The government of Philippines to establish the legal status of encryption currency

The government of Philippines to establish the legal status of encryption currency

In the field of bitcoin remittance popularization has pushed the Philippines government to draft a new regulatory policy for the.

This decision was made by the deputy governor of the Central Bank of Philippines Nestor? Pengnila ACE (NestorEspenilla) publicly announced. Espenilla said the implementation of monetary policy regulation will be encrypted is beneficial to the people of Philippines, as from overseas to domestic friends and family remittances continue to increase, so the regulatory policy can provide protection for them.

Espenilla said on one of Philippines’s major commercial news agency:

“We should pay attention to is money laundering and consumer protection potential. We are working on the virtual currency exchange operators in a more formal regulatory framework under the.”

The Central Bank of Philippines supervision and inspection unit of leadership to a new regulatory policy will establish the legal status of encryption currency in the country. At the same time, will make the encryption currency platform operators and other agencies as subject to anti money laundering provisions review.

The Bank of Philippines said that now is the right time to introduce encryption monetary regulatory policy, because Philippines has every month bitcoin remittance has reached the scale of about $2 million. The country’s largest company SatoshiCitadelIndustries platform encryption currency occupies a leading position in the country bitcoin remittance industry. Remittance by using bitcoin, people can save transaction and exchange fees as part of the.

The introduction of bitcoin regulatory policy for the interests of users and encryption currency platform provides a protective frame, it will have a positive impact on the ecosystem. It also will operate implanted legitimacy currency based on encryption, while providing clear notes for the enterprise, improve the public bitcoin rate, so that users do not have to worry about any “non-existent” encryption currency use effect.

Each country will make their own version of the bitcoin regulatory policy, but this is a matter of time. Early actors, such as Philippines, should ensure the correct development of regulatory policies, because they will set a precedent for other countries.

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Bitcoin blockchain defense is more reliable than the central institutions

Bitcoin blockchain defense is more reliable than the central institutions

Network security has become one of the biggest security threat in many countries such as the United States, European Union, Russia, Chinese etc.. The massive effective attack can also destroy communications, military aircraft or ground attack, civil infrastructure, such as hospitals, communications and power plant’s main city.

Nigeria encryption development plan (CDIN) president and founder of AdeoluFadele said:

“Now it is widely believed that the next war will be done online. Because in the digital age, the state is still the main form of power in the world, these countries must have excellent network defense and attack.”

Perimeter security is not reliable

The existing network security system is Its loopholes appeared one after another. In October 2016, with a massive distributed denial of service attack (DDoS) attacks that hit some of the famous sites, such as twitter, Amazon, New York Times, leading to the site can not be accessed. The attack is not directly to any one of these companies, but these companies for the DNS service provider Dyn.

Fadele tells Cointelegraph that the inherent vulnerabilities exist in the current system is the main reason for the perimeter defense become standard practice. Since the traditional perimeter defense has been unable to resist the advanced persistent threat (APT) attack, then an attack resistant distributed technology books (such as bitcoin blockchain) to become inevitable.

A better chance of survival

From the Coinfirm block chain GrantBlaisdell in the lab that block chain technology can greatly reduce the potential losses, because the attacker wants to succeed to attack the block chain network, then we must attack the whole network, not only for a certain center. In addition, if attacked, most of the infrastructure is also a great opportunity is not affected.

“IT” peripheral security “is not the best strategy, because this will target in a vulnerable position, in the attack in the isolated state. The block chain distributed network can provide better communication and the ability to resist the threat.

The government is afraid of losing control

Considering why the government may be reluctant to accept the blockchain this technology, Blaisdell said this may be due to fear of losing control of the irrational fear.

For decades (or even centuries), all of the government and public administration is the implementation of a centralized policy of decision-making and critical infrastructure, this model is proved to be inefficient and unsafe, there have been tens of thousands of accidents, such as leakage or theft of data messages. For a unified system will greatly reduce the blockchain attack risks and potential damage based on safety management, and even the military.

