Singapore’s Crypto Market Blooms as Korea’s Largest Exchange Moves In

Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, has officially announced the launch of Upbit Singapore, which will be fully operational by October. Upbit Singapore CEO Alex Kim explained in an official statement that local users in Singapore will be able to trade all of the cryptocurrencies integrated by partner exchange Bittrex

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Ripple Rises Again in 10% Jump , Bitcoin Volumes up 26% to $4 Billion

Cardano (ADA) and Ripple (XRP) have surged by more than 10 percent in the past 24 hours while Bitcoin maintained stability, leading the recovery of the crypto market. Earlier this week, the valuation of the crypto market dropped to $190 billion, which led investors to worry about a potential fall to the market’s yearly low

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PBOC Provides Update on Its Crypto Prevention Efforts

PBOC Provides Update on Its Crypto Prevention Efforts

The People’s Bank of China (PBOC) has issued a statement detailing its efforts to stop and prevent crypto and initial coin offering activities in the country. The bank outlines measures against the widespread of overseas exchanges servicing domestic users such as blocking trading platforms and closing down 3,000 trading accounts.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Servicing Domestic Users From Overseas

PBOC Provides Update on Its Crypto Prevention EffortsThe Shanghai Head Office of the People’s Bank of China provided an update on the bank’s risk prevention measures for cryptocurrencies and initial coin offerings (ICOs) on Tuesday, Sept. 18.

PBOC Provides Update on Its Crypto Prevention Efforts“In recent years, speculation related to virtual currency has prevailed, prices have skyrocketed, and risks have accumulated rapidly, seriously disrupting economic, financial and social order,” the bank proclaimed. “In order to maintain financial stability,” the central bank referred to the announcement in September last year which shut down all crypto exchanges in the country.

Consequently, the bank emphasized that the country’s “global share of domestic virtual currency transactions has dropped from the initial 90% to less than 5%.” However, through tracking and monitoring the activities of crypto exchanges that left the country, the bank found:

Some virtual currency trading platforms originally set up in China have left, registered overseas and continue to provide [service] to domestic users.

In addition, the bank noted that other methods of token issuance have emerged. “Another issue is initial coin, fork and exchange offerings (ICOs, IFOs and IEOs) and cyber currencies that are hyped up under the guise of a sharing economy,” Yical Global quoted the bank.

PBOC’s Responses

PBOC Provides Update on Its Crypto Prevention EffortsIn response to the consequences of shutting down crypto exchanges in the country, the PBOC has deployed the National Internet Financial Risk Special Remediation Leading Group and adopted a series of targeted measures.

The first is to “strengthen the monitoring of virtual currency trading platforms” that provide trading services to domestic users from abroad. The publication detailed:

China’s central bank has blocked 124 cryptocurrency trading platforms that targeted Chinese residents while using overseas servers to sidestep local laws.

PBOC Provides Update on Its Crypto Prevention EffortsThe second is to strengthen the clean up of crypto-related payment and settlement services, including efforts to “guide the relevant payment institutions to strengthen payment channel management, identify customers and provide risk warnings, establish a monitoring and inspection mechanism, and stop providing payment services for suspicious transactions.” The bank disclosed:

Currently, the relevant payment channels have been checked and about 3,000 accounts engaged in virtual currency transactions have been closed.

Fighting ICOs

PBOC Provides Update on Its Crypto Prevention EffortsThe third measure the PBOC described relates to ICOs and similar products. The bank aims to strengthen the research and evaluation of these instruments in order to “fight early…prevent problems…and transmit clearer regulatory signals to the market.” As part of this plan, the bank wants to ramp up censorship efforts, including “the disposal of domestic ICOs and virtual currency transaction related websites.”

In conclusion, the central bank reminds consumers and investors to increase awareness of the risks of ICOs, their issuers, and individuals and organizations that facilitate crypto transactions “for domestic residents through the deployment of overseas servers.” The bank also urges citizens to report suspicious activities relating to cryptocurrencies and ICOs to the authorities.

What do you think of the PBOC’s efforts to stop domestic crypto and ICO activities so far? Let us know in the comments section below.


Images courtesy of Shutterstock and PBOC.


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Bitcoin Still in the Middle of a Bear Market: Analyst

Veteran Bitcoin analyst Willy Woo insists that bitcoin is still in the middle of a bearish trend. This contradicts the opinions of some experts who believe that the sell-off period has already come to an end, therefore expecting a bull ride to kick in. Market Behaviour and Speculators Since January 2018, bitcoin and the cryptocurrency

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The Daily: Iran to Allow Mining Hardware Imports, Cyprus Creates Fintech Hub

The Daily: Iran to Allow Mining Hardware Imports, Cyprus Creates Fintech Hub to Catch Up

Following a decision to recognize mining as an industry, the Islamic Republic of Iran is about to legalize the import of mining equipment. Also in The Daily, an executive at a leading Spanish bank insists cryptocurrencies are “perfect” and must be understood; trying to better understand the crypto space, Cyprus has set up a fintech innovation hub; and in Zimbabwe, the new finance minister is pushing the country’s central bank in a similar direction, calling on the RBZ to create a crypto unit.

