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Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

Nigeria’s financial technology startups have called on the Central Bank of Nigeria (CBN) to provide legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation is driving investment out of Africa’s biggest economy to areas like Rwanda and Europe while fomenting uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan). Also Read: Canadian Bitcoin Miner Hut 8 Reports Q3 Loss of $8.7 Million Lack of Regulation Drives Capital Away “Investments in blockchain-based financial services such as cryptocurrency are today going to Rwanda and Malta, which have provided regulatory frameworks that guide operators of the technology,” Ade Atobatele, founder of Gboza Gboza Technology Ltd, a member of the E-ppan association, is quoted by the local Guardian newspaper as saying. Atobatele was speaking at a conference organised by the fintech lobby group in the Nigerian commercial capital Lagos this week. Noting how technology develops at a rate much faster than financial regulators can cope with, he said some regulatory oversight is, nevertheless, needed to give direction and to tackle issues around risk and service delivery. Atobatele lamented: We have a license with CBN, but our blockchain-based services are being operated in Rwanda, which has offered us the license. E-ppan is a broad-based fintech industry representative body with links to the Nigerian central bank, particularly “on regulations that govern the electronic payments industry.” The group says on its website that “we influence the policy environment by applying pressure strategically to key decision makers to change the business environment positively.” ‘Cryptocurrency a Gamble’ In 2014 Nigeria eclipsed South Africa as the continent’s biggest economy, with a GDP of $400 billion. But huge inequalities, corruption and illicit financial flows still persist in Africa’s most populous nation. The cryptosphere in Nigeria is trading under caution from Godwin Emifiele, governor of the CBN, who has likened cryptocurrencies “to a gamble.” However, the Nigerian parliament has instituted an investigation into the merits and demerits of adopting bitcoin as a means of payment. In spite of all that, Nigerians continue to flood the digital currency space in search of cheaper and faster ways to send money abroad - or receive it - and to hedge against inflation and exchange-related losses of the Naira, the local unit. According to Citigroup, Nigerians account for the world’s third largest holdings of bitcoin, as a percentage of Gross Domestic Product, after Russia and New Zealand. Ignoring warnings from financial regulators, a flurry of startups in the country have taken to initial coin offerings or setting up virtual currency exchanges. Regulation Coming Speaking at the E-ppan conference, Musa Jimoh, an official with the Central Bank of Nigeria, said regulation is on the way. He detailed: We are restructuring the licensing regime to accommodate risks that fintech present in the system and how they can work with banks to mitigate those risks. Fintechs are coming up with products and technology that is unmatched with banks, this also needs to be addressed. According to the the Guardian report, Michael Kiberu, chief executive officer of Vault Bridge, a member of E-ppan, called on regulators in the West African country to learn from countries such as Uganda, Switzerland, Kenya and Japan, where cryptocurrencies operate with some level of legal guidance, allowing capital to flow more freely into the sector. Calls for regulation of the digital currency landscape may, however, be anathema to some crypto hardliners. Such so-called maximalists advocate the foundational principles of bitcoin, as a currency built for freedom, to resist any form of control, especially that from governments. What do you think about the calls for cryptocurrency regulation in Nigeria? Let us know in the comments section below. Images courtesy of Shutterstock. The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page The post Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows appeared first on Bitcoin News.

3 days ago

Expert Opinion: India Still Not Clear on Cryptocurrencies While Wall Street still Stands Divided.

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.” Cryptocurrency has potential to change large economies like India, where efforts are made to push digital payments and reduce paper currency India’s largest bank, State Bank, reduced limited of ATM withdrawals to push digital payments and reduce black money in the system Despite the push to digital payments, there is still no clarity on the status of cryptocurrency India’s Apex court may hear against the RBI ban in Mid-November Two of the Biggest Wall Street Banks give out divergent views on Bitcoin on its 10th Anniversary Indian regulators puzzled on how to progress with cryptocurrencies Regulators in India, the second most populous country and the largest democracy in the world, have not been able to make peace with the newest form of money- the Bitcoin. The country, to eliminate black money from the system, went into demonetization in 2016 which got rid of 86% of the paper notes in the country in just a few weeks. While that did eliminate the black money from the system at once, to keep the process going the country’s government is promoting digital payments under its digitization plan called Digital India. Following the same modus operandi and progression on the same mission, the country’s largest bank, State Bank of India has reduced the daily withdrawal limit to just 20,000 Rupees ($270) a day so that there will be less unaccounted cash in the system preventing frauds and black money infusions. This reduced availability of cash would give a push to digital payments as well. The other side of the story, while there is a visible push to the digitization of payments, the country is still confused about how should it progress with cryptocurrencies. While the Reserve Bank of India has imposed a sweeping ban on all crypto assets, the Apex Court about to give a decision on the same. The court has asked the government to submit their side of the case before a decision is pronounced in for mid-November. The hopes are pretty high that they decide will come in favor of cryptocurrencies, but still, implementation and building a regulation for the country’s regulators will be a daunting task- especially to make cryptocurrencies and centralized digital payment comes to operate in tandem Here comes the challenge for the government as Crypto advocates in India continue to lobby the government and hope for a ruling in their favor, and if that happens parties in charge of digital payments in the country stand to lose a lot if crypto assets are made legal. The great Wall Street is divided on cryptos While that’s the India story, in the US, the Wall Street still stands divided on cryptocurrencies. On the 10th anniversary of Bitcoin, JP Morgan and Morgan Stanley gave divergent views on the Bitcoin. While Morgan Stanley sees cryptocurrency moving towards being an institutional asset class, JP Morgan’s says he doesn’t really give a s**t about it. The post Expert Opinion: India Still Not Clear on Cryptocurrencies While Wall Street still Stands Divided. appeared first on Coingape.

