Decentralized Exchanges will Simplify the Cryptocurrency Ecosystem for End Users

Blockchain and cryptocurrency technology is new and boasts of an extremely fast-growing marketplace. The number of cryptocurrencies that are launched on a daily basis makes it imperative that there should be a better-organized system of management and transaction than what is currently available. For a technology that is still seeking adoption into the mainstream, an

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Thai Finance Ministry Releases Final Version Of Cryptocurrency Tax Framework

The Thai Finance Minister has announced the final expected version of the crypto tax framework.

Thailand’s awaited tax framework for cryptocurrencies has been announced this week by the Thai Finance Minister, local news outlet Nikkei Asian Review reported Friday, March 30.

Apisak Tantivorawong reported during a March 27 cabinet meeting that crypto trades will be taxed with a 7 percent value added tax (VAT), and returns taxed with a 15 percent capital gains tax. The first draft of the digital asset regulations, released March 14, showed that the expected tax ceiling for the digital gains crypto tax in Thailand was 15 percent.

The previous uncertainty in Thailand surrounding crypto regulations, particularly in regards to Initial Coin Offerings (ICO), had caused the Thai Digital Asset Exchange (TDAX) to pause ICOs in February in order to wait for the Thailand’s Securities and Exchange Commission’s (Thai SEC) release of a regulatory framework.

Earlier in February, the governor of Thailand’s central bank had asked all banks to stay away from investing and trading in cryptocurrency, as well as participating in and creating exchanges and platforms for crypto trading. This central bank circular only applied to banks, not to exchanges or other crypto services.

The Nikkei Asian Review wrote Friday that the new regulations have been designed to “prevent the expanding [crypto] sector from being used for money laundering, tax evasion, and other criminal activities.” The former Finance Minister, now chairman of the Thai Fintech Association, Korn Chatikavanij, noted that the Thai government has to “be cautious not to allow their conservation instincts to result in draconian regulations.”

According to the Nikkei Asian Review, Thai crypto startups are looking to the more crypto-friendly Singapore as an alternative for locating their business, citing Thai and South Korean platform Six.network – which is registered in Singapore although it held its ICO in Bangkok – as an example. The Nikkei Asian Review notes that Six.network is working with the Thai SEC to “constantly clarify the operation to ensure transparency,” citing its co-founder, Natavudh Pungcharoenpong.

Thai company J Ventures did hold an ICO in Thailand in February, raising $21 mln by selling all of its 100 mln JFin tokens within 55 hours. Cointelegraph reported on March 21 that the “coin’s future has become unclear” as even already-issued ICOs will purportedly have to comply with any future regulations within a six month period.

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Bitcoin Records 7% Increase as Cryptocurrency Market Rebounds From Yesterday’s Losses

After dipping below $6,500, the price of bitcoin has increased 7 percent to $7,100, as the rest of the cryptocurrency market recovered over the past 24 hours. Since March 30, the valuation of the cryptocurrency market rose from $250 billion to $268 billion, by around 8 percent. Correlated Movements On March 29, Cornell professor Emin … Continued

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Major Russian Bank Looks To Pilot Crypto Transactions In Switzerland

Deputy Chairman of the Board at Gazprombank says bank to start pilot crypto transactions in Switzerland

Major Russian state-owned bank Gazprombank will be conducting pilot cryptocurrency transactions in Switzerland, local news outlet Vedomosti reported March 29.

According to Aleksandr Sobol, the Deputy Chairman of the Board at Gazprombank, Switzerland was chosen due to the more liberal crypto legislation in the country.

Sobol said that “some kind of pilots” will “of course” take place, according to Vedomosti:

“This will not be on a grand scale, but for ourselves. This is a demand from the sides of our large private clients for such amenities. Therefore we are now looking at how we can organize this service for them.”

As yet it has not been decided if future crypto services will be offered to customers or conducted for Gazprombank’s own investment; Sobol said the bank is “trying to follow the situation actively.”

In January of this year, Sberbank, Russia’s largest bank, had also announced that they had chosen Switzerland as the location to open their own crypto exchange, as Russian law does not allow crypto operations.

Crypto regulation in Russia is currently under review, as the Digital Assets Regulation Bill, presented on Jan. 25, will not be released in its final version until July 1.

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Bitcoin Futures the Beginning of a New Derivatives Class: Wedbush Securities Director

Less than three months have passed since the first Bitcoin futures contracts exchanges hands on a regulated US exchange, but one industry veteran says that his clients are already clamoring for more cryptocurrency derivatives. Bitcoin Futures the Beginning of a New Derivatives Class: Wedbush Securities Director Bob Fitzsimmons, who spent decades in the trading pits

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Slump Begone: What’s Next For Cryptocurrencies? Tokens & Purpose

I know most of you are worried about price and the recent slump in the overall market valuation. Personally speaking, that does not concern me one bit as I believe this price and volume downfall is just temporary. As I mentioned before the market is no-where near maturity as the basis technology – distributed ledgers

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FBI Publishes PSA About Tech Support Fraud Targeting Cryptocurrency Holders

FBI releases PSA about increasing frequency of tech support fraud, now targeting cryptocurrency investors.

The FBI’s Internet Crime Complaint Center (IC3) has published a public service announcement on March 28 warning about the prevalence of scammers posing as tech support for a variety of industries, including the cryptocurrency sector.

The announcement defines tech support fraud as a “criminal claiming to provide customer, security, or technical support in an effort to defraud unwitting individuals,” and references the increasing frequency of this type of fraud leading to criminals“pos[ing] as government agents, even offering to recover supposed losses related to tech support fraud schemes or to request financial assistance with ‘apprehending’ criminals.”

Tech support fraud, which can occur through the telephone, search engines, pop-ups, locked screens, and phishing emails, is now also being perpetrated through the new targets of virtual currency exchanges, according to the FBI’s PSA.

The section on the new variations and trends of this type of fraud notes that virtual currency fraud has led to “individual victim losses often in the thousands of dollars.” The scam is carried out by a criminal who pretends to be a virtual currency service’s support representative in order to gain access to a crypto holder’s wallet, then transferring all of the crypto out while the fake “maintenance” is taking place, only to “cease all communication” and disappear with the funds.

The FBI suggests that the public update their ad-blocking and anti-virus software, examine customer support numbers found on search engines more carefully, and “resist[s] the pressure to act quickly” in online tech situations, as “criminals create a sense of urgency to produce fear and lure the victim into immediate action.”

Victims of any tech support fraud scams are asked to immediately report the incidents in as much detail as possible to the IC3.

