Intelligent supervision may make Russia become a major bitcoin Market

Intelligent supervision may make Russia become a major bitcoin Market

    

Russia may become the main bitcoin market next, because the government will continue to encourage bitcoin mining, and toward the supervision of its encryption currency markets further development direction.

Russia plans

Earlier this week, Cointelegraph said the Russian President Putin approved an encryption technology, which is a national digital currency issued by the state encryption.

The Communications Minister NikolayNikiforov said:

“I am confident that our encryption is for a simple reason: if we do not, then two months after our neighbors in the European Commission will do.”

Some analysts have speculated that the encryption technology launch can lead to ban bitcoin and other encryption currency nationwide. However, according to Putin, that is not the case, the Russian Central Bank also plans to bitcoin regulatory and monetary encryption.

In a statement released by Moscow Kremlin, Putin explained, similar to the United States, Japan and South Korea and other countries, Russia needs regulatory framework to supervise the encryption currency transactions and activities. However, he is not interested in banning digital currency.

Putin said:

“As everyone knows, many countries are looking for regulatory encryption currency, and began to create the necessary legislative framework — Legislative Supervision system. We need to take international experience for the establishment of a regulatory environment, the relationship of the field as possible, so as to reliably protect the interests of citizens, enterprises and the state, and provide legal guarantee for the use of innovative financial instruments.”

This is a significant change in a week ago, when Putin condemned the potential criminal use bitcoin.

Russia is considering bitcoin and encryption currency regulation rather than a complete ban, in order to maintain a degree of control. If Russia banned encryption currency, most transactions will be transferred to the over-the-counter (OTC) market and peer-to-peer (P2P) trading platform, the trading platform is very difficult to review and supervision. In the understanding of customer (KYC) and anti money laundering (AML) system of the trading platform, the Russian government can use to prevent bitcoin and other encryption currency Ethernet fang.

China government recently issued a statement that it is planning to launch a national license for the encrypted currency trading plan, because it fears a crypto currency linked to criminal activities.

And take some measures, such as record keeping, authorization, AML process, real name, restrictions on large transactions (3/3) http://t.cos8bjwxdazcnLedger (@cnLedger), October 4, 2017

Encourage mining

In September this year, the Leningrad region of Russia’s AlexanderDrozdenko encouraged bitcoin miners and mining equipment operators to establish a digital currency mining center in the region, to promote and encourage other countries to participate in global bitcoin mining. Including 47News, local news media reported:

“During the construction of Leningrad nuclear power plant new generating units, will be held in 2018 to open the new residents.”

Drozdenko still bitcoin network news conference on local reporters:

“You know, LNPP-2 is under construction, most parts of the first nuclear power plant is being liberated, this site is likely to be interested in crypto currency miners.”

If the Russian bitcoin mining and encryption currency trading market shows supported by the regulatory framework issued by the Russian government’s exponential growth rate, then Russia may become bitcoin market next important in the long term.

Two power bitcoin soared 150%: Mrs. Watanabe + Korea retired

Two power bitcoin soared 150%: Mrs. Watanabe + Korea retired

Soaring round after round, bitcoin has the transition from geek early game player for ordinary investors, and in May this round rose, Mrs. Watanabe (a Japanese housewife Investment Group) become a strong power and South Korea retired.

Affected by the low interest rate policy, Japanese retail investors tend to focus on other investment assets, and the recent bitcoin dizzying rise attracted their attention. This year, the Asian stock market rose 17%, while at the same time, bitcoin prices soared by 124%, only a single month in May, up 60%.

Since Japan began in April as a legitimate bitcoin payment after the surge in Japan and South Korea demand for bitcoin, bitcoin transaction price between the two countries is better than other countries

At a substantial premium. Last month, the global bitcoin average price in 2500 dollars, South Korea bitcoin transaction prices topped $4000.

In this round of bitcoin soared, Chinese due to strict supervision by the central bank, bitcoin market tends to be stable.

According to Reuters, currently in Japan and South Korea have created bitcoin related industries, advocating investors bitcoin.

In Tokyo, Seoul and that some of the bitcoin investors conference prepaid $9000 membership fee, and bitcoin reward or other incentives to encourage members to sell virtual currency and attract others to join.

Last month, South Korean police uncovered involving $55 million virtual currency Pyramid scam victims include thousands of housewives, ordinary workers and self-employed operators.

