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The state of North Carolina has pushed the passage of House Bill 86 and some digital currency advocates and firms like Coinbase believe the bill makes the state more friendly towards cryptocurrency businesses. At the moment North Carolina’s House Bill 86 has been presented to Governor Roy Cooper and awaits his signature.
North Carolina House Bill 86 Includes Money Transmission Changes and Licensure Guidelines in Regard to Virtual Currencies Passes Unanimously
On June 14, 2018, North Carolina’s general assembly unanimously ratified House Bill 86 which adds new language to the state’s permissible investments and statutory trust under the Money Transmitters Act. The bill’s final revision includes legal definitions concerning virtual currencies like bitcoin and other tokens. North Carolina’s legislation also requires the licensure of businesses that work with cryptocurrency activities. Furthermore, the state’s Commissioner of Banks Ray Grace can request data from the licensed cryptocurrency firm at any time. North Carolina House Bill 86 states:
If the licensee possesses virtual currency as permissible investments under this Article, the Commissioner may at any time request that the licensee verify, in a manner acceptable to the Commissioner, aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline.
Coinbase Believes North Carolina’s Bill ‘Helps Cryptocurrency Companies Comply With the Letter of the Law’
Commissioner Grace had also helped write the revised edition which included virtual currency definitions and licensee requirements. The firm Coinbase applauded the passage of House Bill 86 and formally thanked the banking commissioner, representatives Tim Moore, Dan Bishop, Jon Hardister, Bill Rabon, Stephen Ross, Jason Saine, and Jeff Tarte for helping bolster the legislation.
“Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws,” the Chief Legal and Compliance Officer at Coinbase, Mike Lempres said last Thursday.
By helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.
The firm also complimented the state of Wyoming for recently passing its blockchain and cryptocurrency legislation after it had issues with the state prior to the passage of Wyoming’s guidelines. A while ago Coinbase suspended its services to Wyoming residents and the firm said at the time that the state’s Division of Banking made Coinbase operations impractical. As both North Carolina and Wyoming change their money transmissions laws the state’s look like they may see more business operations due to the legislative changes.
What do you think about North Carolina’s House Bill 86? Do you think more states will adapt virtual currencies into their laws? Or do you think these regulations are bad for cryptocurrencies in general? Let us know your thoughts in the comment section below.
Images via Pixabay, Wiki Commons, North Carolina Emblem, Coinbase, and Medium.
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Over the past ten months, the Bitcoin Cash network has received a lot of support from cryptocurrency companies that provide infrastructure support including exchanges. Even though other digital currencies have yet to obtain such success in so little time, some BCH proponents are in search for an exchange that uses bitcoin cash as the base currency, and many believe trading platforms that offer this feature will be key to mass adoption.
Coinex: The Exchange That Uses Bitcoin Cash as Its Base Currency
Most cryptocurrency exchanges use bitcoin core (BTC) as the base currency that is traded against various other digital assets. At the moment bitcoin cash (BCH) only has three exchanges that use the decentralized cryptocurrency as a base currency and one of them just launched its beta release this past May. At the moment the most popular exchange that offers BCH base currency pairs is Coinex. The firm Viabtc announced the launch of Coinex back in December of 2017 and the trading platform offers BCH pairs with the most popular digital assets in the crypto space.
Viabtc’s chief operating officer, Sara Ouyang, explained that because BCH network fees were so low it prompted the firm to create the markets with bitcoin cash as the base currency.
“The reason we chose [BCH] over [BTC] is that it has much faster transactions with low fees and better performance in terms of usability,” Ouyang detailed at the time.
Coinex is also available on mobile operating systems like Android and iOS and provides global trading services in nearly 100 countries. Further, Coinex offers HTTPS and two-factor authentication and claims its cold storage funds are held by using a multi-signature strategy.
