money through an exchange. It can be used as a means of payment through merchants, so it should be regarded as having economic value.
The court subsequently ruled that “Among the 216 bitcoins confiscated by the prosecution, Ahn’s 191 bitcoins” were traced to email addresses of the pornography site members, so they are “recognized as criminal proceeds from the operation of the site.”
Since Ahn’s arrest in April, the price of bitcoin has risen significantly. The 191 bitcoins are worth approximately 2.13 billion won (~$2 million) at the time of this writing based on bitcoin’s price on Bithumb, one of the country’s largest cryptocurrency exchanges.
Maekyung quoted a lawyer explaining:
The recognition of virtual currency as an object of forfeiture means that it will be transferred to the national treasury and used as a national budget.
What do you think of the new court’s ruling? Let us know in the comments section below.
Images courtesy of Shutterstock and Bithumb.
Need to calculate your bitcoin holdings? Check our tools section.
The post South Korean Court Rules Bitcoin Has Economic Value appeared first on Bitcoin News.
via Kevin Helms
PR: BCShop.io Aids Ethereum Business Adoption
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.
Blockchain revolution is happening. Sure, we are in first days yet, in “stone age” of cryptocurrency. Nevertheless, practical business solutions are already emerging. One of the most known and functional is Ethereum blockchain.
Ethereum not only enables online payments; it is also capable of running any decentralized application’s programming code. As such, it can greatly help businesses by making transactions more efficient. Here are some of the ways it does so:
Ethereum ensures data security and accuracy
Ethereum keeps business transactions secure as they are encrypted and employed in a closed peer-to-peer system. This ensures that they are protected from fraud, theft, and privacy violations.
In addition, Ethereum provides a system for the accurate maintenance of records. It prevents them from being modified after they are added to the ledger and it adds a timestamp, making the ledger more reliable and accurate than databases and spreadsheets. This in turn enables the company to earn the trust of both their employees and clients.
Ethereum makes it easier for businesses to increase their reach
With Ethereum, businesses are able to save on the costs incurred from sending and receiving payments from other countries. They are also able to minimize the delays that are usually experienced with international transactions, in turn making more people and companies want to work with them.
Ethereum makes it easier to form agreements
Unlike traditional contracts that must be notarized, Ethereum enables the creation of smart contracts without the need for middlemen. These smart contracts define and enforce the terms and penalties that come with the agreement.
How to Integrate Cryptocurrency Payments into Your Business
There are indeed many benefits to enabling cryptocurrency payments into your business. It ensures that your transactions are kept secure and accurate. It allows you to save on costs, particularly when making or receiving payments from other countries, as well as on the costs incurred from middlemen. In addition, it enables you to create smart contracts, which helps ensure the enforcement of business agreements, in turn preventing business conflicts. In summary, cryptocurrency use can help you provide better customer service and can give you a competitive advantage.
There are many platforms that will allow you to integrate cryptocurrency payments into your business. You just need to sign up for a merchant account at your chosen cryptocurrency wallet. However, the manner by which businesses use cryptocurrencies today tend to inconvenience users. The underlying issues can be easily improved, though, and this is what BCShop.io offers.
BCShop.io is an innovative platform for e-commerce and e-payments where one can offer products and services in exchange for cryptocurrencies: Ethereum and tokens. It also provides an easy-to-use interface so that even cryptocurrency newbies will have no difficulty learning about and using the platform.
If you want to try and get a feel of using Ethereum payments for your business, then you can do so at public testnet version: https://testnet.bcshop.io/ for free. As an example, several business cases were already implemented, bitcoin.com and ICOAlert.com are worth to mention among others. For more information, visit https://bcshop.io/.
Contact Email Address
32mve32@gmail.com
Supporting Link
https://bcshop.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: BCShop.io Aids Ethereum Business Adoption appeared first on Bitcoin News.
via Bitcoin.com PR
Number of People Looking for Crypto-Careers Increased 10-Fold in 2017
New data from the UK shows that interest in crypto careers more than doubled in December 2017 when the all time high Bitcoin price record dominated headlines. The average salary for roles requiring “Blockchain” expertise ranges from £30,117 per year for a Research Analyst to £67,209 per year for a Software Architect.
