Articles by "Cryptocurrencies"
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di May 05, 2020 0

Russian Central Bank Admits It Cannot Prohibit Bitcoin

A few days ago, the head of the same legal department of the Russian Central Bank Alexey Guznov said that soon the law adopted on digital financial assets would be amended and the circulation of cryptocurrency in Russia would be banned, except for safekeeping.


Punishment will be applied to violators. Therefore, it is too early to rejoice or be upset. Senior officials' information about cryptocurrency is very contradictory so it is difficult to comment on anything. One thing is clear: the Russian government does not want to legalize cryptocurrency and allow its citizens to use it freely. We must expect the proper application of the law.

The director of the legal department of the Bank of Russia has acknowledged that Bitcoin and other cryptocurrencies cannot realistically be banned in the country.

Although cryptocurrency is not completely legal in Russia, it looks like it will also never be banned. That's the latest news from the Russian government.

The director of the legal department of the Bank of Russia has acknowledged that Bitcoin and other cryptocurrencies cannot realistically be banned in the country.

Although cryptocurrency is not completely legal in Russia, it looks like it will also never be banned. [Interfax] That's the latest news from the Russian government.

Secure Cryptocurrency in Russia?

Cryptocurrency has faced a confusing and difficult legal situation in Russia for some time now. Last month, it was reported that several bank accounts related to cryptocurrency could be frozen in the country. Cryptocurrency payments have also come under fire for damaging Russian rubles.

The Russian Central Bank has repeatedly supported the ban and remains firm against Bitcoin. However, it seems that establishing such dictation has proved impossible - and the Russian government has admitted this recently.

As recently reported director of the legal department of the Bank of Russia, Alexei Guznov, said that the ban was not possible. However, he said that cryptocurrency is being actively used for money laundering and illegal activities.

He also stressed that cryptocurrency is "not money." However, Bitcoin spending cannot be stopped and he said that "we cannot possibly limit this."

Russia likes Cryptocurrency

There is no denying that cryptocurrency remains very popular in Russia. However, opposition from the government is strange considering how entangled they themselves are in the world of cryptocurrency.

Last year, it was revealed by a large Bitcoin mining field owned by aides of President Putin. The Russian State has also sought to create a financial center on the border between Russia and China, specifically for cryptocurrency trading.

So, it seems that the Russian state is more than willing to exploit cryptocurrency for its own purposes but wants to prevent its people from doing that. The good news is that now they have recognized that they cannot ban cryptocurrency in this country - but this tacit admission still puts the industry at serious risk there. However, this is good news for those who fear Bitcoin might be blocked. These fears can now be rested.

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di May 01, 2020 0

OKEx Pool Announces To Support Ethereum 2.0 Testnet


The Malta-based crypto exchange, OKEx, has announced that the OKEx Pool has become one of the world's largest mining assemblies that has supported the Topaz Ethereum 2.0 test network. The fourth largest crypto exchange in the world based on trading volume believes that this integration will help its network to attract more customers.

OKEx Pools Supports 9 POW Cryptocurrency

The exchange said that people who were curious about the further Ethereum launch could get information for the platform.

OKEx introduces its mining collection, OKEx Pool in 2019, to support at least 9 working proof cryptocurrency that includes Bitcoin and Ethereum.

In just three months since its launch, the mining group is considered to be the top five largest group because of the strength of the hash given to Bitcoin (BTC).

According to Miningpoolstats.stream, OKEx Pool is the 46th largest mining pool for ETH by hash power because it provides around 25 GH / sec hash rate for at least 150 active miners.

OKEx Pool Provides 0.01 Percent Hash Power

At present, OKEx Pool provides a 190TH / second hash rate for ETH miners which means it only provides 0.01 percent of all hash power while securing the recent ETH mainnet.

Recently, chief strategy officer at OKEx, Alysa Xu, when talking about the integration of OKEx with Ethereum, said that the exchange collaboration with Prysmatic Labs would help OKEx to improve its work. Xu further stated that all forms of future progress by ETH will be promoted on the OKEx platform.

He also stated that the company was very happy because it had become the first mining network that was successfully integrated with the Topaz ETH 2.0 test network.

