ECB Council Member: Central Banks Considering Crypto Regulation

The European Central Bank's Ewald Nowotny has said that China's recent crackdown has brought new focus on cryptocurrency regulations.

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Bitcoin Price Watch; A Wild End To The Week

So, we have come to the end of the week in our bitcoin price trading efforts and it’s looking as though we are going to have a pretty interesting close to the session. Things started moving late yesterday and we were able to jump into the markets on a nice clean breakout trade shortly before... View Article

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Crypto Trading and Traditional Assets: New Options for Investors

While trading of crypto-assets is booming, some investors are looking for options to trade traditional assets like stocks via cryptocurrencies. Three new operators are among those developing trading platforms to meet this need, with blockchain-based tokens pegged to the underlying assets.AnkorusAnkorus is establishing a platform that will permit trading traditional assets, including stocks, bonds, futures, options, gold, silver, commodities, ETFs, FX and bitcoin futures with cryptocurrency. “Ankorus will establish an online exchange populated by any financial asset currently available worldwide,” reads the Ankorus white paper. “Various auditing measures will be taken to establish transparency, and customers will be able to validate that tokenised assets are fully backed and held by Ankorus.”To enable cryptocurrency holders to buy real-world financial assets, Ankorus will create and allocate tokens that are exactly value-pegged to the underlying assets in exchange for cryptocurrency. Ankorus will hold its “fundraising contribution” or “Token Generation Event” (TGE) between November 25 and December 25. The ANK token will be distributed to contributors during the TGE. “The ANK is a utility token, used for commissions, for datafeeds, professional technical charting software, webinars, financial education materials and also membership for those who wish,” Ankorus CEO John Cruz told Bitcoin Magazine. “The ANK token will be allocated during our TGE and later listed on exchanges, beginning with EtherDelta. It is an ERC20 token.”Another token, the Anchor Token, will be the asset value-pegged token, separately created to tokenize specific securities using a yet-to-be-determined technology.“Anchor Tokens will come later, after we receive the requisite regulatory approval,” said Cruz. “Anchor Tokens will be created for our customers when they wish to tokenize specific assets. For example, if a customer wishes to purchase and tokenize Apple stock, we create an Apple Anchor Token (known as AAPL.A) or simply credit the customer with them if we created one earlier.”One of the most interesting asset classes that Ankorus is targeting is that of traditional financial instruments based on cryptocurrencies, such as futures and derivatives. A few weeks ago Bitcoin Magazine reported that CME Group, one of the world’s largest derivatives exchanges, will launch a bitcoin futures product before the end of Q4 2017. In a video, Cruz explains why he considers CME bitcoin futures as a breakthrough that could soon push bitcoin’s price up to $50,000, and expresses confidence in Ankorus’s ability to offer CME bitcoin futures trading soon. It’s worth noting that Ankorus’s offering can be seen as the reverse of CME bitcoin futures: while CME will offer a traditional financial instrument tied to cryptocurrencies to investors that prefer not to hold and trade cryptocurrencies directly, Ankorus wants to make CME bitcoin futures and other traditional financial instruments available to cryptocurrency holders.One is left to wonder how Ankorus will navigate the compliance minefield, which has blocked similar initiatives before. The Ankorus team insists that they will be totally SEC-compliant and follow all KYC (Know Your Customer), AML (Anti-Money Laundering) and CTF (Counter-Terrorist Financing) regulations. According to the white paper, Ankorus intends to become a fully registered broker-dealer, acquire membership on a large and reputable exchange, follow best practices for insurance and auditing on a regular basis, and establish a compliant trading platform that will bridge the crypto and finance worlds. “By becoming a broker-dealer entity, we will get SEC blessing,” said Cruz. “Everyone else is trying to tokenize assets by not being a broker-dealer entity; this is where they run into trouble with the SEC.” “Within the team we have experience of complying with different market regulators’ KYC, AML and CTF requirements for an FX remittance company,” Ankorus COO Haldane Marnoch told Bitcoin Magazine. “PEP [Politically Exposed Persons] lists are vetted and we check against a suite of sanctions lists too. Documents supplied by our customers for proof of identity or proof of address expire and need to be renewed on a regular basis. Source of funds also needs to be proven for larger transactions.“Our team is familiar with all the provisions required for operating across multiple jurisdictions,” continued Marnoch. “We’ll use as our primary reference the standards set by the SEC and the CFTC, but naturally we’ll be implementing processes to comply with each and every market we trade in, for instance the FCA in the U.K.”“We will become a division of a Futures Commissions Merchant (FCM), expected early March, and will be able to fill orders for CME bitcoin futures at that time,” added Cruz.LAToken and Jibrel NetworkLAToken (LAT), which recently raised $19.6 million in a token sale, wants to broaden the use of cryptocurrencies in the real economy and allow cryptocurrency holders to diversify their portfolio by getting access to tokens linked to the price of real assets. The LAT platform is already operational: asset tokens can be created, listed for sale and traded on the LAT platform. At this time, tokens linked to the price of stocks (e.g., Apple, Amazon, Tesla), commodities (oil, gold, silver) and real estate are already being traded on the LAT platform. Tokens linked to artwork are soon to follow.According to the white paper, the LAT platform provides cryptocurrency holders with transparent price discovery and diversification across multiple asset classes, allowing for the creation or listing of third-party asset tokens compliant with LAToken disclosure and legal structure rules.Jibrel Network wants to provide currencies, equities, commodities and other financial assets and instruments as standard ERC20 tokens on the Ethereum blockchain. Jibrel Network’s draft white paper explains that the platform will support tokens, dubbed Crypto Depository Receipts (CryDRs), which represent ownership of an underlying traditional asset held by Jibrel. On release, Jibrel will support six fiat currencies (USD, CNY, EUR, GBP, RUB, AED) and two money-market instruments. In the future, Jibrel plans offer CryDRs pegged to a wide range of currencies, commodities, securities and derivatives. The project will hold a token pre-sale between November 27 and January 27.Both LAToken and Jibrel Network expect to be fully compliant with applicable regulations, including KYC/AML rules, and apply for relevant licenses where needed. Full compliance may prevent the companies from targeting customers in certain jurisdictions. For example, the Jibrel token sale will not be available to U.S., Chinese and Singaporean residents.The post Crypto Trading and Traditional Assets: New Options for Investors appeared first on Bitcoin Magazine.

