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Cryptocurrency Exchanges in Chile Call Out Banks for Denying Them Services

March 27, 2018 |

Cryptocurrency Exchanges in Chile Call Out Banks for Denying Them Services

Two cryptocurrency exchanges from Chile have called on the country’s baking association (Asociación de Bancos e Instituciones Financieras or ABIF) to issue a clear position regarding the new industry. The companies took this step after a number of Chilean banks reportedly shut down their accounts just for dealing with cryptocurrencies.

Also Read: Misleading Cryptocurrency ”Partnership” Announcements Are Getting Ridiculous

Banks Taking the Law Into Their Own Hands

Cryptocurrency Exchanges in Chile Call Out Banks for Denying Them ServicesChilean cryptocurrency exchanges are fighting for their right to open a bank account in the country in order to serve clients who are switching over from fiat. BUDA and Crypto MKT have condemned the closing of their local banking accounts and said that a bank representative told them that they had instructions to “not open an account for anyone that has relation to cryptocurrencies “.

The two companies made a joint public statement warning that: “The lack of knowledge and regulatory clarity has given rise to the fact that some banks, out of fear, misinformation or perhaps by strategy, are refusing to provide their services to anyone who has any relationship with any digital asset.” Adding that “in Chile the regulation is in the hands of a few, who are acting as de facto regulators and are opting to prohibit.”

BUDA and Crypto MKT called on ABIF to “make its position transparent” and to define whether companies linked to cryptocurrencies will have access to banking services, or if the banks “are determined to prevent the existence” of the young industry. In addition, the exchanges called for both the authorities and the public to pay attention to the issue, “before it’s too late.”

Exchanges Play By the Rules

Cryptocurrency Exchanges in Chile Call Out Banks for Denying Them ServicesTo showcase how they are not a possible legal risk to the banks, the two exchanges highlighted that they “have developed safe platforms of the latest technology for the protection of their customers and have opened channels of collaboration with authorities”, in addition to explaining to the public the characteristics, advantages and risks of trading these type of assets. Both firms, they add, pay taxes, are registered with the relevant Chilean financial authorities, and follow standard prevention of money laundering and anti-terrorist financing guidelines.

Banks preventing exchanges from opening accounts is a problem in many places around the world, but legal victories are possible. Last month the Supreme Court of Israel issued a temporary injunction order forbidding the country’s Bank Leumi from sweepingly halting the account activity of the Bits of Gold bitcoin exchange.

How can exchanges in Chile bypass the banking system and still be able to receive fiat transfers from new clients? Share your thoughts 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 Cryptocurrency Exchanges in Chile Call Out Banks for Denying Them Services appeared first on Bitcoin News.

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New Bill Aims to Allow Crypto Payments in Russia

March 27, 2018 |

New Bill Aims to Allow Crypto Payments in Russia

A draft law aiming to protect the rights of owners of cryptocurrencies, while regulating their use for payments, has been introduced in Russia’s parliament. The bill defines terms like “digital money” and “digital rights”. It also allows authorities to subject cryptos to taxation, inheritance rights, and bankruptcy claims.

Also read: Bill “On Digital Assets” Filed in the Duma, Disagreements Resolved

“Digital Money” to Be Legal Means of Payment

The law amends Russia’s Civil Code to create a basis for “legal relations in the digital economy”. The draft is co-sponsored by the Speaker of State Duma, Vyacheslav Volodin, and the head of the parliamentary Legislation Committee, Pavel Krasheninnikov. Their initiative effectively legalizes financial transactions in the digital environment.

New Bill Aims to Allow Crypto Payments in RussiaBill №424632-7 has been filed about a week after the introduction of bill №419059-7, prepared by the Finance Ministry. In its latest version, the law “On Digital Financial Assets” regulates initial coin offerings and crypto mining, but bans cryptocurrencies according to its critics. The fate of cryptos, like bitcoin, will be decided by the Central Bank of Russia (CBR), which has repeatedly opposed their circulation and exchange in the country.

In the new law, cryptocurrencies are referred to as “digital money”, Rossiyskay Gazeta reports. According its authors, it’s necessary to legally define cryptos and other “digital” terms to ensure that the legal rights of participants in virtual transactions are protected. The draft reads that their acceptance for payments, deposits, transfers and as units of account will not be obligatory in the Russian Federation. However, it also provides for the use of cryptocurrencies as means of payment when that’s technically possible and risks are excluded.