Behind bitcoin chaos is the urgent need to improve the regulatory. South Korea’s Financial Services Commission (FSC) said earlier that the special group has set up a special study on the regulation of virtual currency, but about when to release the conclusion, there is no specific timetable. In Japan, the Japanese Financial Supervision Department of the bitcoin exchange, but there is no traders or investors for the introduction of regulatory measures.

According to Reuters quoted officials of the FSA said, “the government does not guarantee the value of bitcoin, we have asked the bitcoin exchange to investors the risk of price fluctuations do explain.”

Appeal to the public supervision of bitcoin, India may be the next step to legalize bitcoin

Appeal to the public supervision of bitcoin, India may be the next step to legalize bitcoin

India may be in the near future to legalize bitcoin, because of feedback from citizens and businesses seemed to support virtual currency regulation.

The government of India asked the public virtual currency

According to the online review web site of the India government as part of the show, since its launch in May 21st, these 10 days, the government received nearly 4000 submissions.

The research content is: virtual currency (VCs) should be banned, supervision or observation? If the virtual currency is recommended for regulation, then what measures should be taken to ensure the protection of consumers, and promote the development of which should regulators to monitor and supervise the virtual currency?

Not only that, it also asked, self effective supervision mechanism will be what kind of, and what should be taken to protect consumers in these cases.

Feedback from citizens and business organizations

Most of the reviews by the polls are very brief, but they do represent the bitcoin virtual currency and the generally positive view, some of which encourages all people to get through the profit tax.

For example, someone commented:

“Bitcoin, block chain is the financial, administrative, management, market and IT industry in the future. This technique has great potential for developing countries like India. India should follow Japan, accept this technology, rather than increasing barriers. If India increased regulatory burden on this technique, this does not limit the development of technology, but only to isolate India and the benefits of this technology. Like the Internet, technology will certainly continue development. We are now faced with a choice, either accept this technology, either behind others.”

Another said, government regulation will help to reduce corruption and the black market, and prove that it is beneficial to the overall economy in India.

TarkeshTambulkar wrote:

Bitcoin is the future of India, it will increase the India government tax, so it should be regulated.”

MelikaRajarao added: “the bitcoin regulation should improve the economic growth of India, the future can make India digital encryption currency to reduce poverty. If the government take measures to legal and regulatory bitcoin, bitcoin will then reduce corruption and money laundering.”

India commodity Bats Exchange Inc also made tradeoffs, commented:

“We propose that India should accept bitcoin as a legitimate financial instruments, and through a separate” virtual currency bill “to regulate bitcoin. India should encourage using virtual currency, because of the block chain technology is now recognized as the future of electronic financial transactions. The virtual currency can significantly reduce corruption, reduce transaction costs and eliminate the participation of third party’s potential is strong power to promote the legalization of virtual currency.”

But there are also some opposition, these people called bitcoin should be completely prohibited.

ManishRai wrote: “we must as soon as possible to ban on all kinds of encrypted currency. Encryption of money should be made illegal, greedy Indians (SIC) have hard earned money to invest the money, they will quickly lose money.”

Always speaking, the government survey response seems to be inclined to supervision, “legalization” bitcoin, among other comments that bitcoin is conducive to technology development in India, and should be like Japan, and the international trend is consistent.

10 new Internet users, 9 will be Indian

It is important to consider the special status of India citizens, and actual online reviews are what type. India is a developing country, there are many Internet activities are conducted in English, as many infrastructure barriers and language barriers relate to. It is more important to many people only via mobile phone.

India consulting firm KPMG and Google (KPMG) of a India Internet usage report on these problems are explored.

The report pointed out: “80% India network users in the use of English keyboard have difficulty. About 55% of Internet users find the high cost and limited Internet access is the key obstacle they often use the internet.”

But there are also positive news, the Internet in new India, seems to be catching up with the China.

The report pointed out: “in the past few years, the India Internet nationwide scale snowballed rapidly, now in India, India’s Internet users has exceeded the number of English users.”

The report forecasts the payment, online government services and electronic retailing, will be the fastest growing language users in India. (bitcoin will become the mainstream in India. May 31, 2017 – SunnyRay (@SunnyStartups))

At the same time, bitcoin seems to be India spread rapidly, this can be seen from the rising volume of transactions and the country more and more businesses use.