Also Read: Vegetables on a Blockchain ICO Exit Scams After Paying People to Write On Their Bodies
Interest in Crypto Careers is Surging
The massive rise in the price of bitcoin last year has inspired droves of people in the UK to look for new careers in the crypto sector, this according to figures released today by the dedicated search engine for job listings, Indeed.
The company says that its data reveals that at the start of 2017 there was “an acute talent mismatch”, with vacancies outnumbering candidates four to one. However by the end of the year the number of those searching for roles had increased 10-fold. During the same period, the number of available jobs tripled, meaning that by December the talent gap narrowed.
The greatest spike came in December, when bitcoin’s value in GBP soared past £13,000. In December the number of job seekers looking for bitcoin careers was more than double that seen in November 2017, the company explains.
Most Wanted Skills
The data shows that a growing number of employers want to explore developing capabilities derived from the technology behind bitcoin, and thus most vacancies are for people with tech skills. The top ten related roles on the site right now, by descending order, are: Developer, Recruiter, Software Engineer, Director IT Digital Strategy & Innovation, Java Developer, C# Developer, Senior QA Engineer, Solution & Proposition Architect, Senior Developer, and lastly Project Manager.
Bill Richards, UK Managing Director at Indeed, commented: “Bitcoin was designed to be a secure and anonymous way of paying for things and for some its rocketing value is a sideshow. Nevertheless its stellar rise has turned Blockchain – the technology that powers it – into a tech pin-up for ambitious jobseekers. Hundreds of companies are now investing in staff and skills in an effort to develop new applications for Blockchain.”
‘‘While the number of opportunities and searches remains modest, Indeed’s data shows companies are increasingly seeking experts to focus on this new technology – and jobseekers have been quick to react. It is worth noting that these are specialised roles and they can be hard to fill. However, Blockchain is a field that is certainly worth watching as both jobseekers and employers seize the opportunity to capitalise on its potential, he added’’
This news shouldn’t be that surprising for anyone closely following the market. Back in October 2017 it was revealed that bitcoin-related jobs are the fastest growing category of role on international employment marketplace for freelancers.
What advice would you give those who want to have bitcoin-related careers? Tell us in the comments section below.
Images courtesy of Shutterstock, Indeed.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post Number of People Looking for Crypto-Careers Increased 10-Fold in 2017 appeared first on Bitcoin News.
via Avi Mizrahi
South Korea Finds Nearly $600 Million in Crypto Crime
Reports from the 대한민국 Republic of South Korea (ROK) indicate its Customs Service announced on Wednesday, 31 January 2018, it has discovered “cryptocurrency crimes” which amount to nearly 600 million USD.
Also read: Nassim Nicholas Taleb vs David Birch on The Bitcoin Standard
South Korea Customs Service Finds Almost $600 Million in Cryptocurrency Crime
ROK Customs Service released a statement claiming to have “uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million),” according to Reuters. Evidently, it includes illegal foreign exchange trading, a statement released by the country’s customs service said on Wednesday.
Korean Customs Service’s (KCS) charter includes keeping “our society safer from illegal foreign transactions,” its website notes. Reporting on the incidents mention South Korean investors gobbling up almost 2 billion won in cryptocurrencies. Supposedly tokens and coins were then sent abroad through “virtual wallets,” only to be brought back in the form of fiat currencies “which amount to unrecorded capital outflows,” according to Reuters.
The statement continued, “Customs service have been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force.” Reuters further explained, “Illegal foreign currency trading of 472.3 billion formed the bulk of the cryptocurrency crimes, Customs said, but gave no details on what action authorities were taking against the rule breaches.”
“Among other breaches,” the report continued, “Customs said there were also cases where investors in Japan sent their yen worth 53.7 billion won to their partners in South Korea for illegal currency trade.” This series of events comes at the end of a very hectic few months for the peninsular East Asian nation. Yesterday, US regulators in New York requested trading data on cryptocurrencies. New regulations regarding cryptocurrency exchanges took effect as well, essentially eliminating anonymous trades.
Wait and See
Even the Republic’s chief of state recently issued guidelines concerning public officials and their involvement in crypto. There has been a multi-pronged approach to limiting, if not outright ending, foreign participation in exchanges, which included South Korean card companies.
