Yamada Denki announced that it will provide Bitcoin payment services

nRunaway Comment: Last year, after Japan legitimized bitcoin, some of the local retail giants have begun to provide bitcoin payment services. At present, Yamada Denki, a major electrical retailer, joins the group, announcing that both stores will accept bitcoin payments in the hope of meeting the diverse needs of its customers both at home and abroad. From similar initiatives of other companies, Yamada Denki is likely to continue to expand the scope of this service.n
nTranslation: Inan
Yamada Denki, a Japanese retail giant, has partnered with bitFlyer, a cryptocurrency exchange, to provide Bitcoin payment services at its two stores.n
According to its release last week, the store that will provide this new service will have one located in Shinjuku, which attracts a large number of foreign tourists and the other, near Tokyo’s main business district.n
The company said:n
n”In addition to diversifying our services, we will also implement a number of initiatives to enhance people’s acceptance of Bitcoin and promote its use.”n
nWith the launch of the Bitcoin payment system, the company said its goal is to meet the diverse needs of its Japanese and overseas customers. “We believe we can provide better service and more convenience.”n
Yamada Denki has set a Bitcoin settlement limit, which means that up to 300,000 yen (about 2,760 U.S. dollars) can be paid for each account. According to CoinDesk’s bitcoin price index, as of this writing, the transaction price of bitcoin is about $ 11,200 (1218016 yen).n
Back in April last year, Bic Camera, another Japanese appliance retailer, announced that it had jointly bitFlyer test a new PoS system to allow customers to buy goods using bitcoin. The company also said in July last year that it is extending its Bitcoin payment service to stores nationwide.n
In August last year, Marui Department Store in Tokyo also tested bitcoin payments at its Shinjuku store and set a cap of 100,000 yen (about $ 900) on Bitcoin transactions.n

Russia plans to oversee cryptocurrencies

nRally Commentary: Russia proposes a new regulation aimed at regulating and controlling the production of cryptocurrencies and digital assets in the financial sector, identifying regulatory requirements for cryptocurrencies, ICOs, mining and trading, helping curb illegal activities and enabling robust cryptography Monetary tax system. The MOF believes that proper supervision will help the company successfully sell tokens under the protection of law. I believe more and more countries will use various ICO regulatory policies to attract the encrypted currency enterprises and promote economic development. Germany and France also proposed to discuss monetary regulation at the international level.n
nTranslation: Annie_Xun
Russia drafted a draft law on the regulation and production of cryptocurrencies and digital assets.n
n
Regulate cryptocurrenciesn
Russia proposed a new regulation aimed at regulating and controlling the production of cryptocurrencies and digital assets in the financial sector. The newly proposed legal framework will define exactly the regulatory requirements for cryptocurrencies, ICOs, mining and trading. The regulation also aims to curb illegal activities that may be linked to cryptocurrencies.n

The ministry said the new rules will reduce the risk of fraud and create a more stable system of cryptocurrency levies. It is worth mentioning that the new regulations will limit the maximum ICO investment for unregistered investors to 50,000 rubles, or about $ 889. Reports show that the Russian central bank that the new laws and regulations are not strict enough.n
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Boost the Russian economyn
For months, bitcoin and cryptocurrencies have become major issues for governments and regulators. By the end of 2017, the Belarussian government officially confirmed the legalization of cryptocurrencies and exempted cryptocurrency-related activities for the next five years. Analysts believe more countries in the world will make laws conducive to the encryption of money businesses, attract companies and boost national economic activity.n
ICO is already under the control of global regulators. Russia’s new legal framework will require all entities planning to conduct ICO to meet all regulatory requirements. The Treasury believes the new ICO regulatory rules will make it easier for companies to organize tokens while they follow the necessary laws. Germany and France have also proposed to discuss bitcoin and other cryptocurrencies regulation at the G20 meeting in Buenos Aires, Argentina.n

