Wants Archives -
On Monday April 16, the Philippines opposition senator Leila M. de Lima asked her fellow bureaucrats to push the passage of the cryptocurrency bills she helped frame. The proposed bills aim to introduce a harsher penalty towards criminals who use cryptocurrencies during illegal activities.
Philippines Lawmaker Wants to Speed Up Cryptocurrency Regulations
There’s been a lot going on in the Philippines as far as cryptocurrencies are concerned and lawmakers are yearning to form some laws around the industry that provides this technology to citizens. Only recently the Philippine National Police (PNP) arrested a couple who were involved in a Ponzi scheme that had participants paying for investments in bitcoin. Arnel and Leonady Ordonio accumulated 1 billion Philippine Pesos ($ 1.9Mn USD) worth of bitcoins from investors. The Ordonios promised investors guaranteed 30 percent profits and some people spent $ 50,000 USD. Further, news.Bitcoin.com reported on the Philippines Securities and Exchange Commission (SEC) taking a stance against cloud mining operations just recently and the SEC believes mining contracts should be defined as securities.
Opposition senator Leila M. de Lima thinks that the legislative chamber needs to prioritize Senate Bill 1694, a proposal she filed a month ago. The recent Ordonio Ponzi scheme has compelled her to call upon her colleagues.
“I hope that this occurrence will push my esteemed colleagues in the Senate to take my proposed bill seriously and help pass it into law soon,” the senator explains.
Knowing that virtual currency resembles money, and that the possibilities in using it are endless, higher penalty for its use on illegal activities is necessary.
The Opposition Senator Believes Cryptocurrency Criminals Deserve Harsher Penalties
SB1694 would re-define the Republic Act No. 3815 or the Revised Penal Code (RPC) in order to penalize cryptocurrency criminals one degree higher than the traditional RPC.
“No matter how small or big a group, a punishment must be given. It should never be easy to escape after stealing the hard earned money of other people,” de Lima said.
The older RPC also states that “syndicated estafa and other forms of swindling shall be punishable by life imprisonment to death” if the act involves five or more individuals. De Lima’s proposal wants to lessen the guidelines of the law to two or more people involved with a syndicated crime involving cryptocurrencies.
The opposition senator also details that citizens from the Philippines should be leery of cryptocurrency investments. It’s also worth noting that senator Leila M. de Lima is a controversial figure, and is currently facing trial for profiting from the illegal narcotics trade.
What do you think about the Philippines senator who wants harsher punishments for those who use cryptocurrencies in crimes? Let us know what you think in the comments below.
Images via Shutterstock, Pixabay, AP, and Wiki Commons.
Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.
The post Philippines Senator Wants Harsher Penalties for Cryptocurrency Crimes appeared first on Bitcoin News.
A memorial in a remote corner of Massachusetts that marks a 1969 UFO sighting has been ordered moved, but one man who experienced a close encounter is objecting, the AP reports. The 5,000-pound memorial in Sheffield was installed in 2015, but was moved about 30 feet a few weeks…
Japanese internet giant GMO has launched a service to allow customers to lend their bitcoins to the company. Customers’ bitcoin balances will be debited from their GMO Coin trading accounts once loan agreements have been reached. This program is similar to the one launched by the hacked exchange Coincheck last year.
GMO’s New Service
GMO Coin, the cryptocurrency subsidiary of Japanese internet giant GMO, has announced a new service to allow customers to lend their bitcoins to the company. GMO Coin described:
Virtual Currency Rental Service is a service that allows you to rent out the virtual currency held by the customer to the company so that you can receive the rental fee according to the quantity of the lent virtual currency.
Interested customers can apply to participate in the program between April 11 and May 2, after which there will be a drawing. Currently, only bitcoin (BTC) will be supported. Customers need to specify the quantities they wish to lend in units of 10 BTC, with the minimum quantity being 10 BTC and the maximum being 100 BTC.
Rates and Details
GMO Coin will review all applicants and inform customers of its decisions and of the loan procedure, which is expected in early May. Once an agreement has been reached with the company, the customer’s BTC balance will be deducted. “If there is no BTC balance in the quantity required for debiting, it [the agreement] will be automatically canceled,” the company explained.
“The price of the target currency also fluctuates during the lending/withdrawal period,” GMO Coin warns, adding:
During the term of the loan, the loaned virtual currency cannot be sold or transferred.
The loan period is 90 days. On the settlement date, the company will return to the customer “the same type.. [and] the same amount” of the cryptocurrency borrowed, plus interest. However, customers can recall the loan early and “within five business days after accepting cancellation at our company, we will redeem the virtual currency less the cancellation fee,” GMO Coin detailed.
Reiterating that the interest on the loan will be paid on the settlement date of the loan, GMO Coin elaborated:
[The] Rental fee [of] 10 BTC is equivalent to 0.12328767 BTC, [which is] 5% / year (including tax) (round down to less than 1 Satoshi)…Taxes may be levied on loan fees.
“Rental fee = (loan amount × loan period (day) × loan rate) / 365,” GMO clarified, and gave an example that customers lending 10 BTC for 90 days will receive “(10 BTC × 90 days × 5%) / 365 = 0.12328767 BTC.”