“In perspective, digital money will be used as a payment instrument, but only in cases and on terms established by the law,” said Pavel Krasheninnikov. Quantities will be controlled and users’ information will be collected. Lawmakers claim this will allow authorities to track cryptocurrencies in cases of bankruptcy and also apply inheritance rights.

Changes to Be Implemented By May

New Bill Aims to Allow Crypto Payments in RussiaThe legislation is expected to facilitate digital deals like smart contracts. Digital confirmations will be just as valid as written statements and signatures. The regulation of digital rights creates basis for a taxation mechanism in the virtual space. It also provides for applying measures to prevent the laundering of funds acquired through illegal means.

If adopted, the new digital economy law should enter into force by May 1, 2018. Supplementary regulations will determine different aspects of the digital rights and the circulation of cryptocurrencies. They will be developed with the participation of the Central Bank of Russia and the Ministries of Finance and Economic Development.

The legal status of cryptocurrencies has become the focal point of the regulatory debate in Moscow. Relevant institutions, like the Finance Ministry and the CBR, have sometimes expressed completely different opinions on the matter. Proposals are ranging from allowing free crypto trade to introducing an outright ban and even criminal liability for illegal circulation of money surrogates. If the latest bill wins support in parliament, cryptos may be accepted as means of payment in Russia after all.

Do you expect Russia to eventually legalize cryptocurrencies? Share your thoughts in the comments section below.  


Images courtesy of Shutterstock.


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The post New Bill Aims to Allow Crypto Payments in Russia appeared first on Bitcoin News.

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P2P Market Paxful’s Reaches $40 Million in Monthly Bitcoin Volume in Africa

March 26, 2018 |

Africa Reaches $  40 Million in Monthly Bitcoin Volume on P2P Market Paxful

With an estimated population of hundreds of millions of unbanked and underbanked people, Africa is a prime location for game changing financial technologies like bitcoin to take hold. A new report shows again that while not reaching the speculative online trading volume of Asia or the West, Africans are investing in bitcoin in growing numbers, while a lot of space to grow still remains.

Also Read: Misleading Cryptocurrency ”Partnership” Announcements Are Getting Ridiculous

Real Adoption Grows in Africa

P2P Market Paxful’s Reaches $  40 Million in Monthly Bitcoin Volume in AfricaPaxful, one of the largest peer-to-peer (P2P) bitcoin marketplaces in the world, has reported that its monthly bitcoin volume in Africa is now around $ 40 million, traded primarily via gift cards. In addition, African nations are now among the company’s most active locations, with Nigeria and Ghana being the second and third largest markets respectively for Paxful (only following the world largest economy, the United States).

The continent has long been at the focus of the bitcoin trading company, and not just for pure business reasons. Last year Paxful generously committed to helping build 100 more schools in Africa, all supported by the #builtwithbitcoin charity campaign.

Bullish on Africa

Africa Reaches $  40 Million in Monthly Bitcoin Volume on P2P Market PaxfulIn a blog post reporting the above mentioned figures, Ray Youssef the CEO of Paxful explained how he sees African people use bitcoin for more than just speculation as many do in other parts of the world with readily available advanced financial infrastructure. And he likened the potential cryptocurrency can have on the continent to the mythical vibranium metal powering the amazing technologies of Wakanda in Hollywood’s recent African-themed blockbuster Black Panther.

“I have seen how the ‘unbanked’ and ‘underbanked’ get squeezed out of economic opportunities. These people are unable to open businesses or engage in commerce simply because their nations or communities do not have proper infrastructure readily available. I’m going to start off with a bold statement: We are all on the verge of the P2P financial revolution and it is being led by Africa.”

The marketplace CEO detailed real world examples of how Africans are using bitcoin to protect their savings, restore purchasing power, enable commerce and save for the future. He also encouraged local people to get involved, educate themselves about the subject and build local communities of investors.

Is the future of bitcoin adoption lies in Africa? Share your thoughts 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 P2P Market Paxful’s Reaches $ 40 Million in Monthly Bitcoin Volume in Africa appeared first on Bitcoin News.

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Increased Github Scrutiny Means Lazy ICO Developers Have No Place to Hide

March 26, 2018 |

Increased Github Scrutiny Means Lazy Developers Have No Place to Hide

Scrutinizing Github commits is a task that calls for technical knowledge. As a result, any layperson scrutinizing a repository won’t glean much other than the level of activity. Thankfully, that’s starting to change. New tools and blogs have made it easier for anyone to discern the quality of code uploaded by cryptocurrency projects. As a result, lazy developers have no place to hide.