Philippine Securities and Exchange Commission plans to monitor cryptocurrencies and ICO

nOn Monday, members of the Philippine Securities and Exchange Commission responsible for law enforcement and investor protection said the agency is in the process of formulating rules governing the trading of cryptocurrencies, protecting investors and reducing the risk of fraud, and said it expects to finalize the relevant regulatory regulations this year. Earlier this month, the Philippine SEC had warned the public that necessary precautions must be taken to participate in ICO activities and issued a restraining order to four companies and an ICO operator under the securities registration regulations.n
nTranslation: Clovern
The Philippine Securities and Exchange Commission said on Monday that it is formulating rules to regulate crypto currency transactions, protecting investors and reducing the risk of fraud.n
According to a Reuters report, members of the Philippine SEC that are responsible for enforcement and investor protection said it expects to finalize regulatory rules this year.n
Aquino said at a news conference:n
n”We want to set a set of regulatory rules ourselves, but at the same time we have to be very cautious about how to protect investors in this area.”n
nAquino further said that these provisions are expected to be completed this year and will include the issuance and registration of cryptocurrencies. It is expected that cybersecurity guidelines for cryptocurrency market and investor financial knowledge and capabilities are also expected to be included in regulatory rules.n
Aquino states:n
n”Unfortunately, in most cases, the founders of the ICO disappeared in vain and we do not want this to happen in the Philippines.”n
nPhilstar Global, a Philippine-based local media, also pointed out that ICO may need to register with the SEC as the SEC may treat some cryptocurrencies as securities.n
Earlier this month, the Philippine SEC had warned the public to take the necessary precautions when participating in ICO activities and issued injunctions to four companies and one ICO operator under the securities registration regulations.n
In addition, the Chinese authorities announced a ban on ICO activities in China last September and said they are all illegal under China’s domestic laws.n
At that time, nine ministries and commissions in China issued a joint statement saying: “ICO is a public and illegal fund-raising act in connection with illegal sale of tokens, illegal issue of securities and illegal criminal activities such as financial fraud, pyramid selling and other criminal activities.”n
In September 2017, the Korea Financial Services Commission banned local businesses from participating in the ICO and considered it an over-speculative “violation of the capital market law.”n

Australia became one of the countries that attracted ICO

nWalkout commentary: last year was a year of major breakthroughs in cryptocurrencies, and it was also a year many countries face squarely with this new thing and a clear attitude. Although some countries have taken strict measures to ban investment in cryptocurrencies, some countries also hold a more open and tolerant attitude. For example, Australia became the ideal ICO location for start-ups because its policy makers were willing to accept cryptocurrencies. However, whether such attraction can promote the development of a country’s economy depends on whether the government can control some of the negative effects of cryptocurrencies.n
nTranslation: Inan
Since the Chinese government banned the ICO last year, the field of cryptocurrencies has determined that other countries’ policymakers will also take similar regulatory actions.n
But this is not exactly the case.n
Although we have seen some government actions to try to regulate the ICO to a certain degree, the main attitude of governments toward it is embracing rather than rejecting it.n
InvestDigital ICO at the end of 2017 shows that Australia is one of the countries that has benefited from this willingness to accept.n
InvestDigital is a Chinese start-up that seeks to create and commercialize money management platforms for encrypted assets. Between Christmas and New Year 2017, the company raised $ 23 million through ICO, with backers like InBlockchain, Bixin and Queschain Capital.n
Last year, the Australian Securities and Investments Commission issued guidance on such products. The organization seems willing to accept this emerging industry, so its guidance is also positive and makes Australia an ideal location for start-ups to launch such products.n
That’s why InvestDigital decided to do this in Australia. Bill Fuggle, a partner at Baker McKenzie’s Australia office, acted as legal counsel for InvestDigital, stating:n
n”Australia’s position is no different from other advanced countries such as Japan, Switzerland, the United Kingdom and the United States. However, Australian regulators are more aware of cryptocurrencies and have devoted more resources to understanding this area.”n
nIt is unclear how this area will change in the future, but it is certain that the more tolerant areas of this new technology will attract the most ICO activity. Of course, this situation has both advantages and disadvantages. If a region can regulate the dark side of the sector through regulation while maintaining a relaxed environment in a balanced way, attracting blockchain companies can bring many benefits to the national economy.n
However, the benefits of attracting high-tech companies quickly disappear if policymakers in one area have no control over possible fraud and malicious operations in their ICO market.n

