Tech Bureau Announces Release of Catapult Featuring New NEM Protocol

New NEM Protocol

New NEM Protocol: Tech Bureau, a developmental group for blockchain technology software and services, has announced the release of its mijin v.2 blockchain engine, which is also known as Catapult.

Catapult Features the New NEM Protocol

Catapult will feature an updated version of the NEM protocol and is meant to be available on both public and private networks.

ANNOUNCEMENT: Catapult is now on private network! More info: https://t.co/V9zmQZLC3x pic.twitter.com/F7yzlyIVhC

— NEM (@NEMofficial) May 14, 2018

 

Tech Bureau North America CEO, Tom Beno, has said that ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

EOS, Cardano (ADA), and NEM (XEM): Where Will They Go from Here?

EOS

In a split crypto market, which direction are EOS, Cardano (ADA), and NEM (XEM) headed?

EOS

EOS is currently selling for $18.07, which puts the coin down 0.83% in the past 24 hours.

EOS announced the launch of its EOSIO StackExchange site for the Private Beta Phase.

“This is possibly the most important phase of the entire project and the community needs YOU now more than ever. It is during this ‘probationary’ period that we will discover how active and useful the site will really be,” EOS commented.

The Beta ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

Japan Bolsters Crypto Exchange Regulations to Prevent Another Coincheck

Japanese regulators have announced stricter regulations for cryptocurrency exchanges in an effort to prevent another heist like the one that befell Coincheck in January, according to Nikkei Asian Review. The country’s Financial Services Agency expects to begin using a new, stricter framework for registered cryptocurrency exchanges this summer, and will advise those that fail to … Continued

The post Japan Bolsters Crypto Exchange Regulations to Prevent Another Coincheck appeared first on CCN

Abra Lists New Coins: Monero (XMR), NEM (XEM), NEO, Lisk (LSK), and Verge (XVG)

Abra lists new coins

Digital wallet app Abra lists new coins. Five new altcoins are being added to Abra’s services. The altcoins are Monero (XMR), NEM (XEM), NEO, Lisk (LSK), and Verge (XVG).

At the beginning of April, Abra added seven new coins to its platform, which included Stellar (XLM). With the addition of these five coins, that brings Abra’s total now to 25 cryptocurrencies. Users will be able to buy, sell, hold, and invest in these new coins along with the rest of the coins already listed with the digital wallet.

“By adding the five new cryptocurrencies ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

Coincheck Recorded Profit Despite the Hack While Victims Hit with Taxes

Coincheck Recorded Profit Despite the Hack While Victims Hit With Taxes

Japanese exchange Coincheck is still profitable after suffering one of the biggest hacks in cryptocurrency history. The exchange recorded an estimated writedown of 47.3 billion yen (~US$432.56 million) for the funds used to compensate customers. Victims, however, were slapped with tax bills.

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

A Writedown for Coincheck

Coincheck Recorded Profit Despite the Hack While Victims Hit With TaxesIt has been roughly three months since one of the largest cryptocurrency exchanges in Japan was hacked for 58 billion yen (~US$530 million) worth of the cryptocurrency NEM. Coincheck is now a subsidiary of a leading Japanese online brokerage firm, Monex Group, after a 3.6 billion yen (~$40 million) acquisition. The exchange has repaid roughly 260,000 customers in Japanese yen.

The losses afforded the company a tax writedown. Coincheck’s parent company revealed on Thursday, as reported by Reuters:

Coincheck Inc recorded an estimated writedown of 47.3 billion yen ($432.56 million) for the year ended in March.

Still Profitable

Coincheck Recorded Profit Despite the Hack While Victims Hit With TaxesMonex also released Coincheck’s earnings on Thursday. The exchange now handles 13 cryptocurrencies and “its primary source of revenue is the commission known as ‘spread,’ or the premium it adds to the purchase price when delivering to customers,” Nikkei described, adding that for the fiscal year ended March:

The cryptocurrency exchange’s sales stood at 62.6 billion yen ($572 million) while operating profit came to 53.7 billion yen [~$491 million]. Its operating margin ratio was as high as 86%, indicating the company’s high-margin business model… Its net profit stood at 6.3 billion yen [~$58 million].

Coincheck Recorded Profit Despite the Hack While Victims Hit With Taxes
Oki Matsumoto.

