Communities in two countries, which share a border, history and perspectives, have expressed similar views about the future of the cryptocurrency sector. A new association in Croatia hopes to lay the foundations of self-regulation in the industry. In neighboring Slovenia, entrepreneurs and government officials have promised to work together to “educate the public” on the benefits of the blockchain technology.
Croatian Crypto Companies to Advise Regulators
Businesses and enthusiasts in Croatia have united their efforts to help authorities take informed decisions about the cryptocurrency sector. A new umbrella organization will be bringing suggestions and important matters to the attention of policy makers in Zagreb, Bitfalls reported this week. The Blockchain and Cryptocurrency Association will be advising regulators on anything from buying and selling cryptocurrencies, to crypto payments and salary payouts in bitcoin.
UBIK [“Udruga za Blockchain i Kriptovalute”] intends to create “a focused and strong community of people involved with the blockchain technology and the domain of cryptocurrency in Croatia”, but also in the region. Providing relevant information, education and knowledge about the crypto economy is among its priorities. The Croatian crypto association plans to help authorities and its members with legal, financial, and technological support in the development of the regulatory framework and realizing strategic blockchain projects.
Interest in bitcoin, other cryptocurrencies and the underlying technology has grown significantly in Croatia in the past year that saw skyrocketing prices on crypto markets. The local community has expanded with new companies working with blockchain technologies and more businesses accepting crypto payments.
A comprehensive regulatory policy is yet to be adopted by Croatian authorities. During a discussion on digital currencies back in 2013 the Croatian National Bank reportedly stated that bitcoin was not illegal in the country. More recently, in 2017, HNB noted that cryptos were neither legal means of payment, nor electronic money under current law in Croatia. The country has appealed for common EU decisions in regards to cryptocurrencies.
Government and Businesses to Educate Slovenians about Blockchain
More positive signals came this month from Croatia’s neighbor Slovenia, another former Yugoslav republic and current member of the EU. Government officials and blockchain companies promised to work together to “educate the public on the benefits and the opportunities that the innovative technology brings”. They met to set up an open dialogue between authorities and entrepreneurs, necessary to clarify and address the challenges. Slovenian Prime Minister Miro Cerar also took part in the meeting hosted by Viberate, a startup developing a decentralized live music marketplace.
“We have called for regulation that would assist blockchain projects with existing financial limitations and allow us easier recruitment processes. The government has agreed that it will provide us with more favorable conditions in due time”, Insurepal, one of the participating companies, said in a blog post. It expressed hope that similar public discussions will help Slovenia become one of the most advanced countries in the field of blockchain.
The companies, which took part in the meeting, also announced the establishment of the Blockchain Alliance CEE. It will focus their efforts on improving visibility and raising the reputation of the sector through unified communication.
The current government in Ljubljana has a positive attitude towards the crypto industry. Speaking at the Digital Slovenia 2020 conference last year Prime Minister Cerar acknowledged the progress made by local businesses and said his country could become a leader in blockchain-development in the European Union. Slovenia is also among countries that do not tax individuals on capital gains from bitcoin and other cryptocurrencies.
Do you think positive developments in Southeast Europe in regards to crypto regulation will influence decisions in the EU? Share your thoughts in the comments section below.
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Bitcoin has built significant momentum over the past 24 hours, surpassing the $11,000 mark. The majority of alternative cryptocurrencies in the market have performed poorly against bitcoin, as the most dominant cryptocurrency in the market continued to lead a strong rally. Against the US dollar, bitcoin has increased by nearly 8 percent since February 17, … Continued
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The governors of two Russian regions have indicated their readiness to accommodate large crypto mining facilities. Two of the westernmost subjects of the Federation – Kaliningrad and Leningrad – are willing to welcome miners and want to get involved in “bitcoin production”. Local authorities have expressed intentions to take mining out of garages and scale it up to industrial level. They are now pressing Moscow for regulations.
One Huge Mining Farm
Many are interested in cryptocurrencies in Kaliningrad Oblast, its governor Anton Alihanov said on the sidelines of the Russian Investment Forum in Sochi. In the future, the region may become one huge mining farm, he told RIA Novosti.
“We have a lot of people that show interest [in crypto mining]. But doing everything right is pretty complicated and you don’t want to set the house on fire,” Alihanov said. “That’s why we have a ‘mining hotel’, where guys know how to set up the cooling systems, so that nothing gets burned”, the official added, demonstrating technical knowledge of the subject.
If you are a miner, you’ve come to the right place. We can become one huge mining farm.
Alihanov also noted that Kaliningrad Oblast has developed a booming greenhouse sector producing tons of strawberries. Greenhouses need heating during colder months and mining hardware produces a lot of heat. Mining farms can actually be built close to the strawberry fields to heat the greenhouses.
Still wary of buying cryptocurrencies, the governor admitted he had some “rich experience” with stock trading in the past. “Stocks, bonds, futures – these are very risky things. I don’t have funds that I am ready to part with at any moment. For now I keep my distance,” Anton Alihanov said. He added, however, that when crypto markets become more stable, he may have a second thought.
Miners to Use a Decommissioned NPP
Other local officials have also announced intentions to conduct mining business in their regions. Authorities in Leningrad Oblast, bordering the federal city of Saint Petersburg, plan to create a tech park for cryptocurrency miners. It will be built on the premises of the nuclear power plant in Sosnovy Bor, governor Alexandr Drozdenko revealed. The Leningrad Atomic Electro-Station (LAES, or LNPP) will be decommissioned in 2020-2021.
