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The Central Bank of The Bahamas (CBOB) has released a discussion paper proposing how it intends to regulate digital assets. This includes initial coin offerings as part of efforts to eliminate the alleged threat of tax evasion, fraud and money laundering. However, when regulation eventually comes, it is likely that only a state-issued cryptocurrency will be supported.
Only State-Sanctioned Digital Assets Likely to Be Allowed
“The bank seeks to enhance the sector’s competitiveness without compromising the integrity or international reputation of The Bahamas, or undermining the financial safety of Bahamian households,” said the CBOB in a statement released Nov. 7. “These considerations are consistent with international best practices.”
CBOB lent support to the international regulatory convention approach, which classifies virtual currencies as ‘crypto-assets’ rather than ‘cryptocurrencies’, “as (this) clearly distinguishes between central bank-issued fiat currency and private sector products such as bitcoin or ripple.”
Under the proposed framework, the island nation is to amend the Payments Instrument (Oversight) Regulations of 2017 “to ensure comprehensive coverage of both Bahamian dollar and foreign currency denominated crypto payments instruments.”
The financial regulator plans to limit the range of digital assets which institutions like commercial banks may transact while banning any direct convertibility between the local fiat unit – or a even a state-backed crypto-asset – and forex-denominated cryptocurrencies. Noting the decision is in line with existing exchange control laws, CBOB warned:
It is likely that only central bank sponsored digital currencies, or payments instruments fully backed by central bank issued currencies or deposits will be eligible for issuance by payment services providers.
Tougher Operating Requirements
In June, Peter Turnquest, The Bahamas deputy prime minister, revealed his government’s plans to introduce a national cryptocurrency aimed at improving financial inclusion among the majority of the islanders who have limited access to banking services. The CBOB’s new discussion paper appears to be preparing for this eventuality, something it has referred to as “modernizing the country’s financial services sector.”
The Bahamian apex bank is seeking to come up with measures to deal with issues relating to market volatility, tax evasion and money laundering, in line with recommendations from the IMF. Until now, the country’s cryptocurrency industry has been a free-for-all, operating outside international best practice, thus making it hard to “manage emerging risks in the fintech arena.”
“The regulations also stress the fitness and propriety of individuals who provide electronic money services, safety and soundness of operations practices – especially when operations become systemically important,” stated the CBOB in the paper.
“Thus, any business contemplating operations in, or from within The Bahamas would have to demonstrate safe and sound business practices; show that they have systems in place to measure, monitor, and adequately control market and other risks.”
The Bahamas central bank indicated the need to protect investors from ICO-related scams, now a global problem. To that extent, companies will have to prove their credibility by providing evidence to the Securities Commission of the Bahamas (SCB). The report reads:
When the instrument’s purpose is to confer digital access rights as a utility token, there may be no obvious connection to the central bank’s remit, other than the application of the exchange control regulations. This would also be the case for asset-backed/security tokens, where the determined jurisdiction of the SCB may also apply.
The development comes just a few days after Thailand announced that it would be following a similar course of action, regulating ICOs through a dedicated platform that is designed to facilitate due diligence, tighten security and decrease fraud.
What do you think about the Bahamian proposal on cryptocurrency regulation? Let us know in the comments section below.
Images courtesy of Shutterstock and The Nassau Guardian.
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A day after losing his re-election bid, a Texas judge released nearly all of the juvenile defendants who appeared before him after asking them whether they intended to kill anyone, the AP reports. Harris County prosecutors expressed concerns after Judge Glenn Devlin made the decision Wednesday in Houston. The juveniles…
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BEIJING, P.R. China – BTC.com today announced the launch of their Ethereum block explorer.
Building on the experience of developing and managing one of the famous Bitcoin Block Explorers, BTC.com starts to embrace Ethereum community by supporting foundation capabilities. BTC.com provides mining related service and customized API in the cryptocurrency industry since 2015. It now has the world’s largest Bitcoin mining pool and industry famous Bitcoin explorer.
BTC.com looks to transfer its industry-leading experience to help Ethereum scale its underlying infrastructure. By typing any of the following information: address, transaction hash, block, or token, users can get all the details of a transaction. By clicking bottom “Tokens,” users can check related information of any ERC-20 token.
BTC.com Ethereum Block Explorer features including real-time price and market cap checking. Users can view the latest blocks information, hash rate, and network difficulty on BTC.com Ethereum Block Explorer home page. Besides exhibition these essential data, there are two more boards: Pool’s Distribution, and Transaction Fees. We can see top five miners by blocks in 24 hours.
Of these boards, the Transaction Fees is the one gaining the most attention. In this board shows four indexes: average cost, average gas price, safe cost, and safe gas price. Once users want to initiate a transaction, he can estimate which gas price should be used. BTC.com Ethereum Block Explorer will display the estimated confirmation time for a different gas price.
