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“Industry-academia” partnership between Korea University and Huobi crypto exchange seeks mutual benefits
“Industry-academia” partnership between Korea University and Huobi crypto exchange seeks mutual benefits
With crypto scams running rampant across the globe, Human Trust Protocol, aka Hub, is joining hands with Civic, a blockchain identification service provider, to verify users via know-your-client (KYC) data gather…
With crypto scams running rampant across the globe, Human Trust Protocol, aka Hub, is joining hands with Civic, a blockchain identification service provider, to verify users via know-your-client (KYC) data gathered from the Civic secure identity platform (SIP). The new project entitled ICO Hub is an algorithmic ICO rating service that adds identity verification as a central rating factor: Hub representatives will now be able to identify ICO project team members and organizers to ensure a platform’s authenticity before investors step in.
Launched by LinkedIn’s original CTO and co-founder Eric Ly, Hub works to establish blockchain histories and reputations by granting users blockchain-specific tokens which they can then add to a platform’s reputation data, thereby building its online market presence.
Civic seeks to grant consumers a say in whether their identities are used in real-time by providing low-cost, on-demand and secure identity verification technology that boosts transparency and legitimacy in the crypto space. Civic uses a decentralized structure with biometrics on mobile devices, and provides multi-factor authentication without usernames, passwords, physical tokens or third-party involvement.
ICO Hub is built on a specific rating system. ICOs will ultimately receive “trust scores” based on the authenticity of their organizers’ claims and users’ outcome predictions.
In a statement, founder and CEO Eric Ly explained, “At Hub, our objective is to help users develop and manage their reputation data and incentivize meaningful and authentic interactions online through our human trust protocol. Civic’s secure and private ecosystem that enables decentralized, reusable KYC is a perfect fit, and gives our protocol users another means to bolster their reputation histories.”
CTO and co-founder of Civic Jonathan Smith told Bitcoin Magazine that the Wall Street Journal recently analyzed over 1,400 digital coin offerings, and found that roughly 20 percent of them engage in some sort of fraud, from plagiarized investor documents to fake executive teams.
“Within the coin offerings analyzed by the Journal, nearly $1 billion was poured into fraudulent investments, and so far, investors have claimed losses of up to $273 million,” he states.
Both Civic and Hub believe their collaboration on ICO Hub will contribute to lasting trust in the blockchain space, boost users’ credentials on neighboring platforms, and improve transaction efficiency.
“ICO Hub is the first algorithmic ICO rating system that, unlike qualitative analysis-based rating systems, will help companies more towards self-regulation,” Smith said. “In a time where crypto projects are under constant scrutiny, it will help users stake tokens and predict the outcomes of ICO projects, instead of relying on social and github signals. Having a strong ID verification service integrated in the algorithmic evaluation will enable Hub to significantly reduce the risks related to impersonation and fake personas that have plagued ICOs and allowed fraudsters to run off with money undetected.”
Regulators have consistently worked to crackdown on fraudulent ICO projects. Last February, the Securities and Exchange Commission (SEC) issued a string of subpoenas to several ICO organizers, believing they were in violation of recent securities laws, and speaking with CNBC last November, Ethereum co-founder Joseph Lubin commented that most ICOs are fake, and have no intention of offering anything valid to their investors.
This article originally appeared on Bitcoin Magazine.
ReutersBitcoin sinks to two-month low as downtrend persistsReutersSo far in 2018, bitcoin is down nearly 53 percent, after soaring more than 1,300 percent last year. On Sunday, Coinrail, a relatively small cryptocurrency exchange in South Korea, said i…
Reuters | Bitcoin sinks to two-month low as downtrend persists Reuters So far in 2018, bitcoin is down nearly 53 percent, after soaring more than 1,300 percent last year. On Sunday, Coinrail, a relatively small cryptocurrency exchange in South Korea, said its system was hit by “cyber intrusion,” causing a loss of about 30 ... Hacking Will Make Bitcoin, Ethereum And XRP Stronger Bitcoin Price Drop after South Korean Exchange Hack Another week, another bitcoin hack, another huge price drop |
Some members of the crypto community were surprised Tuesday when the U.S.-based exchange startup Coinbase announced that it plans to list ETC.
Some members of the crypto community were surprised Tuesday when the U.S.-based exchange startup Coinbase announced that it plans to list ETC.