The reliability of bitcoin

Fadele lists the bitcoin block chain as a distributed ledger system for example, the block chain has been running on the public network for 8 years, and in the absence of the protection of traditional perimeter security under the. Bitcoin is now worth more than $14 billion, but no one can break this chain block.”

He also pointed out that some properties of bitcoin blockchain, these properties make bitcoin blockchain than traditional security defense perimeter defense better:

Open to the centre and distributed transactions

Tamper proof and unchangeable transaction records

Real time audit results

Anti attack

Review of anti

However, Fadele believes that some of the challenges the current mainstream bitcoin is slowing down and may block the use of chain:

Something new and evolving

The complexity of Technology

Bitcoin regulatory uncertainty

Criminal activities in bitcoin abuse, such as rogue software


KYC/AML obstacle

The second generation of the digital revolution

Starting from the digital revolution decades ago still is to subvert the existing structure of the system and. The first generation of the digital revolution to the Internet as the representative of the information has upended many institutions, such as printing, post office, library and communication. Now the next round of the digital revolution has arrived, bringing value for our Internet (Internetofvalue), this time will change the global financial and economic situation.

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The first bitcoin investment fund was approved in the UK Stock Exchange listed

The first bitcoin investment fund was approved in the UK Stock Exchange listed


The British Channel Islands have approved the first global consulting bitcoin Investment Fund (GABI), has become the world’s first listed and subject to the supervision of bitcoin fund.

GABI was founded in 2014, is the first product of global consulting firm, the company after the release of COINXBT and COINXBE, they are also listed on the NASDAQ in Sweden for the first time.

The fund will be in the Channel Islands Stock Exchange (CISE) trading.

GABI: now is the right time to invest in bitcoin

“The time is right,” the global consulting company responsible for DanielMasters in a press release today commented:

“Bitcoin is currently worth more than 12 billion 400 million dollars, but also the history of the highest market value of about 16 million bitcoin hair. Bitcoin is a digital currency mainstream, in the global M1 total amount of money in circulation was 73.”

He added the potential value of the recent analysis shows that by 2026 the 8 times will make the ranking changes.

GABI is sponsored by the local company Verras professional services company, the general manager of JonathanBale expert is an alternative to the Law Corporation’s assets, which help the fund market successfully.

This exchange can not only increase the fund’s reputation, Bale said, but also indicate the exchange to the fund supervision, due diligence and supervision.

“It also shows that the global consulting firm has invested a lot of effort to provide reliable products,” he added.

Europe is also increasing interest in bitcoin

The Fund released two years ago when the first is subject to the supervision of bitcoin fund. Masters comments:

“GABI today listed on the CISE exchange also shows that since our first regulated bitcoin fund GABI released 2 years of achievements, bitcoin as innovative global currency plays for investors, it is also an important, not related to asset classes.”

However, bitcoin investment tools competition is far from over.

Earlier this year, the British territory of Gibraltar released the first bitcoin exchange traded instruments. Also became the first in Europe under the supervision of the bitcoin tool in Gibraltar and the stock exchange of the German stock exchange.

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The upgrade of hacking techniques, bitcoin users due to a loss of millions of dollars in mobile phone number

The upgrade of hacking techniques, bitcoin users due to a loss of millions of dollars in mobile phone number

Means hackers have new changes. As long as the master of the target mobile phone number, all the money they can steal the victim bank and bitcoin account in.

According to the “Forbes magazine” reported that hackers in disguise Jared victims? Kenna (JeredKenna) identity, obtain the phone number, and then the number of operators to switch from T-Mobile to Bandwidth, directly connecting with the Google voice account hacker.

Then, hackers locked more than 30 accounts successfully by resetting the Kenna mailbox password, including two bank accounts, two bitcoin account and his Windows account.

Hacked his bank account and is not, after all the bank can help recover the money, but he has been unable to recover stolen bitcoin. It is reported that the loss of Kenna bitcoin value of millions of dollars”.

He said:

I was one of the early participants bitcoin field, and now my money was gone, and then talk about bitcoin no confidence.

