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Israeli Central Bank to Hold off on Issuing Digital ‘E-Shekel’ Coin

November 7, 2018 |

Israeli Central Bank Decides Against Issuing a National Cryptocurrency

A group under the Bank of Israel has published a report on a proposal to issue a national digital currency. The team, which was set up last November, has identified several potential advantages to the technology, but has advised the central bank not to act until other institutions throughout the world have done so first.

Also Read: Marshall Islands President Attacked Over National Crypto Plan

Pros and Cons of a National Cryptocurrency

Israeli Central Bank Advised to Delay Plan to Issue ‘E-Shekel’ NCryptocurrencyThe 40-page document mainly presents the advantages of issuing an “e-shekel” from the standpoint of the Bank of Israel. The first of these considerations would be to give the public access to the central bank’s liquidity, in the event that the use of physical cash ever declined significantly. Another would be to support the payments system in the country and make it more efficient. Additionally, the team found that “if it bears interest,” the e-shekel could become a monetary tool in the hands of the central bank.

The report also suggests that issuing an e-shekel could help combat the “shadow economy,” meaning it would make it harder for people to conduct unreported financial transactions. In contrast, among the limited disadvantages the writers of the report found, is the fear that the public would think that the move was just a “big brother” attempt to maintain constant surveillance on Israeli citizens.

Other concerns the team identified are that digital coins wouldn’t be accessible to people who are technologically challenged. They also expressed concern that a possible technical failure of the e-shekel could harm the central bank’s reputation.

Waiting for the Big Boys

Israeli Central Bank Advised to Delay Plan to Issue ‘E-Shekel’ NCryptocurrencyUnlike Israel’s dynamic, fast-moving and tech-focused private sector, the country’s public institutions are extremely conservative and usually reluctant to adopt new technologies. Considering this, it is no real surprise that the Bank of Israel has adopted a wait-and-see approach to digital currency, despite mainly finding advantages to potentially issuing one.

“No central bank in an advanced economy has yet issued digital currency for broad use,” the team concluded, while acknowledging that many such institutions around the world have already examined the possibility. This makes it clear that the Israeli central bankers won’t take a step forward until they see another leading institution such as the U.S. Federal Reserve or the European Central Bank do so first.

Still, the possibility has not been taken off the table, as the same team will continue to monitor developments in the field, “particularly at other central banks.” And they plan to report their findings on the matter to the Bank of Israel’s management on a semi-annual basis. The group has also recommended discussing the subject with international bodies such as the Bank for International Settlements, the Organization for Economic Cooperation and Development, and the International Monetary Fund.

Can digital coins issued by central banks ever become an alternative to decentralized cryptocurrencies? Share your thoughts in the comments section.


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Israeli Central Bank to Hold off on Issuing Digital ‘E-Shekel’ Coin appeared first on Bitcoin News.

Bitcoin News

PR: Debut of USDD – A Stable Coin That Pays You Interest

October 26, 2018 |

Debut of USDD - A Stable Coin That Pays You Interest

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.

USDD – The world’s first dollar-backed and interest-bearing stable coin, with interest payments every 24 hours, will be officially released on October 31st by 55 Global Markets. The USDD value is 100% supported by a US dollar reserve, funds are held in trust for the benefit of tokenholders by PrimeTrust as trustee, a third-party trust company that has relationships with major US banks. Cohen & Company, a third-party independent accounting firm will conduct monthly examinations of management’s Trust Holdings Report in accordance with Statements on Standards for Attestation Engagements established by the American Institute of Certified Public Accountants. USDD supports highly efficient purchases and redemptions based on the 55 OTC market and DaoCoin infrastructure.

Investors are eager to find a transparent and efficient stable coin, as they expect not only to reduce the risk of market volatility, but also to obtain interest on the hedged investments and maximize the use of funds. Based on this demand, 55 Global Markets has used the DaoCoin (www.daocoin.money) infrastructure to issue a transparent and efficient interest-bearing stable coin, the USDD.

USDD has the following characteristics:

Automatic payment of interest every 24 hours

Once, every 24 hours, USDD interest is calculated and sent to the 55 wallet.

100% transparency with compliance supervision

The USDD value is 100% supported by a US dollar reserve. The funds are held in trust for the benefit of tokenholders by PrimeTrust (www.primetrust.com) as trustee, a third-party trust company that has relationships with major US banks. USDD is issued by the European licensee 55 Global Markets, which is strictly regulated.

