The Central Bank of Australia: regulation of cryptocurrencies is unlikely to be effective

For the Central Bank of Australia cryptocurrency currently do not constitute a “pressing regulatory issues” for payments, said the official representatives of the regulator.

Head of payment policy Department Tony Richards (Tony Richards) and senior Manager, David emery (David Emery), speaking before the standing Committee on taxes and revenues of the house of representatives discussed a number of issues, including the views of the agencies on cryptocurrencies and blockchain technology.

Official representatives of the Reserve Bank of Australia said that the regulator is closely monitoring the growth in the prices of cryptocurrencies lately, tying it for the most part with speculative demand and participation of investors in ICO. Central Bank officials noted that the use of bitcoins and other digital currencies remains limited in Australia and other countries.

“Based on the mandate of the Bank in the payment policy , digital currency is not currently cause any immediate problems of regulation”, — said the representatives of the Reserve Bank of the country.

They stressed that the cryptocurrency could serve as a means of payment in the illegal economy. Accordingly, their use may cause interest on the tax authorities or agencies responsible for the prevention and detection of crimes, said representatives of the Central Bank. But from the point of view of his Department, they said:

“Distributed and cross-border nature of digital currencies such as bitcoin, means that the regulation of the basic protocols of these systems is unlikely to be effective.”

If the long-term prospects of private digital currencies for the Reserve Bank, according to its officials, is unclear, the technology of the blockchain, the underlying has wide potential use in the financial sector. Of the most frequently called options, they noted correspondent banking and remittances, and trade Finance.

“The biggest potential is likely to be in sectors where workflows involve multiple parties that do not have a trusted Central organization, and where the current practice is inefficient”, — concluded the representatives of the regulator.

We will remind, earlier this month the European Central Bank President Mario Draghi (Mario Draghi) said that the cryptocurrency is not enough “Mature” to be adjusted.

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The crypto currency exchange Poloniex has an official mobile app

Cryptocurrency exchange Poloniex has unveiled the official mobile application for Android and iOS devices in which it is possible to trade after generating API key on the exchange website. In the future, the developers of crypto currency exchange is planning to introduce mobile verification users.

We will remind that last autumn the experts of the company ESET have found a fake app crypto currency exchange Poloniex in the Google Play, the official Android client of the company at that time was not. Poloniex app was in Google Play for about three weeks and was downloaded 5000 times before it is removed. And the application Polonies Exchange was available a few days and got 500 downloads, and then was removed.

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Trading on the crypto currency exchange OKCoin became available to residents of 20 States in the U.S.

Vice President, marketing the cryptocurrency exchange OKCoin Jim Nguyen (Jim Nguyen) announced that the company has received approval from regulators in 20 States in the introduction to their inhabitants the possibility to make on-site shopping operations in pairs “token-token”. The crypto currency exchange also intends to obtain licenses for implementation of activities in other regions of the country and offer them to the residents trade in pairs “token-token” and “Fiat-token”.

Recall that OKCoin has begun work on the American market in August this year, offering users a trading pair Bitcoin, Bitcoin, Cash, Litecoin, Ethereum, Ethereum Classic against the U.S. dollar. The operator of the new trading platform was the company OKCoin USA Inc, registered in California. At the same time, the Chinese investor sued on OkCoin demanding payment 38,748 Bitcoin Cash, which he could not obtain after fork network in December 2017, and also about 170 million yuan ($25 thousand) as compensation for its losses due to the inability to conduct operations with this cryptocurrency at the peak of prices.

Recently in mass media there was information that police in Shanghai detained the founder of crypto currency exchange the old Xu (Xu Star) in connection with the investigation into the cryptocurrency fraud. However it became known later that he turned to law enforcement bodies with the request to protect from a group of investors demanding his trial on business of the company WFEE, and was released by police without charges.

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The largest power company of Japan will examine the application of the blockchain

The leader of the electric power industry of Japan company Kansai Electric Power Co. (KanDen) will participate in a joint research project on the possible use of the blockchain in a distributed power supply.

Along with KanDen to explore the possibility of electricity suppliers to sell through the blockchain, its excess will be Mitsubishi UFJ Bank, IT company Nihon Unisys and the University of Tokyo.