Also read: Crypto Community Fears Passage of the CLOUD Act

Shining a Spotlight on Github Activity

Increased Github Scrutiny Means Lazy Developers Have No Place to Hide
Mona the Github mascot

The world’s largest host of source code, Github boasts over 20 million users and 57 million repositories. From traditional tech companies to altcoin projects and ICOs, anyone and everyone who works with code can use the platform to upload and document their latest activity. This enables bugs to be tracked, requests to be made, and tasks managed by teams that are often distributed around the globe. Because the majority of crypto projects are open source, Github also grants the public a means of inspecting the code and discerning the level of activity.

Making sense of all those pull and merge requests filed in multiple repos calls for a degree of expertise, however, and preferably some coding knowledge. Otherwise, it’s easy to mistake minor bug fixes and document translations for meaningful activity that is significantly advancing a project. Thankfully, a number of cryptocurrency tracking sites now include Github information, making it easier to gauge the quality of code being produced.

Cryptomiso and Onchainfx Cut Through the Clutter

News.bitcoin.com has previously reported on the efforts of Cryptomiso and Onchainfx, two sites which track Github activity and rank cryptocurrencies accordingly. Cryptomiso’s results can be filtered based on the frequency of commits over a 3, 6, 9, or 12-month period. Onchainfx goes further, allowing Github activity for crypto projects to be ranked based on stars, watchers, commits, lines added, and lines removed. Useful as these services are, they’re unable to rank the quality of the activity – only its frequency.

Increased Github Scrutiny Means Lazy Developers Have No Place to Hide
The most active cryptocurrencies according to Github

Diving deeper calls for turning to someone with a rudimentary knowledge of the code itself. Andreas Brekken’s sporadic Shitcoin.com reviews, which include Github activity, have proven popular, but are too infrequent to facilitate real-time analysis. Andre Cronje has recently begun performing his own reviews of Github repos, and their frequency and quality is admirable. While these assessments shouldn’t be taken as gospel, as their author admits, they provide a useful reckoner of which projects are just talking the talk and which are genuinely hard at work.

On Tomochain, for example, Cronje concludes: “Another company that just booted up Ethereum in poa, haven’t done anything of value, and are valued at millions of dollars.” Chainlink, meanwhile, is summarized: “They have an incredibly long road still ahead of them to finish their concept.” A lot of the work being performed by developers isn’t uploaded to Github in real time, so lack of activity should not be taken as proof of indolence. Thanks to the work of bloggers such as Andre Cronje, however, developers who think they can clone a blockchain, tweak its algorithm and pass it off as an entirely new creation have no place to hide.

Do you assess Github activity when weighing up the quality of a cryptocurrency project? Let us know in the comments section below.


Images courtesy of Shutterstock, Github and Cryptomiso.


Need to calculate your bitcoin holdings? Check our tools section.

The post Increased Github Scrutiny Means Lazy ICO Developers Have No Place to Hide appeared first on Bitcoin News.

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Low-value Bitcoin Gift Vouchers Bring More Indians into Crypto

March 26, 2018 |

Bitcoin Gift Vouchers Bring More Indians into Crypto

At times when the Indian crypto community is dealing with increasingly hostile environment, an initiative is bringing new investors on board. Bitcoin gift vouchers are gaining popularity in India’s IT hub – Hyderabad. A growing number of Indians like the idea of a cheap and low-risk entry into cryptocurrencies.

 Also read: Tax Filing Platform Teams with Zebpay to Help Crypto Taxpayers in India

Buy Your First Satoshis for Just ₹200 INR

Gift vouchers offered at Hyderabad coffee shops are fueling both curiosity and demand for bitcoin. Sold for as little as ₹200 Indian Rupees ($ 3) they offer an opportunity to enter the cryptocurrency ecosphere with a micro investment that bears virtually no risk. It turns out that more and more Indians buy the vouchers to surprise friends and family or even for themselves.

Bitcoin Gift Vouchers Bring More Indians into Crypto

“I have heard from a few friends about bitcoin and how they have gained a lot. Although they have invested huge amounts, this is only a small sum. Once I learn a little more, I can trade in a big way,” a buyer says, quoted by the Times of India. Cryptocurrency traders demand a huge cut when approached by a potential investor, he adds. His words confirm that bitcoin remains attractive in India, despite the recent market lows and the intensifying institutional clampdown.