Monthly Audits

Cohen & Company (www.cohencpa.com), a third-party independent accounting firm will conduct monthly examinations of management’s Trust Holdings Report, to achieve third-party review of fixed assets. Truthful, effective and with 100% redemption reserves.

Real time disclosure

The official website, usdd.55.com will disclose the reserve fund’s balance and the number of tokens in circulation in real time. Users can check the balance of the USDD account, total interest, interest already distributed, etc. at any time; all information is 100% transparent.

Highly effecient purchase/ redemption

With 55 Global Markets, users can choose to quickly convert USDT to USDD with the one-button no-fee feature, or use the fiat currency to obtain or sell USDD from the 55 OTC market. The DaoCoin infrastructure also supports highly efficient redemption.

55 Global Markets measurement stable currency

The USDD will be used as a measurement stable coin for 55 Global Markets platforms’ transactions with all tokenized assets and cryptocurrencies (including but not limited to BTC, ETH, FF, etc.)

55 Global Markets is a next-generation asset trading platform driven by blockchain technology. It established 6 sub markets facilitating exchange of various forms of token. 55 Global Markets target of transactions is not limited to crypto assets like BTC or ETH, it also diverts to pools of traditionally meaningful and broader liquidity, such as real estate, private equity, foreign exchange, precious metals and even individuals’time.

Based on strength of cooperation with the partners, any third-party business organization or individual can tokenize their assets or interests in the physical world. They can then enter the 55 Global markets Blockchain Token Exchange (B -Site), Local Business Token Exchange (L-Site), Personal Token Exchange (P-Site), Forex Token Exchange (F-Site) , Stock Token Exchange (S-Site), Commodity Token Exchange (C-Site), conducting worldwide round-the-clock trading.

Press Contact Email Address:
media@55.com

Supporting Link:
http://usdd.55.com

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: Debut of USDD – A Stable Coin That Pays You Interest appeared first on Bitcoin News.

Bitcoin News

The Daily: Square Open-Sources Subzero, Coin Stats Launches Chat Platform

October 24, 2018 |

The Daily: Square Open-Sources Subzero, Coin Stats Launches Chat Platform

In this edition of The Daily, we look at Square’s recent decision to open-source its Subzero cold storage solution. We also focus on Bitcurate’s new cryptocurrency market intelligence service, as well as the chat platform that Coin Stats is launching for cryptocurrency investors and coin teams.

Also read: Binance to Expand in Singapore, Uphold Launches Loan Service

Square Shares Code, Tools and Documentation

The Daily: Square Open-Sources Subzero, Coin Stats Launches Chat PlatformSquare, a mobile payments app developer, is open-sourcing the documentation, code, and tools for Subzero, the platform’s cold storage solution for cryptocurrency holdings. Subzero uses hardware security modules (HSMs) — specialized devices that store sensitive data — to perform operations with the private keys of cryptocurrency wallets.

Last year, Square started offering customers the option to buy, sell and withdraw bitcoin core (BTC) with its Cash App. Users can view their holdings whenever they want, but the company claims it keeps only a small amount of customers’ coins in online hot wallets to facilitate transactions, while storing the rest in offline cold wallets. Other security features include the ability to customize the service, so the cold wallets can only send funds to Square’s hot wallet, as well as the implementation of multi-signature procedures.

“Since launching bitcoin support, Square developed a robust approach to bitcoin cold storage, and we recognize the importance of sharing our work with the community,” the company explained in a statement on Medium. “As a result, today we’re open-sourcing the documentation, code, and tools for Subzero, our HSM-backed solution for protecting Square’s bitcoin holdings.”

Bitcurate Starts Crypto
Market Intelligence Service

The Daily: Square Open-Sources Subzero, Coin Stats Launches Chat PlatformBitcurate, a Chinese company that provides cryptocurrency data intelligence solutions, launched a new crypto market intelligence platform this week. The service combines expert analysis with natural language processing and machine learning technology to provide investors with real-time market insights. The platform aggregates information from news sources, social media platforms, chat groups and online forums. It also utilizes data from traders, exchange APIs, the crypto futures market, and other financial instruments. In total, the company claims that it processes more than five million sentiment data points per day.

