Market experts believe that a Bitcoin ETF will soon be approved by the Securities and Exchange Commission. Creating a Bitcoin ETF Bitcoin has experienced a rapid price growth this year. Recently, the decentralized cryptocurrency hit a new all-time high price of $6174 and reached a market cap of $100 billion. Of course, the huge price spike caught the attention of Wall Street, various financial institutions, and investors. In the last couple of years, different parties
Even though Bitcoin has been rapidly rising in the last days, Jamie Dimon thinks that the decentralized cryptocurrency has no future. Does Bitcoin Have a Future? Many experts and analysts were very skeptical with the sudden price surge of Bitcoin. The popular cryptocurrency had a very impressive price surge this week. Bitcoin hit a new all-time high of $5,835 and a market capitalization of $97 billion. Financial analysts like Novogratz believe that this is just the
Robert Ophèle, the new head of France’s stock market regulatory agency, the AMF, presented his goals, which focus on Bitcoin, initial coin offerings (ICOs) regulation, and making Paris more attractive for financial investors leaving London as a consequence of Brexit. Bitcoin and other Cryptocurrencies Fulfill a Legitimate Business Need Robert Ophèle detailed his five-year program for the AMF (Authorité des Marchés Financiers), in a recent interview with Challenges. He noted that the priorities of the
Hackers from North Korea have attempted to infiltrate several cryptocurrency exchanges in South Korea, and some entities are saying that this action should serve as a wake-up call. One can definitely say that the country of North Korea is not a highly desirable tourist destination. The ruling military dictatorship, currently under the control of Kim Jong-un, has kept the country isolated from the rest of the world for decades. While we sometimes laugh at the
After Chinese regulatory authorities cracked down on Bitcoin trading in the country, Japan’s Financial Services Agency has announced that they will begin to closely monitor cryptocurrency exchanges. Consequences Of China’s Ban China’s decision to ban ICOs and Bitcoin Exchanges earlier this month resulted in the migration of many traders to Japanese and South Korean markets. This made Japan the world’s largest Bitcoin exchange market and proved the old adage ‘with great power comes great responsibility’
This past week produced some mixed news for the Bitcoin community, with one win and two losses. While the Malaysian government has reportedly given the green light to legalize the use of Bitcoin within the country, the Ukrainian and Indonesian central banks have declared that they refuse to recognize the cryptocurrency as a means of payment. Malaysia Magic Malaysia’s central bank is reported to be working on developing a framework to regulate the use of
At the Blockchain Global Summit event in Hong Kong, anti-virus pioneer John McAfee said that war between world governments and cryptocurrency has already started. Conflict is an integral part of life. A person struggles to find their way in the world, and businesses compete with one another to earn your dollar and trust. It is in the economic realm where conflict is constant, and the rise of Bitcoin and other cryptocurrencies have led to struggles
A researcher at the Central University of Finance and Economics suggests that the Chinese government should start its own cryptocurrency. The Current State of Bitcoin in China In the last couple of days, there have been a lot of rumors flying around about the future of Bitcoin and other cryptocurrencies in China. Currently, Chinese regulators have forced prominent cryptocurrency exchanges like BTCChina and Huobi to shut down their operations by the end of the month.
