Daily Archives: October 20, 2018

Venezuela Lists Six Exchanges for Negotiating Petro Trading

The Venezuelan government under President Nicolas Maduro has announced that it is negotiating with six cryptocurrency exchanges to trade Petro and has provided authorization to them for this purpose. While the move was announced amid much government hype, the number is still less than the earlier announcement of 16 exchanges by Maduro.

Petro itself has had numerous problems in recent times as the currency was deemed nontransferable despite the government pressurizing banks to use it and forcing incoming foreigners to pay passport tax in Petro. The currency was also rejected by various Venezuelan allies and trade partners including India and Russia for oil trading purposes.

Still, the government is adamant to use the state cryptocurrency. The six cryptocurrency exchanges reportedly include Cave, Blockchain, Bancar, Cryptia, Antwerp coin, Afx trade, and Criptolago. These exchanges are relatively unknown within the cryptocurrency trading circles. The biggest exchanges have avoided trading in the cryptocurrency because of the threat of severe US sanctions.

Among two of these exchanges, Antwerp coin is a Venezuelan state-authorized exchange while Cryptia doesn’t even have a trading volume, despite claiming to trade in the top four cryptocurrencies Bitcoin, Ethereum, Dash and Ripple.

While Petro has reportedly undergone swathes of changes in recent times including a new official whitepaper for the currency, considerable issues remain in actual adoption and trading of the cryptocurrency.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pexels

The post Venezuela Lists Six Exchanges for Negotiating Petro Trading appeared first on BitcoinNews.com.

JPMorgan Fintech Campus Set for 2020: “Silicon Valley Is Coming.”

In 2019 JPMorgan, America’s largest bank by assets will start the development of a “new fintech campus” in Palo Alto, Silicon Valley, as part of the bank’s long-term plan to further embrace fintech.

The campus for over 1000 employees will be set in prime commercial real estate wedged between Google and Facebook on a plot of land that was once the home of American global aerospace, defense, and security company Lockheed Martin at Stanford Research Park.

It is no surprise that one-time crypto critic, JPMorgan CEO Jamie Dimon has announced the bank’s intended move into Silicon Valley, given comments in the bank’s most recent shareholders letter which outlined where the bank was moving in terms of its involvement in new technologies in the fintech sector with up to 50,000 employees now involved.

The bank is aware that staying competitive in the area of fintech is essential to growth and also fending off keen competition. Staying on top of the latest cybersecurity, which is an ever-evolving space in the financial sector, is becoming highly relevant as banks evolve.

The announcement of the campus follows last year’s acquisition of Paypal’s main competitor WePay, whose 275 employees will also be making the move to Palo Alto. The campus will include “an innovation hub” and what the company describes as “modern workplace design with amenities that matter most to employees and state-of-the-art technology to increase collaboration.”

Site developer, Truebeck Construction, state that the project will commence with the construction of a 115,000-square-foot two-story edifice, further followed by a building of 80,000 square feet. But with floor space in Palo Alto averaging $107.64 per square foot per year,  at three times the national average, rent certainly won’t come cheap.

Dimon predicted the move back in 2015 when he famously warned of “hundreds of startups with a lot of brains and money working on various alternatives to traditional banking,” predicting “Silicon Valley is coming.”

“This is him planting that flag,” Tina Hsiao, WePay’s operating chief, said in an interview. “The leaders have said: we’re not tourists, we’re here to stay.”

“Nontech industries are opening, whether it’s thought centres or innovation centres, to tap into the intellectual capacity that’s here in the valley,” said Jon Cannon, executive managing director at commercial real estate advisory firm Newmark Knight Frank in Silicon Valley. “It’s a continuing trend.”

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post JPMorgan Fintech Campus Set for 2020: “Silicon Valley Is Coming.” appeared first on BitcoinNews.com.

Crypto Faces Global AML Regulations by June 2019, Says Watchdog

The international watchdog focused on anti-money laundering (AML) regulations has said it plans to institute a global framework for cryptocurrency beginning in June next year.

As Reuters reports, the Paris-based Financial Action Task Force (FATF) has taken a significant step forward in the process of regulating the famously unregulated market of digital currencies with its announcement this week.

