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#Blockchain Litigation Firm Files Lawsuit Against Nvidia for Statements Regarding Crypto

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Shall Law Firm, an American shareholder rights litigation firm, has announced the filing of a class action lawsuit against Nvidia with regards to statements pertaining to the company’s outlook regarding the effect that declining cryptocurrency prices could have on the performance of its shares.

Also Read: Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018

Firm Files Class Action Against Nvidia

Litigation Firm Files Lawsuit Against Nvidia for Statements Regarding CryptoA Los Angeles-based law firm has announced the filing of a class action lawsuit accusing graphics card manufacturer, Nvidia, for “violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.”

Nvidia is accused of making “false and misleading statements to the market” regarding assertions that a significant decline in demand for graphics processing units (GPUs) would not negatively impact the company’s operations and performance due to high demand from the gaming sector.

Schall Law Firm is currently encouraging investors who purchased Nvidia’s shares between Aug. 10, 2017, and Nov. 15, 2018, to contact the firm before Feb. 19, 2019, especially investors who incurred losses exceeding $100,000.

According to Shall, the GPU manufacturer “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary” and made “materially misleading” comments throughout the six-month period.

Nvidia Hit Hard by Cryptocurrency Downturn

Litigation Firm Files Lawsuit Against Nvidia for Statements Regarding CryptoNvidia appears to have been significantly hit by the cryptocurrency bear trend, with the company having the worst performing stock in the S&P 500 of the fourth quarter of 2018 with a 54 percent loss in value.

While a number of chip stocks have performed poorly of late – with the PHLX Semiconductor Sector Index, comprised of 30 companies including Nvidia, dropping 19 percent, and Advanced Micro Devices stock losing 45 percent – many have cited declining demand for mining hardware as a catalyst for Nvidia’s notably poor performance.

The recent dumping appears to have been fueled by the reporting of a weaker-than-anticipated quarterly revenue and guidance from Nvidia last month, with the company’s stock falling roughly 19 percent on the trading day following the earnings report.

“The crypto hangover has left the industry with excess inventory – excess channel inventory,” Nvidia’s chief executive officer, Jensen Huang, stated on a conference call at the time.

Do you see merit in the case being brought against Nvidia? Do you agree with Shall that Nvidia made false and misleading statements? Share your thoughts to the comments section below!

Images courtesy of Shutterstock

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#Blockchain Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights Activist

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Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights Activist

When reporting on cryptocurrency, the mainstream media often focuses on price drops relating to USD. But a human rights activist reminds the general public that Bitcoin is not another commodity or stock on the market, rather, a tool for liberation.

Also Read: Iranian Students in the UK Use Bitcoin to Bypass Banks

Bitcoin is a Tool for Freedom, Not Speculation

Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights ActivistAlex Gladstein, Chief Strategy Officer at the Human Rights Foundation, has published an article titled ”Why Bitcoin Matters for Freedom” in Time Magazine. In it he explains how cryptocurrency can help people retake control of their lives from oppressive regimes.

“Speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention,” writes Gladstein. “For people living under authoritarian governments, Bitcoin can be a valuable financial tool as a censorship-resistant medium of exchange.”

The article focuses on the current situation in Venezuela as the prime example of its thesis. It details how Venezuelans are using Bitcoin to evade runaway hyperinflation and harsh capital controls. It also shows how after greatly devaluing citizens’ savings, the Maduro regime is using the banking system to confiscate much of the money sent from abroad by people that want to help their families back home.

Taking Bitcoin From 40 Million Users to 4 Billion

Billions Living Under Authoritarian Regimes Need Bitcoin Says Human Rights ActivistBeyond Venezuela, the article notes how Bitcoin can help citizens suffering from inflation in Zimbabwe, those who want to avoid mass surveillance in China, NGOs that have their bank accounts frozen in Russia, and refugees without access to basic banking services. It also explains that cash fiat is used without government permission, but can be made virtually useless by hyperinflation and that many countries are moving to become cashless societies – thus strengthening the need for cryptocurrency.

