On the wake of 16th September 2020, a Bloomberg Quint reported that India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to manage the fledgling market.
The bill is predicted to be discussed shortly by the federal cabinet before it’s sent to parliament, consistent with people conversant in the event who asked to not be identified, citing rules on speaking with the media.
The federal will encourage Blockchain, the technology underlying cryptocurrencies, but isn’t keen on cryptocurrency trading, consistent with two people. India’s finance ministry spokesman didn’t answer call and a message seeking comments.
The above article was reported on the basis of statement given by unidentified officials and this caused a frenzy of other news articles reporting the same. For crypto investors, this was a moment of fear and their hard earned money at stake.
Blockchain is an unalterable digital list. This digital list has a record of who owns what. The key point is that the list can’t be tampered with. This is because an up-to-date copy of this list of who owns what, is stored on the computer of every member in the system. If someone tries to mess with an entry
On this list it’s not going to match the rest of the entries in the system. This renders the tampering invalid.
From Blockchain came cryptocurrencies and a lot of other technologies. The biggest story in Blockchain right now has to be defy or decentralized finance imagine being able to take out a loan without having to speak to anyone or even open up a bank account or gain a six percent interest on your savings deposit without a bank signing anything or even interacting with anyone either.
This and much more already exist today and it’s gotten simple enough that anyone with a phone can pick it up and take part. It works something like this- you deposit your dollars or government currency and the app automatically converts it to a crypto of your choosing.
You can use these holdings as collateral to loan. You can also get interest on your deposit depending on how volatile the crypto is. The less volatile the higher the interest rate. These applications are built on top of a cryptocurrency called Ethereum
Ethereum unlike bitcoin manages to do this through something called a smart contract. A smart contract is essentially a digital contract made of code. Its job is to replace what a human intermediary would do. The code in the smart contract writes up the terms of the agreement and enforces the rules all within the same program.
No humans required. Some smart contracts are written. So they’re tied to Real-world assets. You’d have to be very careful of putting any of your money in these things since it’s at such an early stage and there’s probably many bad actors out there but regardless the concept is very interesting.
Continuing on in the world of finance with Blockchain, the world’s largest refiner of newly minted gold the Perth (a city in Australia) mint which holds over 3.2 billion us dollars of gold within its vaults is launching the first government gold guaranteed digital asset titled ‘perth mint gold token’.
This means that through the use of cryptocurrency you can own gold within a vault. This is in stark contrast to other tokens on the market which are often not including stable coins backed by nothing of value in the real world.
Continuing on with the episode in Italy 85 of banks now use a Blockchain system called ‘Corda’. Previously banks in Italy sent physical tapes between each other in order to reconsolidate transfers between the banks. This meant that the process could take between one to two months to complete.
Now with the help of quarter authenticated and reliable reconsolidation is completed within 24 hours. It seems that every bank and financial institution is finding uses for Blockchain and cryptocurrencies.
A couple of Swiss banks have recently been given approval to offer cryptocurrency trading. Mastercard visa and paypal are all pivoting their services to incorporate crypto and Blockchain.
J.P. Morgan successfully tested their multiple currency prototype with Singaporean financial authorities. This was five years in the making. This payment network aims to make cheaper and faster International money transfers and is already being rolled out.
The use of middlemen tracking and storage can create problems that drastically impact a company’s efficiency. Chronicled a California-based company is integrating Blockchain and internet of things systems in order to create a more efficient logistics system.
They recently partnered with a large pharmaceutical company to help transport their products. With the authentication of each product’s origin this process not only makes transportation more efficient but it also makes it more difficult for everyone to try and intercept the supply chain to switch out Items with counterfeit products.
Blockchain is also being implemented by some tech giants. Earlier this year Microsoft introduced A Blockchain that integrates into microsoft’s cloud computing service. This allows developers to Integrate Blockchain solutions into their apps.
Last year Samsung integrated a Blockchain wallet into their smartphones with the unveiling of the S10 this gives way to the use of decentralized apps. These apps give developers the opportunity to integrate Blockchain into mobile applications.