FATF detailed plans to begin publishing rules that would set a standard for all cryptocurrency transactions, noting that global jurisdictions would be required to enforce certain licensing schemes or compliance checks on exchanges, financial service providers for initial coin offerings (ICO), and potentially digital currency wallet providers.

Marshall Billingslea, FATF’s president, was responsible for setting the early summer date for action next year following discussions this week between officials from 204 global jurisdictions.

The upcoming regulations come with a warning: any non-compliant countries will be put on FATF’s blacklist, meaning they will suffer from restricted access to the global financial system.

A statement released by the watchdog on Friday reads: “there is an urgent need for all countries to take coordinated action to prevent the use of virtual assets for crime and terrorism.”

A lack of global cooperation on cryptocurrency regulations until now has led to entirely different approaches being adopted by national governments, bringing uncertainty to crypto firms looking to expand their operations.

Countries have failed to agree on how best to manage the price volatility of the cryptocurrency market, and have been skeptical of wallets’ and exchanges’ inability to protect peoples’ investments on their platforms from hacks and ensuing theft.

During the G20 Summit earlier this year, leaders expressed a desire to expand existing international AML onto the cryptocurrency industry.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Crypto Faces Global AML Regulations by June 2019, Says Watchdog appeared first on BitcoinNews.com.

Exclusive Interview With Waqar Zaka: Celebrity TV Host Turned Bitcoin Philanthropist Praises ”Revolutionary” Technology

In a Bitcoin News exclusive, Pakistani reality TV host Waqar Zaka explains how he turned his journey from national celebrity into one of Bitcoin philanthropy.

Zaka’s spot as presenter and head of content on his show gave him a huge following of fans in Pakistan. He likened his platform to Fear Factor on MTV in the US, getting famous for doing self-titled ”crazy things” like putting his head in a crocodile’s mouth and kissing a cobra.

In 2014 a start-up called bitLanders approached him to promote the project in Pakistan, offering to pay him in Bitcoin. ”Before that, I had no idea what it was,” he told Bitcoin News. He quickly came to learn that cryptocurrency could have numerous significant implications on society, thinking ”this is something that could be really amazing.”

Conquering crypto in Pakistan

His mind turned to how the concept could be applied to help disadvantaged people in regions such as Myanmar, Bangladesh, and Syria, which are facing enormous issues when it comes to transferring money. Zaka took it upon himself to use his platform to educate the people of Pakistan and those around the world of how the technologies can be utilized in the aid of others.

It was not always an easy task, and he faced accusations of selling a Ponzi scheme or pursuing a financially self-interested cause.

But, a lot of people had confidence in him because of his national celebrity status in Pakistan, approaching him for advice on where to invest. This had problems of its own, as there were at the time a lot of crypto-related Ponzi schemes and multi-level marketing scams in the country and he needed a better way of helping people educate themselves.

Zaka started a campaign in the country to teach people about cryptocurrency and blockchain, which caught the eye of the likes of Consensus and CoinTelegraph. They labeled him a ”crypto influencer,” but not even he likes that title much.

In Pakistan, money laundering and corruption are pervasive issues, and Zaka started to use his newfound crypto fame to pressure the government into implementing blockchain banking services aimed at clamping down on this. Anybody sending money from the country would have to be reported with the hopes this would prevent money laundering.

”I believe this technology can actually change the future of Pakistan,” he said.

Blockchain refugee work

In 2015 Zaka went to Myanmar. This was the first time any Muslim was able to get into the region. He said he got in through simply using ”jolly good tourist attitude.” Once there, he took 55 families who had no house or passport or ID and moved them to settle in Nepal.

The next step was to educate them about Bitcoin and how they could receive money to ensure their financial security and self-sufficiency.

He also visited Syria and helped move families to the neighboring and far safer nation of Turkey. People were happy to support and trust his charity because blockchain donations meant people could see exactly where their donations were going.

However, Zaka says the work he is doing with the refugees is not enough, largely because the Bitcoin market fluctuations means that refugees are losing confidence in the cryptocurrency as a store of value.

It has also proven very difficult to share a lot of his crypto knowledge: ”For people who have not had much education at all, how do you teach them about wallets’ private keys? It is very hard and in very early stages. But, they need basic blockchain knowledge so they can earn through their mobile.”