It has been previously reported that Topaz Testnet from Ethereum 2.0 will bridge the gap between work consensus and stock evidence. This testnet has been developed by Prysmatic Labs and already has more than 20,000 validators.

To be an active node on ETH, the validator must risk at least 32 ETH for testing.
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di May 01, 2020 0

Kraken Integrates 11 New Trading Pairs To Transform Popular Currencies


The US-based cryptocurrency exchange, Kraken, has announced the integration of 11 new trading pairs on its platform, on April 30, 2020.

The new service of Kraken includes expanded option that could convert cryptocurrencies like Ether (ETH), USDT and Pound Sterling (GBP) with the offerings.

Direct Crypto-To-Crypto Conversion

The offerings have been created to prompt more functionality on the platform.

Earlier, while buying any other crypto coin, users of Kraken had to convert their crypto holdings into the fiat currencies. But now they could easily convert their crypto holdings into any other cryptocurrency.

For instance, if a person wants to convert Bitcoin Cash (BCH) into Ethereum (ETH) on the Kraken platform, unlike the previous time, where the user had to spend more time and money for two distinct trade, it would use BCH/ETH trading pair. While doing so, the user not only saves time but also the trading fees.

The platform would help its client to directly sell their BCH for ETH. But while completing the process the clients would have to deal with unavoidable escalations.

Kraken Adds Traditional Forex Trading

According to a report, Kraken has been planning to head towards the traditional forex trading to expand the business and start trading into a $6 trillion market.

Now the total number of trading pairs on the platform has reached 155. These pairs have diversified portfolios and got new trading options too.

The crypto exchange already supports the trading between cryptocurrencies like Bitcoin, Ethereum, Ripple and Litecoin with most of the fiat currencies like the US dollar, the Canadian dollar, Euro, British Pound and Japanese Yen. Now, with the help of new service, the users of the platform could trade directly between fiat currencies too.

A few days ago, the Swiss franc was included in the list of fiat currencies that are backed by Kraken recently. But, during the launch of forex offering the exchange did not provide the margin for trading.

Recently, the US-based crypto exchange has collaborated with Silvergate Exchange Network (SEN), to help its customers depositing and withdrawing money from their bank accounts without paying any fees.
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di May 01, 2020 0

Google Profits off Impersonations of Banned Cryptocurrency Celebs and Companies


Cryptocurrency companies are banned on Google but the platform is allowing phishing sites to impersonate them. London-based bitcoin exchange Coin Corner showed that a fraudulent site mimicking it is allowed on Google’s advertising platform though its own evidence-backed appeals of legitimacy to Google Ads have been constantly ignored.

Coin Corner marketing manager Molly Spiers says the policy is exposing customers to fraud. “So @GoogleAds won’t allow @CoinCorner – a long-standing, legitimate business – on their platform, but will allow phishing companies? Pay attention @Google!” she tweeted on April 30.

Spiers shared a screenshot showing a Google advert that promotes www.coincornerr.com, an apparent phishing site that impersonates the Coin Corner website. The acceptance of the scam site by Google Ads enables it to come up higher on Google Search. She points out:

"With Google’s stance on #Bitcoin and #cryptocurrency advertising, any adverts that contain crypto-related keywords are going to be automatically disapproved, so it looks like they have copied our text but removed all references to bitcoin in order to get around Google’s algorithms."

In 2018, Google banned cryptocurrency ads supposedly to protect users from scams but partially lifted the ban to allow regulated exchanges in the U.S and Japan to advertise. The continuing embargo on crypto companies outside the exempted territories, however, is not serving its purpose as phishing sites are allowed while appeals from regulated companies are disregarded.

Coin Corner has been in business for six years and is registered with the British authority, the exchange’s CEO, Danny Scott, commented in Spiers’ thread. The company has contacted Google a number of times to ask for exemption in the UK to no avail.

Scott said Coin Corner reported the scam site to Google but it has not been removed from search results. Google has previously continued to run adverts from phishing sites even after they are exposed.

In a related episode of policy inconsistency, Google’s sister platform, Youtube, recently took down Ripple CTO David Schwartz’s videos, claiming that they are impersonations. You Tube is currently facing a Ripple lawsuit for not doing enough to protect users from giveaway scams.

