Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Cryptopedia
  • Advertise
  • Submit PR
CLOSE

Altcoin News

MasterCard And VISA To Classify Crypto ICOs As ‘High-Risk’ And Adopt Monitoring Practices

Published

on

MasterCard
FO6E3842CAC44 - MasterCard And VISA To Classify Crypto ICOs As 'High-Risk' And Adopt Monitoring Practices

One of the two most popular payment giants, MasterCard and VISA, recently decided to group cryptocurrency and Initial Coin Offering (ICO) jurisdictions in a new “high risk” category. The crypto news has spread all around the web, mainly driven by the latest fluctuation in the prices of Bitcoin and other altcoins.

First reported by a financial trading news site called Finance Magnates, the news spread like wildfire, especially because MasterCard earlier this year proposed a classification which became public in May 2018.

According to the registry, binary options, CFDs, forex, cryptocurrency options, and ICOs will now fall under a new category labeled as “High-Risk Securities Merchants” starting on October 12 and with the subject to additional monitoring.

This grouping, according to the source, means that chargebacks could now be executed up to 540 days after the actual date of the transaction. As anonymous sources familiar with the matter confirmed, the new classification will reportedly start today – Monday, October 15th.

Aside from MasterCard and its initiative to monitor cryptos, ICOs, forex, and binary options, VISA also stopped supporting crypto debit cards in a partnership with the debit card provider WaveCrest in January 2018, blocking the cards associated with products such as CryptoPay, Bitwala, TenX, Wirex, and others.

 

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Altcoin News

New Frax Stablecoin Project To Be Supported By Trump And Reagan Staffers

Published

on

By

new frax stablecoin
The new Frax stablecoin project by the former federal reserve nominee Stephen Moore will be supported by Ralph Benko who is now a former deputy general counsel for Reagan as we are reading further in the altcoin news today.Moore is the co-founder of the new Frax stablecoin along with Sam KAzemian who also co-founded Everipedia. Benko will now be the general counsel. Frax is a stablecoin that is set to launch early next year which is built on a decentralized fractional reserve system which is a type of banking system where the banks can loan out customer funds and only hold a small proportion of the funds on-site for the customers to withdraw. Unlike other banks that hold fiat currencies, Frax’s reserve assets will be the Frax tokens which are a stablecoin that tracks the dollar but is not really backed by it. The protocol of the coin hopes to use existing DeFi products such as compound finance and dYdX to loan the DAI and Tether tokens as collateral and will also adjust the price of interest payments to make adjustments to the value of the currency.The new interest payments will go back into the Frax smart contact which buys back or will rebalance the supply of Frax in the market to keep each Frax token at $1. In order to reduce further risks, Frax was previously called Decentral Bank and will not hold close to 100 percent of the funds in the reserves when it launches and will also slowly hold fewer funds in its reserves as the network becomes much more popular. Frax says that the new tokens will be held in a non-custodial manner on the blockchain making sure that the confidentiality is present over how the funds are spent. Unlike Facebook’s stablecoin project-Libra, the power is evenly distributed between more than twenty companies. Frax, on the other hand, is completely decentralized but the bigger goal according to Moore is to end the world’s dependence on the FED-controlled US dollar. The project is expected to make a blast on the market and there are plenty of enthusiasts that are extremely happy for the new project.
`
Continue Reading

Altcoin News

Crypto App Revolut Announces Mastercard Launch This Year

Published

on

By

crypto app revolut
The popular cryptocurrency friendly Internet banking and crypto app Revolut is in the latest crypto news for its launch in the United States later this year. The company confirmed the plans and issued a press release on October 22 when they said that they are expanding their partnership with MasterCard.The launch of the debit cards by the crypto app Revolut is expected by the end of 2019. As you probably know, the UK-based Revolut has been offering consumers spending in both Visa and MasterCard ever since its launch in 2015.In 2017, Revolut started offering the exchange of three cryptocurrencies including Bitcoin (BTC), Ether (ETH) and Litecoin (LTC). This was all over the Litecoin news and other cryptocurrency news two years ago. Later on, the crypto adoption increased to five crypto coins including Bitcoin Cash (BCH) and Ripple (XRP).Unlike the fiat product offered by the crypto app Revolut, the exchange facility is not backed by the UK finance regulator. Right now, it remains unclear whether the company will launch with the same cryptocurrency support as in its European market. Along with the US, executives plan to broaden the service and its reach to the Asia Pacific and South American markets.The founder and CEO of the crypto app Revolut Nik Storonsky commented in a press release and said:
“Launching in the U.S. will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner.”
Earlier this month, Revolut also announced the launch of Visa cards for its new markets. With this, the crypto app and brand officialized a lot of things and hinted on many new things and developments forward.
"Every month, 600000 people open a Revolut account to spend and manage their money. Open an account with us in minutes today," the official website of Revolut notes.
On its cryptocurrency page, the crypto app Revolut shows that users can "use the Revolut app to buy, sell, receive or spend cryptocurrency; or send cryptocurrency to other Revolut accounts." The terms and conditions are clearly listed and comply with the Personal Terms and Fees pages. There is also detailed information on buying and selling cryptocurrency with Revolut, and the brand clearly states that "cryptocurrencies are not e-money and are not regulated in the UK by the Financial Conduct Authority (FCA)." 
`
Continue Reading