Japan bitcoin bitcoin usage of thriving businesses far more than expected

Japan bitcoin bitcoin usage of thriving businesses far more than expected

Since Japan started as a legitimate bitcoin payment after Japan bitcoin times more numerous than expected. Japan’s biggest bitcoin exchange CEO Bitflyer YuzoKano described this trend to us.

Bitcoin accepted in Japan

In April 1st, Japan began to bitcoin as a legitimate means of payment, similar to prepaid cards and gift certificates. Since then, bitcoin in Japan and in the growing acceptance of citizens.

In April began to accept bitcoin retailers, there are two BicCamera stores. The Japanese electronics giant BicCamera sales and Bitflyer cooperation, the first to try to accept bitcoin payments.

This message is a lot of mainstream media reported in japan:

According to reports, large retail store, BicCamera started to accept bitcoin payments news from April this year, have been reported in many television programs, newspapers and websites, the news that many people are interested in bitcoin.”

Bitflyer CEO YuzoKano said,

“Bitcoin surge in interest in Japanese businesses, many other retailers are considering to accept bitcoin payments. We expect that some large retail stores and e-commerce sites within this year will introduce bitcoin payments, next year will be more and more.”

“Tens of thousands of stores have applied” to accept bitcoin payments”.

Japanese increasing use of bitcoin payment

Last week, Japan’s national newspaper “YomiuriShimbun” published reports: bitcoin is used more and more in japan.

The newspaper reported that Tokyo a popular belt sushi restaurant about 70 pen to accept bitcoin payments in March. This sushi bar called NumazukoGinza1st”.

The restaurant has a bitcoin ATM. To buy bitcoin fee is 11.9%, the purchase of 100 thousand yen.

The restaurant manager told the media: “the number of Japanese bitcoin customers than we expected.”

Kano said,

“Now, we have heard that Japan was the main users of bitcoin payment. 20 to 40 year old men in the bitcoin use rate on the performance of the most powerful.”

Bitflyer users are also on the rise. “Since April 1st, the number of customers has been growing rapidly,” he added, “the number of users close to 600k”.

No bitcoin payment remittance fee

Another advantage is the use of bitcoin, compared with the foreign exchange yen, bitcoin does not need to pay foreign exchange fees (FX).

“When foreign tourists exchange dollars and other currencies to the yen, they will charge a commission of about 3%. However, if they use bitcoin, they do not need to pay the exchange fee.”

In addition, the government has announced that from the beginning of July, Japan bitcoin trading will no longer levy a 8% consumption tax.

The cloud makes bitcoin value soaring trend of miners

The cloud makes bitcoin value soaring trend of miners

    

Although the etheric Fang foundation team is working to improve the block chain, but the encryption currency of the world continue to develop. In order to support its claim, mineral company Hashflare lists three positive trend bitcoin is happening in the world.

The cloud makes bitcoin value soaring trend of miners, the reaction of the market demand

1, available in Japan bitcoin payment bill

Hashflare said: “the price of bitcoin will continue to grow, because Japan announced its new policy to accept bitcoin payments for utilities. This is an important stage in the development of encryption currency, because it means that the trust interests and growth, which will have a positive impact on bitcoin value.”

Accordingly, the company said recently ResuPressInc. announced that the company bitcoin payment service Coincheck, the company said it has partnered with Mitsuwa industrial limited company, allow Japanese users to use bitcoin to pay electricity bills. Will be launched in November 2016, when the service is running after bitcoin users can save the cost of 4-6%.

2, Wright currency value soared

The miners also believe that the crypto currency Wright currency value soaring is a factor to make bitcoin more valuable. It said: “the Wright currency price growth is unstoppable. According to many encryption currency market, China investors seem to be very interested in digital. Considering the lack of global Scrypt hardware user, we can be sure that the value of Wright currency will continue to grow.”

After the Gadex, Wright currency prices surged in August, Coinbase added Wright currency of US dollar transactions. A new integration means that customers can now exchange coins Wright, both for bitcoin, but also directly for dollars.

