The Chain

Indian crypto exchange proposes regulatory framework

A major Indian cryptocurrency exchange has developed a framework to regulate cryptocurrency in India that it says has the support of “all the Indian cryptocurrency stakeholders,” Cointelegraph reports. However, it is not clear yet which stakeholders helped develop the framework, or “sandbox,” which will be…

Korean KYC measures raise legal questions

The South Korean cryptocurrency sector has a legal headache. As the government makes preparations to implement know-your-customer (KYC) and anti-money laundering (AML) compliance processes, legal experts have raised concerns about their incompatibility with existing laws. The new requirements for cryptocurrency exchanges would contravene the existing…

100 million people now use crypto: study

One hundred million people around the world are now holding bitcoin and other blockchain-based assets, according to the Cambridge Centre for Alternative Finance. In 2018, the 2nd Global Cryptoasset Benchmarking Study estimated the number of identity-verified crypto users was approximately 35 million globally. As of…

Shanghai government explores DeFi

The Shanghai government is open to experimenting with permissionless DeFi (decentralized finance) applications, Cointelegraph reports. Conflux Network, a permissionless blockchain project endorsed by Beijing, said it has officially launched its Tree Graph Research Institute with the Shanghai government.  According to Fan Long, founder of Conflux…

Hong Kong gears up for major tech event

Hong Kong will be playing host, albeit virtually, to a major international blockchain event in November. Industry leaders from across the world are expected to participate in Hong Kong Blockchain Week 2020, which will be held on November 17-19.  The core event, which is being…

Iran sends bitcoin miners a powerful message

The energy produced by three of Iran’s major power plants will be offered to bitcoin mining operations exclusively, the Islamic republic’s Thermal Power Plant Holding Company (TPPH) has announced, according to a Tehran Times report. Iranian power plants enjoy various fuel-related government benefits and subsidies,…

Rocket scientist: ‘Bitcoin is 1,000X better than gold’

The crypto market may be taking a beating alongside traditional investments, but the bloodbath, which has seen many assets lose all their recent gains, has done little to dampen confidence in bitcoin’s price potential. One of Bloomberg’s top analysts, Mike McGlone, who recently said he…

Growing institutional appetite for crypto: report

Institutional investors plan to focus more on crypto assets over the next five years, according to a new report from cryptocurrency insurance company Evertas. Evertas surveyed investors that oversee some $78.4 billion worth of collective assets, and 64% of respondents reported that they expect a…

China’s digital currency ‘must be first in world’

China needs to become the first country to issue a digital currency so it can reduce its dependence on the global dollar payment system, the People’s Bank of China (PBOC) said in a commentary in its magazine. The article in China Finance said the rights…

Korea’s ‘blockchain city’ is missing some links

Sixty-two percent of the firms in South Korea’s blockchain sandbox city of Busan do not know anything about the technology, according to a surprising report from the Busan Research Institute. The South Korean federal government has considered Busan a “regulation-free” zone for blockchain development since…

Police summon Bithumb boss for questioning

The chairman of a South Korean crypto exchange has been summoned by police for interrogation, Cointelegraph reports, citing state-run news agency Yonhap. The Seoul Metropolitan Police Agency wants to talk to Lee Jung-hoon, chairman of the board at Bithumb Korea and Bithumb Holdings, which are…

Bitcoin’s ascent will be slow & steady: Bloomberg

Megabulls such as PlanB are predicting parabolic short- to medium-term price moves for bitcoin, but Bloomberg analyst Mike McGlone believes the leading digital asset’s ascent to $100,000 will be a slow, steady and almost inexorable grind. The senior commodity strategist at the financial news service…

World’s first crypto bank gets green light

The mainstream adoption of crypto may soon be accelerated by the establishment of a pioneering bank dedicated to providing comprehensive deposit-taking, custody and fiduciary services for digital assets. The Kraken crypto exchange has announced that the American state of Wyoming has approved its application to…

India plans to ban crypto trading: Bloomberg

India is once again poised to crack down on crypto, according to a Bloomberg report. The government plans to introduce a new law banning cryptocurrency trading, a move that is decidedly out of step with other Asian economies, which have chosen to regulate the nascent…

Bitcoin ready to take run at $100K: PlanB

PlanB, the creator of the (so far) uncannily accurate stock-to-flow (S2F) price model, says bitcoin is about to take a run at his $100,000 price target. In a tweet on Monday, the quant analyst pointed to growing indications that BTC/USD is revving its engine. Referring…

