Cryptocurrency Market Eats Its Way Into Food Industry

Cryptocurrency market is trending in the food sector as many express joints are gradually accepting the virtual currency. An increasing number of takeaway platforms around the world are accepting cryptocurrency in exchange for mouth-watering meals. And now, many food joints are actively participating in this ever-growing bandwagon. Crypto enthusiasts, as well as foodies, can now […]

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Latest Cryptocurrency News: India Set To Draft Structured Crypto Regulations

For quite some time now, India is toying with the idea of whether or not introduce cryptocurrency in the market. However, some progressive developments are to be foreseen as the country is seriously considering to introduce a crypto regulatory framework. As per the latest cryptocurrency news, the crypto market in India is gradually progressing. The […]

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From Banking To Technology: Cryptocurrency Wallet Broadens Its Hold

Crypto enthusiasts will be happy to learn that Poland has provided a license to two crypto companies to operate as payment service providers. The Polish financial watchdog, Komisja Nadzoru Finansowego (KNF), has licensed two crypto startups as payment providers. The companies, Coinquista and Bitclude, offer a range of crypto services that includes trading and cryptocurrency […]

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Unstable Economy Leads Nations To Venture Into Cryptocurrency Market

At present, Iran is going through a rough phase as the economy is unsteady due to the rise in inflation. The dire consequences have led the country to shift its focus on the rising cryptocurrency market. The mismanagement of the economy is one of the main reason that Iran is giving more prominence to virtual […]

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Cryptocurrency Laundering Calls For Innovative Safety Measures

Sindri Stefansson, who was involved in the biggest heist that left the Iceland police baffled, is sentenced to four and a half years jail along with his teammates. Cryptocurrency laundering is a serious issue that needs to be addressed and suppressed at the earliest. Cryptocurrency beyond doubt is surging and spreading its wings in all […]

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Favorable Phase Commences For Cryptocurrency Exchange Market

A favorable time has begun for cryptocurrency exchange market as it is not only surging but also expanding in various sectors of the economy. However, according to the recent news report, the Thai crypto exchange is facing difficulties as it has come under the scanner. The Thai Securities and Exchange Commission (SEC) has rejected the application […]

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India Set to Provide Fair Chance To Cryptocurrency

Cryptocurrency fever is spreading over many countries including India as the concept is steadily on the rise despite its shortcomings. However, India is skeptical to entertain the virtual currency due to its dubious nature. In spite of that, the latest news suggested that India is giving a second thought as the apex court which is […]

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Bitcoin Apps And Wallet Flood Market To Secure Cryptocurrency

Bitcoin apps and wallets are flooded in the market with many financial institutions introducing new apps now and then. Talking about the crypto wallets, the cryptocurrency banking provider ‘Bitwala’ has started offering its banking services to crypto users in Germany. According to the news report, 40,000 users are already on board and new users will […]

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Bitcoin Trading Tempts Crypto Millionaires To Invest In Luxurious Merchandise

Crypto enthusiasts will be happy to learn that they can now possess precious bullion stones with bitcoin cash (BCH) and bitcoin core (BTC). Online bullion marketplace Onegold announced that cryptocurrency proponents can now purchase digital gold and silver bullion merchandise. Onegold is a blockchain-based platform that stores precious metals and allows customers to redeem their […]

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Cryptocurrency Trading Boosted This Festive Season

Cryptocurrency trading is indisputably creating a deep impact as it is attracting a considerable amount of customers who are interested to indulge in cryptocurrency. Dave Jenkins, a taxi driver in London, has attracted a lot of eyeballs and garnered recognition for offering his customers to purchase cryptocurrency. He is addressed as ‘Crypto Cabbie’ because not only he drives passengers around London but also provides the ability to purchase BTC.

The driver sells BTC for Cash with the help of a device that enables people to purchase bitcoins. Jenkins adds that dealing with him is much easier for customers rather than going through a tedious process of signing up for an exchange or using a crypto ATM in London that might require KYC identification.

As he explained in an interview, that the hardware is manufactured by a company called Fastbitcoins, and it allows the Crypto Cabbie to sell BTC for cash before furnishing the buyer with a receipt. Essentially, the service is a voucher system that can be redeemed for BTC after the purchase at certain locations, as published on Bitcoin News.

