Crypto News

Cryptocurrency Regulation – the Vital Ingredient in Helping Cryptocurrencies Grow

cryptocurrency regulation

We’ve all heard the saying that “ignorance is bliss” at some point in our lives, but this term most certainly does not apply to the financial world.

In the financial sphere, ignorance is risk, not bliss.

It’s for this very reason that traditional financial markets are regulated. The US markets are more than happy to see reasonable regulation, as it ensures a suitable level of transparency and fairness.

When it comes to stocks, we see regulation by the Commodity Futures Trading Commission (CFTC), and government-issued currency is overseen by the Department of …

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Will Bitcoin Become the New Gold for Cryptocurrency Age?


Bitcoin Looks Poised to Dethrone Gold Globally

It may seem absurd to compare Bitcoin and gold, but the truth is that there are several common talking points between them. Bitcoin is the most famous cryptocurrency on the market today with an outlook. In fact, many individuals tend to believe that Bitcoin can become the gold of the Cryptocurrency age. This is possible since Bitcoin has shown some quality features that are reminiscent of gold.

The main difference between Bitcoin and gold as a currency is that Bitcoin lacks a physical form which is not the case …

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Cryptos in Red: After a Successful Last Week ETH, XLM and XRP are Down

Cryptos in red

Well is anyone truly surprised that last week’s crypto bull-run is over? There are cryptos in red today across the board. About 95% of the’s top 100 list to be more precise, but we’re interested in the real losers. The top dog’s who are also today’s top losers, including Ethereum (ETH), Stellar (XLM), and Ripple (XRP).

Let’s check in with these cryptos in red.

Cryptos in Red: Ethereum (ETH)

Saturday saw Ethereum reach a high of $251.20. But it has been downhill from there. In the past 24-hours, ETH has made a further …

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Japan’s SBI Holdings to Use its Own “S coin” Cryptocurrency for Retail Purchases

Japan's SBI Holdings

Japan’s SBI Holdings just announced that it is testing a cryptocurrency to be used for retail purchases. SBI published the news via a press release on its website this morning.

SBI Holdings’ “S Coin”

The news showcases SBI’s test for blockchain’s possibilities within the company. The “S coin” used will be a settlement coin that allows users to charge and settle payments of products on their smartphones.

The translated release reads:

“In this demonstration experiment, for SBI group employees, we will construct a mechanism that allows cashless settlement at ‘eating and drinking …

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Cryptocurrency in India: Supreme Court to Hear Final Petitions Against the RBI Bitcoin Ban

Cryptocurrency in India

Cryptocurrency in India is becoming a hot topic thanks to the upcoming crypto hearings in the country. India’s Supreme Court is set to listen to the final round of petitions against the country’s Bitcoin ban. The ban was put in place by the country’s central bank, the Reserve Bank of India (RBI). The hearing is set to happen today, September 25th, local news outlet The Financial Express reports.

Reserve Bank of India (RBI) Bitcoin Ban

In April, the RBI asked regulated entities to not get involved with businesses, firms, or individuals that traded cryptocurrency, imposing a …

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What Makes Blockchain-Powered FansUnite to Align With Leicester City FC?

Blockchain-driven startup firm FansUnite has aligned with Leicester City Football Club for series of events, which would allow both the parties to gain. The two has become a partner for the existing football season of 2018-19. The Canada-based firm is focusing on sports data, as well as, sports betting industries. Incidentally, this is one more case where the distributed ledger technology (DLT) is used in soccer, and its players too started promoting digital currencies in Japan.

Launch Promotion

Significantly, during the 2015-16 season, Leicester has won the Premier League surprisingly. As a result, the county club rose to international popularity among the soccer fans. In fact, several experts from the sports have termed the win as the greatest sporting shock ever in the United Kingdom. The Canadian startup will commence its promotional activities in and around the county of Leicester’s King Power Stadium, according to a report in Apart from that, the two parties will indulge in different kind of promotional activities throughout England.

