Russian Regulators Disagree on Crypto Regulation, Postpone to Next Year
Following the National Council for Financial Stability meeting, headed by First Deputy Prime Minister Igor Shuvalov, Deputy Finance Minister Alexei Moiseyev reportedly said on Tuesday that bitcoin and other cryptocurrencies will not be recognized in Russia. “Bitcoin settlements in Russia will not be legalized,” Tass wrote. Ria Novosti elaborated:
The deputy minister noted how cryptocurrency regulations vary from country to country with no single trend, from a complete ban to “allowing bitcoin to move along with the national currency,” the publication quoted him explaining. He added that this topic will be discussed at the next meeting of the International Council on Financial Stability on October 6.
“Maybe after that, we’ll grow wiser and think of something, but unless we want to make mistakes at first, we decided to look around and think about how best to do it,” he said.
Full story at http://bit.ly/2wlV6m3
Source: Bitcoin News
In Bitcoin Testbed Venezuela, 1 Bolivar Now Equals 1 Satoshi
Venezuela’s Bolivar (VEF) is now worth just one satoshi as hyperinflation takes an ever deeper hold in the struggling country.
The latest ‘exchange rate’ stems from listings for p2p trading platform LocalBitcoins Thursday, uploaded to Reddit by eagle-eyed community members.
The price per Bitcoin in VEF, which uses unofficial exchange rates a fraction of the government-sanctioned $0.10 per VEF, is currently around 104 mln.
At Thursday’s BTC price of $4,250, this makes one satoshi equal to one VEF at the unofficial rate - both are worth around $0.00004.
Full story at http://bit.ly/2fUsOc1
Source: CoinTelegraph
Why U.S. Is Probing Bitcoin Scams
In recent years, the U.S. government has moved as fast as a slime mold to catch up with financial wrongdoers. It missed the 2008 credit bubble in an epic way and was never able to head off major market dumps, particularly the mysterious "flash crash" a few years ago.
But when it comes to cryptocurrency scams, some government agencies seem to be working at lightning speed, relatively speaking. That's notable, because market regulators in the U.S. are rarely on top of tech-oriented trends.
The U.S. Commodities Future Trading Commission (CFTC), which regulates most currency and derivatives exchanges, recently filed suit against a New York-based company over an alleged Bitcoin Ponzi scam.
A Ponzi or "pyramid" scam is where a promoter promises investors unrealistic returns on fake investments. Early investors are paid from the cash generated by newer investors until the scheme falls apart. The money manager Bernie Madoff, who fleeced investors for about $60 billion, was one of the most famous pyramid operators.
Full story at http://bit.ly/2fUsLNn
Source: Forbes
What If US Dollar Was Just Another Cryptocurrency? Expert Blog
Jamie Dimon, CEO of JP Morgan, recently attacked Bitcoin, going as far as calling it a "fraud" that will be "shut down." A lot has been written about his comments, so I will not go down this road. But it is true that cryptocurrencies, in general, suffer from a bad reputation from the public. This is mostly due to a lack of understanding of the mechanics of cryptocurrencies and the confusion between exchange hacks, which happened, and the robustness of the Blockchain itself, which cannot be hacked with existing technologies. But what if we looked at the world's most powerful currency with the same critical angle as that of the cryptocurrency opponents? What would the white paper of the US Dollar look like? Let's have a look.
Full story at http://bit.ly/2fU2Fdq
Source: CoinTelegraph
Bahrain May Adopt Bitcoin and Issue Bonds in Digital Currency
According to a Hindu business site, Bahrain wants to implement a regulatory sandbox forBahrain May Adopt Bitcoin and Issue Bonds in Digital Currency bitcoin to experiment with blockchain technology. The site quoted Rumaihi, “This [regulatory sandbox] is much like Singapore and what the UK is looking at. This is not just talk. We have launched it. You can go to the website and application process is clear. We are open for business.”
The country is open for business indeed. They recently put the regulatory sandbox into action. One news source said four businesses have already applied. Only two had currently been approved. The site specified:
Full story at http://bit.ly/2wlV2Tl
Source: Bitcoin News
What Happens to Cryptocurrency When You Die?
A young man died suddenly in Colorado this year, leaving his family the burden of sorting out his estate. Little did they know their loved one had been investing in Bitcoin, the digital currency that cost as little as $13 in 2013 and recently climbed as high as $5,000.
The grieving family stood to inherit a small fortune—that is, if they could only find and access the cryptocurrency.
Bitcoins are a virtual form of money protected by unbreakable cryptography. This attribute makes it a secure way to store wealth but also creates the risk that when Bitcoin owners die, their digital fortune will be out of reach forever. That’s a major problem for the relatives of tech-savvy individuals who have invested in a market currently worth about $70 billion.
Bitcoins are stored in a virtual wallet. Each wallet uses a string of random characters called a “public key,” visible to anyone, as an address for sending and receiving the cryptocurrency. A separate “private key” allows the owner access to the wallet’s contents.
Full story at http://for.tn/2fSaAry
Source: Fortune
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