In January of this year, the IC3 warned the public about a different new method of cryptocurrency extortion – false death threats to individuals that requested crypto and fiat ransoms to spare their lives.

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Japan: Operator Of GMO Exchange Promises To Improve Data Security After Regulator Order

Japanese crypto exchange operator creates new group to advise on increased security protection measures for customers’ data

GMO Internet, the operator of Japanese crypto exchange GMO Coin, has announced the establishment of a “Group Information Security Audit Office” in order to develop stronger security measures to protect customer information, according to a March 30 press release.

GMO Coin was one of the crypto exchanges that was sent a business improvement order by Japan’s Financial Services Agency (FSA) after a series of on-site inspections prompted by the January hack of crypto exchange Coincheck.

GMO Internet’s new group, run by “knowledgeable security expert” Takeshi Miyazaki, will include an external advisor on security as well. The establishment of this group aims to “protect important customer information from increasingly sophisticated cyber-attacks by our highly secured countermeasures and pursue to improve group information security literacy and foster security personnel.”

A little over a week ago, on March 22, GMO Coin posted on their website that they had submitted their FSA-requested business improvement plan to the Kanto Local Finance Bureau.

GMO Coin added that they “sincerely apologize for the inconvenience and worry that our customers and stakeholders have incurred”, adding that:

“We deeply reflect on taking this administrative punishment seriously [...] and steadily improve the system risk management system by implementing [an] improvemen[t] plan, so that we can offer service[s] [so] that customers can feel secure and safe.”

GMO Internet is also involved in crypto mining, having announced in September of last year that they planned on cornering 6 percent of the Bitcoin (BTC) mining market in 2018.

In the wake of the stricter regulatory supervision in Japan, two crypto exchanges decided to shut down earlier this week rather than work with regulators for compliance. Crypto exchange Binance has also taken its services away from Japan, announcing a new office in Malta, after receiving a warning from the FSA about the exchange’s unregistered status.

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Opinion: Bitcoin’s Biggest Problem Isn’t Child Porn, It’s GDPR

This week, a barrage of articles came out proclaiming bitcoin’s demise. They had titles like “Bitcoin Could Become Illegal Almost Everywhere, After Shocking Discovery in The Blockchain“, “Bitcoin’s (BTC) Story May Have Come To An End” and even “Child Abuse Content on Bitcoin Blockchain: Can Node Operators Be Prosecuted?“. The basic premise of these articles is

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Crypto Markets Experience Slight Uptick After Week Of Lows

Bitcoin and Ethereum have climbed back over $7,000 and $400 respectively, all top ten coins in the green after a week of falling prices.

The crypto markets are seeing a slight upward trend Saturday, March 31, after hitting monthly lows this week, according to data from Coin360.

Bitcoin (BTC) is above $7,000 again, trading for around $7,140 and up over 2 percent over a 24 hour period to press time. BTC saw a 24 hr low today of $6,623, and is currently trading 8 percent higher.

Ethereum (ETH) is also in the green, up almost 3 percent over a 24 hour period and trading at around $406 by press time, up from a 24-hour low of $371. 

All of the top ten coins listed on CoinMarketCap are showing positive gains, with Stellar (XLM) showing the most growth, over 13.5 percent on the day, trading at an average of $0.21 at press time. Of the top ten, Neo is showing the least growth on the day, still green, but up only 0.16 percent over a 24-hour period.

This week’s market slump has been attributed to Twitter’s announcement of a crypto-ad ban, as well as MailChimp’s apparent closure of crypto-related accounts.

However, the week has also seen some wins for crypto adoption – possibly causing the slight market gains today – as South Korean capital Seoul has announced plans to launch its own cryptocurrency and thus create a friendlier environment for crypto and Blockchain innovation.

Poland, a country that made the news last month when it was uncovered that its central bank was secretly funding anti-crypto ads, is also now opening up towards crypto tech adoption, with one of Poland’s largest banks planning to implement a Blockchain storage system.

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IBM Evolution: Big Blue Is Finally Getting Serious About Cryptocurrency

IBM is breaking from enterprise blockchain norms by publicly working with cryptocurrencies in a wide range of projects.

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Nigeria’s Central Bank Warns Against Cryptocurrency Investments, Again

Nigeria as a nation is popular for its peculiarity on how to interpret events, developments and innovations, especially when it has to do with technological disruptions. Often times, this popularity happens for the very wrong reasons, but in the long run, the dust usually settles and ideas take off with the correct solutions that they

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Company Enables Artists to Sell Unlimited Concert Tickets by Using Blockchain-Powered VR

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The company allows artists to sell unlimited ‘virtual’ tickets for fans to view the concert through a headset, removing the lost potential revenue on tickets available to be sold.

Millions of tickets are sold yearly for musiс fans to see artists of all calibers, from small venues to large arena concerts. However it is not physically possible for every fan to be able to see their favorite artist; the more popular they are, the more people miss out, as venues quickly reach capacity. Yet virtual reality company CEEK are looking to change this and tackle the issue of demand outstripping supply in live music.

Viewing the concert through a headset

According to CEEK, by allowing artists to sell unlimited ‘virtual’ tickets for fans to view the concert through a headset, the company have removed the upper limit (and therefore lost potential revenue) on tickets available to be sold. They are already available to purchase at retailers such as Amazon (and recently sold out at US retailer Best Buy), and simply connect to the user’s smartphone to allow for streaming. Since CEEK have partnered with Universal and Apple, music fans can enjoy concerts from an impressive lineup of artists who typically sell out, including Katy Perry, Lady Gaga and U2. In addition, they have partnered with T-Mobile to enable customers to use VR data-free; a seemingly small detail that will actually make a real beneficial difference for customers.

Celebrity Coin Mint

A unique and defining feature of CEEK is the ‘Celebrity Coin Mint,’ which allows artists to create unique custom virtual coins for fans, in order to purchase virtual merchandise or take part in VIP events. Artists can create these custom coins ‘within minutes’ on the CEEK platform without having to have an ICO. As each of these coins have a linked Ethereum address, the CEEK tokens act like a cryptocurrency and allow fans to possess bespoke items that will increase in value over time. Fans can also use CEEK tokens to vote for concert content. Established partners and other ticket sellers could also accept CEEK tokens as a payment method for gig tickets, allowing these tickets to be traded within CEEK and further increasing demand. The company claims, as unique minted tokens are created, demand for the service will increase, as it is not a feature offered by other crypto. Thus it is an area of potentially unlimited revenue for artists of any level of popularity.

CEEK are also decimalizing rights clearances which will allow creators to use the licensed music worldwide, further boosting revenues and simplifying the overall process.