Bitcurate acknowledges that a lot of trading decisions are motivated by mere “noise.” However, it also claims that roughly 90 percent of movements in the cryptocurrency market are purely driven by sentiment.

“The best investment strategies are data-driven,” said Bitcurate CEO Victor Lee in an online statement. “However, the market today is fragmented, making it difficult and time-consuming for investors to find the accurate, wide-ranging information they need to make calculated decisions. That’s why our platform tracks millions of data points every day.”

Bitcurate offers its subscribers a range of trading data for the cryptocurrencies they are specifically interested in, including real-time exchange rates, sentiment scores and recent price changes, as well as the latest news from the cryptocurrency space. In addition, the platform ranks digital coins according to their U.S. dollar value and trading volume.

Bridging the Communication Gap

The developers of Coin Stats, a cryptocurrency portfolio tracking app, have launched a new feature that will allow users to chat with other cryptocurrency enthusiasts, digital asset investors and developers. Coin Stats Direct will maintain chat groups dedicated to specific cryptocurrencies within its Coin Stats application. The platform will allow users to post questions about different projects and start discussions. Project teams, on the other hand, will be able to post updates about their coins, while also fielding questions from the public and providing users with the latest information about the progress of their initiatives.

The Daily: Square Open-Sources Subzero, Coin Stats Launches Chat Platform

Coin Stats Direct is designed to bridge the communication gap that exists between  investors and coin teams. It aims to increase transparency in the cryptocurrency space by connecting project teams and users. The platform will initially support nine coins: bitcoin cash (BCH), bitcoin core (BTC), ether (ETH), ripple (XRP), EOS, NEO, stellar (XLM), vechain (VET) and appcoins. The company said it plans to add other cryptocurrencies and tokens to its platform in the near future.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Bitcurate.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post The Daily: Square Open-Sources Subzero, Coin Stats Launches Chat Platform appeared first on Bitcoin News.

Bitcoin News

US Court Issues Emergency Order Halting a Planned Initial Coin Offering

October 12, 2018 |

US Court Issues Emergency Order Halting a Planned Initial Coin Offering

An American court has put a stop to an initial coin offering (ICO) by a company claiming to offer “the first licensed and regulated tokenized crypto currency exchange & index fund based in the US.” The ICO promoters even invented their own regulatory authority, which seems to have really irked the regulators.

Also Read: The Daily: Whales Join China’s Richest Ranks, Seniors Take a Swing at Bitcoin

SEC Stops Blockvest ICO

US Court Issues Emergency Order Halting a Planned Initial Coin OfferingThe Securities and Exchange Commission (SEC) has announced on Thursday that it has obtained an emergency court order halting a planned ICO by Blockvest. The Southern California District Court order also stopped an ongoing pre-ICO sale by the company and its founder, Reginald Buddy Ringgold, III, as well as freezing the defendants’ assets.

According to the ICO’s website, Blockvest (BLV) is an ERC20 token based upon Ethereum. “Blockvest Nvestnodes generate passive income through asset backed profit sharing smart contracts. At it’s core, BLV is a security token that’s representative of the top performing cryptocurrency index.”

According to the SEC’s complaint, Blockvest and Ringgold, who also goes by the name Rasool Abdul Rahim El, were falsely claiming their crypto fund was “licensed and regulated.” Blockvest and Ringgold also allegedly misrepresented Blockvest’s connections to an accounting firm.

The Blockchain Exchange Commission

The SEC complaint also alleges Ringgold promoted the ICO with a fake agency he created called the “Blockchain Exchange Commission,” using a graphic similar to the SEC’s seal and the same address as SEC headquarters.

US Court Issues Emergency Order Halting a Planned Initial Coin Offering
Screenshot

“We allege that this ICO is using both the SEC seal and a made-up crypto regulatory authority to trick investors into believing the ICO was approved by regulators,” said Robert A. Cohen, Chief of the SEC Enforcement Division’s Cyber Unit. “The SEC does not endorse investment products and investors should be highly skeptical of any claims suggesting otherwise.”

A court hearing is scheduled for Oct. 18, 2018. The SEC will ask for injunctions, return of ill-gotten gains plus interest and penalties, as well as a ban against Ringgold from participating in offering any securities in the future.

