August 6 2019

Iran Bans Cryptocurrency Payments 🚫

Iranian news agency PressTV, reports that the Government of Iran has passed a new law, according to which cryptocurrency is not recognized as legal tender, and internal transactions using cryptocurrency are considered illegal. 🙅‍♂️

The regulation states that the government and the banking system will not consider digital coins as legal method of payments, and the central bank of Iran will not guarantee their value. 💼

The adoption of the law followed recent comments by the Deputy Governor of the Central Bank of Iran, who announced in July that buying and selling cryptocurrencies, such as Bitcoins (BTC), are illegal. 🏦

At the same time last month Iran passed a law allowing crypto mining. ⛏️

The government of Iran referred the extraction of cryptocurrency to the category of industrial activity. 🔥

In order to mine cryptocurrency, local miners must obtain permission from the Ministry of Industry, Mine and Trade of Iran as reported in the video before that you should see at the screen. Just in case I left the link below that video. 🏦

Cryptocurrency mining equipment should be located no closer than the 30-kilometer zone from the provincial centers of the country, as well as the cities such as Iran’s capital Tehran and the large center of Isfahan are generally excluded from the list, PressTV notes. ⛏️

According to the new rules, the cost of electricity that will be used in crypto mining will be much higher than in other cases of consumption. 🔥

The final tariffs have not yet been published, but according to preliminary reports, the tariff will be set at about 7 cents per kilowatt, equating it to electricity exports, as opposed to 2 cents per kilowatt, which is set for domestic consumption. 💼

At the same time, no permits for the import of mining equipment have been issued so far, and on July 31, according to the Cointelegraph, the Iranian provincial police arrested a person for smuggling cryptocurrency equipment worth about $230,000. 🤔

It is unclear whether the prohibition on payments in cryptocurrency, established by the new law, also applies to crypto exchange, where crypto assets are exchanged for others. 🌍

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Category: Crypto World News | Comments Off on Iran Bans Cryptocurrency Payments 🚫
August 4 2019

Bitcoin – Scam 😱 Money – Real 💵👍

There is only 21 million Bitcoins against trillions paper dollars and dozens of trillions cyberspace dollars that can double or triple in a single push of a button due to its unlimited supply 💭

Since 1959 fiat money quantity grew up about 50 times. And the purchasing power of 1 dollar in 1959 is equal to purchasing power of 12 cents now 🏦

Do you still think that Bitcoin a Scam? 🤔

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Category: Crypto World News, Cryptocurrencies Trading | Comments Off on Bitcoin – Scam 😱 Money – Real 💵👍
August 2 2019

LedgerX Caught Cheating 😱🛑

On Thursday (August 1), the United States Commodity Futures Trading Commission (CFTC) issued a statement that they never not gave its official permission to the LedgerX cryptocurrency derivatives provider to launch circulation of Bitcoin futures that do not correspond to the company’s statements 🏦

Recall that on July 31, LedgerX reported on the allegedly successful start of trading these tools, with pathos stating that they are the first American company that launched trading in delivery Bitcoin futures. 🎲

In a press release, the company claimed that henceforth all residents of the United States from small retailers to large institutional players were able to make deals with futures and options through the Omni trading terminal. 📰

In addition, the company’s customers were given the opportunity not to invest using US dollars transactions, but to use bitcoins as collateral for their deposits. 🏦

As I reported before in the previous video you can see below. 📜

LedgerX CEO Paul Chow:“Contracts not only have physical delivery in the sense that our customers can get Bitcoins after the expiration of the futures, but first of all they give the opportunity to make Bitcoins as collateral for trading.”📝

Incomprehensible situation with the regulator may result in reputational losses for LedgerX. If the CFTC’s (Commodity Futures Trading Commission’s) permission cannot be obtained soon, it may be done by the parent company of the New York Stock Exchange and the operator of the Bakkt cryptocurrency platform – Intercontinental Exchange (ICE), which has already announced its intention to launch a similar product after obtaining permission from the Commodity Futures Trading Commission USA. 📝

