Cryptocurrency News for 20 Sep 2017
China tightens cryptocurrency ban with new directive
Chinese regulators have decided on a “comprehensive ban” on platforms that allow people to buy or sell virtual currency in China, reports The Wall Street Journal. China is cracking down on Bitcoin trading and also planned to shut down Bitcoin exchanges, according to reports from earlier in September, but this move goes even further, with government officials apparently offering an explicit directive to the nation’s currency exchanges.
WSJ reports that a document was passed around at a private meeting on Friday instructing exchanges based in Beijing to “unwind their operations and provide information on bank accounts used for clients’ deposits by Wednesday.” Officials reportedly told industry executives about a decision on the ban at that meeting in Beijing. Sources told the paper mainland access to foreign bitcoin exchanges online like Coinbase in the US would also be blocked by the country’s Great Firewall.
Full story at http://bit.ly/2w65Nc3
Source: The Verge
How Bitcoin Could Free Catalonia From Spain’s Dictate
On October 1st, Catalan nationalists plan to hold a referendum on leaving Spain, and to declare independence if they win. However, a recent article from BBC indicates that the “Gobierno de España” will seize Catalan finances in the next 48 hours if the ‘illegal’ referendum vote is not brought to a halt immediately. This situation has brought Bitcoin into the spotlight as a potential solution to the conflict. In this brief article, CoinTelegraph will attempt to analyze how Bitcoin could free Catalonia from Spain’s mandate.
Cristóbal Montoro, Spain’s finance minister, said that a mechanism had been approved for the state to take control of Catalonia’s finances. The Spanish intend to take this step to prevent any public money being spent on the independence referendum.
The ministers also delivered an ultimatum for Mr Puigdemont - sign an agreement within 48hours that public funds will not be redirected for the referendum. If the deadline is not met, then the Spanish government will seize control of the part of the Catalonian budget destined for public services and salaries.
Full story at http://bit.ly/2wzod4l
Source: CoinTelegraph
The Summer of Bitcoin Ends Badly
Bitcoin’s meteoric summertime surge risks coming to a painful end as Chinese policy makers move to restrict trading amid growing warnings of a market bubble.
The biggest cryptocurrency dropped as much as 40 percent since reaching a record high of $4,921 on Sept. 1, cutting about $20 billion in market value. The collapse extended to as much as 30 percent this week since China began sending stronger signals of a clampdown on Sept. 8, making this the biggest five-day decline since January 2015, when it traded at around $200.
Bitcoin captivated the attention of financial markets this summer as the developer community embraced a new mechanism to improve usage and avoided what was labeled as a potential civil war, raising the profile of the digital ledger and fueling the speculative price rise.
After the price of bitcoin reached a record high, China moved to reign in the exuberance, announcing Sept. 4 that it was outlawing initial coin offerings. While the motivations behind the move and the trading restrictions are unclear, such a ban could affect an estimated one-quarter of all bitcoin transactions.
Full story at https://bloom.bg/2xcfAjX
Source: Bloomberg
China's Cryptocurrency Crackdown: Is Bitcoin A Threat?
In the last week, rumors had been swirling that Chinese regulators would shut down Bitcoin exchanges, and today, several cryptocurrency exchanges including BTCC, ViaBTC, Yunbi, OKCoin and Huobi were reportedly ordered to stop trading by the end of September. This comes just after China's Internet Finance Association stated on Wednesday that Bitcoin lacks a legal foundation.
China’s withdrawal from Bitcoin trading will have a negative impact on the cryptocurrency, since 23% of Bitcoin trading activity happens in China. Some experts believe that Bitcoin exchanges will re-open once additional regulations are in place, although at this point there is a great deal of uncertainty.
China’s crackdown on Bitcoin trading has also revealed divisions in beliefs surrounding the cryptocurrency. Some believe Bitcoin is truly a legitimate currency, although others assume it is a "fraud" as Jamie Dimon asserted on Tuesday.
Full story at http://bit.ly/2xcsMW4
Source: Forbes
North Korea May Sidestep UN Sanctions with Bitcoin
The latest round of sanctions imposed on North Korea by the UN is aimed at targeting some of the country’s biggest external revenue streams.
A complete ban on all textiles from North Korea could cost the regime close to a billion dollars and some insiders say North Koreans are already feeling the squeeze as a result of earlier sanctions.
With bans restricting the flow of money, the country is turning to Bitcoin and other cryptocurrencies to fund their programs, instead of bowing down to pressure.
It is reported that Kim Jong UN’s regime is targeting South Korean cryptocurrency exchanges, with at least three confirmed successful attacks.
Full story at http://bit.ly/2wz6v1b
Source: CoinTelegraph
Bitcoin in the Browser: Google, Apple and More Adopting Crypto-Compatible API
Developers at some of the top tech companies have created a browser API that could soon make it easier to buy goods and services online with cryptocurrency.
The work, started by the World Wide Web Consortium (W3C) with the help of Microsoft, Google, Facebook, Apple and Mozilla, is a tangible step forward for a currency-agnostic web payment standard first conceived in 2013. Equally, as bitcoin and other cryptocurrencies gain more momentum, the launch signifies the growing recognition of cryptocurrency as a payments technology.
Indeed, the W3C has gotten more interested in blockchain technologies over the years, hosting its first ever blockchain workshop in June last year. But while participants were left with interest in standardizing and democratizing the technology's use, no formal work was decided upon then. That, however, has changed.
Announced on Thursday, the API is currently being implemented in browsers including Google's Chrome, Microsoft's Edge, Apple’s Webkit, Mozilla’s Firefox, the Samsung Internet Browser and Facebook's in-app browser. When activated, the Payment Request API will allow new payment types, including bitcoin, ether any any other available cryptocurrency (as well as more traditional online payment methods) to be stored directly in the browser.
Full story at http://bit.ly/2xd8Wdj
Source: CoinDesk
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I hope it drops. To buy some
It is going to be very interesting to see what the people of China do, not from the ruling level. Those who purchased bitcoin and invested, I remember watching daily traffic out of China and the rate at which they were buying.
I wonder just what te Chinese government fears about cryptocurrency?
They have no control.
So sad they feel the need to control everything
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