This is after the company posted “an extraordinary loss of 47.3 billion yen [~$432 million]” as it refunded customers for the theft.

According to Asahi TV, Coincheck’s sales the previous year were about 980 million yen (~$9 million).

“In the future, regulations on the virtual currency exchange industry will be strengthened, and there is a possibility that the cost of necessary measures will be incurred,” Mainichi elaborated. The publication then quoted the CEO of Monex Group, Oki Matsumoto, detailing, “It is possible the profit margin of the virtual currency business [could] goes down…[but] The volume of transactions will increase and the profits as absolute will return to the level before [the hack].”

Victims Hit with Tax Bills

Coincheck Recorded Profit Despite the Hack While Victims Hit With TaxesAs Coincheck compensated theft victims in Japanese yen, the country’s National Tax Agency (NTA) added a section to its FAQs entitled “When receiving compensation in fiat instead of virtual currency from virtual currency exchange agent,” Kaikeizine reported.

Citing that the compensated yen will be treated as miscellaneous income, Oricon News emphasized:

The National Tax Agency considers getting compensation to be the same as selling virtual currency at the same price as compensating money and getting the same result. The tax authorities [say they] do not fall under tax exemptions and are taxed as miscellaneous income.

When the compensated amount is lower than the original acquisition price, taxpayers can deduct their losses, the news outlet explained. Nonetheless, “It is not possible to total with other income such as salary.”

While taxing capital gains is commonplace, tax accountant Takaaki Tanaka noted that “NEM holders who received compensation will be taxed at an unintended time without regard to the tax payment plan,” the publication conveyed.

What do you think of Coincheck remaining profitable despite the hack? What do you think of customers having to pay taxes on the repayments? Let us know in the comments section below.


Images courtesy of Shutterstock, NTA, Coincheck, and Monex.


Need to calculate your bitcoin holdings? Check our tools section.

The post Coincheck Recorded Profit Despite the Hack While Victims Hit with Taxes appeared first on Bitcoin News.

How Monex Plans to Revive Hacked Japanese Crypto Exchange Coincheck

How Monex Plans to Revive Hacked Japanese Crypto Exchange Coincheck

The hacked Japanese cryptocurrency exchange Coincheck has officially been acquired by one of Japan’s largest online brokerage firms. Monex Group has outlined its plans of reviving Coincheck and the risks associated with the acquisition.

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

Acquisition Completed

How Monex Plans to Revive Hacked Japanese Crypto Exchange CoincheckCoincheck has officially become a wholly-owned subsidiary of Monex Group on April 16, local media reported after the leading online securities firm agreed to invest 3.6 billion yen (~US$33.55 million) in the acquisition of the exchange. Monex is among Japan’s largest online brokerage firms, whose competitors include SBI Securities, Rakuten Securities, Matsui Securities and Kabu.com.

In a press conference on Friday, Monex disclosed Coincheck’s financials for the fiscal year ending March 31. The exchange’s revenue was 980 million yen (~$9.13 million) and its net operating income was 719 million yen (~$6.7 million). Moreover, the exchange has approximately 1.7 million user accounts and 71 employees.

How Monex Plans to Revive Hacked Japanese Crypto Exchange CoincheckMonex CEO Oki Matsumoto told Coincheck’s employees, as reported by Business Insider Japan, “There are no personnel changes,” adding that Monex will respect the salaries and treatment of Coincheck’s employees and will not “change the company name or logo, and emphasizes continuity.” Citing that he believes the Japanese Financial Services Agency (FSA) will grant the new Coincheck registration “within two months,” he reiterated at the press conference:

We will restart Coincheck business within two months.

Key Executive Changes

The business improvement order issued by the FSA under the fund settlement law mandates both key executives of Coincheck, CEO Koichiro Wada and COO Yusuke Otsuka, to resign from the company’s Board of Directors.

How Monex Plans to Revive Hacked Japanese Crypto Exchange Coincheck
Former Coincheck CEO Koichiro Wada.

“While leaving is the requirement of the Financial Services Agency, Mr. Wada and Mr. Otsuka remain as executive officers,” the news outlet noted. Executive officers make day-to-day management decisions. For important matters, the Board of Directors, consisting of Monex staff, holds the decision making power.

Monex COO Toshihiko Katsuya will be appointed the new president of Coincheck while Matsumoto will also serve as the director.