Would you rather trust the Securities and Exchange Commission or the Blockchain Exchange Commission? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post US Court Issues Emergency Order Halting a Planned Initial Coin Offering appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Yobit Unveils Random Coin Pump, Okcoin USA Plans Stablecoin

October 11, 2018 |

In recent news pertaining to crypto exchanges, Yobit has announced a “random coin” pump for Oct. 11, the founder of Okgroup has announced Okcoin USA’s plan to launch a stablecoin, and Coinbase’s chief policy officer has predicted that the exchange will attain Japanese regulatory approval by 2019.

Also Read: A Bitcoin Rat Is Occupying Wall Street

Skepticism on Twitter over
Aggressive Yobit Campaign

Yobit, the shadowy Russian cryptocurrency exchange, has announced an upcoming “Yobit Pump” scheduled for 9 a.m. EDT on Oct. 11. According to Yobit’s Twitter, the pump will see Yobit purchase one random coin for 1 BTC every one to two minutes, 10 times.

The comments section beneath the tweet shows a predominantly critical reaction to an aggressive promotional campaign premeditated by an exchange that’s already mired in controversy. Last year, Forbes Ukraine reported that Roskomnadzor, the Russian telecommunications regulator, had launched juridical proceedings against Yobit, with Roskomnadzor seeking to block Russian IP addresses from accessing the exchange.

In 2016, Waves also published a warning pertaining to Yobit after the exchange listed a waves/BTC pairing, even though users were unable to withdraw the cryptocurrency from private Waves wallets at the time.

Okgroup Founder Vows Full Compliance
with Planned Stablecoin

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinStar Xu, the founder of Okgroup, has announced that Okcoin USA is planning on entering the stablecoin market.

In a recent tweet, Mr. Xu posted: “Embracing the tide of technology, the launch of a #CNY backed #stablecoin is an inevitable trend, and it will significantly improve the internationalization of the RMB. OKCoin USA will launch a fully compliant stablecoin.” Xu added that “the dollar-pegged #stablecoin regulated by the U.S. government will strengthen the penetration of the U.S. dollar 100 fold.”

Xu also spoke in favor of stablecoins, stating: “Stablecoins are in essence electronic cash. They have the same attributes. The central bank issues the currency and then it is distributed peer-to-peer. The difference is it’s electronic. Today, the amount of cash in China’s domestic monetary system is not small.”

Coinbase Executive Optimistic About Securing Regulatory Approval in Japan

Exchanges Roundup: Yobit Random Coin Pump, Okcoin USA StablecoinIn a recent interview with Nikkei Asian Review, Mike Lempres, the chief policy officer of Coinbase, optimistically discussed the exchange’s desire to obtain regulatory approval to operate in Japan.

Lempres stated that talks are “going well” with Japan’s Financial Services Authority, adding: “We are … committed to getting it done. It will certainly be in 2019.”

Lempres also spoke favorably of the Japanese regulatory system relating to cryptocurrencies. “The Japanese government is more focused on security,” he explained. “That is good for us … Japan has been an active large market from the very beginning, and has proved resilient as it bounces back from several bad experiences. We think there is great demand for a trusted provider of services here.”

Despite his praise for Japan’s crypto regulations, Lempres noted that there are still several issues to be resolved, including whether or not the regulator would require Coinbase to manage its systems from within Japan in order to obtain a license. “We have everything built to protect our storage … in the U.S,” he stated. “We won’t do anything to even raise (the) possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries.”

What is your response to Yobit’s random coin pump? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Twitter


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

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Bitcoin News

Suspected Mastermind Behind Kassh Coin Arrested

October 10, 2018 |

Suspected Mastermind Behind Kassh Coin Arrested

The New Delhi Police Branch has arrested Asif Ashraf Malkani – a thirty-five-year-old man accused of operating Kassh Coin – a multi-million dollar scam that duped Bollywood celebrities, among scores of Indian investors.

Also Read: ‘Crypto Fund’ Approved to Manage Cryptocurrency Investments in Switzerland

Operator of Crypto Scam That Duped Bollywood Celebrities Apprehended

Suspected Mastermind Behind Kassh Coin ArrestedAsif Ashraf Malkani, the accused mastermind behind a multi-million-dollar scam that targeted scores of prospective Indian cryptocurrency investors, has been arrested by police in New Delhi.