Unfortunately, “Forbes” pointed out that this is not the case. Today, in order to get bitcoin, hackers do anything, everything may become the capital disclosure risks.

Mobile phone become attack tools

Our daily life cannot do without mobile phone hacking, but instead of the use of mobile phone to deal with us.

According to the U.S. Federal Trade Commission (FTC) said that the attacker love using a mobile phone at those defensive weak people.

FTC said that in January 2013, mobile phone fraud as many as 1038 (monthly), are all identity theft 3.2%. Now, by January 2016, the number of mobile phone fraud has reached 2658, accounting for 6.3% of identity theft.

The specific number of ordinary people through the digital currency theft is difficult to statistics, but according to San Francisco start-up company Coinbase said, from November to December this two month period, the number of their clients’ money stolen at least doubled.


Anyone with a lot of bitcoin users are likely to be a target for hackers. Because they know, bitcoin transactions are difficult to track, and is not reversible.

So who has become a target for hackers?

Angel investor Adam? Draper (AdamDraper) is bitcoin incubator BoostVC boss, two years ago, hackers had stolen $50 thousand from his hands. He was unable to lock the identity of the hackers, and therefore can only settle a matter by leaving it unsettled.

The famous blockchain industry investor Shen Bo (BoShen) recently because of the attack loss of $300 thousand worth of AugurREP tokens.

The miners chomby? Weekes (JobyWeeks) stolen $100 thousand worth of bitcoin, in addition, his aether currency (Ether), and Monroe (Ripple) reboxetine currency reserve currency (Monero) also has a lot of loss.

Without professional knowledge

Surprisingly, the case of the hacker does not require any professional knowledge. They only need to obtain the victim’s mobile phone number and then transferred to some security measures in place in the operator’s network.

Once the hacker successfully mastered two factor authentication code (2FA, can add double protection to the user’s password), they can easily access your bank account number, email, social media accounts and digital currency accounts.

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The constitution of Brazil or will boost growth in demand for bitcoin

The constitution of Brazil or will boost growth in demand for bitcoin

Various geopolitical and economic factors affect people demand for bitcoin, and in the near future, there are many events in the play this role, including the Greek crisis, Britain returned to Europe, the continued depreciation of the RMB, the U.S. presidential election, the government of India to abolish large amounts of paper money, Venezuela’s economic collapse. The implementation of the new Brazil constitutional amendment, may soon join the list.

The implementation of the new constitutional amendment will effectively freeze the Brazil government in the basic public welfare plan on spending, including health care, education, pensions, infrastructure and defense. These measures are expected to continue until 2037, which may lead to the people of Brazil suffered more serious inflation and economic difficulties.

It is reported that Brazil has at least the country against the outbreak of the conflict in 12 states.

The protesters believe that the austerity plan is entirely on the exploitation of the poor, spending cuts in many parts of a national life and the future, such as health care and education which had insufficient funding areas.

Because the Brazil government tries to limit spending to stimulate the economy, it may soon be introduced some strict reform, or hinder the free flow of the territory of Brazil and across the border. These potential reforms may boost the Brazilian bitcoin as a substitute for fiat.

The Brazil leadership to negative influence by the entity tax and debt repayment way to offset the new stricter policies brought. Even banks and financial companies will also be instructed reduce operation time, and reduce the charges.

As of now, is a positive factor for the Brazil market bitcoin industry, but at the expense of the country people will encounter economic difficulties. According to the new development, the next year will be very beneficial in terms of bitcoin, bitcoin prices or sprint to $850 in the first few months. In addition to the market in Brazil, India and Venezuela are two broad prospects for bitcoin emerging markets.

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The banking crisis in Italy continues, Europe’s large bitcoin exchange set off panic buying frenzy

The banking crisis in Italy continues, Europe’s large bitcoin exchange set off panic buying frenzy

According to media reports, the Italy government has proposed to the Bank of Italy that Seattle (MontePaschi) implementation of crisis intervention or “bank rescue.”. The Seattle bank was founded in 1472, is the world’s oldest bank, the bank is currently facing a huge funding hole, need a lot of money for the reorganization of assets. The solution of Italy government at present is to increase up to 20 billion euros of public debt, but this figure is even enough to make the affected Bank of Italy can be maintained.