11 days ago

SharesPost Launches ERC-20 Token Index

You’ve heard of the Dow Jones Industrial Average, the NASDAQ Composite and the S&P 500. There are also crypto indices, like those by Coinbase and Galaxy Digital. And now there’s one more. On Thursday, SharesPost launched the SharesPost Token Index to track the growth and maturity of ERC-20 token market. According to the San Francisco-based financial services company, the index is representative of the broad blockchain sector and includes credible projects whose digital tokens have defined utility. Among the cryptos included are Binance (BNB), OmiseGO (OMG), Ox (ZRX), Zilliqa (ZIL), Aeternity (AE), Basic Attention Token (BAT), Pundi X (NPXS), Holo (HOT), Augur (REP), Populous (PPT), WaltonChain (WTC), IOST (IOST), aelf (ELF), Bancor (BNT) and Loopring (LRC). These blockchain projects are ranked at least No. 89 (Bancor) on CoinMarketCap, while Binance Coin is the highest-ranked token at No. 14 with $1.26 billion in market capitalization. The firm’s Token Index gives long-term investors the ability to view in real-time and on daily basis at how a composite of credible blockchain projects are performing against Bitcoin (BTC) and Ethereum (ETH). Its purpose is to inform investor decisions. Since July the index has outperformed Ethereum and underperformed Bitcoin. And over the past 12 months (since October 2017), the index of ERC-20 tokens has grown 17 percent. During the same period, Ethereum has dropped 17 percent while Bitcoin has increased by 59 percent. “We saw a need to provide a meaningful measure of token performance to help inform investor decisions and make the market more comprehensible for everyday people,” said CEO Gregory Brogger in Oct. 25 statement. Not all tokens are treated equally. The index is calculated using a market cap-weighted methodology that uses factors such as circulating supply, market cap, trading volume, trading history and token price to reflect the maturity of the market. The current weighting consists of 31.93% Binance Coin, 12.55% OmiseGO, 10.24% Ox, and 7.33% Zilliqa as four largest ERC-20 tokens that constitute the SharesPost Token Index. Binance Coin (BNB) is the digital coin of the world’s largest cryptocurrency exchange, Binance, in terms of trading volume. At $9.80 it’s down 60% from its all-time high of $24.50 in January. The second-largest project by market cap, OmiseGO, provides decentralized financial solutions across borders. Observers say that blockchain tech is unlocking the potential of the financial sector. “Blockchain technology has completely redefined the idea of a traditional transaction,” Marshall Hayner, CEO of Metal, told Crypto Briefing. “Financial banking, credit card systems, and investment portfolios are all so integral to our society, but completely intimidating to the average consumer .... Blockchain as a framework, which does not warrant a third-party, has unlocked potential for an entirely new type of banking, and in turn, has the ability to strengthen us as a society.” At $6,480 Bitcoin is down 68% this year from its all-time high of nearly $20,000 in January. At $204 Ethereum is down 85% from its all-time high of nearly $1,400 in January. The $209 billion cryptocurrency market is down 75% from its all-time high of nearly $830 billion in market capitalization. The author holds Bitcoin which is mentioned in this article. The post SharesPost Launches ERC-20 Token Index appeared first on Crypto Briefing.

17 days ago

Indian Cryptocurrency Industry is Crumbling as Regulatory Confusion Continues

India, the worlds largest democracy and second most populous country in the world, doesn’t seem too comfortable with cryptocurrencies and hence has been delaying commenting on the regulation around it. But this silence from the regulators has been creating a lot of confusion which is now making the industry crumble under pressure. Illegality, arrests and shutdown: The words that Indian crypto industry is being associated with The Indian regulatory corridor has been abuzz with the cryptocurrency as the Apex court in India has finally asked the Union of India to file a counter affidavit on cryptocurrency regulation. While the matter still is pending in the courts, the police and various regulatory authorities have gone ahead and acted against various crypto businesses calling cryptocurrencies illegal. The latest victim to this is Unocoin, the company which, a few days back, set up India’s first Bitcoin ATM. The latest update on the same is that another co-founder of India’s oldest cryptocurrency exchange Unocoin was reportedly arrested. This news comes after the company saw its first Bitcoin ATM being seized by the Cyber Crime Department of the Central Crime Branch (CCB) and other co-founder being arrested. The merit for the CCB’s actions was that the ATM kiosk was installed in the city of Bengaluru without the permission of the state government. At the time, the other co-founder of the company, Sathvik Vishwanath, noted: “We got a lot of bad press after the finance minister announced a ban in February 2018. The minister’s statement was clear: Cryptocurrencies are not legal tender in India. He did not say “illegal tender”. There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry” India’s media outlet News 18 reported that Viswanath has also been arrested on charges of collusion. Citing a police officer, the media outlines: “The accused in order to earn money had joined hands with the other accused and set up these kiosks illegally, thereby duping the public.” While this being with Unocoin, India’s Association of Information Technology, Nasscom has also been quoted by media terming cryptocurrencies as illegal. Another media outlet Business Line reported, Nasscom president Debjani Ghosh saying cryptocurrencies were illegal and asked players to obey the law and seek clarification from the government if they are unhappy with it. Ghosh said from Nasscom perspective, it was very clear that cryptocurrencies were illegal. “It is law of the land and hence, we have to work with it. If we do not agree, we have to go back to the government and speak about why cryptocurrencies aren’t correct,” she said. While the decision of the Apex court of India is still pending, the actions of the police and comments of the regulatory and business bodies look unfair. Maybe this tiffs will compel the government and the Apex court to come with a regulation on cryptocurrencies in on of the biggest market called India. Will The Apex court of India decide in favour of crypto business? Do let us know your views on the same. The post Indian Cryptocurrency Industry is Crumbling as Regulatory Confusion Continues appeared first on Coingape.

