Cryptocurrency Daily News Bulletin: September 18, 2018

September 18, 2018 1:21 pm Published by

General News

China has stepped up their attempts to curb cryptocurrencies, as the People’s Bank of China (PBoC), has now issued a public notice urging investors of risks in cryptocurrency trading and ICO’s.

Dubai’s police have also issued a state of warning against cryptocurrencies, following the ongoing investigation into a Dh 300 million ($81.7 million) international fraud case. Nonetheless, they have reiterated the rise in digital currencies to eventual replace cash.

India: Research has found hackers are stealing the processing power of several Indian government websites to mine cryptocurrencies. The research claims that “hackers target government websites for mining cryptocurrency because those websites get high traffic and most people trust them.”

Palestinians in the territories of the Gaza Strip and the West Bank, are using bitcoin to transact globally given the conflict. Ahmed Ismail, a financial analyst in Gaza, estimated there are at least 20 unofficial “exchange” offices there dealing cryptocurrency to local users. Ismail himself helps 30 clients use bitcoin to purchase investments abroad, such as stocks, since there aren’t any local alternatives for putting money to work.

The Ukrainian parliament wants to begin taxing residents’ cryptocurrency-related profits. Lawmakers proposed implementing a 5 percent tax on any cryptocurrency-related profits individuals and commercial entities see. These profits must be reported separately from other forms of income as well, according to the bill.

Nasdaq has made an all-cash offer of $190 million to acquire Cinnober, a major Swedish financial technology provider to brokers, exchanges and clearinghouses worldwide. In July, Cinnober partnered with BitGo which offers enterprise-grade Bitcoin wallet solutions. Last week, BitGo announced that it had won regulatory approval as a regulated, qualified custodian of cryptocurrencies for institutional investors. All this fuels Nasdaq’s intent to offer crypto services.

Cryptocurrencies

Ethereum wallets are now enabling transaction scheduling. MyCrypto, a non-custodial Ethereum and ERC20 token wallet created by the co-founder of MyEtherWallet, has integrated a feature that enables Ethereum users to schedule ETH transactions ahead of time. On MyCrypto, users can connect hardware wallets like Trezor and other non-custodial wallets such as MetaMask to use their existing wallets on a better interface. As such, the ETH transaction scheduling feature on MyCrypto can be used by any Ethereum wallet user by simply connecting their existing wallets with MyCrypto.

Meanwhile, Bitfinex has launched an Ethereum-based hybrid cryptocurrency exchange called Ethfinex Trustless to give traders more security, privacy and control of their funds, marking the foundation of what the exchange hopes will be a completely decentralized trading model. The platform utilizes Ethfinex, which links centralized and off-chain orders books to gives users full control of their funds throughout the trading process. There are no signups or KYC requirements, and users don’t even need to provide their name, email, phone number, or address to begin trading.

EOS: Bancor, one of the most popular and valuable decentralized applications on ethereum, is expanding to the EOS blockchain. The “decentralized liquidity network,” which allows users to trade a range of ethereum-based tokens without depositing funds in an exchange or matching trades in an order book, will bring that capability to EOS.

Litecoin is “significantly overvalued,” even at this point in the bear market, according to Multicoin Capital. Jain, an analyst at the fund, alleges that litecoin’s 2017 bull run came predominantly as a result of naivety among retail investors and immaturity in the cryptocurrency market. As evidence, he cites the fact that LTC was the “least expensive per-unit asset on Coinbase. The coin no longer bears distinction since Ethereum Classic got listed.

Ripple’s long-anticipated cryptocurrency product, xRapid, which aims to make XRP the asset of choice for cross-border settlements between financial institutions, is finally nearing production via an actual commercial application and should go live next month.

Stellar: San Francisco-based distributed ledger technology company Chain has been acquired by Lightyear, an entity powered by the Stellar network in an undisclosed agreement. Chain, that builds enterprise-grade blockchain products backed by financial giants Visa, Nasdaq, and Citigroup, will offer its cloud product, Sequence, to Interstellar’s portfolio, allowing organizations to track assets while moving between private ledgers and the Stellar network. Jed McCaleb, co-founded of the Stellar Development Foundation and Lightyear, will be CTO of Interstellar. He claims that the merger will “help organizations build on Stellar.”

WN.com, Jamie Saarloos



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