“We will present more comprehensive data related service for our users,” says Zhong Zhuang, Director of BTC.com. “We are going to provide data insights for miners, investors, media, developers, and entrepreneurs in blockchain data service. We hold a very open cooperative attitude towards various ecological partners and hope to make positive contributions to the Ethereum community through technology and data cooperation.”
Stay tuned, on next version, BTC.com is planning to develop more functions of their block explorer. This version will include uncle bocks information, the complete list of pending transactions and mining pool. Users can view tokens holdings with any address on the blockchain and the new insight data of the real-time hash rate, uncle rates, and orphan rates of mining pools.
BTC.com spearheads a user-driven and open financial system that has introduced over a million new users across the world to Bitcoin and Bitcoin Cash. Since launching the BTC.com block explorer in 2015, BTC.com has been at the vanguard of Bitcoin data analytics and software development. In 2016, BTC.com led the industry in innovation with the release of an open-source mining pool and wallet, which today play key roles in driving and maintaining Bitcoin’s decentralized ecosystem. BTC.com is aiming to provide the infrastructure for Ethereum and to explore the bigger picture of the blockchain-related products and service currently underway.
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.
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One of the stickers on accused mail bomber Cesar Sayoc’s van read “CNN Sucks.” Another featured the likeness of Michael Moore in a gun’s crosshairs. Now Moore himself has released raw footage of Sayoc at a rally for President Trump soon after the inauguration that brings both to mind. The…
Elizabeth Warren has just made her strongest move yet to rebut President Trump’s frequent mocking of her as “Pocahontas.” The Massachusetts senator released the results of a DNA test to the (subscription-only) Boston Globe that finds “strong evidence” she has at least some Native American ancestry. Renowned Stanford expert Carlos…
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The LA County coroner’s office has ruled the April death of actor Verne Troyer a suicide, TMZ reports, with the cause being “sequelae of alcohol intoxication.” Troyer, who played Mini-Me opposite Mike Meyers in two Austin Powers films, died April 21, according to KTLA . The 49-year-old had a history of…
Former Grammy and Nickelodeon Kids’ Choice Awards nominee Soulja Boy has become the latest celebrity seeking to associate themselves with cryptocurrency after releasing his new single, ‘Bitcoin’.
Soulja Boy Drops ‘Bitcoin’ Single
Soulja Boy’s latest single, titled ‘Bitcoin’, comprises a slightly confounding attempt to brag about the riches Soulja has accrued through cryptocurrency investments.
The song’s chorus opens by asserting that Soulja Boy has “made 100 racks off of bitcoin.” According to Urbandictionary, one ‘rack’ is equal to $ 1,000 USD, meaning that Soulja is claiming to have realized a return of $ 100,000 on his cryptocurrency investments.
However, the chorus also proclaims that Mr. Boy “spent $ 6,000 on the bitcoin,” and that “he spent $ 6,000 on a bitcoin”, suggesting that Soulja’s entire cryptocurrency portfolio comprised a single BTC purchased for $ 6,000. If this is true, then at most, Soulja Boy could have made a return of roughly 10.4 ‘racks’, assuming that he sold his BTC at the all-time high during December 2017.
Soulja Boy also implies that he regularly transfers cryptocurrencies via Paypal (“send it through the Paypal”) despite Paypal having never provided support for cryptocurrencies as of this writing. He may be referring to P2P trades, however, conducted via a site such as Localbitcoins and using Paypal.
Celebrities Increasingly Seek Associations With Cryptocurrency
The release of Eminem’s recent ‘Kamikaze’ album featured a reference to cryptocurrency, with a guest appearance from rapper Royce Da 5’9” on the track ‘Not Alike’ criticizing the sudden wave of entertainers seeking to associate themselves with cryptocurrency. In the track, Royce raps: “Remember everybody used to bite nickel, now everybody doing bitcoin.”
In March, Young Dirty, the son of the late Wu-Tang Clan member, Ol’ Dirty Bastard, announced plans to launch a cryptocurrency called Dirty Coin, the ticker for which would be the abbreviation of his father’s pseudonym, ‘ODB’. In May, Snoop Dogg was booked to perform at the XRP Community Night as part of the first New York Blockchain Weekand in 2014, a 77-year-old white rapper calling himself ‘Bitcoin’ released his first single, ‘Best B#$ *h’.
What is your response to the increasing number of rappers seeking to associate themselves with cryptocurrency? 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 Rapper Soulja Boy Releases New Single Titled ‘Bitcoin’ appeared first on Bitcoin News.
A lawyer for Brett Kavanaugh complained Wednesday morning that a woman accusing the Supreme Court nominee of assaulting her decades ago had yet to provide her polygraph results. The results are now in, Politico reports, and they show that Christine Blasey Ford’s account of the alleged assault is “not indicative…
Apple has released the newest edition of its mobile operating system. As the tech behemoth promised last week while unveiling several new devices , the iOS 12 update was made available for iPhones, iPads, and iPod Touch on Monday, USA Today reports. The new iOS will be supported by the new…