17 days ago

Time Is The Only Cure For Bitcoin’s Price Volatility Issues

One of the most common (and most valid) criticisms thrown bitcoin’s way over the years has been the issue of price volatility. With price swings of 10 percent or more in a single day, how is anyone supposed to use this digital asset as a real-world currency? While a number of different theories have been discussed in terms of how bitcoin will eventually become a less volatile form of money, the reality is there is only one real solution to this problem: time. Bitcoin’s Future Price Has a Wide Range There are plenty of people who are bullish on the long-term prospect of bitcoin’s usefulness as a global, permissionless money, but the idea that the digital money will take over the entire world one day is still nothing more than a dream at this point. For this reason, bitcoin’s true value is somewhere between zero and millions of dollars per coin. With such a wide range in the long-term potential for the bitcoin price, it’s no wonder why the digital asset booms and busts with regularity. This uncertainty regarding the future of the bitcoin price is most obvious during the many price bubbles that have occurred in the digital money’s young history — with late last year being the most recent example. People are still generally uninformed when it comes to what bitcoin is and its unique place on the market, but the fear of missing out on huge profits pushes those who have no idea of what they are buying into the market during these times. More people learn about bitcoin during these price bubbles, which is helpful for further price stability over the long term because a more informed populous tends to create a more stable market. This point is best illustrated during the bear market, as that’s when those who know the most about bitcoin tend to stick around, perhaps due to their unwavering interest in the technology. Bitcoin Needs to Be Boring Bitcoin becomes boring during these market downturns, which means the hodlers of last resort and those who gain non-speculative use out of the digital asset tend to make up a greater percentage of the market. Over the long term, bitcoin needs to become a boring part of culture that people understand without all of the added hype of the potential for future riches built around it. This will happen in due time as society starts to both determine and better understand bitcoin’s role in the world. Of course, it should be noted that price volatility is not necessarily an issue for individuals who need specific features of bitcoin, such as censorship-resistant transactions or apolitical storage of value, which cannot be found with any other options on the market. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); }); The post Time Is The Only Cure For Bitcoin’s Price Volatility Issues appeared first on Crypto Daily™.

23 days ago

Asia and Australia: Crypto and Blockchain News Roundup 12-18 October 2018

Asia and Australia Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest crypto and blockchain news, continent by continent and country by country. Japan Taxation Committee to Help Simplify Cryptocurrency Tax Returns: Japanese taxation policy committee is debating on how to simplify cryptocurrency tax returns in the country to facilitate local traders. Officials from the committee acting in an advisory capacity to the government for regulations said that there was a need to stimulate a thorough approach towards reporting cryptocurrency gains. Japanese traders are required by law to report annual gains more than 200,000 Yen ($1780). South Korea Financial Regulator Maintains Tough Stance on Cryptocurrencies: The top financial regulator of South Korea has maintained its negative stance on cryptocurrencies and ICOs. Financial Service Commission (FSC) has said earlier this week that the power of blockchain is immense but it may not be necessarily coupled with cryptocurrencies. Choi Jong-koo, the Chairman of the FSC reflected this thinking and said: “But I think we should not equate the cryptocurrency trading business with the blockchain industry.” ICOs were especially banned in the country a year ago by the FSC and the agency is now looking to reintroduce them with heavy regulations. Taiwan Politician Receives First-Ever Cryptocurrency Campaign Donation: A Taiwanese politician has become the first one to receive campaign donations in Bitcoin according to Taiwan News. Hsiao Hsin-Chen made history after several anonymous sources contributed to his campaign with BTC. More than 10,000 Taiwan Dollars ($325) was donated to his campaign earlier this week which apparently broke the rules as imposed by local Taiwanese rules and regulations. The politician is seeking to promote cryptocurrencies and other blockchain innovations. Hong Kong Securities Regulator Working on New Cryptocurrency Rules: A Hong Kong regulator is working on new cryptocurrency regulation in the Chinese special district to protect investors from fraud. The Securities and Futures Commission (SFC) is expected to introduce new cryptocurrency regulations according to chairman Carlson Tong Ka-Shing. He has also said that a blanket ban on cryptocurrencies like mainland China may not be the right solution. The SFC is also deliberating on Initial Coin Offerings (ICOs) and their regulatory measures. China Government Looking to Hire Cryptocurrency Experts: Mainland China is looking to add four cryptocurrency specialists to make a framework for facilitation of transactions. The latest hirings will be done in the Digital Money Institute of the People’s Bank of China (PBoC). Two of them will be engineers and two experts in economic law and finance. Cryptocurrencies are banned in Mainland China but this approach could soon see the uplifting of the blanket ban in the most populous country in the world. Trade Tariffs Could Hit Chinese Mining Hardware: New trade tariffs imposed by the US government will affect chipmakers in China’s mining hardware manufacturing industry as the trade war intensifies between the two biggest economies in the world. Bitmain, the biggest mining company will be affected the most by the new tariffs as the new Antminer will now be classified as electrical machinery apparatus and be subjected to a 2.6% tariff increase. Iran US Financial Authority Condemns Iran for the Use of Cryptocurrencies: US Financial Crimes Enforcement Network (FinCEN) has condemned Iran for using cryptocurrencies to avoid US sanctions. The US reimposed sanctions on Iran after the government backtracked on the nuclear deal signed a few years ago but Iran now it seems has found a way to circumnavigate situation through cryptocurrencies, thus inviting the wrath of the government. Australia Securities Regulator to Shutting Down Scam ICOs: Australian securities regulator Australian Securities and Investments Commission (ASIC) has reportedly shut down several Initial Coin Offerings (ICOs). Recently, a Product Disclosure Statement (PDS) was also stopped for a cryptocurrency investment scheme. According to ASIC commissioner John Prince: “If you raise money from the public, you have important legal obligations. It is the legal substance of your offer — not what it is called —that matters,” ASIC is tightening control after ICO scams were revealed in recent times in the country. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? - View our Media Kit PDF here. Image Courtesy:BitcoinNews.com The post Asia and Australia: Crypto and Blockchain News Roundup 12-18 October 2018 appeared first on BitcoinNews.com.