Hyderabad, India’s fourth most populous city, has become an industrial and financial hub over the past decades. It is one of the largest contributors to the country’s GDP and has been called the “City of Pearls”, “India’s pharmaceutical capital”, and the “Genome Valley of India”. In recent years Hyderabad has turned into a global hub for information technology, adding another nickname – “Cyberabad“. Leading multinational corporations from the sector have opened offices in the local Hitec City. An estimated 400,000 people are employed by tech companies operating in Hyderabad.

Bitcoin Gift Vouchers Bring More Indians into Crypto

Dropping Trading Volumes

Many of those tach-savvy Indians have invested in cryptocurrencies and others want to get involved. The bitcoin vouchers they are offered have been issued by a local crypto exchange urging you “to buy your first bitcoin”. Trading platforms in India have been experiencing an unprecedented drop in volume over the past few weeks. Representatives of leading exchanges have confirmed that trading has decreased up to 90% in just two months.

Although market volatility has obviously played a role, Indian traders have blamed two other major factors for the low turnover. They have complained about increasing regulatory uncertainty and a widening bank clampdown that have limited opportunities for both cryptocurrency exchanges and individual investors.

While the crypto community is still waiting for a comprehensive legal framework for the sector, officials have acknowledged that adopting effective regulations is proving difficult. At the same time, commercial banks have suspended accounts of bitcoin exchanges and restricted crypto-related transactions of private individuals. Tax authorities are also going after investors, despite the lack of clarity on how to report crypto incomes and profits.

Do you think micro investments are a good opportunity to bring more people into the crypto world? Would you buy a bitcoin gift voucher for someone you know? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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The post Low-value Bitcoin Gift Vouchers Bring More Indians into Crypto appeared first on Bitcoin News.

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PR: DEEP AERO’s Drone Token Pre-Sale Starts on 30 March, 2018

March 26, 2018 |

DEEP AERO's Drone Token Pre-Sale

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.

At a breakneck speed, drones have moved from expensive military technology to toys for hobbyists and now to tools for businesses. The world economy is expected to see hundreds of thousands of drones in the sky, conducting infrastructure inspection, doing precision farming, making cargo deliveries, and performing many other business tasks.

As the world economy heads towards large-scale adoption of Unmanned Aircraft System (UAS)/drones for commercial purposes, the drone industry is grappling with huge challenges. One of the biggest challenge that the drone industry is facing at present is that there is no autonomous system to manage high volume unmanned drone traffic. Conventional air traffic management practices and systems cannot be applied to manage drone traffic. Current airspace management and air traffic flow management systems don’t have the capabilities to handle the type of operations relevant to drones. In addition, the anticipated traffic density of drones is far beyond the capabilities of current air traffic management systems.

DEEP AERO, a global leader in drone technology innovation, is building DRONE-UTM, an AI-driven, autonomous, self-governing, intelligent drone/unmanned aircraft system (UAS) traffic management (UTM) platform built on the Blockchain. It is designed to enable safe low-altitude civilian flights of manned and unmanned aircraft in the shared airspace. DRONE-UTM platform will harmonize integration between UTM systems globally and enable industry, including manufacturers, service providers and end users to use drones safely and efficiently without disrupting the existing manned aviation system.

DEEP AERO’s DRONE-MP, a decentralized marketplace that will be one stop shop for all drone related products and services. This platform will be the foundation of the drone economy.

Speaking about the developments, Gurmeet Singh, CEO of DEEP AERO said, “We are heading towards a future with millions of drones being used for agricultural mapping, cargo deliveries to surveying, security management or wildlife conservation. At Deep Aero, we are currently researching prototype technologies such as airspace design, dynamic geo-fencing, congestion management, terrain avoidance, route planning, re-routing, separation management, sequencing and spacing, and contingency management. DEEP AERO’s DRONE-UTM includes universal drone registration standards, secure identification systems, tamper-proof flight data recorders, accurate and trustworthy 3D mapping data, dynamic weather information, and secure vehicle-to-vehicle communication.”

DEEP AERO is launching DRONE token Pre-Sale from March 30, 2018. For more information, please visit the DRONE ICO page https://www.deepaero.com/ico/.

Contact Email Address
ishmeet@deepaero.com
Supporting Link
https://www.deepaero.com/ico/

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: DEEP AERO’s Drone Token Pre-Sale Starts on 30 March, 2018 appeared first on Bitcoin News.

