Blockchain Daily News – Edition 163, 06.03.2018
March 6, 2018
Blockchain Daily News – Edition 165, 08.03.2018
March 8, 2018

Blockchain Daily News – Edition 164, 07.03.2018

Fans’ Section

South Korean Government Bans Officials From Crypto Holding & Trading

Helen Partz – Cointelegraph

The South Korean government has banned its own officials from holding and trading cryptocurrency, which is considered to be ‘the first time the government has formulated a virtual currency ban for all public officials,” Maeil Business reported.(Ed. Note: link in Korean).

FAO: Which is not a bad thing after all. Don’t you think? The cryptomarkets fell quite aggressively after these news hit but now (at the time of writing) it seems to have already digested everything successfully. In fact I think this is a very good thing for the cryptoverse. South Korea’s example ought to be followed by all countries experiencing heavy crypto trading until proper regulation emerges. Remember how quick and aggressive the crypto markets have reacted in the past 6 months after remarks issued by various high-ranking officials everywhere in the world. We need regulation and until then we need to at least try to avoid any possible source of manipulation…

Caixin: China Blocking Crypto Exchanges On Social Media

Wolfie Zhao – CoinDesk

Chinese regulators are reportedly blocking social media accounts held by cryptocurrency exchanges that still offer services in the country. According to a report by Caixin authorities have shut down some exchanges’ channels on China’s dominant social messaging app, WeChat.

DNT: For example, if you are trying to access some previous content of cryptocurrency exchange OKEx on WeChat,  don’t be surprised if you’ll see this message “The platform may have violated relevant laws and regulations after being reviewed per users’ complaints. The account is currently blocked and content is not available.“, the story informs.

FAO: Anything else left to be shut?

Cryptocurrencies Are Risky For Consumers, Says BoE’s Haldane

Reuters Staff – Reuters

Cryptocurrencies pose a risk to British consumers, though not to the financial system as a whole, the Bank of England’s chief economist, Andy Haldane, said. “There’s lots of potential risks there, one of which is the danger to the consumer from buying into this stuff,” Haldane said in a BBC television interview.

DNT: So, Mr. Haldane agrees his boss BoE Governor Mark Carney, who recently said (details hereFans Section) that BTC will face a regulatory crackdown, and used words like “inherently risky” or “anarchy” while he was referring to the most known altcoin in the world.

FAO: So the central bankers’ campaign goes as planned, now Haldane is on BBC, using British diplomacy in his speech. Better to have another read of Jeff Kutler’s latest piece – we had it yesterday, in Regulation. Also, check my comments the other day on Mark Carney’s latest remarks and our opinion on recent market volatility and what this could mean for the future of the “cryptoverse”. We first published it on Linkedin Pulse on Feb 13th, and you can also read it on Global Association of Risk Professionals’ website!

Deals & Investments

Singapore Startup Raises $30m To Let You Buy Electricity On The Blockchain

Derek Cai – Tech In Asia

Electrify, a Singapore-based startup that aims to use a blockchain to let consumers buy electricity from energy retailers and other consumers, has raised US$30 million in under 10 days via a token sale, the company said. This makes it one of the largest token sales from a Singapore company on record, according to Tech in Asia’s data.

FAO: You are absolutely right! I should have placed this in our new section – “Future Stars?

Exchanges & Trading Venues

Bitcoin Exchange Coinbase Launches The Dow Jones Of Cryptocurrencies

Kate Rooney – CNBC

Coinbase Announces Launch Of Cryptocurrency Index Fund

Gertrude Chavez-Dreyfuss – Reuters

Coinbase announced the launch of its first-ever index fund, marking the company’s foray into asset management. The U.S. firm has formed a subsidiary called Coinbase Asset Management to oversee the new Coinbase Index Fund, product lead Reuben Bramanathan said.

DNT: I’m looking forward to find out how the asset management industry will react to this challenge.

FAO: Coinbase goes into crypto asset management, after seeing the potential in this space (according to Autonomous Next, in Feb. 15 2018 there were 226 crypto-focussed hedge funds, up from 110 funds as of Oct. 18 2017, 55 funds at Aug. 29 2017 and just 37 at the start of 2017.). The new business and product will surely be very appealing for institutional investors preparing to enter this new universe.  


Look Out, Tether: Bittrex Lists New Pegged Currency, ‘TrueUSD’

Rachel McIntosh – Finance Magnates

In an era of controversy surrounding some of the world’s more famous ‘pegged’ currencies, Bittrex co-founder Richie Lai has announced that the exchange will be listing TrueUSD on its platform, a currency that touts itself as “the world’s first legally-backed stable cryptocurrency.”

FAO: Things heat up in the world of pegged currencies!

Venezuela To Sell Petro Cryptocurrency Via Dicom Forex System

Reuters Staff –  Reuters

The Venezuela government will start auctioning its new petro cryptocurrency to private companies via its Dicom fx platform in a few weeks, Vice President Tareck El Aissami said.

DNT: Don’t forget to check our FREE ARCHIVE for a lot more stories about the “petro” cryptocurrency, through which the Maduro regime hopes to diminish the effect of the U.S. financial sanctions.

FAO: …a project that “inspired”a lot of other countries too – check the list here, Cryptos section.

Here Comes Dirty Coin, The Cryptocurrency Of Ol’ Dirty Bastard

Daniel Roberts – Yahoo Finance

Wu-Tang Clan rapper Ol’ Dirty Bastard, who died in 2004, is getting into the cryptocurrency game.The late rapper’s estate is launching a utility token called Dirty Coin to fund music projects and other ventures. Why, exactly? It’s simple, says the late legend’s son Bar-Sun Jones, aka Young Dirty Bastard: “Crypto is very big. The blockchain is one of the biggest inventions of our time. And I don’t want to be out of the party, I want to come in to the party.”

