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A United Nations Agency Has Launched a Crypto Fund
The adoption and widespread use by the mainstream public are vital for crypto and Bitcoin to eventually reach its full potential. Acceptance from global government entities is nearly as important, as they wield the power to prevent the asset class from developing further.
However, a recent nod of support has arrived from the United Nations, with one agency under the multinational body launching its very own cryptocurrency fund.
UNICEF Becomes First UN Organization To Launch Crypto Fund
The United Nations International Children’s Emergency Fund (UNICEF) has revealed that is has become the first United Nations organization to both hold crypto and conduct transactions in the digital asset class.
Their mission is to provide emergency food, medical supplies, and even education to children who are unable to fend for themselves due to economic conditions, war, and other atrocities.
Related Reading | UNICEF Adds Six Blockchain Startups From Developing Nations to its Innovation Fund
Appropriately dubbed the UNICEF Cryptocurrency Fund, it allows the UN agency to “receive, hold, and disburse donations” of Ethereum and Bitcoin. The firm says that they will use crypto to fund a variety of open source technologies that will benefit kids in need across the globe.
Any cryptocurrencies donated to the fund will be held in the same crypto that was contributed and will be granted out in that same cryptocurrency. The first contribution was made by The Ethereum Foundation, and the grant will benefit three grantees from the UNICEF Innovation Fund – Prescrypto, Atix Labs, and Utopixar – as well as a “project coordinated by the GIGA initiative to connect schools across the world to the internet.”
UNICEF says that the launch is part of “ongoing work with blockchain technology,” and that the agency is part of the UN Innovation Network – responsible for “researching the potential and pitfalls of blockchain and other emerging technologies.”
Aya Miyaguchi, Executive Director of the Ethereum Foundation said that the UNICEF Cryptocurrency Fund would “improve access to basic needs, rights, and resources” and that crypto as a technology would “better countless lives and industries in the years to come.”
Related Reading | Unicef Australia Creates In-Browser Crypto Mining Website
This isn’t the first time UNICEF has shown interest in cryptocurrencies and how they may help children in need. Last year, UNICEF launched The Hope Page – a website interested philanthropic individuals can go to, and allow browser-based cryptocurrency mining software to utilize computer resources to mine for crypto that is then donated to UNICEF Australia.
The agency says that it “works in some of the world’s toughest places,” and crypto makes it easier and faster to send funds to regions without technological infrastructure. UNICEF’s stamp of approval and support of cryptocurrencies is great for the general acceptance of the emerging asset class, and even better, it demonstrates how the technology can benefit third-world countries that lack infrastructure or a thriving economy.
The post A United Nations Agency Has Launched a Crypto Fund appeared first on NewsBTC.
Incent Announces 20 Percent Cryptocurrency Rewards for United Petrol Customers
The post Incent Announces 20 Percent Cryptocurrency Rewards for United Petrol Customers appeared first on DCEBrief.
United States Regulators Begin Crack Down on Crypto and Bitcoin Crime
Following the announcement of Facebook Libra – a crypto project aimed to replace the US dollar and other fiat currencies, the United States has been up in arms regarding Libra, Bitcoin, and the rest of the cryptocurrency landscape.
The US is finally ready to begin regulating this portion of the financial sector and has begun a widespread crypto crackdown that’s only increased in recent weeks.
Crypto Criminals Fall Like Dominoes Following US Regulatory Push
Suspicions began to arise that heavy-handed regulation from the United States might be on the way the moment crypto exchange Binance announced it would be barring US-based crypto investors from using its flagship website in favor of ushering them to a US-based platform sans many of the altcoins that makes Binance attractive, in partnership with a yet-t0-be-named partner.
US investors make up the largest chunk of crypto investors, and fears that the asset they could be holding may soon be outlawed has caused bearish sell pressure across the space.
