St Petersburg canceled 40 bitcoin related website ban

St Petersburg canceled 40 bitcoin related website ban

On March 1st news, the local court second Russian city of St Petersburg, canceled after about 40 bitcoin related website ban.


Last March, St Petersburg prosecutors filed a lawsuit, to prohibit websites such as Bestchange.ru and 24paybank.com, because they are “the spread of digital currency information”, “no real assets as the backing, and does not provide information about their data owner”.


Last July, St Petersburg Oktyabrsky District Court approved the St Petersburg prosecutor’s office for blocked 40 bitcoin related websites.

Can not use the system authorized by the government of South Korea most encryption currency exchange

Can not use the system authorized by the government of South Korea most encryption currency exchange

    

Cannot use the new authorization system recently implemented most of the South Korean government encryption currency exchange. Six major banks have installed the real name system, but only three decided to encryption currency exchange service. In addition, only the top four exchange in order to get the service from the bank.

The four exchanges can use the real name system

The New South Korean currency exchange accounts system encryption effect in less than a week. From January 30th onwards, the bank account for the existing virtual encrypted currency exchange issued accounts must be converted to deposit funds, currency trading encryption.

After regulators announced that 6 large banks have installed the real name system: ShinhanBank, NonghyupBank, IndustrialBankofKorea, KBKookminBank, KEBHanaBank and GwangjuBank.

However, local media reported on Saturday, the top three companies on the list have actually decided to provide services for the encryption of currency exchange accounts.

According to the Korea blockchain Association said at least 25 of the country’s currency exchange encryption. However, according to local media reports, only Bithumb, Upbit, Coinone virtual account and Korbit is converted to the real name system.

Hankyung said, “other exchanges continue to ignore the guidelines of the real name system”.

“The government encourages monopoly.”

The bank can choose the service

Although the South Korean regulators to ensure that the 6 banks to install the real name system, but the bank is not authorized for encryption currency transactions to provide customer service.

Yonhap quoted a bank official said, “to confirm the new virtual currency exchange bank account is a voluntary decision.” The official further explained that: “to prevent money laundering related legal liability of bank checks only internal control procedures, such as the customer to confirm the virtual currency transactions and the stability of the system, customer protection and anti money laundering procedures.” This news media:

“A new account issued only and exceeds the specified requirements of the system of the transaction, which means that if the condition is not satisfied, the real name authentication account new can be rejected.”

According to AsiaEconomic reports, Bithumb service Shinhan bank also decided to temporarily exchange accounts from the issuance process excluded. An official of Shinhan bank explained that the bank had suspended the account (Bithumb) issued, because they (Bithumb) under police investigation.” On Friday, the police conducted a field investigation on Bithumb, to find out who invaded the exchange last year.

787600 users affected

South Korea blockchain Association estimates that there are about 787600 customers use is no virtual account and exchange. These exchanges use corporate accounts to maintain customer funds, this is the regulators hope for eliminating the practice of reason is a high risk of money laundering. The media pointed out that:

At present, some have not received a new account exchange has been confirmed, if the same situation still exists after a period of time, they will suspend trading.”

However, the notice pointed out that regulators can continue to use the corporate accounts, as long as the exchange to anti money laundering obligations properly, and confirm the identity of the customer. In addition, they will also strictly check the banking and financial authorities.”

Switzerland Zurich to accept bitcoin, bitcoin cash, coins, such as Ethernet Gerbaud donation

Switzerland Zurich to accept bitcoin, bitcoin cash, coins, such as Ethernet Gerbaud donation

Although some mainstream media make you believe that bitcoin is just for the purchase of drugs, money laundering and hired killers, the fact is that its use is far more than the same as legal tender. The recent emergence of a new case, a religious group allows people to use encrypted monetary donations.

Switzerland bitcoin Church

Switzerland’s largest city a gospel church ICFZurich has begun to accept people with crypto currency voluntary contributions. The church website, directly accept bitcoin, bitcoin cash, coins, coins and stars Ethernet Gerbaud lumens coin.

Local news reports, the church spokesman NicolasLegler said:

“In the next few years, digital currency and block chain technology will be more and more changes in people’s daily life. Encryption currency will be implemented, whether bitcoin or state control in other currencies. We believe this technology will soon enter the daily life. Twenty years ago, no one believes that the Internet may be such profound decision of our lives”.

    

The gospel to the spread of youth

A European evangelical portal that the church service is known to use the new technology, but there are a lot of young people, some people more and more by the way of transfer”. As the church began to accept the encryption currency, because the invention has been deeply affected by the Swiss early adopters, because it can help the church more innovative, more close to them.