The rest of the funding gap is that borrowers will need to increase the amount of the loan loss reserve “for bad loans to make room for sale; according to Bloomberg data, the gap is quite large. Deutsche bank analyst PaolaSabbione said, in order to realize the reorganization of assets, the Bank of Italy takes about 52 billion euros, the bailout plan needs 30 billion euros to ease the debt crisis.

In addition, it also depends on the assumption that Italy united credit banks and other lenders really able to raise 20 billion euros by selling assets and maintain profits, this point is still uncertain, so it may allow taxpayers to fill the funding hole.

Sabbione said:

“Some publicly traded banks may raise some asset restructuring necessary funds, including the Bank of seattle… The government will have to fill the remaining part. But even so, at present, these funds are still not enough.”

In this financial crisis, Italy taxpayers will have a negative impact, and higher public debt will bring greater burden for future generations.

With Italy and its banks offer the uncertainty of contrast, bitcoin users enjoy books with distributed transparency, without charge or third party payment. More importantly, without bank participation, because bitcoin is a complete reserve system, which is different from the bank reserve system vulnerability.

The government cannot use as legal currency like bitcoin generation impose debt so backward, in this case, the world’s oldest bank crumbling in front of us, and the attraction of the rapid growth of bitcoin.

According to the figure below shows, when Bloomberg reported in December 19th in Italy to raise the public debt limit to save the bank, the European currency exchange in the next few days witnessed bitcoin panic buying frenzy. People also worry that Europe will further disturbing the election, which may threaten the euro, and exacerbate the eurozone crisis has swept through greece.

Similar to after the earthquake and aftershocks, bitcoin market has felt from Italy earthquake, according to the above data, from December 19th onwards, bitcoin is more and more high peak.

In addition, according to MarketWatch data, in December 21st, “and the buyers accounted for bitcoin trading volume is big”. So bitcoin breakthrough $800 to the cause may be partly because people turn to bitcoin in order to deal with the Bank of Italy crisis.

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IPayYou announced that bitcoin can buy Starbucks products

IPayYou announced that bitcoin can buy Starbucks products

The bitcoin payment gateway iPayYou recently announced that bitcoin users already can be directly used this money to buy Starbucks digital products.

The user can directly through Starbucks mobile phone app connection iPayYou bitcoin shopping, pay out bitcoin can instantly converted into dollars.

This payment tool called “from bitcoin to Starbucks (BitcoinDirecttoStarbucks), is another innovation after the Starbucks start-up company since black Friday released a number of large suppliers bitcoin gift card.

The integration of Starbucks to pay sooner or later

IPayYou founder and CEO Jean Kavner? (GeneKavner) said in an interview:

(our payment gateway) integration of Starbucks to pay sooner or later. Because Starbucks stores more than twenty-four thousand, every month there are about 1000000 users use the mobile app to carry out the orders and payment.

Bitcoin to buy Starbucks coffee is not what the new concept. In early 2014, relevant organizations try to the concept of workers and promote the publicity in the avant-garde and bitcoin, many new products including Gyft are listed first in the time.

Although coffee consumer goods in bitcoin has been popular in the secondary position, but always very fierce competition in this area, the focus of competition mainly falls on the ease of use and convenience.

IPayYou users do not need to carry large quantities of gift cards or buy a one-time payment of any other form, they only need a certain amount of bitcoins can be transferred. Then the wallet will automatically balance the money into dollars deposited by users of Starbucks in app.

Kavner continued:

After you initiate a transaction in, your money will be completed within seconds of settlement.

We hope everyone can hold bitcoin; our goal is to create a bitcoin everywhere in the future. The best way to achieve this is to let the currency into the consumer’s daily life.