According to local media, Mr. Malkani ‘launched’ the fictitious cryptocurrency ‘Kassh Coin’ during 2016, before promoting the coin during December 2017 at “a grand function held at a farmhouse in Chhatarpur” that saw “Bollywood celebrities and models” enlisted to “perform and market the coin” at the event. Investors paid 3.5 Indian Rupees ($ 0.047 USD) per Kassh Coin.

Mr. Malkani is said to have sought to go into hiding after many of the scammed investors contacted police, however, he was caught after relocating to Uttar Pradesh and attempting to launch another cryptocurrency called ‘V-flix’.

Investigations have revealed that Mr. Malkani was also seeking investment to launch a “commercially viable video streaming website” called V-Tube, and has been identified as moving a significant sum of money through a firm named “Puneet Enterprise.”

Malkani Organizes Multiple “Youth Seminars” to Promote Kassh Coin

Suspected Mastermind Behind Kassh Coin ArrestedPolice Commissioner, Ajit K Singla, stated that the arrest and investigations into the operations of Mr. Malkani and his companies were carried out by a team led by Deputy Commissioner of Police, Bhisham Singh.

Commissioner Singh has stated that Mr. Malkani began operating a multi-level marketing scheme in 2015 after joining advertising Unetnet alongside his wife, before becoming interested in cryptocurrencies the following year.

The investigations also uncovered that Mr. Malkani and company organized a number of “youth seminars” across India and Nepal following the success of their farmhouse event in 2017. Since then, Mr. Malkani made his way through Goa, Chennai, Kolkata, Kanpur, and Pune whilst attempting to evade law enforcement.

Do you think that increased regulatory action is reducing the presence of scammers within the cryptocurrency industries? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post Suspected Mastermind Behind Kassh Coin Arrested appeared first on Bitcoin News.

Bitcoin News

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

September 29, 2018 |

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

Following some notable premiers in the genre recently, the next batch of stablecoins is on the way. A British startup is partnering with a bank to launch a GBP-pegged crypto, a Swiss commodities trader wants to mint a coin backed by metals, and a Mongolian telecom has been licensed to issue the country’s first digital currency with the same value as the national fiat.

Also read: European Regulator Renews Restrictions on Crypto-Based Derivatives  

Pound-Pegged Stablecoin on the Horizon in the UK

The last couple weeks saw the arrival of new stablecoins in the crypto space. The US dollar-pegged Tether (USDT) will have to compete against two alternative cryptocurrencies boasting similar features to those that made Tether popular among traders and speculators. Gemini Dollar (GUSD) and Paxos Standard (PAX), both approved by the New York State Department of Financial Services, are ERC20 tokens backed one-to-one with US fiat currency. And both, like Tether, sparked controversy almost immediately with allegations that the authorized issuers, Gemini Trust and Paxos Trust, can freeze accounts and funds if required by the law.

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’Several new announcements related to stablecoin projects were made this week. UK-based OTC crypto-trader and exchange operator LBX, London Block Exchange, intends to launch a cryptocurrency pegged to the British pound. The platform revealed yesterday it had reached an agreement with a banking partner to issue the new digital currency called Lbxpeg which will be backed by reserves of British fiat money. The participating financial institution has not been revealed yet. Quoted by Business Insider, LBX CEO Benjamin Dives said, “We would be ready for the first cryptopound to be minted in the next 10 days.” He added that the reserves underpinning the coin will be audited by a leading accountancy firm on a regular basis.

According to details released by LBX itself, their stablecoin will be tied to the value of the pound sterling (GBP) and held in a UK bank account on a 1:1 basis. The exchange noted that Lbxpeg will allow users to transfer the digital equivalent of GBP “quickly, easily and on a global scale.” The company said this will be happening on a decentralized network – initially, the project will be utilizing the Ethereum blockchain to develop, distribute and manage the crypto. “Lbxpeg will be an ERC-621 token – building upon the ERC-20 standard – which will grant the required flexibility in the total supply to match the quantity of GBP held in the segregated bank account. Lbxpeg will also be issued on other blockchains where compliance controls can also be maintained,” the team of the London-headquartered startup explained.

