Bitcoin News

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Chinese Government Intensifies Crackdown on Cryptocurrencies

Reports over the weekend indicated that the Chinese government is continuing its hard line against cryptocurrency trading. The People’s Bank of China (PBOC), the Chinese central bank, apparently ordered payment processors to audit their internal operations to determine whether their systems were being used to facilitate cryptocurrency trading. If so, those payment processors would be required to stop servicing those transactions. While earlier speculation about China’s cryptocurrency crackdown had indicated that China’s crackdown would likely only be temporary, until a [...]

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US Legislators, Regulators to Discuss Future of Bitcoin and Cryptocurrency

US regulators from the Financial Stability Oversight Council (FSOC) have formed a working group to focus on cryptocurrencies. FSOC is comprised of some of the country’s major federal financial regulators, including the Chairman of the Federal Reserve System, the Comptroller of the Currency, the Chairman of the Securities and Exchange Commission (SEC), and the Chairman of the Commodity Futures Trading Commission (CFTC). The Council is chaired by Treasury Secretary Steven Mnuchin. Mnuchin stated that US regulators intend to work with [...]

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ethereum

Five Quick Facts About Ethereum

The age of cryptocurrency has begun a new chapter in 2018, and as more and more investors, hobby traders, and crypto-nerds max out their credit cards to get into the next Bitcoin of sorts, more individuals are starting to really evaluate the longer-term viability of the technology incorporated into specific blockchain systems. Ethereum, a fork from the Bitcoin model, has capabilities that transcend simply digital currency. 1. Unlike Bitcoin and other altcoins, Ethereum has a capability known as “smart contracts” [...]

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New Pan-Asian Cryptocurrency Regulation Coming?

Recent reports have indicated that there may be new pan-Asian cryptocurrency regulation in the works. Regulatory authorities from China, South Korea, and Japan have allegedly met to begin discussing a common framework to regulate the cryptocurrency industry. One of the main concerns of regulators in each of these countries is the amount of purely speculative, short-term trading of cryptocurrencies. Issues of tax compliance are becoming increasingly important too as cryptocurrencies continue to appreciate in value. And of course, issues of [...]

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Bitcoin Futures

CFTC to Meet and Discuss Bitcoin Futures Self-Certification

The US Commodity Futures Trading Commission plans to hold meetings this month to discuss matters affecting digital currencies, including the self-certification process used to approve the sale of Bitcoin futures. Both the Commission’s technology advisory committee and the market risk advisory committee will hold meetings to discuss issues surrounding Bitcoin and digital currency trading. The meetings are being held in response to backlash from financial trade associations such as the Futures Industry Association, which spoke out against the CFTC’s decision [...]

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Cryptocurrency

The Effect of Spectre and Meltdown on Cryptocurrencies

Just over a week ago we saw the first public notice of Spectre and Meltdown, two vulnerabilities that expose just about every computer, smartphone, and tablet to malicious hacking. Billions of devices are at risk of hacking, and patches, while necessary, will slow down devices since the flaws occur at the very basic levels of devices’ CPUs. So what lessons does this have for cryptocurrency investment? Spectre and Meltdown Described Meltdown is a security vulnerability that is almost solely limited to [...]

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Momentum for Cryptocurrency Regulation Increasing?

The North American Securities Administrators Association warned Main Street investors to be wary of cryptocurrencies. “Investors should go beyond the headlines and hype to understand the risks associated with investments in cryptocurrencies, as well as cryptocurrency futures contracts and other financial products where these virtual currencies are linked in some way to the underlying investment,” said Joseph P. Borg, NASAA president. According to a NASAA survey, 94 percent of state and provincial securities regulators believe there is a “high [...]

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Exponential Growth at Cryptocurrency Exchanges

Interest in cryptocurrencies has grown so strong in recent weeks that cryptocurrency exchanges are struggling to keep up with consumer demand. Exchanges such as Coinbase, Bitfinex, and Binance announced that they were seeing 100,000+ users per day trying to sign up for their services, with Binance seeing 250,000 users sign up in a single day. Many exchanges, including Binance, had to stop signing up new users due to the unprecedented demand and only just reopened today. Exchanges have had to [...]

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Venezuelan President Nicolas Maduro

Venezuelan President Maduro to Issue First 100 Million “Petros”

Venezuelan President Nicolas Maduro plans to follow through with his new national digital currency, the petro, by issuing 100 million units of the new currency. His plan is to set the value of the petro at one barrel of Venezuelan crude oil. Currently, the price of a barrel of Venezuelan oil is just under $60, which would mean a currency issuance of just under $6 billion. Details on the currency are still sparse, leading many experts to wonder whether Maduro’s [...]

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ECB’s Nowotny: Bitcoin Should Be Regulated and Taxed

Austrian central bank head Ewald Nowotny recently called for taxation and regulation of Bitcoin transactions. Nowotny, a member of the European Central Bank’s (ECB) governing council, stated that everyone who engages in financial transactions should be identified and pay a value-added tax (VAT). That obviously puts him at odds with Bitcoin’s quasi-anonymous nature. Nowotny’s statement also came in the context of combating money laundering and tax evasion. The ECB has decided to phase out production of 500-euro banknotes as a [...]

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