Singapore said there is no strong reason to ban the encrypted transaction

Singapore said there is no strong reason to ban the encrypted transaction


A senior government official told lawmakers the monetary authority of Singapore has been encrypted currency development in research, there is no reason to ban the encrypted transaction. Other countries in the region of the city state regulations increase the pressure of the authorities, asking them to clarify their own country bitcoin position, because Asia more encryption company is seeking more business friendly environment.

Now say… It is still too early.

Singapore Deputy Prime Minister Shandaman told delegates, “encryption number and form of currency in the world are growing. Crypto currency is an experiment. Now say they will succeed too early, “he answered the lawmakers about prohibiting bitcoin transactions and other alternative problems.

Shanmugaratnam written in answer to Congress pointed out that “if some people succeed, they will be in full effect within a period of time not known.” After China and South Korea’s recent crackdown, someone asked him about the government’s intentions. He reminded them that the monetary authority of Singapore (HKMA, central bank) has been paying close attention to developments and potential risks. He insisted, “so far, banned in the country encrypted currency trading is not enough.”

According to reports, TharmanShanmugaratnam last month to clarify the government position on encryption currency. He stressed that the financial authorities do not distinguish the encryption currency and currency, to prevent money laundering and terrorist financing. Responsible for the HKMA minister also said that the central bank will encrypt the currency trading participants applied existing legal requirements.

This time, Shanmugaratnam was asked whether the government to take any measures in considering the ban bitcoin transaction, and what measures to take to protect consumers from investing in unregulated currency losses. Lawmakers want to know whether the encryption market crash to make any assessment of the impact of singapore. Deputy Prime Minister asked whether he plans to re consider the establishment of a regulatory framework.

There is no risk to the financial system

“Now, crypto currency has two main uses. The first is as a means of payment. Second kinds of situation has become more prominent, it is encrypted currency itself is an asset, “Deputy Prime Minister told lawmakers. He said: “in these two applications, the potential technology that exists in block chain or distributed in the form of books, may prove in the promotion of payment and trade settlement is one of the potential uses of the application.”

According to the deputy prime minister said that MAS is involved in the discussion of international supervision. Nevertheless, encryption monetary space is rapidly changing, the regulatory thinking is still in development, including in the United States, Britain and europe. Shanmugaratnam pointed out that the use of encryption currency in Singapore is limited, trading volume is much smaller than Japan and South Korea and other countries to. He said:

“At present, constitute the nature of risk Singapore encryption currency transactions and the scale does not affect our financial system security and integrity.”

“We will continue to encourage the blockchain field experiment, which may involve the use of encryption currency. Some of the innovations that may be useful in economy or society. But government officials promised, as we will remain vigilant for new risks.”

Regional encryption pressure

Neighbouring governments regulatory measures taken to increase the pressure of the Singapore authorities, asking them to clarify their attitude of encryption. At the same time, more and more from the area of encryption company is seeking a more friendly regulatory environment, their target of singapore.

Last year, for the first time Chinese ban bitcoin issue, as well as the encryption currency exchange main Huobi, Okcoin and BTCC were transferred to Hongkong, and further plans to transfer to South Korea and japan. Chinese largest mineral company has been in the planning of migration. According to reports, some of the largest mining facility operator Bitmain in Singapore to set up regional headquarters.

Working with Chinese and Japan encryption currency supervision cooperation in South Korea has taken measures to stop the anonymous encrypted transaction. South Korean regulators directed attacks against the major commercial banks are trying to prevent, to exchange encrypted virtual account customers open.

The Vietnamese government has accelerated the pace of monetary regulation using encryption. Thailand is to take further regulatory measures for the first time issued coins. The central bank has issued a strong warning to prohibit the transaction of encryption currency. To accept bitcoin payments by the government against the enterprise.

All of these for the development of Singapore has opened a window of opportunity. If the Singapore government commitment and encourage may involve currency without encryption test, under the ban, the city state can take advantage of this.

The European Central Bank officials called bitcoin transaction tax

The European Central Bank officials called bitcoin transaction tax


According to the members of the European Central Bank Management Committee said, bitcoin should be regulated, and even tax.

In charge of the Central Bank of Austria OesterreichischeNationalbank EwaldNowotny in Germany to accept the “South German newspaper” said in an interview, any financial transactions involved in the people should know, first you need to pay value-added tax.

According to the “Daily Mail” reported that the bankers also expressed concerns about the potential for money laundering purposes, he said:

“This is not allowed, we have decided to stop printing 500 euro notes to combat money laundering, we have strict rules for each small savings club, and then have to helplessly see people with bitcoin in money laundering around the world.”