We should note that this is a case of young people to change the way of donation. Other famous examples include PineappleFund bitcoin donations of $86 million for charity, MDMA (MDMA) on stress disorder in the treatment of trauma, Nepal health promotion, to combat poaching of elephants, African national test basic income, there are a lot of Paxful; #BuiltWithBitcoin project funded 100 schools in developing countries.

The Swedish government sold bitcoin in public auction

The Swedish government sold bitcoin in public auction

This week, the Swedish government committed to a debt collection are some bitcoin auction.

In a statement, Kronofogden (also known as the law enforcement department) said today that it will sell about 0.6 bitcoins, as of press time is worth about $3200. Although the statement did not specify the sources of funding, but local media reported that the debt is for a local company.

The agency said that the auction will begin today, is expected to continue until next Thursday, and calls on all parties interested in.

The operations developer JohannesPaulson said in a statement:

“Assets is not only the car on the driveway, or the bank accounts of the money, we live in a digital world, we are now looking for a computer, hard disk and telephone and network service assets.”

With the move, Sweden became the latest auction bitcoin government.

For example, the United States government through the investigation on the black market has ceased to exist on the Silk Road, held several bitcoin auction. As previously reported, on the road and operator RossUlbricht silk was convicted of a long legal battle, the government just took over the proceeds from the auction.

In Africa, the rapid development of bitcoin trading surge

In Africa, the rapid development of bitcoin trading surge

    

With the digital currency to gain a foothold in South Africa, bitcoin’s interest is very strong. Now, bitcoin is developing rapidly in other parts of africa. A set of data from the CoinDance RazorForex recently released by the Tanzania and Nigeria two bitcoin transactions have increased.

According to one of the largest bitcoin data online portal of coin.dance shows that since July, the local bitcoin trading volume in Tanzania and Nigeria have been surging. The Forex website also responded to this message: “Coin.dance is a block chain information portal, provides the new index for each field of bitcoin ecosystem. At present, the data show that in Tanzania and Nigeria, people are interested in digital currency is rising.”

Bitcoin development in Nigeria

Nigeria naira bitcoin transactions reached a record 971829166, the transaction price is around $3 million. The specific reasons for Nigeria bitcoin transactions are growing so fast is not clear, but there are some clues can be found: the Nigerian people no longer have confidence in the currency, they also hope to gain more economic freedom. Quartz wrote an article on:

“Nigeria local businessmen and activists believe this new funding provides an opportunity for economic democracy, and this opportunity is by the people of Nigeria and contributed to the failure of traditional capital.”

Tanzania to accept bitcoin heat

African countries like Nigeria, its development speed is higher than Tanzania and other countries quickly. However, Tanzania seems to accept bitcoin transactions through the heat, the localbitcoin.com price is soaring. A few months before bitcoin transactions only in the 10K to 20K between the floating, and this month there have been more than 83 billion Tanzania shilling transactions.

This shows that Tanzania may join other African countries, and see bitcoin as a better or the most useful form of currency.

The United States uncovered illegal bitcoin remittance cases criminals face 5 years imprisonment

The United States uncovered illegal bitcoin remittance cases criminals face 5 years imprisonment

In May 4th, the United States, Western Missouri, nick of a man in the United States federal court pleaded guilty to charges of bitcoin transactions through unauthorized cash remittance business, namely illegal bitcoin remittance.

The 37 year old JasonR.Klein gave up a grand jury rights, and on Tuesday the U.S. magistrate judge David Rush (DavidRush) ruled that federal data before the confession. He acknowledged that unlicensed and unregistered money transfer business.

Klein admitted to the Internet via bitcoin transactions for cash remittance. However, according to the provisions of the federal and local law, Klein did not have a licence or permit remittance business related, so that bitcoin remittance is illegal.

The detection of illegal bitcoin remittance

An undercover FBI response to Klein released online advertising. Klein told investigators he charge 10% Commission for each $1000 bitcoin remittance.

Between February 6, 2015 and July 27, 2016, Klein and two other secret FBI contact, and repeatedly use bitcoin remittance cash transfers. Klein pleaded guilty to lists five separate material transactions, the amount from $1000 to $15000. These dollars are exchanged for the transfer of bitcoin. Klein from these bitcoin remittances received a total cost of $2122.

According to federal regulations, Klein without parole, will face five years in prison.

Bitcoin background

Bitcoin itself is not illegal, it has other legitimate purposes. Bitcoin electronic money is a distributed, complete in the presence of the internet. And bitcoin does not by any government, bank or company issued, but run by the “equivalence” on the network computer software automatic generation and control.

