Daily Archives: June 10, 2018

Buda Cryptocurrency Exchange Loses All of Its Colombian Bank Accounts

The Buda cryptocurrency exchange has lost all of its bank accounts in Colombia, effectively disabling its cryptocurrency operations in the South American nation. Bancolombia, BBVA, and Davivienda simultaneously closed Buda’s bank accounts on 7 June 2018.

The Financial Supervisor of Colombia sent out a letter in February indicating that cryptocurrency exchanges in Colombia were under surveillance and that banks are not authorized to facilitate any cryptocurrency activity. The CEO of Buda in Colombia, Alejandro Beltran, said that he thought this letter was a recommendation and the banks had no official obligation to comply. However, the wording in the letter is very strong, and Colombian banks are now clearly complying.

Buda has also been experiencing similar issues in Chile. Banks in Chile attempted to close down accounts associated with all cryptocurrency exchanges operating in the country, but there was a successful legal challenge and Chile’s anti-monopoly court ordered banks to re-open Buda’s accounts. This success is only a temporary order while the case is ongoing.

Buda is a cryptocurrency exchange that primarily facilitates Bitcoin trading, but also has Ethereum, Bitcoin Cash, and Litecoin functionality. Buda is available in Colombia, Chile, Argentina, and Peru. It is obviously very bad news for the exchange that 2 of the 4 countries it operates in are attacking its access to bank accounts, which are essential to facilitate fiat to cryptocurrency trading.

On the upside, even if Buda were to be completely banned in Colombia and Chile it would still be able to operate in Argentina and Peru.

The Colombian senate held a debate on the same day Buda’s bank accounts were closed, and they stated that cryptocurrency and blockchain technology could change the lives of Colombians. They said blockchain could make elections more secure and transparent and help manage public services.

It is surprising that the Buda cryptocurrency exchange lost its bank accounts on the same day that the Colombian senate said such positive things regarding cryptocurrency and blockchain, but it just goes to show that there are many different organizations in any given country’s government, and these organizations often have opposing views.

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PR: Tz Libre Announces Impending Tezos Fork

Bitcoin Press Release: The TzLibre token will be launched on June 4th, 2018. TzLibre is a fork of DLS-Tezos, for Tezos contributors by Tezos contributors. It is a trustless and hard-capped implementation of the Tezos idea. On June 4th, TzLibre will start airdropping TZL tokens to eligible Tezos contributors

June 4th, 2018, London, United Kingdom: ​ TzLibre​ has confirmed a ​Swissinfo report​ that​ ​ on June 4th 2018, the TZL token will be launched. TzLibre is a fork of DLS-Tezos, created by, and for, Tezos contributors. It is building a trustless and hard-capped implementation of Tezos. On June 4th, TzLibre will start airdropping TZL tokens to Tezos contributors who claimed them.

About TzLibre

TzLibre is a group of Tezos token sale contributors who fell in love with the Tezos idea, but were not satisfied with the previous management of the project. Contrary to popular belief, Tezos can be forked and this is exactly what TzLibre has chosen to do.TzLibre maximizes contributors interests at the expense of founders’ ones.

Why TzLibre?

Funding

TzLibre will protect contributors interests by defending Tezos Foundation independence against any external influence, including the founders’, and making sure Foundation funds are not monopolized by any single Tezos implementation or special interest.

Tokens

In DLS-Tezos 20% of tokens are assigned for free to founders and Tezos Foundation. ​TzLibre​ has chosen to assign them to its network validators instead. TzLibre has also set an immutable hard-cap at 763M tokens.

Governance

TzLibre is implementing “eternity clauses” to address potential technical issues with DLS-Tezos on-chain governance. This hardcoded Constitution will protect from manipulations such as: transaction mutability, inflation of money supply, account freezing, etc.

Legal

Following investigations on Ripple, TzLibre has voiced concern about the potential threat of XTZ being labeled a security by the SEC. TzLibre is an independent team not associated with any business company and can’t be considered a security by definition.

Funding

The Foundation charter has been carefully crafted to allow it to fund multiple Tezos implementations. From the charter:

“[Tezos Foundation] primary – but not exclusive – endeavor is the promotion and development of the Tezos protocol and related technologies”.

TzLibre will assist the Tezos Foundation in following its charter and will continue to supports TzLibre, and any other legitimate forks.

The TzLibre Mission

The TzLibre team had hoped for former Tezos Foundation president Johann Gevers to keep his position. TzLibre believes his power would have been a healthy balance to founders’ power.TzLibre was born on March 22nd 2018, right after his ousting.

Reception

Information on the TzLibre fork is currently being censored in each and every Tezos community group (Riot, Reddit, Telegram, WeChat, QQ). Despite this contributors have shown strong interest towards the fork, with over 5% of Tezos contributors now following TzLibre on social media.

Trading

TZL will be traded on ForkDelta, world’s first decentralized and trustless exchange. Bids are already being placed on the exchange and trading will begin on June 4th. TzLibre tokens (TZL) will, therefore, be liquid before DLS-Tezos tokens (XTZ).

Partners

TzLibre is partnering with the Ethereum Commonwealth and the ZClassic community volunteer dev team. Both teams have extensive experience in blockchain forks. With ZClassic TzLibre also plans to raise public awareness on centralized “blockchains” created and run for profit by private companies.

Press kit: https://tzlibre.github.io/project.html#press
Visit the Website: https://tzlibre.github.io
Follow on Telegram: https://t.me/tzlibre
Follow on Twitter: https://twitter.com/tzlibre

Media Contact
Contact Name: Frank García
Contact Location: London, United Kingdom
Contact Email: frank@tzlibre.io
Contact Telegram: https://t.me/tz_libre

TzLibre is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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Crypto Manga, a New Kind of Comic Cuts out the Crypto Babble

A Japanese crypto comic book, thought to be the first of its kind, will go into circulation in order to inform readers of the various aspects of cryptocurrency, writes Bitcoin.com.