The United States consumer choice bitcoin

When it comes to the purchase of consumer goods with encryption currency, the United States is an important market that can not be ignored. Although the specific data is difficult to research, but from the crypto currency areas related to enterprise policy performance can see some clues. For example, recently announced that the United States is a major market for the Amazon discount service.

Kavner itself was Amazon executives, since this year, was formally established, iPayYou gradually in this highly competitive market foothold.

In short, in 2017, bitcoin ecosystem is expected to get more practical value.

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Currency price rise factors decided in 2017 will be?

Currency price rise factors decided in 2017 will be?

There are many factors that affect the digital currency bitcoin currency value, so the price is very difficult to predict. However, there are six important events in 2017 is likely to bring a new round of currency prices, including isolation verification (Segwit) activation, lightning network (LightningNetwork) and Tumblebit (anonymous payment hub chain) release, bitcoin ETF listing and the financial crisis and economic instability.


Isolation verification, lightning network, Tumblebit

Isolation, verification and Tumblebit belong to lightning network expansion program, designed to be traded bitcoin network due to the rise in the surge in the number of users.

From the current situation, in view of the wallet platform, startups and miners support, isolation verification is likely to activate. According to the data platform of Bitnodes 21Inc.’s show, there are 39.6% of the whole node support operation isolation verification. Alex Bitfury? Petrov (AlexPetrov) a recent study found that the once isolated verification to activate the threshold (95% miners need consensus), this expansion scheme can at least be the bitcoin network to enhance the capacity of 2.1MB.

After isolating the verification generation block size depends on the type of transaction. However, as of January 2015, the average block size of the isolated verification generation has reached 1.7MB. To this day, which is November 2016, the block capacity is likely to reach 2.1MB.

With the isolation method of lightning network and Tumblebit expansion of the bitcoin network to verify the different. Lightning network does not directly increase the block capacity, but the micro payment (micropayment) the immediate settlement. At present, the network transaction settlement due to time constraints, the immediate settlement can not be carried out on the chain of micro payment.

In addition to network expansion, Tumblebit can provide bitcoin users with higher anonymity, ensure economic freedom and privacy.

The three expansion and privacy solutions can greatly enhance the value of bitcoin, because they increase the efficiency of the network, to adapt to the demand of anonymous.

Bitcoin ETF listing

Bitcoin ETF also known as exchange traded funds. Many experts, entrepreneurs and investors believe that ETF is an important product to promote bitcoin to mainstream. With ETF, investors and traders can through the stock market by the supervision of bitcoin trading platform.

The United States Securities and Exchange Commission (SEC) is currently approved two bitcoin ETF. One of them is sponsored by the Clay Voss brothers wen. After the bitcoin ETF listing, international audit and financial services giant Street bank (StateStreet) will be responsible for the daily management of trust, maintain their books and net asset value calculation of trust (NAV) or the issue price per share.

In September this year, SEC announced its deferred prior to listing, the development of SolidXETF seems to have made tremendous progress. Unlike the Winkelvoss brothers ETF, SolidX can provide insurance for its investors. This point can attract a large number of traders and company safety bitcoin investment.

Once the two bitcoin ETF successful listing, whether traditional investment companies or emerging market traders will actively participate in the investment, thus promoting bitcoin goes mainstream.

The financial crisis and economic instability

The global financial crisis and economic instability may also lead to bitcoin prices. If the government and local authorities imposed strict capital controls and unrealistic financial supervision measures continuously, more and more enterprises and people will simply turn to other bitcoin options.

Bitcoin because of its high liquidity will attract more and more users, especially Chinese or Venezuela, the implementation of strict control of the state capital outflow.

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Pakistan will waste money, domestic bitcoin trading volume rose 400%

Pakistan will waste money, domestic bitcoin trading volume rose 400%

This week, Pakistan’s parliament recommended the abolition of the highest denomination banknotes, subsequently, domestic bitcoin trading volume rose nearly 400%.

Although the government objected, Pakistan parliament has decided to implement this resolution: to achieve “illegal funds” to abolish the 5000 rupee denomination.

