Online Cash Bitcoin Could Challenge Governments, Banks

Minimalist · Oct 27, 2019

UAE Accepts Crypto Regulation, Blockchain Projects Stand to Benefit

The Securities and Commodities Authority (SCA) in the United Arab Emirates has drafted a resolution on regulating crypto assets, providing greater clarity for crypto-related projects in the Middle East nation.
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https://cointelegraph.com/news/uae-accepts-crypto-regulation-blockchain-projects-stand-to-benefit

ronjor · Oct 28, 2019

Bitcoin had a wild weekend, briefly topping $10,000, after China’s Xi sang blockchain’s praises

Ryan Browne@Ryan_Browne_ 28 foct 2019
Bitcoin’s price jumped as high as $10,332 on Saturday, according to industry site CoinDesk.
Chinese leader Xi Jinping reportedly said China should “seize the opportunity” offered by blockchain.
China’s central bank, the People’s Bank of China, has been working on its own digital currency.embraces-blockchain.
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guest · Oct 28, 2019

Cryptocurrency in 2025: What Does the Future Hold for Digital Money?
October 27, 2019
https://www.cryptoglobe.com/latest/...-what-does-the-future-hold-for-digital-money/

Predicting the future of the weird and wonderful world of crypto might be a tall order for even the most prolific of psychics. Just five years ago Bitcoin was recovering from its first crash and was trading at around £220 ($283) - with experts continually dismissing the cryptocurrency as a bubble.
Between then and now, Bitcoin has hit the dizzying heights of around £15,000 ($19,300) in late 2017, followed by a hefty subsequent crash - dropping nearly as low as £2,500 ($3,200) one year on.
Welcome to a Paperless Society
Cryptocurrencies will play their respective role in rendering paper money and billing obsolete in the coming years.

If there’s enough speculation that cryptocurrencies could act as a safe haven for our finances during times of wider economic hardship, it’s fair to assume that established names like Bitcoin and Ethereum will experience a rise in value - however it would be foolish to discuss the sustainability of any rise in market value of a specific currency.
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guest · Oct 28, 2019

Bakkt are set to launch a crypto 'Consumer App' next year
October 28, 2019
https://www.fxstreet.com/cryptocurr...-a-crypto-consumer-app-next-year-201910281613

The Intercontinental Exchange’s cryptocurrency venture Bakkt has just announced it’ll launch a crypto ‘consumer app’ next year.

Bakkt’s chief product officer Mike Blandina said the cryptocurrency consumer app will be launched in the first half of 2020 and will let consumers use crypto to buy goods from merchants.

"We’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them. Merchants gain access to a broader set of customers with expanded spending power. [...]"
Blandina’s blog post on Monday noted Starbucks will be Bakkt’s first partner when the app goes live.
There are many crypto merchant services but none have really taken off and gone mainstream
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Bakkt: Unlocking the value of digital assets

Minimalist · Oct 29, 2019

Where to Spend Bitcoin: A Global Overview From Ljubljana to Zurich

There’s no easy way to buy, send or spend cryptocurrency in person — not even for a slice of pizza or a cup of coffee, or so it’s been said. Meanwhile, the number of physical merchant locations that accept crypto payments keeps growing.
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https://cointelegraph.com/news/where-to-spend-bitcoin-a-global-overview-from-ljubljana-to-zurich

guest · Oct 29, 2019

SEC Seeks to Block Kik Subpoenas, Refutes “Void for Vagueness” Claim
October 29, 2019
https://www.financemagnates.com/cry...k-subpoenas-refutes-void-for-vagueness-claim/

The U.S Securities and Exchanges Commission (SEC) has taken a firm stand against the legal arguments provided by Kik Interactive, the Canadian crypto startup that raised $100 million from a 2017 initial coin online offering.

Kik’s latest filing shows how the social media platform is ready to go to any extent possible to refute the SEC’s claim that its ICO fall into the regulator’s trap. The company argues that the SEC was not entitled to take enforcement action as certain US laws should be held “void for vagueness” on the lack of sufficient clarity. Specifically, Kik says the Securities Act runs afoul of the due process as it fails to give adequate guidance about the “investment contract” term.
SEC refutes Kik’s allegations
In a 10-page filing Tuesday, the SEC laid out a paragraph-by-paragraph rebuttal of the Kik’s arguments and flatly denied its core allegations after the US regulator branded its issue as a “security offering”.
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guest · Oct 31, 2019

There’s a New Way to Get Your Stolen Crypto Back
October 31, 2019
https://www.coindesk.com/theres-a-new-way-to-get-your-stolen-crypto-back

“My first loss was with CoinsMarkets. It happened when the exchange closed with our funds. I didn’t even try to contact anyone or alert any police.”
These are the words of an intrepid crypto investor – one of many who responded to a tweet asking about the lack of recourse people face when their assets are stolen in a hack, exit scam or Ponzi scheme.