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Satoshi’s Vision 2018 Conference Report: Bolstering the Future of Adoption

March 26, 2018 |

Satoshi's Vision 2018: Bolstering the Future of Bitcoin Cash Adoption

This weekend many bitcoin cash supporters gathered in Japan for the Bitcoin Unlimited event, Satoshi’s Vision Conference. The three-day conference was filled with synergy as the event was the largest bitcoin-centric conference to-date in Tokyo.

Also read: Slush Pool Mines the First ASIC Boost Block Sparking More Debate 

Bitcoin: A Peer-to-Peer Electronic Cash System

Satoshi's Vision 2018: Bolstering the Future of Bitcoin Cash Adoption Over the last three days, an event was held in Tokyo Japan aiming to bolster the adoption growth of bitcoin cash (BCH) and on-chain scaling called Satoshi’s Vision Conference (SVC). The event was hosted by the Master of Ceremonies Taariq Lewis, the founder of Aquila, and saw many special guests including Bitcoin Unlimited’s Peter Rizun and Andrew Stone, Bitcoin ABC’s Amaury Sechet, Nchain’s Craig Wright, the Satoshi Nakamoto Institute’s Daniel Krawisz, Centbee’s Lorien Gamaroff, and many more bitcoin cash evangelists.

The night before the event saw an extremely large BCH Tokyo Meetup at the bar Good Heavens which was so packed there was another bar across the street to attend to the overflow. The following day Satoshi’s Vision began with registration and talk by Jerry Chan the president of SBI Holdings subsidiary SBI Bits. Chan greeted the crowd with a speech about how individuals can make bitcoin cash the best money in the world and how SBI Bits is helping fuel the cryptocurrency landscape.

Satoshi's Vision 2018: Bolstering the Future of Bitcoin Cash Adoption
Attendees waiting for the next presentation.

Following Chan’s opening talk participants listened to Daniel Krawisz discuss how BCH proponents can entice him to support BCH alongside how they can entice others as well. Basically, Krawisz describes what would entice him to split his old UTXOs and sell BTC for BCH. Krawisz explains some of the key methods of persuasion:

Investment is like survival — The key to success is convincing people who are paying attention that BCH will survive. Whatever is going on around here a long time from now, BCH will probably still be part of that mess.

Participants also saw Cornell professor Emin Gün Sirer talk about scaling bitcoin x100000, Bitcoin.com’s Emil Oldenburg discuss colored coins, and other guests like the founder of Yours.org Ryan X Charles, and bitcoin XT developer Tom Harding among other on-chain scaling evangelists throughout the afternoon. Alongside that, the audience listened to a panel discussion which talked about tokens and colored coins, another hot subject right now within the BCH community. Following the day of speakers, BCH fans met up for another social held by the Bitcoin Cash Fund.

Satoshi's Vision 2018: Bolstering the Future of Bitcoin Cash Adoption
Colored coins panel discussion.

The following day saw great talks by the BCH Tokyo co-founder Ken Shishido, Bitcoin Unlimited’s Andrew Stone and Peter Rizun, as well as Bitcoin ABC’s lead developer Amaury Sechet, talk about the future of bitcoin cash. Bitcoin.com’s CEO Roger Ver told the crowd how BCH can increase economic freedom worldwide.

“We’ve heard about a lot of people that were involved in what used to be a digital currency mock the idea of using it as a currency,” Ver explains talking about how core supporters don’t respect that bitcoin was made to be a currency and why he thinks bitcoin cash is the closest to Satoshi Nakamoto’s white paper and the true intentions of bitcoin.  

But I think the people in this room are excited about digital currencies, not ‘store of value’ currencies that don’t work very well at storing value if they’re not being used as a currency.

Satoshi's Vision 2018: Bolstering the Future of Bitcoin Cash Adoption
Dr. Craig Wright

That evening SVC guests were invited to a special dinner hosted by Calvin Ayre’s firm, Coingeek, a strong supporter of bitcoin cash and on-chain scaling. On the last day of the event, attendees listened to Christina Storey who discussed how to be a “good investor” and a talk by Josh Ellithorpe on the bitcoin cash integration at Coinbase and the intricate steps the firm took to make it as smooth as possible for users. After lunch participants heard from Open Bazaar developer Chris Pacia and how his team is building an online decentralized marketplace. At the end of the discussion, Pacia noted that “Satoshi may or may not be speaking after me” just before Dr. Craig Wright entered the room to the Metallica song ‘Enter Sandman.’

