The latest cryptocurrency regulations in Asia are wins for Bitcoin adoption but come at the cost of privacy. South Korea is tightening cryptocurrency regulations while India will likely lift its 2018 ban giving cryptocurrency companies bank accounts.
Meanwhile, an American lawmaker has proposed a new bill that follows suit but is not expected to pass.
India — Central Bank Overruled
India’s supreme court has overruled the Reserve Bank of India (RBI)’s 2018 ban that prevented banks within the country from working with cryptocurrency-related businesses. Sunny Ray, the global head of business development for cryptocurrency exchange Kraken and previous founder of the first regulated cryptocurrency exchange in India, described the significance in a blog post.
“This is an incredibly emotional moment for India,” Ray wrote. “Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”
Ray’s comments are not overblown. The Indian Supreme Court’s 180-page ruling boils down to a limit on the RBI’s power, by acknowledging how disproportionate the ban is for dealing with the often purported risks of cryptocurrency — enabling money laundering and terrorist financing. The court acknowledged that rather than prevent these risks, outright prohibition could have even exacerbated the problem by driving illicit activity underground. Though legislation will take time, reversing the ban means the Indian government will regulate cryptocurrency businesses with AML/CFT controls.
Although it’s easy to imagine what the RBI’s real intentions for such a disproportionate ban actually were, this overruling is a win for Bitcoin adoption and a limit on consumer privacy.
Despite the overrule, India’s central bank is now seeking a review. Meanwhile, cryptocurrency businesses inside and outside India are moving quickly. For example, Kraken stated, “The future is bright for crypto in India, we’re going to be there every step of the way.”
South Korea — FATF Guidelines Become Law
South Korea’s latest significant cryptocurrency regulation announcement is less palpable. Where there was previously no law, only guidelines, its new bill provides a framework for regulating cryptocurrency to the Financial Action Task Force’s (FATF) AML standards.
The announcement is both a win for legal certainty and an imposition of heavier requirements for cryptocurrency businesses in the country. In short, the bill will necessitate more alphabet soup compliance accreditation for cryptocurrency businesses through the real-name verification system to hold a bank account within the country as well as certification via the information security management system (ISMS) from the Korean Internet Security Agency (KISA).
We spoke with Joyce Yang, CEO of Global Coin Research, to break it down.
“[People] could already trade cryptocurrency with over 30 exchanges in Korea prior to the amendment passing, but with the amendment, the permitted and licensed exchanges actually goes down to just five to seven exchanges,” Yang said.
This number will probably increase as unaccredited exchanges have until September 2021 to meet the requirements. However, Yang is also hopeful that this new law will ultimately bring in more institutional money to Korean exchanges which, according to Yang, has plateaued as a retail market for the last six months.
U.S. — Regulatory Action Lacks Political Backing
These regulatory movements in Asia are without a doubt being followed closely in the West. Yang pointed out that U.S. Securities and Exchange Commission (SEC) Commissioner Hester Pierce has frequently visited Asian countries such as Singapore, expressing the need to accelerate cryptocurrency regulation guidelines within the United States. However, she is also less sure something will be moved forward in the short term due to the coronavirus.
Valid concerns still circulate in the American Bitcoin ecosystem about staying relevant. Most recently, this conversation has shifted to the “Crypto-currency Act of 2020,” proposed by U.S. Rep. Paul Gosar. This act would create a “Federal Digital Asset Regulator” and divide cryptocurrency regulations according to their classification as currency (stablecoins), commodities (Bitcoin), security (Tezos) and privacy coins (Monero, Zcash). However, Jerry Brito, executive director of advocacy group Coin Center, does not believe the bill has legs.
When assessing how important a cryptocurrency bill proposal is in the U.S., Brito underlined the importance of political reputation and clout. In his estimation, Gosar doesn’t appear to have enough.
The post India Lifts Crypto Ban, South Korea Imposes New Rules and the US Remains Stagnant appeared first on Bitcoin Magazine.
NYC Auction House Features Bitcoin-Themed Art Containing Original Code
Christie’s New York auction house is featuring a piece of bitcoin-themed artwork that represents a portion of the protocol’s original launch code.
A massive piece of artwork containing a portion of bitcoin’s code is being auctioned at Christie’s New York.
According to the official website, Christie’s auction house in New York is hosting a massive piece of bitcoin-themed artwork. The project, dubbed “Block 21,” is one of forty pieces of art in a series depicting the entire 12.3 million digits of bitcoin’s original code.
Block 21 contains 322,048 digits of hexadecimal code, some inscribed in gold. The art collection, which currently spans the globe, is more than 50 meters long in total, with the entirety of bitcoin’s historic v0.1.0 code hand-inscribed on its surface.
Ben Gentilli, the artist behind the project, calls the collective series “Portraits of a Mind.” He described each piece as a digital fingerprint carved out of paint and attributed the artwork as a portrait of bitcoin’s anonymous founder Satoshi Nakamoto.
Gentilli told Decrypt,
Bitcoin’s original codebase is like a historical document, and I wanted to celebrate it and preserve it in the same way as a document like the Magna Carta. But I also wanted to try and answer the question of how one might make a portrait of Satoshi Nakamoto, when there is no image of him.
He continued, calling Portraits of a Mind a decentralized piece of art reflecting the underlying nature of bitcoin.
Featured Image Credit: Photo via Pixabay.com
Crypto Market Cap Gained $10 Billion, Bitcoin Eyes $11,000? (Saturday’s Market Watch)
The cryptocurrency market continues to rebound and has added another $10 billion to its market cap since yesterday. Bitcoin trades around $10,700, while some leading altcoins mark serious gains.