The Alphabet-owned platforms need to update their policies and technologies to stop promoting fraudulent initiatives while censoring legitimate businesses and exposing consumers to scams.
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di January 16, 2020 0

Cryptocurrency Pyramid Scheme To Be Investigated By Thai Officials


A case of the cryptocurrency pyramid scheme has been forwarded to the Thai Special Investigation Department by a human rights lawyer. According to the Bangkok Post, 20 victims who suffered a loss of 75 million baht were looking to surpass the local police investigation of the Krabi province in Thailand.

Working independently of the Royal Thai Police, The DSI, a department of the Thai Ministry of Justice has been tasked with handling special cases, including criminal network cases that threaten national security.

Local Theft

Thailand is often under scanners for cases related to crypto fraud. Recently, Thai police are investigating Thai actors for the Bitcoin ransom abduction case. In 2019, authorities arrested a 48-year-old man. He calls himself a 'cryptocurrency magician' and is involved in 500 million baht crypto exchange fraud cases. In the same year, a local bad guy named Jiratpisit Jaravijit, a famous Thai opera star, was arrested for his involvement in the 797 million baht of the theft of Bitcoin, which he did with the help of his brothers.

Victims Get Duped With a Promise of 8% Returns

According to reports, the alleged pyramid scheme named 'Khung Nong cryptocurrency Trading' has been operating since 2018 in Krabi province. Multiplied by the promise of a return of 8%, local residents of Krabi, Yala, Trang, Narathiwat, and Pattani falsely became victims and sold their important items, including cars, motorbikes and even private land with the aim of raising their money to produce investments.

Cryptocurrency Pyramid operator operators drag more victims and then stop distributing dividends to them. It all happened in 2018, between October and February.

According to Noopad Wachedi, who was also a victim of the cryptocurrency pyramid scheme, sold his land to collect the money needed for investment. But unfortunately, the check he received from the Cryptocurrency Trading operator Khung Nong finally bounced.

He is not the only victim; His relatives are also trapped in fraud by tricks that are allegedly used by scammers to deceive investors.

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di January 02, 2020 0

IMF Encourages Philippines Central Bank To Monitor Cross-Border Crypto Transactions


The International Monetary Fund (IMF)  in its Technical Assistance Report paper has urged Phillippines Central Bank to monitor the flow of crypto transactions moving outside the country.

The paper published by IMF was a part of their Monetary mission in Phillippines started back in July 2019. Under this mission, the IMF also delivered a lecture which looked into the role of crypto assets in macroeconomics whose summary was mentioned in the report as well.  The summary read,

"BSP has recently authorized operations for three virtual currency exchanges (VCE), bringing the total number of approved VCEs to 10, therefore the Philippines can become an important market for crypto assets"

The IMF report noted that the Philippines had seen significant progress in terms of crypto adoption and regulations where the country's regulatory body The Bangko Sentral ng Pilipinas (BSP) has permitted three more crypto exchanges, taking the total number of operational crypto exchanges to 10. The IMF also recommended the central bank to work with these exchanges and start collecting data on the flow of cryptocurrencies outside the country. The paper suggested that analyzing these data every quarter would help monitor the impact of these crypto-assets on the macroeconomics of the country.

The report also detailed the structure of data collection and suggested that the central bank should divide the data by the origin country of the transaction and the destination country of the transaction. It further recommended collecting data on the parties involved in the transactions as well.

IMF Recommends Close Monitoring of Crypto Transactions


The Bangko Sentral Pilipinas(BSP), the regulatory body of Philippines registers crypto service providers as a cross-border remittance and transfer company which must adhere by Anti-Money Laundering laws, Countering the Financing of Terrorism, and risk management.  Although BSP currently has a positive outlook towards crypto assets given their regulatory assistance towards crypto exchanges, the governor of the BSP has warned how these virtual currencies could aid criminals in carrying out illicit activities.

