Bitcoin Prices Drop As Media Misinterprets Govt’s Regulation Speech - Daily Crypto Bakers

cryptobakers (48)in #crypto • 7 years ago

🗓That was a hot day. Get aware of the most important news that happened in the world of crypto!🔻

🔹South Korea claims, that it has no intention to ban cryptocurrency exchanges.

The comment by Kim Dong-yeon on Wednesday comes as traders at home and around the world have been spooked by conflicting comments from government officials in South Korea, a major hub for cryptocurrency trade, that Seoul was planning to ban local digital coin exchanges.

“There is no intention to ban or suppress cryptocurrency (market),” Kim said, adding the government’s immediate task is to regulate exchanges.

Samsung Enters Crypto Mining Market, “Mass Producing” ASIC Chips For China

Samsung announced a deal on Monday, Jan. 29 to manufacture ASIC mining hardware with Taiwanese manufacturer TSMC. “Mass production” of the ASIC chip has already begun in January, according to Korean news outlet The Bell.

An ASIC chip, which stands for Application-Specific Integrated Circuit, is a specialized piece of hardware designed to only mine cryptocurrencies based on a specific hashing algorithm, such as SHA256 or Scrypt (which Bitcoin and Litecoin run on, respectively). It makes up part of a crypto mining device.

“Samsung Electronics could increase its revenues through ASIC chip manufacturing but because the foundry only accounts for a small portion of the company’s semi-conductor manufacturing plant, it is difficult to predict that the firm’s mining venture will have a significant impact on the company’s revenues.”

🔹Facebook bans cryptocurrency ads due to frequent fraud

Facebook bans cryptocurrency ads due to frequent fraud. The company added a new advertising policy Tuesday, prohibiting ads promoting "financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency."

🔸 South Korea's customs service claimed in a statement that it had uncovered $596 millions worth of illegal foreign exchange trading via cryptocurrency markets.

South Korea's customs service claimed in a statement that it had uncovered $596 millions worth of illegal foreign exchange trading via cryptocurrency markets. 74 percent of these crimes came from illegal foreign currency trading. The service did not share details into what action South Korean authorities would be taking against these crimes .

Bitcoin Prices Drop As Media Misinterprets Govt’s Regulation Speech

Bitcoin markets are reacting to fresh regulatory comments on crypto from India’s finance minister Arun Jaitley, made during his most recent budget speech in the Parliament today, Feb.1.
During his budget speech today, Jaitley stated:

“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”