Released as a series called Shonen Crypto, the Crypto Manga follows characters as they go through their crypto life. The first issue has six parts, the first of which is called “Crypto Heroes,” which is a story about Bitcoin Senpai, who leads other crypto characters in fighting with fiat characters.

“The fiat characters of Crypto Heroes are USD, JPY, and EUR,” Editor in Chief Taro revealed, adding that there will be a greater variety of characters in the near future.

Taro believes the subject of the series, which is currently only available online, hasn’t been tackled before and he hopes to eventually publish paper copies suggesting:

“I would like people to read it at cafes or many crypto events,” he shared. The first issue has partially been translated from Japanese into English at the time of this writing, and there are plans to produce music and music videos about crypto based on this comic as well.

Originally beginning with just 10 writers and illustrators, Shonen Crypto’s staff has now swelled to 20:

“Someone can draw pictures, someone can gather information about shitcoins, someone can create songs, and someone can make videos,” Taro explained adding “I want everyone to know crypto and its potential. Recently, I feel that the number of active users of crypto is decreasing, and I often hear doubts about crypto.”

The second part of the first issue of Manga deals with “what happens in the Bitcoin world (industry)” with a character named “Crypto-kun.” In the first issue, this character teaches about the Mcafee Pump, Mt Gox, the “Bitconnect Scam,” and Zaif’s glitch that allowed users to buy BTC at 0 yen.

The rest of the first edition looks at other aspects of cryptocurrency such as master nodes, and how to trade, as a crypto professor teaches his pupil trading skills, despite continually making losses himself. Another action circulates around two girls studying BTCFX, and a story about how to use Dapps on smartphones.

Taro has created the series and its characters as he suggests that he wants to introduce crypto and its technology to “the masses” in the light of various scams, which he feels has given the industry a bad name. Also, he claims that current literature available on cryptocurrency topics is “only lots [of] words” and is little read by the Japanese public as a result.

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Thailand’s SEC Issues Cryptocurrency Rules

The Securities and Exchange Commission (SEC) of Thailand announced new cryptocurrency laws on 8 June 2018. This can be viewed as a positive step to legalize cryptocurrencies in the Southeast Asian nation, in contrast to other countries such as nearby China which has banned cryptocurrency trading activity.

These rules issued by the SEC come just a month after Thailand’s government decided that cryptocurrencies are digital assets and they must be regulated, and they decided that the SEC would be in charge of cryptocurrency.

Seven cryptocurrencies have been deemed legal for trading on cryptocurrency exchanges, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Stellar, and Ripple. These cryptocurrencies were chosen because of their reputation, relative security, and market liquidity.

This, unfortunately, means that all other cryptocurrencies won’t be legal on Thailand cryptocurrency exchanges, severely limiting the spectrum of choices for Thailand investors and making it very difficult for new cryptocurrencies to gain a foothold in Thailand in the future.

Cryptocurrency exchanges and platforms that want to operate in Thailand will have to get a license through the SEC; the SEC says it expects 10 exchanges to apply and the registration fee will be 5 million THB (156,000 USD). Exchanges will have to keep 50 million THB of reserves to operate legally. Exchanges will have to pay an annual tax of 0.002% of their trading volume, with a minimum tax of 500,000 THB.

Cryptocurrency brokerage firms will have to pay 2.5 million THB for a license, and cryptocurrency dealers will have to pay 2 million THB. This will make it illegal for average citizens to deal cryptocurrency or offer cryptocurrency investments.

Initial Coin Offerings (ICOs) are legal under the new SEC regulations, but they must be approved by the SEC before they can get investments from Thailand citizens. ICOs must have reserves of 5 million THB to be approved in order to protect investors. There is an investment limit of 300,000 THB (9,400 USD) per ICO for average investors so that citizens don’t get too much of their money tied up in a risky ICO.

All cryptocurrency exchanges, cryptocurrency dealers, brokerage firms, and ICOs must register within 90 days of the 8 June 2018 announcement or face severe penalties including fines and jail time.

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Connecticut Joins Growing Number of US Blockchain States as Interest Spreads

Governor Dannel Malloy of Connecticut has signed off on a law that will employ a blockchain working group, in order to further study the technology and how it can be utilized in state legislation.

The new law, SB 443 is a result of a bill which passed through both legislative houses last week tasked with overseeing the expansion of the blockchain industry in the state, according to Cointelegraph.

It’s reported that the governor’s intentions are to make Connecticut  “a leader in blockchain technology.”  The new group’s remit will be to:

“(1) Identify the economic growth and development opportunities presented by blockchain technology; (2) assess the existing blockchain industry in the state; (3) review workforce needs and academic programs required to build blockchain expertise across all relevant industries; and (4) make legislative recommendations that will help promote innovation and economic growth by reducing barriers to and expediting the expansion of the state’s blockchain industry.”

The group must submit its final recommendations to the standing committees of the General Assembly by January 1, 2019, taking into consideration matters relating to commerce, banking, and finance, as well as revenue and bonding.

US states are increasingly beginning to come on board in order to utilize blockchain tech. The state of Arizona has officially signed into law a bill that allows for corporations to hold and share data on a blockchain. First introduced in February by state representative Jeff Weninger, the bill is intended “to open the door for emerging technologies in Arizona”.

In May, the New York state legislature also presented a bill to create a blockchain task force. If created, the New York task force would prepare a report for the governor, the temporary president of the state senate, and the speaker of the assembly by December 2019. Also, Colorado has passed its own bill which will use blockchain for government record keeping and cybersecurity.

As states line up the new technology, Tennessee signed a bill recently that legally