A new power plant will replace the RBMK units at LAES, which now produces about 50% of the region’s electricity. LAES-2 will be equipped with the safer, “post-Fukushima” WWER-1200 reactors. LAES is the largest electricity generating facility in Russia’s northwest.
The economic department of the Leningrad administration and Rosatom have already approved the project to mine cryptos at LAES, Drozdenko told RIA Novosti. “What we need for mining is cheap electrical energy, cooling system and reliable transmission grid. We have all that at the Leningrad NPP,” he said.
Russians are mining in their garages. We want to do it on an industrial scale.
According to the governor, two outstanding issues postpone the realization of the project. “First – we have to wait until the old equipment is removed [after the decommissioning]. Secondly, we need some regulatory framework that would allow us to mine, to produce bitcoin,” Alexandr Drozdenko explained. He added that “serious negotiations” on regulation are underway between his administration and the federal government.
With cheap energy, developed electrical infrastructure and cool climate, Russia has what it takes to accommodate local cryptocurrency miners and welcome foreign investors. Authorities in regions with great potential to develop the sector are impatient and expect new regulations from Moscow as soon as possible.
Do you think the government in Moscow will listen to regional authorities and adopt legislation with incentives for crypto miners? Tell us in the comments section below.
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The cryptocurrency landscape has changed significantly over the past 12 months. Gone are the guaranteed returns of 5x, 10x or greater on ICOs, as a growing number of investors clamor for a piece of the pie. New coins, new forks, and new airdrops have created a competitive marketplace characterized by diminishing returns and reduced profits. The best traders are still able to claim the lion’s share of the rewards though, leaving the rest to fight it out for the scraps.
Welcome to 2018, Where 20% Is the New 20x
Up until last year, the best performing ICOs could be expected to net investors an easy 10x profit by flipping tokens the moment they were listed on an exchange. 2017’s best performers include Spectrecoin, which has provided a 2,143x return on its token price, Qtum (106x) and Neblio (103x). 2018’s best performer, Bluzelle, in comparison, has managed a mere 5x on its ICO price to date. That’s still a healthy profit admittedly, especially when compared to the sort of single digit gains to be enjoyed in traditional asset markets. But by cryptocurrency standards, 500% is small fry.
There are a number of reasons behind the reduced dividends. For one thing, the world has now caught on. Telegram groups promote the most promising ICOs, while projects that attract rapid community interest are prominently promoted, leaving fewer undiscovered gems. Everyone’s looking for the next Stratis, Dragonchain, or Antshares, and it’s not just crypto investors who are wise to this – so are the ICOs issuing the tokens. The best projects, or rather the ones that are generating the most hype, are able to raise their hard cap, increase the number of tokens issued, and bump up the token price in the knowledge that they’ll still sell out in hours. As notorious Twitter trader and shitposter Romano put it, “20% is the new 2x”.
Big Exchanges Are Triggering Smaller Pumps
20% seems an accurate figure for the sort of price bump that tokens added to major exchanges such as Binance and Kucoin can now expect. Bittrex, which has stagnated for months, has finally begun clearing out some of the deadwood, delisting tokens with low trading volume and replacing them with newer entrants. Its latest addition, Vatoms (VEE), was introduced on Friday, whereupon its price pumped by a modest 20%. Six months ago, the same feat would have seen a token previously only available on decentralized exchanges comfortably double in price.
Sites like Etherdelta and IDEX used to be frequented by more experienced traders on account of the complexities of using them, though the masses are catching on. Etherdelta’s interface is notoriously counterintuitive to use, even after successfully completing numerous transactions, while IDEX is at least a little more user-friendly. It’s not rocket science, but neither is it as seamless as setting a buy order on Binance. In January’s altcoin market, everyone was a winner, with everything from scamcoins to shitcoins pumping, causing newbs to conclude that they’d mastered the art of trading. As the mania dispersed and more bearish conditions set in, many of these newfound “pros” were forced to conclude that hodling was perhaps a safer strategy, leaving the riskier trades to those with the crypto wealth and TA skills to make it work.
100x Leverage Is Not for the Fainthearted
One exchange where it’s still business as usual for the top dogs is Bitmex. Thanks to its margin trading of up to 100x, skilled traders can profit handsomely off even the slightest moves in bitcoin’s price. It’s a high risk strategy that’s not for the fainthearted or the charting illiterate. The best of the best are still doing as well as ever though, with AngeloBTC the Twitter trader currently top of the heap.
The changed cryptocurrency landscape hasn’t entirely disadvantaged new traders and investors of low means. Thanks to the craze for airdrops, in which free tokens are awarded to community members for tasks such as following an ICO’s social channels, it’s possible to net up to $500 a month in freebies. It’s not a lot to play with, but with patience and perseverance these meager crumbs can be turned into a respectable pile, aided by a few shrewd trades along the way. The easy money in cryptocurrency may be no more, but there are still plenty of ways for enterprising investors to turn a little into a lump sum.
Do you think cryptocurrency trading has gotten more competitive? Let us know in the comments section below.
Images courtesy of Shutterstock, Twitter, and Bitmex.
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The cryptocurrency market has broken over the $500 billion mark early today. Most of the coins in the top 100 are all seeing gains. It seems the total market is on a steady upward climb, which is a relief because it’s been a bumpy ride in 2018 thus far.
Here are some top coins on the market today.
As you can see from the 7-day chart above, BTC has been making steady gains this week. Many global regulations have pushed the entire cryptocurrency market ...
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