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Why Banks Keep Blocking Cryptocurrency-Related Transactions

why banks keep blocking cryptocurrency-related transactions

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The COVID-19 crisis has brought many new users to the world of cryptocurrencies. One of the main concerns for users, however, is whether their bank cards may be blocked due to the purchase of a cryptocurrency, or when withdrawing funds from a crypto account. Can this risk be prevented?Since the COVID-19 outbreak and people’s subsequent desire to protect their savings, interest in cryptocurrency has continued to grow. A June 2020 survey conducted by The Tokenist found that 45% of respondents from 17 countries now prefer to invest in Bitcoin (BTC) rather than stocks, real estate or gold. For comparison’s sake, only 13% gave such an answer back in 2017.But there is a nuance to which clearly not enough attention is paid: The growth of Bitcoin’s audience is due to people who are quite unfamiliar with the crypto world. Judging by the nature of questions we have received in recent months, we realized that it is precisely the fears associated with banks blocking transactions that often stop people from active crypto investments.State interestsIn our experience, there are two main categories of reasons that can lead to blocking cryptocurrency transactions. These are restrictions based on either the regulator or the acquirer. …

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How to choose the best Cryptocurrency exchange?

how to choose the best cryptocurrency exchange?

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With digitization becoming the new way of conducting business across the globe, cryptocurrency exchanges have capitalized on this trend quickly. The speculative digital asset with fluctuations inherent in it has captured the attention of both amateur and experienced crypto traders. In this article, let us get to know some factors to consider for picking the best cryptocurrency exchange. Place of operation – As every nation in the world does not accept the usage of cryptocurrencies, it is critical to know whether they are legal within boundaries before launching the exchange. It is important to stay abreast of the latest regulations in a dynamic business environment. Some exchanges may not accept local citizens as users. Users must also know the flexibility provided in day-to-day trading with cryptocurrencies and fiat currencies.  In countries where cryptos are considered illegal, it is better not to inaugurate an exchange to avoid the risk of losing funds when there is a crackdown by authorities. Pump and Dump schemes are becoming the new kinds of frauds in countries where cryptocurrencies are hardly regulated. Authenticity – With connectivity spreading far and wide, it is crucial to verify before making a decision to sign up with an exchange. With …

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Cryptocurrency News From Japan: July 5 – July 11 in Review

cryptocurrency news from japan: july 5 – july 11 in review

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This week’s headlines from Japan included real estate player Tosei and Tokyo Financial Holdings listing an asset-backed digital financial product, Cointelegraph Japan interviewing a former Japanese central bank staffer, Coinage registering as an exchange with Japan’s financial services agency, and a life insurance company testing digital asset billing transaction. Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.Tosei and Tokyo Financial Holdings launch a digital securities productReal estate outfit Tosei and Tokai Tokyo Financial Holdings, hold plans for a digital securities product. The pair “will list digital securities backed by the rental income of domestic office buildings on the Singapore exchange in August,” said a July 8 report from Japanese news outlet Nikkei. The financial product is the first of its kind holding domestic goods backing, the article added. Cointelegraph interviews digital currency study group executiveThe chairman of a digital asset research entity formed by DeCurret in June 2020, Hiromi Yamaoka, recently detailed a number of topics in an interview with Cointelegraph Japan. Holding vast previous experience working for Japan’s central bank, the study group executive detailed a number of topics. He noted fees associated with paper currency payments, a lack of data …

