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Central Bank Digital Currencies May Come Sooner than Expected

July 1, 2019 by Edoardo Vecchio at Finance, Regulation

After the official announcement of Libra, Agustín Carstens, the general manager of the Bank for International Settlements (BIS), revealed that central banks may adopt digital currencies sooner than we expect. The fear is that big tech groups such as Facebook could establish a dominant position in global finance and pose...

Clock Ticking India Flag Bitcoin Watch Green Orange White

In an Open Letter to Prime Minister Modi, CoinRecoil’s Founder Doesn’t Hold Back

July 1, 2019 by Ashwath Balakrishnan at Regulation

CoinRecoil, a defunct Indian cryptocurrency exchange, had earlier filed a writ petition against the RBI circular to ban crypto firms from using traditional banking services. Kunal Barchha, the co-founder of the exchange, wrote an open letter to Prime Minister Narendra Modi, detailing all of his concerns and frustration, as reported...

Authority man findin a cryptocurrency mining machine

Iranian Authorities Impound 1,000 Bitcoin Mining Machines

June 28, 2019 by Ogwu Osaemezu Emmanuel at News, Regulation

Power officials in Iran have seized 1,000 bitcoin mining machines in two abandoned factories turned into mining farms in the central province of Yazd, Iran. The officials claim the cryptocurrency mining equipment was seized because their operators illegally made use of government-subsidized electricity, according to a Tech2 report on June...

Indian Exchange Koinex Calls it Quits Amid Unclear Crypto Regulations

June 27, 2019 by Aisshwarya Tiwari at Regulation

In a Medium post published on June 27, 2019, Indian cryptocurrency trading platform Koinex announced that it is shutting down its exchange services in the country due to the challenging regulatory environment. Koinex Bids Adieu to India Launched in August 2017, Koinex is one of the largest Indian cryptocurrency exchange...

New Rate for Energy Consumption in Colorado Raises Doubts over Crypto Mining

June 25, 2019 by Edoardo Vecchio at Regulation

Colorado has guaranteed the emission of low-cost energy to large industrial or commercial customers. The new legislation, however, raises questions about how the cryptocurency mining industry might hurt the state's clean energy goals. Discounted Energy Bills The approval of an incentive package for energy distribution in Pueblo, Colorado, would allow...

Sign calling for insurers to help against cybertheft

Hong Kong: SFC Regulation Mandates Crypto Exchanges to Have their Funds Insured

June 24, 2019 by Aisshwarya Tiwari at News, Regulation

A new diktat by Hong Kong’s financial watchdog has put the global financial hub’s cryptocurrency exchanges and custodians in a spot of bother as they are now required to fully insure the risks of hacking and theft associated with digital currencies, South China Morning Post reports, June 23, 2019. Crypto...

FATF Guidelines Not Necessarily Negative for Cryptocurrencies

June 24, 2019 by Osato Avan-Nomayo at News, Regulation

Contrary to the prevailing narrative, the incoming Financial Action Task Force (FATF) anti-money laundering (AML) guidelines for cryptocurrencies might not be overly negative for the industry. However, there are still a few vague aspects of the FATF’s document that might require a little extra clarifying before it publishes its interpretive...

Russia: No Special Treatment for Facebook’s Libra ‘Crypto’

June 21, 2019 by Anthonia Isichei at News, Regulation

A Russian lawmaker has recently stated that Facebook’s expected cryptocurrency, Libra, would not be given preferential treatment in Russia. Per a report by Tass on June 18, 2019, the country wasn’t planning to adopt a crypto-friendly legislature. Going by Russia’s rough relationship with the social media giant, the recent opposition to the company’s project...

Looking in a filing cabinet to find Facebook' coin under project libra drawer

France to Launch G7 Cryptocurrency Task Force in Wake of Libra Concerns

June 21, 2019 by Aisshwarya Tiwari at News, Regulation

According to a report published by Reuters on June 21, 2019, France is set to form a G7 cryptocurrency task force to explore how global central banks can regulate cryptocurrencies like Facebook’s Libra without the risk of it being used for money laundering and other illicit activities. A Crypto-Focused G7...

Facebook to Testify Before U.S Authorities on July 16

June 21, 2019 by Ogwu Osaemezu Emmanuel at News, Regulation

The United States Senate Banking Committee has announced a July 16, 2019 hearing date for Facebook’s Libra cryptocurrency project according to a MarketWatch report on June 19, 2019 More Clarity Required On June 18, 2019, reports emerged that Rep. Maxine Water, chairwoman of the House Financial Services Committee had requested...

Quadriga CX CEO Spent User Funds on Margin Trades

June 21, 2019 by Ashwath Balakrishnan at Regulation

The Supreme Court of Nova Scotia has revealed that users' cryptocurrency funds were not maintained exclusively in Quadriga CX's cold and hot wallets, but also on other exchanges and platforms. The now deceased CEO, Gerald Cotton, also used these funds to margin trade in his accounts, as per a court...

Facebook’s Libra Cryptocurrency May not Launch in India

June 20, 2019 by Aisshwarya Tiwari at Regulation

Facebook’s newly-unveiled cryptocurrency, Libra, will not be launched in India due to the country’s strict anti-crypto regulations, a person close to the matter told The Economic Times, June 20, 2019. India Says "No" to Libra Touted as the crypto industry’s game-changer for months, Facebook finally released Libra’s whitepaper on June...

Facebook Project Libra on a Board with details about what it does

Congress Representative Wants Facebook to Put a Hold on Cryptocurrency Plans

June 20, 2019 by Ashwath Balakrishnan at Regulation

American Democratic Representative Maxine Water wants Facebook to temporarily put off all implementation plans for its cryptocurrency until Congress investigates it for potential risks, as reported by The Verge, June 18, 2019. Troubles Begin for Libra Less than a day after the project was formally announced, and the whitepaper released, Facebook's...

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