Metal-Backed Crypto to Be Launched in Switzerland

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’Asset manager and commodities trader Tiberius Group is creating a digital currency backed by precious metals like gold, platinum, and also tin, copper, nickel, aluminum, and cobalt. According to media reports, the cryptocurrency will be launched on the first day of October by Tiberius Technology Ventures which is based in Switzerland, one of Europe’s leading crypto-friendly jurisdictions. “Instead of underlying the digital currency with only one commodity, we have chosen a mix of technology metals, stability metals and electric vehicle metals,” the chief executive officer of the subsidiary, Giuseppe Rapallo, told Bloomberg. He believes this will make the crypto more stable and attractive for investors.

Rapallo further detailed that Tiberius Coin will be sold at around $ 0.70 USD under Swiss law and not as an unregulated token issued through an initial coin offering (ICO). He stressed that its supply will depend on the demand and will be limited by the availability of the metals included in the basket of commodities used to back the crypto. The company official added that the coin will be listed on a regulated trading platform, Estonian-based cryptocurrency exchange Latoken. Chief scientist and security officer at Tiberius Technology Ventures is Philip Zimmermann, the creator of PGP, the popular email encryption software.

Mongolian Central Bank Authorizes a Digital Coin

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’Mobifinance, a non-bank financial subsidiary of the largest telecom company in Mongolia, Mobicom Corporation, has acquired a certificate to issue the first digital currency under the country’s new fintech regulations. The “Electronic cash” license has been granted by the Bank of Mongolia, which has developed a regulatory framework for the digital space following the adoption of the bill “On the national payment system” earlier this year. The bank’s president, Erenhiylegch Bayartsaikhan, handed the certificate to the general director of Mobicom, Tatsuyaa Hamadad, during an official ceremony.

According to a press release, the new coin is called “Candy” and is already in circulation, offering its users the opportunity to pay bills, shop online, transfer funds, and take micro loans using their mobile phones. Its webpage describes Candy as an alternative payment instrument with the same value as the national fiat, the Tugrik. The electronic money is currently available to Mobicom subscribers but the digital payment system will be offered to other operators and their customers across Mongolia from October 1.

What are your expectations about the future of stablecoins? Let us know in the comments section below.


Images courtesy of Shutterstock, Candy.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’ appeared first on Bitcoin News.

Bitcoin News

US Federal Judge Rules My Big Coin a Commodity, CFTC Can Pursue Charges

September 28, 2018 |

US Federal Judge Rules My Big Coin a Commodity, CFTC Can Pursue Charges

A U.S. federal judge has ruled that My Big Coin is a virtual currency meeting the definition of a commodity, which falls within the jurisdiction of the Commodity Futures Trading Commission (CFTC). This allows the regulator to pursue fraud charges involving the cryptocurrency.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Judge Rules My Big Coin Is a Commodity

US Federal Judge Rules My Big Coin a Commodity, CFTC Can Pursue ChargesIn a lawsuit against My Big Coin Pay Inc. and its founder, the CFTC’s authority has been challenged by the defendants. The case could not move forward until the derivatives watchdog’s jurisdiction has been established.

On Wednesday, U.S. District Court Judge Rya Zobel in Boston sided with the CFTC and ruled that My Big Coin (MBC) is a commodity. Reuters reported that, according to the judge:

Virtual currencies meet the definition of a commodity and fall within the jurisdiction of the U.S. derivatives regulator, allowing the agency to pursue fraud allegations against My Big Coin Pay Inc.

In the case’s Memorandum of Decision filed on Wednesday, Zobel explained that the Commodity Exchange Act “defines ‘commodity’ generally and categorically, ‘not by type, grade, quality, brand, producer, manufacturer, or form’,” elaborating:

The amended complaint [by the CFTC] alleges that My Big Coin is a virtual currency and it is undisputed that there is futures trading in virtual currencies (specifically involving bitcoin). That is sufficient, especially at the pleading stage, for plaintiff to allege that My Big Coin is a ‘commodity’ under the Act.

The document also references three other cases involving cryptocurrencies. In the case of CFTC v. Mcdonnell, “Virtual currencies can be regulated by CFTC as a commodity.” Virtual currencies are also “properly defined as commodities” in the Bfxna Inc. d/b/a Bitfinex case and the Coinflip case.