The recent IMF report highlighted the need for central banks to monitor these crypto transactions especially the once moving out of the country to keep a track if these virtual assets are ever used for illicit activities by criminals. While many are divided on the state of regulations for cryptocurrencies as well as the level of regulations, but given the controversies surrounding the decentralized space, regulatory precautions are the best measures available to avoid illicit use of these digital assets.
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di December 28, 2019 0

Electronic Trading Platform


Electronic trading platforms are computer software programs that can be used to order financial products through networks with financial intermediaries, also known as online trading platforms. Various financial products can be traded by trading platforms, through communication networks with financial intermediaries or directly between participants or members of trading platforms. Products such as stocks, bonds, currencies, commodities, derivatives, and others, with financial intermediaries, such as brokers, market makers, investment banks, or stock exchanges. Such a platform allows electronic commerce to be carried out by users from any location and is different from traditional floor trading using open protest and telephone-based trading. Sometimes the term trading platform is also used referring to trading software only.

Several platforms have been specifically designed to enable individuals to gain access to financial markets that were previously only accessible by specialist trading companies. They can also be designed to automatically trade specific strategies based on technical analysis or to carry out high-frequency trading. The electronic exchanging stage streams direct market costs where clients can exchange and can give extra exchanging devices, for example, diagram creation bundles, news channels, and record the board capacities.

Etymology

Generally the term 'trading platform' is used to avoid confusion with 'trading systems' which are more often associated with trading methods or strategies than computer systems used to execute orders in financial circles. In this case, the platform is used to mean a type of computing system or operating environments such as a database or other specific software.

Historic developments

Transactions have traditionally been handled manually, between brokers or opposing parties. However, starting in the 1970s, most transactions have migrated to electronic trading platforms. This may include electronic communication networks, alternative trading systems, "illicit gatherings" and others.

The first electronic trading platform is usually associated with the stock exchange and allows brokers to place orders remotely using private networks and stupid terminals. The initial system will not always provide live streaming prices and instead allow brokers or clients to place orders that will be confirmed sometime later; this is known as a 'bid request' based system.

Trading systems have evolved to allow live streaming prices and almost instant order execution and use the internet as a basic network which means that location is far more relevant. Some electronic trading platforms have built scripting tools and even APIs that allow traders to develop automated or algorithmic trading systems and robots.

The client graphical user interface of the electronic trading platform can be used to make various orders and is also sometimes called a trading tower (although this may be an abuse of this term because some refer to the PBX telephone specifically used by traders).

During the period 2001 to 2005, the development and proliferation of trading platforms witnessed the establishment of a special online trading portal, which is an electronic online venue with a choice of many electronic trading platforms rather than being limited to the offer of one institution.

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di December 26, 2019 0

A thread by a 6-year-old crypto veterinarian


Nothing is impossible, also impossible. If there is anyone who has a crystal ball to estimate the satellite dish uptrend in the crypto market, then the catalyst for a satellite dish will happen now or a few minutes from now, but no one can predict this or have a bloody idea about really anything; so the market continues on the basis of how the majority of regular whales, fish, and joe feel about the crypto market and if they can make a profit from daily trading.

Crypto is based on 1 main power, sentiment, how people feel. Most investors will never return profits in crypto because the average investor is not educated and does not have the critical skills to understand his emotions. This basically means, buy high and sell low. Invest based on pure instincts and feelings. This is what drives the crypto boom, along with various other factors.

Money doesn't come out of anywhere, there are big whales and the government plays the crypto game; this is a new financial battleground that is starting to take shape. Who knows what role Bitcoin and Altcoin will play in 10 years from now? But what we know is that the blockchain and crypto will never stop, it will never really disappear. So this opens up endless possibilities for what can happen in the future.


2020 is the year awaited by many people, this was originally caused by half of Bitcoin. But what also happened in 2020, is the result of what has happened over the last 2-3 years now, an increasingly mature process. Maturation of integration, mature business, more educated individuals, implementation of the real and final world, legality. All of these factors are being brewed and 2020 is the year that will be considered very important in crypto. If you follow the trends, crypto news, and movements in this space this year, you will understand what this paragraph means. This topic itself is actually.


