Bitcoin Price Dips Below $9,000 But Tron and Verge Continue to Record Gains

The bitcoin price has dipped below the $9,000 mark, recording a 4 percent drop in value overnight. Despite bitcoin’s struggle, several tokens including Tron (TRX) and Verge (XVG) have recorded major gains over the past 24 hours with XVG demonstrating a 10 percent increase in value. Best Performers: MANA, XVG and Tron The best performers … Continued

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Taxis Take BCH, Stores Sell BTC in the Russian City of Rostov

Taxis Take BCH, Stores Sell BTC in the Russian City of Rostov

Residents of Rostov, the Russian port city on the Don River, are enjoying a growing number of bitcoin-related services. Some crypto-savvy taxi drivers have started accepting Bitcoin Cash (BCH), and several BTC teller machines have been installed in supermarkets. All that happens while officials in Moscow are still mulling over the legislation needed to regulate cryptocurrencies.

Also read: Russians Owe 13% Tax on Their Crypto Incomes

Taxis Taking Bitcoin Cash

Taxi drivers in Rostov on Don are obviously among those Russians who don’t want to wait for a permission to take advantage of the opportunities offered by cryptocurrencies. A youngster recently shared on a local social media channel a picture proving that taxi rides in the Southern Russian city can now be paid with cryptocurrency.

Taxis Take BCH, Stores Sell BTC in the Russian City of RostovThe photo published on the Vkontakte page “Rostov Glavniy” shows a sticker on a car’s dashboard reading “Принимаю оплату в Биткоин (КЭШ)”, or “Accepting payments in Bitcoin Cash”. “People should no longer complain they live in a backward city. Taxis now take cryptocurrency,” the author of the post wrote.

The clever business decision is a proof that even taxi drivers now know this and that about peer-to-peer payment systems. And, as with any other hot topic, they will be happy to tell you everything about cryptocurrencies, before you reach your destination. If you want to know more about how cryptographic methods work, get a cab in Russia.

A survey conducted earlier this year showed that more than half of Russians have some knowledge about bitcoin. Awareness is higher among young people, and in big cities. „Биткоин“ (Bitcoin) was declared the most popular word in Russian social media in another study.

Bitcoin ATMs Installed in Supermarkets

Taxis Take BCH, Stores Sell BTC in the Russian City of RostovNot only crypto payments are doing well in Rostov, but also bitcoin teller services. At least three BTC ATMs are currently operational in the stores of the Russian supermarket chain Assorti. All of them are in the downtown area of the city.

The automated teller machines accept fiat cash, rubles, and a number of electronic payment methods popular in Russia, such as MTC, Мегафон (Megaphone), Tele2, Yota, and Билайн (Beeline). The operator charges 6 percent commission on the purchases and issues receipts, both on paper and through email.

The ATMs have been installed by the Russian company BBFpro which maintains a network of bitcoin terminals across the vast country. All three machines in the largest city in Southern Russia are working 24/7. They are located on 57 “40th Line” Street, 144 “Socialisticheskaya” Street, and 99 “Lenin” Boulevard.

Taxis Take BCH, Stores Sell BTC in the Russian City of Rostov

Regulation Still Pending

Russian authorities have not yet adopted the long-awaited legislation aimed at regulating the growing crypto sector. The State Duma has accepted two drafts – the bill “On digital financial assets”, which legalizes crypto-related activities like mining and token sales, and another text amending the country’s civil code in order to allow digital currency payments.

Recently, the Cabinet of Ministers in Moscow expressed concerns about different aspects of the draft law “On digital financial assets”. The Russian government also suggested a number of amendments to the bill, as news.Bitcoin.com reported.

Both pieces of legislation should be adopted by early summer, when Russia will be hosting this year’s FIFA World Cup. The country expects $2 billion dollars of revenues from the football championship. Guests are likely to spend some cryptocurrency, if such option is available. Hotels in Kaliningrad are accepting bitcoin, and a new street exchange in Moscow sells bitcoins for cash. Crypto debit cards are available again in Europe.

Do you agree that people and businesses don’t necessarily need government regulations to adopt cryptocurrencies? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Coinatmradar, Vkontakte, BBFpro.


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Indian Exchange Postpones Repaying Stolen Bitcoins – No Permission From Authorities

Indian Exchange Postpones Repaying Stolen Bitcoins - No Permission From Authorities

India’s cryptocurrency exchange Coinsecure has announced that it cannot repay customers their stolen bitcoins at this time. The exchange claims that while investigations are underway, permissions are needed from the authorities to start the claims process which it has not yet received.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Repayment Delayed

Indian Exchange Postpones Repaying Stolen Bitcoins - No Permission From AuthoritiesIndian exchange Coinsecure has updated users regarding the disbursement of funds due to stolen bitcoins. The exchange previously confirmed that 438.31859715 BTC were stolen on April 8, worth approximately Rs 20 crore or US$3,067,220.