Exclusively revealed to CoinDesk, Coinfirm has teamed up with global investigations firm Kroll, a division of consulting firm Duff & Phelps. The joint initiative being launched is called ReclaimCrypto, and combines the latest blockchain forensic techniques with the more established world of legal investigation and asset recovery.

“So far, there is no one place where victims can go and get help. It’s almost like they are pleading to get someone interested in their case. In the end, they have to work it out themselves; see about getting a lawyer, perhaps in some other jurisdiction.”
The majority of ReclaimCrypto’s focus will be on bitcoin and ether, but will also cover XRP, BCH, LTC, NEO and DASH.
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guest · Nov 1, 2019

BREAKING: BitMEX May Have Just Leaked All of Their Users’ Emails
November 1, 2019
https://cointelegraph.com/news/breaking-bitmex-may-have-just-leaked-all-of-their-users-emails

Crypto derivatives exchange BitMEX has accidentally leaked user emails by forgetting to use blind copy (bcc) on a mass email.

The incident was acknowledged by BitMEX in an official statement published today, Nov. 1. Cointelegraph’s editorial team in Japan have independently revealed that a staff member was the recipient of the BitMEx newsletter in question.
“Outrageously incompetent”
In a tweet posted on Nov. 1, crypto-focused lawyer Jake Chervinsky characterized BitMEX’s accidental public sharing of user email data as a simple error committed in the “outrageously incompetent way imaginable.”
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guest · Nov 1, 2019

mood said: ↑

BREAKING: BitMEX May Have Just Leaked All of Their Users’ Emails
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Bitmex: Updated: Statement on the Email Privacy Issue Impacting Our Users

Crypto Traders Rush to Revamp Their Security After Bitmex Dox
November 1, 2019
https://news.bitcoin.com/crypto-traders-rush-to-revamp-their-security-after-bitmex-dox/

Bitmex users are now being urged to change their details, with hackers and phishers certain to try and crack the leaked email addresses, many of which are likely to be tied to accounts on different crypto exchanges. The leaked and then aggregated Bitmex database is now up for sale on the darknet.

Exchanges such as Binance have already advised their users to modify email addresses if they were also linked to Bitmex. The blunder is a stark reminder to traders to use a unique email address and password for each platform, utilizing a password manager if needed.
There was further anger when it emerged that Bitmex requires users to undergo full KYC, including a selfie with their ID and the word “Bitmex,” in order to change their email address.
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guest · Nov 2, 2019

French Students Will Now Have to Learn About Bitcoin
November 2, 2019
https://www.gizmodo.co.uk/2019/11/french-students-will-now-have-to-learn-about-bitcoin/

High school students in France may be among the first people in the world to actually understand how cryptocurrency works.

The Next Web reports that the French education ministry, Le Ministère de l’Éducation Nationale, will integrate cryptocurrency into its curriculum and teach students the influence that bitcoin has on the economy. An outline of the curriculum notes that under this new module, high school teachers will provide a basic overview of cryptocurrency so students can understand the framework of decentralised financial systems.

France announced the decision in June, but cryptocurrency reporters in the U.S. and France have learned of the new curriculum this week.
No matter how you feel about cryptocurrency, encouraging young students to understand financial systems can only benefit them and the future economy.
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guest · Nov 4, 2019

Who Is Satoshi Nakamoto? Man Claims To Be Bitcoin Co-Founder, Owns 250,000 BTC
November 4, 2019
https://www.ibtimes.com/who-satoshi...be-bitcoin-co-founder-owns-250000-btc-2859249

Satoshi Nakamoto's real identity is shrouded in mystery, and anyone who dares to claim that they're the Bitcoin (BTC) inventor will surely attract attention from the crypto community -- or perhaps even backlash.

Jörg Molt is one of those that drew adverse reactions from Bitcoin observers. Last year, Molt was introduced as the co-founder of the popular digital currency when he spoke to an auditorium filled with students at the Symbiosis Institute of Management Studies, a university in Pune, India.
Apart from associating his name with Bitcoin, Molt also claimed to own 250,000 BTCs, a staggering amount of digital tokens that would boost him to billionaire status with the crypto's current market value.

