Day: July 17, 2019

ENCRY: The First Blockchain Platform for Telecom

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ENCRY is preparing to launch public testing of their telecom-oriented blockchain. Telecommunications is a fast-growing industry that has always been at the forefront of new technologies. One of these technologies, that can significantly improve the reliability in the telecom industry, can be the distributed registry technology — blockchain. From dealing with fraud to quickly resolving disputes over roaming agreements, verification of billing and a more secure process of user identification – the new technology can be applied to a wide range of services used by telecom companies. But in order…

Facebook in The Firing Line Again, Has it Impacted Crypto Markets?

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Crypto markets have continued to slide today following a dump that accelerated at the weekend, resulting in over $100 billion leaving the scene over the past seven days. The market mayhem has coincided with a second US Congress hearing on Facebook’s Libra project. Libra Lambasted From All Sides A second hearing has been schedule for today as US senators grapple with the concept of a tech giant controlling the finances of potentially a third of the planet’s population.  As a follow up from the proposed ‘Keep Big Tech Out Of…

Coinbase Deposits for UK Users Now Take 10 Days, Must Be Over £1,000

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United States cryptocurrency exchange Coinbase has abruptly imposed a minimum deposit amount of 1,000 British Pounds ($1,240) for United Kingdom account holders, staff confirmed in private emails on July 16. Coinbase Suspends Faster Payments Deposits in U.K. Coinbase, which previously allowed U.K. users to deposit fiat funds via the country’s Faster Payments settlement system, has now suspended the service, they said. Instead, users must use the standard international transfer option, sending funds via SWIFT, subject to a minimum payment amount of 1,000 GBP.  In the emails seen by Cointelegraph, Coinbase…

‘I Like Bitcoin,’ Says House GOP Leader McCarthy while Criticizing Facebook’s Libra

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Kevin McCarthy. Photo: Walt Disney Television / Flickr House Minority Leader Kevin McCarthy announced that he likes the decentralized nature and the security of Bitcoin. However, it doesn’t seem he feels the same way about Libra. He said: “I like Bitcoin and the security of the blockchain ledger technology behind cryptocurrencies. Is it where it needs to be? No, but the real thing I like when it comes to Bitcoin is blockchain, ‘cause I like the security. I want government to actually start using blockchain.” He added that Bitcoin is…

Bitcoin Suisse Applies for Banking License with Swiss Regulators 

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In a bid to expand its crypto product offerings and strengthen its position as a global provider of crypto-based financial services, Bitcoin Suisse AG has applied for a banking license with the Swiss Financial Markets Supervision Authority (FINMA), according to a press release on July 16, 2019.  Bitcoin Suisse Seeks Banking License  As stated in its press release, the leading Swiss-based regulated cryptocurrency broker and financial services provider, has applied for a banking license with FINMA, following the Swiss Banking Act Art. 1a. The six-year-old cryptoassets broker has also applied…

Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April

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Bitcoin’s average transaction volume is topping $3 billion per day, data from crypto analytics site Coinmetrics.io reveals as of July 16. Bitcoin’s Uptrend in Daily Transaction Value Eclipsing Altcoins’ The data — which has been adjusted to remove noise and certain artifacts, per Coinmetrics — shows an impressive uptrend in the USD value for the volume of the coin’s transactions and transfers over the past 90 days. On April 17, the average daily value was at $1.04 billion as compared with $3.22 billion on July 16, an almost 210% increase.…

France Set to Approve First Crypto Firms Under New Rules This Month

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France is poised to approve initial coin offerings (ICO) operators and other crypto businesses with its new regulatory approach to the sector.  ‘France is a Precursor’ As Reuters reported on July 16, the new rules — expected to take effect later this month — will enable crypto-related businesses to voluntarily submit themselves to national standards on capital requirements, consumer protection and taxation in return for the regulator’s green light.   Anne Marechal — executive director for legal affairs at the Financial Markets Authority (AMF) — told reporters that the bold crypto…

US Treasury Secretary Fears Facebook Libra Could Be Misused by Terrorists

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In a press conference on Monday, US Treasury Secretary Steven Mnuchin expressed his concerns regarding the role that Facebook’s Libra could potentially play in financing terrorism and facilitating money launderers. He even termed it a “national security issue.” Mnuchin said: “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking.” He was of the view that the folks over at Facebook had a lot of work to do and that he was not…

How They Will Attack Bitcoin: The Hypocritical Shock Campaign of US Monetary Policy

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On July 16, U.S. Department of the Treasury Secretary Steven Mnuchin gave a short press briefing discussing cryptocurrencies and the pressing need for regulation. A 28-minute slodge of alphabet agency soup, studded with calculated mentions of “terrorism” nearly every minute, casual observers were left confused. Are we talking about crypto or biological weapons of mass destruction here? Make no mistake, these misguided attacks on Bitcoin will continue as long as a threat is posed to obsolete and violent government economic systems. How they will attack is predictable: using some of…

Japan Studies Libra as Global Criticism on Facebook’s Cryptocurrency Intensifies

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When it comes to Facebook’s Libra digital currency not even one of the most crypto-friendly countries in the world is turning a blind eye to social media giant’s cryptocurrency plans and hoping all will work out well magically. Rather, Japan is taking proactive steps to understand Libra’s potential ramifications even before the cryptocurrency has gotten off the ground. According to Reuters, Japan has now set up a working group charged with the responsibility of figuring out the potential impact of Libra on financial regulation, tax payments, financial transactions and monetary…