The IMF recommends that the Marshall Islands to refuse to issue a national cryptocurrency

The international monetary Fund (IMF) spoke out against the issue by the Republic of the Marshall Islands to issue a national cryptocurrency as a second legal tender in the country along with the US dollar.

Plans to launch a digital currency called Sovereign island nation announced in February of this year. The purpose of this step was called support for the economy and reduce risks from possible disconnection of the country from the global financial system.

The IMF, after consultations with officials of the Marshall Islands signed a document which opposed the release of the country’s digital currency.

The Fund noted that the economy of the Marshall Islands is largely dependent on external assistance as the country faces the effects of climate change, natural disasters and reduction of financial support from the United States. The only local commercial Bank risks losing its correspondent relations in us dollars with us Bank due to the tightening measures of due diligence in financial institutions in the United States.

In the opinion of the Directors of the IMF, the issue of cryptocurrencies in the absence of comprehensive measures to combat money laundering can lead to the fact that the US Bank would stop relations with the country. At the moment the official currency of the Republic is the U.S. dollar.

“In the absence of adequate risk mitigation measures the issue of the decentralized digital currency as a second legal tender not only increase the risks of macroeconomic and financial integrity, but also risk the final loss of correspondent relations in U.S. dollars”, — said Directorate of the Fund.

In this case, the document says, external financial aid and other flows can be disrupted, which will lead to a significant reduction in the country’s economy.

Recall that according to the IMF cryptocurrencies do not threaten global financial stability, the Fund urged Central banks to compete with new assets, for example, by issuing digital currency Central Bank (CBDC).


Tim Draper: why do I sell bitcoin currency of the future?

Venture investor Tim Draper (Tim Draper) is sure that most of the global currency market to $86 trillion in future will be cryptocurrency.

Previously, the Draper has already stated that if after five years you decide to offer Fiat currency as payment, will laugh at you. In an interview with Bloomberg investor confirmed its optimistic Outlook on the future of cryptocurrency.

When asked whether he agrees with the fact that bitcoin could fall to $900, Tim Draper said,

“People ask me: are you going to sell your bitcoins [for Fiat]? I say: why should I sell the future for the past?”.

Draper purchased in 2014 at auction for nearly 32 thousand BTC seized by the US government from the creators of Silk Road. Then, for this number of bitcoins he paid about $18 million, now the cost is about $320 million.

Tim Draper is one of the major investors in the project Tezos, which last summer attracted a record at that time $232 million in bitcoin and Ethereum. Since that time, the cost of the assembled cryptocurrency has grown considerably, but all funds blocked as a result of the internal conflict in the project team. But against the creators Tezos filed several lawsuits.

Optimism Draper in relation to cryptocurrencies, this story will not shake, says Bloomberg. He did not discuss the volatility of the cryptocurrency market, in response to a question focusing on security issues.

“My bitcoin is safer than my dollars in the banks … my bitcoins very safe. The blockchain was not hacked, whereas banks hacked again and again,” said Tim Draper.

Recall that according to the company Group-IB, the hackers just did switch from banks to the cryptocurrency industry because of the higher “prize” — the middle attack on a financial institution brings the criminals to about $1.5 million.

Only in the recent hacking of the Japanese crypto currency exchange Coincheck hackers stole NEM tokens worth about $500 million.

Experts believe that the crypto currency exchange and holders of bitcoins are the main objectives of cybercriminals in the near future.


Traditional hedge funds are willing to accept the cryptocurrency

The company Man Group, which manages hedge funds with total assets of about $100 billion, will add to the investment proposals of the cryptocurrency, if CME Group will start trading bitcoin futures. About this Reuters said the General Director of the British firm Luke Ellis (Luke Ellis).

“Today, it [bitcoin] is not part of our investment universe, but can become it. If bitcoin will be the future in CME, it will be” — he promised.

The head of the Man Group noticed that the concept of digital currency is an interesting thing. It is accompanied by many problems, but they are not an investment, said Ellis.

“There is a big difference between digital currency and traditional currency… Traditional supported by governments that have an army and tax officials who can make people follow their rules, and — no. But this does not negate the digital currency at all,” he said.