My Big Coin Case Continues

US Federal Judge Rules My Big Coin a Commodity, CFTC Can Pursue ChargesThe CFTC filed charges against Randall Crater, Mark Gillespie, and My Big Coin Pay Inc. in January. The regulator alleged that “the defendants misappropriated $ 6 million from 28 customers they lured by naming their virtual currency [MBC] to sound like bitcoin and further claiming it was backed by gold,” Reuters detailed.

However, its jurisdiction over cryptocurrencies was challenged in June, as news.Bitcoin.com previously reported. Crater’s lawyer Katherine Cooper argued that MBC “does not have future contracts or other derivatives trading on it, it is not a commodity.” She moved to dismiss the case, claiming that the CFTC had no authority because MBC is neither a tangible good nor a service on which future contracts are being traded.

However, Zobel denied the motion on Wednesday, thereby allowing the CFTC to pursue fraud allegations against the defendants.

In response to the ruling, Cooper wrote in an email to Reuters:

We are disappointed in the result…Now that we are moving past the motion to dismiss phase of the case, we look forward to challenging the CFTC’s ability to prove many of the factual allegations in the complaint. Among those factual allegations are those which speak to the relatedness of bitcoin and My Big Coin and therefore the CFTC’s jurisdiction.

What do you think of the judge ruling that MBC is a commodity and the CFTC can now pursue fraud charges? Let us know in the comments section below.


Images courtesy of Shutterstock and CFTC.


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The post US Federal Judge Rules My Big Coin a Commodity, CFTC Can Pursue Charges appeared first on Bitcoin News.

Bitcoin News

Coinnest Executives Indicted for Accepting Bribe for Coin Listing

September 25, 2018 |

Coinnest Executives Indicted for Accepting Bribe for Coin Listing

The Seoul Southern District Public Prosecutors’ Office has reportedly indicted two executives of South Korean crypto exchange Coinnest for accepting a bribe in exchange for listing a cryptocurrency. According to local media, they received 1 billion won (~US$ 890,000) worth of cryptocurrencies – mostly BTC.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Coinnest Execs Indicted for Accepting Bribe

The financial investigation department of the Seoul Southern District Public Prosecutors’ Office said last week that it has indicted the CEO and COO of crypto exchange Coinnest “on charges of receiving a bribe,” Korea IT Times reported.

Coinnest Executives Indicted for Accepting Bribe for Coin ListingCEO Kim Ik-hwan and COO Cho have been accused of accepting a bribe from the CEO of a company seeking to list its cryptocurrency on Coinnest. Local media refer to this coin only as “S coin.”

In addition to indicting Coinnest’s executives, “The prosecution also indicted another Kim, the CEO of S Coin, on charges of giving bribery, asking the two Coinnest executives to help with the virtual currency listing process,” the publication elaborated, adding:

Coinnest CEO Kim and [COO] Cho received 1 billion won [~US$ 890,000] worth of bitcoin and S coin in early February this year in return for offering their convenience in listing the S coin.

Coinnest Executives Indicted for Accepting Bribe for Coin ListingSpecifically, the duo “received a total of 110 bitcoins worth 860 million won [~$ 771,270]” on Feb. 5 and 6, the news outlet detailed, adding that they also received “2 million S coins worth 70 million won [~$ 62,778] each” on Feb. 12 and 14.

The prosecution believes that the executives provided the issuer of S coin with the “unfair” convenience of listing the coin, such as listing “without precise examination of the technology of S coin and hastening the listing date of S coin,” Yonhap detailed.

Previous Charges

Coinnest Executives Indicted for Accepting Bribe for Coin ListingThe two executives of Coinnest were also indicted on April 23 on a different charge. Korea IT Times explained that they were charged with “violating the law on specific economic crimes, including fraud, along with the company executive Hong. At that time, Kim and his party were suspected of having embezzled money by selling fake coins as if they existed.”

In April, all major crypto exchanges in South Korea jointly declared self-regulation under the guidance of the Korean Blockchain Industry Association. However, Coinnest opted out. When the association announced that 12 out of its 23 exchange members had completed self-inspection in July, Coinnest was not among them.

Coinnest, however, was one of the crypto exchanges that recently completed implementing short-term security measures, the Korea Internet and Security Agency (KISA) and the Korean Ministry of Science and Technology announced in August.

What do you think of Coinnest’s executives accepting a bribe for coin listing? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinnest.