However, these bold claims of the self-proclaimed "co-founder" are met with harsh criticism over social media, particularly Twitter. Block Tower Chief Information Officer Air Paul commented on the December 2018 tweet of SIMS, Pune with, "Ouch. You guys hosted a scammer."
Kenneth Bosak took it a step further by tweeting a video of him confronting Molt of being a scammer.
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guest · Nov 4, 2019

Federal Court Order Regarding Crypto ATM Coin Ends Up with Defendants Hit with $4.25 Million Penalty for Fraud & Misappropriation
November 3, 2019
https://www.crowdfundinsider.com/20...5-million-penalty-for-fraud-misappropriation/

An ongoing enforcement action brought by the Commodity Futures Trading Commission (CFTC) pertaining to a cryptocurrency called ATM Coin has been resolved with a federal court ordering defendants to pay over $4.25 million in penalties.

The defendants were found to have committed fraud and misappropriation of funds. The case was brought by the CFTC Division of Enforcement’s Virtual Currency Task Force.
The CFTC charged that the defendants solicited individuals to invest in binary options, promising an opportunity to be paid predetermined amounts based upon the price of the commodities at particular points in time.
The U.S. Attorney’s Office for the Eastern District of New York, the FBI’s New York Field Office, and IRS Criminal Investigation were all involved with the case.

The court entered an order forcing the defendants to pay a total of $4.25 million including an order of restitution of $846,405 and a civil monetary penalty of $2.5 million against Kantor and the corporate entities, as well as a penalty of $300,000 against Mullins. The order also required Kantor and Mullins to disgorge ill-gotten gains of $515,759 and $89,574, each.
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CFTC: Federal Court Orders Defendants to Pay More than $4.25 Million for Fraud and Misappropriation

guest · Nov 4, 2019

Einstein Crypto Exchange Seized by Canadian Securities Regulator
November 4, 2019
https://www.coindesk.com/einstein-crypto-exchange-seized-by-canadian-securities-regulator

Canadian securities regulators have seized control of the Einstein cryptocurrency exchange.

The British Columbia Securities Commission (BCSC) announced Monday that it had filed to take control of Einstein Exchange after the platform said on Oct. 31 that it planned to shut down its operations within the next 60 to 90 days. Einstein owes its customers $12.4 million ($16.3 million CAD), according to a court filing.
Einstein CEO Michael Gokturk did not immediately return a request for comment. Einstein’s website was not accessible as of 21:00 UTC.
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BCSC: BCSC acts to protect customers of Einstein Exchange crypto-asset trading platform

...and cryptocurrency exchange ezBtc:
B.C. Securities Commission takes action against two crypto platforms gone offline

The B.C. Securities Commission is investigating complaints against cryptocurrency exchange ezBtc and taking court action to protect customers of crypto-asset trading platform Einstein Exchange — as the websites for both exchanges have stopped loading.

A spokeswoman for the provincial securities regulator says in an e-mail that it has received several complaints about Nanaimo-based ezBtc.ca, and is commenting publicly because "customer assets are at risk."
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guest · Nov 5, 2019

OneCoin lawyer on trial for role in 'crypto-scam'
November 4, 2019
https://www.bbc.co.uk/news/technology-50289982

Mark Scott is accused of routing approximately $400m (£310m) out of the US while trying to conceal the true ownership and source of the funds.
Some is alleged to have ended up in Bank of Ireland accounts.

They add that while the accused had earned hundreds of thousands of dollars a year in his role as a partner at a top-ranked law firm, this was "a fraction of the money he was paid to launder OneCoin fraud scheme proceeds".
A recent filing by his lawyers indicate that they expect the government will prove that money that originated with OneCoin was indeed invested in funds controlled by the defendant.

"The central issue at trial will be whether or not Mr Scott knew OneCoin was operating a criminal scheme," they add.
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guest · Nov 6, 2019

OneCoin scam renews calls for crypto regulation
November 6, 2019
https://www.finextra.com/newsarticle/34714/onecoin-scam-renews-calls-for-crypto-regulation/wholesale

"OneCoin had all the ingredients of a scam," says Ahmed Ismail, CEO and founder of digital asset platform, HAYVN.
"The promise of unheard of investment returns, a seemingly bogus cryptocurrency, and a complete lack of regulatory oversight."
For cryptocurrency enthusiasts, the OneCoin scam will reiterate the need for crypto assets to be brought within the regulatory remit of bodies such as the FCA.

