Bitcoin And Ether

The raise of bitcoin is increasing and amazing and as for other coins like etherum

this we shall be disusing on a short note.

Bitcoin Withdrawls To Resume In China Amid KYC Policies

Previously we reported on the freezing of Bitcoin assets and withdrawals in China as exchanges stopped trading amid a decision from the central bank. While one has now been announced it couldn’t be further from being restrictive and counter intuitive as new regulation demands exchanges comply with AML policies in order to remain in operation. Complying with new policies, it is hoped exchanges can safely restart sending out withdraws which have now been pending for over a month.

According to AML regulations by government departments including the Central Bank and China Banking Regulatory Commission, you are required to provide explanations of the sources of your funds, and the destinations of the crypto-coins you withdraw.

Huobi, one of the country’s largest exchanges has also announced it will require information on the source of funds when withdrawing Bitcoin or depositing. While it has been clarified this process will only be carried out for customers suspected of money laundering practices, the infringement of users privacy has caused uproar.
 
To conclude, while withdrawals in China are on course to be opened again, the added AML and KYC procedures will be onerous to the majority of users. While Bitcoin funds will come under added scrutiny many customers will find they have lost the privacy and anonymity provided by the Bitcoin infrastructure. The fact that users details sent to the exchange will be sent directly to the national departments further added concern as personal data will be stored indefinitely by the state.
 

Western Union Cryptocoin Patent Officially Published

The Western Union patent regarding use of cryptocurrencies to create a platform for the transaction of multiple cryptocoins was recently approved less than a year after its submission to the US patents office.
While this isn’t the first time the company has shown interest in crypto, ripple being its last interest, the patent hints at a possible platform being developed by the company for analyzing location based transactions simply known as remittances, which are set to incorporate cryptocurrencies. Bitcoin litecoin and peercoin were some of the coins mentioned in the original patent filed to the US 
patents office.

“…in various embodiments, electronic data transfer network may be configured to support and perform transfers of various currency types, including traditional and/or digital currencies, centralized and/or de-centralized currencies, cryptocurrencies, and any other medium of exchange…between client devices and/or external systems in different areas, regions, or jurisdictions.”

The patent also detailed kiosk systems designed to report the locations of transactions and the client’s location. The patent also illustrated the platform map in detail hinting the project is under current development by the firm

To conclude while western union is primarily a fiat transaction service its popularity means the potential integration of Bitcoin will inject millions in fresh liquidity as remittance becomes much more seamless and cheap. However the inherent nature of Bitcoin and peercoin technology allows no use for a middleman, so when sending remittances abroad, money is sent directly from you to the recipient. The success of integrating crypto into fiat remittance services is questionable, and often seen as counter intuitive as crypto technology currently offers all the services of fiat remittance at competitive prices, but potential use of blockchain and peercoin technology could help western union become much more cheaper in the near future.

Japan Officially Recognises Bitcoin as Currency Starting April 2017

Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017 (beginning of a new fiscal year in many countries).

With the new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to cryptocurrency exchange platforms. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.

The recognition of Bitcoin and other cryptocurrencies as legal payment instruments is good news for the global cryptocurrency ecosystem. Adoption of cryptocurrency is expected to increase among people, which will, in turn, drive demand and price.

However, reports indicate that the cryptocurrency platforms are still trying to figure out ways to achieve compliance with the new regulations. Recognizing the exchanges’ needs, the Accounting Standards Board of Japan has announced that it has started working on creating an accounting framework for both user and businesses dealing with cryptocurrencies.

It might take a while before companies and individuals get acquainted with the accounting practices, which has raised concerns about legal implications of inaccurate reporting’s/filings due to lack of understanding. Also, few publications have raised concerns about the volatility of Bitcoin and other cryptocurrencies and how it might impact those making cryptocurrency transactions.

The new developments are expected to drive the cryptocurrency usage in Japan to over $9 billion in the next three years (2020), which is more than five times the 2015’s $1.7 billion worth of cryptocurrencies in circulation.

Samsung Launches Blockchain Inspired Nexledger Platform

samsung unveiled its latest and greatest development in Blockchain technology as it revealed the Nexledger project, which is a business to business communication solution developed by the IT subsidiary of the conglomerate. Started in 2015, the project is one of the biggest solutions to come out of research into Blockchain technology undertaken by Samsung which also involved the purchase of Blocko as a means of commercializing Blockchain technology.