Cryptocurrency is helping advance the semiconductor industry. Interestingly the pursuit of faster and More efficient problem solving has increased demand for semiconductors due to bitcoin mining. Bitcoin mining is the act that gives the coin its value by making it a rarity. The mining process is credited by some analysts as one of the leading causes of recent advancements in the semiconductor Industry.
In south Africa, son of their president is trying to tackle the issue of illegal poaching which has ravaged the country’s wildlife in the name of greed. His product works to use the internet of things and Blockchain to verify the ownership of animals.
The idea is to track an individual animal’s movements heart rate and more and put all of this data on a Blockchain. This creates another layer of difficulty for poachers to illegally sell and illegally attain animals. It is the first cryptocurrency for rare and endangered wildlife. It’s an investment platform for profit. So it’s the digital equivalent of a stock exchange for wildlife and livestock.
Blockchain is starting to make its way into government. The united states postal service issued a Blockchain patent. This was to secure mail-in voting disclaimer. China, Japan, Canada, Britain, South Korea, and many other countries are talking about making big moves into cryptocurrencies.
Meanwhile the united states and other major global economies like our country India are struggling to change and adapt to the rapid pace of Blockchain development. Some analysts are predicting a return to healthy competition in the financial sector thanks to Blockchain.
The implementation of cryptocurrencies is not constrained to just governments. In fact, there appear to be many examples where digital coins are being used. Due to a lack of government leadership, Hong Kong passed legislation which would allow governments to freeze and confiscate people’s assets.
This raised fears that it may be used for a tool to suppress speech particularly those who aren’t fond of their government. Soon after the laws are enacted certain stable coins – (coins which are tied to existing real-world currencies) saw an uptick in value.
Trading volume rose between Hong Kong dollars and the US stable coin- dollar. This suggests that whoever is trading be it a handful of wealthy individuals or a mass number of the average citizens whoever it is these people in Hong Kong Were cautious of the new law and they were taking things into their own hands by protecting their assets by converting to a more flexible and easier to transfer store of wealth.
Hard hit by the Covid-19 pandemic, many nations like India saw its economy struggle. During these times the national currency dipped to a record low along with fall in GDP. This caused the nation to also see a similar uptick in the trading volumes of Stable coins.
Meaning of stable coins: Stablecoins are a new type of cryptocurrency that often have their value pegged to another asset. With bitcoin suffering abrupt crashes and sudden gains, advocates believe stablecoins help eliminate doubt about conversion rates — making cryptocurrencies more practical for buying goods and services.
This now seems to be a new global trend among poorly performing economies. When currencies are failing and trust in government is diminishing, it seems that individuals within these troubled economies are turning to cryptocurrencies to preserve their wealth.
Even in the united states a study as reported by Forbes revealed that every 15 of American adults now own a form of cryptocurrency and about half of those were first-time buyers in the year- 2020.
By introducing a digital currency that would make it easier for consumers and businesses to disintermediate the banks. Well the banks may not be the innovators. It may be that they are the reactors. That they will react when others innovate. Right now digital currency sounds very edgy but it’s becoming the mainstream.
So the largest banks in particular are very aware of this they’re investing in the technology and they will provide this service as its profitable enough after considering the cost to them of losing some of their current business that they’re going to disrupt.
So although it’s not being discussed in the media, the implementation of cryptocurrencies to create more secure assets and the Blockchain to automate more of our economy seems more relevant now than ever.
Central banks are now seriously looking into this technology while many businesses are finding innovative uses for Blockchain the boom.
But taking a deeper look it actually doesn’t seem like cryptocurrencies are going away. Blockchain solutions keep springing up from fighting poachers to improving banking to helping citizens with unstable governments. It really looks like Blockchain will be an important part of our future.
India is said to introduce law to ban trading in cryptocurrency. You got to understand that markets have insane capability to churn out news especially bad news at the most perfect time. This is how they can create a herd effect. They can shift mass amounts of people in their psychology to think in one way or one direction. It is a well-timed mechanism that people have you know a trigger to kind of pull.