Waqar Zaca pictured with Rohingya child refugees

Zaka says that his Bitcoin philanthropic efforts are nearly unique, and he hardly sees anyone else using blockchain for good:

”I’m not saying I’m the only one, but as far as I have seen in my research, it is not often used for very good causes. Whether more people will get involved or not, it depends on social media influencers. If people with platforms start showing how it can be used for good, like with refugees, only then will we see the benefit.”

He jokingly suggests that if Oprah said something about blockchain’s charitable use cases people might listen. ”Only celebrities can make a difference otherwise it will take a lot of time,” he reasons.

 

Waqar Zaka pictured with Fouzia and one of her five children. Fouzia lost her husband in the Syrian war. 

The TenUp project

In 2017, many people were asking him to invest in different coins. With an engineering background himself, he wanted to support local Pakistani engineers. ”They are all amazing and economical,” he said, ”meaning they work great as freelancers. But people weren’t hiring them as CTO’s or blockchain developers.”

So he came up with the idea of TenUp, ”like the double high five” he explains. Zaka has a huge, trusting following which may prove crucial for the token: ”A successful coin is always built around communities.”

TenUp’s technology is basic, ”no rocket science,” a simple payment transfer method, with the hopes to grow in the long run. Despite offering no technological breakthroughs, the token has huge goals in terms of philanthropy.

Its main aim is to provide free technical assistance to projects in countries such as Bangladesh, Nepal and Sri Lanka.

The TenUp team headed by Zaka wants to create blockchain applications that can help people, especially working with refugee projects. One project in the works right now is managing blood donations, recording how long people are waiting and who should be receiving blood next.

The coin is not the central focus, ”It’s like a share,” as Zaka describes it. The focus is on becoming the token used in the international charity sector.

”Some people looking to invest in TenUp ask, what will I get? I can’t promise you anything,” the project is not a get rich quick scheme, but based on the solid foundation of philanthropic work.

For Zaka, it is imperative that TenUp can become a stable coin, with a stable rate on CoinMarketCap. Then, Zaka wants to use it as an example to show his friend, Pakistan’s Prime Minister, with the hopes of pushing him towards issuing a state-backed crypto.

”To become a success story, you need to become successful first,” he says in acknowledgment that there is still a long way to go.

Waqar Zaka pictured with his team from TenUp

TenUp also wants to give free services to all of Pakistan in order to help the local tech industry. Zakar explains that it will be legal to buy the token in Pakistan because investors will need to use authorized bank transactions for purchases rather than use Bitcoin or Ethereum. That means official affidavit can be issued for ownership to be authorized. This is the first time a cryptocurrency is being sold like this in Pakistan that Zaka is aware of.

The initial coin offering (ICO) is scheduled at the end of November, while the token will be listed in December on TradeSatoshi.

Could a crypto call center be the answer?

One of the perks of TenUp is that it will have its own four language call center with trained staff to directly respond to any issue.

”If something goes wrong with your credit card you can go yell at someone. If I lose my private key where can I go? Human trust should be there. If a human is not there, crypto will not boom,”  Zakar shared with Bitcoin News.

Those answering the phones will be trained to offer advice not limited to TenUp: ”If you have a problem with any crypto, and you are a stakeholder in TenUp you can call through the app and they will try and help. A responsible person should be there to educate you not just about TenUp, but about the entire crypto world.”

Because of this requirement of human contact, Zakar believes that centralized exchanges will ”obviously” succeed over their decentralized counterpart.

”This entire concept of decentralization will not work for humans. People want to call and see who is on the other side. Centralization like Coinbase is very, very important.”

To learn more about TenUp you can visit the website, or follow Wakar Zaka on social media to keep up with his philanthropic efforts.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Images Courtesy: Waqar Zaka

The post Exclusive Interview With Waqar Zaka: Celebrity TV Host Turned Bitcoin Philanthropist Praises ”Revolutionary” Technology appeared first on BitcoinNews.com.

BitcoinNews.com Daily Podcast 19th October 2018

Listen to the 19 October 2018 BitcoinNews.com Daily Podcast below.