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Ronald Wheeler, alleged AlphaBay spokesman, charged with device fraud over dark-web marketplace

Federal prosecutors have charged an Illinois man accused of acting as the spokesman for AlphaBay, a dark-web marketplace that facilitated hundreds of thousands of dollars worth of drug deals and other illegal transactions prior to being seized by authorities earlier this year. Ronald L. Wheeler III, 24, was arraigned Wednesday in Atlanta on a single […]

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South African Author Implores Gupta Family to Use Bitcoin to Circumvent Banking Embargo

A South African author has published an open letter imploring Atul and Ajay Gupta to use bitcoin as a means to circumvent the banking embargo targeting the family. The Gupta family came to South Africa from India during the 1990s, and soon built a business empire – spanning the media, mining, and computer hardware industries. Recently, the Guptas have been the target of accusations of corruption owing to ties to South African president Jacob Zuma. 

Also Read: “Ludicrous” – Analysts Debate How Much Power Is Consumed per Bitcoin Transaction

“The Very Banks Who Closed Your Bank Accounts and Made You Bleed Are the Ones Who Would Feel the Pain in All of This”

Image from a protest against Atul Gupta in Cape Town

As a consequence of accusations of money laundering and suspicious transactions, numerous South African and international banking institutions have recently shut down Gupta-owned accounts.

South African author, Philip Haslam, has published an open letter to Atul and Ajay of the Gupta family, imploring them to adopt bitcoin as a means to circumvent the banking embargo that currently targets the family. Philip Haslam is the author of ”When Money Destroys Nations” alongside Russell Lamberti, which focuses on the social toll of hyperinflation – drawing heavily from Haslam’s work on Zimbabwe.

Haslam’s letter opens by stating “I have been following the recent media attention around your banking problems with some interest. What a dilemma you find yourself in! Banks won’t bank with you even when you own shares in them and own certain politicians who regulate those banks.”

