South Korea’s representative body, the National Assembly, has held a crypto regulation debate arranged by major local cryptocurrency exchanges.
The debate was attended both by crypto entrepreneurs and politicians, such as Democratic Party member Kim Byung-wook and representatives for the Liberty Korea and Bareunmirae parties, both with a significant number of seats in the National Assembly. The country’s financial watchdog, the Financial Services Commission (FSC), also sent a representative to the discussion.
The discussion reportedly focused on Anti-Money Laundering (AML), customer protection and Know Your Customer (KYC) practices..
The debate in the National Assembly was preceded by the FSC’s decision to allow banks to service crypto exchanges, as soon as they have adequate AML safeguards and apply KYC checks.
At the same time, South Korea has a strict policy against Initial Coin Offerings (ICOs), issuing strong warnings against them back in 2017. However, local blockchain startup, Presto, is reportedly going to file a constitutional appeal over this policy.
According to a recent report prepared by CryptoCompare, the crypto industry in South Korea is consistently growing. In November Korean crypto exchanges overtook Maltese competitors by average daily trade volume. As per report, major Korean players produced over $1.4 billion daily.
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South Korea’s representative body, the National Assembly, has held a crypto regulation debate arranged by major local cryptocurrency exchanges.
According to a recent survey, over one third of big businesses in Germany consider blockchaintechnology as revolutionary as the Internet,
In addition to artificial intelligence (AI) and the Internet of things (IoT), blockchain technology is one of the current three areas of development with “tremendous potential,” the survey reports.
Conducted by the German Federal Association for Information Technology, Telecommunications and New Media (Bitkom), the survey revealed that overall, 15 percent of German companies think blockchain will “change society and the economy as much as the Internet.” Larger companies, with 500 or more employees, were more than twice as likely to hold that opinion, at 36 percent.
At the same time, about 46 percent of the surveyed companies classified Germany a “latecomer” in blockchain adoption, lagging behind other nations. A large swathe of respondents, 40 percent, said they see the country not as a leader, but somewhere in the middle, in terms of blockchain development.
Bitkom has conducted extensive polls of businesses and the German public in regard to cryptocurrencies, blockchain, and how they are perceived. In late November, a Bitkom survey revealed that about 60 percent of local companies are hesitant about approaching the topic of blockchain, mainly due to a perceived lack of practical applications.
In February 2018, another Bitkom survey found that 64 percent of Germans were aware of Bitcoin (BTC). Per the report, awareness had doubled since 2016. 4 percent of respondents actually held Bitcoin coin, while 19 percent they have an idea of how to purchase the seminal cryptocurrency and 72 percent stated that they had no interest in digital currency.
Regarding the economic significance of cryptocurrencies and Blockchain, Bitkom CEO Bernhard Rohleder said:
"Bitcoin and other cryptocurrencies are a good example of how the digital age is able to change the financial world. This is not so much about the individual currency itself as it is about the underlying blockchain technology. It will have an impact on the whole economy.”
The Russian Intellectual Property (IP) court has successfully used a blockchain-based solution for storing copyright data. The court used blockchain solution provider IPChain‘s system to record a change in rights holder data of an IP thus saving the data on the decentralized ledger permanently.
The court will expand its technical support, hoping to have all legal disputes settled online within the next five years. The immutable and fast characteristics of decentralized technology make it the perfect tool in an environment where IP rights being kept up to date is crucial.
Russia is working seriously on deploying blockchain solutions for a number of different sectors. It recently announced a national level partnership with India to work on a number of technologies that include blockchain.
A major Russian bank, Sberbank, is partnering with state-run energy provider Rosseti to promote blockchain. Even the Russian State Nuclear Corporation is looking into developing a blockchain based system to make their operations more efficient.
November has without a doubt been the worst month of the year for crypto markets. It marks the ninth month this year that markets have fallen and the sharpest single month decline for around four years. Over $70 billion, or one third of the market, was wiped out in November plunging all altcoins to their lowest levels for well over a year.
Bitcoin had its worst month for seven years dumping around 35% over the thirty day period. Starting out at over $6,500 on November 1st, Bitcoin plummeted to around $4,280 by the end of it. BTC hit a low point for the year just below $3,600 on the 25th marking a record dump of 45% in less than a fortnight.
