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Without a Total Internet Shutdown, Bitcoin’s Regulation May Be an Intrinsic Impossibility

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Bitcoin regulation remains a hotly contested matter. Lately, a number of legal factors regarding Bitcoin’s existence and use have come into play as governments pursue regulatory options.  Oversight jitters in East Asia have had a devastating impact on cryptocurrencies, triggering massive plunges. The slump in prices didn’t come as a surprise. “Regulation creates a more difficult business environment, as service providers decline to work with crypto startups due to uncertainty and a perceived threat of imminent and restrictive regulation”: Dr. John MathewsBitnation CFO- on why cryptocurrency prices took a hit.

 

South Korea, China and Japan have been at the forefront of pushing for a broad regulatory oversight. In September last year, China had declared ICOs and digital currency exchanges “illegal.” South Korea also followed suit saying it was considering a total ban on ICOs. Although major economies including the US and UK are merely discussing stricter controls, smaller jurisdictions including Estonia, Gibraltar and the Isle of man are eying cryptocurrency chance and aggressively pursuing regulation to avert the most clamant risks such as hacking and money laundering. Mojtaba Asadian– Founder and CEO of Darico AG– asserts the need for a “certain level” of regulation: “Blockchain is trustless public ledger that eliminates the need of central authority to authenticate the transactions using cryptography. However, certain level of regulation is welcomed to filter out the fraudulent activities and safeguard investor’s interest in such emerging market.”

 

But, is Bitcoin really regulatable? There are several key components that make it quite difficult to bring Bitcoins and other cryptocurrencies under full control. Bitcoins can’t be linked to any financial institution, territory or owners who want to remain unknown. Even if all cryptocurrency exchanges were to be shutdown or prevented from operating beyond certain borders, Bitcoin transactions would still be a child’s game-provided you have a simple VPN, a wallet and a network connection.

Regulatory attempts have also been worsened by the status of the existing banking regulatory frameworks that did not anticipate a technology like Bitcoin. Hence, without a united global front, there is very little chance of regulation seeing the light of day. Some experts believe that any attempts to control and stifle virtual currencies could only serve to increase their popularity. Andrei Gusev-CEO of WealthMan-says: “as a result of the push for regulation, cryptocurrencies will receive more recognition. Interest in cryptocurrency will increase. At the same time, the regulation norms in terms of enforcement will not be really effective because of the inability of the judicial system to make changes to the blockchain-based registry.” While echoing similar sentiments, Andrew Stanford-a Tech investor, entrepreneur and Partner at Asset Token ERC20– maintain that tangible regulations could be decades away: “Asset Token believes the regulations at the current moment are in a test phase and in a fluid state. Regulation will only speed the adoption by bringing it more attention.”

 

Setting and enforcing guidelines and standards is certainly essential, but should be done in a way that does not restrict virtual currencies or stifle its networks. Francesco Redaelli -Co-Founder and VP of Business Development at Koinsquare-underscores the need to protect this emerging industry while highlighting its ability to revolutionize the existing monetary systems. “The blockchain idea is really amazing, because it can seriously improve in thousands ways the monetary system giving more control, more data and more fast development to all the industries involved.”

Arguably, overregulation of cryptocurrencies (if at all possible) could hamper the growth of the internet.

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Altcoin News

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.  
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Altcoin News

Bitcoin’s Upside Drift Leads BTC To $6,674 – Most Of The Major Altcoins Follow

In the latest Bitcoin news, we have a new impressive surge in the price of Bitcoin against the US dollar, an upward move which also triggered most of the major altcoins to follow. The BTC/USD pair also gained traction and moved above the $6,600 and $6,700 resistance levels. Earlier before, there was a decent support base formed near the $6,150 level for Bitcoin - and a price which started an upward move above the $6,300 level and the 100 hourly simple moving average. The upside move was strong as the price broke an ascending channel with resistance at $6,300 - and there was a break above the major bearish trend line with resistance at $6,310 on the hourly chart of the pair. Right now, Bitcoin (BTC) is trading at $6,674 while Ethereum (ETH) is also stable at $213. Ripple (XRP) has also surged by 8% and is now trading at $0.455, followed by Bitcoin Cash (BCH), EOS (EOS), Stellar (XLM) and Litecoin (LTC) which also followed with surges between 4% and 8%. The only downward trend is shown in the cryptocurrency Tether (USDT) which is a dollar-pegged stablecoin that recorded a 3% decrease and is now trading at $0.95, which is a bit below its estimated $1 mark. All of the top 20 coins besides Tether (USDT) have followed the upward moves and saw impressive surges this Monday. Right now, no one knows if the bullish trend will continue and if Bitcoin will drive it by approaching the $7,000 price margin.
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Altcoin News

Bitfinex Introduces Users To A New Reporting Tools Suite

Bitfinex, which is one of the most popular exchanges out there, is in the crypto news lately - this time for launching a new suite of reporting tools that are meant to help users gain a greater control over their Bitcoin and altcoin trading activities. The suite will also provide users with useful details into their activities on the platform. First announced through a blog post on their website, Bitfinex revealed that the suite of tools is designed to help users gain unlimited insights by seeing as much of their data as they want. The suite will help many accounts and will remove the requested data limits. Bitfinex also announced that the user interface (UI) of the new suite is based on an approach known as "modern web technology" that focuses on improving the presentation of data and boosting the responsiveness across different user services. Simple and accessible, the new toolkit will allow users to easily and instantly compile an overview of the account information that may be as old as the account itself. As an excerpt from the announcement reads: “As institutions and professional traders enter the digital asset trading space, Bitfinex remains committed to creating the tools required to thoroughly meet their needs. We are of the belief that our suite of tools works to accelerate the rate of global adoption and help facilitate an increasingly mature market.” Using the Bitfinex API, the new reporting suite now offers a field wallet added to end-point 'ledgers' in order to provide information that identifies the wallet involved in the movements. There are also 'userinfo', 'accounttrades', 'orderHistory' and other modules that help in the presentation and organization of the data on the platform.
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Altcoin News

The Bank Of Zambia: Cryptocurrencies Aren’t A Legal Tender In The Country

The Bank of Zambia saying that cryptocurrencies aren’t a legal tender in the country is what is in the crypto news today. This bank that created and implemented various monetary policies for its country, explained their attitude towards using cryptocurrencies since the public interest for them is growing. They admitted that people are sending hundreds of inquiries regarding the legal status of Bitcoin in the country and this is why they as a bank have to protect the interests of members of the public and protect the integrity of the financial system according to a local news report. Bank of Zambia claims that Section 30 from their financial constitution is the main reason that keeps Bitcoin and other cryptocurrencies from having a legal status in the country. Also, they said that they don’t have any kind of constitutional power to ban the local crypto market under the current legal framework. According to Section 30:
 “Firstly, Section 30 of the Bank of Zambia Act vests the right to issue notes and coins exclusively in the BoZ. To date, BoZ has not issued any form of cryptocurrency. Cryptocurrencies are not legal tender in the Republic of Zambia; Secondly, BoZ does not oversee, supervise nor regulate the cryptocurrency landscape. Consequently, any and all activities related to the buying, trading or usage of cryptocurrencies are performed at owner’s risk.”
The constitution of Zambia doesn’t give any kind of definition on Bitcoin but there is a possibility open for lawmakers to approach this issue and regulate it under the modified provision. The crypto community in Zambia doesn’t attribute any trading activity to the global crypto volume. They also don’t have a local crypto exchange so instead they, rely on foreign ones.
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