Ecosystem markets were rocked at the end of the year when fears arose cryptocurrencies would be banned outright. It turned out to be just a minister spouting off, but that unleashed a wave of dips in prices, and it spurred domestic protests to essentially leave cryptocurrencies alone.
As East Asia’s fourth largest economy, South Korea punches above its weight in the crypto world, clearly. “The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering,” Reuters explained. No word yet as to how the market will absorb this current controversy.
How do you think markets will respond to the South Korean crime news? Let us know in the comments section below.
Images courtesy of Pixabay, KCS.
The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
The post South Korea Finds Nearly $600 Million in Crypto Crime appeared first on Bitcoin News.
via C. Edward Kelso
PR: All Crypto – Friendly Venues Are Finally Listed in One App – CryptoFind
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.
CryptoFind App by GRAFT Blockchain discovers nearby venues that accept cryptocurrencies as payment. Basically, it’s a self-spreading network, linking crypto-savvy buyers and merchants.
For the very first time, all businesses that accept crypto will be listed and curated on one global map. While CryptoFind is made by GRAFT Blockchain, it’s not exclusive to GRAFT-enabled locations. It maps venues that accept any cryptocurrency via different methods (Mobile PoS, Wallet to Wallet, Partner Credit Card Terminals).
CryptoFind is mutually beneficial for users and merchants. Users earn rewards by persuading businesses to accept cryptocurrencies and enlist in the app, while merchants expand their client base by serving crypto-savvy buyers. Moreover, both contribute toward cryptocurrency entering the mainstream.
Benefits for Users
Instant transaction. Pay with crypto on the go.
No fees to the buyers. Even for small purchases.
Crypto variety. Use your favorite cryptocurrency.
Benefits for Merchants
Service new loyal clients. Crypto-savvy buyers prefer crypto-friendly venues.
Accept major cryptocurrencies. Deal with proven crypto.
Additional PR. Your location is added to the app’s map.
GRAFT Blockchain team comments: “The launch of the CryptoFind App is a decisive step towards taking cryptocurrencies mainstream. Merchant support is the final frontier in cryptocurrency adoption and a key to providing liquidity and stability to the market”
CryptoFind is currently available on the App Store with Android version scheduled to be released within a week.
———————————————————-
GRAFT Blockchain is a first global, open sourced, payment blockchain designed for the Point-of-Sale. GRAFT blockchain is live, running MainNet starting September 15, 2018, offering opportunity to miners. GRAFT coin (GRFT) will be available on exchanges in February / March time frame, and is currently in the final stages of a successful ICO.
———————————————
More information about the GRAFT Blockchain
www.graft.network
Contact Email Address
media@graft.network
Supporting Link
https://www.graft.network/cryptofind/
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: All Crypto – Friendly Venues Are Finally Listed in One App – CryptoFind appeared first on Bitcoin News.
via Bitcoin.com PR
Tuesday, January 30, 2018
Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches
The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis.
Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity
The Battle for Privacy Heats Up
Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain movements.
Unlike other mixers, Chip Mixer adds in its own chips which are then shuffled around in a manner akin to gambling at an online casino, before the initial deposit is withdrawn into a new address. Services such as Chip Mixer are useful not only to darknet vendors and customers, but to bitcoin users in general seeking to regain some privacy. In a week in which a prominent bitcoiner got the community talking simply by transferring their 40k BTC to a new address, it’s evident that there are instances where transaction obfuscation is desirable.
The Age of Blockchain Monitoring Has Arrived
“Criminals think that they are safe online because they’re anonymous, but they are in for a rude awakening,” said Attorney General Jeff Sessions on Monday, launching a crackdown on Fentanyl distribution. “We have already infiltrated their networks, and we are determined to bring them to justice.”
The sort of tools used by three-letter agencies such as ICE are presented as a means of crack down on the trafficking of harmful narcotics, but this is invariably the thin end of the wedge. Companies such as Bitfury gleefully boast of creating tools that are “for use by law enforcement organizations and financial institutions.” Their latest, Crystal, “tracks the relationships of an entity with identified bad actors (such as dark market traders)”. These sorts of companies would have no qualms about their software being used to profile users based on nothing more than their country of origin, libertarian beliefs, or cypherpunk ideology.