Nowotny said a few days ago, members of the European central bank executive committee of Beno? TC? Ur told CaixinGlobal, bitcoin is a bubble. The same, C and his colleagues in Austria? Ur said the main problem of bitcoin is involved in tax evasion and money laundering.

C? Ur said, bitcoin is mainly due to speculation, “investors should be aware of the existence of a large number of capital loss risk”.

Two bankers claim that bitcoin is not money, C? Ur added that investors will not be able to be used as a means of payment.

However, he did say the books distributed technology (DLT) generally has wholesale and retail applications. He pointed out that a joint venture with the European Central Bank and the Bank of Japan recently established, for the case study.

He said that although the central banks around the world are studying how to use DLT to update or replace the existing financial system, but the technology for any meaningful implementation is still too young.

The Swiss Bank launched online bitcoin products

The Swiss Bank launched online bitcoin products


A financial revolution is coming. This is a revolution to the financial industry to strengthen accountability and transparency requirements. This is due to a revolution in banking disintermediation and to the center and to the underlying technology bitcoin based revolution.

Over the past few years, bitcoin by leaps and bounds, from the initial proof of concept development to become now the workload based market value exceeded $300 billion mark for the market. The currency is also gradually gained wide use of financial institutions and the government, and analysts is that this is the future of monetary currency, so bitcoin will reach a higher level. However, although trading volume has a high frequency, and the market value of a record high, but a high volatility is still bitcoin currency. This hinders many potential investors to enter the market, but also hindered the bitcoin investors will be added to its portfolio.

Therefore, investors hope to have a tool to help them reduce the technology and market pattern based investment volatility, while minimizing the risks they face. The Swiss bank online developed by Swissquote is just such a tool.

Exchange transaction certificate ActiveBitcoinCertificate allows investors through proprietary machine learning algorithms to achieve between the bitcoin and dollar positions held, thereby reducing the risk of market fluctuations. This quantitative algorithm by increasing the legal currency held during the period of uncertainty and decline (in US dollars) Holdings, to analyze the technical patterns, the actual volatility measures, buying / selling pressure and social media sentiment to reduce volatility.

The collected from these data, the algorithm predicts the direction of short-term returns for investors to hedge the current market trend or future cash. Swissquote according to the predicted market confidence level and expected future direction, the portfolio of 60% to 100% assigned to bitcoin. The remaining portfolio balance investment dollars. The risks inherent in such low volatility strategies will help investors to offset the bitcoin investment fluctuations, reduce volatility and create a more stable potential return on investment.

As a kind of equity Swissquote ActiveBitcoinCertificate tools, seamless fit any stock trading account, and can be traded on the six exchanges in Switzerland and easily track. The certificate will be through the network security departments of world-class processing all stored in the platform of capital end-to-end security, so as to solve the safety problems associated with most trading platform. The team will ensure that the user’s private key, Wallet Storage and security, so as to eliminate the risk of third party intrusion.

The chief U.S. financial regulators said bitcoin does not pose a threat to the financial system

The chief U.S. financial regulators said bitcoin does not pose a threat to the financial system


The chief U.S. financial regulators, Financial Stability Oversight Council (FSOC) said, bitcoin and other encryption currency will not pose a threat to the existing global financial system. In the FSOC 152 page report pointed out that virtual currency is used by only a small part of the consumer, and the bottom block chain of their technology in various industrial applications provide potential.

“Virtual currency is only a small part of consumers. Our extensive application on distributed accounting technology called to give more trust, these technologies to promote innovation. It is worth noting that this figure has also brought a wave of regulatory challenges, because the data storage is decentralized, rather than the government can be observed.”

Other highlights of the report

The report views on some digital currency is that there are some reasons beyond all expectations, the financial industry’s negative stance. For example, a charge Morgan chase CEO Jamie Dimon recently proposed that bitcoin is a fraud, it should not be taken seriously.

The report also cited the face of the global financial system of various currencies, geopolitical risks and threats of network security threats. But bitcoin is not listed as a threat.

Digital currency market performance

The virtual currency market achieved considerable growth in 2017. However, despite the amazing growth, but the market is still far lower than the total market value of $1 trillion, is probably too small to pose a systemic threat to the global financial industry. At the same time, the release of the crypto currency potential is extreme.