“Less than 1% of the world’s population — no more than 40 million people — have ever used Bitcoin. But, according to the Human Rights Foundation, more than 50% of the world’s population lives under an authoritarian regime,” writes Gladstein. “If we invest the time and resources to develop user-friendly wallets, more exchanges, and better educational materials for Bitcoin, it has the potential to make a real difference for the 4 billion people who can’t trust their rulers or who can’t access the banking system. For them, Bitcoin can be a way out.”

When will we see widespread Bitcoin adoption by people living under authoritarian regimes? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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#Blockchain Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018

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Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018

Cryptocurrencies grew immensely popular in 2017, but throughout the following year, digital asset markets fell sharply in value. However, over-the-counter (OTC) market makers thrived in 2018, with a slew of business models in the industry catering to OTC clients.  

Also Read: Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative

Billions Swapped Using Over-the-Counter Cryptocurrency Services in 2018

Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018Even though digital currency markets dropped considerably in value in 2018, early investors and crypto whales who believe in the future of this asset class stocked up. Long term supporters will cost-average their positions by gaining as many coins as they can because they grasp the idea of digital scarcity. One business model that’s been thriving in 2018 is OTC crypto dealers or brokerage providers. Whales and big investors don’t purchase thousands of coins with traditional exchanges, because the premium for the trading fees would be outrageous. Instead, they use OTC providers like Circle, Itbit, Coincola, and Cumberland Mining. Other buyers will connect with miners and pool operators while other businesses and individuals will deal with Telegram, Wechat, and Skype OTC groups. This past April, reports revealed that cryptocurrency-based OTC desks using Skype have traded billions.

This year, many companies that had already provided digital asset exchange services have announced opening OTC desks for institutional clients. In June, Etoro announced opening an OTC platform for institutional buyers, and in May the OTC cryptocurrency service Genesis Global Trading received a Bitlicense to operate in New York. Blockchain.com started OTC operations in September and Coinbase and Hodl Hodl announced the launch of OTC desks in November.

After China banned crypto exchanges last year, over-the-counter trading started heating up. Throughout 2018 there were reports of a flourishing and unregulated OTC market in China. Last April, an executive at Overseas Chinese Investment Management, John DeCleene, described how bitcoin mules were making lots of money smuggling the cryptocurrency into the country.

“Selling and buying bitcoins on those OTC websites is the same as shopping on Taobao,” explained one of the bitcoin smugglers in an interview with Reuters.

Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018

Average Joes Don’t Use Crypto-OTC Desks as Bulk Rates and Private Quotes Have a Minimum Membership Requirement

Last week, the crypto options market Skew gave an insightful description of how over-the-counter operations work if a customer wants to buy 1,000 BTC from an OTC desk using Telegram or Whatsapp. Tens of thousands of dollars can be saved buying in quantity and most OTC programs have a $50,000 or more minimum to use their services. For instance, those who want to join the onboarding process and trade with Cumberland Mining must understand that the minimum trade size is $100,000 before continuing to fill out the required know-your-customer (KYC) information. Cumberland has been around since 2014 and is owned by the 25-year old Chicago trading firm DRW.

“We’re dedicated to delivering professional onboarding and relationship management, timely and efficient settlements, and 24⁄7 access to a unique depth and breadth of crypto-assets,” explains Cumberland Mining’s website.

Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018
You can save lots of money by utilizing OTC services but some of them have a minimum trade requirement of $50,000 or more. This type of cost averaging to accumulate larger long positions is not ideal for the average Joe investor. 

OTC desks deal with a large network of mining operations and exchanges in order to serve as market makers and provide liquidity for trades. Even regulated OTC dealers use private chat rooms on Skype, Telegram, Whatsapp, and Wechat for quotes, discussions, and executing trades. Whales trading with established OTC providers use platforms that provide top of the line security like cold storage and multi-signature settlement. Like the neighborhood convenience store, a lot of the OTC desks today are open for trades 24/7.

The data stemming from 2018 and the spate of companies announcing new OTC operations indicates there’s a lot of demand for market makers executing huge trades on secondary markets. The growth of these types of businesses also shows how OTC markets have thrived despite a year of bearish cryptocurrency prices.