24 days ago

Bitmain Could Be Casualty In US-China Trade War

“An eye for an eye” is a Biblical principle of justice that is seeing 21st century use case. And if applied to its full extent, the tit-for-tat approach towards one’s adversary will do harm to the world’s two largest economies. That is until either side blinks. The U.S.-China trade war escalated last month when President Donald Trump imposed 10% tariffs on $200 billion worth of Chinese goods. It’s the second and more painful round of taxes levied on imports, and it’s set to increase to 25% by year-end unless the world’s most populous country of $1.4 billion opens its markets to the world’s biggest economy (America) worth $19.4 trillion. The billionaire-turned-politician isn’t backing down. He’s doubling down with the same resolve of an angry voter. During the 2016 campaign, Pres. Trump’s politics of populism appealed to disenfranchised Americans who have been left out of the middle class by competitive - and arguably predatory - Chinese business practices. He called for retaliatory actions (an eye for an eye) against China’s trade practices which include tariffs on American imports, restrictions on U.S. products, and outright theft of proprietary technology and intellectual property. So how big is the trade imbalance between the two superpowers? Last year, China reaped trade surpluses of $167 billion in computers and electronics; $39.9 billion in electronic equipment; and $38.6 billion in miscellaneous manufacturing, according to U.S. Census Bureau. “We’ve already lost the trade war,” said Trump in April 2018 who acknowledged there’d be pain for American consumers (through higher prices) and U.S. businesses (through lower Chinese demand). “I’m not saying there won’t be a little pain ... But we’re going to have a much stronger country when we’re finished.” Economists say mutual tariffs will hurt both sides. But Trump has a long view on the outcome that his administration insists will bring back jobs to American families, and reduce the filthy tent cities that are spreading across Uncle Sam’s heartland. China’s manufacturers rely on low costs to compete. But the White House’s actions are cutting off demand from China’s biggest and most profitable market. All this is bad timing for Beijing-based Bitmain, the world’s biggest maker of cryptocurrency hardware whose flagship mining rig is the Antminer S9. It lets miners harvest Bitcoin (BTC), Bitcoin Cash (BCH) and other SHA-256 coins. Bitmain last month filed for one of the world’s largest initial public offerings (IPO) which could fetch a valuation between $15 billion to $18 billion. Its prospectus discloses that 52% of its 2017 sales came from overseas, although no geographic breakdown was provided. The company needs the U.S. market to reverse lagging sales, and to keep its ASIC rigs (application-specific integrated circuit) price-competitive amid growing pressure from rival manufacturers. The U.S. Trade Representative recently classified crypto mining rigs as “electrical machinery apparatus.” Thus, they’d be subject to an extra 2.6% tax on top of the forthcoming 25%. But Trump’s tariffs is only one of Bitmain’s problems, as some analysts see fundamental concerns with the business. These include declining gross margins, and more importantly, failure to innovate more efficient processing chips. Increased competition has also forced the company to lower prices on its rigs. One analysis of the IPO prospectus found incomplete and possibly misleading financial information that sell an overly optimistic story. The documents claim estimated profits of $2 billion for 2018. However, the company may have actually lost $400 million in Q2 due to an inventory write-down of $391 million. U.S. tariffs are expected to put the brakes on China’s economic expansion as Chinese businesses — which must find new markets (such as Latin America and Asia) — take a conservative approach, such as keeping more cash in the bank and avoiding capital investments. China’s officials seem to pursue an accommodating stance. Last month, the finance ministry softened its position by lowering overall tariff levels from 9.8% in 2017 to 7.5% in 2018. The lower taxes will affect nearly 1,600 products and take effect Nov. 1. It’s the second time this year that Beijing has lowered tariffs on imports, which means less taxes on goods shipped from U.S. and elsewhere. But these may be token gestures (no pun intended) that have little impact. Did Beijing blink or pretend to blink? America continues to see record trade deficits with China. According to U.S. Census Bureau, these stood at $38.5 billion in August; $36.8 billion in July; and $33.4 billion in June. In 2017, China’s gross domestic product (GDP) per capita was $16,600. The author holds BTC which is mentioned in this article. The post Bitmain Could Be Casualty In US-China Trade War appeared first on Crypto Briefing.

24 days ago

Warren Buffett’s protégé is backing a local rival to Google and Facebook in India’s payments battle