In the previous BTC-USD market analysis, we discussed a macro pattern forming, called a “symmetrical triangle.” A symmetrical triangle (shown in red) is a directionally agnostic consolidation pattern. Until this …
In the previous BTC-USD market analysis, we discussed a macro pattern forming, called a “symmetrical triangle.” A symmetrical triangle (shown in red) is a directionally agnostic consolidation pattern. Until this weekend, the market hadn’t decided whether it was going to break up or break down out of the pattern. Over the weekend, the bitcoin market saw a very strong push on very high volume through the bottom support of the triangle:
Figure 1: BTC-USD, 12-Hour Candles, Symmetrical Triangle Breakdown
The implications of this consolidation pattern breaking down have potentially devastating ramifications for the crypto market across the board. With patterns like a symmetrical triangle, there is a measured move that will give insight into a potential price target that will play out upon the breakout. In our case the measured move is a staggering $5,500 move. If the triangle had broken to the top, we could have expected to see a $5,500 move to the top. However, since we broke to the bottom of this pattern, we could potentially be heading for prices ranging from $1,500 – $3,000. Whether that target becomes fully realized remains to be seen, but those prices are not out of the question.
When we look at current support levels that may impede the downward motion, a few tests need to be broken before the full-fledged bearish pressure really begins to manifest in the market.
Our previous low at $6,450 was the lower boundary of an accumulation trading range that caused the market to make a very sizeable rally, testing the $10,000 range. Breaking this price level would undoubtedly send a cascade of stop-market orders, as this is a line-in-the-sand-type of price level: It’s where the bears previously decided they would no longer sell below that range and where the bulls decided it was a good entry point for long positions.
If the $6,450 price levels fail to hold up the market, the next immediate test will be the v-bottom we saw back in February that tested the lower $6,000s. There was a very high level of buyer interest at that level, and it was a level where aggressive short sellers covered and caused a rally. If we manage to break that level, we enter a high likelihood of deeper tests of market support where we will need to zoom out even further on our market view:
Figure 2: BTCUSD, 1 Day Candles, Fibonacci Retracement Values
If we draw out the Fibonacci retracement set for this entire parabolic run-up, we see a potentially strong level of support around the 78% retracement (the $4,500 range). Historic parabolic run-ups have, at maximum, retraced to the 78% range before ultimately bottoming. To me, this area is a strong zone of observation and not necessarily a zone of action as the price target of the aforementioned symmetrical triangle is well below that.
It’s very important to keep in mind this is all hypothetical and contingent upon the market response to the various support levels. At the time of this article, we are currently testing the strength of the first, initial, crucial support level.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine.
One of the best aspects of cryptocurrency is that it is incredibly divisible and almost wholly permissionless (though exchanges can require things like KYC/AML which may deny some access to the under- and unbanked). This means that crypto is generally more accessible to many more people than the legacy financial system. Users are not limited […]
One of the best aspects of cryptocurrency is that it is incredibly divisible and almost wholly permissionless (though exchanges can require things like KYC/AML which may deny some access to the under- and unbanked). This means that crypto is generally more accessible to many more people than the legacy financial system. Users are not limited to buying whole shares, or round sum shares (100 shares, for instance) of an asset.
So, someone does not need to be wealthy or well-off to participate in the ecosystem, and they may be able to interface with it in a more meaningful way than legacy finance would allow them. This is a huge development in financial agency for all.
But let’s say you’re struggling a little bit with the day-to-day, and can’t even think of how to begin buying into cryptocurrency. What are some ways to start?
Well, I really began getting into cryptocurrency in 2013-2014, when I was working a poorly-paying job and had more student loans to pay. Then I moved to one of the most expensive cities in the world while earning my master’s degree. I thought I would share some of the ways I still found cash to buy into cryptocurrency during those times.
Note: Some of these methods require also keeping close tabs on the amount of funds in one’s checking account. I use a simple plain text app to keep track of how much is actually in my checking account at any given point.
One of my favorite ways to save a little money that I can later throw into savings, throw at my brokerage, or throw into crypto (or just treat myself to a nicer 6-pack of beer) is to round up each purchase I make as I subtract it from my checking account note. Then at the end of the month when I balance all of my accounts, there is a little something left over. Usually, I’ll use this to buy some more cryptocurrency.
This worked particularly well for me prior to moving to London, when I had my poorly-paying job. It also helped me really question whether or not I needed the unnecessary things in life (since my little note under-reported my account’s actual worth).
It takes a while for this strategy to really start accumulating a good amount of crypto, but it was helpful for me to allocate a certain, comfortable amount. There are actually a few apps that do this for legacy finance already, and I wouldn’t be surprised if there are already similar ones for crypto.
