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The Financial Services Agency of Japan has resolved to refer to cryptocurrencies as “crypto assets” in order to prevent confusion with legal tender. Also in The Daily, the Justice Ministry in Moscow has confirmed that it classifies digital coins as “other property.” Finally, according to a recent report, stablecoins have seen significant growth over the past few months.
Japanese Regulator Renames Cryptocurrencies
Japan’s Financial Services Agency (FSA) has decided to call all cryptocurrencies “crypto assets,” the country’s leading daily Yomiuri Shimbun reported. The reasoning behind the decision is to help traders avoid confusing digital coins with legal tender recognized by the government in Tokyo. The regulator notes the price of many cryptos fluctuates wildly, there’s no evidence of value and it’s often unclear who is issuing them.
FCA’s advisory panel has produced a report this week in which its members claim the term “virtual currency” could cause misunderstanding, calling for its substitution. According to the document, the regulator’s recommendation is to revise all relevant Japanese laws and regulations. The revision is expected to cover different pieces of legislation such as the Payment and Services Law, which regulates the use of cryptocurrencies in the country.
The panel has also emphasized the need to establish a mechanism aimed at protecting users in events such as a “cash outflow,” as reported by Japan Times, the newspaper’s English language edition. To achieve that, the Financial Services Agency intends to oblige Japanese companies operating with crypto assets to implement strict management systems.
Cryptocurrency Is ‘Other Property’ Russian Ministry Says
Russia’s Justice Ministry has once again confirmed the property status of digital currencies. According to an official statement, “cryptocurrency can be classified as an object of civil rights and be subject to obligations.” The document has been issued by the ministry in response to a request for a legal interpretation of the term and reaffirms a previously declared stance.
The query has been filed by a group of traders who have been trying to attract the attention of Russian authorities to the case of the now inactive Wex crypto exchange, successor of the infamous BTC-e. They’ve published a copy of the statement in their Wex.nz Initiative Group Telegram channel. Wex users, who have been unable to withdraw their funds from the trading platform for months, have also filed complaints with the Interior Ministry in Moscow calling for an investigation.
The Ministry of Justice further explains that cryptocurrencies cannot be accepted as “electronic money” and notes that the holders of digital coins cannot raise claims against their issuers. Nevertheless, the department states that “cryptocurrency has a property value recognized by its turnover” and falls under the “other property” category as defined by Russian law, an opinion expressed earlier this year by Russia’s justice minister Alexander Konovalov.
To this day, cryptocurrencies remain unregulated in Russia, with several draft laws filed in parliament still under consideration. In its latest version, the main bill, “On Digital Financial Assets,” does not have the term “cryptocurrency” among its legal definitions. Members of the crypto community and industry organizations have called for its inclusion but according to a recent statement by the country’s deputy prime minister Maxim Akimov, authorities do not plan to make any significant amendments to the texts.
Stablecoins See Rapid Growth, Report Claims
Stablecoins have enjoyed growing adoption in recent months, reveals a report published by research company Diar. The transaction volumes of four new stablecoins – USDC, TUSD, GUSD and PAX – have increased by 1,032 percent, the authors claim. In terms of value, the total volume of transactions with the new stablecoins reached $ 2.3 billion in November, and $ 5 billion for a three-month period.
According to Diar, the paxos standard token (PAX), the most popular among these currencies, has attracted $ 93 million of volume. Its transactions volume is twice that of USD coin (USDC), a dollar-pegged crypto developed by San Francisco-headquartered digital asset exchange Coinbase in cooperation with crypto payments startup Circle. At the same time, the indicator has decreased for Trusttoken’s trueusd (TUSD) during the month of December.
Despite the significant drop in its capitalization last month, the most recognizable stablecoin, tether (USDT), is at the time of this writing the fourth largest digital currency by market capitalization.
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock, Diar.
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The post The Daily: Japan Calls All Coins ‘Crypto Assets’, Russia Defines Cryptocurrency as Property appeared first on Bitcoin News.