Panda Exchange Provides Traders With Bitcoin Cash Trading Pairs
Another trading platform that offers BCH pairs is the Panda Exchange — a cryptocurrency exchange that provides bitcoin cash pairs with ETH, ZEN, XRP, LTC, BTG, and others. The Panda Exchange is open to residents in the U.S., South America, Canada, and Portugal. The exchange recently announced that it has added a slew of new pairs and more will be added in the future.
The Recently Launched BOA Exchange and Hello Group’s Upcoming Bitcoincash.io Trading Platform
Recently another exchange called BOA Exchange has launched a set of crypto-markets that use bitcoin cash as the base currency. The exchange is very new as the trading platform explains that it recently finished its beta phase this May and is now opening signups to the public.
Lastly, Bitcoin Cash supporters will soon see another exchange that uses BCH as the base currency from the Cyprus-based company Hello Group. In February the firm announced it had purchased the domain Bitcoincash.io to host its BCH trading platform. When visiting the URL Bitcoincash.io, visitors are greeted by a picture that says ‘Bitcoin Cash — Coming Soon.”
The BCH community believes there is a significant need for more of these exchanges in order to decouple the digital asset’s price from BTC. Many of them believe BCH is a perfect choice for a trading platform’s base currency, as its speed and low fees would make deposits and withdrawals much faster and cheaper. For now, BCH traders have Coinex, Panda Exchange, the newly launched BOA Exchange, and the upcoming launch of Hello Group’s BCH trading engine.
Do you want to see more exchanges offer BCH as the base currency for trading pairs? Let us know your thoughts on this subject in the comment section below.
Disclaimer: Bitcoin.com and the author are 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 information with the mentioned exchanges. Readers should do their own due diligence before taking any actions related to the content.
Images via Shutterstock, Coinex, Panda Exchange, BOA Exchange, and Bitcoincash.io.
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Brad Garlinghouse, Ripple CEO, answered candidly during an interview about crypto’s prospects for the future. Among other criticisms, he stressed blockchain technology is mostly hype, and that bitcoin core (BTC) is controlled by Chinese miners and has no hope of being a world currency.
Ripple CEO Bashes Bitcoin
Attendees of the 2018 Stifel Cross Sector Insight Conference in Boston yesterday were probably expecting to learn more about Ripple, the world’s third most popular cryptocurrency by market capitalization. After all, none other than company CEO Brad Garlinghouse was guest of honor for an interview with Stifel Tech analyst Lee Simpson. And while Ripple certainly was the hot topic, Mr. Garlinghouse also took the opportunity to bash its main decentralized competitor, bitcoin core (BTC).
“A number of prominent people,” Mr. Garlinghouse explained, “even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense.” Indeed Woz has said as much, as have Twitter and Square CEO Jack Dorsey, who predicted it would happen within the decade.
Brad Garlinghouse, 47, has held his present position since 2015. His professional background is almost all technology related. Stints with Yahoo!, AOL, working in the investment arena with the likes of Silver Lake Partners, @Ventures, @Home Network, SBC Communications, all round out his experience prior to Ripple.
His views about BTC and its eventual influence have found him very quotable of late, especially this month. He’s spent a great deal of time attempting to separate the coin aspect of Ripple (XRP) from the company itself, and this has lead to some interesting juxtapositioning in his method of argument.
BTC Blockchain Not Disruptive, Chinese in Control
During the Boston interview, he even took on the sacred cow of the corporate world, BTC’s distributed ledger technology. “There’s a lot of blockchain craziness, but there are three indicators of market winners. Blockchain will not disrupt banks […] it will play an important role in the way our system works. It’s a short-sighted view […]. Bitcoin is not the panacea we thought it would be.”
Mr. Garlinghouse then compared XRP to BTC. “This is how liquidity will be managed in the future. Bitcoin today takes 45 minutes to settle a transaction. Banks will use what is efficient and cheaper. And if you deliver a better product at a better price […] they will use it.”
