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South Korea To Soon Legalize ICOs As Bitcoin (BTC) Rushes Towards $10,000

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The markets are on a steady rise to the much anticipated $500 Billion total market capitalization. Bitcoin (BTC) is a few dollars shy of the $10,000 mark and is currently trading at $9,948 and up 2.6% in 24 hours on this find Saturday. Ethereum (ETH) is also up and by 3.51% and currently trading at $825 at the moment of writing this. Ripple (XRP) is a few cents shy of the $1 mark and currently trading at $0.916. Bitcoin Cash (BCH) is silently doing wonders as it trades at $1,713 and up 12.95% in 24 hours.

Observing Bitcoin once again, this current levels of trading are $52 shy of the much anticipated $10,000 value that would signify a return of good volumes in the markets and a bullish trend for the King of Crypto. Earlier reports by Ethereum World News, had suggested that a confirmation of Bitcoin’s Bullish Trend would be seen when the coin hits $12,000. The last time BTC was at $12,000 levels was around December 3rd last year. What then resulted from this was BTC reaching its peak value of $20,000 on the 17th of December, 14 days later.

The last time BTC was at $10,000 levels and in a bullish trend, was on November 28th: 5 days before the $12,000 value.

Could we be headed for a repeat performance? Only time will tell.

In other news, the South Korean government has no other choice but to start legalizing ICOs in its jurisdictions. Representative, Hong Eui-rak, of the ruling Democratic Party of Korea, has obtained the support of 10 lawmakers to challenge the current ban on domestic ICOs. With the recent handshake gesture between the two leaders of North and South Korea, the region is sure to experience an economic boom as both countries reopen ties. President Moon Jae-in and President Kim Jung Un have come together in a show of dedication of a lasting peaceful solution in the peninsula.

The reduction of global tensions in the region can be used to explain the current market rally together with news of the South Korean government opting to reopen its doors to ICOs.

2018 has been a tumultuous year for cryptocurrencies with South Korea first flirting with the idea of a total ban on crypto currencies only to do a 180 degree turn with the above announcement. The country wants to regulate the crypto space in its country.“The bill is aimed at legalizing ICOs under the government’s supervision. The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses,” Rep Hong Eui-rak added.

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Facebook Unexpectedly Plants Its Flag in Crypto-Friendly Switzerland

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By CCN: Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland. The move clearly correlates with the social media giant’s Project Libra.

According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing.

Libra Networks, which was registered in Geneva on May 2, will provide financial and technology services. Also in its wheelhouse will be developing related hardware and software.

ANOTHER SECRET MOVE

Famed investor Michael Novogratz recently called Project Libra “stunningly important” to the crypto space.

Given Facebook’s history of boasting about its projects, you’d think it would be bragging about Project Libra. That’s not the case. The Switzerland move was done with no fanfare such as company press releases or blog posts. This seems to be the way Facebook has chosen to roll out its Project Libra.

It’s keeping close to the chest even where the project will be launched. In December, it hinted at plans to set up shop in India. Early reports suggest Zuckerberg’s cryptocurrency will facilitate overseas remittance payments for Indian WhatsApp users.

CURIOSITY GROWS 

Facebook launched Project Libra more than a year ago to allow money transfers between WhatsApp users. Over time, however, the scope of the project has expanded. That includes the decision to include e-commerce payments on Facebook and other websites as well as rewards for viewing ads, shopping online, and interacting with content.

When all is done, Facebook hopes to have a stablecoin that is pegged to the value of a local currency.

Switzerland has long been recognized as a leading hub of blockchain and cryptocurrency technology, with the Swiss town of Zug referred to as “Crypto Valley” throughout the world.

PRIVACY ISSUES HAUNT FACEBOOK

As Facebook was making arrangements for this Switzerland fintech, it was facing hiring problems on the domestic front. CCN reported that recruiters are complaining that it is increasingly harder to find talent for Facebook’s engineering jobs. Potential hires don’t like the myriad privacy issues that the social media platform has seemingly failed to get a handle on.

They’re taking their talents to other tech giants, like Amazon, Google, and Microsoft.

The project has also drawn scrutiny from U.S. lawmakers. They are concerned that Project Libra will be plagued by Facebook’s failure to adequately secure users’ data

Source.ccn

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Well-known Ponzi scheme, Bitconnect is set for a relaunch on July 1

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It’s an interesting time in the crypto sphere. As the markets are setting new yearly highs and excitement builds around Bitcoin’s potential, news has begun circulating that someone is trying to revive BitConnect, a project best known for being a Ponzi scheme.

Bitconnect became one of the most hyped projects of 2017 after YouTube and Twitter personalities promoted the project to gain affiliate payouts. However, by 2018 it had become apparent that Bitconnect was a scam and a class action lawsuit was filed, followed by the arrest of the Asia head of Bitonnect.

As such, many were taken by surprise when Bitconnect 2.0 was announced late last year. While the website stated the infamous project would be relaunching soon, nothing of the sort has happened. However, as NullTX reports, an email has been doing the rounds which claims Bitconnect’s return is imminent. This is further corroborated by a tweet stating Bitcoinnect 2.0 will be officially launching on July 1, 2019.

A quick search on WHOIS reveals the domain name will expire this time next month, meaning the domain name will be taken offline before Bitconnect 2.0 even launches. Considering no one knows who’s in control of the domain, it’s going to be interesting to see how this plays out.

Source.chepicap

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Medvedev: Crypto Regulations not a priority for Russia

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  • The  Russian government is not thinking of regulating the cryptocurrency markets.
  • Crypto trade may start again in the nation.

Many industries have been appealing the Russian government to formulate laws to operate the market for digital assets because of the regulatory uncertainty of cryptocurrency. It has become difficult for firms to do business. However, those people can do business in Russia anytime soon. Medvedev said in a legal conference in St Petersburg that formulating digital asset regulations “is no longer a priority for the state,” adding:

“Nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant.”

However, Medvedev did not say that the lawmakers are entirely uninterested in cryptocurrencies. He noted that trading in the digital asset markets could go up again. If and when that happens, the regulators will renew their interest towards cryptocurrencies.

 

source:fxstreet

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