The world’s largest financial derivatives exchange CME Group on 31 October announced plans to start trading bitcoin futures before year-end. Later the company published a specification of futures contracts on the bitcoin. Recently the head of CME Group Terry Duffy (Terry Duffy) confirmed that futures trading on the new asset may begin in the second week of December.

We will remind, earlier it was reported that the total number of cryptocurrency hedge funds in the world exceeded 120 and under their control is about $3.2 billion of assets. And billionaire ray Dalio (Ray Dalio) — the founder of Bridgewater Associates, the world’s largest hedge Fund with total assets of $150 billion — called the bitcoin “bubble”.


Opinion: rumors about the direct investment of the Russian Federation in cryptocurrency do not have a shred of common sense

Next month, the Russian government may invest billions of dollars in bitcoin to reduce the risks from Western sanctions. This statement was made by the teacher of the Russian Academy of national economy and state service under the RF President Vladislav Ginko, writes Bitcoinist and a number of Western professional media.

According to Ginko, the Kremlin will go on the diversification of cash reserves from despair.

«The damage from US sanctions can be mitigated only through the use of bitcoin. The Russian elite is forced to dump US assets and dollars and invest huge amounts of money in bitcoin. The Central Bank of the Russian Federation will also have to diversify their reserves in the amount of $466 billion in the case of limited opportunities for this in the future,» — says the teacher.

However, such a scenario is unlikely, said in comments to the journal ForkLog the Chairman of the interdepartmental working group of the state Duma on regulating the risks of cryptocurrency circulation Elina Sidorenko.

«This statement is no shred of common sense, nor ideas which would be considered in government circles. Russian Federation, like any other country in the world, today is just not ready to somehow combine its traditional financial system with cryptocurrencies. And to say that in Russia this idea can be implemented in the next 30 years is unlikely to be possible», — said the expert.

Sidorenko pointed out that the views expressed Ginko idea sounds absurd in light of the lack of legislative regulation of cryptocurrencies on the territory of the Russian Federation.

«Even if Russia wishes now to place your assets in bitcoin, it simply will not be able to do it, for the reason that we have no mechanisms that would allow to introduce a system where the assets were stored, whatever the authorities responsible for it, what would be responsibility for the abuse and stuff. Such a model under existing criminal, financial and civil law do not fit. Worldwide cryptocurrency is regarded as a high-risk asset and this model, of course, wouldn’t suit», she said.

The only possibility of use of digital assets at the state level Sidorenko called the creation of some inter-state cryptocurrency, which would become a single system of payments between countries.

«This idea has already been considered in the framework of the EAEU, but the closest to her moved and the BRICS countries. If it was invented cryptocurrency unit, allowed to make payments only for energy actually Russia could have far and long to advance in the economy», — concluded Elina Sidorenko.

We will remind, the head of the Central Bank Elvira Nabiullina remains skeptical of the digital assets and in may of 2018 said that the financial regulator does not recognize the legitimacy of cryptocurrency transactions.

Download the app ForkLog for Android smartphones!


Bitcoin exchange Bittrex announced support for the upcoming hard forks Ethereum

American cryptocurrency exchange Bittrex completed the arrangements necessary for the implementation Constantinople — the upcoming Ethereum hard forks.

So, the Ethereum developers have reached a consensus, assigning a network refresh on the block #7,080,000, which is tentatively scheduled to be produced on January 16.

Recall that the corresponding statement has been made platform Binance and OKEx.


Etherparty starts strategic partnership with investment Fund TaaS

Popular canadian service for smart contracts Etherparty signed a strategic partnership agreement with a closed investment Fund of the Token-as-a-Service. The company relies on a successful collaboration in the fast growing market cryptocurrency and blockchain technologies.

TaaS has invested heavily in the purchase of FUEL tokens in the pre-sales Etherparty.

«We are very pleased that the Token-as-a-Service invests in FUEL and supports Etherparty, because the market they known that support successful projects», — said General Director Etherparty Kevin Hobbs (Kevin Hobbs).

Etherparty is a system for the creation, use and management of smart contracts. The main types of deals, which focuses on the company are derivatives, logistics management, issue of tokens, sports betting, contracts in the field of real estate and agreements with contractors. To control smart contracts do not require knowledge of programming.