An under-reported story, Ripple’s CEO insisted, is how BTC is “owned by China.” He noted, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”
Lastly, he assured, “I own bitcoin. Many people consider it as digital gold. I acknowledge, I’m long [on] crypto. I’d advise folks to only invest in crypto only what you’re willing to lose. It’s early to tell how it is going to play out. I think it’s a pretty good investing strategy. I don’t think about the digital asset market. I think about the customer experience. There are millions unbanked or underbanked. When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”
Do you think Ripple’s CEO is correct? Let us know in the comments.
Images via the Pixabay.
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After striking an elusive nuclear deal with Iran, the Obama administration found itself in a quandary in early 2016: Iran had been promised access to its long-frozen overseas reserves, including $ 5.7 billion stuck in an Omani bank. To spend it, Iran wanted to convert the money into US dollars…
Cryptocurrency prices are making some headway today after suffering from a bearish onslaught last week. Since our last markets update the digital asset economy has gained $ 26 billion over the last five days. The price of bitcoin cash (BCH) touched a high of $ 1,160 earlier today but now hovers around $ 1,140 per BCH. Bitcoin core (BTC) values reached $ 7,790 per BTC but subsequently dropped to an average of $ 7,713 at 7am EDT.
Cryptocurrency Markets See a Short Term Push Upwards
The question over the past few months is — How long will the cryptocurrency bear run last? A few weeks ago things were trending upwards showing signs of a reversal after digital assets lost considerable value after touching all-time highs. Today cryptocurrency markets are showing some deep consolidation as traders have been shifting positions in hopes of another bull run this year. However ever since BTC touched a high of $ 19,600 digital currency bears have been storming the markets and shorting them to profit from the downturn.
Bitcoin Cash Market Action
On Sunday, June 3, 2018 bitcoin cash markets are commanding an overall valuation of $ 19.5Bn and the decentralized currency has gained 10 percent over the past 24-hours. Seven day gains for BCH show the digital asset has jumped upwards 13.9 percent in value. BCH purchasing volume has also increased and rests at $ 753Mn over the past 24-hours. The top five exchanges swapping the most bitcoin cash today include Okex, Huobi, Bitfinex, Lbank, and Binance. One BCH is roughly 0.1465 BTC and bitcoin core is the most traded pair with BCH today. BTC captures 40.8 percent of BCH trades followed by tether (USDT 28.9%), USD (17.7%), KRW (8.9%), and the EUR (1.3%).
BCH/USD Technical Indicators
Looking at the 4-hour BCH/USD chart on Bitfinex shows bulls are tiring out a touch from this morning’s upward push. Before the spike, the market appeared to form a deep consolidated diagonal formation as Bollinger Bands have been extremely tight. BCH buyers are currently facing resistance and the two Simple Moving Averages (SMA) indicate the path to resistance may be towards the upside. The short-term 100 SMA is above the 200 SMA trendline but not by much. After this morning’s rise, the MACd still shows room for improvement and the Relative Strength Index (RSI) points to (71) overbought conditions. Order books show BCH bulls need to press past $ 1,185 to find smoother seas while on the backside there are foundations between the current vantage point and $ 925.
Bitcoin Core Market Action
Bitcoin Core’s (BTC) upwards action is slowing down right now after touching a high of close to $ 7,800 earlier this morning. The price of BTC is up 0.88 percent over the last 24 hours and 5.2 percent over the last seven days. Trading volume has increased only a little bit since our last markets update as BTC traders this Sunday are swapping $ 4.95Bn in trade volume. The top exchanges trading the most of this action are Binance, Okex, Bitfinex, Huobi, and BTCC. The Japanese yen today is the forerunning pair traded with BTC capturing 55 percent of trades. Tether (USDT 18.6%) follows the yen, and then the USD (16.3%), KRW (3.3%), and the RUB (2.3%). The Russian Ruble has sort of silently sneaked into the top five currency pairs position with BTC. Furthermore on the peer-to-peer exchange Shapeshift.io the top trade today is ETH for BTC.
