Month: September 2017

Mario Draghi, president of the European Central Bank (ECB), has indicated that his institution does not have the powers to regulate cryptocurrencies. Making his statements to the European Parliament’s Committee on Economic and Monetary Affairs, Draghi said that “it would actually not be in our powers to prohibit and regulate” bitcoin and other digital currencies. The comments came in response to a question from the committee over whether ECB intends to issue a regulatory framework or an all-out ban on cryptocurrencies, and Read more …

LONDON — London bullion dealer Sharps Pixley will allow customers to pay for gold and other precious metals using digital currency bitcoin, the company said on Tuesday. Sharps Pixley, which last year opened Britain’s first showroom making gold coins and bars available to private investors in London’s elite district of Mayfair, said it would offer the service though payment processor BitPay. Bitcoin is the world’s most popular cryptocurrency and enables individuals to transfer value to each other and pay for Read more …

Privacy A new invention patent has been filed by FICO. The invention is a tool that will allow FICO, government, and others to collect financial data from Bitcoin exchanges. The tool is designed to support AML and KYC regulations. The patent is called “Advanced Learning System for Detection and Prevention of Money Laundering.”  Also read: Korea’s Largest Messenger App Launching Exchange With 110+ Cryptocurrencies Purpose of the Invention The patent filing suggested the product was created to curb Read more …

The 19th Communist party leadership elections are scheduled to take place in China on Oct. 18 this year. New elections spell change for most governments, and this is certainly true in China. The elections are not democratic, but are internal elections to the chief seats of government within the Communist Party. This election is an ‘odd year’ (the last one was in 2012), meaning that it will likely contribute substantial changes to the governance of China. Most notably, the election will include Read more …

It’s Tuesday morning and it’s time to set up our strategy for the day’s trading in the bitcoin price in Europe. Action overnight was pretty good to us in the sense that we were able to jump in and out of the markets not just for a nice breakout trade but also for a breakout trade in our favorite direction – the upside. This is always a sort of double whammy trade since we’re not only taking profit on our Read more …

The SEC is a very interesting financial entity when it comes to regulating new markets. Although they are not keen on cryptocurrency, the current regulation isn’t overly negative. Initial coin offerings, on the other hand, are a different matter entirely. Thanks to the launch of their new cyber unit, the SEC will police ICOs and other “illicit” blockchain-based activity. They also plan to go after dark web users, which was to be expected. Regulating cryptocurrency ICOs was only a matter Read more …

The hardline stance against cryptocurrencies and exchanges taken by the central Chinese government has had some negative impact on cryptocurrency markets in recent weeks. However, Chinese government regulation has not quelled interest in Blockchain technology solutions in the small island state of Hong Kong. Hong Kong, known for its substantial banking and shipping industries, is seeking to make the transition to new domestic platforms for business and is hoping that Blockchain technology will be the tool to make that possible. Government fostering, ICOs Read more …

South Korea is getting a new cryptocurrency exchange, one backed by an already established fintech firm. The new platform, known as Upbit, is a partnership between South Korean app maker Dunamu and U.S.-based Bittrex, one of the market’s longest-running exchanges focused on alternative cryptocurrencies. Set to open next month, Upbit plans to support an extensive range of tokens (over 100 in total). As such, a key part of its value proposition will be the consolidation of potential trading options. The news comes as Read more …

One of China’s “Big Four” banks is close to launching a blockchain application aimed at the insurance and banking sectors. Announced last week, China Construction Bank (CCB) now intends to begin using a custom blockchain platform for bancassurance as soon as Q3, moving a process by which the bank today sells third-party insurance products to a distributed ledger. To be used by CCB’s Asia operations, the effort has been designed to improve customer experience, reduce processing times and boost transparency. Read more …

Regulation Japan’s Financial Services Agency (FSA) has revealed that it will start a full review of bitcoin exchanges operating in the country, which includes putting them under full surveillance starting in October. This step is to ensure they comply with the revised law which legalized bitcoin as a method of payment in April. Also read: Korea’s Largest Messenger App Launching Exchange With 110+ Cryptocurrencies FSA Starts Full Review of Exchanges Following the revised payment services law that Read more …

It’ll take more than the flick of a wand to carry out, but MimbleWimble developers now seem set on creating a new cryptocurrency. The blockchain project, named after a spell from the Harry Potter book series, has been looking for ways to attach itself to bitcoin since 2016, but with its platform getting closer to being ready (and options like sidechains still in development), developers now argue launching a new cryptocurrency is simply the easiest way to test MimbleWimble with real Read more …