The Nexledger platform is supported by the likes of Nexsign which will allow client side authentication to gain access to access a number of services such as Azure, Amazons AWS and the IBM Bluemix platform as seen below. Currently Samsung anticipates slow rates of adoption before the Blockchain technology gains traction in financial markets and environments as new technology such as the Blockchain will have to be refined before it becomes secure and versatile to accommodate the expanding needs of businesses.

“In developing our blockchain platform, we thought hard about how to merge our strengths and know-how from our system integration service expertise with the advantages of blockchain technology,” said Song Kwang-woo, vice president of finance consulting and distributed ledger technology at Samsung SDS, in a press conference.

“We believe blockchain technology will have the greatest impact among businesses that involve a large number of data exchanges,” Song said.

To conclude the Next Ledger platform will bring the power of Bitcoin and Bockchain technologies to an industrial environment as it aims to serve as a payment gateway making full use of Blockchain and biometric technologies. Launched by the Samsung groups IT subsidiary it aims to provide business to business communication removing the middlemen who often make corporate transactions much more costly and inefficient. The group has also announced the development of the Nexsign and Samsung card products which will aim to compliment and build on the release of the Nexledger platform.

Syrian Government Built On Bitcoin ? The Future Of The Fractured State

amir Taaki one of the founding members and developers of the Darkmarket/Openbazaar has resurfaced recently revealing his journey in Syria to not only protect civilians but also to contribute to the building of a self sufficient government on the foundations of cryptocurrencies. In the face of immense military action, Taaki is currently waging war against ISIS; Taaki spoke about his hopes of integrating Bitcoin not only for free trade, but for the protection of ordinary civilian’s financial interests which are constantly under governmental control.
Since his disappearance in 2016, Taaki has joined the Anarcho-socialist group the Rojava plan which aims to create a society based on the principles of decentralized and free markets such as those of cryptocurrencies. The Rojava plan has many goals including setting up an autonomous community where digital currencies as declared by the CIC, described as a start up government, can subvert the financial order of the world making it much more productive.

Conclusion

To conclude the potential of Bitcoin to revolutionize constitutions may be one of the biggest implications of the current technology. While the Syrian government is currently in disarray and the economy has effectively collapsed as discussed by Taaki, the need for an absolute and free solution is huge. Bitcoin has become integral to Taaki’s vision of a government run for and built by civilians as cryptocurrency remains free of government restrictions and censorship. Furthermore US air strikes on Syrian soil have effectively disrupted the oil dependent economy, which although has benefited Nigerian oil markets, has worsened the dire financial situation in the country.

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If you are not a big fan of digital currency, and can be skeptical about this, the first question that would probably get in your mind is why you will use if you have a stable currency if you can hold and certainly there to have real value. This feeling is shared by all new users of the currency, but when you come to look at the trends, you begin to realize that time 

passes, digital currency to slowly make their way into the general acceptance of the market – especially when starts talking about Bitcoin.

Although it is not only existing, began the revolution which allowed the emergence of new and stored digital currency. Consider this a first breakthrough in the way we look back can turn into a financial and commercial transactions in the future.

Now to the question of why this type of use if you answer all fiat currency reliable that you can use, the most reasonable would be anonymous. Remember that if you make online transactions, even for that matter any kind of money, you must have a profile that people can watch and inform you, so even going to provide a single transaction. With this complete anonymity is possible, people do not know who you are, if you have that, you can freely exchange across networks who accept it. How is this possible without duplicating the existence of a unit? What is good, but by its creators as the double expense attack is already properly addressed before launching the software. In addition, lower transaction costs spent over fiat money if you use it, saving you a lot. Another reason is that there is no existing maximum limit to how much you spend or trade as long as you have it, you have the freedom to spend it.

Looking at these reasons, the next question you will have in mind is how these transactions securely. Manufacturers and developers of these currencies had all this in mind, which is why this type generally a register which anyone can access and seek to verify and check for verification.

It has not been around the world and is accepted in general, many people have already invested in the use and become experts. Bitcoin is a project that many have ignored in the past, but when you look more closely these days, you will realize how generated real value and real Bitcoin and how it is accepted by the general public.

Slowly, from birth, much of this kind of existence, we succeed and others fail, dependent and still is a game. It you must ensure that you do not spend money that you do not wear the owner and later exposed to too much debt.