The user must usually from bitcoin “traders” hands get bitcoin. In exchange for the Commission, bitcoin traders receive some money in the form of routine payments, including cash, and the corresponding amount of money according to the exchange rate. The convenience to bitcoin remittance business.

Traders also accept bitcoin payment, and bitcoin exchange for conventional monetary, again for the service commission.

Once the user from the dealer to get bitcoin, bitcoins will be saved in the specified bitcoin wallet address “. The address is similar to the bank account number, insurance box “wallet” is similar to the account. Bitcoin remittance is to use a principle to avoid the bank regulation and high fee, and long waiting time.

Once bitcoin users for his wallet to provide funds, users can transfer from his bitcoin bitcoin wallet to another user’s bitcoin wallet to conduct financial transactions through the internet.

NPC Zhou Xuedong: bitcoin trading platform should be the implementation of record management

NPC Zhou Xuedong: bitcoin trading platform should be the implementation of record management

In recent years, some domestic bitcoin enthusiasts started to pay attention and investment bitcoin, some Internet platform bitcoin transaction services on behalf of the Internet e-commerce platform, has become the domestic bitcoin trading platform. However, due to the lack of clear regulatory rules, bitcoin, Wright coins and other virtual currency trading “is still in the gray area, leverage increased speculation, alleged irregularities in the financial transactions of the rights and interests of network virtual goods acts have occurred, some investors took the opportunity to hype bitcoin and bitcoin related products and.

Bitcoin high in the market this year, a record high, by the end of March 10, 2017, according to the bitcoin trading network blockchain digital asset trading platform professional (www.btctrade.com) market, the current price of 7780 yuan coins.

From the quotation: bitcoin trading network

Since the beginning of January this year, Beijing, Shanghai branch of the joint division of local financial regulatory departments of the people’s Bank, continue to carry out the on-site inspection of Beijing, Shanghai and other major bitcoin trading platform. Inspection found that part of the trading platform to carry out the existence of illegal financing currency business, internal control system of anti money laundering and other issues.

In order to protect the public interests of investors, to prevent illegal pyramid selling, illegal fund-raising, money laundering and other risks, the National People’s Congress, the people’s Bank of Chinese director of business management department Zhou Xuedong think, should be the virtual goods trading platform bitcoin into being carried out within the scope of national Internet financial regulation, establish a sound regulatory rules, strict management.

Zhou Xuedong said that due to the bitcoin transaction risk, the safety of customer funds, money laundering risk leveraged transactions brought bubble risk, the risk of fraud and security risks and other risks, bitcoin and other virtual goods trading platform to strengthen supervision. At present, in addition to the existing financial and economic laws and regulations, according to our country’s bitcoin and other virtual goods trading platform rules is very limited. To bitcoin, Wright coins and other virtual goods trading platform specification guidelines or lack of supervision. At the same time, many departments involved bits of currency trading management has not been established, because of sharing and joint enforcement mechanism of regulatory information, bitcoin trading regulation is needed to form a joint force.

In this regard, Zhou Xuedong suggested that the short term, China should learn from the current practice of the main countries in the world, from the block chain of technological innovation and the application point of view, bitcoin trading platform and the operation of an observation period of dynamic supervision and evaluation; at the same time, clear bitcoin and other virtual goods trading platform and site supervision the bottom line, the establishment of a negative list of business requirements, trading platform shall not exceed the limits, and make the risk prevention and protection of investors; serious cases of illegal organizations may take administrative penalties or shut down banned measures. Look for a long time, explore the establishment by the local financial management department in accordance with the virtual goods transaction management platform, the implementation of record management; national financial management departments and industry and commerce, taxation and other departments in accordance with the current regulations and the division of responsibilities, or to develop new regulatory rules, duties of the supervision function, including financial credit business, money laundering, foreign exchange management, business scope, advertising, and other aspects of the tax, to establish long-term supervision mechanism, maintain financial stability, protect the rights and interests of investors.

[as reporters issued at BTC price: 7777; ETH: 113; price LTC price: 25], for more information please pay attention to bitcoin, bitcoin trading network platform: WeChat btctrade_com

Bitcoin is skyrocketing into money still far away?

Bitcoin is skyrocketing into money still far away?

    

“The first phase of bitcoin (2008-2016) – to create a digital goods; second stage show that it is a valuable tool storage; third stage as a currency.”

I found a lot of people forward or share this my tweets, this is a very hot topic, so I want to expand my view in this article.