What do you think about the growth of over-the-counter cryptocurrency operations in 2018? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, and Pixabay. 

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#Blockchain The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security Features

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The Daily: Bitfinex to Go Offline to Change Servers, Koinex Adds New Security Features

Ifinex, the operator of Bitfinex and Ethfinex, is planning to briefly restrict access to the crypto trading platforms on Jan. 7 while migrating data to its new servers in Switzerland. Also in The Daily on Sunday, Indian exchange Koinex has updated its security features and Huobi’s mining subsidiary is preparing to launch a new trading platform dedicated to an altcoin.

Also read: Wallet Hacking Debate Heats Up, Bitcoin-Based Patreon Alternative Emerges

Ifinex Switches From AWS Cloud to Own Servers

The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security FeaturesHong Kong-based cryptocurrency exchange Bitfinex and its subsidiary Ethfinex will temporarily halt trading on Monday, Jan. 7, 2019. The two platforms will be offline for three to seven hours, during which time their operator, Ifinex, will complete the migration of all data to new servers. Account holders will not be able to access their wallets and all features will be inaccessible for the duration of the upgrade.

In an announcement, Ifinex revealed it’s switching from AWS cloud services to a self-designed infrastructure. The exchanges will now be using its own dedicated servers in a data center located in the Swiss Crypto Valley. The hardware is suitable for high-volume trading and the company tweeted that the move aims to “significantly enhance platform speed, security and performance.” Ifinex further explained:

The last stage in this process necessitates taking Ifinex trading platforms offline, meaning that Bitfinex and Ethfinex account holders will be unable to trade or access their wallets during the transition.

The operator also noted that the change will bring some benefits to users. For example, the combination between selected hardware and new order submission gateways can potentially double the speed of processing. Ifinex also claims the bare-metal servers are inherently more secure as they are running dedicated custom hardware and are not reliant on a third-party cloud service.

The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security Features

Koinex Introduces Security Updates

India’s leading crypto exchange Koinex has unveiled new security features for its customers. The trading platform explained on Medium that the additional layers of security applied to the accounts  will provide greater protection for users’ funds and add new functionalities. Koinex also promised to release more security updates in the future.

The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security FeaturesA special “Protection Mode” is now automatically activated after signing in. It prevents any withdrawals of digital assets for the first 10 minutes of each session. During that time, users can lock their account if they suspect it has been compromised. However, clients will be able to start trading immediately after they log in and the mode does not restrict P2P fiat withdrawals of the Indian rupee.

Koinex developers have also introduced an additional verification step for cryptocurrency withdrawals. Now each withdrawal request will have to be confirmed over email, which users can do by following a verification link they will receive to their registered email address.

The notification email sent to account holders after they sign in now has a “Lock My Account” link that allows them to block any transaction if they suspect fraudulent activity. The link will take users to a security page, where they’ll be able to lock their account and delete any open orders. When an account is locked, all crypto withdrawal requests that have not been confirmed by email are cancelled automatically.

Huobi Pool to Launch EOS-Dedicated Exchange

The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security FeaturesHuobi Group announced that its crypto mining subsidiary, Huobi Pool, is preparing to launch a new digital asset exchange in the first quarter of 2019. The platform will be focused on EOS and will allow users to trade the coin against a number of other cryptocurrencies. Commenting on the announcement, Huobi Pool’s chief executive officer Cao Fei stated:

As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support.

In the past few months, Huobi Pool has been working closely with the EOS community. The company has taken part in the building of an EOS testchain called the Crypto Kylin Testnet, which can be used to evaluate EOS-based projects.

Singapore-based Huobi group is a major crypto company that operates the third largest cryptocurrency exchange by daily trading volume, Huobi. It has been expanding its business recently in a number of sectors and markets.

Images courtesy of Shutterstock, Koinex.

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#Blockchain Russian Bitcoin Mining Granny Is Bullish on the Industry’s Future

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Russian Bitcoin Mining Granny Bullish on Industry Future as Commercial Producers Are Doubtful

A residential block of red bricks stretches unambitiously under the freezing sky of Irkutsk, in the Russian province of Siberia. Inside, a series of small bitcoin mining machines are running on cheap electricity, as grandmother Valeriya’s family of domestic miners, a bullish bunch, stack up a potential fortune for the future.