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Category: Crypto World News | Comments Off on LedgerX Caught Cheating 😱🛑
August 1 2019

First US Physical Bitcoin Futures LedgerX 🕙🔥

Cryptocurrency derivatives provider LedgerX officially announced, July 31, that last week it launched the Omni platform, where institutional and retail investors can trade in options, futures and bitcoin swaps with physical delivery 🕙

This is the first case of crypto-currency financial products trading in the US when the participants in the transaction receive the “real” bitcoins, and not their dollar equivalent, as has been the case at the Chicago CME since December 2017 💰

In addition, investors can also purchase contracts using cryptocurrency, which saves customers from having to be tied to the banking system and trade only during the bank’s operating time 🏦

LedgerX CEO Paul Chow said in this connection: “As a digital commodity, bitcoins are traded 24/7/365, and our customers expect it from us, so if you trade on Sunday evening, you no longer need the banking system”.

An important aspect of the project is also the fact that not only large institutions with large financial opportunities, but also individual citizens working from their home application are allowed to trade. To do this, they just have to go through the KYC procedure (“know your client”).

The service is currently open to residents of the United States and Singapore, subject to a minimum deposit of $ 10,000 or 1 BTC.

John Todaro, director of research at TradeBlock, also noted that physically settled contracts allow traders to hedge their bets more adequately, which can be beneficial for non-speculative institutions.

Although cash contracts are considered less costly, they could potentially be more susceptible to manipulation depending on the formula and underlying stock exchanges or indices used for settlements after the expiration, he added.

Another cryptocurrency company, ErisX, also received similar CFTC authorizations, but has not yet announced the launch dates of its product.

At the same time, Bakkt has not yet received a CFTC license, although the crypto platform has already tested its bitcoin futures.

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Category: Crypto World News | Comments Off on First US Physical Bitcoin Futures LedgerX 🕙🔥
August 1 2019

Facebook Reports Libra may never see the Lights ⚖️💡

The company announced this in its quarterly report to the Securities and Exchange Commission in the “Risk Factors” section.

Earlier, Facebook had planned to launch its cryptocurrency project in 2020, but met fierce resistance from regulatory authorities in the vast majority of countries and, above all, at the place of registration, in the United States, at Congress level.

It seems that regulators have realized the scale of the possible negative consequences of such a global project and now, Facebook  fears for the profitability of their business as a whole.

“Libra has drawn close attention from governments and regulators in several jurisdictions, and we expect this analysis to continue.” – says the Facebook report.

The social communications giant also indicates that Libra is based on a relatively new and untested blockchain technology, and laws and regulations relating to the digital currency are vague and uncertain.

Facebook is already responding to many requests from governments and regulators, and further adverse actions on their part or negative advertising can negatively affect the reputation of the social network and damage the company’s entire business.

The report further states that as a cryptocurrency project progresses, it may be subject to various laws and regulations of the United States and international jurisdictions, including, but not exclusively, governing payments, financial services, and the fight against money laundering.

These laws and regulations, as well as any related inquiries or investigations, can delay or prevent the launch of a Libra cryptocurrency project and even other company products or increase operating costs, consume significant time and attention from management, or otherwise damage the company’s business.

Thus, there can be no guarantee that Libra or our related products and services will be provided in  time or will be provided at all. We have no significant previous experience with digital currency or blockchain technologies, which may adversely affect our ability to successfully develop and sell these products and services. We will also incur increased costs due to our participation in the Libra Association and the development and marketing of related products and services. In the end our investments may be unsuccessful. Any of these events may adversely affect our business, reputation or financial results.” –  additionally indicated in the report.

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Category: Crypto World News | Comments Off on Facebook Reports Libra may never see the Lights ⚖️💡
July 30 2019

Iran legalizes Crypto Mining ⛏️⚖️

Iranian news agency Mehr News reported that the Iranian government has allowed the mining of cryptocurrency and now it will be considered one of the types of production activities.