In my previous article or tweets, I will bitcoin written as a commodity, which caused a lot of people confused. Is it not a digital currency? Well, maybe, but it can not be called.

I do not believe that bitcoin as a currency is appropriate, I think it is a can be used for trading goods and services of goods. Maybe in the future it will become a kind of currency, but now, it is not money, now, it is a scarce commodity number.

This passage took the first bitcoin article of the self, the release time is 2014 March.

In order to clarify my view, let’s take a little time to understand the difference between the value of goods, storage tools and money from the most basic level (these definitions are from Investopedia), I will briefly summarize.

The commodity is a kind of basic goods in an economy, although it may exist in different grades (A, B, C etc.), they are basically uniform, and easy to exchange. Gold, silver and other precious metals is a good example of goods, in addition to wheat, corn, pork, etc..

The tool is a store of value can not easily damaged goods (therefore, wheat, corn and pork will not be able to become a store of value, the tool) will not result in depreciation time (for example, mass production of automobiles or other similar products because of technology and time problem and a big devaluation, so they cannot as a store of value instruments). The value of storage tools usually have a basic level of demand, the price will not drop (such as platinum is a store of value, thought it was a store of value, in addition to industrial demand) tools may also cause structural changes in the local or global economy, even the black swan event. In essence, the value of the value of the tool storage will not decay over time, in fact it can also be increased.

Many copycat coin holder shouted said: bitcoin may be replaced because of better technology. It is possible, but bitcoin has a huge network effect, this is Facebook. I’m willing to bet that in the short term, there will be another kind of encryption currency because of technological advantages beyond bitcoin. If this happens, it is the main factor in the network effect and the demand for goods, rather than technology.

Money is the common basis of transactions in essence. It is very difficult to carry a large amount of gold or other value storage tools, so the money was born, in the history of money has made gold (endorsement is no longer, I won’t go to discuss this issue). The money is used as a medium of exchange, otherwise, you will need to constantly calculate a commodity exchange rate for another commodity.

If you are interested in learning more about monetary knowledge, you can read Nick. Saab (NickSzabo) in the outstanding papers written in 2002: “the origin of the money”.

So, what is bitcoin? By writing “Nakamoto bitcoin: electronic cash system” a point of white paper, I think it misled many people, yes, this is a great long-term vision, but it does not explain, bitcoin has become a digital cash system before it needs to experience what steps.

In terms of bitcoin, which will become a trusted medium of exchange (or money), it needs stability, and has low volatility. Currency volatility and unpredictability in business is particularly harmful, if bitcoin volatility is too large, the enterprise will not be willing to accept this risk, the same applies to those who earn bitcoin. I’m not talking about bitcoin as a payment network, through third party services (such as Abra or Bitpay) will be converted into currency. I have discussed, is really accept and hold bitcoin, because as a medium of exchange, they are trustworthy, and will not devalue.

Bitcoin since its inception, high volatility has become its label, there are many reasons, including the market / liquidity pool in the past 3 years has expanded (more information in the previous articles). In fact, bitcoin volatility is the lowest level in history. (data from BTCVol)

It is more and more close to the stability, but this does not mean that we have arrived at the second stage. I think bitcoin first rose to $3000, I believe that later in the year, it is entirely possible. But it must maintain low volatility and steadily rising pace, if prices rise too fast, in fact there is no help for it. If before the end of 2017, bitcoin rose to more than $4000, then I’m sure we’ll see a crash, then we will return to the origin.

As I pointed out in the beginning of the article, I think we have just experienced the first stage of bitcoin, bitcoin is widely accepted as a kind of digital goods, millions of people hold the bitcoin miners digging it and get good returns, bitcoin is also regarded as the scarce and the deflation. The final total does not exceed 21 million (in the next 100 years, the surplus can produce bitcoin is not more than 5 million).

If the first phase of bitcoin is as a kind of digital goods, the second stage will prove that it has sufficient market demand, then bitcoin prices will rise steadily over time. Bitcoin holders are an interesting group, they want to see the return of 20 times a year is like crazy, drug addicts in seeking the next stimulus. In the next few years, we should aim at the year 2-3 times earnings, and earnings should decline steadily over time. Dynamic compound growth, will ensure that we can still get 20 times the return, but requires a longer time period. Bitcoin has become more stable, it is close to the value of storage tools, and eventually become a kind of currency. Then, bitcoin will usher in a new era, and this may need to wait 5 to 10 years.

If you want to know more bitcoin related, with “money said” WeChat (micro signal: bishishuo), note: BtcTrade. Before entering the official exchange group.