The Gupta family have been accused wielding as “shadow state” in South Africa. The family has long held ties to Jacob Zuma – who has held office as president in South Africa since 2009. A recent academic report has described the actions of the Zuma and Gupta families as having “started off… as collu[ding] in relatively low-level corruption” before their activities “evolved into state capture and the repurposing of state institutions” following Zuma’s ascension to the presidency.

Haslam argues that there will be no way out of the banking embargo for the Gupta’s, who are currently barred from accessing services with two international and four South African financial institutions. Haslam argues that a bank that continually processes suspicious transactions risks being “cut out of global clearing activities [and] since local clearing houses… rely on being connected globally,… worldwide financial authorities… have the power to stop a bank from making local South African payments from one bank to another.” Haslam tells the Gupta’s that “global banking authorities have more power than you realize and it means you will likely face increasing problems with banks even back in India as they blacklist your transactions… Unfortunately for you, you cannot capture the IMF or Federal Reserve.”

“For as Long as You Play Using the Systems They Control, They Will Make Banking Life Difficult for You”

South African Author Implores Gupta Family to Use Bitcoin to Circumvent Banking Embargo
South African President, Jacob Zuma

Haslam asserts that the “only viable option” for the Guptas is to turn to cryptocurrency. Halam argues that the Guptas “could arrange for bitcoin and other cryptocurrencies… to be made legal tender in South Africa… You could establish an independent currency system, with people paying bitcoin at the tills and even paying tax in bitcoin. You would have no need of the banks.”

Haslam concedes that he has “ulterior motives” in recommending that the Guptas adopt cryptocurrency, stating that “with a fixed money system, [their] corruption will be severely reined in.” Haslam accuses the Guptas of seeking to gain “control of the South African Reserve Bank… to print money for [them]selves.” If the nation were to adopt bitcoin, Haslam argues, the cycle of the “government… print[ing] money to repay lenders” would be broken through bitcoin’s attribute of possessing “a fixed supply of money.”

Haslam concludes by offering the Guptas a final “special benefit” of adopting bitcoin – “revenge”. Haslam tells the Gupta’s that “the very banks who closed your bank accounts and made you bleed are the ones who would feel the pain in all of this. Bitcoin as a money and banking model would inherently compete with the business of the banks.”

What do think of of Haslam’s arguments in favor the the Gupta family adopting bitcoin? Share your thoughts in the comments section below!


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The Fashion Industry May Soon Get Help From Artificial Intelligence

TheMerkle Fashion Artificial IntelligenceNot every development in the world of artificial intelligence needs to be feared. In most cases, these new technological tools will improve many aspects of our daily lives. Researchers at the University of California at San Diego have partnered with Adobe to create a new fashion-oriented AI. Not only will it learn about your personal fashion style, but it can also make suggestions based on your preferences. It’s an interesting development, to say the very least. AI Continues to Evolve in Different Directions There are many potential use cases for artificial intelligence; that much is evident. While there is plenty of focus

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Bitcoin Hits $8,000 as the Segwit2x Hard-Fork Fails

Bitcoin renewed its unrelenting trajectory into the stratosphere and reached a fresh all-time high of $8,040 USD during intraday trading on November 17, 2017. On the same date, a group of developers unsuccessfully attempted to implement the Segwit2x hard-fork. Segwit2x Revisited Bitcoin punctured the $8,000 USD resistance price level. The Bitcoin surge occurred as a group of developers attempted to implement the Segwit2x hard-fork of Bitcoin’s blockchain. However, as of this writing, the Segwit2x team<br />Read More<br />The post Bitcoin Hits $8,000 as the Segwit2x Hard-Fork Fails appeared first on Bitcoinist.com.

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UK FinTech to Launch a Bitcoin Visa Debit Card with Support for … – CryptoCoinsNews

UK FinTech to Launch a Bitcoin Visa Debit Card with Support for ...CryptoCoinsNewsA London-based fintech startup is planning to launch a prepaid Visa debit card, giving users the option to spend a range of cryptocurrencies across the U.K..and more&nbsp;&raquo;

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Neuromation is one of the novelties of the blockchain industry.

Neuromation is a decentralized network built on smart contracts and a blockchain. It is created to organize the trade of the components of AI models. The Platform uses distributed computing along with blockchain proof of work tokens to revolutionize AI model development. Neuromation can also do retraining and maintenance as required. Neuromation can also help... View Article

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