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The post Coinnest Executives Indicted for Accepting Bribe for Coin Listing appeared first on Bitcoin News.

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The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions

September 17, 2018 |

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions

Wirex, the popular European crypto card provider, has announced it’s expanding to Canada and we have the details covered in The Daily. Also in the rubric, the Coin Stats mobile app now synchronizes transactions from several exchanges, a coin claiming to have AML and KYC features is listed on a major exchange, and the UK government is asked about its assessment of recent crypto market developments.    

Also read: Binance Tests Fiat Exchange, Russians Mull Crypto Platforms

Wirex Offers Crypto Wallets in Canada, Cards on the Way

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsUK-based crypto card issuer Wirex is expanding its operations to North America. In August, the company was awarded a Fintrac and Money Service Business registration by regulators in Canada where users can already take advantage of its wallet supporting several cryptocurrencies: bitcoin core (BTC), litecoin (LTC), ripple (XRP), and ethereum (ETH).

According to a blog post published recently, the company intends to next introduce traditional currency accounts and contactless Visa cards. Wirex plastics allow their holders to convert and spend cryptocurrency just like fiat money, both in shops and online. Their users can also benefit from the platform’s reward program offering 0.5% cashback in BTC on all in-store purchases.

The Wirex team notes that although the UK and the US are ahead in the rankings for traditional blockchain adoption, Canada leads the way when it comes to Ethereum technology implementation. They also point out that the country is currently second only to the US in terms of the number of operational bitcoin ATMs – more than 600 across the country.

Coin Stats Now Syncs Transactions From Binance, Bittrex and Kucoin

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsCryptocurrency portfolio management software Coin Stats has announced the release of new updates for its Android and iOS apps, available in Google Play and Apple Store. The main changes include the option to synchronize past transactions from several exchanges. Support for Binance, Bittrex and Kucoin is currently provided and developers promise to expand the list in the future. Coin Stats also comes as a web-based application.

According to a post on Medium detailing the updates in the app, “You can make it sync your past transactions of all of your portfolios by enabling the toggle in the update popup below. Please note, your Profit/Loss will most probably change but it will become more precise.” Another novelty is that the detail pages of some coins are now styled with the brand colors of the respective project.

AML Bitcoin Listed on Hitbtc

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsAML Bitcoin (ABTC), a cryptocurrency advertised as the coin with anti-money laundering (AML) and know-your-customer (KYC) technology built into its code, has been listed on Hitbtc, currently the sixth largest crypto exchange by daily trading volume. According to Marcus Andrade, Chief Executive Officer of NAC Foundation and creator of the crypto, “The tectonic shift by the world’s governments in the past year shows the urgent need for a digital currency that can both attract the crypto community and be used in commercial and governmental transactions. We are that coin!”

The US-headquartered NAC Foundation, which is the developer of ABTC, also claims the coin boasts some theft-resistant properties. The team behind the project insists AML Bitcoin is compliant with all major national security and financial protection laws and regulations, including the USA Patriot Act and the Bank Secrecy Act.

British Government Questioned About Recent Crypto Swings

The executive power in London has been facing a lot of questions pertaining to cryptocurrencies, with the latest one coming from Lord Taylor of Warwick, who asked Her Majesty’s Government about their assessment of the reports that “the value of cryptocurrencies in the United States is falling” as well as “the potential effects that such a decline might have on the UK blockchain industry.” It turns out not much has been done in that direction.

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions“The Government has not made a formal assessment of any potential implications of recent changes in the value of cryptocurrencies. However, the Government continues to monitor developments in the cryptocurrency market,” Lord Bates, Minister of State at the Department for International Development, said in a response quoted by Finance Feeds.

The exchange comes while the British public is awaiting a report this fall from the Cryptoassets Taskforce, formed in March by the Chancellor of the Exchequer to evaluate the risks and potential benefits of cryptoassets and other applications of the underlying distributed ledger technology in financial services in the United Kingdom. The body is also charged with determining whether and what kind of regulatory approach is needed to address the developments in the crypto space.

Prices across crypto markets have recently experienced a short term recovery after plunging between 10 and 20 percent for most digital coins last week. Check our latest Markets Update to get more details on the latest developments.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock.


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The post The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions appeared first on Bitcoin News.

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