Dream Marketplace Adds Monero
There is an alternative means of regaining anonymity when transacting online which doesn’t call for passing through time-consuming tumblers: use a privacy coin. Dream, one of the longest standing DNMs, has always been a bitcoin-only marketplace, with bitcoin cash finally added a month ago. Now, much to the relief of r/Darknetmarkets, monero has made its way to Dream. To date, law enforcement – together with other busybodies intent on surveilling deep web users – have failed to deanonymize monero. Given the level of rhetoric surrounding new blockchain forensic tools, 2018 is shaping up to be an interesting year for privacy advocates and those who would seek to deny them that right.
Do you think tumblers such as Chip Mixer can be trusted to anonymize transactions? Let us know in the comments section below.
Images courtesy of Shutterstock, and Chip Mixer.
Disclaimer: Bitcoin.com does not endorse nor support these products/services.
Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their 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 this article.
The post Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches appeared first on Bitcoin News.
via Kai Sedgwick
U.S. Regulators Send Tether and Bitfinex Subpoenas
There’s been a lot of discussion and controversy surrounding Tether (USDT) a digital asset that claims to be backed by the U.S. dollar. Now according to reports, the U.S. Commodity Futures Trading Commission has subpoenaed the cryptocurrency exchange Bitfinex and the company Tether for unknown reasons.
Also Read: Analyst: IOTA Sharply Overvalued Due to “Overwhelming Evidence of Serious Flaws”
The CFTC Sends Bitfinex and Tether a Subpoena
A lot of skeptics believe that the digital currency Tether USDT is not backed by the U.S. dollar and may have pumped the entire cryptocurrency economy during 2017’s phenomenal year. Just recently news.Bitcoin.com reported on Tether severing ties with its auditor, so cryptocurrency enthusiasts are still left in the dark regarding USDT’s so-called backing. Tether has still not proven that it holds $2.3 billion USD in reserves. Now according to the financial publication Bloomberg the CFTC had sent subpoenas to both Tether and Bitfinex on December 6, “a person familiar with the matter” explains.
Bitfinex and Tether Say Legal Requests Are Routine While the CFTC Declines to Comment
Tether and Bitfinex did respond to a question regarding the subpoenas in an emailed statement sent to the news outlet.
“We routinely receive legal process from law enforcement agents and regulators conducting investigations,” explained Bitfinex and Tether representatives.
It is our policy not to comment on any such requests.
Furthermore Erica Richardson, a CFTC spokeswoman declined to comment on the subject concerning the digital currency businesses. Very little public information exists on why the CFTC has sent Bitfinex and Tether the notice.
However, the news follows a lot of speculation about both of these companies from various media sources and well-documented reports. This past week Professor Nouriel Roubini otherwise known as ‘Dr. Doom’ said, “regulators are asleep at the wheel while $2 billion of fake money was created via this scam.” With Bitfinex and Tether being subpoenaed by the CFTC, it seems regulators may be very aware of Tether and exchanges like Bitfinex who are ‘tethered’ to the digital dollar business.
What do you think about Bitfinex and Tether being subpoenaed by the CFTC? Let us know in the comments below.
Images via Shutterstock, Bitfinex, the CFTC, and Tether logos.
At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.
The post U.S. Regulators Send Tether and Bitfinex Subpoenas appeared first on Bitcoin News.
via Jamie Redman
PR: ETicket4 Launch Its Pre ICO and Offers Qualitatively New Dimensions in the Ticket Industry
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.
Today, January 30, the international p2p-platform Eticket4, with which you can buy tickets in the secondary market for any event, announces the launch of Pre ICO. During crowd sale, which will last till February 21st, utilities-tokens ET4 will be on sale.
ET4 tokens will allow their owners to get a number of advantages when buying or selling tickets through the ETicket4 platform. Thus, with the ET4 token, customers will be able to receive discounts up to 100% of the ticket price, and sellers will have access to the extended functionality of the analytical cabinet. So, when, for example, tickets for the football World Cup are paid with tokens, the buyer receives a 20% cashback, while paying for tickets to any other events – 10%.