The FCA appears to be taking a more hard line approach towards cryptocurrency trading, with a ban on the sale of crypto-derivatives to retail investors proposed in July.
It was reported by the FT last month that 87 crypto companies are currently under investigation by the FCA, compared to 50 a year ago.
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guest · Nov 7, 2019

Law debated allowing confiscation of Bitcoin by the police
Virtual assets, including cryptocurrency, are now on law enforcement’s radar
November 7, 2019
https://www.zdnet.com/article/law-debated-allowing-confiscation-of-bitcoin-by-the-police/

Russia is considering a change in the law that would permit law enforcement to confiscate cryptocurrencies including Bitcoin (BTC).

As reported by local media publication RBC, Russia's Ministry of Internal Affairs aims to develop a form of "legal mechanism" for the seizure of cryptocurrency and other "virtual assets" by 2021.
In order to bypass some of the challenges with virtual asset seizure, officials have suggested that coins stored on exchanges could be subject to requests by law enforcement to freeze an account or to transfer funds to a state-owned wallet address.

The publication added that cryptocurrencies are in a gray area in Russia, and so would need to be recognized legally as either a "commodity or a cash equivalent."
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guest · Nov 9, 2019

Facebook crypto boss: ‘I don’t think of Bitcoin as a currency’
November 6, 2019
https://www.cnbc.com/2019/11/06/fac...ys-bitcoin-is-an-investment-not-currency.html

David Marcus, the head of Facebook’s cryptocurrency projects, on Wednesday said that Bitcoin is digital gold, but it’s not a good currency for transactions.

“I don’t think of Bitcoin as a currency. It’s actually not a great medium of exchange because of it’s volatility,” Marcus said speaking at the New York Times DealBook Conference in New York. “I see it as digital gold.”
Marcus said Bitcoin is like gold because you can hold on to it as an investment just as people do with actual gold, but the drastic upswings and dips that Bitcoin goes through makes it a bad option for people who need a system to send remittances across borders.

That is a key market that Facebook is targeting with its Libra cryptocurrency and Calibra digital wallet. Unlike Bitcoin, libra’s value will be tied to currencies like the U.S. dollar and the Euro, which will help it remain stable.
Marcus said a key reason that Bitcoin has not been regulated out of existence is because it is not perceived to be a medium of exchange.

“It’s an investment class that’s decorrelated from the rest of the market,” Marcus said. “Why feel threatened by that?”
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guest · Nov 9, 2019

Andreessen Horowitz boosts its crypto bet with new ‘start-up school’
Andreessen Horowitz launched a $350 million cryptocurrency fund last summer and is a founding member of the Libra Association
November 8, 2019
https://www.cnbc.com/2019/11/08/andreessen-horowitz-boosts-its-crypto-bet-with-start-up-school.html

Bitcoin’s buzz may have faded but Andreessen Horowitz is still betting on cryptocurrency and its underlying technology.

The Silicon Valley venture capital firm is launching a school to coach entrepreneurs on building blockchain and cryptocurrency companies, Andreessen Horowitz announced Friday. The firm, founded by Ben Horowitz and Marc Andreesseen, has been one of the most active mainstream investors in the space with a dedicated $350 million fund launched last year.

“If this works the way we hope it does, it will be a new way to build start-up,” Dixon told CNBC in a phone interview.
The seven-week free course, first announced at TechCrunch Disrupt earlier this year, will officially kick off in February and teach roughly 40 entrepreneurs about technology. When it wraps up, the courses will be available online for free.
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Introducing a16z Crypto Startup School

guest · Nov 9, 2019

Tunisia issues central bank digital currency
November 8, 2019
https://www.ledgerinsights.com/tunisia-issues-central-bank-digital-currency/

Today, the TASS news agency reported that the Central Bank of Tunisia is to be the first to release a digital currency. The ‘E-dinar’ was officially launched in test form at the Forex Club of Tunisia, with a symbolic transfer of one dinar between the head of the central bank, Marouane El Abassi, and a representative of the International Monetary Fund (IMF).
First live CBDC?
The tech provider and underlying blockchain platform, Russia-based Universa, claims that this means Tunisia is the first country to issue a central bank digital currency (CBDC). Indeed, it is the first to announce that some of its capital has been converted to electronic form.