Wada announced:

I and Otsuka will retire as of April 16, but I will continue to fulfill my responsibilities as an executive officer for the development of the industry and the protection of customers’ assets.

Considerable Risks

In January, Coincheck was hacked and lost 58 billion yen (~$541 million) worth of the cryptocurrency NEM, which the exchange has paid out from its own earnings, Wada detailed. However, as customers were paid in Japanese yen, some have filed lawsuits against the exchange for the return of their cryptocurrencies instead.

Refuting reports that Coincheck was “bought cheaply,” the CEO of Monex Group was quoted by Nikkei:

Coincheck is a company that is not a registrant of the FSA with litigation. From the common sense of listed companies, the acquisition is a considerable risk.

However, he further explained, “The risk of litigation has been discussed with lawyers and it ranges from 1 billion to 2 billion yen [~$18.6 million] at the most,” adding that the cost will be borne by existing shareholders and the burden of Monex will be limited.

What do you think of Monex’s plans to revive Coincheck? Do you think Coincheck will become popular again? Let us know in the comments section below.


Images courtesy of Shutterstock, Monex Group, and Coincheck.


Need to calculate your bitcoin holdings? Check our tools section.

The post How Monex Plans to Revive Hacked Japanese Crypto Exchange Coincheck appeared first on Bitcoin News.

Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says

Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says

The central bank of Lithuania has started discussions on regulations with crypto businesses and commercial banks. The reluctance to understand the world of cryptocurrencies leads nowhere, its fintech coordinator said during a meeting in Vilnius. Lithuanian projects have attracted 10% of ICO investments last year, the local community claims. Cryptocurrencies like bitcoin enjoy a growing popularity in the Baltic state.

Also read: Latvia Recognizes Cryptocurrencies in Order to Tax Them

Sitting at One Table

Despite the risks, “the blind denial, the reluctance to understand and work with the cryptocurrency world, leads us nowhere,” a high-ranking official of the Bank of Lithuania said this week. The central bank of the tech-savvy nation has started a dialogue with representatives of the crypto sector and the country’s commercial banks to discuss possible regulations. The decision comes after consultations with other financial authorities, including the Ministry of Finance and the Financial Crimes Investigation Service (FCIS).

Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says“We sat at one table – the banks, the ICO companies, the FCIS, and other stakeholders,” said Ekaterina Govina, the central bank’s fintech coordinator, quoted by Obzor. “It is important that banks discuss this [matter] with entities behind initial coin offerings and companies that exchange cryptocurrencies. We have established a dialogue. Let’s see where it’s going to take us,” Govina stated during a conference at the Vilnius University.

The Bank of Lithuania has so far maintained a conservative approach towards ICOs. It has also insisted that traditional financial services should be clearly separated from activities related to “virtual currencies”. The central bank, however, has not relinquished its ambition to turn Lithuania into a fintech center in Northern Europe. It plans to accomplish the goal through accelerating the issuance of inexpensive licenses for crypto businesses and accepting applications in foreign languages such as English.

Banks Don’t Get It

Companies and startups working with cryptocurrencies face various issues, when they need banking services, according to Vitautas Kasheta, head of the Lithuanian association of the crypto economy participants. “Commercial banks don’t understand the nature of cryptocurrency. That’s why they think this is a risky business and demand additional guarantees. They often refuse to set up accounts for [crypto] companies,” he explained.

“The dialogue is necessary. We are interested in having it with everybody, so that we better understand each other’s business models,” said Mantas Zalatorius, president of the Association of Lithuanian Banks. At the same time, consumer protection, money laundering prevention and anti-terrorism financing measures are the main priorities, he insisted. Commercial banks would only provide services to companies that prove the origin of their capital, and not all of them can, Zalatorius added.

Lithuanians Accept It

Cryptocurrency has seen a growing popularity in the small Baltic country. Lithuanian media have published over 1,400 crypto-related articles in the first three months of 2018, compared to just 22 publications in the same period of last year, according to the Mediaskopas monitoring agency.

Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says“Lithuania is shining brightly on the world ICO map,” says Egle Nyameikshtite, head of the Vilnius Blockchain Center. According to statistical data presented during the conference, Lithuanian-based projects have attracted 10% of ICO investments last year. “Only Americans and Chinese are ahead of us,” she claims.