Michigan mom calls police on son too ‘lazy’ to get out of bed for school: ‘I did what I needed to do’December 14, 2018 | dailybusinessnews
A Michigan mom called the police to take her son to school after he wouldn’t get up from bed.
The head of one of Europe’s largest asset managers, Allianz Global, has called for global regulators to “outlaw” crypto assets. The outburst from CEO Andreas Utermann came during a panel discussion in London.
Cryptocurrencies Have “Wiped out People’s Savings”
Allianz Global Investors chief Andreas Utermann called for cryptocurrencies to be banned on Tuesday during a panel discussion. “You should outlaw it,” he is reported to have told regulators.
Utermann, who previously worked at Merrill Lynch Investment Managers, went on to say that he was “personally surprised regulators haven’t stepped in harder” and that cryptocurrencies had wiped out people’s savings, Reuters reported. Sitting beside him at the panel discussion was Andrew Bailey, the head of the UK’s Financial Conduct Authority (FCA), who said his comments were “quite strong actually.” Bailey, who served as the Deputy Governor of the Bank of England from April 2013 to July 2016, then went on to add that cryptocurrencies have “no intrinsic value.”
He added that the authorities were keeping a close eye on initial coin offerings (ICOs). An October report revealed that hundreds of startups are being “secretly” targeted by the U.S. Securities and Exchange Commission for their involvement with initial coin offerings.
A More Crypto-Friendly Environment
Despite the condemnatory statement from Allianz Global’s CEO, the company’s chief economic adviser has previously said he believes cryptocurrencies are here to stay – and even admitted that he had opened a bitcoin trading account. He did add, however, that he was unsure whether they would ever replace fiat currency, saying:
“I think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem.
Utermann’s statement comes at a time when banks – and countries around the world – are becoming more crypto-friendly. Although multinational banks and mainstream financial services have traditionally been quick to slam cryptocurrencies, many now appear to be opening to the idea of them.
The Central Bank of the United Arab Emirates has said it will be working with Saudi Arabia for a cross-border digital currency – not long after consumers in Dubai were told they would be able to use digital currency to make payments for a number of different purposes.
Goldman Sachs, a leading multinational investment bank and financial services company, has had plans in the pipeline for some time now to open a derivative for bitcoin and a trading desk for cryptocurrencies. And Boerse Stuttgart Group, Germany’s second largest stock exchange, is due to launch a crypto trading venue next year.
What do you think of Utermann’s comments? Let us know in the comments section below.
Images courtesy of Shutterstock and Bitwala.
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The post Allianz Global Investors CEO Calls for Cryptocurrencies to Be Outlawed appeared first on Bitcoin News.
Nick Cannon thinks there’s a double standard in Hollywood following Kevin Hart losing his Oscars gig … and he’s putting 3 white, female comedians on blast to make his point. The “Wild ‘N Out” host isn’t happy about the backlash Hart got this…
Ehud Barak served as the prime minister of Israel from 1999 to 2001. These days he makes a lot of money as an investor and co-founder of startup companies in such fields as cyber espionage and cannabis. However, he seems to think that investing in cryptocurrency is less legitimate.
Cannabis Is Legit, Bitcoin Is Not
The former prime minister was the keynote speaker at a startup event in Tel Aviv on Sunday, held by the local financial newspaper Globes. He recently became the chairman of a medical marijuana company, so he was naturally asked about the subject, which is the latest hot trend among Israeli stock investors. He acknowledged that there is a lot of hype around cannabis investments but rebuffed the suggestion that the industry has the same bubble-like characteristics of the 2017 bitcoin market.
“Blockchain is a technological-mathematical concept, an interesting and important method, and one that will have many uses. The coins — Bitcoin and others — is a Ponzi scheme. I do not believe that it will be possible to make a coin like this in the current generation and I will not invest in anything related to cryptocurrencies,” Barak stated. “Anyone who has patience and understands the depth of blockchain will find many uses, from holding sensitive medical information to contracts.”
Using Crypto as a Punching Bag
Members of the Israeli technology scene were understandably disappointed to hear such crypto-phobic statements at a startup event.