Ethereum’s pain was even greater as it hit a low of around $100 which it has not been near for 18 months. ETH fell over 50% from monthly high to low and over the course of the whole month the loss was around 42% as it crashed from $200 to $115.
XRP could be considered as one of the survivors of the month from hell as it actually took and held second spot from Ethereum. Compared to its siblings XRP came out relatively well with a loss of only 15% over the course of November. Stellar has also been more resilient that the rest by usurping Bitcoin Cash in fourth spot. XLM lost just under 30% during November which beats Bitcoin and Ethereum.
Bitcoin Cash was not so fortunate getting hammered a whopping 60% during November. BCH started at over $420 and ended close to $170. The big fracas with the hard fork and hash war did this crypto no favors whatsoever.
Most cryptocurrencies were left in pain at their lowest levels for on average 15 months by the end of November. Only a few of the top altcoins managed to limit losses to under 30% and those were XRP, XLM and NEM. The biggest losers in the top ten were Ethereum, Bitcoin Cash, EOS, and Cardano.
New York Stock Exchange (NYSE) chairman Jeffrey Sprecher expressed optimism about the survival of digital currencies as an asset class.
Speaking at the Consensus Invest conference, Sprecher — who is also the CEO of Intercontinental Exchange (ICE) — said that when he saw headlines asking “Will digital assets survive?,” he would say that “the unequivocal answer is yes.” “We’re kind of agnostic to price,” Sprecher added.
The NYSE and its parent firm ICE demonstrated a proactive approach to the cryptocurrency space. In January, ICE partnered with blockchain tech company Blockstream to bring “disciplined” BTC price information to major Wall Street investors. ICE then planned to pull data from 15 major exchanges and deliver it to big financial names, including hedge funds and professional trading firms.
Later in May, ICE announced plans to offer traders contracts that eventually result in customers owning BTC. ICE reportedly “has had conversations with other financial institutions about setting up a new operation through which banks can buy a contract, known as a swap, that will end with the customer owning Bitcoin the next day — with the backing and security of the exchange.”
There are reports about the establishment of an Association for Digital Asset Markets (ADAM) to create a “code of conduct” for the cryptocurrency sector.
The state of Ohio has announced that it will accept Bitcoin for Tax Payments as a much needed respite to the deteriorating market condition of the cryptocurrency.
This is a crucial time for such a move. Ohio becomes the first state to do so.
This move is a turning point in terms of institutional approval, but its timing is also perfect— giving hope to what has been a very dark cloud for Bitcoin.
The initiative begins now. Businesses in Ohio can pay their taxes, which including anything ranging from tobacco to public utilities, on OhioCrypto.com. 23 different taxes can be paid for using the cryptocurrency. For instance Public Utilities Tax, Sales Tax, Seller’s Use Tax, and Severance Tax.
The aim of the new payment option is to simply make things easier for taxpayers. But will it also make Ohio a cryptocurrency magnate? Will this move spur on other crypto adoption schemes?
State treasurer Josh Mandel spearheaded the new system and is “confident that this cryptocurrency initiative will continue.”
Bitpay, the crypto payment provider, will process all Bitcoin payments on the website.
Businesses will be the first to avail of the new system. The State plans to expand it to individuals in the near future. And it seems Ohio is quite positive.
will the move push for Institutional Acceptance?
US government bodies have experimented with Bitcoin in various ways before. The State of Florida also announced a similar initiative to accept cryptocurrencies for tax payments.
Even though this announcement was made back in May, the state has not yet integrated it. Also in 2018, it was reported that a San Francisco federal judge ordered a criminal to make a bail payment in Bitcoin. However, this decision was later reneged on as the transaction process for such a payment was complicated.
Will Ohio’s move stick though? Investors are keen for signs of hope for the coin. Ohio may have just given them one.
Unbelievably, this time last year Bitcoin prices had skyrocketed to nearly $20,000 in some countries. Now, the Bitcoin prices have dropped down to as low as $3,250 which has literally wiped out all gains from coins purchased this year.
There has been a price drop of BTC at an astounding 40 percent from the last two weeks which makes this the worst price drop since April 2013.
As per a report, the price drops are likely the consequence of splitting Bitcoin into Bitcoin cash. The fall of bitcoin has been quite dramatic since the start of 2018 with more than half of its near $20,000 value wiped out in January itself. Last year the suspension of hard fork planned by major developers and investors proved a major catalyst to its breakneck rise.