On this edition of the BitcoinNews.com Daily Podcast, we discuss the 27.6% tariff on imported Chinese crypto mining rigs in the United States, and a USD 2.5 million judgement in the CFTC’s first crypto related enforcement action. Learn about A Cypherpunk’s Manifesto which discussed anonymous and cryptographic money 16 years before the launch of Bitcoin. Hear about Huobi’s new universal stablecoin, HUSD.

Follow the Bitcoin News Daily Podcast on AnchoriTunesSpotifyGoogle PodcastsStitcherRadio PublicPocket CastsOvercastCastbox, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Zachary, Bitcoin News

The post BitcoinNews.com Daily Podcast 19th October 2018 appeared first on BitcoinNews.com.

Huobi Launching Universal Stablecoin HUSD

Huobi, one of the top 3 crypto exchanges in the world with hundreds of millions of USD trading volume per day has announced the launch of a universal stablecoin called HUSD. HUSD can be interchanged with the Gemini Dollar (GUSD), USD Coin (USDC) which is managed by Circle, True USD (TUSD), and Paxos Standard (PAX). The official launch date for HUSD is scheduled for 22 of October 2018.

The goal of HUSD is to eliminate the need to choose between different stablecoins and to save costs when switching between stablecoins. Further, the aggregation of 4 stablecoins into 1 stablecoin will increase liquidity in the HUSD trading pair, versus having liquidity spread out between trading pairs for the 4 stablecoins. Increased liquidity generally leads to better deals when trading.

Tether (USDT) has experienced volatility recently, dropping as low as USD 0.925 for a brief amount of time, an unideal situation for any stablecoin. Since then USDT has risen close to USD 0.985 and is getting closer to parity each passing day, as of this writing on 20 October 2018. The loss of parity with the USD, even if it is only temporary, prompted Huobi to list GUSD, USDC, PAX, and TUSD so traders would have an alternative to USDT. Deposits for these stablecoins began on 19 October.

HUSD will be completely interchangeable with GUSD, USDC, PAX, and TUSD, meaning when a customer decides to withdraw HUSD they can withdraw any of these 4 stablecoins. Therefore, it will cost nothing to trade between the 4 stablecoins that comprise HUSD. A USDT/HUSD trading pair will be launched on 22 October, allowing customers to move coins back and forth between Tether and the other 4 stablecoins. However, the withdrawal service for HUSD won’t be available for 1-2 weeks, and likewise, the BTC/HUSD and ETH/HUSD trading pairs will be launched later at an unspecified time.

Huobi says they are looking forward to adding more stablecoins in the future, but for now, will test HUSD with these 4 stablecoins to determine the stability of the new system. If any stablecoin does not meet risk control standards it will be removed.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Huobi Launching Universal Stablecoin HUSD appeared first on BitcoinNews.com.

27.6% Tariff on Chinese Crypto Mining Rig Manufacturers Could Be a Blessing or a Curse for Miners in the USA

A trade war is underway between the United States and China, and now the biggest crypto mining rig manufacturers in the world are caught in the crossfire. Bitmain, Canaan Creative, and Ebang International are among the largest crypto mining rig manufacturers in the world and are all located in China. Crypto mining rigs have been re-classified as ‘electrical machinery apparatus’ in June 2018 after being originally classified as ‘data processing machines’, bringing them under a 27.6% United States tariff, whereas before the tariff was 0%.

These tariffs have arisen out of a growing trade war between the United States and China. On 15 June 2018, the same month mining rigs were re-classified, the United States imposed 25% tariffs on USD 50 billion of Chinese imports. China retaliated with tariffs against the United States, prompting 25% tariffs against USD 200 billion of Chinese imports, which goes into full effect on 1 January 2019 but are already at 10% as of 24 September 2018. If China retaliates again, the United States promises tariffs on an additional USD 267 billion of Chinese goods, bringing the total of Chinese imports under the new tariffs to USD 517 billion, which is essentially 100% of all Chinese imports to the United States.

It is a general rule that tariffs benefit domestic producers and the government at the expense of consumers. Indeed, crypto mining rig manufacturers in the United States will have an opportunity to capture the U.S. market, after years of being dominated by Chinese crypto rig manufacturers like Bitmain. This is where the tariffs could be a blessing since it will open up the opportunity for U.S. manufacturers to become global competitors in the crypto mining business. In general, since Bitmain has a monopoly on the global crypto mining business, it might be a good thing for U.S. crypto mining manufacturers to break that monopoly since it would increase worldwide competition and lower mining rig prices.