So as I checked the market right after the ‘news’ broke now. Really nothing has changed. I looked at bitcoin coming into my key levels. I was looking for a few things number one- I definitely want to see decreasing volume on the way up and I saw that. So that’s a good sign. And we see decreasing volume, your kind of want to see increasing volume as price starts rolling over.
But as we approach the area again just around the 50 moving average which is the red Line. This is really just caution. It’s time to be careful. It’s time to maybe start closing out your lungs. Maybe start hedging short.
I did not really catch many signs of weakness just yet in the market. In fact, we actually saw that traders broke out of this trend line just overnight.
So I’m looking at this market a whole lot of strength right here and the thing about ethereum is that when bitcoin is actually really bullish or when ethereum is much more bullish before bitcoin that means- the market overall is about to have some good money flows put in.
And we know the market overall is bullish then the very fact that everything is quite struggling here and bitcoin is quite just trading up a touch bit it. Doesn’t necessarily mean that things are as positive as most might imagine . This might actually be the silence before the storm.
The Indian government should definitely not ban Digital currency permanently. Ban on cryptocurrency would only reflect as lack of understanding of the affirmative impact the technologically influential cryptocurrency can create on the Indian economy.
Many governments have expressed fear over tokens as there’s no central authority to manage the worth or oversee the exchange of tokens. The fear stems from an inability to manage the crypto market or monitor the valuation or track the transfer of cryptocurrency. But with fiat currency, governments can do all of the above.
Author: News Bureau
Market Analysis Report (30 Sep 2020)
The highest judicial institution of the Pakistani province of Sindh has requested the federal government alongside the Federal Investigation Agency (FIA) and the State Bank of Pakistan (SBP) to submit a detailed reply on the ban on cryptocurrency dealing in the country, local media reported Wednesday.
The court hearing is coming after it took up a petition against the ban imposed in April 2018 by the SBP, the country’s central bank.
In a circular issued in 2018 on the “prohibition of dealing in virtual currencies/tokens,” the SBP “advised” all banks, financial institutions, and payment processors to refrain from using cryptocurrencies or rendering any services to account holders who are involved with crypto.
The SBP declared all forms of digital currencies illegal, noting that cryptocurrencies like Bitcoin, Litecoin, Onecoin, and ICO tokens are not legal tender, nor are they issued or guaranteed by the government.
The apex bank further warned that institutions should report all crypto-related transactions as suspicious.
The SBP’s ban came when the central bank of India, a neighboring country, imposed similar measures on cryptocurrency activities prohibiting commercial banks from dealing with crypto.
While the ban made things hard for Pakistanis, it did not completely stop them from trading or using cryptocurrencies.
Crypto traders used alternative methods such as P2P trading platforms like Localbitcoins to boycott commercial banks, thus rendering the ban less effective.
Heading the bench hearing today, Justice Muhammad Iqbal Kalhoro was not pleased with the SBP’s ban on cryptocurrencies. He noted that Pakistan is still far behind in modern technology compared to the rest of the world.
Justice Kalhoro then asked why digital currencies are prohibited in Pakistan when they are being used globally. An SBP lawyer replied that there’s no ban on cryptocurrency, but it has not been regulated.
“If using digital currency doesn’t constitute an unlawful act, why is it not being allowed?” Justice Kalhoro asked further while seeking answers as to why cryptocurrencies are not yet regulated in the country.
The court has now requested the federal government, the SBP, and the FIA to submit their response to the petition on November 5.
Crypto traders in Pakistan now hope for a reversal on the SBP-imposed ban, just like India’s Supreme court lifted the 2018 RBI cryptocurrency trading ban earlier this year.
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Author: Published 8 hours ago on September 30, 2020
By Republished by Plato
DoJ Charges Bitcoin Exchange Boss Facilitating Money Laundering Scheme
U.S authorities have apprehended and charged the head of a local cryptocurrency exchange platform after he was discovered to have facilitated an international money laundering scheme. According to a press release from the Department of Justice (DoJ), Rossen Iossifov, the head of Bulgarian crypto exchange RG Coins, was convicted recently of helping the operators of a fraud scheme move their funds through his exchange.