And while Bitcoin price is falling, so too are criminals who use Bitcoin and crypto assets in their illicit transactions, one-by-one like dominoes, now that the United States has begun what appears to be a major crackdown on the asset class.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Following some scathing tweets by United States President Donald Trump about crypto and Bitcoin being used for criminal activities like cybercrime, drug dealing, human trafficking, and money laundering, and negative comments by Trump-appointed Secretary of Treasury Steven Mnuchin, a number of Bitcoin-using criminals have become targets.
Related Reading | Alleged Silk Road Drug Dealer Arrested For Using Bitcoin For Money Laundering
It started last week when a Silk Road drug dealer was arrested for allegedly using Bitcoin to launder the money he earned from drug deals over the dark web marketplace. After that, another drug dealer has been arrested for his connection to a crime related to Bitcoin, opiates, and unexplainable Zimbabwean currency stockpiles.
Next, the United States Department of Justice filed a civil lawsuit against “Mr. Bitcoin” Alexander Vinnick, founder and CEO of Russian crypto exchange BTC-e, which has been called a “hotbed” for money laundering and other crime. Even BitMEX, a leader in the space, is being investigated by the CFTC for unlawfully serving US citizens knowingly.
But Bitcoin Holders Fear Being Treated Like Criminals
While these instances are criminals having their crimes catch up with them now that government agencies have caught up with the times and technology associated with crypto. However, the real fear is that the US government begins to start turning their crypto crackdown towards regular US citizens just for holding Bitcoin and altcoins.
Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Crypto
An outright ban is possible but unlikely, but at the very least the Internal Revenue Service aims to make crypto investors life that much more difficult, and have issued a threatening letter to 10,000 holders of cryptocurrencies. The letter reminds taxpayers to report crypto-related taxes which in the past the agency has admitted to lacking clarity.
It’s the lack of clarity around both taxes, and the upcoming regulation in the United States that is causing fear, uncertainty, and doubt across the market and has turned the bullish sentiment bearish in a matter of weeks. The days ahead are important for Bitcoin and the rest of the market, especially for US investors and traders.
The post United States Regulators Begin Crack Down on Crypto and Bitcoin Crime appeared first on NewsBTC.
Steven Mnuchin Hints at New Crypto Assets Regulations in the United States
After remaining quiet on the issue of Bitcoin and crypto assets since taking office, the Trump administration finally appears to be taking the industry seriously and is considering how to approach it from the regulatory point of view. Earlier this month, the president himself Tweeted about his distaste for digital currency and his Treasury Secretary, Steven Mnuchin, claimed that the technology is a threat to US national security
The most recent words from Mnuchin on the issue is that US regulators are currently eyeing the space and that more regulations are in the pipeline.
Mnunchin: Crypto Regulations to Follow a “Unified Approach” From Regulators
According to a report in Bloomberg citing an interview from CNBC, Steven Mnuchin claims that the United States is preparing to create specific regulations to police the emerging crypto asset industry. The Treasury Secretary stated:
“We’re looking at all of the crypto assets… We’re going to make sure we have a unified approach and my guess is that there are going to be more regulations that come out from all these agencies.”
The agencies to which Mnuchin alludes include both the Securities and Exchange Commission and the Commodity Futures Trading Commission. Both have already attempted to apply existing financial regulation to the space. However, from Mnuchin’s revelation today, there sounds like there is more on the way.
Also during the interview, Mnuchin reiterated the concerns he raised earlier this month. He stated that authorities were concerned that Bitcoin and other crypto assets were being used primarily for illicit purposes and that financial regulators were keen to stamp this out one way or another.
Earlier today, NewsBTC reported on the US Treasury Secretary’s adamant refusal to believe that Bitcoin will be relevant in ten years time. In fact, Mnuchin said that he would not even be talking about it later in his own term in his position and he certainly wouldn’t be investing in it ever.