Also read: Skeptical Payoneer CEO Dismisses Idea of Single Currency Like Bitcoin as Unrealistic

‘I Want Money, and I Want Lots of It’

The granny, only indentified as Valeriya, has never looked back since receiving a mining rig from her son, Yuri, as a present. “When [BTC] will be worth a million [dollars], then I will leave a very large inheritance to my grandchildren,” Valeriya told the BBC in a recent interview.

Russian Bitcoin Mining Granny Is Bullish on Industry's Future
Valeriya

The bespectacled old woman has not been fazed by what she considers a temporary slump in the cryptocurrency market, a downturn that has forced some large commercial bitcoin mining companies to cut back on production. “I want some money that I’ve earned myself. And I want lots of it,” said Valeriya, with the infectious laugh of a very satisfied soul.

Siberian bitcoin miners, locally known as babushaks, are extremely bullish about the future of mining despite existing market headwinds, which have seen BTC plunge more than 80 percent from its all-time-high of almost $20,000 in December. Coupled with the price decline, bitcoin mining is becoming less profitable as a result of the network’s rising hashrate.

With freezing weather and cheap electricity, Irkutsk is a Russian miners’ paradise. The cooler temperatures help to reduce the need for cooling systems for the mining hardware. Enterprising babushaks eye long-term profits and use the heat emitted from the mining gear to dry their agricultural produce.

Yuri, Valeriya’s son, is considered a pioneer in the extraction of bitcoin in the Irkutsk region, according to the BBC report. He took up mining when his karaoke business began struggling. Now he operates the mining farm with his family in a city he claims to be the “crypto-capital of Russia.” Yuri explained:

For this business you don’t need to be a great specialist because it’s an easy system. You only put your computers in the electricity and the internet.

Market Downturn Takes a Toll on Commercial Miners

Russian Bitcoin Mining Granny Is Bullish on Industry's Future

While the small miners are unfazed by the crypto slowdown of 2018, some large commercial bitcoin operations have scaled down. After posting an extraordinary loss of 24 billion yen ($218 million), Japanese bitcoin mining hardware manufacturer GMO Internet Inc. wound down operations last week, although it will continue to mine in-house. The company also announced that it is moving its mining centre to a region with cleaner and less expensive energy.

“Regarding the current mining machine markets, the environment is increasingly competitive because of the decreased demand mainly due to the decline in the cryptocurrency price, the decline in the sales price, etc,” GMO’s announcement read. Other medium-sized miners in China were recently forced to sell their mining rigs as scrap, to curb further losses.

 Noise-Making Boxes That Bring Money

In Siberia, bitcoin enthusiasts tend to be good apostles of the technology. Marina Sergeyevna, whose bitcoin mining straddles the worlds of finance and agriculture, has a friend to thank. She explained her experience with BTC:

A friend suggested it. He said: ‘Marina Sergeyevna, buy some miners!’ And I thought ‘Okay.’ He helped me buy it and install it all. I don’t regret it. They made the money back quickly – in around eight to nine months.

“There they are, the boxes that make noise and bring in the money,” she said, proudly pointing to the three mining machines lined up in her house. In cold Siberia, the heat emitted by the machines could not be more welcome. “All the hot air is perfect for drying pumpkin, tea and herbs. It dries very quickly. In just one day,” Marina stated, holding a tray of dry yellow leaves.

What do you think about domestic bitcoin mining in Russia? Let us know in the comments section below.

Images courtesy of Shutterstock and BBC.

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#Blockchain Will Pension Funds Soon Be Investing in Crypto?

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Pros and Cons of Pension Fund Investors Entering Crypto

The latest rumor circulating in the investment industry is that pension funds are buying crypto. Is a multi-million dollar pension fund finally prepared to give investors exposure to cryptocurrencies? And if so, what will this mean for the burgeoning asset class?