After Todd Combs joined Berkshire Hathaway in 2010, he made an early bet on the payment industry through his investment in Visa. The card payment company’s stock has gained about 500% since then. Warren Buffett’s investment conglomerate also holds stock in Mastercard, which has rallied dramatically. This week, Combs, a former hedge fund manager, reportedly bought a stake in the owner of India’s largest digital payments firm, Paytm. The investment brings the Oracle of Omaha’s company into a crowded field of global tech giants vying for a piece of India’s electronic payments network. Alibaba of China and Japan’s SoftBank already have stakes in Paytm, and the list of tech companies competing with the Indian payment provider—including Amazon, Google, Flipkart-owned PhonePe, and Facebook—is just as distinguished. This week, Google said it also plans to offer loans in India through its payment app. Omaha-based Berkshire has traditionally invested in companies with specific qualities, like a defensive moat protecting the business, strong long-term prospects, and a modest valuation. Buffett, the CEO, is generally wary of tech companies, but Combs and Ted Weschler, another potential heir to the Berkshire empire, have been more open to the industry, snapping up shares of Apple (paywall) a few years ago, for example. Paytm CEO Vijay Shekhar Sharma had his first meeting with Combs in Omaha in February—on Valentine’s Day, a good day for forging new relationships—according to the Economic Times. They reportedly discussed the shift to mobile in China and India, and the potential for mobile payments to usurp traditional networks. Terms of the Paytm deal were kept private, but Berkshire reportedly invested (paywall) at least $300 million in parent firm One97 Communications, which has previously been valued at $10 billion. Berkshire has been rewarded for its forays into payment company investments to date: Combs and Weschler are credited with the decisions to buy Visa and Mastercard, while American Express was Buffett’s idea. But does Paytm belong in the portfolio for the Nebraska-based conglomerate that also owns, of all things, a railroad? Consider that Visa and Mastercard are often referred to as “payment rails,” as their infrastructure is vital and difficult to replicate. Berkshire, for its part, often seeks out toll-taking businesses that profit from a steady stream of fees or charges. While the battle for India’s payments market is far from settled, Paytm’s CEO told the Financial Times (paywall) that Berkshire’s investment is “validation of Indian entrepreneurs fighting the global companies in this country.” The stake suggests Combs is confident Paytm will emerge a winner in the shift to electronic payments in one of the world’s most populous countries. The future of finance on Quartz Although the world’s tech giants are bullish on India’s payment sector, demonization has flopped. Even as electronic payments increase, cash is far from extinct. Cornell leads the Ivy League when it comes to offering crypto classes. Even if it proves a fad, the economics, cryptography, and legal principles involved in the technology could be important for students down the road. As bitcoin’s bear market drags on, crytopreneurs are eager to trumpet every small rise as the start of a renewed upturn. Binance founder Changpeng “CZ” Zhao posted a bullish forecast and then thought better of it. Low-cost index funds and ETFs are tough to beat. Even the financial masters of the universe admit it (privately, of course). India’s central bank is worried that it may be pushing crypto assets into the shadows. Its crypto crackdown caused a shift into peer-to-peer and other types of trading that are harder to monitor. The future of finance elsewhere The SEC is looking to make it easier for ordinary US investors to buy stakes in private companies. The agency wants small-timers (paywall) to get a crack at promising startups that delay public listings for longer. When it comes to bitcoin investing, fear has taken over from greed. For now, The Economist thinks (paywall) crypto is little more than a casino. UBS is selling its robo-investing platform. The Swiss bank decided there was little potential for the service in the near future. Stripe and Visa are among investors in African payment startup Paystack. But despite optimism in electronic services, Nigeria’s unbanked population has grown. Deutsche Bank’s CEO says fragmented regulation is preventing mergers (paywall) among Europe’s banks. Some in the industry argue consolidation (paywall) is needed for the continent’s banks to compete with their US peers. Previously, in Future of Finance Friday Aug. 24: Financial firms are increasingly giving away their services for free Aug. 10: Tesla and Spotify say public markets have major flaws. Do they have a point? Aug. 3: The most influential financial revolutionary is an 89-year-old with no interest in crypto Sign up for Quartz Private Key, the smart, busy

25 days ago

Market Update Oct.16: Tether’s madness and the upcoming regulation

After last week we reported the relative stability in the crypto market, the action was not overdue, and the volatility that characterizes the market has taken its toll. After a correction on Wall Street, there was also a drop in the currency market, and it appears that the correlation between these markets is positive, compared to the gold market, which rises when they fall. The dollar pegged Tether again made headlines as its value fell in some exchanges. Tether’s decline has caused a little chaos in the markets as many investors have been stressed out and transferred their Tether holdings to Bitcoin and other cryptocurrencies. In this context, one can take note of the growing trend of companies trying to raise money for the issue of alternative stable currencies competing with Tether. Liquidity problems in the BitFinex exchange led to price differentials of around $400, and we will soon know the reasons that led to the Tetra drama that affected the entire market. There was a downtrend this week, and it seems that most of them are approaching the floor in terms of technical analysis. It is still not entirely clear whether Bitcoin has reached the bottom. An average bear market is around 18 months, so it is too early to say that we have passed the wave of declines and caution should be taken when entering the markets. However, one can remain optimistic that the industry is growing up and cleaning the stables. The size of the crypto market is around $210 billion | Bitcoin’s dominance stands at 54% Crypto News South Korean Plastic Surgeon Has Just Bought the World’s Third Largest Crypto Exchange. BK Global Consortium, led by a well-known plastic surgeon from Singapore, Dr. Kim Byung-gun, has acquired crypto exchange Bithumb for W400 billion. The ownership deal is worth around 38% of the popular exchange. Not just ICOs: The SEC Targets Crypto Airdrops. The regulators have recently clashed with crypto startups once again after imposing fines worth $30,000 on a new project for airdropping tokens to interested investors. SEC says the airdrop is “fraudulent.” From deposits suspension to today’s mess: All the speculations surrounding Tether and BitFinex. Hong Kong-based crypto exchange BitFinex has been in the spotlight for all the wrong reasons. Including manipulating the price of the stablecoin Tether. Traders on the exchange may have recouped profits when BTC went as high as $7900 on the exchange yesterday. Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies. Fidelity Investments, the fifth largest asset manager in the world, has announced that it will launch a new platform that attracts institutional investors to cryptocurrencies. Sony Develops Blockchain Solution for Rights Management With Internal Partnerships. The multinational technology company is trying out a new industry with reports emerging that they are developing a blockchain-powered extension of its digital rights management system. ICO Activity Down 90% Since the Start of 2018. ICOs are no longer raising as much funding as they used to at the start of the year, as a study by Autonomous research revealed that less than $300 million was raised in the whole of September. Charts Bitcoin A volatile week that saw support in the areas of $6,100 followed by a sharp rise to $6700, influenced by recent market events. The resistance appears to be above $6,000, giving confidence to investors. The exchange traded at around $6,438. Ethereum Against the dollar is trading around $210, support is built in this range at $188 and held in the correction that was this week resistance in this range at $250. Against Bitcoin trading around 0.031BTC the support holds around 0.03BTC and still trading in this support range as well as the floor we have seen since December seems to have the graph to accumulate a little more time and show stability to the resistance market around 0.037BTC. Bitcoin Cash Against the dollar, the rate is based on support around $430 traded at $470. As of the writing of the update, it is not clear whether this is the floor and we did not see enough trading volume. If we look back, $300 appears in the graph as a table. In this range at $500. Against Bitcoin, it traded around 0.069BTC resistance at 0.075BTC support in this range around 0.068BTC a fragile graph technically does not look good, or we are on the floor. Populous Against the dollar trading around $3.44 resistance at $3.80 support at $2.90 seems to be stabilizing recently and volatility has calmed down. Can we go lower from here? Against Bitcoin traded around 0.0005BTC not far from the floor we have seen since August around 0.0004BTC it seems that the trade has calmed down and the bull is starting to level resistance in this range at 0.0006BTC. Ardor Against the dollar, a weekly chart traded around $0.11 support around $0.10 holds resistance at $0.14 in this range the peak was at the beginning of the year $2.29 it seems the currency crashed bu