Cryptos are also entering everyday life of Lithuanians as a means of payment. The local United Colors of Benetton franchisee has recently announced it is accepting cryptocurrency payments. The stores of the global fashion brand in Vilnius now take bitcoin, etherium, dash, NEM, and steem through a partnership with the payments provider Coppay.

Do you agree that more central banks should try to understand cryptocurrencies before they attempt to regulate them? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, Coin Dance.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Blind Denial of Cryptocurrencies Leads Nowhere, Bank of Lithuania Says appeared first on Bitcoin News.

Litecoin (LTC), IOTA, NEM (XEM) – the Latest

Litecoin (LTC)

The cryptocurrency market jumped yesterday, as Bitcoin (BTC) rose $1,000 in under 60 minutes. Today, we’re taking a look at Litecoin (LTC), IOTA, and NEM (XEM), who has also been making a splash on the market in the last 24 hours.

Yesterday, Silicon Valley VC tech mogul, Tim Draper, made a bold prediction that BTC would reach $250,000 by 2022. Back in 2015, he predicted that Bitcoin would reach $10,000 by the end of 2017 and he was right. Could he be right about this? Tom Lee, Fundstrat Global Advisors co-founder, yesterday repeated his bullish forecast  ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

India Searches for Ethereum Over Bitcoin

India Searches for Ethereum Over Bitcoin

For nearly half a year, India’s crypto enthusiasts have been searching for the cryptocurrency ethereum (ETH) over bitcoin (BTC). At the end of February, researchers confirmed ETH searches were twice as likely over BTC. Could the world’s second most populated country be souring on the world’s most popular cryptocurrency?

Also read: Trezor to Implement Bitcoin Cash Addresses

India Is Searching More for Ethereum, According to Researchers

According to Jana, a free internet provider in India, “Ethereum topped bitcoin as the most searched-for cryptocurrency in India over the past five months, commanding a 34.4% share of currency searches overall versus bitcoin’s 29.9%,” Quartz India reports. The results were published in Jana’s Mobile Majority study, finding the “next most searched-for currency was Buyucoin (NEM) with a 21.2% share, and the rest captured 5% or less.”

The CEO of Jana, Nathan Eagle, believes, “The government recommending shutting down exchanges and limiting currencies altogether, coupled with the decline in prices, has lead to the feverish pitch waning away dramatically. There are still quite a lot of searches but maybe we’re getting closer to what a true steady state should look like.” Part of the problem might be bitcoin’s success, ironically. It tends to get the majority of attention when concerns about cryptocurrencies arise. In recent months, India’s government and regulators have suggested everything from crypto not being legal tender to shutting exchanges.

India Searches for Ethereum Over Bitcoin

Jana used its Mcent browser to find currency terms searched for and exchange visits over a five-month period, October of last year through February 2018. According to Quartz India, “Ethereum searches were double that of bitcoin during last week of February.”

Thirty percent of all searches during that period happened at the height of bitcoin’s run during December of last year. There seems to be an almost inverse relationship between searches for ethereum and bitcoin’s price: the more of one necessarily means less of the other. Mr. Eagle explained how “search volume is a leading indicator of what has momentum and is showing signs of growth. It may not correspond to people buying more ethereum, but there’s certainly a lot more interest,” he told Quartz India.

India Searches for Ethereum Over Bitcoin

India’s Uneasy Relationship with Crypto

What is clear is that India has an uneasy relationship with cryptocurrencies generally and bitcoin in particular. And though the Jana study points to a downturn in bitcoin enthusiasm, there are welcoming signs. As we explained, companies “trying to establish themselves in the crypto sector and raise funds through cryptocurrencies are increasingly turning to India…Outsourcing advertising and marketing operations to Indian agencies offers startups a cheaper alternative now.”

India Searches for Ethereum Over Bitcoin

Non-governmental associations are welcoming even while India’s government is hostile. “An Indian chamber of commerce is launching a bitcoin mining training program in 30 cities across India,” News.Bitcoin.com reported. “The goal is to teach young people about bitcoin, cryptocurrencies, blockchain technology, crypto mining, and entrepreneurship to empower the rural population for self-employment.” There’s even “an initiative is bringing new investors on board. Bitcoin gift vouchers are gaining popularity in India’s IT hub – Hyderabad. A growing number of Indians like the idea of a cheap and low-risk entry into cryptocurrencies.”