Russia has developed a system for screening identities of cryptocurrencies, but considering tax cuts

nRunaway Comment: Russia’s Ministry of Communications and Mass Communications plans to develop a cryptocurrency miners identification system that uses network traffic and power consumption to identify miners. In this regard, the Department of Energy said that technical feasibility does not mean that the economy is feasible, so there may only be industry-scale large nodes. While experts believe that this tracking is difficult to distinguish the power consumption for what purpose, not to mention there are systems that encrypt network traffic. However, the Ministry’s overall plan includes tax concessions for two years, but the Ministry of Finance and the Department of Energy have ruled that the Russian taxation standard is very low and there is no need to provide more concessionsn
nTranslation: Annie_Xun
The Russian government is planning a crypto-mining law that reports “special systems” that detect miners who cryptocurrencies. In addition, the miners may implement two years of tax incentives, including energy consumption targets and special duties.n
n
Investigate the system of minersn
Last week Vedomosti reported that the Russian Ministry of Communications and Mass Media was developing a system to identify the country’s cryptocurrency miner for tax purposes.n
Report explanation:n
n”Given the current structure of consumption and network traffic, there will be a special system for detecting miners, linking the capacity of mining equipment to that declared by the miners on the cryptocurrency exchange.”n
nAccording to the media, two people familiar with the situation have confirmed the existence of such information in mining regulation prepared by the Ministry of Communications. The bill is expected to be submitted to the State Duma date is February 1.n
This is not the first time that Russia has explored ways to identify miners. Anatoly Aksakov, chairman of the National Duma Financial Markets Commission in October, referred to the possibility of identifying cryptocurrency miners using power consumption.n
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Feasibility of this tracking methodn
Ria Novosti reports that DOE believes “is technically feasible, but it must be understood whether such processes and activities are economically viable, and perhaps only the large nodes that provide industrial-scale activities worth monitoring.”n
Experts tell the media that “the main issue is how government agencies detect consumers’ accounts that earn encrypted currencies, not consumers who watch TV at home and heat apartments.”n
n”It’s extremely difficult to track where consumers dig in encrypted currency or download movies in their apartment.”n
nAndrei Koptelov of Center for Economic Research, Synergy University, Russia, explains: “Detecting miners from profiles of electricity consumption and network traffic is hard to come by. Basically, it is not possible to tell whether electricity is being consumed from mines or domestic heating, And private virtual networks allow you to encrypt traffic. “n
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Tax incentives, energy consumption targets and special dutiesn
Although the emphasis on cryptocurrency mining will be taxed, RBC reported that the Ministry of Communications considered providing miners with special offers.n
n”Mandatory accounting information disclosure two years miners can get tax cuts, and then have an obligation to pay income tax, but do not pay VAT.”n
nHowever, Ria Novosti reports that Deputy Treasury Secretary Alexei Moiseev told reporters last week that the Ministry of Finance “does not consider it necessary to provide a tax cut for miners.”n
In addition, the Ministry of Communications also plans to provide the “energy consumption targets and special tariffs.”n
Last week, representatives from the Ministry of Energy participated in a meeting organized by the Ministry of Communications to discuss regulation of mining in Russia. The DOE said that “so far no one can explain why” special tariffs must be imposed on miners. The Energy Department news service said: “In the Russian Federation, the current tariffs are the lowest in the world and have given Russia enough attractive computing facilities.”n