Mining should be licensed from the Ministry of Industry, Oil and Commerce.

Crypto-mining, like other industrial activities, is subject to taxation if the recipient of the cryptocurrency is not exported and the income is not returned to the country.

Despite the fact that the use of digital money in domestic operations is not allowed, the decision of the government should be considered a sequential step towards the legalization of cryptocurrency in Iran. 

As previously reported, the Central Bank of Iran (CBI) has already approved the release of state-owned gold-plated cryptocurrencies. This project was called Paymon. Considering that cryptocurrencies can be used as a means of mitigating the effects of tough economic sanctions imposed by the United States against Iran.

Check out the recent video you can see on the screen. Just in case, I left the link below the video.

Iran is considered one of the most attractive regions for crypto mining because of the low cost of electricity, which is currently about 2 cents per kilowatt-hour, according to Mehr News.

However, the same article states that the government set the price at about 7 cents per kilowatt-hour.

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Category: Crypto World News, Mining | Comments Off on Iran legalizes Crypto Mining ⛏️⚖️
July 29 2019

4 Millions Bitcoins Lost 4ever 😲 🔥

According to a CoinMetrics study, the number of “intact” bitcoins reached a record high.

As of July 19, there were 3,847,859 BTC that had not moved for at least the last five years, which is 21.6% of the total number 1 cryptocurrency put on the market and in current prices is equivalent to almost $ 40 billion.

The analysis also showed that more than 50% of the extracted bitcoin has not yet been used to conduct transactions for more than a year.

As it stated in the company report: CoinMetrics calculates the number of intact bitcoins by subtracting from the total supply of bitcoins the volumes that were made “at least once during a certain period of time”.

Matt Odell, a digital currency analyst, believes that the growing number of bitcoins held for five years suggests that BTC is increasingly being used as a means of accumulating value, and not as a medium of exchange.

In confirmation of this, another study conducted by the New York-based company Chainalysis Inc showed that only 1.3% of transactions with bitcoins in 2019 were made by merchants. The remaining 98.7% of the volume circulate exclusively on the exchanges.

Crypto analyst Willy Woo, a partner at Adaptive Capital, noted that if the number of bitcoins withheld continues to grow, this will lead to low levels of circulation. As a result, the volatility of BTC can increase significantly.

The analyst’s fears may be justified, given that Grayscale Investments reportedly holds about 1% of the turnover supply of cryptocurrency # 1, or 203,000 BTC (about $ 2 billion at current prices).

It is also known that Block.one, the company behind the colossal $ 4 billion ICO EOS, holds about 140,000 BTC, which currently stands at about $ 1.4 billion.

Chainalysis’s research also showed that from 3.79 to 2.78 million bitcoins, i.e. up to 25% of the total turnover of BTC supplies may be lost forever.

Chainalysis estimates were made after segmentation of the amount of BTC in circulation based on age (bitcoin consciousness moment) and transaction activity. For certain segments, the company’s researchers used a statistical sample to determine the number of lost bitcoins.

The reason may be the improper use or loss of private keys, as well as the failure of the physical storage devices of “cold wallets” – hard drives, flash drives, cell phones …

Inaccessible for transactions will also be balances on wallets when their size becomes less than the commission fees of the trading floor.

Given the limited issue of the BTC coin as such, the above factors are becoming an additional powerful driver for increasing the value of digital gold.

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Category: Crypto World News | Comments Off on 4 Millions Bitcoins Lost 4ever 😲 🔥
July 28 2019

Norwegian Air will Accept Bitcoins NBX ✈️🔥

Norwegian news agency Dagens Næringsliv (DN) recently reported that one of Europe’s largest airlines, Norwegian Air, will soon allow passengers to buy tickets using bitcoins.