When it comes to security, the Ethereum Blockchain provides consumers with confidence that their transactions are secure and transparent. According to the company, those using the CEEK Blockchain can maintain or trade their digital assets for a much lower price than on other platforms. The souvenir merchandise purchased by fans using CEEK have both physical and digital assets cryptographically authenticated, eliminating the risk of counterfeit goods. CEEK declare that ‘we are actually using Blockchain in the way it was intended,’ by driving this decentralized sales process and increasing efficiencies.

Future Plans and Token sale

With a formidable team at the helm (CEO Mary Spio has previously founded media platforms with clients including XBOX and Coca-Cola), CEEK’s white paper sets out ambitious plans for the future, including having their VR in use by 100 mln devices by the end of 2018. They are continuing to expand and build upon their existing infrastructure to support the Blockchain ecosystem. Their public token sale begins on April 15th. Further into 2018, they plan to enable live VR streaming of music festivals, and the introduction of a Smart Wallet system.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Everything You Were Afraid to Ask About Crypto Taxes

There's a lot of information to process, but ignoring it can be hazardous. The IRS is going to come after investors who are not reporting their gains.

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Bank of England to Test Blockchain Tech in Domestic Payments System

The Bank of England is beginning its Proof of Concept (PoC) to examine its potential in RTGS functionality with decentralized blockchain technology. Providing a resilient, strong, innovative system for the UK in mind, the PoC serves as a response to changes within the fintech industry. The Bank looks to protect financial stability along with embracing

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(+) Planning For The Crypto Price Recovery

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An Inside Look At China’s Government Controlled Cryptocurrency Project

China, a country that has exerted more control over cryptocurrency than most, continues to move forward in its efforts to introduce a government-controlled cryptocurrency. A group of Shanghai reporters recently got a chance to learn about this secretive project during the Global Blockchain Summit Forum, sina.com.cn reported. The visit shed light on the extent of

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Thought – The World’s First Mineable Public AI Blockchain Is More Than Just a Regular ICO Project

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

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GIFcoin: Gambling Investment Fund – an ERC-20 Token Supported by a Real, Money-Generating Business

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

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South Korea: Insurance Company Denies Hacked Crypto Exchange’s Damages Claim

The twice-hacked Bitcoin exchange Youbit has reported that their insurance claim for $2.8 mln has been denied

Yapian Corp., the operator of twice-hacked crypto exchange Youbit, has been denied their insurance claim of $2.8 mln for last December’s hack of an alleged 17 percent of their assets, the Wall Street Journal reported March 29.

The mid-December security breach of South Korean Bitcoin (BTC) exchange Youbit led the company to file for bankruptcy, with 75 percent of customers’ holdings available for withdrawal and the rest on hold until the end of the bankruptcy proceedings. The hack has been attributed to North Korean hackers, along with several other hacks of South Korean crypto exchanges. Youbit, which formerly went by the name Yapizon, was also hacked in April of last year.

A Yapian press release from March 28 says that DB Insurance, Yapian’s insurance provider, denied the payout due to what they cited as a failure on Youbit’s behalf to disclose pertinent information before purchasing the insurance policy, which Youbit sees as an excuse to not honor the policy.

The insurance policy was filed on Dec. 1, only a few weeks before the mid-December hack, covering up to $2.8 mln in damages at an annual premium of around $244,000.

The press release states that “cyber ​​comprehensive insurance” covers eight risks including; “data loss or theft, information maintenance violation liability, personal information infringement damage, cyber threat, and network security liability” Youbit’s insurance policy covered five out of these eight including; “information maintenance violation liability, personal information infringement damage, and network security liability.”

DB Insurance confirmed that they denied Yapian’s insurance claim in early February, but has not publicly stated a reason for the denial. WSJ notes that Yapian in currently being acquired by crypto wallet Coinbin.

Cryptocurrencies are a popular form of investment in South Korea. As previously reported by Cointelegraph, nearly a quarter of South Koreans in their 20s are “eager to invest in crypto”.

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Not Everyone’s a Fan of the CFTC Chairman aka ‘Cryptodad’

As commodities regulators go, few have managed to attain the cult following that US Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has assembled in recent weeks. However, the markets supervisor — nicknamed “cryptodad” by cryptocurrency enthusiasts — is finding that this newfound fame does not come without its drawbacks. As CCN reported, Giancarlo

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Report: Kazakhstan's Central Bank Wants to Ban Cryptocurrencies

The chairman of the National Bank of Kazakhstan told Sputnik News it is seeking an all-encompassing ban on cryptocurrency exchanges and mining.

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BitPay Merchants Can Now Accept Bitcoin Cash Payments

BitPay merchants can now accept a second cryptocurrency in addition to Bitcoin — its offshoot Bitcoin Cash. The Atlanta-based company made the announcement in a Wednesday blog post, marking the first time in the company’s history that it has processed altcoin payments. BitPay — which has processed Bitcoin payments since its founding in 2011 —

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Crypto Start-Up Allows Businesses To Buy Ad Space Using Ether, Pixel By Pixel

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A start-up wants to create a rich patchwork of brands, products and personalities in an image that is seen by millions of people.

A new project is aiming to create a “billion-dollar picture” by launching a cryptocurrency-powered advertising space that is open to everyone.

CryptoPicture is a 1,000 pixel by 1,000 pixel image where businesses and individuals can purchase a block to publicize themselves – personalizing it with a logo and a link to their website. Over time, the company aims to amass a rich patchwork of brands, products and personalities.

The start-up has bold plans to give each advertiser “huge exposure” and international reach through an array of platforms, with the ultimate goal of making the picture visible to millions of prospective customers.

How pricing works

Advertising space in the CryptoPicture can be purchased using Ether, with the cost per unoccupied pixel rising incrementally as more and more of them get filled. As such, those who buy a block early are likely to get the most reasonable rates.

However, there is no plan that the space will belong to a company forever. At any time, a block that is already occupied can be purchased by someone else without the owner’s prior consent. The new buyer would need to pay three times the price per pixel set by the current occupant, with 95 percent of the proceeds going back to the people who have just lost the space. The remaining 5 percent is treated as a transaction fee and collected when the smart contract is completed.

According to CryptoPicture, this mechanism is a form of self-regulation that will ensure the image stays “healthy” and fresh – regularly giving something new to those who view it. When the image is completely full, it means major corporations would be able to snap up the most prominent spaces with ease.

The company believes that tech-savvy companies – especially those in the Blockchain and cryptocurrency sectors – will likely be early adopters of CryptoPicture, with the image initially being given a prominent showing in the crypto community. However, over time, the start-up hopes to pivot to the public at large – incentivizing major consumer brands to advertise in the process.