BTC/USD Technical Indicators
Looking at the same 4-hour timeline for BTC/USD on Coinbase and Bitstamp show bulls are feeling exhausted after that last push. The cryptocurrency is holding just above the $ 7,700 region and resistance is piling up across exchange order books. The two SMA trendlines for BTC show similar action as the short term 100 SMA is just above the long-term 200 SMA. With this said we may see some more northbound action if bulls can manage to press through current resistance. MACd is meandering downwards indicating bears are attacking and RSI levels are around 56, showing conditions could go either way after the last spike. Order books are not too bad looking at the upside as bulls need to muster up strength to get past $ 7,900-8,100 in order to approach far safer and less bearish conditions. Looking down we can see that bears will be stopped at $ 7,200 and there are considerably sized walls through $ 6,600 as well.
The Top Digital Assets Today
Cryptocurrency markets in general throughout the top positions are seeing gains today. The second highest market capitalization commanded by ethereum (ETH) has seen a 4.6 percent increase this Sunday. The price of ethereum has gained 7.3 percent this week in total and the price per ETH today is $ 619. Ripple (XRP) values are up 2.7 percent as one XRP is averaging around $ 0.66 cents per token. The token EOS which just launched its mainnet is up 5.7 percent this Sunday and 19 percent this week. One EOS is priced at $ 14.84 per token at the time of publication.
The Verdict: Skepticism Remains
The upswing has added a touch of positivity throughout the cryptocurrency trading environment as markets managed to hold steady at current levels. But many are still skeptical of the current direction and we are most definitely not outside the bear market just yet. Currently, the verdict is traders are skeptical after losing optimism the past three weeks, but some believe the next step is to move upwards as most markets have triple bottomed this year.
Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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The current president and chief executive officer of the San Francisco Federal Reserve Bank, and the man expected to soon be the New York Federal Reserve Bank, John Williams, has rejected the suggestion that cryptocurrencies comprise currency.
New York Federal Reserve Nominee Rejects Cryptocurrencies as ‘Currencies’
Mr. Williams, the man nominated to head the New York Federal Reserve, has stated that “Cryptocurrency doesn’t pass the basic test of what a currency should be.”
Mr. Williams asserted that currencies should comprise “basically something with a store of value,” also emphasizing the need for currencies to be “elastic” in order to adapt to a wide range of economic conditions and circumstance. Despite the criticisms, Mr. Williams failed to further elaborate on how cryptocurrencies fail to or could better fulfill the aforementioned monetary functions.
The current San Francisco Federal Reserve president also stated that “The idea of the supply of currency and thinking about currency really belongs more in the sphere of government and central banks. My view is it’s really more of a promise of technology.” At least, Mr. Williams acknowledged that his extensive experience in central banking had left him “very biased” regarding issues pertaining to cryptocurrency.
Mr. Williams also criticized “The setup [and] institutional arrangement[s] around bitcoin and other cryptocurrencies,” claiming that the cryptocurrency sphere suffers from “problems with fraud, problems with money laundering, terror financing. There’s a lot of problems there,” Mr. Williams stated.
Mr. Williams is expected to be appointed as the head of the New York Federal Reserve Bank in June when the current president, William Dudley, will step away from the position.
U.S. Federal Reserve Officials Criticize Cryptocurrency
Mr. Williams’ comments come following weeks of increasingly hostile rhetoric issued representatives of various federal reserve banks in the United States.
At the start of April, Federal Reserve Board of Governor member, Lael Brainard, indicated that the institution is “monitoring is the extreme volatility evidenced by some cryptocurrencies.”
For instance, Bitcoin rose over 1,000 percent in 2017 and has fallen sharply in recent months,” Mrs. Brainard said. “These markets may raise important investor and consumer protection issues, and some appear especially vulnerable to money-laundering concerns.”
At the end of March, the president and chief executive officer of the Federal Reserve Bank of Atlanta, Raphael Bostic, rejected the proposition that cryptocurrencies comprise money. Mr. Bostic discouraged consumers from investing in the virtual currency markets, stating “Don’t do it. They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.’’
