Blockchain Daily News – Edition 40, 28.08.2017
August 28, 2017
Blockchain Daily News – Edition 42, 30.08.2017
August 30, 2017

Blockchain Daily News – Edition 41, 29.08.2017

Blockchain Daily News

by Florin Oprea

Edition 41, 29.08.2017

OMG Section!?!!

Burger King Has Launched Its Own Cryptocurrency In Russia Called ‘WhopperCoin’

CNBC

WhopperCoin tokens would be used to reward customers for each purchase of a Whopper sandwich.

FAO: Should we expect a McDcoin soon too?!??

Deals, Investments & M&As

China Drafts Rules On Cryptocurrency Fundraising

China Economic Review

The State Council, China’s cabinet, has released draft rules to oversee fundraising through virtual currencies amid surging investor interest in cryptocurrencies. The draft legislation, which builds on policies released in February 2016, was released last week by the State Council’s Legislative Affairs Office.

FAO: China’s State Council wants its piece of the ICO growing action…

Cryptocurrencies

Bank of Mexico Governor: Bitcoin More Commodity Than Currency

Rachel Rose O’Leary – CoinDesk

According to local news source El Economista, the bank’s governor, Agustín Carstens, said that, since bitcoin is not backed by a government or central bank, the cryptocurrency doesn’t meet existing definitions of a currency.

Rather, bitcoin should instead be considered more as a commodity, he went on, since “there is nothing to ensure its accounting in a financial system.”

FAO: Maybe a trip across the ocean, to Japan, will help the governor understand how others can benefit from accepting Bitcoin as a currency…

Exchanges & Trading Venues

Kraken Cracks Down on Front-Running, Takes Measures to Boost Liquidity

Victor Golovtchenko – Finance Magnates

Kraken is removing the number of decimals available in the pricing of each pair. The effort will effectively create new limits to front-running.

UAE Exchange In Talks With Blockchain Brand Ripple

Sarah Townsend – Arabian Business

UAE Exchange is eyeing a deal with Ripple to help it introduce real time, cross-border payments using blockchain technology.

FAO: Remember that UAE have invested a lot in blockchain, Dubai is even planning to become the first blockchain government by 2020 (here’s an interesting piece).

Vendors

Venezuelan Bitcoin Miners Turning to Ethereum After Government Crackdown

Joshua Althauser – The Cointelegraph

An increasing number of Venezuelans are shifting to mining digital currencies like Bitcoin so that they can afford to buy their basic needs and survive due to the current hyperinflation being experienced in Venezuela as of late August 2017. Another reason for the shift is the affordability of mining due to the low cost of electricity in the country.

FAO: People innovate, people speculate…unfortunately the people in Venezuela have suffered a lot but it seems that at least some of them have found a new way to survive…good for them!

BitPeople

It Looks Like New Bitcoin Millionaires Are Avoiding the IRS

Janet Morrissey – The Street

Despite the colossal gains and surge in new-fangled Bitcoin millionaires, few investors seem to be reporting their cryptocurrency windfalls on their U.S. tax returns. And experts warn this could mean huge penalties down the line.

FAO: Oops…

Regulation

Suddenly, Russia Plans To Ban Cryptocurrency Sales To ‘Ordinary People’

William Suberg – The Cointelegraph

Russia’s deputy finance minister Alexey Moiseev has said it is “hard to argue cryptocurrency is not a pyramid scheme” amid sudden plans to ban sales.

Speaking in an interview on local television channel Rossiya 24, Moiseev said the government wanted only to allow “those who are qualified investors” and who have a “reason” for buying cryptoassets to have the option to do so.

FAO: Hmmm, yesterday we reported about Russia’s First Deputy Prime Minister, Igor Shuvalov, who said he is in favor of a “crypto-ruble”…

Analysis

Litecoin Price Surges to New All-Time High Over $60

Daniel Palmer – CoinDesk

Vigorous trading in South Korea seems to be at least in part responsible for the rise, a trend also seen for bitcoin cash, monero and Ripple’s XRP in recent days.

Other news

How Bitcoin Is Making Waves In The Luxury Market

Clive Martin – CNN

One market that could prove something of a game-changer is the ever-investing art world, where art-for-Bitcoin is being pioneered by London gallery owner Eleesa Dadiani, of the eponymous Dadiani Gallery.

FAO: Here’s another piece focusing on the same innovative art gallery that BBC visited last month

Third in a Month: SEC Moves to Halt OTC Trading for Bitcoin Firm

Stan Higgins – CoinDesk

On August 24, officials for the securities markets regulator announced a trading suspension for American Security Resources Corp. (ARSC), effective until 11:59 am ET on September 8, 2017.

The company – which has changed hands several times, according to existing SEC filings – declared at the start of this month that it would move to launch a cryptocurrency exchange, moving to rebrand as the Bitcoin Crypto Currency Exchange Corporation.

It was those statements and others issued at the time that appear to have sparked questions from the SEC, according to the August 24 order.

 

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

DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News