The CBDC will be issued to consumers online and through two thousand kiosks, which will be set up in Tunisia. There, they can add funds to a digital wallet through a browser application or, in the future, a mobile app. Transfers are completed between people and businesses by scanning a QR code.
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ronjor · Nov 11, 2019

Dutch court orders Facebook to pull financial fraud adverts

Toby Sterling November 11, 2019
AMSTERDAM (Reuters) - A Dutch court has ordered Facebook to remove advertisements that misuse the likeness of a local celebrity to promote fraudulent Bitcoin-related investments.
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ronjor · Nov 12, 2019

Big Canadian bank rumored to offer cryptocurrency accounts, Bitcoin trading

Story by Yessi Bello Perez 12 Nov 2019
The Royal Bank of Canada (RBC) is reportedly developing a cryptocurrency platform, The Logic reports.
If launched, the bank‘s customers will be able to trade in cryptocurrencies, including Bitcoin BTC and Ethereum.
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guest · Nov 12, 2019

Aussie ‘E-Crime Squad’ arrests crypto exchange owner, seizing his Bitcoin ATM
November 12, 2019
https://thenextweb.com/hardfork/201...rypto-exchange-owner-seizing-his-bitcoin-atm/

Australian detectives have arrested a 38-year-old man as part of an investigation into an unregistered cryptocurrency exchange.

The man, a resident in Cairnlea — a Melbourne suburb — was arrested at home, where police seized “a substantial amount of cash and false identification documents.”
Authorities also seized a cryptocurrency ATM from a shopping mall in nearby Braybrook, which according to Google Maps is approximately 8 kilometres away from Cairnlea.

It seems the man had been using the ATM to provide an unregistered cryptocurrency exchange service and continued to do so even after the AUSTRAC handed him with a cease and desist notice on November 1, 2018.
It’s likely that Australian law enforcement is well versed with cryptocurrency scams.
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guest · Nov 12, 2019

AFME calls for convergence in European crypto-asset regulation
The Association for Financial Markets in Europe (AFME)
November 12, 2019
https://www.finextra.com/newsarticl...ence-in-european-crypto-asset-regulation/risk

As the European Union and regulators seek to formulate a coherent policy on the nascent crypto industry, the AFME has put together its own five recommendations.

James Kemp, MD, head, technology and operations, AFME, says: "There has been a rapid rise in the development of crypto-assets, which could offer significant benefits for wholesale markets.

"However, to realise those benefits, it is increasingly important that crypto-asset regulation is coordinated at the regional and global level to foster innovation, while promoting financial stability and ensuring a level playing field. This should start with forming a common understanding of the various crypto-asset terms and activities in financial services."
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guest · Nov 13, 2019

mood said: ↑

Tunisia issues central bank digital currency
November 8, 2019
https://www.ledgerinsights.com/tunisia-issues-central-bank-digital-currency/
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Tunisia’s Central Bank Denies Reports Claiming It Issued an E-Dinar
November 12, 2019
https://www.coindesk.com/tunisias-central-bank-denies-reports-claiming-it-issued-an-e-dinar

The Central Bank of Tunisia is denying reports that it has launched a digital currency.

In a sweeping rejection published this week the central bank quashed “unfounded” rumors that it had become the first monetary authority to issue a central bank digital currency (CBDC), asserting instead that an unaffiliated “proof of concept” project was taken “out of context:”

“The [Central Bank of Tunisia] has not engaged any relationship, of any kind, with any national or foreign provider with the aim of creating any digital currency.”
The bank did admit that it is considering a CBDC, as it says it is studying “all existing alternatives.” But there are no immediate plans for an E-Dinar to go live: “The bank is studying the opportunities and risks inherent in these new technologies, particularly in terms of cyber security and financial stability.”
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guest · Nov 13, 2019

Swiss crypto bank SEBA goes live after FINMA greenlight
November 12, 2019
https://www.theblockcrypto.com/post/46766/swiss-crypto-bank-seba-goes-live-after-finma-greenlight

Switzerland-based cryptocurrency bank SEBA is now fully operational.

In a statement shared with The Block on Tuesday, SEBA Bank AG (formerly SEBA Crypto AG) said that Swiss clients, including corporates, asset managers and professional private investors, can now open an account with it. The bank has plans to onboard clients from selected foreign jurisdictions in December.
He added that the bank’s customers should be able to take full advantage of digital assets “without having to sacrifice security.”
Wallets and cards
The bank is offering SEBAwallet app, e-banking, and SEBA card facilities, through which customers can manage five cryptocurrencies - bitcoin (BTC), ether (ETH), Stellar (XLM), litecoin (LTC) and ether classic (ETC), and convert them into traditional currencies and vice versa online, per the announcement.
SEBA cards, on the other hand, can be used at 42 million points of sale worldwide. “The SEBA Card represents an important step towards the mass introduction of cryptocurrencies,” said Buhler.
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SEBA: SEBA Bank launches operative business

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