“The crypto market as a whole has become a punching bag. Such opinions, including the views of many companies in Israel, have become especially popular against the backdrop of the sharp fluctuations and devaluations in the currencies recently,” commented Ophir Gertner, founder of blockchain advisory company Smartologic. “We see that regulation is now required, as the absence of financial supervision has given cryptocurrencies a negative reputation and tarnished blockchain’s image internationally.”
Barak was also asked at the startup event about his business relationship with the Saudi royal family. Israeli media recently claimed that he was allegedly approached a few years ago by representatives of the Saudi crown prince, Mohammed bin Salman, to help secure sensitive technologies. This is a hot topic right now, as Israeli cyber companies are accused of providing the spyware used by the Saudi government to monitor the communications of murdered Saudi journalist Jamal Khashoggi. The former prime minster responded by claiming that “there is no chance that the cyber company I founded will sell technologies to dark regimes.”
Is cryptocurrency less legitimate as an investment than cannabis? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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India’s supreme court has set a new date to hear the petitions against the cryptocurrency banking ban by the country’s central bank. Meanwhile, the crypto community in India is campaigning on social media for “positive regulations” and the rollback of the banking ban.
New Supreme Court Hearing Date
The Supreme Court of India has reportedly set a new date to hear the petitions against the crypto banking ban by the Reserve Bank of India (RBI). The central bank issued a circular in April banning all regulated financial institutions from providing services to crypto businesses. Banks complied and closed accounts of crypto exchanges by July.
A court document circulating on Twitter on Thursday indicates that the supreme court has scheduled Jan. 15, 2019, as the date it will revisit the crypto case.
The court originally scheduled to hear the case on Sept. 11 but continually postponed it. Then, on Oct. 25, it directed the government to submit a counter affidavit within two weeks, detailing its crypto regulatory progress.
Finance Ministry Backs RBI
According to Quartz India, the government has filed a counter affidavit with the supreme court, stating that it expects the regulatory framework to be finalized in December.
On Saturday, Inc42 reported that the finance ministry’s counter affidavit defends the RBI banking ban. The news outlet wrote:
Representatives from the finance ministry submitted that the RBI circular as well as warnings issued by finance ministry on December 29, 2017, and by finance minister Arun Jaitley in his budget speech on February 1, 2018, are in line with the first inter-ministerial (interdisciplinary) committee’s recommendations on cryptocurrencies.
The finance ministry set up an inter-ministerial committee in November last year, led by its Economic Affairs Secretary Subhash Chandra Garg, to recommend crypto regulatory measures. The publication noted that this committee has “yet to draft its report.” Its next meetings are in December and January.
Community Campaigns for ‘Positive Regulations’
The CEO of Indian cryptocurrency exchange Wazirx, Nischal Shetty, started an ongoing Twitter campaign on Oct. 31, calling for “positive regulations” for the Indian crypto industry. Shetty, who has over 55,100 followers on Twitter, wrote:
Please bring positive regulations in crypto and over 5 million crypto Indians will be thankful to you. Youth of India have found a new way to make wealth & this is especially important when there are not enough jobs for everyone.
He added, “We need to tweet to our ministers every day till we get [a] reply. The more we tweet the more chances of our voices being heard and crypto getting a positive regulation in India.”
Shetty plans to continue the campaign “till the time the government takes a positive stance on regulating cryptocurrency in India,” Inc42 quoted him emphasizing. The CEO elaborated:
We are worried about the RBI’s banking ban on crypto. It has hampered the entire crypto sector of India and the innovations that come along.
In addition, the news outlet noted that crypto exchange Bitbns started a campaign on Change.org, demanding the repeal of the RBI circular. This petition has garnered 44,626 signatories at press time.
Do you think the Indian government will implement positive crypto regulations? Let us know in the comments section below.
Images courtesy of Shutterstock and Linkedin.
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The post Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations appeared first on Bitcoin News.
The wife of a British academic jailed in the United Arab Emirates on charges of espionage has spoken of her shock at his life sentence and accused the country of mishandling and misinterpreting his case.
CNN.com – RSS Channel – World
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