Archive | January, 2017

Nigerian regulator warns MMM participants against using bitcoin

January 17th, 2017 by

The Nigerian Securities and Exchange Commission (SEC) has warned the public against investing in cryptocurrencies including Bitcoin. The Nigeria’s SEC issued a statement cautioning citizens from investing in digital tokens such as Bitcoin, Onecoin, and Swisscoin. SEC details the public should be aware that these investments are “risky by nature” and some of them are […]

Bank of Russia: We are not going to ban bitcoin – yet

January 17th, 2017 by

Bank of Russia deputy chairman Olga Skorobogatov said that the central bank is not going to prohibit the use of digital currencies such as bitcoin in the country. “Since bitcoin is a private currency, it turns out that not everything is as simple and brilliant there as they claim in books and magazines. The regulator’s […]

IDRBT completes first end-to-end test of the blochchain technology with banks

January 16th, 2017 by

Institute for Development and Research in Banking Technology (IDRBT), an arm of Reserve Bank of India, has completed the first ever end-to-end test of the blochchain technology in a project involving regulators, banks, financial institutions and clearing houses. IDRBT conducted the project using the technology behind bitcoin in a trade application with banks and the […]

CFPB received only 7 bitcoin complaints in 2016

January 16th, 2017 by

The US Consumer Financial Protection Bureau (CFPB) received only seven complaints related to bitcoin in 2016. To be more precise, only one of these seven reported is related to virtual currency fraud or a scam. Two complaints are labeled as ‘other transaction issues”, and the rest of the complaints relate to other service issues.” It […]

Chinese bitcoin firm BTC123 halts services due to central bank concerns

January 13th, 2017 by

Chinese bitcoin investment platform BTC123 announced that it would halt deposits for a financial management system denominated in bitcoin and the yuan beginning on 26th January. The company cited regulatory requirements in China, naming the People’s Bank of China (the country’s central bank) and the Ministry of Public Security (China’s main policy authority), when explaining […]

Israel Tax Authority: Bitcoin is a taxable asset

January 13th, 2017 by

The Israel Tax Authority sets to clarify the taxing of “Bitcoin, Litecoin and other virtual currencies” activities in the country. The Tax Authority begins by explaining that, according to their interpretation of the relevant laws, cryptocurrency is not currency but rather an asset. It adds that it is also not a financial security (like a […]

South Korea plans to launch full-scale blockchain financial services pilot

January 12th, 2017 by

South Korea’s Financial Services Commission (FSC) – the country’s primary financial regulatory and authority – have announced during a fintech meeting that it will launch a full-scale pilot project on blockchain-powered financial services this year. The announcement comes just over a month after the formation of South Korea’s first blockchain consortium. A group of 21 […]

Indonesia to regulate p2p fintech firms

January 12th, 2017 by

Otoritas Jasa Keuangan (OJK), a government agency, which regulates and supervises the financial services sector, has finally issued a regulation on fintech firms that run peer-to-peer lending businesses in Indonesia. The new regulation, POJK No. 77/2016, announced toward the end of December, is seen as an introductory move by the OJK to oversee the fintech […]

Islamic militants used bitcoin and PayPal to fund terror acts

January 11th, 2017 by

Islamic militants are using bitcoin and online-payment services such as PayPal to fund terrorism in Indonesia, according to the head of a financial transaction and reporting agency. Officials with Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK), an independent agency established in 2002 that enforces the country’s anti-money laundering (AML) laws, gave the remarks at a […]

Coin.mx operator pleads guilty in US case tied to JPMorgan hack

January 11th, 2017 by

Anthony Murgio, a man accused of co-running the Florida-based bitcoin exchange Coin.mx which shut down amid charges of money laundering and connections to a JP Morgan hack, has plead guilty in federal court. The plea deal, which was concluded in federal court in Manhattan, saw Murgio pleading guilty to three counts, including conspiracy to operate […]