Also Read: Morgan Creek Launches Digital Asset Index Fund for Institutional Investors

Typical Pension Fund Investment Strategy

Will Pension Funds Soon Be Investing in Crypto?The largest 300 pension funds collectively hold $6 trillion in assets. It is highly unlikely that a global pension and endowment fund has engaged in crypto investing in 2018. Why? Well one obvious reason is due to the funds being subject to heavier saver or investor protection regulations. Pension funds have large amounts of cash to invest and are the major investors in listed and private companies. Primary asset classes used for the investment of pension funds is equities, property, bonds and cash. Crypto is still too volatile and not regulated enough for the likes of a pension fund. That is all starting to change however.

Chuck Lauber, a portfolio manager at First National Fund Advisors, explained that pension funds in the U.S. are public entities, and as such “they’re mired in red tape which results in most of them being ‘late to the game’ in the realm of investment opportunity.”

 

Some pension funds are at the cutting edge of making smart investments in emerging assets classes, and crypto certainly falls into that category. “Most [pension funds] unfortunately, are not. Pro: ‘new’ asset class could help lower overall correlations. Con: lack of knowledge and reach for yield makes PFs the potential bag holders,” said Lauber. 

Rumors Circulate of Pension Funds Buying Crypto

 

Zerohedge runs a markets-focused blog owned by ABC Media Ltd. It recently tweeted that pension funds are buying crypto, but was unable to back up this claim with a credible source.

Pensions Crisis?

It’s no secret that the performance and growth of pension funds is slowing down. Thanks to low interest rates, looming inflation, and slow growth, the future of retired populations could be at risk. The economics of retirement funding is at breaking point.

Anthony Pompliano, aka Pomp, is the founder of Morgan Creek Digital, an asset management firm backed by multi-billion dollar investment advisor Morgan Creek Capital Management. Pomp recently blogged on why he believes pension funds should buy Bitcoin.

“It will take time for pension funds to get comfortable with investing in bitcoin. We need to educate multiple stakeholders and demystify this nascent industry. When one makes the decision, it will create a cascading effect that leads to hundreds of them jumping in,” writes Pompliano.

Bitcoin Outperform Traditional Assets

According to Pompliano, the modern portfolio theory to support investing in bitcoin is strong. He states that BTC has been the best performing asset over the last 10 years.

Will Pension Funds Soon Be Investing in Crypto?

“[Bitcoin] has experienced a 1,300,000x+ increase in value from $0.003 to ~$4,000 today. It has beat the S&P 500 for the last 10 years, the last five years, and the last two years. As a fixed supply asset, I believe bitcoin will continue to outperform traditional assets in the future as demand continues to increase too,” writes Pompliano.

If Pomp’s bullish thesis proves true, and Zerohedge’s assertion is correct, we may not have long to wait before the first major pension fund reveals it has acquired a cryptocurrency portfolio.

How likely is it that pension funds will turn to cryptocurrency investment in 2019? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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#Blockchain Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative

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Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative

Since Patreon began censoring members and participated in deplatforming, many of its users have been seeking alternatives. One option is the cryptocurrency-infused Bitbacker.io, a Patreon-like application that strongly advocates freedom of speech and censorship-resistant money.

Also Read: Many Self-Proclaimed Bitcoin Inventors and Satoshi Clues Were Debunked in 2018   

Bitbacker.io: A Patreon Alternative That’s Powered by Cryptocurrencies

Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon AlternativeOver the past 12 months, censorship and deplatforming have become rampant, with abuse across major social media platforms, donation pages, and web forums. This has been particularly true of Patreon, a web portal that provides people with business tools and subscription service opportunities. Many well known crypto luminaries, developers, nonprofits, and Youtubers use Patreon to bolster their products and business models. But Patreon has been accused of purging ‘right-wing’ figures, atheists and religious podcasters, creators like Sargon, and other individuals such as former Rebel Media personality Lauren Southern. Bitbacker.io, like the BTC-powered Tallycoin, aims to deliver a solution to the censorship problem by providing “a crypto-fuelled Patreon alternative.”

Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative
The Bitbacker.io profile page after registering.