Since then cryptocurrency has been in free fall and never did recover. The report states that Bitcoin Cash and several other bitcoin forks have reported losses of more than 10 percent in a 24 hour period.
Traders and market makers blamed bitcoin’s slide on heavy selling at leveraged exchanges in Asia. Few exchanges in the West lend bitcoin to traders, making the Asian venues popular with speculators.
Bitcoin [BTC] has seen one of the largest market drops in its recent history, currently having lost a third of its value over the past week. In this timeframe, the cryptocurrency market has also been stuck in the grip of the bear’s claws, causing a truly red week for HODLers.
A support uptrend is visible from $4245 – $4415 – $4515, with a downtrend from $5420 – $5200 – $4310, reflected in the price movement from $5495 – $4580. A sole support level is present at $4245, with a resistance set at the $5545 mark.
On the long-term outlook, an uptrend is not visible owing to the sharp downwards price movement from $8390 – $6505 complemented by the fall from $5850 – $4350. As all previous support levels were broken during the fall to below $5000, resistances have now been set at $4545, $5850 and $6145.
The market seems to be headed for another bearish turn in the short term, with a longer recovery to be seen in the medium to long-term. Resistances will be tested at $5545, with the support at $4245 representing the last stance for Bitcoin’s bulls.
Enterprises are now applying blockchain, not just exploring it.
Practical blockchain applications are on the rise.
Blockchain fatigue becomes a problem.
list itemNewer enterprises find it easier to adopt blockchain than legacy businesses.
Blockchain is partnering well with PR.
Security continues to be a prime source of innovation.
Countries in which Bitcoin is banned (as of July 2018) one way or another: India, Algeria, Bolivia, Ecuador, Bangladesh, Nepal, Cambodia, Indonesia, Pakistan, China, Iceland;
Countries in which Bitcoin is legal: the US, Canada, Australia, Mexico, Nicaragua, Costa Rica, Kyrgyzstan, Cyprus, UAE, Israel, Japan, Switzerland, Malta;
Countries in which Bitcoin is not regulated: all the rest.
No country or Central Bank can ban something which is already decentralised. India's finance minister in his budget speech of 2018 had stated that Bitcoin is not a legal tender which means Bitcoin cannot be used like a fiat currency but buying and selling Bitcoin is still prevalent in many countries including those where it has been allegedly banned.
A French security official was arrested last week on charges of selling state secrets on the dark web and accepting bitcoin in return. Has bitcoin become the preferred payment method of organized crime?
Judas sold Jesus Christ for 12 pieces of silver, one of the highest crimes till date, and up till now silver is still precious and its popularity hasn't waned. If bitcoin can be used as payment for more crimes in exchange for far more popularity, acceptability and stability, we think more payments should definitely be made Grin
All publicity is good publicity. Also, the fact that organized crime groups are using it shows that it's the most secure and efficient means of payment out there. These aspects are much more important in their case.
But mostly peoples are using BTC positively for their interests and also for the business purpose. Don't think about those peoples who are involved in the bad activities.
Bitcoin just like every other currency has it lapses even the dollars and the Euro can be used by criminals on the dark market but why crime rate using bitcoin is high is due to its decentralized nature and how volatile the market is. Bitcoin transactions can never be traced by anybody or government.
Criminal transactions using bitcoin are quite insignificant compared to operations using cash. Just about bitcoin in this way love to be mentioned in the media.
Bitcoin is the best payment method for them, then they exchange bitcoins in USD, so this is the time when, as you say dollar reigns supreme as the currency choice.
The worst thing ever said about Bitcoin is that it is used for terror financing, black money laundering, and illegal transactions. These are absolutely ludicrous and baseless rumors. Even if there is an iota of truth in it then such illegal activities take place through hawala route also. So, if naysayers say that only bitcoin is to blame for such illegal activities then they are absolutely wrong. Another speculation about Bitcoin which is again quite unfair is that it is a bubble which might burst in future. Again, we can see that Bitcoin has stayed in the market for almost a decade and despite having many ups and downs the digital currency has managed to maintain its position at the top. People never lost trust in Bitcoin as a safe value storing digital asset. Despite all the negative publicity, Bitcoin has not lost its sheen. None of the altcoins have been able to topple Bitcoin from its position. People are still buying it and they will continue to do so. As long as there is a structured and a secured technology like the blockchain nothing will happen to its scope. Also, likening it to the Tulip mania or calling it a Ponzi is unjust and quite unfair. Skeptics anywhere in the world will speak negatively about anything which is new and revolutionary.