This strategy works best for me when I have a steady job and pretty consistent expenses. Dollar cost averaging is when someone purchases the same dollar amount of an asset on a periodic basis, regardless of that asset’s worth at the time. The theory is that over time, the cost of acquisition is averaged out, since a buyer will buy in both highs and lows for that market. I’m a fan of this strategy, as it has worked well for me in the past when accumulating crypto.
Obviously, one of the best ways for someone without a lot of money to start getting into crypto is to freelance and get paid in crypto. There are numerous opportunities for the weekend warrior in the crypto space, with countless news sites, blogs, and other jobs requiring that human touch. It is worth exploring, and definitely rewarding.
This one relies on chance a bit more than the others. When living in London, I also worked as a bartender at the Holborn Whippet (great pub, by the way – check it out if you’re in the area). Our U.S. based readers may be surprised to learn that tipping in other countries doesn’t really happen. My pub did have a tip jar, which was usually empty because, again, it’s just not a thing there. However, here and there we would receive tips and divvy them up among the workers that night. For me, this would immediately go into the bitcoin ATM down the road.
I also enjoy finding coins (and the occasional note) on the ground. These also go into crypto as soon as possible.
The nice part about this strategy for me was that I didn’t stress about exchange rates, since it was all money I didn’t expect to have anyway.
*
These are just some of the strategies I use when money gets a little tight to keep buying into crypto, but they’re far from all of them. Just a reminder: this is not financial or investing advice; always do your own research.
The international financial crime watchdog, the Financial Action Task Force (FATF), will hold discussions later this month to develop rules for governing cryptocurrency exchanges. It will primarily make sure effective countermeasures are in place to prevent money laundering and terrorist funding, according to a Japanese government official familiar with the matter. FAFT to Develop Binding…
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The international financial crime watchdog, the Financial Action Task Force (FATF), will hold discussions later this month to develop rules for governing cryptocurrency exchanges. It will primarily make sure effective countermeasures are in place to prevent money laundering and terrorist funding, according to a Japanese government official familiar with the matter.
The push to develop these rules comes after financial policymakers from the world’s top 20 economies (G20) called for regulators to monitor cryptocurrencies in March. Under the current guidelines, which were established in June 2015 and are non-binding, cryptocurrency exchanges must be registered or licensed and must verify customers’ identities to prevent money laundering. Suspicious trading is also supposed to be reported.
The FATF discussions beginning June 24 will look at whether those rules are still appropriate, how they can be applied to new exchanges, and how to work with countries that have moved to ban cryptocurrency trading, according to an official who spoke on the condition of anonymity, report Reuters.
FAFT is a Paris-based group of 37 countries as well as two organizations (the European Commission and the Gulf Cooperation Council). The intergovernmental organization was established to create policies to combat money laundering and terrorism financing. Its members include China, South Korea, South Africa, Argentina, India, and others. Most of these counties are major markets for cryptocurrencies and associated blockchain technology.
Earlier this year, an official who was present at the meeting in March described the moves as follows:
“FAFT discussed the need to revise its own international standards along with the revision of the virtual currency guideline created on June 2015 and agreed to present the report to the G20 finance ministers during the meeting in March.”
As has been reported, Japan was the one of the first countries to put in place a registration system for cryptocurrency exchanges. But with current guidelines being non-binding, enforcement among other countries is inconsistent.
This is set to change, and the Japanese government, who is due to chair the G20 in 2020, hopes to take the lead on the matter. It is pushing for adoption of the new binding rules by 2019 at the latest, according to the official. The official also reiterated that Japan believes it can gain the cooperation of governments in Europe and the United States.
At the March meeting, in attempts to give the FAFT a clearer picture of the crypto-space, South Korea presented the measures that it has already taken to regulate cryptocurrencies. These regulatory moves by South Korea led to the banning of the anonymous trading of cryptocurrencies. Exchanges in the country are also required to follow strict regulations and thoroughly verify customers’ identities.
If the policies that are to be drafted later this month are based off Japan’s or South Korea’s regulations (or a combination of the two) this is likely to mean good things for the crypto ecosystem, as Asian countries have been at the forefront of policy-making for the nascent industry.
Featured image from Shutterstock.
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Forbes |
Is Bitcoin Building Support Above $6000?