Right now, the platform supports BCH, BTC, and Smartcash, while providing a slew of the same features Patreon supplies. For instance, Bitbacker offers a powerchat service and interactive streaming. Visitors can pledge recurring crypto donations to content providers and gain access to exclusive members-only feeds. Additionally, patrons of Bitbacker can donate anonymously to their favorite creator’s page. Bitbacker’s creators say that fiat-based platforms can take upwards of 10-30 percent from content creators’ donations but because they use digital assets like BCH and BTC, the startup is able to charge close to 1 percent.

Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative

‘Patreon is Expensive and Funds Regulatory Compliance’

Signing up for Bitbacker is easy as all it takes is a strong password and email address in order to customize your profile. Immediately after joining, the platform reminds you to tether a bitcoin address to your profile in order to receive donations for content. Bitbacker explains on its website that it was designed to help crypto novices and the team opine that they hope the platform can be “a gateway into cryptocurrencies.” There’s a feed people can explore which shows all of Bitbacker’s content creators and also a general chat feed.

Bitbacker.io Aims to Offer a Cryptocurrency-Powered Patreon Alternative

Speaking with news.Bitcoin.com, the Bitbacker founder explained that he created the platform to provide a cheap crypto-based answer to donation sites like Patreon and Youtube’s Superchat.

“There is and has always been a huge ‘tipping culture’ in the crypto community,” the founder of Bitbacker noted. “However, despite the enthusiastic willingness of the community, many creators and builders still resort to using fiat-centered services like Patreon to support their work.”

Naomi Brockwell, for example, runs a crypto-focused show, but receives the overwhelming amount of her support through fiat sources like Patreon. This is embarrassingly true among crypto’s most prominent members: Andreas Antonopoulos, whose Youtube channel is practically an advertisement for Patreon.

The creator further emphasized that Patreon is “expensive” and takes 10 percent of the donations. He explains that half of those funds go to outsourcing the regulatory compliance of being a money transmitter to an external payment processor. “Youtube takes an even larger 30 percent of the Superchats,” Bitbacker’s creator detailed. “Our organization only takes 1 percent and we do this by leveraging the ability of cryptocurrencies to handle all transactions in the client’s browser — Bitbacker never touches a user’s private key and this provides security against hacks and avoids the large costs of regulatory compliance.”

Exploring the site’s content shows a wide variety of vloggers, authors, and other types of content creators. At the moment there is a decent portion of libertarians and cryptocurrency enthusiasts using the platform but the site seems to be gaining a wider audience. Alongside this, the cryptocurrency show host Naomi Brockwell is also using the Bitbacker platform.

What do you think about Bitbacker.io? Let us know what you think about this platform in the comments section below.  

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com and the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial is for informational purposes only.

Images via Bitbacker.io, Shutterstock, Twitter, and Pixabay.

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#Blockchain 1 in 7 Chinese Have Invested in Cryptocurrency 

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A survey conducted by Panews has found that 14% of Chinese citizens have invested in cryptocurrencies. The survey also found that 98% of respondents indicated familiarity with the concepts of cryptocurrency and bitcoin – 3% more than those who stated that they had heard of blockchain technology.

Also Read: Skeptical Payoneer CEO Dismisses Idea of Single Currency Like Bitcoin as Unrealistic

Survey Finds 14% of Chinese Citizens Have Invested in Cryptocurrencies

1 in 7 Chinese Have Invested in Cryptocurrency Panews has published the findings of a survey that queried 4,200 Chinese citizens on their familiarity and opinions regarding Bitcoin and cryptocurrencies.

The survey found that just 75 respondents had not heard of cryptocurrency or blockchain technology, equating to roughly 2% of the survey’s sample. The survey also found that 40% of respondents expressed a willingness to invest in cryptocurrencies in the future, despite nearly 83% of the sample describing cryptocurrency investment as a new trend.

14% of the sample, or 598 respondents, stated that they have invested in cryptocurrencies, nearly 70% of whom purchased their crypto via an exchange platform. 266 respondents came to possess their crypto through airdrops, followed by mining, with 263.