In the meantime, this upcoming holiday season will notice cryptocurrency dominating the market. In other words, customers can use cryptocurrency to buy e-gift cards to shower their loved ones with gifts this festive season.

Going with the holiday tradition, major exchange Coinbase is running “12 Days of Coinbase” until December 21, revealing a new announcement each day. This is made possible through a program with WeGift, a crypto gifting service that offers purchasing possibilities with GAP, Domino’s, Adidas, Uber and Nike, among many others. Crypto-purchased gift cards feature no additional fees and a cash bonus of up to 10%, as reported on Invest In Blockchain. So this festive season will see a lot of people indulging in cryptocurrency trading.

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Bearish Cryptocurrency Market Make Crypto Startups Close Operations

The bearish phase of the cryptocurrency market is causing a huge amount of loss to the industries. Start-ups are unable to cope up with the current scenario and therefore, are shutting down the operations of the company. From established firms to naive start-ups everyone has joined the trend of either cutting down swathes of manpower or drawing the shutters.

China-based crypto mining firm Bitmain is shutting down the operations of Bitmaintech Israel, its research and development (R&D) center in Ra’anana, Israel. The R&D center, which produced Bitmain’s first Israeli mining pool ConnectBTC, was launched in 2016 to explore meaningful use cases of blockchain technology as well as artificial intelligence for the company’s Sophon project.

The cryptocurrency market has uprooted many start-ups, who aimed to score big in the crypto market. The market plunge did not even spare financial businessman like Gadi Glikberg, Bitmain’s vice president of international sales and marketing, who held a managing role at the center. Bitmaintech reportedly will put a halt to all its operations and will lay off 23 of its employees.

According to Bitcoin Magazine, Glikberg revealed to employees that, ”The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”

The downward trend of the cryptocurrency market has not only lead to unemployment but also many crypto-startups have gone bankrupt. Citing the continued bearish trend in the market, many start-ups are finding it tough to deal with the crisis. For example, ETC, seventeenth in market capitalization with a value of over $400 million, announced last week that it would be closing shop following a shortage of funds and inability to raise more capital to keep the project afloat, as mentioned in Ethereum World News. On the whole, the bear cycle has thwarted the projects of many aspiring start-ups and therefore, one is forced to refocus its business in accordance with the current situation.

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Constant Overlapping Cryptocurrency Regulations Might Trigger Chaos

Cryptocurrency, at present, is subjected to endless rules and amendments by many financial supervisors and regulators. In an attempt to further develop the market, the financial regulators are constantly introducing and altering the existing cryptocurrency regulations. This move might not prove beneficial as the overlapping laws might create chaos and hamper the progress of the virtual currency. The saying ‘Too Many Cooks Spoil The Broth’ stands perfect for this scenario

A professor at the University of Arkansas School of Law Carol Goforth recently published a paper about the consequences of having crypto regulations fall under a number of conflicting laws. She voiced her opinion that various laws defined by the U.S. authorities simultaneously will eventually hamper the success of cryptocurrency.

Crypto assets are currently regulated in the U.S. as property by the Internal Revenue Service (IRS), as money by the Department of Treasury’s Financial Crimes Enforcement Network (Fincen), as commodities by the Commodity Futures Trading Commission (CFTC) and as securities by the Securities and Exchange Commission (SEC). This has resulted in a set of extended cryptocurrency regulations and confusing requirements that will thwart the impending progress. Moreover, the expenses associated with complying with all of these obligations can be prohibitive and time-consuming for U.S. crypto businesses such as exchanges, as mentioned in Bitcoin News.

In regards to the regulation of cryptocurrency, India is not far behind. According to the recent developments, the Indian government panel has recently submitted a set of crypto regulations to Mr. Arun Jaitley, the Finance Minister of India. However, the actual content of the report has not been revealed yet publicly.

Considering India’s current stance regarding the concept of cryptocurrency, there might not be any positive developments. The Reserve Bank of India (RBI) also outlawed banks from providing services to cryptocurrency companies earlier this year. One of India’s largest crypto exchanges, Zebpay, closed in September 2018 as a result, saying the ban had “crippled” its operations, as reported on ETH News. On the whole, cryptocurrency regulations are essential but must be introduced in a sensible way.