Incidentally, England wants to bring fans from everywhere in the world to boost their favorite team’s chances in the season. Fans from Leicester could take part during the current season and even win contests. Apart from that, they could participate in player meet-and-greets besides pleasant giveaways and options to win once-in-a-lifetime experiences. This will be available throughout the year in both away, as well as, home games. Apart from these, there would be special engagements as an added bonus for every football fans on the Canadian firm’s platform.

Leicester City’s Commercial Director, Jonathan Gregory, reacted to say, “We are proud to welcome FansUnite into our family of partners. They share our belief in the power of football to bring supporters together whether that is at King Power Stadium or around the world. FansUnite is an innovative brand looking to bring transparency and collaboration to their industry and we are delighted to be part of this journey.”

Similarly, FansUnite CEO, Darius Eghdami, said aligning with an internationally recognized brand demonstrated its commitment towards enhancing the conditions for sports fans. The company aims to achieve it with the application of emerging technology, which he considers it as a natural fit. Leicester City F.C. is one of the six clubs that hoist the Premier League Trophy after 1992. He believes that the county is at the forefront of integrating new technology to enhance fan engagement and player performance.

Betting Protocol

The Canadian startup firm indicated about the launch of sports betting protocol later this year. The operator could provide lower fees to bettors apart from a higher opportunity for making a profit for individuals. The company believes that it is “Better for Bettors.”

FansUnite has raised C$4.45 million through Series A financing. As a result, it has been in a position to develop the protocol just ahead of its plan to launch token, which will be a regulatory compliant, later this year. Apart from sportsbook offering, the company’s protocol is used as infrastructure powered by blockchain technology for daily fantasy sports and different other apps that are dependent on sports data.


How Nvidia Took The Gamble Of Launching Latest Retail GPU Cards?

Chip maker Nvidia has launched its new series of graphics card this week. It appears that the company took the gamble of launching GeForce FRTX 2000 series of the graphics card at a time when the mining activities are not attractive for miners. That is mainly because of two reasons. The first is that the prices of most of the virtual assets are falling like a pack of cards while the second reason is that mining consumes a lot of power making it less attractive.

Retreat from Mining

Another significant factor is that Nvidia’s latest announcement came within few days of announcing a retreat from the retail mining of digital coins, reported. The American firm has launched three series of graphics cards, which are RTX 2080, RTX2080 Ti and RTX 2070. The company is obviously banking on the strength that the range of cards would deliver a maximum of six times better performance from the previous generation graphics cards. Every graphics card is laced with turning architecture apart from the GeForce RTX platform’s support.

The chip maker has introduced a fresh series with the aim of pushing programmable shading, real-time ray tracing and artificial intelligence (AI) to the next or advanced level. Incidentally, these three techniques are applicable to games also. Ray tracing technique centers on including realism to the virtual world whereas the AI use is about running power algorithms for itself. This will develop clear, crisp and lifelike images apart from special effects.

As far as the sharding technologies, it enables users to have experience with games that maxed out settings besides largest frame rates. In any case, Nvidia’s GEForce RTX series seem to be not appealing to miners though it looks to be interesting for the gaming experience. The new architecture could lift the hashing power by anywhere between 25 and 35 percent. Incidentally, it is armed with Tensor cores, which performs AI computing hashpower.

However, there is a hitch for miners due to the costing. That is because card costs about 50 percent higher than the earlier generation. This meant that miners would desist from upgrading at this point of time given the existing market conditions on mining activities due to sluggishness in the cryptocurrency market. RTX 2080 Ti, which is a top performing chip, is priced at $1,199, which is more expensive than GTX 1080 Ti’s $599.

Not Attractive

If miners compare the costs and performance, it looks that the new series not better than the previous one. This is based on the bandwidth, CIDA core count, and memory speed. Unless the price falls on the new series, the chip will not be an attractive proposition to miners, who are already facing costs pressure.