The sample indicated that social media is the dominant means through which Chinese citizens have become exposed to cryptocurrencies, with 38% of respondents claiming familiarity with crypto stating that they became exposed to such through social media, followed by “relatives and friends” with 26%.

Panews also noted that the majority of respondents associated cryptocurrencies with investment products primarily, and not as a medium of exchange.

Cryptocurrency Moving Towards Becoming Household Concept in China

1 in 7 Chinese Have Invested in Cryptocurrency While 4,125 respondents indicated familiarity with the concepts of cryptocurrency, Bitcoin, and blockchain technology, only 372 individuals described themselves as possessing a strong understanding of pertinent topics, amounting to roughly 9% of all respondents.

Only 17 respondents claimed not to have heard of cryptocurrency, while 103 stated that they were unfamiliar with Bitcoin. 60% of respondents described common perceptions regarding the complexity of exchanging and storing cryptocurrency as the primary barrier to greater crypto adoption.

Overall, the study found that bitcoin and cryptocurrency have made significant strides toward penetrating mainstream economic discourse in China, asserting that “the cryptocurrency industry has made considerable progress in the public’s cognitive level” since “the early days.”

How many years do you think it will be until 98% of the world’s population have heard of bitcoin and cryptocurrency? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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#Blockchain Huobi and Major Russian Bank to Provide Legal Help to the Crypto Industry

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The recently established Russian subsidiary of global cryptocurrency exchange Huobi and Vnesheconombank, Russia’s state-owned development bank, are now partnering to offer crypto companies legal support and advice. The newly created “legal lab” will also represent blockchain businesses in court.

Also read: German Startup Devises Eco-Friendly Energy-Efficient Miners

Legal Lab to Assist Crypto Companies in Russian Courts

Huobi, which is currently the third largest digital asset trading platform by daily volume, opened its office in Russia on Nov. 12. The branch provides 24-hour online support and has a Russian-language call center. The Huobi Russia online exchange officially launched on Dec. 6.

Huobi and Major Russian Bank to Provide Legal Help to the Crypto IndustryThe Singapore-based company also revealed it’s planning to participate in a number of projects including an educational program focused on crypto and blockchain technologies, a startup incubator, and mining hotels. The government-controlled Vnesheconombank (VEB) is Huobi’s main partner in Russia. The exchange cooperates with VEB’s Center for Digital Transformations in more than one field – education and training, legislative initiatives and blockchain research.

The latest joint initiative led to the creation of the Huobi Legal Lab, a unit that employs experts who will be providing legal assistance and advice to companies realizing new projects in the nascent crypto industry, Huobi Russia announced in its Telegram channel. It will also support businesses working in other related sectors of the digital economy, helping them to comply with the current Russian laws, Forklog and Bitnovosti reported.

Another of its priorities will be to provide legal representation in Russian courts to entities that require such services. The lab’s experts will also develop and assess new legislation concerning the cryptocurrency and blockchain industry in order to create favorable conditions for market participants.

The two partners will receive support from the Moscow State Institute of International Relations (MGIMO). The chairperson of the parliamentary group assessing the risks associated with cryptocurrencies, Elina Sidorenko, will head the legal lab. Sidorenko, who is a professor at MGIMO, said the legal experts will make sure that digital assets do not violate the existing legislation and comply with international law. She also commented:

In a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for the business.

Russian Cryptocurrency Industry Faces Challenges in Legal Vacuum

Huobi and Major Russian Bank to Provide Legal Help to the Crypto IndustryCrypto companies in Russia are finding it hard to comply with Russian law as it does not yet reflect the specifics of their activities. Unfortunately the adoption of the draft legislation that was expected to legalize them was postponed several times this year. In May, Russian lawmakers approved on first reading three drafts but none of them has passed second reading yet.

The final adoption of the main bill, the law “On Digital Financial Assets,” has recently been rescheduled for the spring session of the State Duma, the lower house of Russia’s parliament. What’s more, following a number of amendments to the original text, the legal document lost key terms related to the matter it is supposed to regulate. These include “cryptocurrency,” “token,” “mining,” and “smart contract.”