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Crypto Wallet Apps Evolve With Demand In Global Market

The crypto wallet apps are evolving as per the requirement of the consumer. Keeping that in mind, R3 has introduced a new app on their international blockchain, a global payment platform, that uses Ripple’s XRP as its initial base currency. The crypto wallet app, nicknamed as Corda Settler, aims to continue R3’s track record of pursuing ambitious blockchain projects. According to the news reports, the app is purpose-built to allow payment obligations raised on the Corda blockchain platform.

Meanwhile, R3’s Corda blockchain has already proved to handle a variety of different apps for different use-cases, and the Settler app will continue to operate on the same standard. The press states that XRP is the first cryptocurrency supported by Settler. However, it also outright mentioned that it would not be the only one in the near future.

R3’s Chief Technology Officer Richard Gendal Brown stated, ”The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the world’s most influential crypto and blockchain communities can work together.” The crypto wallet app is hardly their first attempt to use a financial blockchain to reach clients all over the world as they aim to introduce more in the future, as mentioned in Bitcoin Magazine.

In regards to crypto apps, a mobile app is being planned to ease access to the global Payger payment and messaging platform. With the help of the web wallet, 51 plus cryptocurrencies can be traded, transferred and managed. The digital web wallet supports cryptocurrencies including Bitcoin, BitShares, Dash and various other stable coins, as reported on CryptoNinjas.

The app is very user-friendly as it is convenient and only a Payger account is required.  The user can send and receive payments. Not only that, Payger has announced new features which already have been or will be implemented. Overall, crypto payment wallets are emerging as the demand for it is increasing in the crypto space.

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Chat Bot Provides Consulting Services To Crypto Start-ups Amid Market Decline

The volatile nature of cryptocurrency is creating huge issues in the crypto market as the low prices are knocking down aspiring start-ups. Crypto start-ups are cutting down swathes of the workforce due to the market plunge as they are struggling to survive this low phase. Meanwhile, three Ukrainian companies have developed an English-language chatbot that provides consulting services to businesses and investors in the crypto industry.

The platform offers naive start-ups consultation that will guide them in all circumstances. The AI-based platform, Ailo, offers a range of automated services but it can also deal with cases that require human intervention and professional legal advice. Acknowledging the fact that the cryptocurrency market is unpredictable and has many shortcomings associated with it, the app might prove to be a boon to all companies.

The service has n number of features that will prove to be beneficial to all the start-ups in the crypto market. The platform can also advise startups on where to conduct their token sales. One useful feature, for example, determines whether a token is a security (Howey test) and if an initial coin offering (ICO) has the features of a fraudulent scheme (scam test), as mentioned in Bitcoin News. Law firm Juscutum, crypto-payment solutions provider Paytomat and software developer Crypto group are behind the innovative project.

With respect to start-ups, the recent news reports suggest that crypto companies are forced to review their strategies to survive in the market. This year’s market plunge has compelled the newbies to incorporate more efficiency in order to stay in the game.

ConsenSys, a major blockchain software company who employs 1,100 people across 29 countries, has become one of the most recent examples. According to a company-wide letter by CEO Joseph Lubin, the firm is shifting to a new phase for greater efficiency, accountability and attention to revenue and expecting start-ups under their umbrella to follow suit, as reported on Cryptonews. On the whole, start-ups are opting creative ways to sustain in the crypto market.

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Cryptocurrency Start-ups Evolve Despite Crypto Market Plunge

The competition in the crypto market is rapidly increasing as cryptocurrency is securing its foothold despite the varying prices. As per the recent developments, crypto asset companies can now apply licenses to handle as much as 100 million Swiss francs ($100 million) in public deposits under new regulations. The European government attempts to promote technological innovation as prior only commercial banks were allowed to receive such large deposits.

However, there is a number of stringent fiduciary and operational requirements for applicants. The applicants have to submit clear documentation that includes each and every detail of their business, target market and location. The financial regulator also requires information about board members and past records of criminal activity, if any.  Moreover, the shareholders need to disclose their issued capital to Finma if it is more than 5 percent directly or indirectly.

Finma said that start-up or established companies in the crypto market must submit any information on agreements, such as shareholder deals and any “other ways in which the applicant may be controlled or materially influenced.” The license application must contain a detailed justification. All relevant information must be documented and changed documents must also be submitted with changes tracked, as reported on Bitcoin News.

However, there is a catch involved. Blockchain and crypto related business that is granted the fintech license to manage large amounts of investor funds “may not invest” or “pay interest” on the deposits.  In reference to crypto start-ups, many naive companies have suffered a major decline due to the market crash. According to the report, many start-ups have been laying off large swathes of their workforces as bitcoin crash is knocking down emerging businesses, as mentioned in Telegraph.