BlackRock Group Executives: We are watching cryptocurrencies closely

nRunaway Comment: Encrypted currency is still attracting the attention of many traditional financial institutions. Recently, an executive at the BlackRith Group, the world’s largest investment manager, made a comment on cryptocurrency in an interview. According to her, although the group is not yet ready to enter the cryptocurrency market, its development is being closely monitored. In fact, many voices from the traditional financial industry show that no matter whether these financial giants are willing to actively adopt cryptocurrencies, they all think that such new things can not be ignored.n
nTranslation: Inan
Isabelle Mateos Y Lago, chief multi-asset strategist at BlackRock, the world’s largest investment manager, said the company is “closely watching” cryptocurrency as “an interesting development.”n
In an interview with Bloomberg TV on January 29, the executive said that although cryptocurrencies are not yet “investable assets” for their companies, they are actively monitoring their progress because the cryptocurrency “is clearly fast development of”.n
Although just last week, BlackRock chief executive Larry Fink also attacked cryptocurrencies at the 2018 World Economic Forum, saying it was linked to money laundering. He also hinted at plans for Bitcoin ETFs before.n
The stalemate over the $ 530 million stolen by Japan’s cryptocurrency exchange Coincheck has just ended, but Mateos Y Lago does not think it necessary to completely abandon its cryptocurrency investment.n
She mentioned the demand for Bitcoin by BlackRock customers, noting:n
n”While the black spots in exchanges are frequent, there is still less interest in cryptocurrencies.” She added: “Regulators began to try to keep up with this new development and gradually eliminate all illegal applications, which means that encryption Currency does have merit. “n
nBloomberg TV also posted a tweeter related to the interview on January 29 stating that Mateos Y Lago calls Bitcoin “the current stage” unfit for investment.n
BlackRock’s attitude toward cryptocurrencies is “to get involved, but not now,” in the same vein as Markus Mueller, chief investment officer at Deutsche Bank, who also told Bloomberg that cryptocurrencies are currently “speculators” and that in the next five Within a decade, we should see regulatory developments categorizing them as “existing asset classes.”n
Mateos Y Lago also mentioned the blockchain and ICO investment opportunities,n
n”There are many ways to get involved, but the question is, are they safe?” She also pointed out that it is difficult to set the “fair value” of cryptocurrencies for ordinary investors.n

Deutsche Bank: Cryptocurrency “Necessary governance” “may” come in 2023

nBankruptcy comment: Deutsche Bank Chief Investment Officer said in an interview that the formation of cryptocurrency control may take five to ten years to warn the current speculative significantly, the financial markets on the cryptocurrency volatility also very seriously, calling for close cooperation between enterprises and regulatory. Bank analysts also believe it is the capitalist fanatics that chase profit from this volatile trend. The lukewarm attitudes towards cryptocurrencies in the German consumer sector are in stark contrast to those in other countries and are not favorable to the trend of international regulation.n
nTranslation: Annie_Xun
Markus Mueller, chief investment officer at Deutsche Bank, pointed out that “governance”, which legitimizes cryptocurrencies, could be shaped in five to ten years.n
In an interview with Bloomberg on January 29, Mueller warned that the current cryptocurrency investment is only for “speculative investors,” and urged businesses in the sector to work with regulators.n
He predicts that “once security and trust have been established, cryptocurrencies can be valued and valued like a stable asset class.”n
n”The governance that needs may occur in five to ten years.”n
nEncrypted currency prices will not change the Deutsche Bank has always been not optimistic attitude, also warned in December, the financial markets will be bitcoin’s “big deal as a trifle.”n
In a mid-January report, Deutsche Bank analyst Masao Muraki argued that the lack of volatility in traditional markets drives investors’ interest in higher-risk assets such as Bitcoin.n
n”More and more institutional investors are now looking at cryptocurrency as an adventurous frontier to assess the sustainability of asset prices.”n
nThe level of consumption of cryptocurrencies at the consumer level in Germany continued to lag far behind that of the enthusiasm of other countries, such as Switzerland, a neighboring country.n
Earlier this month, at the 2018 World Economic Forum, the Bank of Germany governor dismissed the statement that the Anglo-American lawmakers believe that currency secrecy should be brought together.n

DoubleClick, a Google advertising service, is used to spread cryptocurrency mining malware

nRunaway Comment: For months, the news that mining script CoinHive secretly ran in the background and hijacked users to dig into Monroe is no longer news. However, recently, DoubleClick, an advertising service by Internet giant Google, also found that the user’s computer performance was reduced due to this script. In addition, the websites of many large companies are affected by this malware.n
nTranslation: Annie_Xun
In a new report, security services firm TrendMicro said Google’s DoubleClick advertising service was used to distribute cryptocurrency mining malware to European and Asian users.n
In its Security and Intelligence Blog blog, CoinHive, a JavaScript program, runs behind the scenes and uses computer power to tap Monroe, an attacker using Google’s DoubleClick to spread the malware. The operation of the CoinHive mining program has not been authorized by the user, and even the user has no knowledge at all.n
ArsTechnica said the Google DoubleClick ad service is also being used at YouTube, the world’s most popular video-sharing service, and the mining process has affected many users of the site.n
The TrendMicro report shows that “an independent web mining program linking private pools” is also involved.n
“Malvertising” adds two different internet mining scripts based on real ads.n
n”Affected pages still display legal advertisements while two web mining programs silently perform the task.We suspect that attackers have exploited the advertisements of these legitimate sites to attack a large number of users differently from just attacking the device. Traffic began to decrease on January 24 “.n
nEighty percent of the affected computers are hijacked, reducing the performance of the computer.n
In recent months, clandestine cryptocurrencies have been on the rise. Systems from companies such as Transneft, the oil-shipping giant, have also been hit by malware and reported in November that CoinHive has become one of the most common malware.n