To enter into more speculative territory, there is (and presumably still exists) a large tension in world markets, where expectations of all-time high prices on S&P and DOW will all play a factor when the market corrects itself and thus leads to a global recession. The global recession will come in the next decade and will fall in time in a place where there is high uncertainty in the world, especially the third world, and developing countries. What this means for crypto, well means that anyone who is in crypto and understands the greater power in the game and what crypto represents inherently has a reason to be bullish.

I'm bullish on crypto, what looks for 2017-2018 is similar to 2011-2012 and 2013-2014, it's not the first bubble and it won't be the last. Likewise, there are plenty of predictions "almost all predictions are useless by the way, no one really knows" for the ridiculous rise in the market. Well, this prediction is felt in the valuation of gold (like mcap 2-3 trillion now?) Many see crypto achieving some sort of parity or toppling gold as the next store of value, specifically, Bitcoin. Bitcoin is be-all and end-all and will drive the next catalyst if we don't see a setback, which some alt fans have seen over the next decade.

OP Tread~tk808
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di December 18, 2019 0

Fidelity Launches Crypto Services in Europe, Citing 'Significant Interest'


Fidelity Investments is expanding its crypto services to European clients after seeing the increased potential in this market. This expansion is built on the U.S. crypto business company. "We have seen significant interest and involvement by the institutional community, which shows no signs of slowing down," the company revealed.

Enter the European Crypto Market


Fidelity Investments announced on Tuesday the establishment of its new entity to serve European clients who invest in crypto assets. Fidelity Digital Assets Ltd. will offer digital asset storage and trade execution services to investors such as hedge funds, family offices and market intermediaries. Guard services consist of cold storage rooms and "multi-level physical, operational and cyber controls," the details of the announcement, adding that trade execution services will give clients access to various sources of liquidity.

Tom Jessop, head of Corporate Business Development for Fidelity Investments and president of a subsidiary of US digital assets, explained that the group was "driven by continued corporate and venture investment in market infrastructure companies and the inclusion of traditional exchanges into the digital asset ecosystem. , "He explained:

These and other indicators, together with expressed interest from the UK and European client prospects, indicate a market with increasing potential that gives us confidence to expand the digital asset business geographically.

According to the Financial News publication, the new entity was incorporated in the UK on December 16, but currently does not have any regulatory permission. Michael O'Reilly, COO of a subsidiary of US digital assets, clarified to the publication: "Obviously we will ensure that we comply with the UK or any other license required, but at this point our understanding is that we do not need additional licenses to do this is in England "

Resource: bitcoin.com

Building on the U.S. Crypto Business


Fidelity Investments claims to have more than $ 7 trillion in client assets in administration and more than 1.3 million trades are processed every day, and become one of the largest financial services in the world, according to its website.

The company began exploring cryptocurrencies and blockchain technologies in 2014. In 2018, it launched Fidelity Digital Assets, a subsidiary to provide crypto services to institutional investors based in the U.S.

The New York State Department of Financial Services (DFS) in November, which allowed it to start operating as a limited liability trust company in the state of New York.

The Bitlicense regulator detailed at the time that the company had authorized the company "to provide virtual currency containment and execution platforms, where investors and individual institutions can safely store, buy, sell and transfer bitcoin."

In addition, O'Reilly told Financial News that London was the right base for Fidelity's European branch of digital asset services despite Brexit uncertainty. "Both the fintech and crypto communities in London are strong and that is evident from what we see from client requests or client requests," he said. While Fidelity only supports bitcoin at this time, it hopes to add other digital assets by 2020, COO revealed, noting that the company will also monitor expansion opportunities in Asia.

What do you think about Fidelity expanding its crypto services to Europe? Let us know in the comments section below.

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di December 16, 2019 0

Bitcoin Price in 2020

Digital Asset Research, has released a new bitcoin price prediction model based on scarcity - that is. how much bitcoin is left to be mined? The model estimates that the price of Bitcoin can reach as high as $ 60,595 in May 2020, almost six times the current value of $ 10,670. This will place the Bitcoin market capitalization of almost $ 1.25 trillion.

This prediction model is based largely on extrapolating Bitcoin price performance before - into the future. Another key factor that according to the report will determine the price is the termination of the Bitcoin prize block - the next one will mature in 2020. Because the prize for the mining block is cut in half, the price of Bitcoin will rise.