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To Accelerate Cryptocurrency Adoption, We Must First Improve User Experience

to accelerate cryptocurrency adoption, we must first improve user experience

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Only with increasing difficulty can one recall a time when the majority of the world was yet to adopt the internet. In 1995, user adoption of the internet had​ ​only reached​ 10% of American households, five years after the very first web browser was launched. Another five years later, in the year 2000, 50% of the United States nation had already adopted the internet.Imagining today’s world without internet is simply unfathomable and, in the future, the same will be said about cryptocurrency. The technologies fostered by the crypto industry are often considered the most disruptive and paradigm-shifting advancements since the birth of the internet itself. They are quickly transforming the way people interact, trade, and gain autonomy of their own wealth and assets.In the early 90s, internet adoption was slow. Newly developed networks struggled with concerns of scalability, privacy and ease of use. Today, we are witnessing these same key issues with cryptocurrencies and blockchains. In order to accelerate mainstream adoption, we must wear the hat of a user experience designer, because only then will we see cryptocurrencies reach their full potential across the globe.Cryptocurrencies must first be simplifiedCrypto is no simple concept. The industry is trying to squeeze a …

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Is DeFi the next bubble to strike cryptocurrency?

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Decentralised finance, commonly abbreviated to DeFi, has been one of the most notable developments in the cryptocurrency industry this year, with companies like Compound soaring in popularity alongside a host of other start-ups.The rise in notoriety of DeFi is eerily reminiscent of the ICO bubble in 2017, which saw hundreds if not thousands of companies raise millions of Dollars in capital.The bubble historically burst in the early stages of 2018 with the majority of ICOs losing more than 95% of value within the space of a year. 1/ It’s now obvious that ICOs were a massive bubble that’s unlikely to ever see a recovery. The median ICO return in terms of USD is -87% and constantly dropping. Let’s look at some data! pic.twitter.com/zmCXVPjup6 — Larry Cermak (@lawmaster) August 7, 2019 The issue was that most companies opted for the ICO route to bypass the heavily regulated and screened IPO structure, which meant that tokenisation simply wasn’t needed for the company to be a success.Whitepapers that promised to revolutionise respective industries was commonplace, which in hindsight only contributed to one of the largest bubbles in recent history.As the hype began to subside so did the companies that raised millions …

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The Need For Smart And Sensible Cryptocurrency Regulations For Growing Economy

the need for smart and sensible cryptocurrency regulations for growing economy

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The effects of Covid-19 continue to reverberate through every corner of the globe, but to India in particular, the pandemic has dealt a severe blow to our economy and many of our major industries. In mid-May, our Prime Minister Narendra Modi addressed the nation, emphasising the nation’s need for ‘Atmanirbhar’—relying on oneself so that India may maintain its global competitiveness and emerge victoriously. While every business sector adapts to the new normal, one industry has been exemplary in its self-reliance and has experienced growth in the face of adversity—the cryptocurrency sector.It’s been two months since the Indian Supreme Court overturned the banking ban issued by the Reserve Bank of India to all entities regulated by the RBI from dealing with or settling cryptocurrencies. Despite the global markets landslide, the Indian cryptocurrency sector has seen unprecedented growth in interest and trading volumes with major global players investing in the Indian crypto and blockchain industry.The RBI needs to take advantage of the momentum the industry is currently witnessing, to build out a forward-looking legal framework that allows cryptocurrency companies to operate and contribute to the broader economy. In an effort to provide Indian policymakers with some …

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New York Court Approves Investigation Into $10 Billion Cryptocurrency Created By A Presidential Candidate

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Brock Pierce during the Sime Awards at Epicenter on November 16, 2017 in Stockholm, Sweden. Pierce … [+] is a serial cryptocurrency entrepreneur and recent U.S. Presidential candidate.