We at Bitssa.com believe that the confidence in Bitcoin is not going to fade away and only for those who have complete knowledge on the subject and who are aware that bitcoin is the result of a highly secure technological marvel called the Blockchain and it is here only to stay. But those people who are losing confidence in it are only those skeptics who have no knowledge about Bitcoin and the advantages of having a value storing digital asset like bitcoin. Sooner or later they are going to realize that how secure, quick and cost-effective it is to use Bitcoins. And it can be seen from the recent trends that Bitcoins are being accepted in many countries for its aforementioned advantages. In many countries, Bitcoins are being accepted as an alternative mode of payment. There are Bitcoin ATMs that are facilitating the sale and purchase of Bitcoins for the common man. Some countries like the Philippines are accepting Bitcoin for Airlines and as school fees. So, slowly and steadily Bitcoin is gaining the confidence of the global economy. As far as volatility is concerned, it is only a matter of time that Bitcoin will gain stability once it gets incorporated in the global financial ecosystem.
The uncountable amount or number of transactions on the blockchain network of the bitcoin cryptocurrency will sufficiently prove that people still have loads of confidence in the bitcoin as it continues to increase in its number of transactions per second and the blockchain using 90% of its capacity.
The trust is there and the proof is on the market cap, Bitcoin remains at the top and no other coin surpass that status. If you look and understand the graphs and capitalization of Bitcoin, then you would probably not going to have any doubt about Bitcoin since the statistics speak for this currency.
It's easy to talk about the accumulation of extra money, but it isn't fun, especially when your property portfolio drops 80% and you have nothing else to invest. If you are a maximalist, but you are having trouble wondering when electronic assets like Bitcoin will rise again, this is the time for you to act. The accumulation doesn't stop when the trading floor. In fact, it is a work that needs to go through the year, as a stepping stone to boosting growth as the market recovers. Finding a job related to electronic money is also a way for you to accumulate satoshi when their prices are still low. Just spend the money you need to stay and keep the rest of the money safe until the season. Altcoin or Bitcoin again. "Life changes very fast. If you do not stop and look around you, you will miss your life. "Electronic money won't go anywhere. When you are ready to make it your love, it will continue with you
In the Philippines, there are a lot of posts posted on social media that their local airline, Philippine Airlines and STI school now accept Bitcoin. This news will create a stir and this will help spread information that Bitcoin is not scam at all. We know in the future there will be more businesses and companies will accept Bitcoin too.
If this is true then this is certainly a revolutionary step towards the acceptance of Bitcoins as a mode of payment like any other fiat currency. This will encourage other economies to look in that direction and start accepting Bitcoin as an alternative payment system. But sadly many countries are not understanding the importance of having a completely digitized and highly secure value storing and payment system like Bitcoins. This move will certainly boost their economy and contribute to the GDP. Payment through Bitcoins are certainly cheaper, much faster and most importantly the safest. Imagine the world having a common currency where each and every country indulges in trade using Bitcoin. This will change the face of the global economy.
What's your view on this? Does your country accept Bitcoin too?
We at Bitssa.com believe that Bitcoin is going to stay here, in the long run, owing to its high technology, security features, faster transaction time and cost-effectiveness. Gone are the days when people had to wait for days for bank transfers and pay a commensurate transaction fee. Moreover, in the age of rampant financial crimes taking place, a technological marvel like the bitcoin will bring a welcome sigh of relief to the people involved in large money transactions. It is again about the perception that bitcoin is not safe or it's not even a currency or it is a Ponzi scheme or it aids terrorist activity. All these are baseless fears of those skeptics who have the fear of the unknown.
Firstly, such skeptics are completely ignorant of the fact that Bitcoin is the future since it is based on a futuristic technology which is the Blockchain technology. It is a revolutionary invention and certainly, this will transform the entire financial ecosystem by bringing in more accountability and transparency due to its high-security features.