The U.S. financial regulatory agencies report: bitcoin will not threaten financial stability

The U.S. financial regulatory agencies report: bitcoin will not threaten financial stability


December 15th morning news, the U.S. Financial Stability Oversight Committee (FinancialStabilityOversightBoard) responsible for the supervision of the risk of the financial system, every year it released a report, the list of potential risks, in this year’s report, the Committee on digital currency (such as bitcoin) the threat of understatement, only in the 152 page mentioned.

Although Morgan chase CEO Jamie Damon (JamieDimon) and other financial giants have publicly warned that the encryption currency is doomed to collapse, but the Financial Stability Oversight Committee is not very worried. The Committee believes that digital currency impact on financial stability may be limited.

The committee pointed out in the report: “only a small number of consumers using virtual currency.” Innovation is supported by distributed ledger technology, this technology has wide application potential, the committee should give some support that. The committee also believes that the digital tide brings challenges to the regulators, because the digital information is stored, not stored, not for government supervision.

IBM and the US Centers for Disease Control and Prevention (CDC) signed a cooperation agreement on the chain block, the benefits of the medical industry chain block

IBM and the US Centers for Disease Control and Prevention (CDC) signed a cooperation agreement on the chain block, the benefits of the medical industry chain block

IBM chief scientific officer ShahramEbadollahi announced today that IBMWatsonHealth has been with the Centers for Disease Control and Prevention (CDC) signed an agreement to study the benefits of the chain block.

“This is a continuation of this year in the United States Food and Drug Administration (FDA) work,” Ebadollahi said, “using the block chain owner mediated exchange of data exploration.” He added that CDC and WatsonHealth are expected to work together will help the federal adoption of emerging technologies.

In the aspect of innovation fast company, Ebadollahi made a statement in the group discussion in WatsonHealth. In the face of more than 50 WatsonHealth of the New York Office of the participants in the speech, he and chief medical officer of IBM KyuRhee focused on the block chain and combination of artificial intelligence and its potential to enable suppliers to provide more effective medical care.

CDC this year has been running the blockchain test based on concept, hoping to find a more effective, safer to use data, to speed up the federal response to the health crisis and threat. Ebadollahi said, CDC will be released in cooperation with WatsonHealth more detailed announcement in the next few months.

The continuous development of Technology

Block chain is a kind of ultra secure distributed books technology, originally used to assist in virtual currency transactions. In the past few years, it has begun to be applied in other areas need high security in.

Ebadollahi said: “when there are many participants in a system, the role of the block chain is very useful. It makes the data of ecosystem health care in greater mobility, and artificial intelligence allows us to extract insights from data. Everyone is talking about big data in medical treatment and health care, but I think it is more important to long-term data.”

A person engaged in pediatrics and internal medicine medicine, Dr. Rhee said, health care professionals flooded data. He said:

“There are more than 8000 of the daily health publications. No one can see them all. We need a system to convert all the data into an important support can be applied to the patient, this is why artificial intelligence system can support clinicians.”

Rhee said he believed that the application of artificial intelligence in the field of health care will eventually make family health system can easily buy consumers, because they can have a home security system now. “We think in 1993 position on the Internet,” he said. “That is today in artificial intelligence’s position.”

Ebadollahi and Rhee believe the blockchain provides security to a certain extent, will ensure that all stakeholders of patients, physicians and payers of the security. “Privacy and security is the first one,” said ryan. “Patients have their own data, you cannot share data and don’t trust.”

More broadly, WatsonHealth and IBM in the exploration of artificial intelligence applications follow three principles.

First of all, the purpose of AI is to help people, not to replace the human. In this sense, artificial intelligence represents enhanced intelligence, “said Rhee.

Two transparency. He said: “we need to do the work in a glass box instead of a black box.”

The third principle is to help encourage the development of new skills. “Artificial intelligence revolution will create many new occupation,” Rhee added. “The standard physician team in the future might include a data scientist.”

Ebadollahi, block chain and artificial intelligence is in the edge of global medical revolution. He said: “a few years ago, a group of physicists to create a web of things, no one can imagine Facebook and Google and Amason.” “Using the block chain, we can collect data and extract insights through artificial intelligence, there will be a future we can scarcely imagine economy.”

An analyst at Bank of America: bitcoin “key barriers” can appear as collateral

An analyst at Bank of America: bitcoin “key barriers” can appear as collateral


According to foreign media reports, Bank of America MerrillLynch recently released a new report that once started to become mainstream bitcoin currency, banks will accept it.

According to CNBC reports, the report outlines the method of encryption and other commodities currency balance, safety and liquidity as a potential factor. Said the report’s author is Francisco Blanche (FranciscoBlanch), the MerrillLynch Bank Chief Commodities and derivatives analyst.