While the report assumes that history will repeat almost perfectly, it does provide interesting insights into the behavior of Bitcoin in recent years. Digital Asset Research found that the price of Bitcoin tends to peak about one-third of its way through each prize cycle which is split in half - each peak beats the previous one. If this continues, this means that Bitcoin will find its maximum limit in September 2021 - beyond the $ 60,595 it quoted earlier. The report, however, does not speculate about what might be the upper limit of the price of bitcoin.

But clearly, this will require a large cash flow - maybe $ 1 trillion - to enter the market, to drive prices. Digital Asset Research speculates that it could come from investors who want to hedge the government's currency. Most people say that the US-China trade war or further geopolitical tensions in Hong Kong can drive investors towards Bitcoin. However, as we have seen recently when Dow Jones fell - money came out of the market, showing that Bitcoin might be seen as a riskier and more volatile asset than a safe place.

The prediction model was created using Bitcoin market data, which previously highlighted the relationship between the value of Bitcoin and its rarity. Digital Asset Research plans to revise the model when new information or market functions become clear, to improve accuracy over time.

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di December 13, 2019 0

The Croatian Post Launches Crypto Exchange Service at 55 Branches


Croatian Post, the largest postal service provider in the Republic of Croatia, now offers cryptocurrency exchange services at 55 post offices throughout the country. At present, five cryptocurrencies are supported. This follows the successful implementation and positive results of the pilot program in several branches. The post is interested in this service and plans to offer additional crypto services in the future.

55 Croatian Post Branches Can Exchange Crypto

Croatian Post announced on Wednesday that its customers can now exchange five cryptocurrencies for Croatian kuna at 55 post offices throughout the country. Croatian Post is the largest postal service provider in Croatia. In addition to offering postal, financial, retail and insurance services, the Post states:

Starting December 11, all Croatian and foreign service users will be able to convert their cryptocurrency to HRK in just a few simple steps.

The announcement explained that after the customer submitted a crypto exchange request, "the QR code will be scanned and you will receive cash at the post office." Currently, five cryptocurrencies are supported: bitcoin, Ether, Stellar, XRP, and EOS.

Crypto exchange calculator on the Croatian website.

The Croatian Post website lists all 55 post offices with crypto exchange services and provides a calculator for customers to find out how much HRK they will receive from the Post for exchanging their cryptocurrency. Cryptocurrency exchanges are carried out in collaboration with Electrocoin, Croatian crypto brokers, and payment processing providers.

Taking note of that "Digitization is one of our advanced systems and a driver of various business extends," the Post additionally declared: 

Later on, we additionally plan to acquaint the choice with purchase digital forms of money at Croatian's post workplaces, along these lines making them the essential issues for cryptographic money exchanges crosswise over Croatia. 

Later on, we likewise plan to acquaint an alternative with purchase the digital currency at the Croatian mail station, making it the primary concern for cryptographic money exchanges all through Croatia.



Successful Pilot Projects and Other Countries


Croatian Post currently has 1,015 post offices, 2,135 counters, and more than 10,000 employees, according to its website. The launch of the crypto exchange service at 55 post offices follows "successful implementation and positive results of the pilot project for cryptocurrencies exchange at the post office in Zadar," the Post explained, adding:

The pilot project has shown that there is interest in this type of service, which is why Croatia Pos will introduce cryptocurrency exchange services at post offices throughout the country.

Five of the same cryptocurrency was offered in the pilot project, which was carried out at three post offices in Zadar, a town on the Dalmatian coast of Croatia. "In recent years, there has been an increase in the number of cryptocurrencies users, who very often plan to travel to places where they can convert their digital money into national currency," the Post explained on Wednesday. "Because of the possibilities offered by this service, many guests who visit Croatia will find our cities more attractive."

Post offices in several other countries have offered similar services such as in Liechtenstein and Austria. In February, the Liechtensteinische Post began selling BTC. Since then, ETH, LTC, and XRP have been added and services are currently available at post offices in Vaduz and Schaan. In Austria, more than 400 Austrian post offices and about 1,350 postal partner stores across the country sell online Bitpanda crypto vouchers, details the Bitpanda website.