Bitcoin Price Trades Around $10,700
Following yesterday’s increase in which Bitcoin topped at $10,800, the primary cryptocurrency retraced to its intraday bottom at about $10,550. However, the bulls intercepted the price dip and drove the asset upwards once again. Just as 2020 goes so far, this Bitcoin spike followed the 1-2% gains seen on Wall Street at the Friday trading session.
The S&P 500 (1.6%), the Dow Jones Industrial Average (1.34%), and the Nasdaq Composite (2.26%) were all deep in the green.
At the time of this writing, BTC has dipped to $10,760 after getting rejected at the first major resistance at $10,790.
As per the analysis, if BTC price breaks above, it could head towards the next resistance at $11,000, followed by $11,200, $11,360, and $11,530. Alternatively, should the asset fall, it could rely on the support levels at $10,580, $10,440, and $10,390, if necessary.
Despite stocks and cryptocurrencies, gold had failed to increase: Recording an intraday high of $1,875, the precious metal dived and closed the session at $1,860.
Altcoins Gain Traction
Some alternative coins lost significant chunks of value lately, but they have been recovering in the past few days. Ethereum has continued its upward movement with another 3% increase to above $350.
Ripple has surged by 5% to $0.243. Bitcoin Cash (1%), Polkadot (3%), Binance Coin (1%), and Litecoin (3%) are also in the green from the top 10. However, Chainlink has outperformed them all by marking an 11% increase. LINK has overtaken BNB and DOT and currently occupies the 6th spot.
As it typically happens, the most volatile price moves come from mid and low-cap alts.
CyberVein leads with a 21% surge. Ren (20.5%), Yearn.Finance (17%), The Midas Touch Gold (14%), DFI.Money (14%), Cardano (11%), Zilliqa (11%), HedgeTrade (10.5%), and Nervos Network (10%) follow.
In total, the cryptocurrency market cap has increased by $10 billion since yesterday. On a 48-hour scale, the metric is up by 8% since its bottom at $319 billion to $344 billion.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Bitcoin Always Online In Venezuela: Launched The First Satellite Node In Collaboration With Blockstream
Bitcoiners in Venezuela don’t need the internet to send some Satoshis. Today, the crypto payments startup Cryptobuyer announced the successful launch of the first Bitcoin satellite node thanks to a collaboration between Cryptobuyer, Blockstream, and a team led by a crypto enthusiast named Aníbal Garrido.
The initiative allows interacting with the Bitcoin blockchain without the need of an internet connection. A satellite antenna installed in Venezuela is in charge of the communication between the node and the blockchain.
We successfully installed and run a satellite #Bitcoin node in #Venezuela which allows us to be independent of the internet to download messages and validate transactions. Thanks to @Blockstream @adam3us @richardbensberg @anibalcripto for all your support https://t.co/TUb6eG19XP
— Cryptobuyer (@cryptobuyer) September 25, 2020
How the Satellite Node Works
This novel solution allows the Venezuelan node to process information in real-time completely off-line. Thus, the normal functioning of the network in case of connectivity failure (something widespread in the country) is guaranteed. It also facilitates the use of cryptocurrencies in remote places where internet service is scarce, expensive, or even non-existent.
The project works as follows: Blockstream contracts a number of satellites to provide the communication service between the nodes and the blockchain. Cryptobuyer bought the necessary equipment to receive the signal and connect to the satellite, and Anibal Garrido and his team were in charge of assembling the antennas and making the required adjustments.
It’s been a pleasure working with @cryptobuyer and @anibalcripto to launch the first of many #BlockstreamSatellite nodes in #Venezuela, ensuring bitcoiners in the region are always connected to the Bitcoin network! 🛰⛓💻 https://t.co/hzqoR1nACI
— Blockstream (@Blockstream) September 25, 2020
For Alvaro Perez, a software programmer from Valencia City who helped set up the whole infrastructure, the node’s synchronization was an inspiring moment. In statements compiled by Cryptobuyer on an official blog post, the expert says that the operation was a “great achievement.”
“We downloaded the whole Bitcoin blockchain and successfully carried out the first transaction through a Bitcoin satellite node in our country on September 23, from the city of Valencia (…) We received bitcoin through the satellite connection without any internet connection. It was a moment of great achievement.”
The journey is just beginning for Bitcoiners in Venezuela
This would be the first of three antennas that Cryptobuyer plans to deploy to cover the country’s most critical areas. The remaining two will be placed in the country’s capital, Caracas, in the north of Venezuela, and Puerto Ordaz, an industrial city located south of the country.
Later on, they plan to deploy a large number of small devices that will serve as a sort of repeater antenna to create a sizeable mesh-type network that will facilitate transactions in Bitcoin even far away from the primary antenna.
Now there’s no excuse to start using some satoshis in the country. Venezuela keeps proving that it has plenty of reasons to be on the podium of the three countries with the most adoption of Bitcoin around the world.
Blockchain4 weeks ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
The US Post Office Files a Patent for a Blockchain-Based Voting System
Blockchain4 months ago
How to Identify the ‘Third Wave’ of Cannabis Investments
Blockchain3 weeks ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain2 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Blockchain2 months ago
Top Five Most Advanced Cryptocurrencies
Blockchain4 months ago
5 Tips to Interest the Press in Your Cannabis Business
Blockchain3 months ago
Top 5 Most Effective Cannabis Marketing Strategies