Major Chinese exchanges BTCChina and ViaBTC have announced they will shut down operations causing Bitcoin price to plunge as OKCoin and Huobi are expected to follow. ICO Crackdown The recent days have been very interesting for cryptocurrency traders worldwide. On September 4, news emerged that Chinese regulators banned all Initial Coin Offerings that are based in China. The report from the People’s Bank of China stated that no individual or organization may longer raise funds through
The deputy director of the Chinese Academy of Social Sciences, a top think tank based in Beijing, says that China’s ICO ban is likely a temporary stop rather than a permanent decision. Wang Jifeng at The Chinese Academy of Social Sciences, which is closely affiliated with the PRC’s State Council, argued that the decision concerning the ICO ban is not likely to be permanent in a CCTV interview. The initial stop move was taken by the government
Chinese regulators have today taken the unprecedented move of banning all ICOs. This follows news last week that authorities intended to implement stricter regulations to protect investors from fraud. The People's Bank of China released a statement saying that all ICO's should be stopped immediately. $ETH #Bitcoin https://t.co/x3Ip2nJffY — WhalePanda (@WhalePanda) September 4, 2017 That’s one way to protect them There’s more… According to the joint statement issued by the People’s Bank of China and several regulatory commissions: Organizations
After initiating withdrawal controls on Chinese cryptocurrency exchanges, Chinese regulators are now shifting their focus to Initial Coin Offerings. China to Crack Down on ICOs? According to a new draft legislation, Chinese regulators have expressed their intentions to implement stricter regulatory measures for Initial Coin Offerings or ICOs. China Securities Regulatory Commission is currently in talks with a few Blockchain enterprises. The Commission has expressed their particular concern with pyramid schemes in the form of
Bitcoinist decided to dig deeper into the SEC’s newly issued guidance on Initial Coin Offerings (ICOs) and its implications for investors. We chatted with three legal experts, namely Alfredo Silva, Joshua Ashley Klayman and Daniel Kahan. Joshua Klayman is a founding member and the head of MoFo’s Blockchain + Smart Contracts Group. Her practice focuses on finance and corporate matters including advising on leveraged finance transactions, commercial transactions, and corporate governance matters. Daniel Kahan is an
The Indian government is seemingly at an impasse over which governmental regulatory body should be held responsible for cryptocurrencies. We take a look an unexplored option that seems to be the top choice of India’s top Bitcoin startups: self-regulation. Regulatory Turf War The government’s bid to regulate Bitcoin has been stalled due to a difference of opinion between the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) about the
The South African Reserve Bank(SARB), has officially announced its plans to experiment with cryptocurrency and Bitcoin regulations. Adopting Digital Currencies Back in February 2017, the South African Reserve Bank discussed the possibility of issuing a digital currency based on the blockchain technology. The SARB was actively observing countries that had issued their own digital currency. To date, Tunisia was the only country that had officially launched a digital currency based on blockchain technology, the eDinar. The SARB
With the Indian government contemplating the regulation and legalization of Bitcoins, Bollywood celebrities are endorsing the digital currency which is now accepted by an ever-growing number of online portals and stores.
In a contentious ongoing case between the IRS and Coinbase, a user of the exchange was granted the right to contest the governmental agency’s sweeping call for private information. In a scathing 12-page report, A Federal Judge has said that the Internal Revenue Service’s desire to exclude those affected by the probe into Coinbase “makes no sense”. Magistrate Judge Jacqueline Corley added that the scope of information the IRS is seeking is unprecedented and ridiculous.
Back in January 2017, the European Commission proposed a plan to limit upper cash payments for individuals. The response was overwhelmingly negative. Laying the path for a cashless society After a proposal by the European Commission to limit the maximum amount of cash payments, it conducted an EU-wide survey in order to better understand how the population felt regarding the proposal. The survey concluded that 95% of the responders are rejecting the proposal and strongly believe
incidents of People are increasingly being arrested in the U.S. for selling Bitcoin via online sites such as localbitcoins.com. With the recent surge in the public’s interest in Bitcoin and cryptocurrency as a whole, the United States government is sitting up and taking notice of something that many officials once dismissed as a passing fad. As a result, a disturbing trend has begun to emerge. Law enforcement agencies are arresting and charging people with a crime
A man who can only be identified by his anonymous digital wallet address has renewed concerns that many regulators have over a new breed of cryptocurrency millionaires. How do they tax, and monitor illegal activities, of masked cryptocurrency users? An Instagram post that sparked these concerns again read: I get many private messages asking how much ether I have. […] One of the cool things about Ethereum is that all wallets around the world are transparent
India’s government has still not come to an agreement as to how to regulate Bitcoin, but after toying with the idea of banning the digital currency, it seems like a goods-and-services tax will be implemented. As it stands, there is no formal recognition of Bitcoin within India’s governmental regulations, however, that is about to change. Officials have been meeting for months to develop a framework that will be suitable for the digital currency to operate
The BTCC CEO Bobby Lee addresses the need for cryptocurrency regulation saying it could “run amok from society” if measures are not implemented. In an interview with CNBC’s “Squawk Box”, Bobby Lee, CEO of BTCC, one of China’s primary cryptocurrency exchanges, explained that a well thought out regulatory approach is needed to address exactly where Bitcoin and the rest of cryptocurrency stands. “I think regulation is much needed for this new asset class because otherwise, it’ll
The country of Colombia recently clarified its stance on Bitcoin, following previous reports from 2016 that it had been declared illegal there. Bitcoin Was Never Banned in Colombia Colombia caught the attention of the cryptocurrency community in late 2016 when reports began appearing that the country had outlawed digital currency. The alarm was raised by an article (text in Spanish) written by Julián Villabona Galarza for the PanAm Post, which then spread on social media and was picked up by other