Forbes Since declining sharply on Sunday, the digital currency has fluctuated largely between $6,600 and $6,900, according to the CoinDesk Bitcoin Price Index (BPI). Over the last few hours, the cryptocurrency has moved slightly below that range, falling to … Bitcoin’s Price Slides Below $6.5K to Hit 70-Day LowCoindesk |
Forbes | Is Bitcoin Building Support Above $6000? Forbes Since declining sharply on Sunday, the digital currency has fluctuated largely between $6,600 and $6,900, according to the CoinDesk Bitcoin Price Index (BPI). Over the last few hours, the cryptocurrency has moved slightly below that range, falling to ... Bitcoin's Price Slides Below $6.5K to Hit 70-Day Low |
The price of bitcoin, the world’s largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday.
The price of bitcoin, the world’s largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday.
Authorities in Japan are investigating a number individuals who are alleged to have duped website visitors into mining cryptocurrency for them without their permission. If charges are pressed, it will be the first time that cryptojacking has become a criminal case in the nation. CoinHive Uses the Computers of Others to Mine Cryptocurrency The law…
The post Japanese Police Investigates Individuals Alleged to be Involved with Cryptojacking appeared first on NewsBTC.
Authorities in Japan are investigating a number individuals who are alleged to have duped website visitors into mining cryptocurrency for them without their permission. If charges are pressed, it will be the first time that cryptojacking has become a criminal case in the nation.
The law that the individuals are thought to be in breach of bans the use of computer viruses in Japan. The investigation is being carried out by multiple police departments in the nation. These include Kanagawa, Chiba, and Tochigi.
According to local news source Mainichi, the people involved in the suspected cryptojacking created their websites last autumn. When visiting these sites, a piece of software was downloaded onto the visitors’ computers. This was then used to mine the cryptocurrency Monero for the creators of the site and the developers of the software.
The software itself is known as CoinHive. Those who create websites that host CoinHive take 70% of the revenue generated. Meanwhile, the developers who created the software take the remaining 30%. This means that the owners of the computer systems being used to mine the currency don’t benefit at all from their processors being used in such a way. Users of exploited machines may experience their systems responding more slowly than usual or using additional electricity. It can also degrade batteries much quicker than their expected shelf life.
There have been examples of websites using the CoinHive software in a way that isn’t malicious. If clearly mentioned somewhere on the page, the authorities do not consider it a breach of existing legislation. Some publishers of content argue that CoinHive provides a way to monetise a page without relying on advertisers to fund content creation. It is specifically cases in which the software has been used without the consent of the computers’ owners that is thought to be illegal in Japan. This is because systems have been forced to behave in a way that was not the intention of their owners.
There have even been cases where similar software has been used for good. In April, we reported on a project by children’s charity UNICEF. Their ‘HopePage’ was designed to be open by charitable browsers whilst they were using the internet. The visitors could start the software mining Monero and designate as much or as little of their computing power to the activity. The funds generated go towards the various projects the charity are engaged with.
It has been reported that Japanese police are looking into cases involving three individuals suspected of cryptojacking by using software to mine without the permission of the owners of computer systems. One of the suspects is a website designer who has been ordered to pay 100,000 yen for illegally keeping a virus on their machine. The accused argues that it is for non-malicious purposes. The case will be heard at Yokohama District Court soon.
The defence lawyer in the case, Takahi Hirano, has indicated that he intends to refute all charges. According to Mainichi, he has said:
“It’s not right that only Coinhive is painted as the bad guy.”
Featured image from Shutterstock.
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The idea of insurance started, unsurprisingly, with merchants. Over the ages, this concept has undergone major improvements, primarily thanks to Chinese and Venetian merchants. The modern insurance industry is comprised of two structural components – carriers and policyholders – connected by a middleman, usually a sales team. While the global insurance ecosystem accounts for 5.7% […]
The idea of insurance started, unsurprisingly, with merchants. Over the ages, this concept has undergone major improvements, primarily thanks to Chinese and Venetian merchants. The modern insurance industry is comprised of two structural components – carriers and policyholders – connected by a middleman, usually a sales team.
While the global insurance ecosystem accounts for 5.7% of the world’s economic output, discernible innovation in this field has been lacking. This stagnation has exposed structural inefficiencies which can be effectively addressed by inventive collaboration via the blockchain.
By utilizing blockchain technology for insurance, PolicyPal Network is looking to create a decentralized platform to facilitate the purchase of insurance policies. Its portal is also intended as a secure validation point for swift and easy disbursement of funds.