The Japanese government will regulate bitcoin, admit that money

The Japanese government will regulate bitcoin, admit that money

In February 4th, the Japanese cabinet approved a series of legislation, admit that bitcoin and other virtual currencies as the authorized payment tool. Digital currency will be accepted and controlled as normal as the reserve currency will be used as an asset and pay for international transactions.

Japanese lawmakers and the Japanese cabinet stressed that the confirmation will be virtual currency as a financial tool means that bitcoin startups, including exchange and payment technology suppliers, will have to comply with financial Japan in Japan established laws and policies, is likely to help the local law enforcement departments by keeping customer data and sensitive financial information access records to prevent money laundering.

Japan’s financial services agency (FSA) will serve as the Japanese virtual currency and start-up company managers. As the new legislation passed in the coming months into effect, FSA will continue to publish more information about and digital currency bitcoin startups in the country’s credit. However, some people predicted that due to Mt.Gox in the 2014 robbery, government is likely to restrict and strengthen the digital currency financial policy.

On 2014, the board of directors of Mt.Gox and former CEOMarkKarpeles announced that disappears in its local server security bitcoin shop, a total loss of $460 million. In order to cope with the loss of bitcoin in the Mt.Gox of Japanese citizens and residents more and more complaints, the Japanese government and the Kraken (based on a European and American bitcoin exchange) cooperation, and local law enforcement agencies announced on Mt.Gox and its controversial CEOMarkKarpeles investigation.

The Japanese government and legislators has hinted that it will release a series of laws and policies that limit bitcoin startups, exchanges and wallet platform operation. At the end of 2015, finance minister Taro Aso explained that the government is considering the definition and adjustment of virtual currency bitcoin and startup status.

He said: “we must study, what is the best way to regulate virtual currency.” He further stressed that bitcoin may be used for money laundering and the financing of international terrorist organizations. Therefore, the Japanese finance minister proposed the provisions of digital currency company license type, this will require the company to develop or provide sufficient information to law enforcement, in order to eliminate the illegal use of bitcoin.

Although the short-term plan is very difficult to speculate on the Japanese government regulations to strengthen bitcoin start-ups as the goal and the financial policy, but the government is likely to require a server consolidation, to enable government agencies and law enforcement agencies, to money laundering and terrorist funds as the main reason for further investigation, verification of customer data acquisition.

Brazil lawmakers called bitcoin hearing

Brazil lawmakers called bitcoin hearing

Brazil congressman Manoel Junior called for a public hearing to discuss bitcoin digital currency and regulatory issues.

If the hearing on behalf of the Central Bank of Brazil will be invited to Brazil, the federal tax department, anti fraud Agency (Conselho de Controle de Atividades Fiancerias), the relevant representatives and local bitcoin industry.


CoinBR CEO Safiri Felix, as the only one is the official requirements of the company, related technical problems in the report to participate in the meeting to discuss the December 2014 Brazil Senate announced the time the report recommended that no need to regulate bitcoin.

Felix told CoinDesk: The government believes that the need to take the time to further explore this topic. We are trying to get the education department to help, to ensure that we are doing, will not affect the implementation of the Bitcoin The legal framework. We are trying to learn some of the practices from the United States, Canada and Europe, making bitcoin market development operation in a good legal framework.”

Felix admitted that he suggested at the meeting that can be experts from local universities and law firms at the early part of the argument.

Discuss the congressman Junior further elaborated in the relevant interests of the local government. He suggested that the original intention is to maintain the safety of the bitcoin market, this risk should be evaluated, in order to ensure the safety of technology becomes more and more widely used.

“Some issues related to the increased use of about bitcoin,” the teenager wrote. “Is it possible to replace the legal currency of payment, unit of account and a store of value? If so, how will this affect the country’s authorities ability to define monetary and exchange rate policies?”

Community response

Because yesterday announced the upcoming hearings in the local community is excited applause, someone very angry.

For example, Brazil entrepreneurs said, want more choice of the country bitcoin company to attend this meeting, but Felix believes that this is the best hearing is like this.


The report shows, in Brazil bitcoin information, “facebook” has become more active in the discussion.

Felix said the protests are mostly from the “liberal emotion”. However, he suggested that CoinBR actively participate in the whole process, making the local enterprises also need to be involved in the regulation of content.

In other places, the local bitcoin exchange FlowBTC CEO Marcelo Miranda, confirmed the negative effect caused by the hearing, he and CoinBR have different opinions in the hearings on the motives and problems.

“The hearing may be a right direction, or a process of the market, but the market is still in its infancy. We now know it is difficult to judge the information “Miranda said.