The release explained that Iossifov had been involved with a criminal group, which posted ads on auction sites like Craigslist and eBay for non-existent high-value vehicles and other goods. The scammers would provide fraudulent documents and invoices, including the trademarks of reputable companies, to feign legitimacy. They even had support staff and call centers to keep their customers placated.
Once they got paid for the products, they would transfer their cash to Iossifov, who converted them to cryptocurrencies and moved them to off-shore money laundering services. The scheme reportedly defrauded about 99 Americans for years.
A trial ensued after the U.S. state and federal authorities – as well as the Romanian National Police and the Romanian Agency for Prosecuting Organized Crime – arrested Iossifov earlier this year. The Frankfort, Kentucky-based federal jury confirmed that he had been providing his facilitatory services to the criminal scheme from at least September 2015 to December 2018. In that time, he allegedly exchanged about $5 million worth of Bitcoin for four members of the organization.
The crypto exchange boss was eventually found guilty of conspiracy to commit racketeering and conspiracy to commit money laundering. His sentencing has been set for January 12, 2021. However, the case is still mostly ongoing – Iossifov is the 17th member and affiliate of the organization to be convicted, and three of them are still at large.
Iossifov isn’t the only exchange boss to deal with fraud charges in this period. Earlier this month, South Korea’s state-run news agency Yonhap reported that the Seoul Metropolitan Police Agency had summoned Lee Jung-hoon, the chairman of Bithumb Korea and Bithumb Holdings, over suspected fraudulent operations.
Per the report, Lee was accused of multiple embezzlement and fraud offenses concerning the failed listing of the BXA token. The token, which Bithumb had touted as its in-hour token, eventually failed to even hit the exchange, with investors crying out that they had lost 30 billion won (about $25 million).
Per the report, the police were also looking to question Lee over alleged embezzlement operations that he conduced in overseas purchases and foreign investments. Along with Lee, they also opened investigations into Kim Byung-gun, another chairman at Bithumb, over his involvement with BXA.
The police already raided Bithumb’s Gangnam District office twice this month alone. The first raid happened on September 2, while the second occurred a day later, according to reports from Seoul Shinmun. On both occasions, the police had sought additional information that could help with the case. On the third raid, they reportedly seized some of Kim’s shares as well.
Author: FOLLOW ON
ZCash News Today – Headlines for September 30
ZCash News Today – New York-based crypto exchange Gemini, has launched a solution that will see its users carry out shielded Zcash withdrawals. After the news, Zcash’s price surged by 6%. The 33rd-biggest crypto by market cap is reportedly up by 110% year-to-date. The new withdrawal feature will give users the chance to move the ZEC coins in their Gemini wallets from t-addresses to z-addresses.
Zcash is one of the biggest privacy coins. The network now offers the shielded withdrawal option for users. Recall that Gemini originally allows its users to deposit money from z-addresses. Meanwhile, the report added that the shielded withdrawal feature would help the user through crypto.
The shielded ZEC withdrawal function makes sure that user identities and transactions are protected. According to an excerpt from the announcement:
“By giving you this feature, we are taking one step toward giving you control of your privacy. We are also advancing our mission at the same time. This demonstrates that with the appropriate controls and proper education, regulators will become comfortable with privacy-based cryptocurrencies.”
Gemini added that the shielded ZCash withdrawal feature is the first of its kind on the exchange. Recall a past report from August, the exchange got a license from the U.K’s FCA (Financial Conduct Authority) to operate there. With Gemini working in a regulated market like the U.S, private transactions or not, the cryptocurrency platform must still record and report every movement of funds to the authorities or relevant regulatory agencies.
Unlike Monero (a privacy coin as well), shielded Coinbase is not activated by default on Zcash. Hence, it is still possible that a huge part of such types of withdrawals on Gemini may not enjoy the privacy feature. Privacy tokens have had a lot of negative press over the years. Regulators have warned users of privacy tokens. The reason is that privacy coins make transactions difficult to track. Regulators believe they are used for criminal activities. In August, the cryptocurrency intelligence company CipherTrace announced the creation of tracking capabilities for privacy coins. In this case Monero.