What do you think about Croatia Post offering crypto exchange services at 55 post offices? Let us know in the comments section below.

Resource: Bitcoin.com
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di September 14, 2019 1
Crypto Facilitates Limited Money Transfers to China,

Crypto Facilitates Limited Money Transfers to China


Crypto is not illegal in China, but it is illegal for banks and financial institutions to deal with crypto. It is also illegal for citizens to send more than $ 50,000 fiat money in one day, without government permission. Banking regulations that limit international trade, and state surveillance amid political unrest mean that transferring money may be difficult. Although bitcoin's legal position is rather precarious, China is still finding ways to prepare for non-violent exchanges, free markets are using the crypto channel to prosper even in the face of economic oppression.

Crypto situation in China

Since a series of government bans in 2017, there has been much debate and misunderstanding about the true nature of crypto regulations in China. Long and short is that crypto is not illegal, but is also seen as property under Chinese law. ICO, crypto exchanges and non-OTC brokerage services involving cryptocurrency are all illegal. Basically, any transaction that directly connects government fiat such as yuan, and cryptocurrency, is prohibited. Banks may not deal with bitcoin, and exchanges cannot facilitate their purchases or sales. As for mining, a proposal to ban the activity was made in April, but a crackdown on this area has not been taken.

Despite all this, the legal gray area of   OTC trading is still alive and well, largely facilitated through offshore exchanges, VPNs and stable transactions such as Tether's USDT. Some large exchanges that have been moved, such as Huobi, continue to allow trading by functioning as an OTC front, with messaging and payment applications such as Wechat being used to facilitate settlement after traders are connected through the Huobi platform. As China continues to crack down on safe and decentralized digital assets, the country is also preparing to launch its own centralized asset, a kind of digital yuan, soon.

Other Financial Limits

Not only are crypto transactions highly regulated in the economic center, Communist countries, but also fiat transactions. Chinese citizens are prohibited from making international transfers of more than $ 50,000 per day without special permission. Some have found a way out by only making a number of small transfers with several different parties helping in the process. Unofficial brokerage firms also use this method. Expatriates living in China do not have such a limit on the amount of money technically but must prove that their income is legal before making a transfer, which can be a complicated and sometimes impossible task. According to Josh Summers at travelchinacheaper.com:

For those who want to transfer money from China, there are some regulatory hurdles that you must overcome ... Even if you have paid all the necessary taxes, it is normal for people to experience obstacles in the bank.

Overcoming Transfer and Regulation Limits With Crypto

A sea of murky regulations and potentially jail sentences is still not enough to deter crypto users and supporters of economic freedom. Bitcoin is too comfortable where the nation-state is slow and incompetent. Foreign exchange can still be accessed using a VPN, and although the Chinese government is also cracking down on it, use continues. In fact, the use of VPN must be allowed for large companies to do business in China's limited "Great Firewall" cyber atmosphere. Even the iron-headed People's Bank of China (PBOC) knows this, and it won't starve the economy. with such deviations. According to one local source:

Whether it's legal or illegal to use VPNs in China is a very gray area, and the government is deliberately making it so ... many businesses in China need VPN.

Chinese residents can also use VPN to access peer-to-peer OTC trading sites, such as Local.Bitcoin.com and exercise economic autonomy freely, buying and selling BCH and fiat currencies through various diverse payment channels. Trading volumes on sites like localbitcoins.com have remained stable as well, proving that despite government restrictions, crypto, like nature, will find a way out.

Tether pipe

Stablecoin Tether (USDT), with a market capitalization that has recently exceeded $ 4 billion, is the dominant crypto tool used today by major Chinese traders. Tether Holdings has also launched a Chinese yuan stable coin called CNHT. While some people questioned the wisdom in competing with the Communist giants in the field of currency issuance, others supported the effort, thanks to the relative liquidity and stability afforded by the stability of the USDT. Of course, others are more worried that grouping anything into the USD world reserve tank, which has been devalued for more than a century, is not a good idea.

