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Cryptos Rise; China Moves to Crackdown On Digital Coins

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© Reuters.  Cryptos were higher on Tuesday.© Reuters. Cryptos were higher on Tuesday.

Ninomag.com – Cryptocurrency prices were higher on Tuesday, while China’s central bank plans to strengthen its supervision of initial coin offerings and other blockchain-related financings.

In its report, the People’s Bank of China highlighted its plan to crack down on airdrops, which it says are actually ICOs. Airdrops are when companies give tokens to participants, while reserving a portion of the total supply.

The bank plans to strengthen regulatory coordination and promote international cooperation in regards to virtual coins. ICO’s are illegal in China, as such activities have been used for capital control evasion.

“Crypto assets which are not issued by the government do not have legal status equivalent to fiat currencies,” the PBOC said.

“There is no law or regulation that explicitly prohibits parties from holding bitcoin or private transactions in bitcoin, [only warnings to] the public about the investment risks. The contract, in this case, stipulates the obligation to return the bitcoin between two natural persons and does not belong to the [Sept. 2017 ban],” the report stated.

fell 0.13% to $6,476.80 on the Bitfinex exchange, as of 9:03 AM ET (14:03 GMT).

Cryptocurrencies overall were higher, with the total coin market capitalization at $216 billion at the time of writing, compared to $212 billion on Monday.

,or Ether, increased 1.56% to $215.48 and was at $54.951, up 1.35% while jumped 14.75% to $0.53750.

Meanwhile, Thailand is exploring ways to track tax payments using blockchain, the Bangkok Post reported.

Blockchain, which is the technology behind bitcoin and other alternative coins, will be used to verify taxes and speed up the refund process, officials told the paper.

The Thai government also plans to use machine learning to study how taxes are avoided.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Bitcoin Charts Suggest Price Bounce Coming

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© Reuters.  © Reuters.

If past events are a guide, bitcoin (BTC) could in for a recovery rally in the short-term.

Following Wednesday’s 10 percent slump, the leading cryptocurrency printed an intraday low of $5,188 on Thursday, before closing largely unchanged on the day (as per UTC) at $5,580.

The price swing formed what’s termed a “long-tailed doji” candle on the daily chart, which is usually taken to represent indecision in the marketplace. The fact that the candle appeared at the bottom of the recent sell-off indicates the indecision is predominantly among the sellers and could be considered a sign of bearish exhaustion.

Continue Reading on CoinDesk

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Canada Needs Crypto Regulation to Prevent Money Laundering, Lawmakers Say

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 Canada Needs Crypto Regulation to Prevent Money Laundering, Lawmakers Say Canada Needs Crypto Regulation to Prevent Money Laundering, Lawmakers Say

Canada’s federal lawmakers have urged the government to introduce cryptocurrency regulation so that virtual coins cannot be used by criminals to cover illegal activities, local media outlet iPolitics reported on Wednesday. The members of the House of Commons Standing Committee on Finance (FINA) proposed three measures that should introduce anti-money laundering (AML) regulation for digital asset trading venues and wallet providers.

The MPs want Canada to register crypto-to-fiat exchanges as money service businesses (MSB). This recommendation aligns with the government’s draft proposal from June to put virtual currency trading operators under the scope of the Financial Transactions and Reports Analysis Centre (FINTRAC) as MSBs. FINTRAC is a federal agency for AML and counter-terrorist financing oversight, similar to the US Financial…

This article appeared first on Cryptovest

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Major Exchanges Are Already Distributing New Bitcoin Cash Tokens

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© Reuters.  © Reuters.

After yesterday’s split of the bitcoin cash blockchain, several top exchanges have already accommodated the resulting two tokens.

While the scheduled hard fork was originally intended as an upgrade to the network, the long-standard ABC version found itself with a rival network and token, Bitcoin SV, after it managed to garner enough support from miners.

Taking place at around 18:00 UTC Thursday, the event soon saw both networks producing new blocks, though Bitcoin ABC took an early lead. At press time, ABC has mined 34 blocks more than SV and has 59% of hash power, according to data from Coin Dance.

Continue Reading on CoinDesk

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Bitcoin Rises After Selloff; Other Cryptos Broadly Higher

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© Reuters.  © Reuters.

Ninomag.com – Cryptocurrency prices recovered somewhat Friday, as rallied after two days of losses.

Bitcoin gained 1.62% to $5,695.00 on the Bitfinex exchange, as of 8:55 AM ET (13:55 GMT). The digital coin slumped 12% on Wednesday and still remains below its two-month average of the $6,000 range.

While the exact reason for the selloff remains uncertain, some analysts speculated that it was due to a hard fork of Bitcoin cash on Thursday.

slumped 44.11% to $250.00.

Cryptocurrencies overall were higher, with the total coin market capitalization at $184 billion at the time of writing, compared to $179 billion on Thursday, but remained below last week’s high of $220 billion.

, or Ether, increased 1.25% to $180.63 and was at $42.880, up 2.24%, while gained 4.85% to $0.47844.

In other news, chipmaker Nvidia (NASDAQ:) slumped 18% as the company forecast a drop in fourth-quarter revenue. The company’s gaming cards are popular with cryptocurrency miners, but as popularity in digital currencies wanes, demand for the product has decreased.

“Near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected,” Nividia CEO Jensen Huang said in a statement.

Meanwhile, Japan’s Financial Services Agency plans to regulate virtual coin wallets. Currently only companies that buy and sell digital coins are required to register with the agency.

The agency argues that wallets are like bank accounts and should fall under their jurisdiction. At the moment, Japanese law does not apply to the wallet service providers because they do not trade in digital currencies.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Philippine Lender’s Blockchain Initiative Empowers Rural Banks

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© Reuters.   Philippine Lender’s Blockchain Initiative Empowers Rural Banks © Reuters. Philippine Lender’s Blockchain Initiative Empowers Rural Banks

Unionbank Chairman Justo Ortiz posing for a picture with Senior VP Ramon Duarte, XLOG directors Joey Ynion and Nico Gonzales at Singapore Fintech Festival.

The UnionBank of the Philippines (UBP) is pushing its i2i (island-to-island) blockchain initiative to empower rural banks to gain more extensive access to the central banking network while at the same time providing financial inclusion to the tens of millions of unbanked Filipinos.

In a presentation during the 2018 Singapore FinTech Festival, the world’s largest platform for the global fintech community held in Singapore, UBP Chairman Justo Ortiz said the initiative would also allow rural banks wider coverage and expand their services because project i2i will enable them to perform critical banking functions that are traditionally offered only by universal banks.

Through blockchain, these small lenders could provide services to mid-sized and micro, small and medium enterprises as well as other sectors, including …

This article appeared first on Cryptovest

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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