Getting CryptoPicture “literally everywhere”

CryptoPicture was founded by Victor Sazhin – an inventor with a track record of creating web products which have made the Alexa Top 1000. As well as being behind Free Download Manager, a popular open-source application for Windows PCs, he created the Photo Lab app for smartphones.

Photo Lab has more than 10 mln users every month, and Sazhin plans to “heavily feature” his latest venture through special effects on the app. As a result, the company says “users who edit their photos with those templates inside Photo Lab will promote CryptoPicture themselves.”

The plans for promotion do not end here – with CryptoPicture hoping to end up on billboards, be featured in art museums, and maybe even be painted on to F1 cars in the future.

CryptoPicture argues that such ambition means that even corporations who spend millions of dollars’ worth of Ether on advertising space could get exposure which represents value for money compared with a conventional campaign.

Pixels go on sale

CryptoPicture’s presale has now been completed and gathered $3 mln, according to the company. Advertisers who have already taken out space include Freewallet, HitBTC, Informer.com and BlockShow. Pixels are now available for anyone to buy.

The company says it is willing to welcome many forms of advertising – from artwork to initial coin offerings. However, in time, it hopes to ensure that inappropriate content featuring violence, bad language or pornographic material is regulated by giving voting rights to block owners. The amount of influence that an advertiser has would be tied to the amount of pixels they own in the image.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Seoul Mayor Aims To Launch Capital’s Own Crypto, Establish Better Environment For Blockchain Startups

Seoul intends to develop a better environment for Blockchain projects, create own cryptocurrency, according to mayor Park Won-soon.

Park Won-soon, the mayor of Seoul, has declared his intentions to launch South Korean capital’s own cryptocurrency and create a better environment for the development of Blockchain and digital currency projects in the city, the news outlet Hankyoreh reported March 30, referencing an interview with Coindesk Korea.

Park made a public announcement on March 22, stating that he would pursue the creation of Blockchain-oriented industrial clusters and startups and work towards the development of Seoul’s own cryptocurrency ‘S coin.’ To achieve this goal, he will reportedly help prepare the necessary institutional and legal foundations:

"As Seoul is the world's leading city in the field of information and communications, including the 4th industrial revolution, I think it should naturally study new technologies such as blockchains. … In order to make an S coin, we must prepare institutional and legal backing such as ordinances," the mayor said.

Following Estonia’s lead in its Blockchain-based project to help transition the country’s society into a digital environment, Park addressed the potential use of the technology in all administrative functions of Seoul, such as public transportation and electricity, water and gas infrastructure management.

The Hankyoreh reported that Seoul’s Blockchain initiatives are expected to be introduced in April this year.

Finally, Park commented on the Korean government’s strict policies in regards to cryptocurrency, suggesting the possibility of a more free regulatory environment in the future:

"The last time the Ministry of Justice announced regulatory measures, it was a tremendous resistance, and the government seemed to think deeply about it. First, it is the local government's task to create cases and models. If the Seoul government releases certain regulations, it will be able to make the model more freely."

In November 2017, the Seoul Metropolitan Government announced its collaboration with Samsung SDS to develop an information strategy plan for the Seoul city’s Blockchain-based municipal innovation by 2022, targeting welfare, public safety and transportation. The project is also aimed at increasing transparency for government services.

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, March 30

Technical analysis on top 9 cryptocurrencies.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The total market capitalization of the cryptocurrency industry reached $832 bln on January 07 this year, along with the talks of how it would reach $1 trln in 2018.

Fast forward three months and the market cap is down to $255 bln, a fall of about 68 percent from the achieved highs. Some analysts believe that the selling might intensify by mid-April as many will be forced to raise money to pay taxes on the gains they earned in 2017.

Analysts attribute the fall to tightening regulatory concerns around the globe and the ban on cryptocurrency-related ads by the various social media platforms.

Currently, the sentiment is negative, and it might send cryptocurrencies prices lower.

Much has been written about the dreaded “death cross” on Bitcoin, when the 50-day moving average will cross below the 200-day moving average. However, it is such a widely watched event that it might work as a contrary indicator. After all, traders who had purchased after the last death cross in September 2015 around the $230 mark smiled away to their banks as the price rose to $500 by November of the same year.

We are not suggesting to buy right away, but we believe that a bottom should be around the corner. Let’s watch the critical levels on the top cryptocurrencies.

BTC/USD

Bitcoin has broken below our stop loss of $7,600, and our position initiated at $8,800 has been closed. We had suggested long positions because we anticipated a pullback once the digital currency broke out of the descending channel, but we were wrong.

The bears strongly defended the 20-day EMA and pushed prices back into the descending channel once again.

There is a minor support at $7,000 below which the BTC/USD pair will retest the February 06 lows of $6,075.04.

However, traders should keep an eye on the relative strength index (RSI), which is entering the oversold territory. Previous declines to the oversold zone have turned out to be a good buying opportunity. Over the next couple of days, if we get a panic dip towards $6,000 or below that to $5,450.86, it might turn out to be a good place to buy for the long-term.

Investors should watch for prices to stabilize for about four hours and then purchase about 25 percent of the desired allocation. Panic dips, after a prolonged downtrend, should be used to invest. We expect the $5,000 to $6,000 zone to offer a strong support.

ETH/USD

Ethereum continues to be under pressure. The bulls have failed to even pull back to the 20-day EMA since March 05, which shows complete dominance by the bears. This has resulted in the RSI plunging deep into the oversold territory.

The ETH/USD pair is currently at the strong support zone of $355 to $385. If this support breaks, the next support zone is between $275 and $300.

As the RSI is oversold, we expect a relief rally that can reach the downtrend line. Once above this, a move to the 20-day EMA is possible.

We should watch for a couple of days before suggesting any long-term positions.

BCH/USD

Bitcoin Cash broke below the February 06 lows of $778.2021 on March 29. The next support is way lower at the $558 to $600. This level coincides with the support line of the descending channel and the horizontal support. We might see a relief rally from this strong support zone.

The RSI in the oversold zone also supports the possibility of a pullback, however, the BCH/USD pair will face selling at the 20-day EMA, which is right at the resistance line of the descending channel.

We recommend waiting for the virtual currency to stop falling before suggesting any trades.       

XRP/USD

Our stop loss in Ripple was hit when the price fell below $0.52 levels on March 29. We had expected the $0.56270 levels to hold, but we were wrong.

The next major support level on the XRP/USD pair is way lower at $0.22. The lower target levels will be invalidated if the bulls quickly push prices above $0.57 levels. Until then, all pullbacks will be sold into.