Steemit, a blogging website funded by Steem, the digital coin, announced it planned to lay off 70 percent of its team after its digital coin fell 96 percent from its all-time high in January.  Overall, the crypto market being volatile has both positive as well as negative effects.

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Crypto Asset Regulations Still Under Curtain Of Considerations

The concept of cryptocurrency needs constant reinforcement of certain guidelines to prevent any issue that might threaten the economy. The use of cryptocurrency in the market is surging, however, it is essential to introduce measures time and again to nullify the shortcomings associated with it. In the recent news, leaders from the group of 20 nations reiterated their pledge to regulate crypto assets after a meeting in Buenos Aires.

According to the members, the regulation of cryptocurrency is very much essential to curb money laundering and probable terror funding. Economists are aware of the illegal activities that are being promoted through virtual currency. The leaders from 20 nations are co-operatively working to build a stable economy. Therefore, the pledge came amid a broader section on building “an open and resilient financial system,” which the document noted “is crucial to support sustainable growth.”

In a declaration titled “Building consensus for fair and sustainable development,” the G20 participants committed to a number of measures to help grow the global economy. The document highlighted that the regulation of crypto assets is very much necessary. “We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and supervisory cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation,” as mentioned in CoinDesk.

While most of the countries are introducing structured regulations in regards to digital assets, Switzerland is reverse in its approach. Ueli Maurer, the current finance minister of Switzerland, stated that no new blockchain regulations are essential as the current law is fine. The government is also proposing to change six laws next year, which would include some laws in the civil code and the bankruptcy law.

Therefore, the finance regulator feels that it would be simpler to just make small amendments rather than creating a whole new framework, as reported on Bitcoin Exchange Guide. Overall, many countries are introducing stringent guidelines in regards to crypto assets for sustainable development

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Media Groups Showcase Unjust Behaviour Towards Crypto

The hullabaloo over the concept of cryptocurrency and the concerns associated with it is a hot topic amongst the various media groups. However, crypto enthusiasts have pointed out that media firms behavior towards cryptocurrency is unjust. They highlighted that media firms have an anti-bitcoin approach and are publishing articles criticizing cryptocurrency.

The researchers argued that the media outlets weren’t bothered about cryptocurrency until it caught the momentum. As the virtual currency started climbing in value it attracted the attention of mainstream media. Those in favor of cryptocurrency brought to notice that media is publishing articles that are blown out of proportion and the write-ups are misleading the public.

As the reports of the bitcoin plunge started doing the rounds, media groups began their negative mouthing and criticized the virtual coin. The crypto meltdown at the end of the year created a “press frenzy” as the number of articles shot up. “In the wake of bitcoin’s market cap plunge in the final days of 2017, negative articles multiplied — with cryptocurrencies falling 34 percent in the first month of 2018, cautionary tales of vanished wealth were common,” the researchers note, as reported on Bitcoin News.

Long established media firms were harsh in there articles compared to the naive. Giant media houses were particularly ruthless with their cryptocurrency coverage. The analysts also pointed out that media is incompetent and posses incomplete knowledge regarding cryptocurrency. Firstly, they always arrive late to the party after the crypto market is either in the skies or has crashed. And they react differently to the upsides and downsides. So differently, that their opinions and predictions about Bitcoin are conflicting, as mentioned on Cryptopotato.

Many mainstream media groups don’t like to praise Bitcoin but when it comes to Ripple they have a different opinion to express. During XRP’s bull run in 2017, they have expressed positive news about Ripple regarding the coin’s price surge; while they never did it for Bitcoin.

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Korea Encourages Development Of Crypto Trading And Exchange

Despite cryptocurrency going through a rough phase, crypto trading is emerging and is gaining a major foothold. Many economists and financial bankers are figuring out ways to promote cryptocurrency trading and development of exchanges. The recent example being the Korean lawmaker who introduced a bill to encourage trading and exchange in the crypto space.

Korean lawmaker, Kim Sun-dong, proposed a bill establishing a committee to promote and support cryptocurrency activities. He highlights the need for laws and measures that are dedicated to fostering the growth of crypto businesses to avoid companies leaving Korea. He pointed out the example of Bithumb, one of the largest crypto exchanges, that was recently sold to a Singapore-based association.

