Exchanges Coinzoom Australia said Dec. 3 that it has been officially registered as a digital currency exchange with financial watchdog Austrac. The registration allows the exchange to operate legally according to Australian law. It will also function as a fiat-to-crypto exchange, with support for a variety of digital assets, including the buying and selling of BTC, BCH and XRP. Also read: Report: Bitcoin Mining Doesn’t Fuel Climate Change, it Benefits the Global Economy Complying With KYC/AML Requirements “Being fully registered … is an important step in our goal to provide globally…
Day: December 3, 2018
Bitcoin Recovers and Finds New Support Above $4,000 Mark: BTCManager’s Week in Review December 3, 2018
After two dark red weeks, bitcoin finally managed to recover and gain new support above the $4,000 mark after trading as low as $3,600 in the prior week. The relief rally saw the price of bitcoin bounced back by almost ten percent to close the week at around $4,150. As the BCH hash war – the primary driver of uncertainty in the crypto market that sparked the recent price crash – has seemingly come to an end, the price of bitcoin managed to regain its footing. Many investors are taking…
Japanese Exchange GMO Coin Set to Resume Bitcoin Cash Trading on ABC’s Chain
GMO Coin, a Japanese cryptocurrency exchange, has resumed Bitcoin Cash (BCH) trading with the BCHABC blockchain, Finance Magnates (FM) reports Dec. 3. The exchange has reportedly “announced that it will be resuming BCH/JPY trading” tomorrow, Dec. 4. The trading had been “temporarily suspended” in an attempt “to avoid the disruption caused” by the recent Nov. 15 hard fork. Finance Magnates writes that they “reached out to the company to enquire which of the two versions of Bitcoin Cash” the exchange will be listing. The spokesperson is quoted as answering “in…
Bitcoin Price Erases Weekend Gains to Confirm Bearish Long-Term Trend
The bitcoin price kicked off the week on a negative note after correcting 2 percent to the downside. The BTC/USD rate found itself unable to breach above the neckline level discussed in our previous analysis. The falling trendlines look stronger than ever in other patterns as well. The symmetrical triangle formation, for instance, on the hourly chart also presents its upper trendline as a strong resistance level to the recent bullish attempts. Bitcoin is forming lower highs and higher lows to consolidate inside the same triangle. As of now, we…
Thailand’s Revenue Departments Tests Blockchain for Tracking Value-Added Tax Payments
Thailand’s Revenue Department is testing blockchain to track value-added tax (VAT) payments, English-language media outlet Bangkok Post (BP) reports Dec. 3. Ekniti Nitithanprapas, director general of the Thai Revenue Department, said that the department “wants to use blockchain technology to prevent VAT refund fraud.” According to the BP, the nation is “on the path to becoming the first country to use the distributed ledger for tax probes if the technology is adopted.” The article cited Nitithanprapas explaining that “blockchain is expected to help verify VAT invoices” and “root out fake…
South Korea’s Finance Ministry Considers Taxing Crypto and ICOs, New Minister Reveals
South Korea‘s Finance Ministry is considering taxation on cryptocurrencies and Initial Coin Offerings (ICOs), daily English-language newspaper The Korea Times reports Monday, Dec. 3. Hong Nam-ki, South Korea’s new Minister of Economy and Finance as well as new Deputy Prime Minister, revealed that а crypto taxation plan will be finalized according to global taxation trends in the industry. Pointing to the current ICO ban in South Korea, the deputy prime minister stated that the authorities will also form a new stance to the industry crypto industry, based on careful consideration…
Swiss Fintech License Allows Blockchain, Crypto Firms to Accept $100 Mln in Public Funds
The Swiss Financial Market Supervisory Authority (FINMA) has released guidelines for their new “FinTech” license, according to a FINMA official press release released Dec. 3 The Swiss financial regulator revealed that license pursuants, which can be blockchain-related and crypto-related firms, will be able to apply for the fintech license with the state authority starting from 2019. The license, which FINMA notes has “relaxed requirements” under the country’s banking ordinance, allows fintech companies to accept public deposits of up to 100 million Swiss francs (CHF), or around $100 million. Within the…
Maduro Raises Petro’s Value By 150 Percent Amid Ongoing Inflation
Venezuelan president Nicolas Maduro has raised the reference value of the national cryptocurrency, Petro, against the background of the country’s ongoing hyperinflation, the president’s official Twitter tweeted Nov. 30. According to major Latin American television channel TeleSur, Maduro first announced the new Petro rate on Thursday. Nov. 29. The value of the Petro is now set at 9,000 sovereign bolivars, instead of the previous 3,600 bolivars. Speaking in Caracas that day, Maduro also ordered an increase in the monthly minimum wage by 150 percent, which is the sixth increase in…
Bitcoin Mining Difficulty Just Saw its Second-Largest Drop in History
The crypto market’s prolonged decline has finally begun to manifest in the bitcoin mining industry, which had at times seemed impervious to falling prices but is now experiencing a moderate exodus. Bitcoin Hash Rate Begins Rare Decline At a basic level, miners produce Bitcoin blocks by competing to solve complex mathematical problems. When the hash rate increases, blocks are found more quickly, while the converse occurs when the hash rate declines. To maintain a consistent block time of ~10 minutes, Bitcoin automatically adjusts the difficulty of these problems at roughly…
Life’s Hard for Crypto Users Who Don’t Speak English, But It Might Be About to Get Easier
The crypto markets have been something of a rollercoaster ride recently, with the price of Bitcoin recently tumbling to its lowest level since October 2018. But despite the doom and gloom, enthusiasm and optimism about cryptocurrencies’ potential remain – so much so that one expert predicts Bitcoin will rally back to $15,000 by the end of the year. One thing that has stood in the way of crypto’s growth as a dominant worldwide force is how it has struggled to transcend cultural and linguistic barriers in certain countries. According to Biztranex, a…