Venezuela’s president Nicolas Maduro has authorized all savings banks in the country to mine and use the recently launched national cryptocurrency, the petro. Union leaders are outraged by the suggestion, calling the petro a scam, accusing Maduro of abusing his power, and declaring the idea unconstitutional. Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten Savings Banks Asked to Mine & Use Petro Maduro has “authorized all savings banks in the country to join the cryptocurrency production system and acquire the petro to contribute the benefits to their workers,” according to the government’s website. He explained that: The proposal came after several meetings held byRead More →

Secured Automated Lending Technology (SALT) has an enviable problem if its recent Medium post is to be believed. The membership-based crypto-as-collateral loan platform has declared “a demand of over $1.3b in loan requests” is forcing it to suspend “new membership registrations, loan requests, and purchases of SALT.” Also read: How To Regain Control From Nanny Zuck SALT Comes to a Halt Colorado-based SALT has only been around since late 2017, but during that time it claims to have issued “over $23m in blockchain-backed loans.” If that wasn’t enough, “there is still a demand of over $1.3b in loan requests that we are diligently working to address,”Read More →

Autorité des marchés financiers (AMF), the independent regulatory body governing France’s stock market, issued two statements today, one on initial coin offerings (ICOs) and another on the prospect of bitcoin derivatives. Both point to more oversight to come for crypto in France, including everything from formal authorizations to a ban on advertisements.   Also read: How To Regain Control From Nanny Zuck France Cracks Down on Bitcoin Derivatives AMF, France’s markets regulator, insists bitcoin derivatives are subject to the European Union’s Markets in Financial Instruments Directive (MiFID II) which trigger all manner of new rules and authorizations. In its 22 February published missive, “The AMF considersRead More →

Venezuela’s president Nicolas Maduro has ordered the country’s consular services, as well as several other services and gas stations, to accept any cryptocurrency including the nation’s own petro. In addition, he has announced the launch of another cryptocurrency, this time backed with gold. Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten Maduro’s Orders Maduro has ordered various government services to accept any cryptocurrency including the petro, Venezuela’s oil-backed currency which began its private pre-sale on February 20. This announcement was broadcasted nationwide from the Miraflores Palace and also reported on the website of the Superintendency of Cryptocurrencies. The president said: I order the paymentRead More →

Venezuela has announced that the pre-sale of its oil-backed cryptocurrency, the petro, has attracted $735 million on the first day. The government has also published a buyer’s manual and confirmed that buyers can use “hard currencies and cryptocurrencies, but not bolivars.” Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten Petro Pre-Sale Starts The private pre-sale of Venezuela’s oil-backed cryptocurrency, the petro, was scheduled for February 20 at 8:30 am (Venezuela time 04:00 UTC), according to the petro’s whitepaper. However, at midnight local time on February 20, the government announced that the petro pre-sale had started and published a buyer’s manual as well as anRead More →

Gun control? Russia? Health care? Members of the US House of Representatives and Senate in both parties tend to differ, and often vehemently. Similar to issues of national security and war, however, it appears cryptocurrency regulation is decidedly less divisive. Both traditionally pro-market Republicans and open-minded Democrats are producing bipartisan rhetoric in support of federal legislation to tame the crypto revolution.   Also read: Switzerland Enacts ICO Guidelines Crypto Regulation Rhetoric Is Bipartisan Senator Chris Van Hollen, Democrat, walked a tight rhetorical line on the burgeoning cryptocurrency phenomenon, saying, “The goal here is to have rules of the road that protect consumers without trying to squashRead More →

Japanese cryptocurrency exchanges have been very active in advertising their services. Several exchanges including Bitflyer, DMM Bitcoin, Tech Bureau’s Zaif and the hacked exchange Coincheck have been tapping into star power and launching TV commercials with original music. Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten Japanese Exchanges’ TV Commercials Actress in Zaif’s commercials. Japanese cryptocurrency exchanges have been actively advertising their businesses. Last week, Tech Bureau’s Zaif exchange joined Bitflyer, DMM Bitcoin, Bitrade, and Coincheck in tapping into Japan’s star power to promote its services. According to CM Soken Consulting, a commercial researcher operated by Tokyo Kikaku Co, “the presence of TV commercialsRead More →

Israel Tax Authority issued a professional circular on February 19 (4 Adar 5768), clarifying the country’s tax policy on cryptocurrencies in general and bitcoin in particular. “Bitcoin and its like” are discussed in what’s referred to as a “final circular” on crypto and value-added tax (VAT) along with capital gains. Also read: Switzerland Enacts ICO Guidelines Israel VAT Good News on Crypto “The Tax Authority’s position, which was expressed in the past, is [bitcoin is] a property, not a currency,” the Israeli agency clarified upfront. Israel is the economic jewel of Southwest Asia, routinely ranking alongside countries many multiples its size in terms of innovation andRead More →

The US Commodity Futures Trading Commission (CFTC) has created a bounty to encourage whistleblowers coming forward in exposing “pump-and-dump” schemes. “Customers should not purchase virtual currencies, digital coins,” the CFTC warned, “or tokens based on social media tips or sudden price spikes. Thoroughly research virtual currencies, digital coins, tokens, and the companies or entities behind them in order to separate hype from facts.” Also read: Citibank India Bans Bitcoin  Pump-and-Dump Bounty To eat at scammers’ anonymity at least, the CFTC is offering, “If you have original information that leads to a successful enforcement action that leads to monetary sanctions of $1 million or more, you could beRead More →

Just days before the tiny nation of Gibraltar was said to draft their first initial coin offering (ICO) regulations, Financial Market Supervisory Authority (FINMA) of Switzerland appears to have stolen its thunder in an eleven page document published today. It could be the standard by which developed countries look to install their own versions. Also read: Citibank India Bans Bitcoin  Switzerland Publishes ICO Guidelines “The guidelines also define the information FINMA requires to deal with such enquiries and the principles upon which it will base its responses,” an agency press release began, “creating clarity for market participants.” ICOs have bedeviled regulators the globe over since theirRead More →