To join ETicket4 and to participate in its Pre ICO, users may send BTC (Bitcoin) or ETH (Ethereum) and receive ET4 tokens in return at a price of 1/1000 ETH per token. Those who buy tokens in the first five days of Pre ICO will receive a discount of 8%. Also bonuses are provided depending on the volume of investments and can reach 30% discount.
ETicket4 is an international secondary ticketing platform developed by Russian-Israeli entrepreneurs in 2015. Being an intermediary between various entities involved in the ticket reselling process, the platform serves as a guarantor of transaction security, tickets’ validity, timely payment and delivery.
ETicket4 has an annual turnover of $2 million and already provides tokens with real, rather than speculative, liquidity. During the FIFA Confederations Cup ticket selling period ETicket4 successfully entered the CIS countries and Eastern Europe markets having sold more than 80,000 tickets for the Cup matches and major performers’ shows.
ETicket4 already provides high speed and transparency of transactions in the secondary ticket market. This is an active and successful business: the platform was launched in the fall of 2016, through it more than 80 thousand tickets were sold, more than 3500 professional brokers were registered, and the annual turnover is more than $ 2 million. The service is not only an intermediary, but also a guarantor of transaction security, authenticity tickets, timely payment and delivery. In the long term, the company plans to scale its business in Europe and the US.
Right now the project team is already working on a loyalty program at the core of the token economy, forecasting prices in the secondary market with the help of the neural network, forward contracts for brokers, and general expansion of the platform functionality with the help of blockchain technologies. The participants of the platform have the opportunity to forecast changes in ticket prices and choose the most favorable time for the transaction. Forward contracts and analytical tools for brokers reduce the risks of not selling tickets purchased, and our experience in conducting safe transactions will allow users not to be afraid of fraud.
Contact Email Address
oopatow@gmail.com
Supporting Link
et4.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: ETicket4 Launch Its Pre ICO and Offers Qualitatively New Dimensions in the Ticket Industry appeared first on Bitcoin News.
via Bitcoin.com PR
Coincheck to Repay Hack Victims’ XEM Balances at 81 U.S. Cents Each
Major Japanese cryptocurrency exchange Coincheck has announced that it will reimburse the accounts of the 260,000 customers who lost XEM tokens in a recent hack at a rate of roughly 81 U.S. cents per unit. As of this writing, XEM is trading for approximately 89 U.S. cents, having recovered slightly from its dip in the wake of the hack. The announcement comes amid concerns expressed by Japan’s Financial Services Agency (FSA) that it is uncertain as to whether Coincheck possesses sufficient funds in order to conduct the reimbursement.
Also Read: Japanese Crypto Exchanges Strengthen Self-Regulation Following Coincheck Hack
Coincheck Announces Reparations Policy
On the 26th of January, a total of 523,000,000 XEM was “illicitly transfer[ed]” following a hack sustained by Coincheck. The exchange has announced that the approximately 260,000 affected users “will be repaid in JPY via Coincheck Wallet” at a rate of “88.549 JPY” for each coin held (approximately 81 US cents each).
The price has been calculated “using the weighted average of turnover […] during the period beginning with the suspension of [the] sale of NEM on the Coincheck platform and ending with the release of this notice” (01/26/2018 12:09 JST – 01/27/2018 23:00 JST) using Zaif’s XEM/JPY pairing. Based upon the current price listed on Coinmarketcap of approximately 89 U.S. cents, the reimbursement will comprise a loss of 9% for affected users. The exact date for the distribution of the reparations has not yet been decided.
FSA Expresses Concerns Regarding Coincheck’s Ability to Repay Stolen XEM Balances with JPY
Coincheck has stated that it “will do [its] utmost to enact meaningful changes to [its] platform” following the company receiving “an order to improve business operations from the [FSA].”
The FSA has demanded that Coincheck conduct an “investigation of the facts and causes surrounding the [hack], a “strengthening of current measures to manage system risk,” in addition to providing “proper support of [its] customers.” The FSA has requested a written report addressing the aforementioned concerns before Tuesday, February 13, 2018. The FSA has also recently expressed uncertainty as to whether or not Coincheck possesses the funds required to conduct its planned reparations.