3, the legal currency devaluation

Some of the global currency, especially the pound, and did not perform well, close to the 31 pounds to the lowest. When the pound began to drop in the value of the deal, Brexit from the vote since the trouble seems to have deteriorated. Like most of the world monetary system, which is based on debt. This is another reason that bitcoin soared in value, Hashflare said:

“Due to the edge of the political and economic changes, many of the classic currencies (such as the dollar, euro or pound) struggling and losing its value. This is one of the main reasons and Wright currency bitcoin development in the global scope.”

Bitcoin is valuable, because of the different currency, it as an independent currency value depends entirely on the market demand.

Japanese politicians interested in the growing field of bitcoin

Japanese politicians interested in the growing field of bitcoin

   

At least two Japanese lawmakers bitcoin has great interest in bitcoin enthusiasts gathering and discussion, one of them is Mineyuki Fukuda. He often meet understand bitcoin and domestic currency and friends, and met a California electronic currency trading platform team. Fukuda bitcoin interest thanks to Keiichi Hida, he founded the “Rising Bitcoin Japan” organization in Japan bitcoin development activist.

Politicians interest does not mean that the government’s support. Japanese officials take the attitude of nonintervention, now also no capital gains tax. This kind of uncertain policy to let some bitcoin owners worry. From the existing tax law, as long as the investment income tax law applicable. The consumption tax to bitcoin payment to do a more precise definition.

Have a great negative impact on Japan’s Mt. Gox event bitcoin development, but most bitcoin enthusiasts have already regain confidence. The mainstream media bitcoin drug crimes related to pay more attention to the. The latest issue of the Nikkei weekly bitcoin as a cover and with a large space coverage, basically positive comments.

Japan DMM launched a large-scale encryption of mines and showrooms

nRunaway Comment: After the Japanese entertainment giant announced the establishment of a cryptocurrency exchange, it plans to open mines and mines in the country and complete the construction and opening of the exhibition hall in March. According to the market, the company will choose the most profitable currency at that time. There are also two types of miner configurations. In the future, cloud mines will also be developed to open ordinary users to buy mining rights.n
nTranslation: Annie_Xun
Japanese entertainment giant DMM launched “large-scale Japanese quality mines” and plans to deploy more mines overseas. DMM will also launch a showroom to allow the public to visit the mine as well as the mine.n
n
DMM mine in Japann
DMM Inc, the popular e-commerce website for 27 million members, announced the launch of a mine in Kanazawa, Ishikawa Prefecture.n
n”DMM operates large-scale ‘Japanese-quality’ mines at an incalculable scale compared to other domestic carriers, and we set up mines in cold blocks and we have achieved the goal of generating electricity at a low price and maximizing mining revenue.”n
n

DMM is located in Kanazawa, Ishikawa, Japan.n
In addition, the company revealed that its mine “has also become an open showroom where our customers can enter.” Showroom will exhibit 1,000 mines. “We plan to open the showroom from March, and we plan to start the general public’s visit from mid-March.”n
After Japan’s announcement, the company plans to deploy more mines overseas. Local media reports, “From the domestic start, DMM engineering team directly involved in the operation, quality assurance, to win the trust of domestic users.”n
n
DMM mining machinen
According to the press, DMM is equipped with two mine machines, ASICs and GPUs in the mine that allow companies to tap into different kinds of cryptocurrencies. “DMM’s ASIC miner is made in China with a processing speed of 650 MH / s and GPU miner speed of 300 MH / s or below.”n
The news said, “ASIC and GPU power consumption is 750W and 1900 to 2000W respectively.” GPU mine with 12 graphics card to connect the two power supplies.n
DMM said it will dig several cryptocurrencies, including Bitcoin, Ether and Litecoin. Shinichi Takaguchi, a DMM mining lab, told the media that “we are not specific to bitcoin,” but stressed “Of course we also dig bitcoin.” He reiterated that depending on the market, they would dig up all the most profitable currencies at the time.n
n”In the future, we plan to start managing the DMM mine and plan to develop a cloud mining facility that will allow ordinary users to purchase mining rights around the summer.”n
nDMM also recently launched a cryptocurrency exchange that supports seven different cryptocurrencies and fourteen pairs of transactions.n