In its latest revenue report, Nvidia expressed its displeasure with mining of cryptos. That is because the company suffered a significant drop in revenue from GPUs focused on mining. The company indicated that “Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million. Whereas we had previously anticipated cryptocurrency to be meaningful for the year, we are now projecting no contributions going forward.”


Alibaba’s Alipay Will Scrutinize Crypto in OTC Trading

China-based Alibaba Group Holdings’ payments affiliate Ant Financial’s Alipay, a mobile app, will scrutinize over the counter (OTC) trading of peer-to-peer digital currencies. The company will also cooperate with the regulators in its efforts as the country has slapped a blanket ban on any activities involving cryptocurrencies. The financial subsidiary is left with no alternative but to increase its efforts to monitor merchant, as well as, customer accounts apart from notable sites. That is because they combine the gateway to make it easy for OTC trading in cryptos.

Adheres To Principle

At the same time, Ant Financial’s spokesperson told the media that the company adheres to the principle of not offering any services to digital currency transactions, coindesk reported. That is mainly because the country slapped a ban last year when the overall digital coin market was surging at a rapid rate. China was not the only country to impose a ban as there are other countries like India and Pakistan that have also banned them from concerns of money laundering activities.

The spokesperson of Alibaba’s subsidiary indicated that the company had been closely monitoring the OTC trading activities. It would also continue its efforts to monitor them. The company clarified that if it finds any transactions to be of suspicious in nature and associated with cryptocurrencies, it would not mind in taking appropriate steps. This included even suspension of associated fund transfers. Also, it would not mind in permanently applying restrictions on payment collection function as far as the accounts involved.

At the same time, Alibaba Group’s firm has failed to provide any other details. This meant that it was silent on the number of accounts that it found to be involved with OTC trading in any of the cryptocurrencies. Interestingly, the news comes on the heels of China seeking to block access to over 100 overseas digital currency exchanges. This will mean that such overseas exchanges cannot offer any trading services to investors in China.

The authorities in China believe that these exchanges are offering services to domestic investors. China National Fintech Risk Rectification Office disclosed that it was able to identify 124 trading platforms that were still in existence in China. Their conclusion is based on overseas IP addresses of such platforms. The officials have also stepped up its efforts to monitor commercial user of virtual assets so that they could block internet access to such trading platforms.

Vigorous Monitoring

Alibaba’s Ant Financial is not the only firm to monitor. There are several others who are now monitoring the activities connected with cryptos either directly or indirectly. For instance, WeChat Pay, another mobile payment app from the staple of Tencent, is also monitoring activities of accounts and blocks them if it finds any suspicion of making transactions involving digital coins.

After China has banned in September last year, major exchanges have moved their business to overseas locations. However, they continue to provide crypto-to-fiat trading in OTC. Chinese have allegedly used bank transfer, WeChatPay, and Alipay for acquiring virtual assets.


Bitcoin Unlimited Developer Andrew Stone Explains Proposal

Even as the debate on bitcoin cash upgrade continues, Andrew Stone, lead developer of bitcoin unlimited, has explained the strategy on the upcoming hard fork scheduled for November. According to him, there are at least two changesets that were initiated by two different full node clients. However, he indicated that the planned digital coin would seek to execute changes through consensus from both organizations. This would mean enabling participants the capability to vote for the features of the planned hard fork.


There have already been discussions among the bitcoin cash community on the recent bitcoin ABC 0.18.0 release apart from the differences associated with the Nchain client bitcoin SV. The key factor is that the two organizations have two types of changesets that they are keen to add in the upcoming hard fork scheduled in November, reported. If they go ahead without any compromise, then there is a possibility of a split in blockchain platform. After the release of the ABC, the lead developer of bitcoin united published a plan known as ‘BUIP098’.