Dr. Wright talked about the many things the community can expect from him and the blockchain company Nchain, such as research findings and studies on bitcoin and scaling the network. Further Dr. Wright delved into a slideshow touching on bitcoin network topology and small world vs mesh. However, he got the crowd really fired up when he stated:

Bitcoin is all I work on, bitcoin is my life — For the next 10, 20, 30 years, bitcoin is all I will work on — My goal is for five billion people to use bitcoin daily.

At the end of SVC, many participants said goodbye to the people they met for the first time in person and new friends who supported BCH. The last presentation had a panel discussion on bolstering bitcoin cash adoption and getting BCH on every phone worldwide.

Satoshi's Vision 2018: Bolstering the Future of Bitcoin Cash Adoption
The final panel discussed “Marketing and Adoption: How do we get a BCH wallet on every phone?”

Overall the event was a great success in the beautiful city of Tokyo, and it seems there is a very strong force behind BCH here in Japan. If you missed out on attending Satoshi’s Vision in Japan or didn’t catch the live stream you can still watch the entire SVC event here, and individual presentations can be found here.

Did you attend the Satoshi’s Vision Conference or watch the live stream? Let us know what you think of this event in the comments below.

Disclaimer: Bitcoin.com was a sponsor for the SVC event in Tokyo. 


Images via Pixabay, Shutterstock, SVC, and Jamie Redman.


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 Satoshi’s Vision 2018 Conference Report: Bolstering the Future of Adoption appeared first on Bitcoin News.

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Israel Officially Declares Bitcoin Is Not a Security

March 26, 2018 |

Israel Declares Bitcoin is Not a Security

Israel Securities Authority (ISA) Committee for the Examination and Regulation of Initial Coin Offerings (ICOs) issued a series of “recommendations designed to dispel uncertainty and strike a balance between technological innovation and the protection of the investors.” Included in their findings were whether cryptocurrencies such as bitcoin are considered securities – a decision carrying major implications for future regulation.

Also read: Bitcoin Ransomware Attack Halts Major American City

Israel’s ISA Declares Bitcoin Is Not a Security

“As a general rule,” the ISA Committee revealed, “cryptocurrencies that are designed to be used exclusively as a medium of payment, clearing, or exchange and are not limited to a specific venture; that do not confer additional rights; and are not controlled by a central entity — will not be deemed securities.”

Analysts are convinced this could be a precedent-setting decision, as developed economies all over the globe struggle with how to classify cryptocurrencies. Israel has been a leader of sorts, with a rather hands-off approach when it comes to regulation of crypto. Bitcoin ATMs in the country, as opposed to those in the United States for example, do not ask for basic know your customer identification. Put in fiat, receive bitcoin.

Israel Declares Bitcoin is Not a Security
Ms. Anat Guetta

“The question of whether a cryptocurrency should be considered a security will be decided on the totality of the circumstances and features of each case in accordance with the purposes of the law,” the report detailed. “As a general rule, cryptocurrencies that confer rights similar to the rights conferred by traditional securities such as shares, bonds, and participation units, will be deemed securities. In contrast, cryptocurrencies that represent rights to a product or service and are acquired solely for the purpose of consumption and use and not for investment purposes, will not be considered securities.”

Recommendations were given to ISA Chair Ms. Anat Guetta. The newly appointed Chairwoman, so far, has been somewhat hostile to bitcoin, announcing earlier this month how her agency would ban it from the nation’s stock exchange indices. “We have decided to prevent the exposure of passive investors to companies whose main activity involves cryptocurrencies. Investment in these companies is high risk, speculative and volatile. We also published a detailed warning to investors about the dangers of investing in cryptocurrency,” Ms. Guetta stressed.

A Delicate Balance

Summer of last year, the ISA set up the ICO committee. It exists to “examine the application of the Securities Law to public offerings and issuances in Israel based on distributed ledger technology (DLT). The committee was assigned to study and analyze these ventures, draft a comparative international review of the relevant law, and outline a recommended regulatory policy in areas related to the Securities Law, with the overarching aim of striking a balance between promoting technological innovation and protecting the investors,” the ISA release explained.

Israel Declares Bitcoin is Not a Security

A key litmus test for whether a crypto is a security basically comes down to “if the token cannot be used when it is issued or if it can be traded on a secondary market, these may be indications that its acquisition was made for investment rather than for consumption purposes.”

