Day: September 15, 2017

A top legal ethics board in Nebraska has weighed in on the issue of cryptocurrency payments for lawyers.

It appears the Indian government is finally ready to make a decision about Bitcoin and other cryptocurrencies. For a nation with such a strong focus on financial innovation, its leadership remains rather indecisive when it comes to Bitcoin and cryptocurrency. Indeed, there is no official regulation or legal recognition for such currencies in the country whatsoever. However, that situation may finally change in the weeks ahead.

RBI May Render a Decision on Bitcoin Soon

Many governments are struggling to properly define Bitcoin and cryptocurrencies right now. This new form of money is so unlike any other form of currency we have seen to date, it makes little sense to introduce complicated regulation. However, some governments are still taking a very cautious approach by imposing harsh regulations first and foremost. Other nations are seemingly not bothered with regulation at all, which understandably creates confusion for the everyday consumer.

India may very well become one of the hottest countries for Bitcoin in the coming years. The Reserve Bank of India is currently looking into drafting cryptocurrency regulation in the near future, although there is no indication as to how things will unfold. A task force has been set up to potentially grant Bitcoin and other cryptocurrencies legal tender status in the coming weeks.

The RBI is not all too comfortable with Bitcoin because it cannot be properly controlled by banks or governments. This degree of financial freedom provided to consumers and businesses is quite worrisome, for obvious reasons. The Indian government has issued a warning about how cryptocurrencies are, for all intents and purposes, still considered tools suited for money laundering and illegal activity. Coming up with a solution to prevent such illicit activity will be pretty challenging.

With some much uncertainty surrounding the RBI’s research into Bitcoin right now, everyone agrees that their decision will carry a lot of weight. It is possible the outcome will be positive, but we may see a restriction of cryptocurrencies as well, for all we know. The fact that the RBI is in active talks with industry experts indicates a somewhat open-minded approach toward regulating this industry.

Any discussion around cryptocurrency regulation will certainly cause some debate among Bitcoin community members. Many individuals feel there should be no regulation whatsoever, as officials cannot control the protocol itself. All governments can do is impose restrictions or guidelines for regular businesses dealing with cryptocurrency, which may stifle innovation in the long run. We can only hope that does not happen, as India stands to benefit significantly from Bitcoin and other cryptocurrencies.

Discussions like these will become more prevalent on a global scale as time progresses. Cryptocurrencies can no longer be ignored, despite the current downtrend. All of this panic stems from unconfirmed rumors originating from China. Once the air clears, it is not unlikely the Bitcoin price would return to the US$5,000 mark before year’s end. Only time will tell what the future holds in India, though.

Online retailers are seeking solutions to problems plaguing the industry through Blockchain technology

The sell-off in the bitcoin-US dollar exchange rate (BTC/USD) appears to have stalled, with prices trading at $3,550 at press time. Over the course of a volatile day, the cryptocurrency fell to a low of $2,980 oversold technical conditions came into play, as we discussed early today. As per CoinMarketCap, the digital currency has lost 2% […]

Japan is quite an interesting country when it comes to cryptocurrency. Its retail industry has taken a liking to Bitcoin over the past few months. Most of this momentum stems from the fact that the Japanese government legalized Bitcoin in April of this year. To make things more intriguing, the country’s Financial Services Agency will now work on further regulating cryptocurrency exchanges. This is an interesting move that will set a precedent for the rest of the world.

Japan Will Introduce More Cryptocurrency Exchange Regulation

The concept of regulating cryptocurrency exchanges is nothing new. Virtually every country in the world will impose some form of regulation for exchanges at one point or another. Some nations are well ahead of the curve, and it appears Japan is trying to set the tone. The country’s Financial Services Agency is currently looking to introduce additional regulation for cryptocurrencies.

The current plan is to set up a team of 30 government officials tasked with regulating virtual currency exchanges. There will also be a so-called chief of cryptocurrency monitoring. According to our latest information, that position will be filled by one Naoyuki Iwashita, a professor at Kyoto University. He is the former head of the Bank of Japan’s Fintech Center and will provide expert consultation. It will be interesting to see how things play out, as Japan has set a positive tone for the future of cryptocurrency.

Indeed, Japan’s efforts in fintech have been quite noteworthy. In April of 2017, the Financial Services Agency officially recognized virtual currencies like Bitcoin as legitimate forms of payment. In doing so, the local government set a precedent for the rest of the world. Japan had always been relatively quiet on the topic of Bitcoin up until that point, but things have taken a turn for the better ever since. Major retailers now accept in-store Bitcoin payments, for instance, and more services related to cryptocurrency will launch in the future.