a month ago

A Google Trends map shows #MeToo has spread to every corner of India

India’s #MeToo movement, run down as elitist and urban by critics, may not be so after all. For around three weeks now, a number of Indian women, particularly media and entertainment industry professionals, have come out with their experiences of being sexually harassed and raped over the years by male colleagues. The countrywide furore they sparked has even knocked at the doors of the government of India by now. Some commentators, though, found the upheaval “irrelevant to the real horrors Indian women face,” since those making the revelations are largely city-based, well-heeled women. However, Me Too Rising, a Google Trends data visualisation tool created this April, may prove them wrong. The platform lights up the locations on a world map where the term “Me Too” is being searched for most frequently. The map doesn’t measure the total number of searches. Instead, it considers the number of times “Me Too” is locally searched compared to other phrases. And India currently shines far brighter than any other country or region on Me Too Rising. Surprisingly, the “top searching” cities and towns are tiny by Indian standards. For instance, early in the morning on Oct. 16, they are Goa’s Chicalim, Maharashtra’s Bhusawal, Punjab’s Zirakpur, and Chhattisgarh’s Bhanwreli and Rajnandgaon. The most populous of these places is Bhusawal, with just 187,000 people. Meanwhile, indicating a broader regional interest, two of the other countries in the Google Trends’ top five, Bhutan and Nepal, are also in south Asia. Guiding lights One feature of the map is that when you click on a specific city or town in which Me Too has been trending, the website shows stories that reference #MeToo, specifically pertaining to that place. Interestingly, many of these stories were written much longer than a week ago, demonstrating how #MeToo had considerable geographic reach in India even before this recent wave. Here are some of the local stories featured on the Me Too Rising map, with some lines excerpted from each: Jaipur: “The Story of Bhanwari Devi, India’s #METOO Woman,” from News18 on Mar. 08, discusses the legacy of a woman from a village outside Jaipur, who took her case to court after she was gang-raped in the 1990s. Devi’s grit has been inspiring to many, and eventually even led to the creation of India’s first guidelines for dealing with workplace sexual harassment. The News18 article says: Has the villagers’ attitude changed now? Bhanwari says it has. But I learn from women’s rights activist Nisha Sidhu in Jaipur that attitudes towards her have changed just a tad. People still maintain their distance. Recently, in fact, she was refused water from the village hand pump. And she still goes to a nearby village to grind her grain. Mumbai: “India’s actresses are starting to seize their own #MeToo moment,” from the Washington Post on Apr. 11, discusses Bollywood’s culture of silence around sexual harassment, and the cracks in it that were beginning to emerge. The Post says: Former Bollywood actress and talk-show host Simi Garewal said it is unlikely that Bollywood’s influential men will ever undergo the same scrutiny as Hollywood’s. “In America, you have checks and balances,” she said. “Here, if you criticise a male star, you’re not going to get any roles.” Srinagar: “#MeToo and Kashmir,” from Greater Kashmir on May 03, contemplates #MeToo as a framework for Kashmiri struggles against the Indian state: The idea here is not to restrict or manufacture a particular direction to the campaign but to highlight the greater malignancies in the system here in Kashmir that even a global movement might not be able to penetrate. The aim is to bring to light a systematic war that is being waged on the bodies of the women. Kolkata: “#MeToo draws cop attention,” from The Times of India on Oct. 18, 2017, discusses how the Kolkata police responded to the #MeToo movement: “We urge you to be strong, we want you to be very, very angry about the leering, jeering, threats, verbal and physical abuses, we are asking you to be not afraid and to report to the police every time,” the police statement said. Chennai: “Creepy shadows stalk women everywhere in Chennai, even though city enjoys tag of ‘relatively’ safer place,” from Feb. 05, in the New Indian Express, is a detailed report on the factors that make women in the south Indian city vulnerable to harassment: In some cases, even the persons who are responsible for stopping the perpetrators of crimes don’t take complaints from women seriously. Women say the bus conductors don’t bother to question the men, but just advise the women to change their seat.