It is clear from the document that regulators are attempting a delicate balance as they face realities brought about by cryptocurrencies and their spawn, ICOs. For the crowdfunding mechanism, the committee urged, “The use and extension of specific existing and future capital raising tracks for ICOs should be considered, including an examination of the following issues: lenient regulation for small-scale ICOs; raising capital through ICOs on crowdfunding platforms; defining a provisional framework for ICOs pilots, in the form of a regulatory sandbox, including oversight of the cryptocurrency developers, and; examining the option of relying on foreign regulation that applies to cryptocurrencies.”

Do you think this ruling bodes well for cryptocurrency adoption in Israel? Let us know in the comments!


Images via Pixabay, ISA. 


At news.Bitcoin.com we do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Israel Officially Declares Bitcoin Is Not a Security appeared first on Bitcoin News.

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Crypto Community Fears Passage of the CLOUD Act

March 26, 2018 |

Crypto Community Fears Passage of CLOUD Act

The Clarifying Lawful Overseas Use of Data (CLOUD) Act just passed – almost in secret – tucked deep inside a voluminous spending package of well over a trillion dollars. No debate. No up or down vote on the merits of CLOUD. Instead, lawmakers would have had to reject the entire bill, thousands of pages, and risk government shutdown, in order to mount any kind of opposition. CLOUD is a broadening of international law enforcement power when it comes to online activity, and the crypto community is worried.

Also read: Bitcoiners Demand More Crypto CFDs and Spread-Betting in the UK

Hey! You! Get Off My CLOUD!

Senator Orrin Hatch, President Pro Tempore of the US Senate, explained, “The CLOUD Act bridges the divide that sometimes exists between law enforcement and the tech sector by giving law enforcement the tools it needs to access data throughout the world while at the same time creating a commonsense framework to encourage international cooperation to resolve conflicts of law.”

It hasn’t been a great couple of weeks for cryptocurrency privacy advocates. Revelations from notorious whistleblower Edward Snowden showed a long, consistent pattern of US government eavesdropping and tracking of bitcoiners in particular since at least 2013. Now, new US legislation smuggled into an2 omnibus spending bill appears to give government ever-more power in its ability to monitor online privacy.

Crypto Community Fears Passage of CLOUD Act
Sen. Rand Paul proved the only lawmaker to attempt reading all 2,232 pages.

On page 2,201 of a 2,232 page document finds S. 2383/H.R. 4943 Clarifying Lawful Overseas Use of Data portion, commonly referred to as the CLOUD Act. It’s the combined brainchild of legal minds at Apple, Facebook, Microsoft, Google, Yahoo! and Senator Orrin Hatch, 84, who has held his seat since 1977 (Star Wars opened, Jimmy Carter was president, and Atari 2600 was released).

A joint statement from all five companies reads, “The new Clarifying Lawful Overseas Use of Data (CLOUD) Act reflects a growing consensus in favor of protecting Internet users around the world and provides a logical solution for governing cross-border access to data. Introduction of this bipartisan legislation is an important step toward enhancing and protecting individual privacy rights, reducing international conflicts of law and keeping us all safer.”

EFF and ACLU See Further Intrusions and Worse

Companies such as Microsoft have been involved in privacy battles, and one of them has reached the US Supreme Court this year. The Court is mulling over whether Microsoft must give the Department of Justice (DOJ) data stored in Ireland. The case has been ongoing since 2013. It’s probably the case major tech companies want a uniform set of rules governing international compliance laws instead of litigating at every turn. Evidently these platforms feel the CLOUD Act is an optimum compromise between protecting privacy and necessary law enforcement access.

The Electronic Frontier Foundation (EFF), however, is having exactly none of it. Referring to the legislation as A New Backdoor Around the Fourth Amendment, the EFF stresses the CLOUD Act fails “to require foreign law enforcement to seek individualized and prior judicial review. Grants real-time access and interception to foreign law enforcement without requiring the heightened warrant standards that U.S. police have to adhere to under the Wiretap Act. Fails to place adequate limits on the category and severity of crimes for this type of agreement. Fails to require notice on any level – to the person targeted, to the country where the person resides, and to the country where the data is stored.”

Crypto Community Fears Passage of CLOUD Act

American Civil Liberties Union (ACLU) released its own warning regarding CLOUD in conjunction with two dozen privacy-oriented organizations. Among “other things, the legislation would: Allow foreign governments to wiretap on U.S. soil under standards that do not comply with U.S. law; Give the executive branch the power to enter into foreign agreements without Congressional approval; Possibly facilitate foreign government access to information that is used to commit human rights abuses, like torture; and Allow foreign governments to obtain information that could pertain to individuals in the U.S. without meeting constitutional standards.”