World Economic Forum to carry out air travel blockchain pilot

nWalkout commentary: At last week’s World Economic Forum annual meeting, the organization announced the prototype of a digital identity pilot project jointly developed with the government of Canada and the Dutch government, the blockchain is also one of the key technologies of the project. The goal is to enable travelers to gain control of their identity through distributed ledgers and improve the efficiency and security of their processes. As the number of international travelers continues to increase, the success of the project will greatly improve the current work in the area of ​​air travel.n
nTranslation: Inan
The World Economic Forum (WEF) is launching a digital identity pilot jointly with the Governments of Canada and the Netherlands, one of the priorities of the project.n
The Known Traveler Digital Identity project aims to improve the safety of international air travel using technologies such as blockchain and biometrics. Its prototype was developed in collaboration with Accenture, a professional services company, and appeared at the World Economic Forum’s annual meeting in Davos last week.n
The project’s philosophy is to eliminate the need for a central database to give travelers greater control over their identity information. Travelers will rely on a “licensed distributed ledger,” which will transfer information such as the passenger’s background and where they’ve been.n
WEF said it will be able to pre-screen known travelers in different countries and promote a series of processes if it is fully utilized. At the same time, doing so may free up resources for other purposes.n
WEF notes that the number of international travelers will reach 1.8 billion by 2030. The growing number of such travelers means that people need more efficient processes.n
John Moavenzadeh, a member of the WEF Executive Board, said in a statement:n
n”Travelers can provide access to their validated personal biometrics, background, and historical travel data as they wish, so they can assist authorities in conducting risk assessments and pre-screening in advance: primarily to validate their identity and use the creature Measurement technology provides a secure, seamless move while traveling. “n
nFrom a report summarizing the project, it is not yet certain whether personal data will be stored directly on the blockchain.n

Russia’s Ministry of Finance Drafted ICO Regulation Act

nRunaway Comment: Although Russia’s attitude towards cryptocurrencies is still not clear enough, progress has been made in the relevant legislative work in the area. At present, Russia’s Ministry of Finance has released a draft law aiming to standardize the investors’ participation in token sales and clearly set forth the requirements for such activities. As the draft must also be validated by other legislative bodies to take effect, the process of this work has become one of the concerns of the cryptocurrency community.n
nTranslation: Inan
The Russian Ministry of Finance recently drafted a federal law on the regulation of digital assets and ICOs.n
The new bill, released by the Ministry of Finance on January 25, outlines the needs to be met by ICO-sponsored projects and investors wishing to participate in token sales. Since it was introduced by government agencies, the draft must also be formally governed by a review by legislative bodies such as the Russian State Duma and the Federal Council.n
Under the terms of the draft, licensed professional investors who abide by the Russian securities law will have unlimited investment in the field of cryptocurrencies, while substandard investors invest up to 50,000 rubles (About 900 U.S. dollars).n
In addition, the proposed act stipulates that Russian ICO organizers must disclose information to fully comply with regulatory requirements, including the full name of the issuer of the token, the website of the project, the network provider, and the fixed operator of the organizer .n
However, the draft intends to prohibit the sale of tokens before the promotion, it wrote:n
n”No token may be offered to potential buyers in any form or manner of promotion until they are issued.”n
nThis new draft is the latest in Russia’s regulation of tokens sales. According to another explanation of the draft, it was drawn up on the basis of instructions issued by Russian President Vladimir Putin on October 21 last year.n
The draft also validates the remarks made by a legislator in December last year, when he said that Russia was discussing plans to formulate new laws and regulations in this field.n