Day: July 16, 2019

US Senators Grill Facebook on Privacy, Trust Issues in Libra Hearing

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At the ongoing hearing on Facebook’s Libra cryptocurrency project with the Banking Committee of the United States Senate, lawmakers are interrogating Facebook on privacy and trust concerns. As a Cointelegraph correspondent reports on July 16, David Marcus, head of Facebook’s crypto wallet Calibra, is stressing the project’s trust and regulatory compliance, while some senators are not convinced. Senator Jon Tester asked about Libra’s ability to make assurances against fraudulent purchases or loss of funds, along the line of credit cards or the Federal Deposit Insurance Corporation. Marcus responded that “we…

All There Is to Know Ahead of Hearings

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This week is crucial for the future of Libra: Facebook’s cryptocurrency project will be subject to two back-to-back hearings in the United States Congress. First, the Senate Banking Committee will discuss the token on July 16. Then, on the following day, Libra will be reviewed by the House Financial Services Committee. The cryptocurrency’s co-creator, David Marcus, has announced that he will testify at both hearings. Libra has been making waves worldwide since its white paper was unveiled in June. Specifically, the project has been experiencing massive political and regulatory pushback.…

Waves CEO Sells His Stake in Blockchain Spin-Off Vostok

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Founder of token issuance platform Waves has fully sold his stake in the firm’s blockchain spin-off Vostok to focus on the Waves Platform. Alexander Ivanov, CEO and founder of Waves, sold his stake in the Vostok, with global financial group GHP Group becoming the sole owner of the project, according to a press release on July 16. Ivanov said that he decided to sell the Vostok project in order to focus the resources on the development of the Web3 ecosystem within the Waves Platform. Mark Garber, Chairman of the Board…

6 Ways to Evaluate Blockchain Benefits

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The World Economic Forum (WEF) announced that it released a guide for the evaluation of the benefits of blockchain applications in a press release shared with Cointelegraph on July 16. The document delves into how to apply blockchain technology, providing six recommendations for companies. The first is to take time to understand the technology, set realistic expectations (identifying incentives and accounting for risks), and align to strategic priorities. The report also recommends evaluating whether blockchain or other technologies are the best solution specifying that “blockchain is not a substitute for…

Spain Thwarts Bitcoin ATM Scam, Prompting Regulatory Debate Worldwide

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Bitcoin ATMs are not currently governed by EU money laundering regulations, and arrests coordinated by Spanish police and Europol in May are bringing new focus to this loophole. A group of eight Spanish and Latin American individuals have been arrested, along with several of their associates, for using crypto ATMs to fund drug traffickers in Columbia. While large cryptocurrency exchanges worldwide are subject to increasing oversight and regulation, bitcoin ATMs often fall in legal gray areas, prompting debate amongst regulators and crypto users alike. Also read: Crypto Terminals Offer Venezuelans…

EY Spearheads Blockchain Tracking Platform for German Logistics Firms

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German logistics firms partner to jointly create a blockchain tracking platform, local news outlet Tiroler Tageszeitung reports on July 16. Per the report, logistics firms LKW Walter, GS1 Austria, and its EDITEL Austria subsidiary, Bundesvereinigung Logistik Österreich, Deutsche Bahn subsidiary DB Schenker, and WU Vienna are participating in the project. Furthermore, big four auditing firm Ernst & Young (EY) is managing the initiative. The system will reportedly see freight documents being digitized on the blockchain with the aim of reducing costs and resource consumption while ensuring higher transparency standards, and…

Crypto Exchange Bitpoint Admits to 50,000 Victims of $32 Million Hack

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Japanese cryptocurrency exchange Bitpoint was hacked last week when hackers stole 3.5 billion yen ($32 million) from the exchange’s hot wallet, of which 2.5 billion yen were customer funds. It has now come to light that around 50,000 of its 110,000-strong customer base were affected by the hack, just days after an operational improvement order, imposed last year, was lifted at the end of June. ¥3.5 billion hacked from Bitpoint cryptocurrency exchange https://t.co/zbdqXgFCIO — The Japan Times (@japantimes) July 12, 2019 More details have emerged about the Bitpoint hack The…

Binance Wants to Open a New Local Exchange in South Korea: Report

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Binance, the world’s largest crypto exchange by daily trading volume to date, is reportedly planning to set up a branch in South Korea. Malta-based crypto exchange Binance is working with local partners in South Korea to launch a new exchange in the country, Binance CEO Changpeng Zhao (CZ) revealed, according to a report by crypto media outlet Block In Press on July 16. CZ reportedly said that the company does not know the details of the establishment of the new office in South Korea. However, a global representative of Binance…

The Republic of Georgia to Exempt Crypto Holdings from Value-Added Tax

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Recently, Georgia has joined the short list of the nations that don’t ask crypto holders to pay value-added tax (VAT), which essentially earns Bitcoin-like digital currencies the status of real foreign currency. Apart from Georgia, the governments of several other countries, such as Singapore, have also begun the process of approving proposals that set to exempt cryptocurrencies from VAT. However, comprehensive tax policy and regulations are still not implemented by any government of any nation regarding taxes on cryptocurrencies. According to an order signed by Georgia’s Finance Minister Ivane Matchavariani,…

Key Bitcoin Price Indicator Turns Bearish in First Since December

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View Bitcoin could fall to the July 2 low of $9,614 and may break lower in the short-term, as the widely tracked MACD (moving average convergence divergence) histogram on the three-day chart has turned bearish for the first time since December. Buyer exhaustion above $12,000, as seen on the weekly chart, also supports the case for a stronger correction. Dips below $9,000 could be short-lived, courtesy of an impending golden crossover on the three-day chart. A weekly close above $12,000 would indicate a resumption of the rally from April lows…