a month ago

Richest Bitcoin Billionaires In China

A recent article published by Forbes shows a list of billionaires in the US which showed Bill Gates of Microsoft in the number 2 spot and Jeff Beroz of Amazon taking the number spotlight on the list. But the list contains people who have a net worth close to $3 billion which made Chris Larsen take the 383rd position with the previous 17 being worth an estimated $2.1 billion including the likes of Jeffrey Lurie, Getty Oils Gordon Getty and so on. The rise in cryptocurrency is evidently making people very rich. Historically wealth existed only in the value of your company or brand, now though, thanks to cryptocurrency, regular people are joining the rich list too. Irrespective of this downward trend in the market, some individuals had still maintained most parts of their money from the crypto market from several nations including ‘the Nigerian Twins’ worth £1 billion after the Populous token in the UK. In China, a similar report was released among Chinese businessmen that shows 13 billionaires in China thanks to digital currency. Despite the government in China cracking down on the digital currency and ICO activities this year, this is a big feat. The Hurun report, as it’s called, contains a list of people with at least a $289 million (or 2 billion yuan) net worth. The Bitmain founder - Micree Zhan Ketuan - is, unsurprisingly, on the list as he invested a lot in the production of ASIC miners for several different cryptocurrencies irrespective of the opposition from some developers making the list among the top 100 Chinese billionaires. Ketuan is worth just under 30 billion Yuan since the Bitmain revenue is just pushing 10 billion USD. The co-founder of Bitmain, Jihan Wu made it to be the 204th richest man in China with a net worth of 16.5 billion Yuan. According to ZyCrytpo, before the government in China stood up to fight cryptocurrency activities such as crypto mining and ICOs, Bitcoin mining had surged in the country with Bitmain owning the biggest Bitcoin miners around the globe. Some of the biggest competitors to Bitmain, Canada Creative and Ebang International Holding were also able to join Bitmain to come out with nine of the 13 billionaires on the list. What are your thoughts? Let us know what you think down below in the comments! googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); }); The post Richest Bitcoin Billionaires In China appeared first on Crypto Daily™.

a month ago

13 Cryptocurrency Billionaires are Amongst the top Wealthiest in China

Just recently Forbes released the list of billionaires in US with Jeff Beroz and Bill Gate of Amazon and Microsoft taking the first and second positions respectively. However, the list contains individuals with a net worth close to $3 billion. That made Ripple Co-founder Chris Larsen to take the 383rd position and was in tie with other seventeen billionaires, even though Ripple CEO Brad Garlinghouse made the previous list since the market had experienced one of it’s worst history’s in present time due to the bearish nature of the crypto market. Irrespective of this downward trend in the market, some individuals had still maintain most parts of their wealth made from the crypto market from different nations which includes the Nigerian twins that worth £1 billion after they created the Populous token in UK. In China, just as in UK and US, the recently released annual Hurun report among Chinese businessmen had shown that 13 crypto billionaires made the list of wealthiest people in China, although the Chinese government had been going hard on cryptocurrency and ICO activities in the present year. This could be shocking considering that major market capitalization of cryptocurrencies had gone down. The Hurun report contains only the list of individuals with at least $289 million or 2 billion yuan net worth. It is not surprising that Bitmain founder Micree Zhan Ketuan that has invested a lot in the production of ASIC miners for various cryptocurrencies irrespective of the opposition from some developers made the list among the top 100 Chinese billionaires. He is worth 29.5 billion Yuan since Bitmain net revenue is pushing towards $10 billion. Also Jihan Wu, Bitmain cofounder has made the 204th position with a net worth of 16.5 billion Yuan. Prior to the Chinese government stand against cryptocurrency activities, crypto mining and ICOs even though it has a lot of investment in blockchain, Bitcoin mining has boomed a lot in the country with Bitmain owning the largest Bitcoin miners in the world. Bitmain’s major competitors in the market Ebang International Holding and Canada Creative were able to join Bitmain to produce nine out of the thirteen crypto billionaires in the least. Binance CEO Zhao Chengpeng made the 230th position with a worth of 15 billion Yuan after it relocated from China. The post 13 Cryptocurrency Billionaires are Amongst the top Wealthiest in China appeared first on ZyCrypto.

a month ago

Ethiopia is opening up its borders to African visitors with a visa-on-arrival push

Ethiopia is taking the dream of free movement in Africa one step further. The country will soon allow African citizens to enter without obtaining visas in advance, president Mulatu Teshome told parliament on Monday (Oct. 8). The move follows the decision in June by new prime minister Abiy Ahmed to start issuing online visas for tourists and visitors coming from all over the world. Currently, all travelers, except those from Kenya and Djibouti, have to get a visa before departure or receive it on arrival. The decision to relax the visa regime will likely be a boon for the country’s hospitality and conference tourism sectors. The capital Addis Ababa is one of the world’s largest diplomatic hubs, hosting the seat of the African Union, the United Nations Economic Commission for Africa, and dozens of foreign embassies. The announcement also has big political ramifications especially for Abiy, who has promised to open up the country and attract foreign investment. Relaxing visa rules in Africa’s second most populous and one its fastest-growing economies also sends a message to other African states—small or large—to follow suit. Over the past few years, countries including Kenya, Rwanda, and Mauritius have all eased visa rules for other African travelers. As part of the continental free trade agreement, the African Union also hopes to enshrine the free movement of people and businesses across the continent by 2023. The move will also likely be a windfall for Ethiopian Airlines, the state carrier that has dominated Africa’s airspace. The airline has in recent years taken up a pan-African strategy, launching more connections, reviving defunct national airlines, and setting up more hubs across the continent. In August, the airline also launched stopover packages for connecting passengers to discover the Horn of African nation’s historical and cultural monuments. But while many African countries waive restrictions, others are not. Recently, Tanzania reportedly reversed visa on arrival policies for countries including Nigeria, Mali, and Somalia. South Africa, the continent’s most advanced economy, is opening its borders to Chinese and Indian visitors but is still dragging its feet when it comes to welcoming African travelers. Sign up to the Quartz Africa Weekly Brief here for news and analysis on African business, tech and innovation in your inbox Sign up for the Quartz Africa Weekly Brief — the most important and interesting news from across the continent, in your inbox.