"I can assure you I will personally not be loaded up on bitcoin" in 10 years, says Treasury Secretary Mnuchin #bitcoin pic.twitter.com/0J5acWQwRO
— Squawk Box (@SquawkCNBC) July 24, 2019
The political heat focused on Bitcoin and the rest of the crypto asset industry of late seems to have been prompted by social media giant Facebook’s recent detailing of its own foray into the space. The firm formally announced Libra, a digital currency due for launch in 2020, last month. Since then, many financial regulators around the world have expressed concerns about Facebook’s financial ambitions. A Senate Banking Committee grilled the firm over the project last week.
Along with bringing Facebook itself into the regulatory firing line, the social media firm’s plans seem to have brought a lot of attention to Bitcoin and other crypto assets too, particularly from the Trump administration, which largely seems hostile to the potentially revolutionary technological breakthrough.
Related Reading: Bullish For Bitcoin? Trump Turns Up Pressure on Federal Reserve to Cut Interest Rates
Featured Image from Shutterstock.
The post Steven Mnuchin Hints at New Crypto Assets Regulations in the United States appeared first on NewsBTC.
Alleged Silk Road Drug Dealer Arrested in the United States
n Authorities have arrested alleged Silk Road drug trafficker Hugh Brian Haney per an announcement from a New York district attorneyn
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The United States’ Distrust in Facebook Libra Is Spilling Into Crypto
Today, the United States Senate Committee on Banking, Housing, and Urban Affairs held an open session to conduct a hearing on Facebook’s Libra – a hot button topic across the crypto industry and financial space currently.
Recently, Libra has sparked an interest in not only just Facebook’s first foray into digital but it’s also caused governments to begin to take a closer look into Bitcoin and other cryptocurrencies, and thus far, the response hasn’t been positive.
United States Senator: Facebook is Dangerous, and Disruptive
In his opening statements in his testimony, Senator Sherrod Brown (D-OH) began with the phrase “Facebook is dangerous.” You can imagine the tone for the rest of his testimony, if he’s starting with a bold, defining statement as that.
The senator and committee member clarifies that while the Zuckerberg-led firm didn’t intend to be dangerous, “they don’t respect the power of the technologies they are playing with,” and compared them to a toddler playing with a book of matches who burned down his or her own house.
The tirade went on, calling attention to “its version of disrupting” the newspaper industry and how Facebook siphons revenue away from the media outlets and journalists offering unbiased coverage, and is instead using its algorithms to manipulate human behavior. He says what Facebook is doing isn’t “creative disruption, it’s just disruption.”
You guys gotta watch this. He is going HAM on Facebook https://t.co/zbkl0hZDEn
— Alan Silbert (@alansilbert) July 16, 2019
Brown also points out the abundance of “fake news,” preying on Facebook users biggest fears and uncertainties, and how Facebook’s newsfeeds were used to spread propaganda, or potentially sway the results of political campaigns.
The senator used the examples as reasons to deter Facebook from ever launching its Libra cryptocurrency.
“They don’t seem to understand why their intention to run their own currency out of a Swiss bank account… has been met with such fierce opposition.” He explained.
“Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust, it should be treated like the profit-seeking corporation it is.”
Facebook’s controversial Libra cryptocurrency has put a magnifying glass on the crypto industry and it while it was initially met with optimism, its since caused governments across the globe to step up and take an increased interest in cryptocurrencies as an asset class, and the comments aren’t positive.
Libra Turns the Tide on Bitcoin and Crypto
This week, President Donald Trump tweeted about Libra, Bitcoin, and crypto, commenting on their use in “unlawful” activities such as cyber crime or money laundering. His comments were echoed by Steven Mnuchin, US Secretary of Treasury.
Related Reading | US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses
Their comments kicked off a week of hearings on Facebook’s Libra, the beginnings of what looks like powerful regulation hitting the crypto industry, and may have caused Bitcoin’s recent bullish trend to reverse.
Facebook’s Libra may never see the light of day, but even just its announcement may be enough to disrupt the crypto industry, and like Senator Brown said, Facebook doesn’t just disrupt creatively, it just disruptive to be destructive.