Stone has also explained the strategy for the planned hard fork in November in which two changesets are proposed. He stated further that the planned November hard fork would have different supports. However, those can be categorized as coming from Nchain and bitcoin ABC. He believes that it is quite ironic that these two changesets could be compatible mutually. However, he does not rule out the possibility of the two groups rejecting the changes of the other.

The lead developer thinks that there might be some particular critiques of different proposals. However, the core reason behind the rejections appears to be the same that are used to obstruct group tokenization. In a nutshell, he believes that fewer changes are better since risk factors coming in for every change. Aside from this, Stone is having a strategy for the future of bitcoin unlimited and the message from client will be “Run Bitcoin Unlimited to vote for compromise.”

This suggested that the digital coin would add the two changesets planned by both bitcoin ABC and Nchain. As a result, they could be activated in two different ways that the lead developer has stressed. The activation could come through BIP135, which is a derived form of BIP9 miner voting, or emergent consensus. This is subject to feasibility and development time.

Miner Voting

The lead developer of bitcoin unlimited said, “By allowing BIP135, we move to a miner voting process that allows individual features to gain agreement before activation. By allowing explicit configuration — that is, allowing a user to force the feature “on” or “off” — people running the BUcash full node can quickly react to any hash-power surprises.”

Stone indicated that he would add an appendix of the proposed changesets for the bitcoin cash protocol. This would provide details about different arguments against each and at the same time detail whether the planned hard fork could be capable of accepting every request. Though several developers are favoring the proposal, there are others like Coingeek founder Calvin Ayre, who is “firm on restoring the bitcoin protocol to its original design.”


Bank of Thailand Uses R3 Technology for Cryptocurrency Pilot

The Bank of Thailand has announced that it has made considerable progress on its new cryptocurrency pilot program. Powered by the R3 technology, the country’s central bank is looking forward to creating a digital currency of its own. The first phase of this project is set to complete in the first quarter of 2019. In a press release published on Tuesday, the bank said that it has partnered with eight financial institutions in the country for this project. Together, these entities will work on project Inthanon- the digital currency of the central bank.

Over the past few months, the debate around the creation and adoption of Central Bank Digital Currency (CBDC) has increased. Several banks across the globe are interesting in exploring the uses of blockchain but are inching away from the cryptocurrency sphere. The Bank of Thailand has taken a refreshing new approach in this regard as it is already on its way to experimenting with a crypto coin.

The BoT is currently eyeing on running its Inthanon on R3’s proprietary blockchain technology platform called Corda. In the press release, the central bank stated, “The outcome and insights from Project Inthanon will contribute to the design of Thailand’s future financial market infrastructure. This is in line with similar projects embarked upon by other central banks such as the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore. In addition to Project Inthanon, the BOT is conducting a DLT proof of concept for scripless government savings bond sale to improve operational efficiency.”

With the support of its eight partners, the bank will complete the design, development and testing of the project, more specifically, a proof-of-concept prototype. This prototype will be used for making domestic wholesale fund transfers using the CBDC. The testing will primarily be focused on creating liquidity saving mechanism and risk management strategies in the currency. When the first phase of the project completes in March, the bank will release a detailed summary of Project Inthanon.

The steps taken by the central bank become more important in the light of recent events in the Thai cryptocurrency sector. In June this year, the government released their final framework to regulate digital currencies in the country, which included both ICOs and trading in these coins. The Thai Securities and Exchange Commission (SEC) even approved seven digital coins which will be used to create financial benchmarks for exchanges and broker services in the country. Clear rules were laid out for the ICO industry as well. Earlier this month, the SEC even approved seven crypto exchanges in the country.

It is unclear whether Project Inthanon will remain a pilot within the central bank or see the light of the day. However, the swift action that Thailand has taken to regularize and regulate their cryptocurrency market is a lesson for several larger economies, especially the US where the SEC is still thinking about the feasibility of a crypto ETF and doesn’t have any federal regulations for the market.