This is a non-regulated platform built with the idea of bringing insurance protection to the vast number of unbanked people in developing economies.
It features comprehensive protection plans that look to reduce risk in the cryptocurrency space for any type of crypto asset.
The platform offers secure, time-stamped storage of a policy holder’s relevant information, which serves to eliminate any duplication.
The blockchain affords smart contracts which will automate payouts and address the primary bottleneck in this area, verification delays.
Along with the above, there is unmatched transparency during the reconciliation process.
Advantages of integrating blockchain tech into insurance
The main focus is on ushering in modern technology to an age-old practice. The issues that PolicyPal Network looks to address are:
The large number of unbanked and uninsured people in the developing world: By simplifying the barriers to entry for insurance coverage, consumers in developing countries are afforded access to the insurance ecosystem.
Security of crypto assets: Insurance against hacks on cryptocurrency exchanges and wallets is no longer a luxury. This platform will offer robust protection for commercial enterprise and individual investors against loss of funds.
Simplifying policy claims: The use of smart contracts in combination with trusted third party data sources allows policy claims to be processed automatically, significantly cutting down on handling time.
Preemptive action against insurance fraud: A blockchain is a decentralized time-stamped ledger. This fact augurs well for the industry, as it can ensure data immutability and transparency on the ledger, diminishing the possibility of fraud.
How It WorksThe platform utilizes blockchain technology for easy accessibility to the insurance ecosystem. PolicyPal Network is looking to leverage its existing partnerships in emerging markets to reduce barriers to entry as well as spread overall risk among a larger group to significantly lower each individual’s contribution. These partnerships are key to the distribution of the proposed insurance products. Lastly, the partners play a key role in identity verification of users as well as verification of claim documents to minimize fraud and scams.
Through this shared network, transactions are processed through a secure, shared ledger that helps to improve overall operational efficiency.
A high-level overview of PolicyPal Network
Members pay a joining fee and then a monthly membership fee. They are grouped into pools of 5,000 to assist with claims payout. Token holders can actively participate by suggesting new and different insurance products as well as assisting with the marketing of insurance policies among the community. The system rewards PolicyPal Network Tokens to various individuals when the pool they helped to form has a lower-than-average claim ratio.
PolicyPal Network is being developed on the Ethereum blockchain. Following that, PolicyPal Network’s blockchain will be based off a private fork of the Ethereum codebase. This will naturally be tailored to insurance products. The plan is for there to be two sidechains: Plasma for scaling and PPSecure for privacy and security.
PolicyPal’s application uses Django as a core framework for building on the web. React Native and Redux are used for application rendering and state handling for the mobile app.
Val Yap is the Chief Executive Officer and Founder of PolicyPal. She brings a wealth of experience, having served as the Assistant Vice President at OCBC Bank. Her involvement spanned a wide range of digital initiatives and brand rejuvenation campaigns. Yap also served as a Risk Assurance Associate at PwC’s London office. She holds an MSc degree from London’s Imperial College. In 2017, Forbes included her on its ‘30 under 30′ list in the Finance & Venture Capital category.
KC Wong is the Tech Lead at PolicyPal. He has deep and varied experience in a multitude of OOP languages including C++, GO, Python, and JavaScript. With previous experience in HyperLedger and Ethereum along with a deep interest in the cryptocurrency sphere, he is keenly abreast of all developments within the space. His experience includes laying technical groundwork, building a backend web infrastructure, and developing a content management system for a similar undertaking.
Scott Walchek is the Founder and CEO of Trōv. He is a successful technology entrepreneur who was involved in the formation and development of various internet technologies over the past 25 years, including Macromedia, C2B Technologies, and Debt Market. The fact that he was a co-lead investor and founding director of Baidu gives a fair assessment of his entrepreneurial acumen.
Introduced into the market at the start of May 2018, PolicyPal tokens (PAL) were initially valued at US$0.030 per token.
PAL lifetime performance chart (courtesy of CoinMarketCap)
As of the 9th of June, PAL’s trading value is US$0.0329. While the true potential of this token is debatable, the idea itself and the people involved with this project give it extra credibility.
The PolicyPal Network looks to simplify a tedious yet important service. Its multiplicity and ease of implementation makes this an intriguing prospect. Consequently, it would not be a surprise to see this service blossom as the year progresses.
If you are interested in investing in PolicyPal, PAL trading pairs are currently available on DDEX, IDEX, and OTCBTC.