Do you think search results are a meaningful indicator of cryptocurrency interest?  Let us know what you think in the comments below.


Images via Pixabay. 


We got it all at Bitcoin.com. Do you want to top up on some bitcoins? Do it here. Need to speak your mind? Get involved in our forum. Wanna gamble? We gotcha.

The post India Searches for Ethereum Over Bitcoin appeared first on Bitcoin News.

DASH, Verge [XVG], & NEM [XEM] – Bright Skies Ahead

DASH

After a bearish week last week, most digital tokens are back in the green. The entire cryptocurrency market as a whole is making its way back to $300 billion. Bitcoin (BTC) broke over the $7,000 mark, and Ethereum (ETH) is now seeing prices over $400.

Source: CoinMarketCap

Here are a few of the coins making the most gains on the market today.

DASH

Source: CoinMarketCap

There hasn’t been any new foundational news from the DASH project, except a video surfacing from eToro. eToro specializes in cryptocurrency ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

Japan Gathers 500 Agents to Fight Cybercrime and Crypto Theft

Japan Gathers 500 Agents to Fight Cybercrime and Crypto Theft

Japan has decided to set up a new agency to better address cybercrime. The Tokyo-based center gathers 500 analysts and investigators who will also combat cryptocurrency theft. Over 3 million attempts to steal digital information have been registered last year. Hackers have stolen funds worth over 17 billion Japanese yen.  

Also read: Hackers Target 400,000 Computers with Mining Malware

$6.3 Million Worth of Cryptocurrency Stolen Before Coincheck

The new law enforcement unit is expected to streamline efforts to combat cybercrime. The center will operate from Tokyo. Over 500 analysts and investigators from different branches of Japanese police and other security services will work at the new agency, Kyodo reported. Authorities hope to address the internet security issues in a more efficient way.

Last year alone, hackers stole ¥17 billion JPY ($166 million USD). That includes ¥662 million ($6.3 million) worth of cryptocurrency. The amount does not cover the funds lost by Coincheck this year. In January hackers took ¥58 billion worth of NEM (~$550 million USD) from the Japanese crypto exchange. Police are still investigating the theft. The hack was probably carried out with a virus emailed to the Coincheck’s employees.

Japan Gathers 500 Agents to Fight Cybercrime and Crypto Theft

Cybersecurity experts have voiced concerns that half of the NEM coins, which disappeared in the heist, have been laundered already on the darknet. It’s believed that the attackers have converted them to other cryptocurrencies or even fiat money. A couple of weeks ago the NEM Foundation announced it would no longer track the stolen cryptos. The Singapore-based organization also said it had provided “actionable information” to law enforcement agencies investigating the hacker attack.

Crime in the cyberspace has become a real issue in Japan. More than 3 million attempts to steal computer stored data have been registered in 2017. These include cases of attacks on both credit cards and cryptocurrency wallets. Hackers have misappropriated twice as much as in 2016.

Attention Turning to Crypto Users

In March, Japan’s National Police Agency said it was aware of 149 crypto-related attacks that took place last year. In most cases hackers accessed unprotected crypto wallets storing both public and private keys. Funds in ripple (¥453.5 million), bitcoin (¥194.4 million), etherium (¥5.3 million), and NEM (¥9.2 million) have been illegally transferred to other accounts.

Japan Gathers 500 Agents to Fight Cybercrime and Crypto Theft

The number of attacks peaked in June, with 41 cases. It stayed below 20 per month for the following five months before going up again in December, when 25 cases were recorded. No suspects have been identified in any of these investigations.

A total of 16 Japanese exchanges have been targeted, according to the Japan Times. Authorities have blamed lax security in more than 80% of the breaches, despite recommendations by exchanges for implementing measures like multifactor authentication.

Although many hackers may have shifted their attention to cryptocurrency users, the number of illicit online transfers of yen and other fiat currencies remains high. 425 such cases have been reported last year in Japan.

Do you take measures to protect your cryptocurrency wallet? Tell us in the comments section below.


Images courtesy of Shutterstock.


Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post Japan Gathers 500 Agents to Fight Cybercrime and Crypto Theft appeared first on Bitcoin News.