Even so, the USDT is still a superhighway at this time to get around the limiting government regulations. Crypto Coin Metrics network data provider reported that in July USDT contributed 40% and 80% of transactions in Binance and Huobi respectively, according to the report. If the dollar finally dies in the face of expanding negative interest rate policies worldwide, and irresponsible fiscal policies, it will become a truly free market, a decentralized option that remains.

Tech Brings Free Market Solutions

For those who call the vast country of China home, and who values its diverse beauty and culture outside of rotten government interference, leaving the country to pursue financial freedom may not be the desired choice. Fortunately, technological innovation has made many old and obsolete financial practices obsolete. Utilizing tools such as VPNs, chat applications, legal gray areas, and crypto transfer protocols that emerged, even as the government continued to restrict freedom, crypto finance expanded and provided users with natural solutions. Large floods from strong rivers cannot be stopped by ad hoc stick networks or a sign that says "no water."

What do you think about the financial climate in China? Let us know in the comments section below.

Source: https://news.bitcoin.com/crypto-facilitates-money-transfer-for-restricted-china/
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di September 06, 2019 0
Cryptocurrency

Are Cryptocurrencies Close To Mainstream Adoption?


The People’s Bank of China’s announcement of launching Digital RMB after Facebook’s announcement of Libra’s launch indicates that cryptocurrencies are more mainstream, and some might even say, competitive than they were even just two years ago.

There is an array of parallels between the initial days of the Internet and the prevailing state of crypto. Cryptocurrencies are evolving like the internet and though still in its infancy, crypto is becoming mainstream. One of the largest complaints about cryptocurrency from consumers has been that it’s too hard to use. Several startups have been working on fixing this issue with easy-to-use digital wallets and apps.

If you remembered the “old days” of the internet, you might remember that dial-up access gave way to DSL, cable, and satellite and the browser wars competed for consumer use. The same movement is happening now with crypto.

With any new technology, it’s difficult to know when usage will flip from a niche market of early adopters to a mass audience of regular users. This is especially true for cryptocurrencies especially after the hype of 2017. But there are recent developments that are driving mainstream adoption of blockchain projects and cryptocurrencies.

Legality and regulation


The several U.S. states are moving towards accepting Bitcoin for tax payments. While the ultimate sign of adoption and legitimacy is when governments begin accepting cryptocurrency for tax payments, most governments are skeptical and don’t have a clear regulatory stand on it. Despite that, most governments haven’t exactly clamped down on cryptocurrencies. Several states in the U.S. are moving towards clear regulation. In fact, the state of Ohio already allows its residents to pay their taxes in Bitcoin. While Ohio may be the first, it doesn’t appear to be the only United States state opening the doors to cryptocurrency tax payments. New Hampshire, Indiana, California, and Arizona all have legislation under consideration for legitimizing cryptocurrency tax payments in some form.

Germany’s largest food delivery app now accepts Bitcoin payments


Several businesses have started accepting payments in Bitcoins and cryptocurrencies. Germany’s most popular home food delivery app, Lieferando, recently began accepting Bitcoin as a payment method. The app has millions of users and 13,000 restaurants to choose from, and its parent company, Takeaway.com, also allows Bitcoin payments in their other European markets: Belgium, Poland, Bulgaria, Luxembourg, the Netherlands, Switzerland, Portugal, Austria, and Romania.

You can buy Real Estate with Bitcoin


Cryptocurrency adoption is moving forward despite the extended cryptocurrency bear market and volatility concerns. Beyond pizza and coffee purchases, homeowners are offering their properties for sale in Bitcoin. The trend has been observed particularly in Australia. Recently, a prominent real estate company in Turkey, one of the biggest growing markets for cryptocurrency, also announced their support of Bitcoin for property sales.

Bitcoin ATMs by Central Banks


The Philippines Central Bank, Bankgo Sentral, recently partnered with Philippine retail bank UnionBank to launch an ATM allowing users to both buy and sell Bitcoin, recognizing the cryptocurrency’s “77% of the Philippines population is reported not to have a bank account, and this is driving Bitcoin to mainstream adoption faster than ever.

That's part of the most visible sign of the latest cryptocurrency adoption. Across the world, people, companies, and institutions are moving steadily towards acceptance of cryptocurrencies and they are not only legal tender but are also considered a store of value.

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