DNT: Yo, yo ..check this out! If you are a musician, you can fund your project with Dirty Coin. Imagination has no limits.  

The Stanford Bitcoin Mafia

Rahul Singireddy – Forbes

DNT: This Rahul Singireddy story is quite fascinating: what have become the students that had put together a Bitcoin mining rig in their dorm room.

Latest Developments & Agreements

Ripple Develops Blockchain Payments App With 61 Japanese Banks

Gareth Allan & Takako Taniguchi – Bloomberg (subscription)

Ripple is working with 61 Japanese banks on an application that will enable customers to settle cash transfers instantly around the clock, the latest effort to apply blockchain technology in finance.

FAO: That is something…

Opera’s Built-In Cryptocurrency Price Converter Is Actually Pretty Useful

The Next Web

Opera updated its built-in currency converter to support cryptocurrency, starting with Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The feature has been there for a couple of months now, but it seems it has remained under the radar for most crypto-enthusiasts.  For those unfamiliar, the currency converter essentially lets you convert fiat currencies to BTC, BCH, ETH or LTC by simply highlighting the original amount – without leaving the site or using third-party converters.


Ex-CFTC Chief, Bart Chilton: Even Republicans Are Pushing For Crypto Regulation

Michael del Castillo – CoinDesk

Bitcoin seems to be testing politicians across all aisles. In fact, even members of the U.S. political party known for its broad opposition to regulation have been embracing the idea the market needs greater oversight, according to former CFTC commissioner Bart Chilton.

DNT: Bart Chilton is quite a “voice”….Recently, he said he wished he had invested in bitcoin and other popular cryptocurrencies back when he was telling everyone to be careful…Details here, Fans Section.

FAO: First regulate the “cryptoverse’, then tax it…tax revenues are good for any political parties.

ICOs Likely Need To Follow Bank Secrecy Rules

Olga Kharif – Bloomberg (subscription)

Issuers and investors in ICOs for digital coins appear to have something else to worry about besides the increased scrutiny of U.S. regulators. Some startups that accept digital or fiat currencies in exchange for their newly issued tokens are money transmitters, which must be in compliance with bank secrecy and know-your-customer guidelines, according to a newly released letter from the Department of the Treasury.

Virtual Currencies Are Commodities, U.S. Judge Rules

Brendan Pierson – Reuters

U.S. District Judge Jack Weinstein in Brooklyn ruled that the CFTC had standing to bring a fraud lawsuit against New York resident Patrick McDonnell and his company Coin Drop Markets, allowing the case to go forward.

Kenya Is Finally Softening Its Stance On Blockchain Technology

Abdi Latif Dahir – Quartz

Kenya has for years regarded blockchain technology and digital currencies with suspicion, comparing bitcoin to a “pyramid scheme,” and emphasizing that it had no legal footing.

But Kenya softened its stance last week, and announced that the government is setting up an 11-member task force that will study the benefits and challenges associated with blockchain technologies.

Accelerators & Hubs

Why Blockchain Is Booming In Liechtenstein, The Sixth Smallest Country In The World

Oliver Smith  – Forbes

A low tax rate over the years has made Lichtenstein a hub for financial services – part of the reason it’s now home to more registered businesses than citizens. Now nestled between the Swiss Alps and Austria, Liechtenstein’s Crown Prince Alois has been sending signals to the cryptocurrency community that his family’s principality of Liechtenstein is the place to bring their businesses. And it’s working.

FAO: Tell you why, Liechtenstein to Switzerland’s Zug (home of the Crypto Valley) is a 1.5h drive…


UK Company “Always Efficient”  Linked To Laundered Bitcoin Billions

Geoff White – BBC

A UK company has been linked to the laundering of 650,000 stolen bitcoins worth £4.5bn, a BBC Radio 4 investigation has found. The coins were taken by hackers from Tokyo-based Bitcoin exchange Mt Gox, leaving tens of thousands of customers out of pocket.

It’s not clear who is in control of the London-based firm Always Efficient LLP.

FAO: I guess it was “always efficient” until it wasn’t – Mt Gox reverberations…after so many years…

Other news

Coinbase’s Bitcoin Cash Trading Rollout Cost Investors $5 Million, Lawsuit Says

Kate Rooney – CNBC

Coinbase’s botched roll-out of bitcoin cash trading cost investors more than $5 million, a lawsuit alleges. Coinbase is the leading U.S. marketplace for buying major cryptocurrencies such as bitcoin. After the cryptocurrency split into bitcoin and bitcoin cash last summer, Coinbase said it would make the offshoot coin available on its site by Jan. 1.

Canadian Financial Regulator Warns Of Potential Scam, Unregistered “Cryptobank” ICO

Helen Partz – Cointelegraph

New Brunswick, Canada’s financial watchdog warned cryptocurrency investors of a potential scam website that claims to be a “cryptobank” in an investor alert. According to the statement, the Financial and Consumer Services Commission started investigating the company profile after appeared in ads on a Canadian online classified website.

DNT: Well, that’s good to know!

Blockchain Company Centrifuge Wants Every Business To Get Paid On Time

Romain Dillet – TechCrunch

The co-founders behind Centrifuge have previously created an essential company with Taulia. Now, they want to do it again, but on the blockchain.


FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News