The post The United States’ Distrust in Facebook Libra Is Spilling Into Crypto appeared first on NewsBTC.
Founders of Apple, Tesla, and Twitter All United by Interest in Bitcoin, But Will This Help Adoption?
Although Bitcoin has been caught in a persisting bear market for well over a year, multiple major tech gurus and visionaries from some of the largest companies in the world – including Apple, Tesla, and Twitter – have lauded the cryptocurrency in recent times, signaling that Bitcoin and crypto in general may soon become the focus of more innovation from major tech corporations.
Steve Wozniak, the co-founder of Apple, has long been an advocate for Bitcoin, but just recently double down on his praise for the cryptocurrency, noting that he still believes in the digital currency and its underlying technology despite the massive sell-off that has ensued over the past year.
Wozniak: There Has Been Massive Value Creation Since Bitcoin Price Crash
As reported earlier by NewsBTC, the co-founder of tech giant Apple recently shared his thoughts on Bitcoin, noting that it has incurred significant value creation over the past year despite its less-than-impressive price action as of late.
“We’ve seen massive value destruction, but we’ve seen massive value creation. I had a lot of bitcoin, but never as an investor. I only had bitcoin to experiment with … and I still experiment with it on new bitcoin devices,” Wozniak said in a recent interview with Bloomberg.
Wozniak further added that he doesn’t “want to be one of those people constantly checking the price,” and that he believes the persisting bear market is largely due to human psychology and is not a reflection of the technology’s value or of its fundamental growth.
Could Interest in Bitcoin from Tech Gurus Help Improve its Adoption Rates?
Recently, more and more notable figures within the tech industry have been expressing their interest in not only in blockchain technology, but in BTC itself. The question is, will their interest in the crypto help aid its adoption rates?
In a recent episode of ARK Invest’s FYI podcast, Elon Musk – the founder of Tesla and SpaceX – shared some interesting thoughts on cryptocurrency, noting that Bitcoin is “quite brilliant.”
“I mean I think the bitcoin structure was quite brilliant. It seems like there’s some merit to Ethereum as well, and maybe some of the others,” he noted.
Despite this positive sentiment, it does not appear that Musk is interested in guiding any of his companies towards adopting or investing in cryptocurrencies, as he further explained that he is “not sure if it would be a good use of Tesla resources to get into crypto.”
Although Musk’s interest in crypto may be limited, the CEO of Twitter, Jack Dorsey recently endorsed the launch of an in-browser tipping extension that allows Twitter users to send BTC tips via the Lightning Network.
“This is excellent,” Dorsey said while referencing an article regarding the launch of the Tippin extension.
This is excellent @tippin_me
https://t.co/FifrgwBOTp
— jack (@jack) February 20, 2019
Furthermore, Dorsey lauded BTC in a recent tweet, describing it as resilient and principled.
“Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand,” he said in response to a question regarding why Bitcoin is the only cryptocurrency he owns.
Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.
— jack (@jack) February 5, 2019
Dorsey’s other company – payment processing giant Square – has also implemented several features that allow users to interact with cryptocurrencies on a deeper level, and he was an early investor in Lightning Labs – a Bitcoin Lightning Network development startup.
As these tech guru’s interest in Bitcoin and cryptocurrency continues to grow, it is likely that their respective companies will be more prone to incorporating crypto-friendly features, like those already found in Square, which will help aid widespread adoption regardless of the state of the markets.
Featured image from Shutterstock.
The post Founders of Apple, Tesla, and Twitter All United by Interest in Bitcoin, But Will This Help Adoption? appeared first on NewsBTC.
United States Crypto Platform Huobi.com Launches Fiat-Crypto Trading
n Huobi.com, the U.S.-based partner of Singapore-headquartered crypto exchange Huobi, launches fiat-crypto trading with initial support for three USD-crypto trading pairsn
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