The legal lab created by Huobi and VEB is not the first attempt by the Russian society to deal with the challenges stemming from the legal vacuum in the digital space. Recently, the Russian Lawyers Association and an educational organization called Blockchain Lawyers agreed to create a specialized commission of legal experts that will review cases not covered by the current Russian regulations. Two months ago, a leading Russian industry organization announced the establishment of an arbitration body to look into disputes between participants in the digital economy, including the crypto sector.

What do you think about the joint initiative between Huobi and Vnesheconombank? Let us know in the comments section below.

Images courtesy of Shutterstock. 

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from Bitcoin News http://bit.ly/2BJtf30 Huobi and Major Russian Bank to Provide Legal Help to the Crypto Industry

#Blockchain Italian Government Selects 30 Representatives to Develop DLT and Crypto Policy

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Italian Government Selects 30 Representatives to Develop DLT Policy

Italy’s Ministry of Economic Development recently published a list of the 30 individuals that the Italian government has tasked with developing the country’s regulatory strategy with regards to distributed ledger technology (DLT) and cryptocurrencies. Among the individuals are alumni of the United Nations, the European Parliament, the European Commission, and the Italian Chamber of Commerce.

Also Read: German Startup Devises Eco-Friendly Energy-Efficient Miners

Italy Selects Group Tasked With Developing National DLT Strategy

Italian Government Selects 30 Representatives to Develop DLT and Crypto PolicyThe Italian government has named the 30 individuals it has sought to develop a national strategy pertaining to distributed ledger and related technologies.

The individuals include 10 members of the business community with relevant trade associations to DLT, 10 representatives of organizations, think-tanks and academia, and 10 representatives of trade unions and civil society, in addition to several representatives of the Ministry of Economic Development.

According to the ministry’s website, the group will be tasked with promoting DLT within the public sector, developing economic, political, and regulatory conditions suitable to fostering innovation in the DLT sector, and promoting the application of smart contracts.

The names include Angiolini Giorgio, current member of the United Nations Sustainable Development Group’s “UNINFO Blockchain and distributed management technologies” organization, Bruschi Francesco, “technical consultant for the Florence prosecutor’s office in the context of cryptocurrencies, Atzori Marcella, “Blockchain Expert” for the European Commission and the European Parliament, and Epifani Stefano, president of the Digital Transformation Institute and advisor for the United Nations.

DLT Policy Becomes “Fundamental Priority” for Italian Government

Italian Government Selects 30 Representatives to Develop DLT and Crypto PolicyItaly’s Ministry of Economic Development announced its intention to assemble a group of DLT experts at the end of September. At the time, the ministry published a public notice for expressions of interest for “the development of the national strategy on technologies based on distributed registers and blockchain.”

The ministry then stated that it considers a deepening of Italy’s understating of distributed ledger technologies as a “fundamental priority,” in addition to increasing “public and private investments in this direction and technologies closely related to them.”

The other individuals named as part of the group are Belardi Tamara, Capaccioli Stefano, Chiriatti Massimo, Cirillo Monica, Comandini Gianluca, Conti Mauro, Damiani Ernesto, Di Nicola Vincenzo, Faini Fernanda, Gabriele Luigi, Giuliano Massimo, Giustozzi Lorenzo, Grottola Renato, Lecca Fabio, Lo Castro Aldo Peter, Mauri Giuseppe, Monaco Marco, Mosco Gian Domenico, Nastri Michele, Nava Gilberto, Pimpinella Martino Maurizio, Ricci Laura Emilia Maria, Sarzana Salvatore Fulvio, Savioli Massimo, Tenga Federico, and Vitale Marco.

On Dec. 4, Italy joined France, Spain, Malta, Cyprus, Portugal, and Spain in signing a joint declaration to promote blockchain technology in the southern European region.

What is your response to Italy’s assembly of a 30-person group of ‘experts’ to design DLT policy? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Italian Government Selects 30 Representatives to Develop DLT and Crypto Policy appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2BPwXZ1 Italian Government Selects 30 Representatives to Develop DLT and Crypto Policy