We recommend a buy when we find a particular level holding for a couple of days.

XLM/USD

Stellar has broken below the immediate support of $0.20. It is currently trying to take support on the downtrend line.

If this support breaks, the XLM/USD pair can slide to $0.16 and below that to $0.11 levels. Here, the RSI is showing a positive divergence, but we need to wait for the price to turn up before putting any long position on it.

LTC/USD

Litecoin could not hold the trendline of the symmetrical triangle. It, now, has support at the February 02 lows of $107.102.

If that level also breaks, the LTC/USD pair can slide to $84.708. The RSI is in the oversold zone. We can expect a relief rally soon, but we don’t find any buy setup now, hence, we do not recommend any trading position.

ADA/BTC

While most top cryptocurrencies have continued to break down of critical support levels, Cardano has held its own.

We expect the ADA/BTC pair to remain within the range of 0.00001690 and 0.00002460 for the next few days.

We suggest a buy position once prices close above 0.00002460 levels.

NEO/USD

NEO is trading at the critical levels of $49.04, which is the March 18 lows. If it breaks, there is no major support until the price reaches $31.15 levels.

If the support holds, there can be a possibility of a double bottom formation. Our bearish view on the NEO/USD pair will be invalidated if the prices sustain above $65 levels.    

EOS/USD

EOS continues to exhibit strength. Prices are trading close to the 20-day EMA. If the sentiment improves across the sector, we expect the virtual currency to break out of the resistance line of the descending channel.

On the downside, $5.1801 is a strong support, below which a retest of the $4 levels might take place.

We retain the buy recommendation on the EOS/USD pair at $7.5, for a target objective of $11. The initial stop loss can be placed at $5.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Nvidia’s Huang: Cryptocurrencies Here to Stay, Will Be an ‘Important Driver for GPUs’

Nvidia has never been overly transparent about the impact of bitcoin mining on its business, but now we know the computing company expects to generate revenue from this market for years to come. Jensen Huang, Nvidia’s CEO, told CNBC that despite the recent downturn in bitcoin mining amid a BTC price that’s been under pressure, 

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Ethereum Developer Opens EIP to Discuss ‘Bricking’ Ethash ASIC Miners

An Ethereum developer has opened an Ethereum Improvement Proposal (EIP) to discuss whether the community should modify its Ethash mining algorithm to maintain ASIC resistance. EIP 958, posted on GitHub by Ethereum core developer Piper Merriam, formally proposes that improved ASIC resistance be implemented into the network’s instance of Ethash, a Proof-of-Work (PoW) consensus algorithm.

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Major Polish Bank To Implement Blockchain Document Storage System

Polish PKO Bank has partnered with Blockchain company Coinfirm to build a DLT-based tool for document storage and verification.

A Polish major bank PKO Bank Polski has recently announced their partnership with Blockchain company Coinfirm to provide a DLT-based storage and verification system for bank documents, TechCrunch reported on March 29.

The recently signed agreement aims to bring Blockchain technology to PKO’s banking system via the Trudatum tool developed by Coinfirm. The system will provide customers with a secure means to access documents containing information regarding regulations, transactions, fees, and commissions.

Anna Streżyńska, president of Polish fintech company MC2 Solutions, commented that banks have become more interested in using Blockchain for document management systems, as existing tools of informing customers do not meet security requirements. Methods such as emails or website notifications can be susceptible to modification and removal of data.

“The banking sector - supported in this by the Polish Bank Association or the National Clearing House - is therefore looking for technological ways to remedy the problem. And tests various solutions, including Blockchain technology. "

A Blockchain storage system could also provide savings on costs of operation for PKO, as it eliminates the need for expensive paper documentation for over 9 mln customers.

According to PKO Bank Vice President Adam Marciniak, the bank began testing Trudatum last year. Following successful testing, the bank signed an agreement to continue collaboration on the project .

“Last year we started tests of the Trudatum platform developed by Coinfirm. As tests in the banking environment were highly satisfying, we decided to cooperate more closely. We believe that together we will be able to carry out a pioneering operation of implementing Blockchain technology into the Polish banking sector.”

Earlier this week, Cointelegraph reported that the Bank of England has partnered with payment solutions developers to test Blockchain compatibility for its renewed gross payment system.

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Malta Gaming Authority Proposes Blockchain Gaming Guidelines, Testing Sandbox

The Malta Gaming Authority has proposed guidelines on cryptocurrencies and Blockchain applications by the gaming industry.

The Malta Gaming Authority (MGA) has recently issued a document with guidelines on Blockchain and cryptocurrency applications in the gaming industry, the regulatory organization announced March 29.

The @MaltaGamingAuth publishes a consultation document on a Sandbox Environment for Distributed Ledger Technology and Virtual Currencies. Read More: https://t.co/CNcMSoyKDC pic.twitter.com/dv5MffiuOb

— MaltaGamingAuthority (@MaltaGamingAuth) March 29, 2018

The public document called “Guidance on the use of Distributed Ledger Technology and the acceptance of Virtual Currencies through the implementation of a Sandbox Environment” aims to apply standards to games that use cryptocurrencies and Blockchain technology.

The authority aims to form a licensing system for game developers, specifically suggesting the establishment of standards for accepting crypto as a means of payment, use of digital currency wallets, deposits, and the calculation of exchange rates. 

MGA noted that it will accept games “that are hosted fully or partially on a Blockchain environment, provided that the operator shall ensure that the gaming service is not unduly disrupted by such operational setup.” Notably, the MGA will accept DLT verification in determining whether a game is provably fair and truly random; concepts which are especially important in electronic gambling.

MGA seeks to protect customers and the “reputation of Maltese jurisdiction”, and to support anti-money laundering (AML) measures in compliance with the EU 4th Anti-Money Laundering Directive. MGA is offering to test games adhering to the new cryptocurrency and Blockchain regulations in a specially engineered “sandbox” environment open to game developers. The gambling regulatory authority plans to provide a final version of the sandbox environment on April 30.

Yesterday Cointelegraph reported that mobile chat Kik App recently revealed plans to partner with video gaming company Unity Technologies in a move towards mainstream adoption of its Kin cryptocurrency by the gaming industry.

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OKEx to Roll Back ‘Irregular’ Futures Trades After Bitcoin Price Crashes Below $5,000

Cryptocurrency exchange giant OKEx is rolling back a series of Bitcoin futures transactions in response to an “irregular” sell-off that was localized to the trading platform. The Hong-Kong based exchange announced on Friday that it would reverse transactions that occurred this morning between 4:47 am and 6:30 am Hong Kong Time (HKT) when Bitcoin futures

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France and Germany: How Regulatory Traditions in Two Countries Could Affect EU Legislation

Key EU members have always had significant state presence in handling tech industries. How will their past policy experience translate into emerging Blockchain governance?