In September, the United States IRS (Internal Revenue Service) issued a $625,000 reward for anyone with the ability to hack the network. However, despite the negative press surrounding privacy tokens, Litecoin is still going forward with its MimbleWimble upgrade (which is slated for a September 30 launch). MimbleWimble will enhance Litecoin’s scalability and introduce privacy to the Blockchain.
Author: Published 3 hours ago
KuCoin Cryptocurrency Exchange Hacked Losing $150M Worth Of Crypto
Another crypto exchange has suffered a loss of millions of dollars following a cyber attack. As reported, the latest victim is the Singapore-based cryptocurrency exchange KuCoin which lost $150 million after being hacked.
On September 26, 2020, some perpetrators hacked the KuCoin cryptocurrency exchange and made huge withdrawals. They transferred the crypto assets from KuCoin’s hot wallet, including Bitcoins, ERC-20, and some other tokens.
KuCoin’s hot wallets are the ones connected to the internet. The exchange uses hot wallets for managing funds transfer and conversion operations.
As they were exposed online, the hackers managed to hack into the wallets and pilfer the assets worth $150 million. The exchange has confirmed that their cold wallets (offline wallets) remained unaffected during the incident.
Upon detecting suspicious transactions, the exchange shut down the wallet server and moved the remaining assets from the hot wallet to the cold wallet.
Following the incident, the exchange publicly disclosed the matter via a security notice on its website. Also, they pledged to start a security review.
To ensure the security of users’ assets, we will conduct a thorough security review. The deposit and withdrawal service will be suspended during the period. We will restore the service gradually after ensuring a safe state.
Moreover, they also assured to reimburse any of their customers potentially affected during the incident.
As the exchange continued with the investigations, they figured out the suspicious addresses which they also shared in an update. These addresses were found handling BTC, ETH, XRP, TRX, and other assets.
KuCoin also collaborated with the Partner projects, other exchanges, and law enforcement to track the assets and freeze suspicious transactions.
Besides, in a live stream, KuCoin CEO, Johnny Lyu, has assured that the exchange’s withdrawal and deposit functions will be available in a week.
Users can follow the exchange’s official twitter account where they are sharing the updates on the incident.
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Abeerah has been a passionate blogger for several years with a particular interest towards science and technology. She is crazy to know everything about the latest tech developments. Knowing and writing about cybersecurity, hacking, and spying has always enchanted her. When she is not writing, what else can be a better pastime than web surfing and staying updated about the tech world! Reach out to me at: [email protected]
Author: Abeerah Hashim
Regulated Exchange Gemini Adds Support For Zcash Withdrawals To “Safe” Addresses.
Cryptocurrency exchange Gemini has added support for “safe” withdrawals from Zcash cryptocurrency (ZEC) to “better protect user privacy.”
According to the press release, Gemini became the first regulated crypto exchange to add support for such transactions. The US exchange Coinbase, a competitor to Gemini, currently only supports transparent addresses for ZEC withdrawals.
ZEC addresses are of two types: open / transparent (t addresses) and private / secure (z addresses). Transactions between t-addresses are similar to transfers on the bitcoin network, while transaction data between z-addresses is protected by a zero-knowledge cryptographic proof protocol.
A Gemini spokesperson said in a comment to The Block that the exchange was able to add support for z-address inferences after “lengthy negotiations with regulators.”
When asked about how Gemini will track fund transfers between secure ZEC addresses, a spokesperson said:
“Gemini records every withdrawal in our system. At the moment, we have full transparency about the transfers, but when the funds enter the secure pool, we will no longer have information about them. We do not track client funds after they are withdrawn.”
Gemini, like Coinbase, already supports ZEC deposits from secure addresses.
In June, blockchain analytics company Chainalysis said that it could track the vast majority of transactions in cryptocurrencies Zcash and Dash, as most users do not use the privacy-enhancing features in Zcash, and Dash is not an “anonymous coin” at all.
Author: Souvik Sarkarhttps://news.triunits.comCrypto Expert And Blogger .