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
New Hampshire bill HB436 will exempt “persons using virtual currency from registering as money transmitters”, the first legislation of its kind in the United States. New Hampshire Embraces Bitcoin New Hampshire Governor Chris Sununu took his state motto to heart when he signed HB436 into law, exempting Bitcoin from the state’s money transmitter regulations. The measure was passed on June 2nd, and will go into effect on August 1, 2017. The bill follows the passage of the ominously-named HB666, which
The Bitcoin-based lottery TrueFlip was banned in Russia and is now planning to take the case to court. TrueFlip Lottery Banned in Russia Bitcoin-based lottery TrueFlip announced that its website was classified as prohibited in the Russian Federation. Although the website operators do not agree with this decision, TrueFlip complied with and blocked access to the website in the region. The project’s official statement reads: TrueFlip complies with the law, and we will point that out
The European Union’s (EU) latest attempt to centralize data from decentralized systems comes in the form of dark web project TITANIUM. ‘Consortium’ Tackles ‘Criminal Use Of Dark Web’ Sponsored by the Austrian Institute of Technology GmbH (AIT) under the auspices of the European Commission, a fifteen-strong “consortium” made up of seven EU member states will look at how to “prevent criminal use of the dark web and virtual currencies.” TITANIUM, which stands for Tools for
Russia has confirmed it is developing its own bank-backed cryptocurrency amid mixed reports about its future status. Central Bank VP: Cryptocurrency ‘Is The Future’ Various sources report that Central Bank senior vice-president Olga Skorobogatova, who was speaking at the St. Petersburg International Economic Forum 2017, confirmed lawmakers’ next move as part of Russia’s increasingly hands-on approach to cryptocurrency. “Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future,” local news agency
Chinese Bitcoin miners are deliberately shutting down operations due to worries over future regulatory pressure. Chinese Abandoning ‘Legal’ Mining As the traders begin withdrawing BTC under new laws, mining farms in the country’s Szechuan province are concerned a lack of rules for them might lead to repercussions. “Bitcoin regulation that the central bank conducted mainly focused on financing and leveraging trading among platforms,” Zhang Jun, a senior analyst at Tai Cloud Research Institute, told YiCai Global.
The Big Three Chinese exchanges have finally resumed Bitcoin withdrawals as trading volume appears to be coming back, pushing BTC price back above $2,400. China’s “Big Three” Resume Withdrawals Bitcoin withdrawals were expected to be unfrozen since March, however, several delays took place, pushing the end of the moratorium to June, as previously reported. Now, the biggest exchanges in China by trading volume, OKCoin, BTCC and Huobi have unfrozen cryptocurrency withdrawals, which were paused as
India could legalize Bitcoin in the near future as feedback from citizens and businesses appears to be in support of regulating virtual currencies. India’s Gov’t Asks Public About Virtual Currencies The online comments section, which is to run for 10 days, has already received nearly 4,000 submissions since it was launched on May 21st. The areas polled are: whether Virtual Currencies (VCs) should be banned, regulated or observed? In case VCs are suggested to be regulated, then what
As the Bitcoin revolution continues to spread throughout the world, there are still some places where buying or using Bitcoin is illegal and can get you in trouble. Bitcoin Still Illegal in Some Countries As Bitcoin’s popularity continues to grow throughout the world, some governments are beginning to realize its benefits and potential and are integrating Bitcoin and cryptocurrencies in their economy, rather than trying to punish those that use it with restrictive policies and exaggerated