It will take some time for U.S. crypto mining rig manufacturers to get to the point where they can compete with Bitmain on a global scale. In the short-term, the tariffs are a curse for both the Chinese crypto mining rig manufacturers, who will lose sales, and for U.S. customers who will either choose not to buy rigs or lose most of their profits if they decide to buy rigs and pay the tariff. The crypto hash rate in the United States could decline relative to the rest of the world. Simultaneously, the loss of U.S. demand could substantially weaken Chinese crypto mining manufacturers and cause mining rig prices to increase worldwide.

This tariff curse would be lifted if U.S. mining rig manufacturers can evolve to produce rigs as cheap and efficient as Bitmain’s rigs, at which point U.S. miners will no longer be at a disadvantage, and the whole world could benefit from the global competition between Chinese and U.S. crypto mining rig manufacturers.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post 27.6% Tariff on Chinese Crypto Mining Rig Manufacturers Could Be a Blessing or a Curse for Miners in the USA appeared first on BitcoinNews.com.

PR: Sammie Zhang, Former Financial PR Director, Officially Joins BitKan as Brand Director of Marketing

BitKan continues to hire top international talent: this week the team welcomes Sammie Zhang, an international financial public relations expert, as its brand director in Marketing. Sammie will use her skills to help BitKan expand further into the global market.

Financial Media and PR Background

Sammie has an impressive seven-year career in the financial and media industries. She started out as a financial reporter in Hong Kong, using the opportunity to build a media network.

She then devoted her career specifically to the financial PR industry, at global public relations and integrated communications agency Hill+Knowlton Strategies. From there she moved to Wonderful Sky Financial Group (1260.HK), a leading financial PR communications group in Hong Kong.

Sammie then went on to provide professional public relations and investor relations services for over 50 listed companies, most of them TMT clients from China and technology firms based in Silicon Valley. Over the past few years, she took responsibility for over 10 IPO projects, which in 2018 alone have raised over $10 billion USD in the market. She said:

“I was so lucky to have been involved in almost all major projects regarding new economy IPOs during the past few years, and have gained successful experiences and international branding insights from these projects.”

Why Did You Choose to Work at BitKan?

“Gandhi said ‘be the change you want to see in the world’. The cryptocurrency and blockchain industry is that ‘change’ for me. BitKan, established in 2012, is one of the most influential all-in-one platforms for the cryptocurrency and blockchain field. Its branches spread globally including Hong Kong, Japan and Singapore. BitKan’s management team is composed of experienced industry experts and its management combines a wealth of talent and international experience in product research and development, community and content operations.”

“I am very honored to join BitKan’s big family. In the future, I wish to have more in-depth communications with the management and the marketing team, and provide what I learnt from past successful experiences in traditional financial markets, with an aim to expanding business opportunities, strengthening the company’s global brand influence, and leading BitKan to new milestones.”

What Do You Expect to See in Crypto Markets in the Near Future?

“A bear market is always presented to me as an opportunity. We can get a chance to reallocate our resources, re-establish our branding image, and utilize this period to strengthen our leading position in the industry. I do trust that cryptocurrency will change the world and BitKan will take a significant position in that new world.”

The addition of Sammie Zhang will be an invaluable asset to the BitKan team as it grows the company’s influence globally.

About BitKan

BitKan was founded by four former employees of Huawei Technology in 2012. The startup has rapidly scaled to become one of China’s leading providers of cryptocurrency data and services, with recent expansion into Singapore, Tokyo and Hong Kong.

Visit the BitKan homepage and download the mobile app here:

Website: https://www.bitkan.com

App: https://bitkan.com/app

Follow us on our official accounts to find out about our latest announcements and updates:

Facebook: https://www.facebook.com/bitkanofficial/

Twitter: https://twitter.com/BitKanOfficial

Instagram: https://www.instagram.com/bitkanofficial/

Telegram: https://t.me/bitkan


Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy:

The post PR: Sammie Zhang, Former Financial PR Director, Officially Joins BitKan as Brand Director of Marketing appeared first on BitcoinNews.com.