Day: June 5, 2019

P2P Bitcoin Exchange HodlHodl Launches Lightning Network Support

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Non-custodial peer-to-peer (P2P) bitcoin (BTC) exchange HodlHodl announced Lightning Network support in a Medium article published on June 5. The announcement claims that now “everyone is able to buy bitcoins and receive them directly into their Lightning wallet & sell bitcoins directly from their Lightning wallet.” The post also notes that the platform has previously tested Lightning Network support on the test network. The company reportedly only implemented Lightning Network support after successful testing. The post further highlights that the actual procedure will not be much different when compared to…

Facebook to Announce Cryptocurrency Project This Month

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Social media giant Facebook will reportedly announce its cryptocurrency project this month, allowing employees to take part of their salary in the coin, CNBC reports on June 5. Citing a report by The Information, CNBC states that Facebook furthermore plans to cede control of the cryptocurrency to outside parties in order to ensure that the digital asset will not be completely centralized. Third-party organizations will purportedly pay as much as $10 million dollars for the opportunity to act as a node — to validate transactions — on the network for…

South Korean Post Teams Up With Crypto Exchange to Apply Blockchain

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South Korea’s national postal service Korea Post is planning to apply blockchain technology to its billing system, local news agency News1 Korea reports on June 5. The initiative is a collaboration between the South Korean government and local private companies including cryptocurrency exchange Coinplug and global IT company NHN. According to the report, South Korean authorities will grant project participants 800 million won ($677,000) in order to support the initiative. Operating under the authority of the Ministry of Science and ICT, the Korea Post will build a blockchain-powered payment method…

California Public Accountants Seek Clarity on Cryptocurrency Holdings

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The California Society of Certified Public Accountants (CalCPA) is seeking clarity on cryptocurrency holdings from the Financial Accounting Standards Board (FASB), according to a recent letter obtained by Cointelegraph. In the letter, CalCPA stated that accounting for digital currencies is not adequately captured under existing United States Generally Accepted Accounting Principles (GAAP) established by the FASB, and should be generally aligned with the accounting model for a foreign currency. The organization said that many of the features and risks of cryptocurrencies are similar to those of foreign currency. The society…

California Public Accounts Seek Clarity on Cryptocurrency Holdings

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The California Society of Certified Public Accountants (CalCPA) is seeking clarity on cryptocurrency holdings from the Financial Accounting Standards Board (FASB), according to a recent letter obtained by Cointelegraph. In the letter, CalCPA stated that accounting for digital currencies is not adequately captured under existing United States Generally Accepted Accounting Principles (GAAP) established by the FASB, and should be generally aligned with the accounting model for a foreign currency. The organization said that many of the features and risks of cryptocurrencies are similar to those of foreign currency. The society…

BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX: Price Analysis 05/06

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. There is a large disconnect between traditional investors and crypto investors on how they approach cryptocurrencies. Billionaire investor Stanley Druckenmiller said that he would neither buy nor sell Bitcoin because he does not find inherent value in it. He also said that due to its…

Japan Hopes to Set Global Crypto Law Benchmark With Latest Regulatory Update

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On May 31, the Japanese House of Representatives amended two cryptocurrency-related laws, the Payment Services Act and the Financial Instruments and Exchange Act, which will come into effect in April 2020. Most Japanese crypto exchanges have welcomed the changes, since they expect more institutional investors to join the crypto industry. However, others voiced their concerns that the changes may bring some uncertainty to custodians and wallet service providers. The two documents outline several specific changes, which can be discussed separately. The Payment Services Act (PSA) Virtual currency to crypto assets…

Ripple’s Intervention, Will Reduce XRP Sales Even As Price Falls 4.9%

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XRP falls 4.9 percent in 24 hours Ripple to reduce XRP sales in Q2 2019 Thanks to a Bitwise report to the US SEC, this quarter’s XRP sales shall drop to less than 10 bps. That will be Ripple’s contribution towards improving transparency and reliability of the market structure. Meanwhile, XRP is under pressure and down 4.9 percent in 24 hours. Ripple Price Analysis Fundamentals The crypto scene is still regarded by many as the Wild West: Rugged, unregulated-and in the case of cryptocurrencies, manipulated. A Bitwise report addressed to…

Vancouver: City Mayor Suggests Banning Bitcoin ATMs

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According to a report by The Next Web, published on June 5, 2019, the mayor of Vancouver, Canada, has suggested putting a complete ban on bitcoin (BTC) ATMs in the city. Bitcoin ATMs Serve as Money Laundering Vehicles Although an increasing number of countries around the world are steadily warming up to cryptocurrencies, its critics are in no mood to concede ground just yet. In a somewhat discouraging development for the crypto community, Vancouver’s police force has called bitcoin ATMs an “ideal money laundering vehicle.” What’s more, the city’s mayor…

Crypto Goal! Major Euro Football Club Now Accepts Bitcoin & Ethereum

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By CCN: The beautiful game just got much prettier after European football giant Benfica announced they’d be accepting bitcoin and Ethereum payments. Now, fans of the Portuguese Primera Liga champions can pay for match tickets and club merchandise using cryptocurrency. https://t.co/yfdq08wIRj pic.twitter.com/x3TpTsCcXk — SL Benfica (@slbenfica_en) June 5, 2019 Euro Elite Benfica Accept Bitcoin and Ethereum This isn’t the first time the footballing elite has flirted with cryptocurrency, but it is the first time its been accepted as regular payment. In the recent past, Italian champions Juventus played around with…