Bloomberg |
Bitcoin’s Collapse Accelerates, Falls to Lowest Since February …
Bloomberg Bitcoin tumbled to its lowest level since February as the meltdown in the world’s largest digital currency accelerated, renewing concern about the long-term … Bitcoin extends meltdown to February lowThe Australian Financial Review |
Bloomberg | Bitcoin's Collapse Accelerates, Falls to Lowest Since February ... Bloomberg Bitcoin tumbled to its lowest level since February as the meltdown in the world's largest digital currency accelerated, renewing concern about the long-term ... Bitcoin extends meltdown to February low |
South Korea’s commercial banking group to launch a blockchain-based customer ID verification platform in July
South Korea’s commercial banking group to launch a blockchain-based customer ID verification platform in July
In a letter addressed to the CEOs of domestic banks, the United Kingdom’s Financial Conduct Authority (FCA) has made recommendations for financial institutions to ramp up “good practice” approaches in regards to their clients who offer crypto-related services. Protection and prevention The letter begins by highlighting that evidence of cryptocurrencies being utilized for criminal activities …
The post UK’s FCA Advises Banks on “Good Practice” for Crypto Financial Crime Risks appeared first on BitcoinNews.com.
In a letter addressed to the CEOs of domestic banks, the United Kingdom’s Financial Conduct Authority (FCA) has made recommendations for financial institutions to ramp up “good practice” approaches in regards to their clients who offer crypto-related services.
The letter begins by highlighting that evidence of cryptocurrencies being utilized for criminal activities is growing. Despite there being plenty of non-criminal motives for the usage of digital currencies, the anonymous and international scale of the technology means that it is open to abuse.
More specifically, the FCA asks financial institution CEOs to “enhance your scrutiny” of clients who “derive significant business activities or revenues from crypto-related activities”. This regards services or products provided by clients that may include: operating cryptocurrency exchanges, trading cryptocurrencies or even “where your firm wishes to arrange, advise on, or take part in an ‘initial coin offering’” (ICO).
The letter suggests that “reasonable and proportionate” measures are taken to reduce the risk of the addressees’ firms facilitating financial crimes. It advises the staff to be thoroughly educated in cryptoassets to make it easier for them to identify high-risk clients or activities.
Additionally, the UK financial watchdog asks firms are to ensure that “existing financial crime frameworks adequately reflect the crypto-related activities which the firm is involved in”, as well as being able to keep up with the rapid developments from the nascent industry.
The FCA is also encouraging several other measures such as engaging clients and understanding the nature and risks of their business, thorough checks of “key individuals” in the client business, and assessing the adequacy of clients who offer crypto-exchange services. For those involved in ICOs, the FCA advises that these clients have their investor-base, token functionality and jurisdictions considered.
These are positive notes coming from the FCA considering that its letter goes on to make it clear that not all crypto-related clients should be treated with a blanket of scrutiny. However, appropriate measures should always be taken to reduce risk.
Notably, an example of “high-risk”, according to the FCA, would be one where a client is utilizing a state-sponsored crypto asset, which it says are designed to evade international financial sanctions.
For example, the Venezuelan state-backed cryptocurrency Petro token which could overcome “severe economic issues”, although it has been embroiled in controversy with allegations of falsified ICO records. This has caused US president Donald Trump to enact an executive order that bans all US residents from using Petro tokens.
At the end of the letter, the FCA highlights the risks posed to retails customers who contribute larger sums to ICOs, indicating that they may be at a higher risk of investment fraud.
Bitcoin News has reported on several occasions that the United Kingdom and the FCA have been a relatively positive force in the progression of cryptocurrency- and blockchain-related investigations and regulations. The ‘Dear CEO’ letter is another step forward; it makes efforts to ensure that financial institutions are aware of and prepared for the future without stifling the technology.
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CNBC |
Even as bitcoin plunges, it’s still more popular than Beyonce, crypto expert Brian Kelly says
CNBC Google searches for bitcoin have plummeted 75 percent this year, leading some to worry investors are losing interest in the buzzy cryptocurrency. Not bitcoin expert Brian Kelly. “It’s probably good that we’ve got some of the speculative froth out of … |
CNBC | Even as bitcoin plunges, it's still more popular than Beyonce, crypto expert Brian Kelly says CNBC Google searches for bitcoin have plummeted 75 percent this year, leading some to worry investors are losing interest in the buzzy cryptocurrency. Not bitcoin expert Brian Kelly. "It's probably good that we've got some of the speculative froth out of ... |