As per the media reports, Kim announced about the Digital Asset Trading Promotion Act. Seoul Finance elaborated: ‘The Digital Asset Trading Promotion Act’ includes a comprehensive plan for establishing a guideline for promoting the development of virtual currency exchanges and blockchain technology, tax reduction and exemption, measures against hacking damage, and prevention of market disturbances, as published on Bitcoin News.

In the meantime, South Korea’s largest crypto exchange UPbit, has become the first one to own an ISMS license. According to reports, South Korea’s Internet and Security Agency (KISA) awarded UPbit an information security management system (ISMS) license, for its strong infrastructure.

In December 2017, KISA decided that all internet and data related companies generating more than $100 million in revenue would require an ISMS license, as mentioned on Bitcoinist. KISA assesses these firms based on over one-hundred criteria, to ensure they have strong internal management systems and security protocols. Overall, Korean regulators are fostering and encouraging crypto trading and exchange but are introducing certain guidelines to prevent risks associated with cryptocurrency.

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Mobile Giants Introduce Apps To Expand Cryptocurrency Trading

Cryptocurrency is venturing into various zones including the mobile platform and is strengthing its hold unquestionably. Big giants are constantly trying new ways to expand cryptocurrency trading by launching apps for mobile. Mobile is the best way to establish a connection with new users and therefore, more and more virtual currency related apps are being introduced.

Tapatalk, a mobile forum application, has struck a deal with Kin foundation to reward its users with cryptocurrency for creating content that is creative and worthwhile. The mobile application is said to have a registered user base of 300 million. Tapatalk aims to build a strong connection with a large number of users on the mobile platform with their partnership with Kin Foundation.

Cryptocurrency trading on mobile has attracted the attention of many giant companies who are looking forward to participating in the trend. The new developments show that Metronome cryptocurrency (MET) announced the availability of its mobile wallet for iOS and Android. The user-friendly app is available on Google Play and Apple App Store respectively. The app supports the use of all virtual currencies and is made available to the public.

Meanwhile, “Tapatalk’s integration of Kin marks a noteworthy development in our expansion to reach new users and cultivate further engagement within the broader forum community,” Winter Wong, CEO of Tapatalksaid. “The mechanics of Kin will surely benefit existing forum users while bringing new users into the fold of vibrant, active online discussion communities”, as mentioned in CCN.

In regards to Metronome, the app is designed to offer a unique level of digital asset protection and is the first cryptocurrency to move across blockchain, as reported in AP News. Overall, crypto trading is surging as various apps are being introduced by developers on the mobile platform.

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Blockchain-Powered Games Trending In Crypto Space

Despite cryptocurrency going through a low patch, it is undoubtedly penetrating in all the markets. Currently, the concept of cryptocurrency has taken over the gaming space as many crypto-related games are being introduced. In a recent report, a game startup raised $16 million from investors such as Okcoin and Galaxy Digital, while developers of a game backed by Coinbase have released a new gameplay trailer.

Cryptocurrency-related games are trending in the market and therefore, developers are introducing more of those. Blockchain-powered games are attracting many eyeballs and garnering a massive response from the users. Mythical Games, a new Los Angeles-headquartered game studio, stated that it recently raised a whopping amount of $16 million in a Series-A financing round. The funds will be utilized to support the development and co-production of blockchain-powered games for mobile, PCs and consoles.

Meanwhile, Fuel Games, another blockchain-powered game development company released a gameplay trailer for its upcoming title “Gods Unchained.” The company raised $2.4 million and is financed by Coinbase Ventures, Continue Capital, Sora Ventures and Nirvana Capital. The association between games developers and cryptocurrency is progressing as the crypto market is flooded with such games.

Mike Novogratz, CEO and founder of Galaxy Digital, stated, “We believe that gaming and specifically players’ interaction with in-game economies and virtual goods will play a key role in how the masses first discover the true potential of the blockchain,” as reported in Bitcoin News.

Videogaming’s continued interest in blockchain technology is ramped up as a new game that’s been built around the Ethereum blockchain is set to launch. According to the news, a game developer of Arcade Distillery is preparing to launch a new game designed for the Play Station 4 that will be featuring a lot of nonfungible tokens (NFTs) and will be built on the Ethereum blockchain, as mentioned in Cryptoline News.

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