Day: September 5, 2018

EU Lawmakers Weigh ‘Standard’ for ICOs Under Crowdfunding Rules

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Members of the European Parliament held a meeting on Tuesday to discuss a proposal that, if approved, would create new regulations on initial coin offerings (ICOs) held within the economic bloc. The All-Party Innovation Group within the EU Parliament met to examine the potential benefits and issues with rules for ICOs that would form part of a wider crowdfunding framework. As CoinDesk previously reported, the proposal was written by Ashley Fox, a Member of the European Parliament (MEP). Fox called for an 8 million euro cap on token sale proceeds…

R3 Rebuffed In Attempted Bid for Settlement Coin Blockchain Project

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Enterprise blockchain is a tough old game. R3, one of the most prominent startups in the sector, tried unsuccessfully this summer to muscle in on another blockchain consortium, the Utility Settlement Coin (USC) project, which is managed by U.K. technology vendor Clearmatics, CoinDesk has learned. In early June, R3 proposed to the USC’s bank members that the project be built on the startup’s Corda platform, instead of Clearmatics, which has been building the platform since the project’s inception in 2015, according to four people familiar with the situation. To entice…

PBoC’s Digital Currency Lab Launches New Research Center

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The Digital Currency Research Lab of the People’s Bank of China (PBoC) is further expanding its ongoing research efforts to several cities outside of Beijing to encourage deployment of fintech, including blockchain, in real-life projects. According to a report on Wednesday from local financial news source Securities Times, the lab has launched a fintech center in Nanjing, the capital city of the eastern Jiangsu province, in partnership with the municipal government. The goal is to apply technologies developed by the lab in pilot programs with banks and academic institutions such as the…

Bull Trap? Bitcoin Price Slides Below $7K Despite Strong Indicators

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Bitcoin dropped below $7,000 a few minutes before press time, in a move that warrants caution as a possible bull trap. The leading cryptocurrency closed yesterday (as per UTC) above the trendline sloping downwards from the March 5 high and May 5 high, seemingly confirming a long-term bearish-to-bullish trend change. However, the follow-through has been disappointing. As of writing, BTC is changing hands at $6,965 on Bitfinex – down 3.5 percent on a 24-hour basis. The negative price action reminds us of a failed long-term bullish breakout seen in July,…

Ripio Rolls Out Crypto-Powered Loans Across Latin America

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Here’s something you don’t see every day: an ICO that has actually led to a shipped, working financial product. Revealed exclusively to CoinDesk, Argentinian startup Ripio is making peer-to-peer microloans available today to all its 200,000 bitcoin wallet users in Argentina, Mexico, and Brazil. The Buenos Aires-based company raised $37 million in an initial coin offering (ICO) last year to build the Ripio Credit Network, which matches individual lenders and borrowers across the globe through ethereum smart contracts. Today’s full rollout of that marketplace follows a closed beta in which more than…

Bitcoin Price Update: BTC Erases Recent Gains, Drops Three Percent in Minutes as Cryptocurrency Market Suffers Fresh Plunge

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Bitcoin is currently on a downward trajectory and could easily fall below $7,000 for the first time since the start of September. The price decline comes as other cryptocurrencies are also currently experiencing significant price reductions. Bitcoin in Danger of Falling Below $7,000 As at press time, Bitcoin was valued a little above $7,000 on Coinmarketcap and has already slipped below the price mark on Bitfinex. The top-ranked cryptocurrency slipped by more than three minutes in ten minutes, erasing the steady gains of the past few days. This reduction takes…

Central Bank’s Digital Currency Lab Launches Research Center in Eastern Province

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China’s central bank, the People’s Bank of China (PBoC), is extending the activities of its Digital Currency Research Lab beyond the country’s capital, local media outlet CNstock reports September 5. The news reveals that the lab has opened a new fintech research center in Nanjing, the capital of China’s eastern Jiangsu province. The establishment of municipal fintech centers is reportedly intended to support the PBoC’s testing of its recently developed digital currency prototype, as the bank steers the prototype to production. The Jiangsu center has been established in partnership with…

Bitcoin Drops 2% in 30 Minutes as Crypto Market Bleeds

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Within the past 30 minutes, the Bitcoin price has dropped by more than 2 percent from $7,400 to $6,950, pushing tokens and other major cryptocurrencies to record large losses. Ethereum, Ripple, Bitcoin Cash, and EOS recorded 6 to 7 percent losses as Bitcoin failed to maintain momentum in the $7,400 range. If Bitcoin manages to immediately rebound to the $7,200 to $7,300 range in the next 12 to 24 hours and finds some stability in the low $7,000 region, then it is possible for the dominant cryptocurrency to avoid a…

Civic to Spend $43 Million In Tokens In Aggressive User Expansion

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Like all crypto projects, Civic, the pioneering blockchain-powered identity startup, needs people, lots of people, using its platform. And, according to Civic founder Vinny Lingham, while the technology is all in place for the system to work, it’s this network of users that the company is still struggling to achieve. In an effort to spur this adoption, Civic announced Wednesday that it will be paying for all identity checks for users and business partners from now until the end of the year. Well, at least, $43 million worth. All told,…

Litecoin approaches $70 to hit one-month high

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Litecoin’s price hit a one-month high amid a broader bullish tone in the crypto markets. The 7th largest digital currency by market capitalization hit $68.59, its highest price since August 7th according to coinmarketcap. Additionally, the coin’s market cap stands at $3.9 billion, also its highest in the last month. For the first time in weeks, Litecoin (LTC) price finally managed to hit a one-month high of $68.59. Currently, the coin’s price stands at $67.82 after gaining 2% in the last 24 hours. Although many may assume this development, it…