What is your reaction to Coincheck’s proposed repatriations policy? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coincheck
At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.
The post Coincheck to Repay Hack Victims’ XEM Balances at 81 U.S. Cents Each appeared first on Bitcoin News.
via Samuel Haig
Samsung Enters the Bitcoin Mining ASIC Manufacturing Business
Korean electronics giant Samsung is the latest chip manufacturer to enter the bitcoin mining hardware market. The company’s foundry has reportedly already began producing ASIC chips for a Chinese client earlier this month.
Also Read: Vegetables on a Blockchain ICO Exit Scams After Paying People to Write On Their Bodies
Samsung Bitcoin Chips
Samsung Electronics (KRX: 005930), the flagship company of the Korea-based multinational conglomerate Samsung Group, has entered the bitcoin mining business according to reports from the country. It has earlier signed a contract with a Chinese bitcoin mining hardware maker to supply it with chips, and already started mass production in January.
According to the reports Samsung Electronics completed the process for the development of semiconductor ASIC (Application Specific Integrated Circuit) for bitcoin mining last year. A Samsung Electronics spokesperson told Korea’s The Bell that, “We are in the middle of a foundry business that is being supplied to a virtual money mining company in China”.
The market for ASIC miners has been booming along with the massive 2017 price rally, and hardware manufacturers such as Bitmain used their strong profits to sway the semiconductor foundries to produce chips for them over traditional clients. It was recently revealed that the world’s largest dedicated semiconductor foundry, TSMC, expects that the bitcoin mining sector will continue to grow this year, possibly offsetting for weak iPhone X sales for Apple’s primary chip supplier.
GPU Mining
Samsung is set to profit not just from the bitcoin ASIC mining boom, but also from the huge parallel demand for GPU-based cryptocurrency mining. The company has started the mass production of a new type of DRAM for graphics cards, which is said to be more suitable for cryptocurrency mining. The 10-nanometer 16Gb GDDR6 DRAM is twice as fast as conventional GDDR5 DRAM and improves power efficiency by more than 35%, resulting in greater profitability for GPU for cryptocurrency mining.
This shows that chip manufacturers like Samsung are well aware of the prevalent use of their GPUs for cryptocurrency mining by end users, and might be even focusing it with new designs. Only recently it was revealed that GPU manufacturer Nvidia has taken measures to try and ensure its products get into the hands of gamers, not miners.
Is the Korean government going to the support bitcoin ecosystem more now when its national champion Samsung is invested in its success? Tell us what you think in the comments section below.
Images courtesy of Shutterstock, Samsung.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post Samsung Enters the Bitcoin Mining ASIC Manufacturing Business appeared first on Bitcoin News.
via Avi Mizrahi
Europol and Interpol to Increase Measures Against BTC Laundering and Terrorism Financing
A two-day workshop involving over sixty financial investigators in Basel, Switzerland has seen Europol and Interpol agree upon a range of measures designed to ramp up efforts to combat the use of cryptocurrencies for money laundering and terrorist financing purposes. The event saw attendance from over 60 international financial investigators.
Also Read: New Research: Laundering of Illicit Funds Less than 1% of Bitcoin Transactions
Financial Investigators Discuss Cryptocurrency Regulations
The recent workshop was hosted by the Basel Institute on Governance and organized in partnership with Europol and Interpol. The event saw attendance from more than sixty “financial investigators from money laundering, cybercrime and financial intelligence units from 32 different countries”, in addition to “relevant private sector representatives.”
The workshop has produced agreements between attending institutions designed to reduce the “misuse of cryptocurrencies by criminals and terrorist financiers to launder money and support other criminal activities.” Specifically, the agreed measures include:
- An increase in “information sharing in the field of money laundering and digital currencies through the use of channels such as Europol, Interpol, the Egmont Group and FIU.net.”
- The regulation of “digital currency exchangers and wallet providers under current anti-money laundering and counter-terrorism financing legislation “
- Agreements regarding “clear definition[s] of concepts such as cryptocurrencies, digital currency exchanger, wallet provider and mixer for them to be included in the EU legal framework.”