Blanch believes that if banks started bitcoin products as collateral in the form of currency, a watershed moment will come.

In the report, Blanch believes that if banks started bitcoin products as collateral in the form of currency, a watershed moment will come, although this is a key obstacle”.

FranciscoBlanch: “yet know what are the main mechanism to encrypt the currency as collateral.”

Blanch bitcoin and commodities such as gold and silver are compared, pointed out that in the past year, bitcoin market volatility is regarded as a level of the precious metals market is lower than after.

According to CNBC, “bitcoin volatility and the euro, yen and even gold is very high compared to. However, last year, it fell below the silver wave, which is 400 years of world currency fluctuations.”

Although not the public opinion, but the customer report and other Wall Street analysts (e.g. investment bank) issued a report echoes. The company began publishing two with bitcoin related customer comments since the summer.

For bitcoin expansion of thousands of Japanese retailers in August 1st is expected to suspend bitcoin payment

For bitcoin expansion of thousands of Japanese retailers in August 1st is expected to suspend bitcoin payment


According to Japanese media reports, if bitcoin trading platform in Japan to stop the service, then Japan’s current more than 5000 to accept bitcoin payments to retail stores and restaurants, may suspend the use of bitcoin in August 1st after payment.

Since the Japanese government began to be recognized as a legal bitcoin payment after the acceptance of encryption currency retail stores and a large number of growth hall meal. However, according to media reports, some Japanese accept bitcoin retailers and restaurants are considering the use of digital currency, bitcoin for potential future split competition plan and suspension of trading.

The restaurant chain Heichinrou and leading electronics retail chain BicCamera by Bitflyer, Japan bitcoin exchange bitcoin payment. If Bitflyer closes its service, they are planning to stop bitcoin payment.

In addition, the Nikkei pointed out that accepting digital currency Bitcoinmall e-commerce website is also considering to suspend bitcoin trading days from August 1st.

Bitchange said: “at this time, we will rely on monacoin and other virtual currency, the operation of the company website, monacoin is a digital currency popular in japan.”

Recently Bitflyer help BicCamera store launched a nationwide bitcoin payment service. At the same time, Coincheck claims to have helped more than 5000 stores received encrypted currency, and is through a partnership with RecruitLifestyle to help the 26 10000 stores accept bitcoin.

Earlier this month, the two partners launched bitcoin payment, from the beginning of glasses retail chain Meganesuper, the company has 334 locations in japan.

Bitflyer issued a notice Wednesday that may stop bitcoin deposits and withdrawals and payment services in Japan time 22:00 on July 31st, until August 2nd.

Bitflyer: “in August 1, 2017, we may temporarily use Coincheck services bitcoin deposits and withdrawals, to protect the user assets, recovery date is not specified, but we expect a few hours to several days. In addition, if we decide to bitcoin fork not on August 1, 2017 at 12:00 in the morning, then the suspension of service will not happen.”

The Nikkei pointed out that retailers are expected to stop bitcoin payment has little effect, because most of the business is carried out by cash or credit card.

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.

Coinbase IRS user requests the court to stop bitcoin tax

Coinbase IRS user requests the court to stop bitcoin tax

Two Coinbase anonymous customers to try to stop the IRS (IRS) user group records to obtain the digital currency exchange.

In May 15th, BernsWeissLLP law firm filed a motion for revocation of IRS as early as November last year issued a summons. At that time, the U.S. tax authorities want to obtain Coinbase bitcoin user record, looking for potential fraud activities (2014 IRS and other digital currency bitcoin as taxable assets).

Result after months of legal battle, BernsWeiss intervention in the name of the managing partner of JeffreyBerns, also joined the Coinbase.

Finally in March, IRS asked another federal judge executive summons, Coinbase was willing to fight back. Court records show that in May 4th the judge JacquelineCorley requirements of IRS and Coinbase provides briefing schedule, Coinbase will be defended at this time.

BernsWeiss on behalf of two customers to submit a new document, named JohnDoe1 and JohnDoe2. Lawyers say the document from the Corley5 4 decision “guarantee on behalf of Coinbase customers to participate in the proceedings, the court has the opportunity to consider their views”.

It is important that independent documents show that two cases of customers do not wish to disclose the name. They say IRS is to prevent “undo Coinbase provide the complainant records requirements, thereby questioning the complainant’s behavior”.

The lawyer said LeeWeiss:

“We are looking forward to the final lawsuit against IRS summons advantage, hope that the court to consider if the current situation of the implementation of subpoenas to Coinbase customers may bring serious privacy and financial risk”.

Coinbase representatives did not comment.