As noted by the company in a press release, because of the wide distribution of renewable energy sources such as solar or wind power, the existing system of electricity supply is changing in the direction of distributed type. There is a probability that in the future the electricity will be directly, without intermediaries to trade through a special platform, said the company.

In the framework of empirical research Nihon Unisys will create a demo blockchain system in the experimental center KanDen. It will allow you to determine the price of electricity and carry out a simulation of a transaction. The University of Tokyo will summarize and evaluate the results of the study. Mitsubishi UFJ Bank will provide advice on the use of the blockchain for payments and transactions.

Earlier, a similar pilot project was launched on the Tokyo energy company Eneres and startup Azai Laboratory in Fukushima. Consumers had the opportunity to sell surplus electricity generated by their power plants (solar or wind), directly to each other via a blockchain-based platform. In the development of blockchain systems that control power grids at the local level invested by German Siemens AG and the Australian company Vicinity Centres.

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The crypto currency exchange Binance will develop a blockchain-industry of Uganda

Chapter cryptocurrency exchanges Binance Chanpen Zhao (Zhao Changpeng) announced its intention to help the development of Uganda’s economy through the creation of “thousands” of jobs for the local youth in the blockchain-industry and attraction to this sector of investment. Such steps, the crypto currency exchange is planning to undertake, in cooperation with the African hub in blockchain innovation, as well as organizations Msingi East Africa and Made in Africa.

It is expected that in the future Binance aktiviziruyutsya in other countries on the African continent.

Recall that after the financial services Agency (FSA) of Japan has decided to warn Binance on the need to stop activity in the country before obtaining a license, the head of this company stated its intention to transfer the crypto currency exchange office in Malta. As of mid-March this year, the number of users Binance exceeded the population of Hong Kong to 7.9 million people user base of crypto currency exchange reached 97 days.

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The Netherlands intend to prohibit anonymous buying and selling bitcoin

The Dutch authorities are taking active steps to combat anonymous transactions with the cryptocurrency, meaning, in particular, to oblige the exchanges and wallet providers become licensed. About it reports local news Agency NOS.

As part of these efforts, the financial markets authority and the Dutch Bank (the Central Bank) sent to the Minister of Finance Wopke Hockstra recommendation to introduce a system of licensing for cryptocurrency companies.

As writes the edition, «the Minister immediately announced that it would follow this recommendation.»

It is also noted that in December of 2017, the Finance Minister of the Netherlands he made public calls to introduce licensing for trading platforms and wallets, but amid the bear market of consumer interest in the cryptocurrency fell slightly, making these steps less relevant.

However, even if the risks of speculation and declined, the government remains concerned that the cryptocurrency can be used to Finance terrorism and money laundering. In particular, the financial intelligence unit of the Netherlands reported the surge of unusual transactions – with about 300 to 5,000 a year.

According to the state, it is an obvious problem, and her solution is to become the 4th EU Directive, according to which the trading platforms that exchange Fiat to crypto-currencies should follow the same rules as other financial services.

Board member of Bitcoin Foundation Nederland Richard Kohl has said that this is a strong blow to the entire industry of the country.

«This is a dramatic decision for young innovative companies. We have long fought for a strong culture of innovation in the country, and this is a big step backward,» he said.

At the moment in the Netherlands there are about 30 companies after the adoption of the resolution will be forced to continue to apply for a license. Otherwise, all of them face administrative punishment.

Earlier, in January representatives of the European securities and markets authority (ESMA) said that some cryptocurrencies can be classified as financial instruments in accordance with the EU Directive «O markets in financial instruments» (MiFID). In particular, this category includes assets related to the possibility of profit, for example, in primary offerings of coins (ICO).


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In Udmurtia may receive Chinese mining center

The Chinese company Innosilicon interested in the possibility of establishing a centre for mining cryptocurrency in Udmurtia, Kommersant reports. The Chinese delegation has already visited the region in the near future experts of the company should prepare an investment proposal.

“The agreement with Innosilicon could become the first project in the field of regulation of digital technologies in the financial sector and will also allow to attract investments, create more jobs and get a steady income from the sale of electricity”, — said acting first Deputy Chairman of government of Udmurtia Alexander Svinin.

Innosilicon is engaged in production of ASIC miners — specialized chips for mining crypto-currencies Litecoin and Dash.