Secondly, anything that has value and can be exchanged for a valuable asset or commodity can be treated as a currency. Bitcoin is a currency since it is asset-backed and the asset backing it is the trust created in it owing to its high-security feature.
Thirdly, all those people who call Bitcoin a Ponzi scheme should realize that even investing in the share market in its initial days was likened to an investment in a Ponzi scheme but later on getting the right kind of knowledge and developing a deeper understanding of the subject created faith in it. So, it is advisable to all the skeptics to do a thorough research on the topic before calling Bitcoin a 'Ponzi'.
And lastly, if bitcoin is facilitating terror financing then arent hawala transactions not aiding terrorist activities. If there is some regulation on the use of Bitcoin then certainly such terrorist activities can be curbed. For this to happen all the Governments in the world need to understand the significance of accepting a valuable digital asset like Bitcoin and pass laws in favor of the acceptance of Bitcoins. imposing a ban is like denying the future to the citizens.
Hello, everyone, I have a news.
In Belgium, there are total 8 Bitcoin ATM machine.
In Antwerp 3 ATMs
In Brussels 2 ATMs
In Ghent 1 ATM
In Hasselt 1 ATM
In Sint-Truiden 1 ATM
Belgium has set a marvelous example. This is a milestone achievement. This will certainly enhance the scope of bitcoins as a part and parcel of the mainstream payment system. This indicates that the day is not far when Bitcoins will replace fiat currency as a conventional mode of payment. This is turning out to be true in the case of advanced economies but developing economies are still grappling with the idea of accepting Bitcoins as part of their economy. These developing economies are failing to understand the economic benefits of incorporating Bitcoins in their financial system. These economies need to understand the importance of having an easy, quick, cheap and most importantly a highly secured value storing digital currency. The only challenge with Bitcoins is that it needs to stabilize and this is where such economies are becoming suspicious of accepting Bitcoins. As far as issues like terror financing and black money laundering are concerned, such activities are anyway carried out through other channels also. So one cannot single out the use of Bitcoins for all the illegal activities taking place on the financial front.
We at bitssa.com believe that it is only the fear of the unknown that will keep people from getting into cryptocurrency. It is true that the majority has no idea what Cryptocurrency is all about, how does it work and what could be the possible advantages of investing in a cryptocurrency. And certainly, for any layman, such questions must be raising a lot of doubts in his or her mind for venturing into the world of cryptocurrencies. Humans have always believed in conventional wisdom since times immemorial. They have always opted for tried and tested methods but whenever the question of trying anything new and revolutionary arose humans have always trodden cautiously. It is only about time that people will realize the importance of investing in a highly advanced, sophisticated and secured value storing currency like cryptocurrency. We can say that it is only a lack of education that can be held responsible for people's ignorance and fear of cryptocurrencies. As far as unpredictability is concerned, who knows what the future hold for us. We may live for 10 thousand years on this planet or there could an apocalypse tomorrow. Same can be said about cryptocurrencies. All those investors who have reaped huge returns on their investments in cryptocurrencies must be wary of all the pitfalls of investing in it. The best advice is to do a thorough research before getting into cryptocurrencies. Instead of asking a question like what will keep people from getting into cryptocurrency? ask what is it that keeps people interested in cryptocurrency. Honestly, the answers are many to this question:
a) Cryptocurrencies facilitate Quicker, cheaper, and secure bank transfers
The way we or even transfers money is so obsolete. Some bank transfers even take a couple of days to complete the transaction, with correspondent banks and nation-specific clearing intermediaries involved on both sides. However, by using digital currency, bank transfers could be completed in no time as they are cheaper, safer, and quicker when compared to the conventional transactions.
b) An encouragement to global remittances
Utilizing digital currency, even private users can transfer money directly whoever they want through smartphones, of course, with the only rest fee being those taken by the exchange platforms. While conventional money transfer companies had to have carry principal just in case of any delay in international money transactions, capital requirements are very much necessary for companies who use digital currencies.