Coincheck Launched a Similar Program
Other crypto exchanges around the world that offer leveraged trading have launched similar programs to borrow their customers’ coins.
In Japan, Coincheck, which was hacked in January, announced the launch of a similar service in May of last year. Customers could earn 1%, 2%, 3% or 5% annual interest depending on the maturity date of the cryptocurrencies loaned to the company. The service began with just BTC but the company later added 11 more cryptocurrency options.
However, Coincheck’s lending service was initially restricted by the Japanese Financial Services Agency (FSA), a representative of the exchange told news.Bitcoin.com at the time. The exchange then relaunched this program in June. Currently, new registrations are temporarily suspended.
Unlike Coincheck, whose exchange registration has not been approved by the FSA, GMO Coin is fully licensed. It did, however, recently receive a business improvement order from the FSA. GMO also operates Japan’s largest forex exchange called GMO Click, which Finance Magnates Intelligence says is the forex exchange that “was the undisputed leader throughout the whole of 2017, achieving average monthly volumes of $ 660.32 billion.”
What do you think of GMO’s new service? Let us know in the comments section below.
Images courtesy of Shutterstock, Coincheck, and GMO.
Need to calculate your bitcoin holdings? Check our tools section.
The post Japan’s GMO Wants to Borrow Bitcoins from Customers appeared first on Bitcoin News.
Parkland school shooter Nikolas Cruz wants to donate his inheritance to victims of the massacre and help “heal the community.”
On the first day of 2017, a new law took effect in France giving workers the legal right to avoid responding to work email or text messages on days off or at all hours of the night. A bill proposed by New York City Councilman Rafael Espinal seeks to bring the same idea to the city that never sleeps.
Just recently at the Satoshi’s Vision Conference in Japan the co-founder of the Tokyo Bitcoin Cash Meetup, Ken Shishido, discussed how he has been promoting BCH adoption in the country. Further, Shishido has been promoting a new BCH branding idea within the community by calling smaller fractions of BCH ‘Cash’ instead of ‘Bits’ and so far some members of the BCH community have been embracing the concept.
Promoting Bitcoin Cash Throughout Japan and Worldwide
Ken Shishido is well known in Japan throughout the cryptocurrency circuit. He is the organizer and co-founder of the Tokyo Bitcoin Cash Meetup. Just recently Shishido gave a presentation on how he thinks adoption should be promoted in Japan and some of the ways he and the Meetup members have been bolstering widespread acceptance. At the Satoshi’s Vision Conference (SVC) Shishido explains that he has hosted over 170 cryptocurrency Meetups over the past years, describing his background within the bitcoin industry in Japan. The Tokyo Meetup organizer has also traveled all around the world spreading the gospel of cryptocurrencies as well. Shishido explains to the crowd that Japan has one of the highest populations of cryptocurrency users worldwide with roughly 2 million users in the country, according to his estimates.
BUIP087: Using the Denomination ‘Cash’ for One Hundred Satoshi
During the end of Shishido’s discussion he briefly mentions one the goals he is currently working on which is changing the name for smaller fractions of bitcoin cash from ‘Bits’ to ‘Cash.’ Essentially, Shishido has submitted a BUIP request to change the terminology in bitcoin cash to “cash” (CSH) as the standard term for 100 (one hundred) ‘satoshi’ or 1/1,000,000 (one one-millionth) of a bitcoin cash (BCH). Shishido explains his motivation for wanting to change the current terminology.
“Bitcoin cash strives for the worldwide adoption, and unit denomination and calculation must be easy for the average users for daily transactions — And, it needs to to be differentiated from Bitcoin Core (BTC) to avoid confusion,” explains Shishido’s BUIP request.
The “cash” denomination has been discussed and proposed by many people before. Authors of this BUIP take no credit for inventing the term — As BCH grows in price versus fiat currencies, it’s important to give users the ability to quickly and accurately calculate prices for transactions, savings and other economic activities.
Unit Wallet Adds the ‘Cash’ Denomination
So far Shishido’s idea has been welcomed by the community and he has been asking businesses to consider the idea. Just recently the bitcoin cash-centric mobile platform Unit Wallet just launched its latest 2.0 version with new features like the Cash address format.
Moreover, Unit Wallet also utilized Shishido’s cash denomination concept and smaller fractions of BCH contain the word ‘cash’ in the user interface. Check out why Ken Shishido thinks BCH proponents should bolster the idea of a ‘cash’ denomination in the video below.
What do you think about using the ‘cash’ denomination for smaller fractions of BCH? Let us know what you think about this subject in the comments below.
Images via Twitter, and the Satoshi’s Vision Conference Tokyo.
The post Ken Shishido Wants Everybody to Use the ‘Cash’ Denomination for Fractions of BCH appeared first on Bitcoin News.
Gennady Golovkin is NOT giving up on a second mega-fight with Canelo Alvarez, despite his positive PED test … and now has his sights set on a September 15 rematch. TMZ Sports spoke with GGG’s promoter, Tom Loeffler, who tells us Gennady is…
UFC champ Demetrious Johnson better watch his back, ’cause his red-hot ex-rival says he’s gotten WAY better since their first scrap — and he’s dying for “a piece of the Mouse.” We spoke to flyweight contender Henry Cejudo on the heels of Dana…