Japan sets out to crack down on unlicensed overseas ICO businesses

nBankruptcy commentary: In April last year, Japan formally approved the legal status of cryptocurrency as a payment method and allowed licensed exchanges to carry out related businesses. Since then, Japanese companies have been actively applying for licenses to comply with the regulations. For the first time, Japan’s financial regulator will now warn the first ICO agency that is unregistered and operating in Japan without a license. It is reported that, before that, the Japanese Financial Services Agency has repeatedly suggested that the company cease its business activities in Japan, but the company is not based in Macau. If the company continues to turn a blind eye to the warnings, then the agency will file a criminal complaint against it.n
nTranslation: Clovern
Japan’s financial regulator will issue its first warning after self-denial money is approved as a form of payment by the country’s law. It is reported that an overseas first-time currency issuer lured investors in Japan without a license and repeatedly ignored the agency’s recommendation that it cease its operations.n
n
FSA warningn


 n
According to the Nikkei newspaper, the Japan Financial Services Agency (FSA) will issue a warning to the first ICO agency that is unregistered and operating in Japan without a license. The media elaborated:n
nThe warning, targeted at the Blockchain Laboratory in Macau, found the company’s activities could cause investors to suffer losses.If the company turned a blind eye to the warnings, the FSA will work with police and consumers The Office of Cooperation cooperates in bringing criminal proceedings. “n
nAccording to the media, “Macau-based Blockchain Laboratory is the first digital currency issuer to raise money in cryptocurrencies.” The company’s activities include cryptocurrencies and ICO consulting services, as well as hosting seminars to attract investors.n
The media reports in detail that the FSA has repeatedly suggested that the company “cease its business operations in Japan but did not succeed.” According to agency officials, the FSA “will issue a direct warning to the company and expose the company’s name on the FSA homepage “If the operator still does not comply, the agency will file a criminal charge against him.n
n
Operating in Japan requires a licensen
Since the revised Payment Services Act came into effect in April last year, Japan has treated cryptocurrencies as a legal form of payment. The law also requires crypto currency exchanges to register with the FSA. Nikkei stressed that “the law only permits the registration of operational shocks or the operation of an operating agency applying for registration in Japan.”n
The warning issued to Blockchain Laboratories under the revised payment services law will be the first case of FSA. The media said: “This move is part of FSA’s active review of Japan’s unregistered carriers.”n
The revised law prohibits such unregistered exchanges from operating in Japan to attract investors.n
Currently, 16 cryptocurrencies are licensed in Japan and another 16 are under scrutiny, including the recent loss of 58 billion yen (about 533 million U.S. dollars) in Coincheck by hackers.n
Midori Kanemitsu, chief financial officer of Bitflyer, said in an interview with news.Bitcoin.com recently:n
n”People now understand they need to use a secure exchange registered with the FSA that has very high safety standards.”n

Japanese cryptocurrency investor income will be tax 15% -55%

nRunaway comment: The Japanese government has provided cryptocurrency investors in accordance with the tax rate of 15% -55%. The tax rate of up to 55% is still high, regardless of the tax rate in its own traditional financial sector or in foreign countries. Since Japan is currently one of the largest markets for cryptocurrency in the world, it will undoubtedly bring big revenues to its government. The implementation of this provision is also worth the attention.n
nTranslation: Inan
According to a Bloomberg report on February 8, Japanese cryptocurrency investors will pay 15% to 55% of their profits according to the information in their annual tax returns.n
Bloomberg wrote that the Japan Revenue Agency has ruled that “last year’s” capital gains on virtual currency transactions will be treated as “miscellaneous income.”n
The tax on cryptocurrencies is higher than the tax on stocks and foreign currencies, which is around 20%, although tax rates are set for those with incomes over 40 million yen (about $ 367,600).n
And South Korea also announced in January that it will set a tax rate of 24.2% on locally-encrypted exchanges in line with its current corporate tax policy.n
According to Bloomberg, about 40% of bitcoin transactions are conducted in Japanese yen recently, which means that Japan will earn large sums by taxing cryptocurrencies.n
Bloomberg notes that the Japan Revenue Agency is creating a cryptocurrency investor database that may be used to ensure tax law enforcement and will set up groups in Tokyo and Osaka to view electronic transactions.n
The IRS also announced today that it has formed a 10-person panel to investigate users who did not report their cryptocurrencies on tax filing.n
Japan has seen bitcoin as a legitimate payment method since April 2017, a move that helps governments prevent hacking and mismanagement of unregulated exchanges such as Mt. Gox’s collapse.n