Ripple (XRP), Cardano (ADA), and NEM (XEM): Which Coin Lost the Most Since 2018 Started?

Coin Losses

Ripple (XRP), Cardano (ADA), and NEM (XEM): one of these coins has dropped the most since 2018 started. Which coin do you think it is?

The crypto market has been all over the place since 2018 started. Some coins have risen. Some coins have plummeted. The industry itself has been put through the grindstone. Crypto ads are being banned left, right, and center by many major companies. Are we getting regulations or aren’t we? There are a lot of questions floating around about the future of crypto. While we can’t answer where crypto will go, we ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

Bitfinex Rejects All Present and Future Venezuelan Cryptocurrencies

Bitfinex Rejects All Present and Future Venezuelan Cryptocurrencies

Bitfinex has announced that it will not list or transact Venezuela’s new “oil-backed cryptocurrency” or any other tokens that the country may issue in the future, citing U.S. sanctions. Meanwhile, the Venezuelan government has reportedly set the minimum investment amount for the petro initial coin offering. 

Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions

Bitfinex’s Restrictions on the Petro

Bitfinex Rejects All Present and Future Venezuelan CryptocurrenciesCryptocurrency exchange Bitfinex announced on Tuesday its stance regarding Venezuela’s new digital currency, the petro (PTR). “We see the PTR as having limited utility,” the exchange wrote, adding that “it could be construed as an attempt to circumvent legitimate sanctions” against the Venezuelan government.

Bitfinex Rejects All Present and Future Venezuelan CryptocurrenciesStarting on March 19, the US government has “prohibited U.S. persons from all transactions related to, provision of financing for, and other dealings in, any digital currency, digital coin, or digital token issued by, for, or on behalf of” the Venezuelan government, Bitfinex detailed. This includes the central bank of Venezuela, the state-owned oil company (Pdvsa), and any entity owned or controlled by or acting on behalf of Venezuela’s government.

Bitfinex says its restrictions include not only the petro, “but may include other tokens as and when introduced in the future,” adding:

We have never had plans to include the PTR or similar tokens in the Bitfinex trading platform. In light of the U.S. sanctions and the other clear sanctions risks of dealing in these products, Bitfinex will not list or transact the PTR or other similar digital tokens.

Effective immediately, this policy applies to all Bitfinex customers and to all activities on the exchange such as deposits, financing, trading, and withdrawals. In addition, all contractors and employees of the exchange are also prohibited from transacting in the petro or other related digital tokens.

Petro ICO Update

The Venezuelan government claimed that the pre-sale of the petro, which supposedly began on February 20, has raised 5 billion dollars from 133 countries, local media reported. However, there has been no proof of whether any transactions have taken place at the time of writing. According to the whitepaper, the petro initial coin offering (ICO) started on March 20. The new currency can be purchased with euros, rubles, yuan, and Turkish liras as well as three cryptocurrencies – bitcoin, ether, and xem, as news.Bitcoin.com previously reported.

Bitfinex Rejects All Present and Future Venezuelan Cryptocurrencies
Nicolas Maduro.

Last week, President Nicolas Maduro ordered the use of the petro in state operations including those of the Pdvsa. Among the services to accept the petro are tourist services. However, Ariadna Zamora, head of a travel agency, told AFP that “Nobody has explained anything at all. How do you trust in something you do not know?”

On Wednesday, the news outlet reported that the Venezuelan government has set the minimum investment at 1,000 euros (~USD$1,234) for the petro. Anyone trying to register to buy the petro would see the message “Keep in mind that the minimum investment is 1,000 euros for bank transfers,” the news outlet wrote. In addition, “the funds must be transferred to state accounts in euros and rubles.” Citing that 13 million people earn the minimum wage in Venezuela which is equivalent to 4.5 euros (~$5.55) on the black market, the publication noted that the minimum investment amount “is unattainable for the majority” of Venezuelans, adding:

With 1,000 euros you can buy about 20 petros, because each one is worth 49.4 euros (61.2 dollars), according to the price reported on Tuesday by the Ministry of Petroleum.

Do you think Bitfinex is right not to touch the petro? Let us know in the comments section below.


Images courtesy of Shutterstock, the Venezuelan government, and Bitfinex.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bitfinex Rejects All Present and Future Venezuelan Cryptocurrencies appeared first on Bitcoin News.