Considering how this is brand-new financial technology, a cautious approach is more than warranted at this point in time. That will be the mindset of the new virtual currency regulation task group as well. Traditional business registration processes will not apply to Bitcoin exchanges per se, but it remains unclear what new form of regulation the government will introduce. We do know that Coincheck is the first exchange to have been fully certified under the new rules, although they did not specify which new requirements the company had to adhere to.

Most of the regulatory changes will pertain to Japanese customers first and foremost. Although most Japanese cryptocurrency exchanges accept international customers as well, the latter group does not appear to be of much concern to the government right now. It is certainly possible we would see more thorough Know Your Customer and anti-money laundering procedures moving forward. Additionally, the exchanges themselves may be asked to have minimum capital holdings and positive net assets, although those have not been confirmed requirements at this point.

In the end, this new regulation will be quite positive for cryptocurrencies in Japan. With Bitcoin already having gained legal status in the country, this new regulation will be mainly used to streamline the exchange process for domestic purposes. All of this goes to show that governments can have an open mind toward cryptocurrencies, although Japan is a very unique case.

With more UN restrictions, North Korea may turn to digital currency as a way out.

The international holding company Storm International is planning to open a casino in Latvia. “SL Casino Riga” is the fourth casino to operate under one brand. The gambling houses are famous for its high international standards in service, sophisticated atmosphere and hospitality.

The «Shangri La» casino chain has been operating since 1992 and has already become synonymous to luxury. Key gambling houses are beauties of such capitals as Minsk (Belarus), Yerevan (Armenia) and Tbilisi (Georgia). «Shangri La» casino in Tbilisi has even received the prestigious Golden Brand award as the best casino in Georgia in 2016.

All «Shangri La» casinos comply with Responsible Gambling principles towards players, guarantee security and confidentiality. The new casino in Riga is to meet high world’s gambling standards as well.

Storm International is represented on the European market as well. There is a chain of slot-halls “Storm Casinos” in Germany. All of them are decorated in a unified modern style with mirrors, wood, designer furniture and luxurious carpets. “Storm Casinos” offers unique entertainment shows for guest in addition to slot machines, video poker and electronic roulette.

“SL Casino Riga” intends to become the best casino in Latvia

The new SL Casino in Riga will elevate gambling business of Latvia to a new level. It will be located in the five-star hotel, which will be opened in September 2017.

The popularity of Shangri La casino chain allowed the company to enter new markets. Key business model is to offer a high level of comfort for people with high incomes. Thanks to its unique interiors, natural wood trim and exquisite handmade design elements, the Storm International’s “Shangri La” brand has gained popularity amongst the most demanding public.

The new casino of Latvia “SL Casino Riga” will be located in the heart of Riga. It is only 20 minutes away from the international airport and situated in the beautiful hotel. Nearby there are all of the Latvian capital’s key sights to see.

By the way, building of the hotel itself has its own history. It is located in the building of the famous Soviet hotel “Riga”. And soviets had placed one in the historic “Rome” hotel which was popular among aristocrats, musicians, actors and writers of the end of the 19th century.

Guests of «SL Casino Riga» will be able to stay in comfortable renovated rooms, take an advantage of the services of 2 restaurants and 3 bars, a spa and wellness center, a gym and a swimming pool, a Russian and a Finish saunas.

Alex Kravets was responsible for the hotel new interior look. He is one of the famous British designers. The decor uses frescoes, marble elements, wooden furniture and French artists’ art works.

“SL Casino Riga” is one of the best casinos in Riga. It creates a unique gambling atmosphere. The luxurious interior of it is made in the Art Deco style. The halls are dominated by soft colors and subdued lighting. Here everything is created for the comfort of guests. It is one of the best places in the city with variety of opportunities to relax and enjoy the popular games.

The premises of the new casino in Riga are located on two floors. On the ground floor there is a cozy sports bar and a hall with the most modern slot machines with a separate entrance. On the second floor there are halls with gaming tables.

Following good «Shangri La» brand tradition, there is VIP area in casino. X.O. is its name. It is specially designed for “SL Casino Riga” guests who prefers a private atmosphere and high stakes game. It is an oasis of comfort for those who is used to get only the best. Due to the guaranteed confidentiality, well designed club system and best in class service, Shangri La XO has well established gambling house reputation in Europe.

New Shangri La casino in Latvia offers all of the most popular games:

• dozens of slot machines;

• several types of poker;

• roulette;

• blackjack.

The grand opening of the casino in Riga is scheduled for the middle of October. More information about the Opening party, first visit bonuses and regular customers benefits could be found at official website of “SL Casino Riga”: sl-casino.lv. Come and win!

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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