In January, the president of the Federal Reserve bank of Chicago, Charles Evans, stated that bitcoin is “Not money-like at the moment,” adding that cryptocurrency investors are “swimming with all the sharks in the world because of all the anonymity.’’
Do you think that cryptocurrencies fulfill the basic functions associated with ‘money’ or ‘currency’? Share your thoughts in the comments section below!
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Now bitcoin can provide economic researchers a new tool for exposing both currency manipulation and capital controls, in a way never thought possible before due to a lack of a perfect benchmark. This is done using similar methods to those arbitrage traders employ, comparing prices in different cryptocurrency markets around the world.
Using the Bitcoin Price as a Global FX Bechmark
While many countries claim to have a floating exchange rate – letting the free market set the value of their national fiat in relation to other currencies – in practice virtually all central banks interfere to try and influence FX markets to some degree. Unofficial measures used by economists to track and measure such effects, such as international comparisons of the prices of gold and oil or the famous Big Mac Index, suffer from various problems making them far less than ideal. According to new research by economist Gina Pieters, PhD, presented at the Royal Economic Society’s annual conference in March 2018, Bitcoin provides researchers with the ability to detect central bank manipulations and reveal the existence of capital controls. This can be done by creating an effective rate from many cryptocurrency exchanges to compare deviations from a country’s official fiat currency exchange rate.
Her study explains that the standard data sources used to detect manipulations have several shortcomings: they are expensive to obtain, they can be two or three years old, and, depending on the source, they may be unreliable or infrequent. The new research demonstrates that the bitcoin price data can circumvent these shortcomings. It also shows how distortions can be corrected as well as how to normalize the data from the noisy cryptocurrency market.
The Argentinian Example
The new study looks at a number of cases across the world, but mainly focuses on the currency market in Argentina. The Argentinian central bank dropped the peso’s peg to the US dollar in December 2015, but local newspapers published an unofficial rate (Dólar Blue) before that, offering an opportunity to back-test the bitcoin rate. The Dólar Blue deviated considerably from the official exchange rate under the peg, but the constructed Bitcoin exchange rate “clearly moves with the behaviour of the Dólar Blue exchange rate.”
The researcher says that this methodology can be applied to other economies where the unofficial exchange rate is unknown. “Before access to Bitcoin-pricing data such results would be slow, difficult or impossible to construct. The results of this study provide a new tool with which to detect the presence of capital controls.”
What other interesting research subjects should bitcoin economists focus on? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
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The United States Internal Revenue Service (IRS) recently published a document reminding taxpayers that income derived from virtual currency transactions must be reported on income tax returns. The IRS states that taxpayers who fail to report virtual currency earning may be audited or made liable for “penalties and interest.”
IRS Reminds U.S Crypto Investors of Tax Obligations
With the U.S tax deadline of April 17 fast approaching, the United States Internal Revenue Service has sought to remind citizens profiting from virtual currency transactions of their looming tax obligations.
The IRS states that “Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country’s traditional currency.” The regulator notes that “Because transactions in virtual currencies can be difficult to trace and have an inherently pseudo-anonymous aspect, some taxpayers may be tempted to hide taxable income from the IRS.”
Undisclosed Crypto Income May Incur Penalties
The IRS states that “income from virtual currency is reportable on […] tax returns,” adding that “Virtual currency transactions are taxable by law just like transactions in any other property”. Should taxpayers fail to accurately report income earned in the form of virtual currency “can be audited for those transactions and, when appropriate, can be liable for penalties and interest”.
The IRS states that in “extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions.” Said criminal charges “could include tax evasion and filing a false tax return”. The IRS added that “Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $ 250,000,” and “Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $ 250,000.”
Due to its tax status as property, “virtual currency is subject to information reporting to the same extent as any other payment made in property” in the U.S.
Do you think that the U.S tax regime for cryptocurrencies is fair? Share your thoughts in the comments section below!
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Viola Desmond took a stand against segregation in Canada almost a decade before Rosa Park’s famous action.
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