PayPal CEO Dan Schulman On Cryptocurrency And Cybersecurity Threats | Squawk Box | CNBC

PayPal CEO Dan Schulman talks about the volatility of digital currencies and the potential of cybersecurity threats on the internet.
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PayPal CEO On Cryptocurrency And Cybersecurity Threats | Squawk Box | CNBC

FG retirees face N63bn shortfall in budgetted benefits Read more at: http://www.vanguardngr.com/2017/02/fg-retirees-face-n63bn-shortfall-budgetted-benefits

THE National Pension Commission (PenCom) has requested for N113.0 billion for Federal Government retirees in 2017. This figure indicates a huge shortfall of N62.8 billion, or 55.6 per cent gap, in allocation provided by the Federal Government in the 2017 budget estimates

PenCom made the submission in a memorandum submitted to the National Assembly Joint Committee on appropriations at the budget defence session last week by PenCom Director-General, Mrs Chinelo Anohu-Amazu. The Commission noted that the entire N113.02 billion should be approved in pursuant to Section 39(3) of the Pension Reform Act (PRA) 2014. The pension regulator maintained that the most critical challenge of the implementation of the Contributory Pension Scheme (CPS) in Nigeria today is the non-payment of retirement benefits of Federal Government employees due to insufficient appropriation and late release of appropriated funds for payment of accrued pension rights. In her submissions Anohu-Amazu stated: “PenCom would like to make a case first, on the need for adequate appropriation of funds for the payment of the Federal Government’s pension liability under the Contributory Pension Scheme. “Based on the number of verified and enrolled Federal Government employees that retired from January to December in 2016 under the Contributory Pension Scheme (CPS) as well as deceased employees within 2016, PenCom requested for the provision of the sum of N91,914,899,000.00 in the 2016 FGN Appropriation Bill. However, the National Assembly approved only the sum of N50,195,808,918.00 in the 2016 Appropriation Act, thereby resulting in a shortfall of N41,719,090,082.00.” The Commission noted that out of the N50,195,808,918.00 appropriated for the Retirement Benefits Bond Redemption Fund (RBBRF) in the 2016 Appropriation Act, only N18,823,428,342.00 had so far been released into the RBBRF Account as at date, adding that this leaves an outstanding balance in the sum of N31,372,380,576.00 which are yet to be released for 2016. The Commission stated further: “The Joint Committee on Appropriations is requested to consider and ensure the appropriation and release of the sum of N73,091,470,658.00 to pay January to December 2016 retirees of the Federal Government. Based on the number of verified and enrolled Federal Government employees that will retire from January to December in 2017 under the CPS, PenCom determined and requested for the provision of the sum of N113,023,255,000.00 in the 2017 FGN Appropriation Bill. “However, we observed that in the proposal to the National Assembly, the Federal Government submitted only the sum of N50,195,808,918.00 in the 2017Appropriation Bill, thereby resulting in a shortfall of N62,827,446,082.00,” it said.  




cc: http://www.vanguardngr.com/2017/02/fg-retirees-face-n63bn-shortfall-budgetted-benefits/

Stock market continues to bleed as 25 equities record price losses Read more at: http://www.vanguardngr.com/2017/02/stock-market-continues-bleed-25-equities-record-price-losses/

HE bearish trend in the stock market continued unabated last week as 25 quoted companies witnessed different degrees of price losses, thereby resulting in decrease in investors’ wealth by N61 billion.Among the stocks tat depreciated in price last week were Vitafoam Nigeria Plc which led other decliners by 13.04 per cent from N2.30 to N2.00 per share. This was trailed closely behind by Fidson Healthcare Plc with negative return of 11.40 per cent to close at N1.01, followed by Nigerian Breweries Plc with drop of eight per cent to close at N115.00 per share and Chemical and Allied Products, CAP, Plc which fell by 7.50 per cent to close at N29.60 per share. Other price losers include Eterna Plc, that went down by 6.70 per cent to close at N3.34 per share; Axamansard Insurance Plc, 6.25 per cent to close at N1.50; Guinness Nig. Plc, 6.23 per cent decline to close at N60.95; Stanbic IBTC Holdings Plc, 5.90 per cent to close at N16.75; Diamond Bank Plc, 5.75 per cent to close at N0.82, while NASCON Allied Industries Plc was down by five per cent to close at N7.03 per share.


cc: http://www.vanguardngr.com/2017/02/stock-market-continues-bleed-25-equities-record-price-losses/

Bitcoin’s value has stayed above $1,000 for a whole week

On last week’s bitcoin news roundup, one bitcoin was worth $1,009. At the time of press, one bitcoin is worth $1,061. The cryptocurrency is showing resiliency, as it is cementing itself above the $1,000 mark. Even though trading volume declined since the People’s Bank of China interfered, its value keeps on rising, and the effects of PBOC’s crackdown keep diminishing.