The first meeting of G20 finance ministers and central bank governors this year was anticipated by the crypto community after a series of separate words and deeds on regulation among the world’s biggest players. But no joint framework declarations followed the meeting. With the Financial Stability Board’s cautious statements casting chill over individual members’ enthusiasm to discuss crypto matters, all that came out of the summit was merely a bunch of baby steps in the anticipated direction. Now again, the community is left to do what it has been doing all along: interpreting subtle cues and contradictory signals that emanate from policymakers representing individual nation-states.

France, one of the vocal proponents of cryptocurrency regulation at the G20 level, has been a major hotbed for contradictory signals lately. In a recent about-face, French regulators unveiled a set of new initial coin offering (ICO) rules that look extremely lenient towards both entrepreneurs and investors. The development came across as utterly unexpected, especially given the fact that merely days before the announcement the same regulatory agency cracked down on 15 crypto-related websites for unlawfully marketing investment services.

Germany is another European powerhouse spotted proposing a unified approach to crypto regulation earlier this year. Much like its neighbor, Germany seems to be swinging its view, though in a less dramatic way. Having issued a series of warnings regarding the speculative character of cryptocurrency trading and ICO investments last November, German authorities now clarifying some of their stances and issuing promising winks.

As the European Union’s dominant powers, this duo will likely lead the way in crafting any potential bloc-wide standards for governing Blockchain and the wealth of its applications. Despite stark distinctions in the way their legal systems and regulatory regimes operate, in recent decades France and Germany have exhibited quite a few common patterns in handling new regulatory challenges brought about by the rise of internet industries.

From limiting online speech to protecting user data to levying taxes on tech giants, both have demonstrated a tremendous appetite for asserting their sovereignty over the online realm. Presuming that the spirit of broader internet governance is highly likely to carry over to Blockchain regulation, a closer look at the already established patterns is useful for envisioning what the imminent cryptocurrency related policies might look like.

Infrastructure & ISPs

One thing to remember about continental Europe is that historically the role of the state and centralized bureaucracy has been greater than those in common law-based Anglo-Saxon systems. The tradition of statutory law along with corporatist political culture prescribed not just an overall embrace, but expectation of an active regulatory involvement on behalf of the state in the most important spheres of domestic policy. Both states have certainly lived up to these expectations.

The French government has been directly managing communication networks since the very early stages of their mass expansion. The first network to connect vast numbers of French people was not the internet but rather the homegrown and highly centralized Minitel. Once the functional superiority of the global network became evident to the government, it took measures to boost internet adoption – again, via a state program. Content blocking requirements are embedded into the legislation, and it is internet service providers (ISPs) that are held liable for violations. ISPs do engage in some degree of self-regulation, but usually a governmental response precedes any self-imposed restrictions. Blocking is amply used to enforce copyright and prevent illicit activities such as unlicensed gambling or the distribution of content depicting child abuse.

A vastly different set of domestic rules and practices is in place in the German system, where the idea of “regulated self-regulation” took hold. At least in part, it emerged as an unintended consequence of German federalism: while the debate as to whether policing web content should be a prerogative of national or federal authorities dragged for years, ISPs were able to use this time to put together a working system of industry associations. A part of this system is a self-regulatory authority that partners directly with search engines. As a result, no direct blocking exists, since filtering of content happens on the stage of indexing. ISP’s are not held liable for illegal content that travels through their pipes. Communication industries command a powerful network of organized interests that is strongly opposed to censorship.

Online speech regulation

Both France and Germany have embraced a similarly aggressive stance in policing some forms of online expression. French law criminalizes racist and anti-Semitic speech both offline and online; each new government routinely puts forward a new comprehensive state program to fight hate in the public sphere. State officials’ faith in power of direct content regulation seems to be unfailing: for one, President Emmanuel Macron pledged in January to roll out an anti-fake news law by the end of 2018.   

The German legislative quest against hate speech culminated in the 2017 “Facebook law,” which imposed heavy penalties on social media platforms for failing to quickly remove illegal content from public view. Facebook and Twitter responded by fielding record numbers of German-speaking moderators in early 2018. The effects of these mutual accommodations are yet to be seen. Meanwhile, German law enforcement occasionally surprises particularly bad-mouthed folks with raids on their homes.   

Personal data

Another similarity between the two nations has been the degree of protection afforded to internet users’ personal data, as well as their willingness to enforce this protection vis-à-vis Facebook and Google. Germany’s competition-regulating authority has gone after Zuckerberg & Co, citing alleged abuse of their dominant position in the personal data market. France took issue with Facebook’s apparently shady practices of harvesting WhatsApp users’ data without consent.

A different privacy battle, now against Google, unfolded over the EU law granting users the “right to be forgotten” – a requirement for search engines to remove URLs containing irrelevant or outdated personal information upon individuals’ requests. A court in Munich issued an order demanding that Google’s URL takedown procedure be changed in a way that does not allow the purged links to resurface as easily as they do now. Meanwhile, France’s lawsuit against the search giant, seeking to extend the right to be forgotten to jurisdictions outside of the EU, will be heard by the EU Court of Justice after three years of litigation in the lower courts.  

Fiscal policies

GAFA is an acronym that EU policymakers often use to refer to global (essentially, American) tech giants with massive European presence. Even though it originally stands for Google, Apple, Facebook, and Amazon, the term has come to connote any platform of comparable stature, used mainly with regard to the need for holding them accountable. Taxation is one GAFA issue that European politicians have been hammering on throughout most of 2017 and early 2018. It is no secret that big tech companies have been ingenious in minimizing their tax obligations on their European profits for years, but now it appears that enough is enough for the EU.

Germany and France have already tackled the issue at home: both nations introduced taxes on video distributors like Youtube and Netflix, with proceeds flowing to support production of local content. French government now seeks to advance EU-wide rules whereby digital companies would be taxed on revenues rather than profits, a move that will presumably alleviate the practice of registering the profits in low-tax EU jurisdictions instead of where they were earned. A ruling coalition in the German parliament proposes a slightly different solution: a consolidated tax system proportionately allocating companies’ European profits according to the geographic location of their customers. Regardless of whichever approach ultimately prevails, there is little doubt that the days of GAFA’s European tax havens are numbered.

