Tuesday, October 17, 2017

Cryptocurrency News for 17 Oct 2017

 

Australia’s Bitcoin Regulation Bill Gets the Green Light

Australia’s Bitcoin Regulation Bill Gets the Green Light

 

Australian authorities are making progress with revisions to the AML/CTF bill which will include bitcoin exchanges under the scope of Australian legislation for the first time.

The Australian Parliament published [PDF] newly updated provisions today, part of a wider reform of the government’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. In it, the Senate Legal and Constitutional Affairs Legislation Committee has prioritized the regulation of digital currency exchange operators, among other objectives, under the purview of the Australian Transactions and Reporting Analysis Centre (AUSTRAC), the country’s financial intelligence agency and watchdog.

Underlining the recommended regulatory move as an industry ‘best practice’, the committee added:

"AGD observed that the Report on the Statutory Review recommended the application of the AML/CTF Act and the Regulations to digital currencies and digital exchange providers."


Full story at http://bit.ly/2wZSUAW


Source: CryptoCoinsNews


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These charts show how quickly bitcoin is growing

These charts show how quickly bitcoin is growing

 

As bitcoin soars to all-time highs, the pace of gains is rapidly picking up speed.

For example, it took well over 1,000 days for each leg of bitcoin's climb from a few cents to $1,000, and from $1,000 to $2,000. But since bitcoin topped $2,000 for the first time this May, the digital currency has added each incremental $1,000 to its price in less than 100 days.

Each colored band in the chart below shows how long it took for bitcoin to climb from one psychologically key level to the other. The latest climb from $4,000 to $5,000 only took about 60 days.

Bitcoin hit a record high of $5,856.10 Friday, a sixfold increase for the year, according to CoinDesk. The digital currency now has a market capitalization of more than $90 billion.


Full story at http://cnb.cx/2gjfpxx


Source: CNBC


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The electricity required for a single Bitcoin trade could power a house for a whole month

The electricity required for a single Bitcoin trade could power a house for a whole month

 

London — Bitcoin transactions use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to a paper from Dutch bank ING.

Bitcoin trades use a lot of electricity as a means to make verifying trades expensive, therefore making fraudulent transactions costly and deterring those who would seek to misuse the currency.

"By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power," wrote ING senior economist Teunis Brosens.

"Together, they will dominate the verification (mining) process. To make the verification (mining) costly, the verification algorithm requires a lot of processing power and thus electricity."


Full story at http://bit.ly/2x0110q


Source: World Economic Forum


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BREAKING: Russia Issuing ‘CryptoRuble’

BREAKING: Russia Issuing ‘CryptoRuble’

 

Russian President Vladimir Putin has officially stated that Russia will issue its own ‘CryptoRuble’ at a closed door meeting in Moscow, according to local news sources. The news broke through Minister of Communications Nikolay Nikiforov.

According to the official, the state issued cryptocurrency cannot be mined and will be issued and controlled and maintained only by the authorities. The CryptoRubles can be exchanged for regular Rubles at any time, though if the holder is unable to explain where the CryptoRubles came from, a 13 percent tax will be levied. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale. Nikiforov said:

“I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will.”

While the announcement means that Russia will enter the cryptocurrency world, it is in no way an affirmation or legalization of Bitcoin or any other decentralized cryptocurrency. On the contrary, Putin quite recently called for a complete ban on all cryptocurrencies within Russia.


Full story at http://bit.ly/2wZSXg6


Source: CoinTelegraph


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Swedish Officials Settle First Debt in Bitcoin

Swedish Officials Settle First Debt in Bitcoin

 

An officer working with the authority said bitcoin is a new asset, and it provides their organization with more access to handling problems. It also allows their citizenry to have alternative methods for payment.

”You find assets not only in the driveway or the living room, but also on the internet. We are used to dealing with the banking system. This is another sort of asset, and a particular way to ensure [the sort of access] we haven’t had before,” says Johannes Paulson, in charge of operations development at the Swedish Enforcement Authority.

In this regard, it seems the Swedish Enforcement Authority will likely continue accepting bitcoin for debts citizens wish to settle.


Full story at http://bit.ly/2yIYFr4


Source: Bitcoin News


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Here's How Cryptocurrency Will Disrupt Southeast Asia's Gaming Oligopoly

Heres How Cryptocurrency Will Disrupt Southeast Asias Gaming Oligopoly

 

The mobile games market is on fire. In 2017 alone, 1.14 billion gamers in Asia Pacific are set to generate $51.2 billion for the industry, an impressive 47% of the overall market. Southeast Asia is ripe for mobile games developers, thanks to increased mobile penetration and a high level of engagement amongst local players.

Even though the gaming industry is experiencing positive growth, it faces a few key issues to its continued success. The industry has started to become more and more of an oligopoly with the top 10 game companies dominating more than half of the global revenue. New game studios are finding it hard to access funding and resources to launch their new games to exploit this growing market.

Managing the end-to-end process of mobile game development - from localization to distribution - is a challenge for any developer who’s just starting out or unfamiliar with the region. For example, the competitive nature of the industry at present means game studios must pay high fees to marketing platforms to market their games.

"Cryptocurrencies can transform how payments are made within the massive gaming industry", says Kin-Wai Lau, CEO of iCandy Interactive.


Full story at http://bit.ly/2i2Pafx


Source: Forbes


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