a month ago

Cryptocurrency Market Update: More Movement From Maker

FOMO Moments Markets immovable again today; Maker and Populous looking positive. There has been a little upward movement on crypto markets this morning but nothing significant. Total market capitalization has inched above $220 billion but things are still very lethargic in crypto land. Bitcoin has moved above $6,600 but has made less than a percent......

a month ago

Missoula County Rejects Proposal to Halt Crypto Operation Temporarily

Missoula County in the US, Montana has reached a decision not to accept a proposal to temporarily halt all new or preexisting cryptocurrency project operations in the county. The county is the second most populous county in Montana and is well known to be very supportive of miners operations in the state. The temporal halt The post Missoula County Rejects Proposal to Halt Crypto Operation Temporarily appeared first on Coindoo - Crypto News and Reviews....

a month ago

Proposed Crypto Mining Moratorium Rejected by County in Montana

Montana’s second most populous county, Missoula County, has rejected the proposal for a moratorium on cryptocurrency operations. The proposal was first presented at a public hearing in June but was postponed for three months. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Proposed Crypto Moratorium Rejected Missoula County’s board of commissioners held ...

a month ago

Populous Price Analysis: PPT Finds Heavy Support at the $3 Handle — Can the Bulls Push Price Action Above the Trading Range?

Populous has seen a small 3.83% price decrease over the past 24 hours of trading. The cryptocurrency is currently... The post Populous Price Analysis: PPT Finds Heavy Support at the $3 Handle — Can the Bulls Push Price Action Above the Trading Range? appeared first on Invest In Blockchain....

2 months ago

Populous (PPT) Gains 15% amid Recent LATOKEN Exchange Listing

The broader crypto market is holding its gains, with the combined value now perched above $204 billion and bitcoin’s dominance hovering at 55.3%. Populous (PPT) is among the top gainers in the leading 50 coins, having added more than 15% in the last 24-hour period. London-based Populous, which is a project about invoice discounting, in recent days debuted on LATOKEN exchange, which bolstered liquidity and could be fueling the gains. LATOKEN has the No. 4 spot for PPT trading volume behind Binance, OKEx and Bithumb. (GT)

2 months ago

Holo Gets to the Top Fifty Coins on CoinMarketCap

After a surge of 39.14%, in a 24-hour span, Holo (HOT) has made to the top fifty coins. This gain saw it trade at $0.001211 and pushed its market cap to $161,291,169. This double-digit gain saw it beat Populous, Status, and Wanchain which had negative price changes of 1.85%, 0.69%, and 1.31% respectively. HOT is just below Metaverse ETP which has declined by 5.30% to trade at $3.31, according to CoinMarketCap. (KE)

2 months ago

Five Coins Bounce by Over 25% in the Past 24 Hours

Although many coins have recorded gains in the last 24 hours, there are five coins that have significantly surged by over 25%. Cortex and Populous have soared by 59% and 28% respectively following Bithumb's support. VeChain, Lisk, and Ontology have also recorded positive changes by more than 27%. The three coins are said to have surged due to their recent developments. (KE)

3 months ago

PPT and CTXC Prices get Bullish Shortly After their Listing by Bithumb

Bithumb, today announced that it is set to support Populous (PPT) and Cortex (CTXC). The announcement has seen both exchanges have a bullish price trend in the market. For instance, PPT experienced a price surge of 38% while CTXC prices rose by 55%. It is reported that Bithumb will list these exchanges against Won, South Koreas national fiat. It has also announced that the trading of the two pairs will commence next week Thursday at 15:00 UTC while their deposits will commence on Sunday at around 15:00 UTC. Few minutes after its listing on Bithumb platform, PPT prices have continued to surge to $5.44 while that of CTXC soared from $0.27 to $0.38 an increase of 53.67%. (VK)

3 months ago

Populous(PPT) Goes Up By 57% After Bithumb Listing

Populous (PPT), a blockchain startup that is looking to decentralize invoice payments for businesses has gone up from $2.65 to $6,29, gaining nearly 250% in the last 3 days. Populous was just listed on one of South Korea's largest crypto exchange, Bithumb. Price of PPT shot up from $5.36 to $6.63, right after the listing. The 24-hour trade volume has also seen a multifold increase, going from $4 Million to $18 Million. (VS)

3 months ago

Biggest Gainer: Populous (PPT) - $4.30 - 31.51% Increase

Today's biggest gainer is Populous (PPT), a blockchain startup that is looking to decentralize invoice payments for businesses. Populous went from $3.27 to $4.30, gaining 31.51% in the last 24 hours. With the increase in value, PPT now has a market cap of $159 Million. The 24-hour trade volume is at $5.3 Million, and 44% of it is on OKEx. Other big gainers for today are VeChain (VET) and Ontology (ONT), which gained 24.31% and 16.13% respectively. (VS)

3 months ago

Agricultural Bank of China Offer Loans to Blockchain-based Businesses

The Agricultural Bank of China (ABC), one of the largest financial institutions in the country, recently issued a loan backed by land to a blockchain firm in an effort to encourage blockchain platforms to help get established and grow. The loan is worth around $300,000 and is evidence of the growing interest in blockchain in the world's most populous country. Other sources report that this is not the only financial institution in China that is looking to encourage more investment in the budding blockchain ecosystem as the Peoples Bank of China also supported the project. (JF)

3 months ago

News courtesy of berminal.com
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