Takeaways

However peculiar and novel cryptocurrency regulation may seem, it does not emerge in a vacuum. Like any other sphere of governance, it bears the spirit and coloration of the wider system of legal control within which it operates. The story of Switzerland is canonic in this sense: it is hardly surprising that a country with traditionally little government presence and a tremendous record of accumulating and managing foreign wealth is emerging as a booming crypto hub.

As Marc P. Bernegger, Swiss crypto entrepreneur and Board Member of the Crypto Finance Group in Zug, put it in an interview for Cointelegraph:

“Switzerland has in general a very liberal approach and far less rules and regulation than other countries. With our direct democratic system the whole government is already decentralized, which seems to be one of the reasons for its crypto friendly behaviour. (…) Today literally every week there are several new blockchain companies moving to Crypto Nation Switzerland.”

However, a principle that seems so intuitive in the Swiss case is less frequently invoked with regard to France and Germany. As common wisdom situates them both in the line of “progressive” liberal nations, many in the crypto community anticipate some latitude to be afforded by these governments. Yet, the ways in which French and German authorities have been handling tech industries suggests that we should be modest in our expectations.

Both states clearly have a penchant for regulation. Regardless of whether it is a direct legislative control in the French style or a more “distributed” regulatory system akin to the German one that is employed for domestic use, on the outer flank European nation-states are equally protective of their sovereign realms. In the face of global forces tapping into their jurisdictions, both Germany and France prefer to act aggressively, whether it has to do with protecting citizens’ personal data or levying taxes on digital platforms. Security concerns over financing hate groups or terrorist activities could potentially yield restrictive outcomes, too. All in all, even when the signals that come from the European powerhouses are positive, Blockchain entrepreneurs should not be quick to celebrate: there might still be strings attached.

On the bright side, state involvement in defining the rules of the game is not necessarily a dreadful thing. Since this is not a zero-sum situation, a meaningful dialogue between policymakers and organized industry interests may give rise to arrangements that make sense to all. At least in Germany, such a dialogue seems to be taking place. According to Blockchain Bundesverband, an advocacy group that advances the interests of the German crypto community, the government has begun to address Blockchain regulation in earnest. Dr. Nina Siedler, who is leading the organization’s Token/Finance working group, sounded optimistic on the matter:

“The community wants fair rules, a level field for everyone. Most of the issues are covered by the existing laws, but the problem is that some of the rules are not very specific. The government’s presence in this process is not obtrusive, they don’t want to overregulate. They clearly want to give this rising economy a chance.”

Dr. Siedler also suggested that some of the “grey zones” in Blockchain governance might well be addressed by a coordinated self-regulatory effort. She mentioned that a Europe-wide initiative is currently underway to formulate a Blockchain entrepreneur’s code of conduct, a set of best practices that will delineate the foundational tenets of the industry’s self-governance. This development offers some hope with regard to the future of European crypto regulation. As the case of the German ISPs illustrates, putting up organized interests early in the process of exploring uncharted policy area has a potential to put the whole industry in an advantageous position down the line.

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MailChimp Bans Cryptocurrency Ads Following Twitter, Facebook and Google Curbs

MailChimp has joined social media giants Twitter, Facebook, and Google in banning cryptocurrency advertising, citing the need to prevent “scams, fraud, phishing, and potentially misleading business practices” on its email distribution platform. MailChimp made the announcement on its website March 29, where it said: “We cannot allow businesses involved in any aspect of the sale,

The post MailChimp Bans Cryptocurrency Ads Following Twitter, Facebook and Google Curbs appeared first on CCN

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Chile's State-Owned Bank Cutting Ties with Crypto Exchanges

Chile's public bank will terminate the accounts of three cryptocurrency exchange clients within 10 days, according to a local news report.

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AirAsia Planning Cryptocurrency-Based Rewards Program

The Malaysian discount airline plans to use its proprietary BigCoin token to facilitate transactions and act as a frequent-flyer rewards program.

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Cisco Imagines Group Chats on a Blockchain in Patent Filing

A Cisco patent application describes how a blockchain could let people form groups on the fly to share files and other data while tracking membership.

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How New EU Privacy Laws Will Impact Blockchain: Expert Take

New European data protection regulation is hardly compatible with Blockchain

In our Expert Takes, opinion leaders from inside and outside the crypto industry express their views, share their experience and give professional advice. Expert Takes cover everything from Blockchain technology and ICO funding to taxation, regulation, and cryptocurrency adoption by different sectors of the economy.

If you would like to contribute an Expert Take, please email your ideas and CV to george@cointelegraph.com.

EU privacy laws are set to undergo their biggest overhaul since being created in 1995. The new framework, entitled the General Data Protection Regulation (GDPR), comes into effect on May 25, 2018 and will drastically change how organizations handle the personal data they collect and use. The GDPR aims to harmonize data privacy laws throughout the EU and give individuals better control over their personal data.

Under the GDPR, all organizations that store personal data of EU citizens or residents, including Blockchain projects, will be required to follow stringent data privacy rules. Failure to do so will result in fines based on the severity of the breach, the character of the infringement, and the organization’s compliance protocol. The most egregious offenders will face hefty fines up to 20 mln euro or four percent of their annual revenue, whichever is higher.

To avoid risking fines, all organizations handling the personal data of EU citizens or residents must take active steps to ensure compliance, not only those physically located in the EU. Because the GDPR applies to any online service that is accessed by EU citizens or residents, the regulations are likely to capture the vast majority of Blockchain projects regardless of where their operations are based.  

Whether the EU can enforce these regulations on organizations located outside of the EU remains an open question. For example, how will the EU pursue a call center database in Bangladesh or a Blockchain project operating across thousands of nodes all over the world? Regardless, organizations with an EU presence should immediately begin implementing the GDPR framework, which includes complying with dozens of new protocols, including:

• clearly stating their data privacy policies
• obtaining express consent from individuals prior to collecting personal data
• allowing individuals to easily withdraw their consent at any time
• properly securing data
• ensuring that data transfers out of the EU meet strict standards
• allowing individuals to revise or delete their personal data

Can Blockchain function within the GDPR Framework?

Unfortunately, many of the assumptions underpinning the GDPR are in conflict with Blockchain’s core technology. A Blockchain is an immutable database that is stored, maintained and controlled by a decentralized network. This contrasts with traditional databases, which are controlled by a central party like Facebook, Google or Amazon Web Services. While the GDPR is intended to be technology agnostic, it was drafted with the assumption that personal data would be stored with traditional centralized parties who could easily manage the data in accordance with the GDPR framework. But when it comes to Blockchain, it is unclear how decentralized networks across the globe will be able to implement all of the GDPR standards.