Getty Images for The Sime Awards

A New York appeals court today unleashed the state’s attorney general to investigate a number of businesses behind the tether cryptocurrency. While there are no formal accusations of fraud or other wrongdoing, the opinion, from an appellate division of New York’s Supreme Court, gives teeth to subpoenas filed by the attorney general. The respondents, including both Tether Holdings Limited and the Bitfinex cryptocurrency exchange, had unsuccessfully fought the subpoenas at the trial level, before appealing.
The news comes at an awkward time for Brock Pierce, 39, the creator of the cryptocurrency, who this week announced he was running for President of the United States. A representative of the New York State Attorney General says he “cannot confirm or deny that the investigation” includes Pierce.
In 2014, Pierce, who is running as an independent on a pro-technology platform, created the tether currency as a way for cryptocurrency investors to quickly enter and exit a position. Unlike bitcoin and other cryptocurrencies, tether was meant to have a stable price, backed one-to-one …

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Book Review: Digital Is the Cash

book review: digital is the cash

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“Understanding the Past, Present & Future of Finance in One Read,” boasts the subtitle of Digital is the Cash by Nathaniel Luz. Whether the book achieves this lofty aim is likely to depend on the readers feelings towards Dash (DASH) being the future of finance.You see, Luz is an ambassador for Dash Africa, and strongly believes that the cryptocurrency represents the future of money. His story is actually more interesting than that, as I discovered when I spoke to him, but potential readers should be warned that parts of this book read more like a press release.It should be noted that Dash did not fund the writing of the book, although it has paid for a print run of hard copies which are being distributed to libraries and institutions around the globe.Start at the beginningThe first topic that the book tackles is money: what it is, how it has developed, and the various forms it has taken. From bartering to commodity money, through cash in metal and paper forms, and finally to digital currency in both credit/debit card form and cryptocurrency.The writing style is accessible and enjoyable, with clear examples illustrating the concepts explained. The book …

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HashCash Consultants Brings to You Cryptocurrency Real Estate Exchange

hashcash consultants brings to you cryptocurrency real estate exchange

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HashCash’s cryptocurrency real estate exchange allows you to trade in the property based digital assets and real estate tokenization creating new investment opportunities within the real estate realm.PALO ALTO, Calif., July 10, 2020 /PRNewswire-PRWeb/ — HashCash Consultants has expanded its blockchain offerings to the realm of real estate establishing a highly scalable cryptocurrency real estate exchange with extensive trading features in crypto and tokenized assets.The cryptocurrency real estate exchange is a unique result of the blockchain and real estate convergence, that is set to revolutionize property business and investment options within the sector.”The provision of the disintegration of property into multiple shares and tokenizing them followed by trading on a blockchain-based exchange platform broadens the spectrum of asset investments for people. The traders will get a chance to expand their portfolio by venturing into the world of tokenized real estate, gaining fractional ownership of properties, which they can further trade owing to the high liquidity of such tokens. Tokenized real estate and its trading combined with cryptocurrency are all set to bring milestone reformation within the property sector,” commented Raj Chowdhury, CEO, HashCash Consultants. What HashCash’s Cryptocurrency Real Estate Exchange has to offer?The real estate reformation through blockchain …

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Malaysian Shariah Council Permits Cryptocurrency Investing and Trading | Bitcoin News

malaysian shariah council permits cryptocurrency investing and trading | bitcoin news

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The Shariah Advisory Council of Malaysia’s securities commission has advised that it is permissible to invest and trade cryptocurrencies on registered crypto exchanges. About 60% of the country’s population are Muslims, many of whom have been reluctant to trade crypto in fear that it might not be Sharia-compliant.Shariah-Compliant Crypto TradingThe Shariah Advisory Council of the Securities Commission Malaysia (SC) reportedly revealed its position on cryptocurrency trading in the country at the Invest Malaysia 2020 event this week. SC chairman Datuk Syed Zaid Albar was quoted by the Edge Markets as saying during a teleconference panel session on Tuesday:The SC Shariah Advisory Council has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges.He added: “This is a really ground-breaking resolution by the SAC (Shariah Advisory Council) that could spur greater development and investment in digital assets … Once the resolution is finalised, we will issue further details.”The Shariah Advisory Council was established with the endorsement of the Malaysian Ministry of Finance in 1996. Its mandate, according to the SC website, is “to ensure that the implementation of the Islamic capital market complied with Shariah principles. Its scope …

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