‘DeFi will outperform bitcoin in next five years’

DeFi is more likely to grow 100X over the next five years than bitcoin, according to Dan Morehead, CEO and founder at investment firm Pantera Capital. In a recent YouTube interview with Cointelegraph, Morehead said Pantera’s altcoin funds performed poorly in 2019, but the situation…

Beijing named China’s top blockchain city

Beijing is now China’s leading blockchain center. The capital took the top spot in the 2020 Chinese Blockchain Innovation Rankings ahead of blockchain hub Shenzhen, reports Cointelegraph, citing Finance China. The rankings were unveiled at the China International Fair for Trade in Services Summit in…

Hong Kong bitcoiners take on the banks

Proponents of bitcoin in Hong Kong are openly challenging the established financial order by running an advertising campaign to persuade the territory’s residents to swap their bank accounts for hardware wallets. The Bank of China HK, HSBC and Standard Chartered HK now have prominent bitcoin…

Mastercard launches CBDC testing platform

Mastercard has launched a central bank digital currencies (CBDCs) testing platform to enable central banks to assess and explore national digital currencies.  The move is seen as positive for crypto because it could help to accelerate the mainstream adoption of digital currencies in general. Led…

Money launderers use fiat, not crypto: report

The role played by cryptocurrencies in money laundering has been greatly exaggerated by opponents of the emerging asset class, according to a new report from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The network, which banks and other financial institutions use for transferring information…

Struggling bitcoin’s hashrate soars

If it’s true that bitcoin’s price follows its hashrate, as Max Keiser and many other analysts contend, the leading crypto, which has decreased in value by $2,000 in the past few days, might not be in the doldrums for much longer. The network’s hashrate has…

Police raid Seoul crypto exchange

Police have raided Bithumb, the largest cryptocurrency exchange in South Korea, for the second time, according to Cointelegraph, which cited a Seoul Shinmun report. The Seoul Metropolitan Police Agency conducted additional search and seizure checks at Bithumb’s headquarters in the Gangnam District on September 7.…

Crypto crash: Time to panic or buy the dip?

Most cryptos have been bouncing up and down lately, with bitcoin falling below the psychologically significant $10,000 mark on Friday for the first time since late July before being pulled to safety by optimistic investors buying the dip. Crypto traders were rattled by a sell-off…

Is Polkadot the next Ethereum?

When its developers finally unleashed it on the market on August 20 after multiple delays, Polkadot (DOT) sparked a frenzy of excitement among investors, soaring from $2.82 to a high of $6.82 on September 1. At the time of writing it was $5.32, creeping back…

Japanese firm to set up blockchain stock exchange

SBI Holdings, a Japanese financial giant and a major blockchain-focused institution, is setting up a blockchain-based digital stock exchange, Cointelegraph reports. Yoshitaka Kitao, president and CEO at SBI Holdings, announced the company’s plans to collaborate with Osaka Prefecture to establish a new global financial hub.…

Bitcoin is set to become digital gold: Bloomberg

If bitcoin continues on its current price trajectory, it will become a “digital version of gold,” according to one of Bloomberg Intelligence’s top analysts. “The primary attributes that underpin the price of gold and bitcoin – limited supply, store of value, diversifier and quasi-currency –…

Crypto scammers target Indian PM’s Twitter account

The Twitter account of Indian Prime Minister Narendra Modi has been hacked, the social media giant confirmed Thursday. Tweets were sent from the prime minister’s feed asking for charitable donations using a cryptocurrency, but have since been taken down. “We’re aware of this activity and…

Bitcoin is right on track: PlanB

PlanB, the creator of the stock-to-flow (S2F) BTC price prediction model that sees the leading crypto skyrocketing to $288,000 by 2024, has reminded investors in a tweet that “patience is a virtue.” The influential analyst said, “Reminder: we are still early, only 4 months after…

Naughty website embraces bitcoin

A leading pornography website is now accepting bitcoin and Litecoin as payment for its premium services. In a press release, Pornhub’s vice president Corey Price said: “As a leader in adult content with over 130 million visitors per day, Pornhub is excited to now offer…

Anubis is coming for your crypto

The latest threat to wallet security has emerged from an ancient crypt and has the body of a man and the head of a wolf. Anubis, named after the Egyptian god of death, is a new type of malware that has been for sale on…

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