- “Tak[ing] action against digital currency mixers/tumblers, designed to anonymize transactions, which burdens the work of law enforcement agencies to detect and trace suspicious transactions.”
Europol Claims Cryptocurrencies Increasingly Used to “Finance Criminal Activities Including Terrorism”
In the statement issued following the event, Europol has claimed that the adoption of cryptocurrencies for criminal purposes, including terrorist financing, is rising. In order to combat the allegedly growing threat, Europol announced that it will “continue to coordinate across EU Member States and beyond in an endeavor to effectively respond to this rising threat.”
Europol’s claims comes just weeks after a bill was introduced to Congress by Republican House Representative Ted Budd of North Carolina on January 10th proposing the creation of a new task force assigned with researching and developing policy to combat the financing of terrorism through the use of cryptocurrencies.
Terrorist Concerns Overblown
The increased concerns relating to the use of virtual currencies by terrorist groups appears to have been sparked by the Foundation for the Defense of Democracies’ recent report that claims the to have identified four instances in which groups associated with terrorists have solicited donations in the form of bitcoin – which have occurred more than a year after the last instance of such identified by the think-tank.
The author of the report, Yaya Fanusie, has attributed the terrorist groups soliciting donations in cryptocurrency to the recent increased “attention [given] to bitcoin” in the media, arguing that such “has probably led to certain groups taking a look at the technology,” Mr. Fanusie added, “In general it appears these campaigns have not been very successful, for the most part.”
Research recently published by Elliptic has also indicated a more than forty percent reduction in the percentage of all bitcoin transactions associated with criminal activities since 2013 – estimating that transfers tied to illicit activities comprise just 0.61% of all transactions. In October 2017, a report commission by the UK government similarly concluded that virtual currencies posed a “low” terrorism financing risk which is “unlikely” to increase during the coming five years.
How do you feel about the regulatory agreements produced by the workshop in Basel? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
The post Europol and Interpol to Increase Measures Against BTC Laundering and Terrorism Financing appeared first on Bitcoin News.
via Samuel Haig
Over 1 Million People in Line for Robinhood’s Bitcoin Trading App
Young Americans are signing up in droves to a new cryptocurrency trading service, showing the massive unmet demand in the market for more bitcoin trading venues. Cryptocurrencies are coming soon to the Robinhood platform and traders appear to be following them in anticipation.
Also Read: Vegetables on a Blockchain ICO Exit Scams After Paying People to Write On Their Bodies
Robinhood Hits the Bullseye
Over a million people are already waiting in line to get early access to bitcoin and cryptocurrencies trading service by Robinhood Markets, according to its launch website. The Palo Alto-headquartered US stocks brokerage app has just announced the upcoming service a few days ago.
To put things in perspective, Robinhood has an estimated user base of only about 3 million people, which means it could grow by as much as 33% by adding cryptocurrency trading or that a third of its clientele will switch to bitcoin. Of course this will not happen immediately as the company will only start rolling out the service in February to a limited number of American states.
The service will initially begin with commission-free BTC and ETH trading in California, Massachusetts, Missouri, Montana, and New Hampshire. It already offers market data on 16 cryptocurrencies in the form of bitcoin, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk and dogecoin.
Stealing Users from the Rich
When it was launched in 2013 with financial backing from Google Ventures, Andreessen Horowitz and other, many analysts saw Robinhood as an early attack by Silicon Valley against Wall Street. It was speculated to be a precursor of a larger assault by tech giants against the entrenched stock brokerages, which largely didn’t materialize. Now it could be bringing disruption to a whole new industry – cryptocurency exchanges.
The major trading venues in the bitcoin world have been suffering from an inability to handle the influx of new customers throughout the 2017 rally, leading to withdrawal delays, degenerated services and a lot of frustrated clients. At the same time the exchanges kept raking in incredible profits, with Coinbase alone reportedly making a billion dollars in revenue during the period. It would be fair to say the market is set for disruption, but it remains to be seen whether Robinhood, a company which isn’t famed for great customer service, is the one to achieve this.
Are you waiting in line to trade bitcoin with Robinhood or sticking with an exchange? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post Over 1 Million People in Line for Robinhood’s Bitcoin Trading App appeared first on Bitcoin News.
via Avi Mizrahi