Also read: Ethfinex Gets DEX, Cloudflare Goes Interplanetary

Iran to Legalize the Import of Mining Equipment, Considers Exchange

The Daily: Iran to Allow Mining Hardware Imports, Cyprus Creates Fintech Hub to Catch UpJust two weeks after Iranian authorities announced a decision to recognize cryptocurrency mining as an economic activity, the government in Tehran is preparing to officially endorse the import of hardware equipment used to mint digital coins.

The move is aimed at supporting the new industry in times when the country’s economy is under heavy pressure exacerbated by reintroduced US sanctions. It also comes after in August Iran stepped up plans to issue a national cryptocurrency.

This week, the Secretary of the Islamic Republic’s Supreme Council of Cyberspace, Abolhassan Firouzabadi, was quoted by Iranian media saying: “Necessary coordination has been done with related entities to allow the flow of hardware needed to mine bitcoin and other cryptocurrencies.” The high-ranking official also noted that besides legalizing crypto mining, the Council is also considering the establishment of an online digital assets exchange.

Cryptocurrencies Must Be Understood, Says Chair of Major Spanish Bank

The Daily: Iran to Allow Mining Hardware Imports, Cyprus Creates Fintech Hub to Catch UpCryptocurrencies are “perfect” but are used for “bad purposes” today, so we have to be careful, according to Francisco Gonzalez, Group Executive Chairman of Banco Bilbao Vizcaya Argentaria, Spain’s second largest bank.

In an interview with CNBC, BBVA’s representative also noted that blockchain, the distributed ledger technology underpinning digital currencies, is a “big, big tool”, but warned about the insufficient understanding of it too. Gonzalez, whose bank is actively investing in the fintech space, also pointed out:

We are in the middle of an incredible digital revolution. And in fact, a new world order is in the making, both social and economic…Something must be done in order to spread the wealth of this revolution to everybody…There are some ripple effects which must be understood in the case of cryptocurrencies.

Cyprus Creates Fintech Hub to Catch Up With Competition in the Crypto Space

The Daily: Iran to Allow Mining Hardware Imports, Cyprus Creates Fintech Hub to Catch UpProbably as part of its efforts to better understand cryptocurrencies and the underlying technology, the Cyprus Securities and Exchange Commission (CySEC) has established a Fintech Innovation Hub on the island. The Mediterranean nation, where financial services are a significant contributor to the gross domestic product (GDP), has to catch up with countries like Estonia, Malta and Lichtenstein which are definitely ahead in the race to attract businesses from the crypto space.

CySEC Chair Demetra Kalogerou believes regulation has to ensure the transfer of financial goods and services in a fair way. However, she also says that it’s not just about supervision of persons but the very technology that’s being used.

“We don’t want our regulatory framework to be static. We want it to progress in line with the demands of today’s and tomorrow’s investor,” Kalogerou stressed in an interview with Finance Magnates. That’s why, she pointed out, a dedicated hub would allow the Cypriots to experiment with the new technology in a safe environment and understand the risks and benefits before potential investors are exposed to new investment products.

New Finance Minister in Harare Pushing for a Crypto Unit at RBZ

The Daily: Iran to Allow Mining Hardware Imports, Cyprus Creates Fintech Hub to Catch Up
Mthuli Ncube

Mthuli Ncube, Zimbabwe’s newly appointed finance minister, revealed he is trying to convince the Reserve Bank of Zimbabwe (RBZ), the central bank of the economically hurting country, to establish a “cryptocurrency unit”, African media reported. The push is part of his plans to mitigate the nation’s ongoing cash shortage and position it better for new investments.

“Zimbabwe should be investing in understanding innovations and often central banks are too slow in investing in these technologies. But there are other countries which are moving faster. If you look at the Swiss central bank, they are investing in and understanding bitcoin,” Ncube said, quoted by IT Web Africa. The minister believes that if countries like Switzerland see value in cryptocurrencies, Zimbabwe should also pay attention.

“We have innovative youngsters, so the idea shouldn’t be to stop it and say don’t do this, but rather the regulators should invest in catching up with them and find ways to understand it. Then you regulate it because you now understand it,” added the representative of the current executive power in Harare.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Mthuli Ncube (Twitter).


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Enough ‘Feeble Warnings’, Regulate ‘Wild West’ Crypto Market: UK Lawmakers

British lawmakers called for the regulation of the domestic cryptocurrency market which they claimed to be the “Wild West”, whilst insisting rules could help the UK become a “global centre for crypto-assets”. In a report published by the British Parliament’s Treasury Committee on Wednesday, lawmakers claimed investors are “afforded very little protection” from a number

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