«Platform Etherparty allows users with zero knowledge of programming smart contracts to create an effective digital agreement for all types of transactions,» said co-founder and head of the Fund TaaS Ruslan Gavrilyuk.

Etherparty provides users with access to a library of smart contracts, monitoring tools and security dashboard network. Access to the platform is paid for with tokens FUEL. Tokens are also used for verification of user in the system. In the future, the company plans to integrate other blockchain projects into a single ecosystem on the basis of Etherparty.


White paper of the Venezuelan El Petro cryptocurrency will be presented on January 14

Venezuelan President Nicolas Maduro (Nicolas Maduro) at yesterday’s meeting, the government announced that next Sunday, January 14, will be presented the White paper (White Paper) the state of cryptocurrency El Petro, during the First national meeting of miners.

The President also said that the support network underlying the El Petro, will be centralized and fully controlled by the government, which is very similar to the concept of «scriptorama» under consideration by the Russian government.

During the meeting, Maduro confirmed his decree to release 100 million units of national cryptocurrencies, secured Venezuelan oil. According to the official document, each kriptonite is a kind of contract for the sale of 1 barrel of oil, or in the future, any other product, according to the decision of the National Council. Release El Petro will be produced under the control of the Main Directorate for cryptocurrency created specifically for this purpose at the end of last year.

We will remind, about the launch of Venezuela’s national cryptocurrency Petro became known on 4 December. The government believes that public cryptocurrency, provided «the inventory of the Venezuelan natural resources, gold, oil and diamonds», will allow the country to move in the field of «new forms of obtaining international funding.»


Bug double spending in the bitcoin network used the blockchain Pigeoncoin

Unknown miner used detected about two weeks, CVE-2018-17144 in Bitcoin Core for release in the blockchain Pigeoncoin 235 million coins for $15 million, accounting for almost a quarter of the 970 million issue of PGN. At the time of removal of the bug the CryptoBridge crypto currency exchange suspended trading this cryptocurrency, 1095 occupying a position in the CoinMarketCap list.

Thus, confirmed the assumption that appeared two years ago, the real threat to cryptocurrency, created on the basis of the original bitcoin code.

We will remind, a week ago, an unknown person with the help of this vulnerability, carried out the operation with double the write-off of 0.1 BTC in the bitcoin test network. Experts explained this by the fact that someone of the participants in the test network is not switched to a new version that fixes a bug that led to the emergence of two versions of the test network for bitcoin block number 1414411.


Bitmain is working on a ASIC miner for mining Ethereum

According to Chinese media reports, the largest manufacturer of mining equipment, Bitmain develops ASIC miner for Ethereum – Antminer F3.

According to knowledgeable sources, Antminer F3 will be equipped with three parent maps, each of which will be set six ASIC and 32 RAM DDR3 1 GB. Hasrat, the device should be 200-220 MH/s.

It is expected that the production of equipment for mining Ethereum will be launched by the end of this month, and the market it will go in the second or third quarter of 2018.

The price of Antminer F3 will be in the range of $2500-3000.

Market analysts suggest that improved methods of mining crypto currencies can have a positive impact on the popularity of Ethereum and to attract virtual currency new buyers, manufacturers.

Recall that the first batch of Antminer A3 – new model Antminer designed for mining cryptocurrency using the Blake hash algorithm(2b), was sold out in less than a day.


Alexei Kudrin: it is Not necessary to wait for the imminent legalization of cryptocurrency in Russia

Cryptocurrencies in Russia will not be legalized for at least another two to three years. As reported TASS, citing the statement of the head of the Center for strategic initiatives former Finance Minister Alexei Kudrin, that is how much time it will take the state on the development of new standards of regulation and protection of the citizens.

«While Russia is not ready to sell these tools, because we can’t give protection to market participants», – he said during his speech at the Fair financial and exchange services Finfair in Moscow.

Kudrin said that now there are about 6 thousand cryptocurrency created by people. And stressed that they are all exposed to risks. All Russian citizens who invest in cryptocurrency, do so at your own risk, and predict the development of the situation impossible.

Earlier in his Twitter account , Alexei Kudrin expressed support for the legalization of the blockchain in Russia. According to officials, this initiative represents another step towards the digitalization of public administration.