According to the head of the Expert Council on digital economy and blockchain in profile Committee of the state Duma of the Russian Federation Artem Koltsov, Chinese investors are considering several possible locations of the mining centers. Governor of the Leningrad region expressed interest in the placement of facilities for mining on the resources of the Leningrad NPP, another option — Irkutsk with cheap electricity, provide one of the largest hydroelectric power station, said Koltsov.

“But I think the start will be in the Udmurt Republic”, — he said.

Earlier, Russian President Vladimir Putin instructed by law to handle digital assets by July 2018. According to experts, in this regard, as well as the fact that the introduction of cryptolabs and tax on mining, plans of Chinese investors may change.

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Fake wallet MyEtherWallet came in the top App Store

Fake crypto in just a week moved up to third place in the category «Finance» in the AppStore, with absolutely no relation to the storage and exchange of cryptocurrencies. According to TechCrunch, fake the service offers users to download the application for the storage and exchange of cryptocurrency for $4.99.

The application masquerades as a MyEtherWallet, drew the attention of another Twitter user, noting that it had become the third in the top of the popular financial apps in the us App Store. He asked the developers of the present MyEtherWallet to comment on the situation, after which the official account of the service announced that it has nothing to do with the application, and that already reported the problem to Apple:

Fake was in the top amid a sharp increase in the price of bitcoin on December 7-8. The author of the app is the one for Us (Nam Le), previously published three iOS apps, including «two fighting game with pandas», but he never published anything related to cryptocurrency or bloccano.

Recall, the most downloaded app for iOS last week is now mobile app Coinbase crypto. A month ago, this app was approximately a 400-th position in the ranking of the App Store, but now it tops the list, ahead of YouTube, Facebook Messenger and Instagram.

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The Ministry of Finance of France called for the support of the cryptocurrency industry

The Minister of economy and Finance of France Bruno Le Mer (Bruno Le Maire) expressed “full and unequivocal support” of the cryptocurrency industry. He said this during the official meeting with French entrepreneurs.

“A year ago I was a neophyte, but now I am passionate about. It took me a year. Let’s teach our citizens how to make France a leader in the blockchain and the active cryptodevice in Europe,” said Bruno Le Mer.

According to the Minister, is preferable to the industry, he believes the introduction of taxation based on lump-sum payments. However, he did not rule out tax exemptions.

Rating ICO, said Le during a meeting, should be brought to a professional level.

Recall that in his decision in January established a working group on the regulation of cryptocurrencies. In March, Bruno Le Mer stated that are developing regulatory requirements to help make France the world’s leading hub for holding ICO and development of blockchain projects.

The Bank of France refers to the crypto currency quite cautiously. Head of the Central Bank Francois de Villeroi Halo (Francois Villeroy de Galhau) has previously stated that bitcoin is not a currency or even bitcoin as a speculative asset. In April, the conference City Week in London, the Governor of the Banque de France noted the need for “internationally agreed answers” for dealing with the cryptocurrency markets.

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Roger Ver: ‘investors should be prepared for the loss of popularity of bitcoin

In an interview with CNBC, the head of the Bitcoin.com Roger Ver said that bitcoin miners can switch your power on the Bitcoin mining Cash, if this fork will be popular enough.

So it makes sense to hold assets on the stock exchanges. Then, in the case of the Exodus of traders from the market bitcoin, you can withdraw BTC or to exchange them for other cryptocurrencies.

«Because if you are stuck on your phone or computer, and all rush to the exit… too late to transfer bitcoins from wallet to the exchange. In the end, you will get nothing instead of something», he said.

Earlier Ver has always advised investors not to store their bitcoins at exchanges because they can be hacked. Now, however, he changed his position.

According to a report Morgan Stanley published earlier this week, hackers have stolen from kryptomere more than $630 million in bitcoins.

Ver was one of the first to invest in bitcoins and got in cryptosuite the nickname «Bitcoin Jesus.» But now he is a supporter of Bitcoin Cash, as it believes this fork faster, more reliable and cheaper than the original version.

Recall that on this week’s auction BCH has launched America’s leading cryptocurrency platform Coinbase, though not quite successfully. In the near future BCH will support a payment processor BitPay. And last week, Roger Ver announced the release of card Visa Bitcoin Cash.

At the time of writing the average rate Bitcoin Cash was $3733,60. During the day, the price of bitcoin has grown by 11.19%. In this case only two days ago, BCH was trading at $2400-2500 per unit.

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