Day: November 8, 2019

Chinese Police Hold MicroBT CEO Allegedly Over Dispute With Bitmain

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The founder of Bitcoin mining rig manufacturer MicroBT is being held as of Nov. 8 by Shenzhen Police to assist in an investigation, according to a local news source. Police are likely to be questioning Zuoxing Yang over allegations of intellectual property infringement regarding the technology of Beijing-based Bitmain. Previous allegations of patent infringement Yang previously worked at Bitmain as processor design director, and developed the Antminer S7 and S9 models. Allegedly unhappy after talks over stock options fell through, Yang left, and raised $20 million to found MicroBT. In…

Power Ledger Strikes Deal to Roll Out Blockchain in South Australia

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Australian blockchain energy firm Power Ledger has partnered with a local energy retailer to roll out its technology in South Australia. Power Ledger’s blockchain-based software will allow Australians to pool their excess solar and battery storage to a Virtual Power Plant for greater control and management over their energy. Commercial deal with Australian electricity wholesaler Powerclub Within the partnership, Power Ledger will be integrating its blockchain-based energy trading application Virtual Power Plant (VPP) to a commercial offering of Australian electricity wholesaler Powerclub, the firm announced Nov. 7. Similarly to other…

CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance

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For better or for worse, the cryptocurrency space is coming of age. Since Bitcoin’s rise to mainstream prominence in 2015, there has been increasing recognition of digital assets from government agencies around the world. In turn, new regulations are being imposed to control the way cryptocurrency companies operate and do business globally.  Most recently, the Financial Action Task Force issued new guidelines on how digital assets should be regulated. In order to raise awareness around these requirements, the blockchain security company CipherTrace hosted a conference and hackathon this week in…

Bitcoin Price Breaks Below $9,000, Historic Rally Now In Jeopardy

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Two weeks ago, Bitcoin price set a record for its third-largest 24-hour gain in the young asset’s short history, rocketing from $7,400 to $10,500 from low to high. After weeks of consolidation, the crypto asset has run out of steam and has begun to fall, first breaking below support at $9,000 where it is currently trading. Can bulls push Bitcoin price back above support and make a push higher, or will bears regain control and potentially set a new local low? Bitcoin Price Finds Itself In Another Descending Triangle, Breakdown…

VeChain Unveils Food Tracing Solution Foodgates at China’s Import Expo

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Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry. In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates. VeChain “direct beneficiary” of pro-blockchain stance The original announcement came at this year’s China International Import Expo (CIIE), being held from 5-10 Nov. in Shanghai. “The immutability of public blockchain coupled with verifiable information makes this solution really unique,” VeChain COO…

Standard Chartered Banking Group Joins Ethereum Enterprise Alliance

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International banking group Standard Chartered has become the latest member of a blockchain standard-building organization, the Ethereum Enterprise Alliance (EEA). In a press release issued on Nov. 6, Standard Chartered said the move would allow it to expand its client offerings across its 60 international markets. Standard Chartered is latest EEA banking member “Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” Group Chief Information Officer, Dr. Michael Gorriz, commented. The EEA formed in March 2017 as a collaborative effort…

Calibra Head Believes Bitcoin is Merely Digital Gold

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Head of Calibra, the Libra cryptocurrency wallet, David Marcus, stated that bitcoin is a digital equivalent of gold and not to be considered as a currency. Per a report by CNBC on November 6, 2019, the Calibra Chief opined that BTC was not a good medium of exchange.  Bitcoin is Digital Gold, Not Currency Speaking at the New York Times DealBook Conference held in New York, Marcus spoke about Libra, the stablecoin introduced by the blue and white Menlo Park-based messaging giant Facebook, regulatory backlash faced by the team, among…

Libra Would Be Trusted If Run by IMF

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The former head of People’s Bank of China (PBoC), Zhou Xiaochuan has argued that the Libra stablecoin would be more readily trusted if it were in the hands of an organization like the International Monetary Fund (IMF). Zhou is the longest-serving governor of China’s central bank to date, having held the role between 2002 and 2018. During his tenure, China soared to become one of the world’s leading economies. Zhou made his comments during a speech delivered in Beijing as part of the 10th Caixin Summit on Nov. 8, according…

Tassat Gets CFTC Approval to Issue Bitcoin Derivatives In US

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New York-based financial technology firm Tassat — formerly known as  trueDigital — has succeeded in overcoming the first hurdle in its bid to launch a fully-regulated crypto derivatives exchange. According to an announcement from the United States Commodity Futures Trading Commission (CFTC) on Nov. 7, the regulator has approved the transfer of a swap execution facility (SEF) registration from fellow New York-based financial services firm trueEX to Tassat. Tassat had first reached the agreement in principle to acquire —  subject to CFTC approval — trueEx’s SEF registration back in July…

Could Blockchain Technology Prevent the Next Financial Crisis?

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A central bank’s role is to manage a nation’s currency, money supply and interest rates. The United States did not have a central bank until 1913, when Woodrow Wilson signed the Federal Reserve Act into law. Since then, the Federal Reserve has been accountable for the elasticity of the U.S. economy through the expansion and contraction of liquidity in the form of credit and new fiat money supply. Retail and institutional banks abide by the Fed’s stringent economic rules, which in turn trickle down to affect the daily lives of…