In Search of Regulation: More Plans and Steps Already Taken

In Search of Regulation: More Plans and Steps Already Taken

Delisting of BTG, South Korea's plans for blockchain, ETFs explained again, Philippines on crypto exchanges regulation, rumors about Bitmain's policy, EU discussing crowdfunding

  • No BTG trading on Bittrex. The major cryptocurrency exchange delisted Bitcoin Gold after the BTG team had refused to pay $265,000 in compensation for damage suffered by the exchange as a result of May’s 51% attack on BTG.
  • South Korea can’t enough of blockchain. The government seeks to pilot 12 blockchain projects in the public sector in 2019. This is twice as more than this year.
  • Andreas Antonopoulos: ETFs are bad for Bitcoin. He says that, though the launch of ETFs will initially bump up the price, they will prove detrimental for the market by contributing to investor speculation.
  • Philippines look to regulate exchanges. The government recognizes the popularity of virtual currencies and sets out to develop appropriate rules around exchanges.
  • ‘If you are bullish on Bitcoin, you are most probably right’: Hermann Finnbjörnsson, founder and CEO of Svandis, says that there is less than a 1% chance that Bitcoin won’t succeed.
  • Daily reminder: Never invest more than you can afford to lose. An airline cabin-crew member from Abu Dhabi loaned $100,000 from a bank and invested in cryptocurrencies. The catch is that he did it near the end of 2017.
  • Bitmain may be fooling investors. The Chinese mining giant said that a Russian billionaire fund (DST Global) invested in Bitmain. The truthfulness of the statement is yet to be confirmed — ed. note.
  • EU discusses ICO regulation. An EU-held upcoming event dubbed ‘Regulating ICO´s – Is the Crowdfunding Proposal what we were looking for?’ is scheduled to take place on September 4. The invitation to the event was kindly extended to Finrazor by the office of Ashley Fox MEP. Sadly, Finrazor will not be able to attend the event for geographical reasons.


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ABN AMRO Trials Bitcoin Wallet Where Bank Holds Private Keys

Dutch bank ABN AMRO has unveiled cryptocurrency storage facilities which will see its clients able to deposit Bitcoin (BTC) alongside fiat currency. 500 Clients Trial Bitcoin Storage In what appears to be a marked change of stance on the sector, officials confirmed a trial was underway with 500 account holders on social media January 22. According to marketing literature uploaded to Twitter, ABN AMRO aims to offer Bitcoin storage in the same online banking environment customers use for their day-to-day activities through a product called ‘Wallie.’ The move sees ABN first to provide direct Bitcoin tools out of the major Dutch banks, beating off competition from Rabobank, which had announced a similar project, ‘Rabobit,’ in February last year. In a sign of the experimental nature of its Bitcoin integration, ABN’s official webpage on cryptocurrency still states the bank does not support it. “…Cryptocurrencies are not controlled, issued or guaranteed by a central bank,” it warns. De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) have regularly published press releases over the past period in which they warn investors and consumers of the risks of cryptocurrencies. You can not therefore invest in bitcoins or other cryptocurrencies at ABN AMRO. Hoi! Jazeker! Heb je dit bericht ontvangen? We doen op dit moment een experiment met 500 klanten. :) ^Roeland — ABN AMRO (@ABNAMRO) January 22, 2019 Friend Or Foe? The exact reasons for the change of heart remain unknown. In its current form, the Bitcoin wallet constitutes something of a compromise; users will not hold their private keys, while the bank says it will provide insurance guarantees for up to €6,000 worth of funds. Rabobank had similarly surprised when it revealed its wallet plans, having also put out highly critical material on Bitcoin. For many cryptocurrency advocates, however, even custody ‘solutions’ such as ABN’s cause frustration rather than celebration. Consumers’ lack of control over their private keys, and hence actual control of the bitcoins, mean they are not actually embracing Bitcoin at all, some argue. In short, custodial ‘ownership’ of bitcoin goes against the reason why Bitcoin was created in the first place: removing trust and middlemen from money.  Earlier this month, an event organized by entrepreneur Trace Mayer even attempted to spark the opposite effect – making Bitcoin users withdraw all their capital from trusted third parties. What do you think about ABN AMRO’s Bitcoin wallet trial? Let us know in the comments below! Images courtesy of Shutterstock The post ABN AMRO Trials Bitcoin Wallet Where Bank Holds Private Keys appeared first on

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