Cash war

According to several news media reported that Pakistan plans to combat illegal activities involving cash, this policy is likely to be affected by India last month waste action notes enlightenment.

Reuters said that Pakistan’s parliament, reduce the “bills, the market will be able to encourage the use of bank accounts, thereby reducing the scale of illegal economic.”

Ironically, India earlier in the waste notes actions have been suggested against Palestinian counterfeit activities is one of the purposes of their.

According to the Council said, monetary reform in Pakistan and its neighbours are different. Waste time their bills in exchange not only in a few days, and will take several years.

Pakistan financial industry prepared to meet the challenge

In any case, the news that Pakistan waste notes this emerging bitcoin trading market suddenly broke out. Unlike India, Pakistan bitcoin economy is still relatively backward, the lack of infrastructure.

The local currency exchange Urdubit recently participated in a seminar to bring startups through digital economy and a larger user base.

According to a media report:

Although the unlimited potential in the field of electronic transactions, but the majority of small and medium-sized enterprises in Pakistan do not have this ability.

The conference organizers added AliSarfrazHussain:

Although Pakistan started late, but with the rapid development of electronic trading, the domestic related industry participants are also increasing.

Pakistan is the recent cash war participants. In addition to India, Venezuela and Australia have opened the monetary reform.

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A factor of five in 2017 is expected to promote the development of bitcoin.

A factor of five in 2017 is expected to promote the development of bitcoin.

The current bitcoin price compared to its 2015 lows, rose by more than 300%, and this trend will probably continue to rise. Five factors, this paper listed in 2017, will bring real value to the bitcoin. is the brainchild of RyanXCharles, the project aims to eliminate the monopoly. For example, Facebook, Youtube these companies, they rely on the public to create content to sell advertising to make money. Yours network enabled through micro payment, the hope that all content creators can use their creative works to get paid, and most of the potential profits to the third party payment. It is reported that the Yours team is currently testing the platform, and hope to open to the public in early 2017.


After the Internet entrepreneur KimDotcom in 2005 launched a MegaUpload content hosting and streaming media services, the site is closed due to the alleged violation of copyright law by the U.S. government to combat. Now, KimDotcom is trying to stage a comeback, its plan to launch the MegaUpload2.0, allegedly faster and stronger, not even close. The introduction of a website called “bitcache” micro payment, but its use is bitcoin. KimDotcom said he has 100 million user data the original version of the MegaUpload software, and is ready to launch MegaUpload2.0 in 2017 January to import all user data, he said this action will bitcoin prices to more than $2000.


The RSK platform (previously known as Rootstock) promised security function and bitcoin blockchain Ethernet Intelligent workshop contract together. The person in charge of the project is SergioLerner and DiegoGutierrez, the team received $1 million in financing at the beginning of this year, and launched a test version of the network in the last month. It is reported that the RSK team hopes to release the official version of the RSK platform in 2017. Due to the use of RSK code and etheric Fang is the same, the project might have impact on the Ethernet and the square, bitcoin raised to a new level.

Under the supervision of the bitcoin fund

U.S. regulators have been delayed approval of bitcoin fund’s footsteps, but with the big companies around the world began to participate in this process and will accelerate. Such as Germany’s Acatis, which is a wealth management and bank funds, the bitcoin has generated interest. In addition, Britain’s global advisory bitcoin Investment Fund (GABI) has recently been approved for listing on the Channel Islands stock exchange. The United States BitcoinIRA, and XBTProvider in Sweden, all access to bitcoin in helping investors. Once these products showed some great benefits, hedge funds around the world will face pressure, they may choose to invest in a part of the bitcoin, otherwise, because other funds do lost customers.

The global

Now, bitcoin storm is brewing all around the world, Britain and Venezuela back in Europe and India on hyperinflation gold holdings limited…… This list will continue to. All of these events, to bitcoin is an attractive investment products, or a real solution. The point of bitcoin exchange (e.g. Localbitcoins and Paxful), their trading volume hit a record high. And this rising trend, does not seem to stop soon.

In short, in 2017, bitcoin ecosystem is expected to get more practical value.

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