For example, the GDPR and Blockchain are clearly not compatible with respect to the GDPR’s requirement that individuals be given the ability to revise or delete their personal data. Blockchains are immutable and generally cannot be changed once a block is created. How can data revision and immutability be reconciled? David Fragale, co-founder at Atonomi, highlights the contradiction:

“GDPR presents an opportunity for EU citizens to exercise control over their personal data. From a Blockchain perspective, this aligns well with the community’s ethos of moving away from central authorities. However, technologically, this conflicts with Blockchain’s immutable ledger and decentralized data storage architecture.”

Shane Brett, CEO of GECKO Governance agrees that there is a conflict, but reminds of a possible space for interpretation and different national approaches within the EU:

“GDPR is intended to give the individual control over their personal data and how it is used by third parties, with one of the key components of the legislation being the right to be forgotten/data erasure. This, however, is somewhat in conflict with Blockchain technology, which is mooted as being an immutable ledger that cannot be deleted. In essence, you cannot delete data off a Blockchain once written, as this would break the chain.

It should be noted, however, that GDPR does not define exactly what erasure is intended to mean. As such, the interpretation of this will be left to the host of the data, or may be clarified further in legislation transposed in each EU Member State.”

One possibility being explored is the concept of off-chain storage for personal data. This split in data architecture allows personal data to be referenced in a Blockchain but not seen or accessed without access to the off-chain database, explains Serafin Lion Engel of Datawallet, generally looking on GDPR with optimism:

“An interesting solution to the problem is a dual data handling architecture, where contractual elements of a transaction happen on-chain via smart contracts and the actual data transfer happens off-chain. This also solves scalability issues we're facing with Blockchain technology in its current state.

I think GDPR is a great step towards the future of a data empowered user, specifically by requiring companies to allow users to download it and move it to other platforms, or even delete it entirely and there are definitely companies, like Datawallet looking to ensure this necessary regulation and exciting technology don't need to be mutually exclusive.”

While this approach allows organizations to revise or delete personal data, and therefore comply with the GDPR framework, it raises a host of other concerns. Namely, how do individuals trust that the off-chain database is managed properly? How easily can personal data be accessed off-chain and still facilitate on-chain transactions? And of course, as we’ve learned with all centralized databases, how will they defend themselves from attack?

According to Rob Viglione, Co-Founder and team lead at ZenCash, compliance with GDPR is a major concern for identity management firms exploring Blockchain solutions:

“We are working with several companies that want to bring digital identity protocols to Blockchain but nobody has solved the GDPR compliance issue yet. The EU framework is hard to apply to Blockchain technology and is definitely causing these projects concern.”   

Unfortunately, many of these concerns are further complicated by Blockchain’s node architecture. The GDPR is designed so that organizations will store the personal data of EU citizens and residents within the EU and not across thousands of decentralized nodes throughout the globe. Moreover, the GDPR assumes a world in which corporate leaders are responsible for implementing regulatory standards.

But Blockchain projects are often managed by a loose collaboration of developers and entrepreneurs located throughout the world. Some are even governed by decentralized autonomous organizations (DAO). These novel governance systems don’t work in the way EU regulators contemplated. Who within a Blockchain project can ensure that each node complies with the GDPR standards for privacy? Who can the GDPR regulators approach to audit compliance? Who can they punish for noncompliance? These are all issues EU regulators and Blockchain projects need to grapple with over the coming months and the task will be Herculean.

The views and interpretations in this article are those of the author and do not necessarily represent the views of Cointelegraph.

Dean Steinbeck a US corporate lawyer with a focus on data privacy and technology. He is General Counsel for TigerConnect, a clinical communication platform serving over 4,000 US healthcare organizations.

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Riot Blockchain Acquires Futures Brokerage After Crypto Pivot

Riot Blockchain announced it would "investigate" creating a crypto exchange and futures product after acquiring a registered brokerage.

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Does the IRS Get a Cut of Bitcoin Cash?

The tax treatment of hard forks in the U.S. is uncertain and the IRS should issue guidance addressing such issues, says a legal expert.

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Sell-Off Over? Bitcoin's Price May Be Nearing Bottom

Bitcoin prices dropped to a 50-day low of $6,630 today, but a bottom may be in sight, chart analysis suggests.

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XchangeRate.io Uses AI to Take Crypto Trading to a New Level, with Working Prototype, Pre-ICO under Way

This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Cryptocurrency offers new opportunities in many areas of business, but a host of issues make it difficult for new investors to join the crypto economy. Cryptocurrencies remain highly volatile … Continued

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When Did Bitcoin Become a Byword for Capitalism? It’s Time to Use It for Good Causes

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. The article is penned by Alex Howard, co-founder of Giftcoin. In little more than six months, Bitcoin has gone from relative obscurity to front-page news across the world.

The post When Did Bitcoin Become a Byword for Capitalism? It’s Time to Use It for Good Causes appeared first on CCN

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Audi Is Exploring Blockchain For Its Distributional Network

Experts at Audi are exploring a Blockchain solution to improve the company’s physical and financial distribution processes.

German Ingolstadt-based car manufacturer Audi is testing Blockchain technology for its physical and financial distribution processing, Cointelegraph auf Deutsch reported today, March 30. With its new solution, Audi aims to increase the security and transparency in its global supply chains.

The car manufacturer released a Proof-of-Concept (PoC) of its Blockchain system last year, after successfully testing the technology based on IBM’s Hyperledger Fabric. Due to positive feedback, Audi’s management decided to advance the project beyond the PoC stage.

The research team comprised of representatives from various organizational units such as finance, production, logistics and IT are currently exploring the representation and documentation of international logistic processes, including financial settlement.

Furthermore, the team is exploring various use cases for Blockchain to improve the safety of data transfers, effectiveness of supply chains, management of local energy grids and for the management of digital entities.

Alexander Dietmeier, Head of Group Treasury at Audi AD, stated in an interview with Die Produktion that Blockchain has potential to change various operating principles within industrial companies and opens up new possibilities. Dietmeier also stressed that he believes it likely that Audi will be offering cryptocurrencies as a payment method in the near future.

Other German car manufacturers such as BMW, Mercedes and Porsche have recently hit the headlines with announcements of their own experiments with Blockchain technology.

Mercedes Benz, a subsidiary of the automotive group Daimler AG, is issuing its own cryptocurrency MobiCoin to reward drivers for environmentally cautious driving. Carmaker Porsche is exploring the utilization of blockchain apps in its vehicles in cooperation with the Berlin-based startup XAIN.

BMW is reportedly planning to expand its portfolio by partnering with a Blockchain startup and jointly developing a system for ethical sourcing of cobalt for its products.

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