However, minimizing the fee may make it simpler for small players to take steps in the remittance picture or for current players to make transactions possible in even small towns and extremely remote countries.
c) Safe money for the poor
Digital currencies can become a safe and secure way of payment especially in nations where the majority of the citizens do not hold bank accounts. While utilizing Bitcoin as another currency in such nations would expose people in the country to a particular amount of risk, but still, it would be a better one when compared to the current options especially in high-inflation countries. For instance, it is safer than stashing hard cash at home or purchasing precious jewelry.
d) Discovering the potential of e-commerce
Since virtual currencies allow customers to transfer funds just like an email or a message, online shopping soon turns into a much smoother and more straightforward process. Digital currencies can also let SMBs in developing nations to more interact on a global level in e-commerce.
To say the least, Bitcoin and blockchain technology are indispensable. Bitcoin is a byproduct of Blockchain technology and both go hand in hand. However, if we talk about which is to stay longer then obviously Blockchain technology is to stay here in the long run. Blockchain technology is a revolutionary technology which is going to transform the whole financial ecosystem. We can see that the Banking system is already incorporating the blockchain technology which is proving out to be a boon. In the wake of many financial crimes happening all across the globe, blockchain technology is going to revolutionize the financial industry. On the other hand, Bitcoin is a digital currency which is in the form of a digital ledger supported by the blockchain. Bitcoin is the byproduct of the hype created in the market and the trust created in it due to its high-security feature backed by the blockchain technology. Bitcoin which is highly volatile in nature is giving a lot of people reasons to doubt its sustainability. No one knows when the bubble might burst. Yet people are risking their money in it. But what the future holds for Bitcoin, that only time will tell. So, certainly, Blockchain technology will survive the tests of time.
Bitcoin is everywhere. Bitcoin is the future. Probably a couple of things more you must have heard about Bitcoin that makes it unstoppable. Right. You would be more intrigued in the future of Bitcoin especially if you are a business owner and are trying to incorporate it into your payment gateway options. If you are not then you could be missing out beautiful and promising opportunities to grow and expand your brand.
The critics across the globe in the Finance sector have weighed in, and the consensus is that they are huge things on the horizon in the future for Bitcoin. This statement stands true as long as China doesn’t take any drastic steps like legislative bans, the utilization of Bitcoin would likely continue to increase around the world.
It is undoubtedly true that Bitcoin is a revolutionary way to accept payments from customers and clients at a much lower cost when compared to credit cards and 3rd-party payment options like PayPal. However, bitcoin indeed is more than just another level of the advanced payment system. Bitcoin is a borderless currency that is accepted in almost all nations and is not regulated by any financial institution or bank. No matter what business you are into, this differentiator offers so much more upside and potential beyond just processing payments.
The below are the some of the primary reasons that you can see if you start including Bitcoin payment method as well:
**1. Lower transaction fee
Faster transaction process
Prevention of fraud**
We at Bitssa.com believe that Cryptocurrency and fiat currency are the two sides of a coin. Fiat currencies are regulated and recognized by the Government of the day in most countries whereas Cryptocurrencies have become a global phenomenon due to their global presence and acceptance despite being decentralized, unregulated and unrecognized by many Governments in the world. Fiat currencies are stable and mostly they are subjected to artificial inflation in order to control economies whereas Bitcoins are a very volatile currency as its demand mostly runs on the hype created in the market. If we were to draw parallels between the Cryptocurrency market and its functioning with any other market then it is certainly the stock market. Cryptocurrency behaves like shares. The increase in the market price is only due to the demand created for that particular cryptocurrency. Every year, people send almost 500 billion dollars in the form of remittances from developing countries across the globe. This is the amount that can exceed FDI. With international fee varying from 5 to 10 percent for transferring 200 dollars, the number is quite a burden for normal people. Now, the emerging technologies have the potential to assist people in transferring the amount fast and cheap. Utilizing digital currency, even private users can transfer money directly whoever they want through smartphones, of course, with the only rest fee being those taken by the exchange platforms. While conventional money transfer companies had to have carry principal just in case of any delay in international money transactions, capital requirements are very much necessary for companies who use digital currencies.
Africa is one good example to show that the explosion of smartphone technology educated that even developing countries also eligible to lead when it comes to high-end technology. According to a source, more than 60 percent of commerce in Kenya is taking place through smartphone credits as a source of exchange. Everyone can store money and transfer credits to other users, but the only problem is that the fee is too high. Cashing out will cost nearly 20 percent even though the great embracement of the credits result in many customers spending the credits directly without having to pay large amounts in the form of fee.