All the things you wanted to know about Bitcoin and the other cryptocurrencies

Koles Coin News, 25 Feb 2017 Episode

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Rise and fall of the price of the most famous cryptocurrency, the reaction of financial markets and governments. The development of existing technologies and the transformation of the art market. Also in this broadcast:

  1. Bitcoin rate. Effect of the governments and leading market players;
  2. BTCC, Huobi and Okcoin. Chinese exchange suspended bitcoin-payments;
  3. E-dinar coin, Emercoin, Litecoin. Technology updates;
  4. Blockchain for the art. Confirmation of work genuine.

Bitcoin’s price beats new records. Bitcoin breached $1,050 amid a near-3% last week. According to the CoinDesk’s Bitcoin Price Index (BPI), this data became the highest point marked since the 6th January 2017. Also it is the highest among all-time highs set in late 2013.

The decision to suspend Bitcoin payments was preceded by the statement of Bobby Lee, CEO of bitcoin exchange BTCC. He delivered a speech on Blockchain Week London about possible market regulations by People’s Bank in China. According to Lee, such changes are needed due to the growth of the cryptocurrency’s popularity in a country and introducing transaction fees by Chinese exchanges BTCC, Huobi and OkCoin. The above ones have announced about the stop of withdrawal for a month at the request of local authorities. The official reason for this decision was the change in regulatory policy in the region and the need for compliance with the law on combating money laundering.

Chinese bitcoin mining company HaoBTC, also known as a mining pool, closes its lesser-known bitcoin exchange operation by the PBOC’s regulatory requirements. The mining pool also launched a Hashrate Exchange which will also stop deposits in Chinese yuan on users’ accounts. The HaoBTC’s wallet service, mining pool and hashrate exchange would remain working unchanged.

Chinese bitcoin mining company HaoBTC, also known as a mining pool, closes its lesser-known bitcoin exchange operation by the PBOC’s regulatory requirements. The mining pool also launched a Hashrate Exchange which will also stop deposits in Chinese yuan on users’ accounts. The HaoBTC’s wallet service, mining pool and hashrate exchange would remain working unchanged.

Chinese traders are switching to the alternative platforms. Trading volumes reached all-time high on the LocalBitcoins platform.A total of ¥6.6 million yuan was traded last week, which is four-fold bigger than 1.5 million of bitcoin trading in yuan of the previous week.

Due to the sudden ban on entry to the United States for citizens of seven Arab countries, bitcoin’s rate increased by $40. The decree caused discontent in Silicon Valley: Sam Altman, CEO of Y Combinator and Mike Belshe, co-founder of Bitgo, called FinTech community to oppose against migration ban.

Europe restricts payments. European Union published a Roadmap with proposal to restrict payments in cash and cryptocurrencies. According to the document called Inception Impact Assessment, cash transactions’ anonymity can be misused and terrorist financing purposes, so cash payment restrictions will be able to make fighting criminal activities possible. Representatives of European Commission stated, that cryptocurrency has no reporting mechanism equivalent to that found in the mainstream banking system.

Have introduced changes to the legislation, according to which the crypto currency exchanges and exchange services will be required to carry out the verification of users. All transactions will be regulated by the Know-Your-Customer policy, which consists of identifying and establishing the identity of the counterparty before carrying out financial transaction. In Asia, however, blockchain is widely distributed. Dhiraphol Suwanprateep, a partner at the law firm Baker McKenzie Thailand, said: “Many existing laws lack supporting regulations to work in parallel with blockchain”. Currently, the Electronic Transactions Development Agency is in the process of amending the Electronic Transaction Act 2001 to support the use of smart contracts via the adoption of blockchain.

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