Altcoin News

Korean Crypto Market Is ‘’Pretty Dead’’: Dovey Wan

Published

on

By

korean crypto market
The Korean crypto market seems to be really out of shape since the Korean traders have given up and the crypto volumes are visibly lower over the last few months. The Kimchi premium is now completely gone and the low volumes have started wiping out the markets for multiple altcoins as we are reading further in the altcoin news today.DoveyWan, the co-founder of PrimitiveCrypto has commented on the outflow of traders and says that this is one of the reasons why the Korean Crypto market is now in a serious state of problems. The Korean markets led by the Bithumb activity, actually led the BTC prices to their absolute peak and the BTC price even reached above $20,000 so the altcoins that showed up on the Korean markets also got a major boost. For some ICO projects, the Korean markets were an important source of price and without trading, the prices lost more than half of their value.The Korean traders also led Bitcoin Cash (BCH) to a wild rally above the $2,500 which was followed by a deep crash. This even followed by a prolonged bear market for most of the coins, deleted the previous speculative appetite and during the same time, the South Korean exchanges were also under attack by the Lazarus hack group who works under the North Korean regime. The overall altcoin trading remains subdued but the exchanges are now trying to pivot into new sources of earnings. Binance even saw its volumes drop dramatically and the altcoins previously provided a heightened activity. Now the pairs have remained inactive and are calling for delisting.Dovey Wan also pointed out that the crypto-related charts are now mostly abandoned or have switched to other topics. There is also little hope that obscure coins will skyrocket and the newest observations point that the loss of hope for another altcoin season is present again. However, there is a significant purge of coins happening and most of the assets have no hope of recovery and no liquidity at all. There is some hope for exchanges as the stablecoins still see growing flows between the platforms. The Korean won fiat-on ramp turned out not to be enough and was limited to locals who can open bank accounts in the country.
`
Continue Reading

Altcoin News

Former Federal Reserve Nominee Will Launch New Stablecoin

Published

on

By

former federal reserve
Former federal reserve nominee Stephen Moore who is also an economic commentator and a former member of The Wall Street Journal editorial board will launch his own stablecoin named Flax and we are about to read further in the Altcoin news today.The coin is supposed to be pegged to the US dollar which will provide more stability but it also differentiates from the other stablecoins as it will rely on the fractional reserve. Moore is also a former Federal Reserve nominee by President Trump. Moore has been very vocal about his beliefs against the current Federal Reserve’s plans interest rates raises. He is also a long-time commentator on economic issues and a writer for multiple economic media outlets. He has also commented on the government monopoly on the US dollar so launching a cryptocurrency stablecoin seems to be the right step.What is most interesting is that Moore was picked by US President Donald Trump to join the Federal Reserve and to help manage the US dollar earlier this year but he didn’t win. He was also the president’s advisor for his 2016 presidential campaign. Moore believes that a private competitor challenging central banks is a very good idea:
 “I’ve followed the monetary policy for 30 years and always been troubled by the government monopoly on currency, which is unhealthy for markets. It’s very healthy for private competitors to challenge central banks over the money supply.”
As of now, everything we know about Flax will be broadened this Thursday. The other co-founder Sam Kazemian who has already launched a blockchain product will help Moore his wish to come true. A stablecoin means that a certain cryptocurrency is pegged to a stable asset which in this case is the US dollar. This might be where the upcoming project Flax will raise a concern as it will only have fractional backing. It will also rely on algorithms to loan out its reserves and later collect interest recorded on the blockchain. The interest will also ensure that the value of the stablecoin is pegged to the dollar but this could also mean that it will not have one-to-one pool backing of the reserve dollars.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





NEWS CATEGORIES

ADVERTISEMENT

cryptocurrency review
FO5F93F47156 - MasterCard And VISA To Classify Crypto ICOs As 'High-Risk' And Adopt Monitoring Practices

ADVERTISEMENT

Medium Rectangle 300 200 2 Animated - MasterCard And VISA To Classify Crypto ICOs As 'High-Risk' And Adopt Monitoring Practices

Join us on Facebook

ADVERTISEMENT

300 250 - MasterCard And VISA To Classify Crypto ICOs As 'High-Risk' And Adopt Monitoring Practices

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

november

No Events

FO710FC3F2305 1 - MasterCard And VISA To Classify Crypto ICOs As 'High-Risk' And Adopt Monitoring Practices

ADVERTISEMENT

300 600 3 - MasterCard And VISA To Classify Crypto ICOs As 'High-Risk' And Adopt Monitoring Practices

Trending Worldwide

Show Buttons
Hide Buttons
X
X