Using crypto assets to buy plane tickets is not a completely new idea, however, plans of Norwegian Air are promoting this concept further than previous projects.

Most cryptocurrency payment schemes for air services included third-party merchants. For example, the Latvian air transport company AirBaltic offers the opportunity to purchase plane tickets using bitcoins or the air, while transactions are processed through Coinbase.

Norwegian Air, unlike them, is developing its own cryptocurrency exchange, one of whose functions will be air ticket trading. The exchange, called the Norwegian Block Exchange (NBX), will be launched at August of this year.

Given the legal conflicts in the regulation of cryptocurrencies in different countries, this type of payment is initially planned to apply only to citizens of Norway. In addition to bitcoins, the airline will also accept some other cryptocurrencies, but their list has not yet been approved.

In addition to selling tickets for bitcoins, NBX will be integrated with the existing airline reward program. Customers will earn bonus points for using the services of the exchange, and then will be able to exchange these points for discounts on tickets or for other benefits.

Kyos-Mathisen, managing director of NBX, said that in addition to selling tickets to his own airline, the crypto-exchange will be open to other vendors.

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Category: Crypto World News | Comments Off on Norwegian Air will Accept Bitcoins NBX ✈️🔥
July 25 2019

German Regulator allows Tokenized Bonds 🔥

A BaFin Representative told to the press:

“We can confirm that we have approved the Fundament Group prospect. Indeed, we approved the prospectus for bonds based on the blockchain for the first time, but not for the first time with regard to the blockchain technology itself.”

Bonds secured by a portfolio of real estate in major German cities, including Berlin, Hamburg, Rostock and Jena

The volume of issuance of bonds is 250 million euros.

A technologically new financial instrument based on the Ethereum blockchain using the ERC-20 standard. An investor investing in bonds will receive a certificate of ownership or stock in the form of a digital token.

Tokens can be purchased for euros or US dollars, as well as in exchange for Bitcoins or Etherium. Owners of the tokens will receive from 4% to 8% annually. At any time tokens can be sold by the holder in the secondary markets, and without the participation of intermediaries.

Due to such properties, the Fundament Group security token introduces liquidity into the traditionally poorly liquid real estate investment market. The token will be available for sale to any retail investor with no restrictions on accommodation and the minimum investment package.

Florian Glatz, co-founder of the Fundament Group, said: “Typically, these projects are limited to either the minimum investment amount, around 100,000 euros, or are strongly limited by the number of investors you could have. So this is the first truly world-like real estate in the world.”

With the support of a team of experienced lawyers, political advisers and real estate developers, the Fundament Group creates a link between the traditional capital market and the digital blockchain-based financing.

“Since we are the first company to receive approval from the German Financial Market Authority for blockchain-based real estate bonds, we are pleased to start the sale of a real estate security token by preparing tokenization of other very attractive assets.”– added Florian Glatz.

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Category: Crypto World News | Comments Off on German Regulator allows Tokenized Bonds 🔥
July 23 2019

Iran Lanches its own cryptocurrency 🛢️💰

Iranian news agency Trehan News reported that Iran intends to launch a gold- plated cryptocurrency. Iranian Information and Communication Technology Director-General FANAP Shahab Javanmardi said that the Central Bank of Iran (CBI) has approved the release of new cryptocurrencies.

“The Iranian cryptocurrency will be supported by gold, but its function is similar to other cryptocurrencies. A crypto asset is designed to maximize the use of Iran’s frozen bank assets” – said Javanmardi.

The Financial Tribune reported that the gold-plated cryptocurrency project will be called Paymon.

Iran’s development of its own cryptocurrency is taking place against the backdrop of currency shocks in the country caused by US sanctions.

Similar statements are being made from Venezuela, which is also experiencing significant difficulties in international payments due to pressure from Washington.

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Category: Crypto World News, Cryptocurrencies Trading | Comments Off on Iran Lanches its own cryptocurrency 🛢️💰