by Florin Oprea
China is poised to further tighten rules on virtual currencies after regulators on Monday banned virtual coin fundraising schemes, Chinese financial news outlet Yicai reported citing sources.
Yicai’s report late Monday cited a source close to decision-makers as saying the announcement on the ban was just the start of further follow-up regulations of virtual currencies.
FAO: Gulp….Don’t say I didn’t tell you so…Remember the SEC’s warning the other month – reported July 27th? Well here is my comment dated July 28th “FAO: Of course this is good news (yesterday’s major topic) for Asia, and for Europe too… but I can bet it won’t take too much time till other similar authorities (at least in Europe!) will follow the Americans…” I was wrong, seems China reacted first…
The State Duma of the Russian Federation may pass a law on the regulation of crypto currencies this autumn. In the near future, a special meeting dedicated to the issue of crypto-currencies will be held with the participation of representatives of the Central Bank, the Ministry of Finance, and the expert community to elaborate basic principles for the regulation of the market of crypto currencies. The workgroup at the State Duma will discuss the definition of crypto currency as a financial instrument.
FAO: Meanwhile in Russia…
Tom Jackson – BBC
A growing number of tech companies are raising funds by issuing their own digital currencies for investors to buy. But the practice is completely unregulated. Is another financial scandal just around the corner?
FAO: Define “financial scandal”…
Stan Higgins – CoinDesk
The U.S. Internal Revenue Service (IRS) has filed new court documents in its long-running lawsuit against cryptocurrency exchange startup Coinbase, public records show. The IRS is seeking to identify potential tax avoiders, years after it first moved to begin taxing bitcoin as a kind of intangible property.
FAO: IRS vs Coinbase, new round…check our Archive for more related coverage.
William Suberg – The Cointelegraph
Russia is considering a ban on Bitcoin mining in private homes, despite electricity companies holding talks on giving miners spare capacity.
FAO: So they will rent new premises…problem solved…
Victor Golovtchenko – Finance Magnates
TRADOLOGIC’s cryptocurrency trading platform division has onboarded its first exclusively cryptocurrency-oriented brokerages – the company has just announced a partnership deal with emarketstrade.com.
Rachel Rose O’Leary – CoinDesk
Brazil’s central bank has released a new research paper that details possible use cases for blockchains and distributed ledgers while outlining how various available platforms could be used to test the technology.
FAO: Brazil joins the club of governments and central banks that study / test blockchain…Here’s a good article from Bloomberg (we had it last week), on how/why central banks can’t ignore the cryptocurrency boom.
Fintech breeding grounds are well-established in London, Berlin and Singapore. Now, cryptocurrency backers are setting up Switzerland’s first digital currency and blockchain hub.
FAO: Zug aims to provide a digital identity to its citizens, as reported here the other month.
Kana Nishizawa – Bloomberg
Mark Mobius is sensing danger in the explosive growth of cryptocurrencies.
Governments will begin clamping down on digital currencies because of their use in illicit financing, with terrorist groups to drug dealers contributing to their rise, Mobius, executive chairman at Templeton Emerging Markets Group, said in an interview in Hong Kong Monday.
FAO: No comment…
The BRICS Finance Committee is discussing a joint virtual currency for the five nation bloc of developing economies, according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev.
FAO: The rise of the BRICScoin?
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News