Ether prices surged and hit a new high for 2017

Ethereum, the second biggest cryptocurrency, has recently seen a significant increase in value, as news of major companies – such as Microsoft, JP Morgan, and Banco Santander – working on Enterprise Ethereum started to appear. Enterprise Ethereum is essentially a modified version of Ethereum to be used for private blockchains, according to CryptoCoinsNews. At the time of press, one Ether was worth $12.72

BTCChina to freeze cryptocurrency withdrawals for one month

BTCC is to freeze bitcoin and litecoin withdrawals for one month, and is now the last of largest bitcoin exchanges in China to do so, in order to upgrade its customer verification system. The move comes after at a request from the People’s Bank of China, China’s Central Bank, in an attempt to combat money laundering. BTCC plans to end the process on March 15, but added that “If the system upgrade can be completed ahead of time, all business will return to normal immediately”. China’s other major exchanges, OKCoin and Huobi, also froze cryptocurrency withdrawals last week.

There are now over 1,000 Bitcoin ATMs throughout the world

According to CoinATMRadar, there are 1,008 bitcoin ATMs in the world right now, and over 36,000 bitcoin to cash service providers, all contained in 55 countries. The United States is leading the bitcoin ATM market with 626 units, while Canada comes in second place with 138. In Europe, the leading country is the United Kingdom with 53 ATMs, and in Asia Japan gets first place, with 11 ATMs.

Bitcoin news New developments:

Former president of Bank of China claims it’s impossible to kill bitcoin

L H Li, former president of state-owned Bank of China, the fifth largest bank in the world, claimed that it is now impossible to take down bitcoin, in an interview for China’s predominant state broadcaster, CCTV. According to a translated statement, L H Li said: “Bitcoin was built on a platform without national boundaries. If you want to kill bitcoin, it will be an impossible task. So, it will continue to exist. What’s important now is that we should properly regulate it.”. The statement is of enormous importance, taking into account the People’s Bank of China’s interference in the bitcoin space. It’s possible that bitcoin’s acceptance as one of the world’s major currencies may be imminent.

The European Union plans to increase support for blockchain technology

According to a recently published statement, the European Union wants to increase the support it gives to the development of blockchain technologies and projects, even beyond financial services applications, currently being explored by several financial institutions. Last Spring the European Parliament approved a task force, led by the European Commission, to study blockchain technology. The statement even includes the possibility of future collaboration in blockchain-related events: “The Commission will organise a kick-off conference with the European Parliament on Demystifying Blockchain and a series of workshops to look at Blockchain developments and use case applications.”

Bitcoin Price Technical Analysis

Bitcoin price seems to be regaining its ground as it traded back above $1000 and is gearing up for a pullback from its climb.

Bitcoin Price Key Highlights

• Bitcoin price recently broke past the resistance at $1000, signaling that it’s ready to resume its climb.
• Price is pulling back to this area of interest, at which plenty of buy orders might be located.
• Technical indicators are also signaling that more gains are in the cards.

Bitcoin price seems to be regaining its ground as it traded back above $1000 and is gearing up for a pullback from its climb.

Market Events

U.S. markets are closed for the holiday today so liquidity could be low, which also opens up the possibility of volatile action in case there are any catalysts that spur a big move. For one, headlines that sound bullish for the U.S. economy, such as Trump’s tax reform plan could put downward pressure on BTCUSD.

On the other hand, subdued reports on regulatory action in China among bitcoin firms is restoring a bit of calm in the markets, encouraging investors to put funds back in the cryptocurrency once more. To top it off, unease about Italy’s political landscape and Greece’s debt troubles could also drive up demand for alternative assets especially if traders expect another round of capital controls in those nations.

Charts from SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.