Well-respected cryptocurrency luminary Andreas Antonopoulos urged, ““The CLOUD Act passed. It destroys privacy globally, so it had to be snuck into the $ 1.3 trillion omnibus without debate. Encrypt. Encrypt. Encrypt. Go Dark. When privacy is criminalized, only criminals have privacy. We got sold out, again.” Indeed, cryptography by definition is a privacy oriented pursuit. And so undoubtedly the quest for better privacy coins and encryption methods will continue with at least a little more urgency.  

Does legislation like CLOUD worry you? Let us know in the comments!


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PR: Pablo Escobar’s Brother Releases Dietbitcoin (DDX) Cryptocurrency ICO

March 26, 2018 |

Pablo Escobar’s Brother Releases Dietbitcoin (DDX) Cryptocurrency ICO

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.

After making $ 100 billion dollars, Roberto Escobar launches the $ 2 dietbitcoin “DDX” cryptocurrency ICO and vouches for people to start buying and mining dietbitcoin as values will go up

Pablo Escobar’s biological brother, Roberto De Jesus Escobar Gaviria, has just released a new cryptocurrency called dietbitcoin (DDX), a hard fork of the Bitcoin network, essentially a faster and lighter version to Bitcoin.

“Everyone should listen to these news, go to www.dietbitcoinICO.org and buy as many dietbitcoin’s as you can afford, the value will be very high as we are identical in numbers to Bitcoin, except we are 4000 times cheaper right now”

Daniel Reitberg, Chief Operating Officer of Escobar Inc.
Roberto Escobar, alongside his brother, belong to one of the most successful businessmen in history, having made over $ 100 billion dollars in profit during his career. “I made over $ 100 Billion Dollars in profit throughout my career. That’s more than any other company in the world has made in profit, ever.” says Roberto De Jesus Escobar Gaviria, Pablo Escobar’s brother in his new book “Pablo Escobar’s dietbitcoin: After making $ 100 billion dollars, Roberto Escobar launches the dietbitcoin “DDX” cryptocurrency”.

“Everyone should listen to these news, go to www.dietbitcoinICO.org and buy as many dietbitcoin’s as you can afford, the value will be very high as we are identical in numbers to Bitcoin, except we are 4000 times cheaper right now” says Daniel Reitberg, Chief Operating Officer of Escobar Inc.

Pablo Escobar’s brother believes that Bitcoin and other cryptocurrency values will tank, as they are in his belief controlled by the American government. He vouches for people to start buying and mining his dietbitcoin DDX currency, as he believes the value will significantly increase.

“Why would anyone on the planet buy bitcoin or any other cryptocurrency where there is no real team behind it? We at Escobar Inc are committed to support the cryptocurrency dietbitcoin fully and are managing the day-to-day operations of this new currency.” says Escobar Inc Chief Executive Officer Olof Gustafsson

Roberto Escobar used to be the accountant responsible for managing over $ 200 billion in cash revenues for the Medellín cartel which he founded with his brother and he was also at one point the chief of the hitmen. In 1993 Roberto was arrested and imprisoned, at which point he received a letter bomb that made him half-blind and half-deaf. Since his release from prison, he has authored several articles, books, patents and is a co-founder of Escobar Inc.

The new cryptocurrency is currently available for sale for only $ 2 per coin (4000 times cheaper than Bitcoin) at www.dietbitcoinICO.org. Only a limited amount of 1 million coins are for sale.

Escobar Inc:
Escobar Inc is a private holding company based in Puerto Rico, USA and Medellín, Colombia. Founded in 2014 by Roberto De Jesus Escobar Gaviria, brother of Pablo Emilio Escobar Gaviria, Olof Gustafsson and Daniel Reitberg. The company has registered the Successor-in-Interest rights to Pablo Escobar in all the states in the US where such registration is available, including but not limited to California. The company also owns trademark and copyright rights for Pablo Escobar. In addition the company owns several subsidiary companies, including but not limited to Angel Empresas SA, dietbitcoin SA and The FridX quantum annealer.

Contact:
Olof Gustafsson
Chief Executive Officer
Escobar Inc.
+1-415-851-0033
og@escobarinc.com
https://dietbitcoinico.org/

Contact Email Address
og@escobarinc.com
Supporting Link
https://dietbitcoinico.org/

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: Pablo Escobar’s Brother Releases Dietbitcoin (DDX) Cryptocurrency ICO appeared first on Bitcoin News.

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