The exchange revealed on April 21 that it had started working on the claims process. “We are hoping that by the following weekend [April 28-29], we should get started and you should be able to submit your claims withdrawals requests.” However, that deadline has passed and the exchange is now saying “there has been a delay on that front,” elaborating:

When investigations are underway, we don’t have much of a say and do need permission from the authorities to start the compensation process, which we are yet to receive.

“There will be new contracts rolled out to all our users who held a balance on Coinsecure (INR and bitcoin),” the exchange added.

Working With Authorities

Indian Exchange Postpones Repaying Stolen Bitcoins - No Permission From AuthoritiesCoinsecure has been cooperating with the authorities to recover its lost BTC. The exchange suspects its Chief Security Office, Dr. Amitabh Saxena, was behind the theft. A complaint was filed with the Cyber Crime Cell of the Delhi Police on April 10. The authorities advised the exchange to “confiscate [the suspect’s] system for further investigation,” which it followed and collected Saxena’s laptop.

In a letter to the authorities, Coinsecure’s CEO Mohit Kalra wrote, “as the private keys are kept with Dr. Amitabh Saxena, we feel that he is making a false story to divert our attention and he might have a role to play in this entire incident.”

If all the stolen bitcoins are recovered, Coinsecure said that all customers’ bitcoin holdings will be repaid per balance on April 9. Otherwise, the exchange explained:

We will apply the lock in rates as of the 9th of April, 2018. 10% of the coin holding balance will be refunded in BTC and 90% will be returned in INR.

To help with the recovery of lost coins, the exchange has also appealed to the community for help and has put up a 10% bounty.

Even amid the turmoil surrounding Coinsecure, Venezuela announced last week that the Indian exchange has been certified to operate in Venezuela in hopes that it will list the country’s new currency, the Petro.

What do you think of Coinsecure needing permission from the authorities to repay customers? Let us know in the comments section below.


Images courtesy of Shutterstock, Coinsecure, and Cyber Crime Cell.


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Binance to Invest $15 Million in Bermuda as Crypto Regulations Advance

Binance to Invest $15 Million in Bermuda as Crypto Regulations Advance

While some governments say they see the potential future benefits of a local cryptocurrency hub, more proactive jurisdictions are already reaping the rewards. The latest example comes from Bermuda, which is rapidly advancing its receptive crypto regulations and strengthening the local economy.  

Also Read: Hong Kong Alcohol Company Buys 51% of Bitcoin Miner for $60 Million

Binance Brings Jobs, Education and Investment

Binance to Invest $15 Million in Bermuda as Crypto Regulations AdvanceThe Premier of Bermuda, Edward David Burt, announced on Friday his government’s new partnership with cryptocurrency exchange Binance. Under the signed agreement, the company is to establish a Global Compliance Centre in the country creating forty jobs. Binance will also invest $10 million in education for local residents, and $5 million in Bermuda-based blockchain companies.

While far from Binance’s Asian roots, Bermuda is an ideal choice for a global compliance department. The official language is English, it is an established offshore financial hub and as a self-governing British Overseas Territory offers a legal system similar to those in other commonwealth countries such as Australia and Canada. Additionally, the local government is advancing a welcoming regulatory environment for cryptocurrency firms.

Bermuda Sets Up Legal Framework

Binance to Invest $15 Million in Bermuda as Crypto Regulations AdvanceAlso on Friday, Bermuda’s Virtual Currency Business Act passed through the House of Commons in the UK. The bill is expected to pass the Senate this week, and as we reported earlier, seeks to foster the development of the local cryptocurrency industry. It covers the issuing and selling of cryptocurrencies, ICOs, exchanges, wallets and other services.

“When you look at other current jurisdictions, they have either not been banking hubs traditionally, do not have the best track record when it comes to KYC/AML, or are in developing countries that aren’t presently suitable to support rapid growth of a technology or financial system. Bermuda does,” commented Joseph Weinberg, Chairman of blockchain KYC/AML solution Shyft. “Along with that, Bermuda also has a highly skilled workforce that is experienced in regulation and compliance and securities laws. The island also has a rich entrepreneurial history and a willingness to learn and adapt quickly. This made for an incredible working relation in building out regulation for the crypto community.”

What other governments should follow the example of Bermuda next? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


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