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Bitcoin’s Volatility is Back, Facebook Launches Libra Project with Major Partners

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The last two weeks or so have been interesting because of a number of reasons. Bitcoin surged to nearly $14,000 in a short space of time and suddenly reversed its gains in an apparent sell-off. Facebook, the world’s biggest social media platform, published the white paper for its Libra cryptocurrency project and it’s on course to help the crypto sector with adoption.

Bitcoin wild price swings

After a brutal 2018, bitcoin has enjoyed a stellar performance in the new year and has seen its price reach as high as $13,600. However, the recent bullish sentiments quickly ran out of steam as the market lost a large portion of its gains.

Many experts believed that the Libra effect contributed to the bullish run that ended abruptly in a matter of hours when bitcoin’s price dropped by $2,500.

Facebook’s Libra cryptocurrency and concerns raised by regulatory concerns from Singapore to the UK

It is no secret that the world’s largest social media platform Facebook has been working on a cryptocurrency project for a long time. The social media giant recently published its whitepaper detailing its foray into cryptocurrencies and its desire to serve billions of the underbanked, especially in emerging markets.

Putting the merits of the project aside, many experts believe that Facebook’s move could potentially introduce billions of people to crypto because of its sheer size and reach.

However, the social media giant has run into regulatory challenges as central banks and governments require more clarity about Facebook’s coin.

At least three European countries – Italy, France, and the UK – have raised concerns that Facebook Libra project needs to be examined.

The same goes for Singapore, as the financial watchdog, the Monetary Authority of Singapore (MAS), needs more clarity on Facebook’s project.

Ravi Menon, the managing director at MAS informed the media that they met with Facebook over their concerns about how the new cryptocurrency would function. Menon acknowledged that Libra could present some potential benefits too. The MAS is yet to make its mind on how to regulate cryptocurrencies.

Singapore exchange Bitrue loses $4.3 million in a hack

Cyber attacks on cryptocurrency exchanges are becoming a permanent feature. Bitrue, a Singapore-based cryptocurrency exchange lost digital assets – XRP and ADA – in customer funds worth $4.3 million.

According to a tweet from the exchange, the hacker(s) managed to access the exchange’s wallets and siphoned off 9.3 million XRP ($4.04 million) and 2.5 million ADA ($235,000). The funds were moved to different exchanges.

The hack affected 90 users and the exchanges receiving the proceeds of the crime have been informed.

The exchange claims to be in control of the situation and has pledged to return 100 percent of lost funds to the users.

“Right now we are conducting an emergency inspection of the exchange and hope to be live again as soon as possible with log in & trading functionality. Withdrawals will be offline for a slightly longer period while we continue investigating the situation,” said the exchange.

The hackers seem to be targeting several exchanges whether big or small. Last month, Binance, one of the largest and most secure exchanges in the world, was hacked and lost 7,000 BTC – worth around $40 million at the time.

At the time of writing, the collective amount of money lost in cryptocurrency hacks has reached $1.36 billion.

Japan’s financial regulator inspects and takes action against cryptocurrency exchange

Japan’s financial regulator, the Financial Services Authority (FSA), has taken action against FISCO, a local cryptocurrency exchange. This comes after the financial watchdog inspected the premises of the exchange in February and discovered a set of violations.

One of the violations includes the exchange’s business management. The board of directors does not take the time to discuss important issues. The FSA found other violations of security risk measures against financial crimes – money laundering and terrorist financing – as well the company’s outsourcing management system.

The exchange is now required to draw up a management system for protecting user information and submit a written business improvement plan by no later than July 22.

2018 was a turning point as Japan’s regulators tightened their screws on crypto regulation. Despite allowing the industry to police itself, the FSA conducted several inspections and issued a number of business improvement orders.

Japan regulators have taken a positive crypto stance even though the country has witnessed two of the biggest cryptocurrency hacks in history.

Iran seizes 1,000 cryptocurrency miners after a surge in power demand

According to a report by the BBC, Iranian authorities have seized about 1,000 bitcoin miners from two mining farms. The authorities made the move after the demand for electricity surged 7 percent.

Speaking to state television, electricity official Arash Navab said, “Two of these bitcoin farms have been identified, with a consumption of one megawatt.”

A researcher said that the demand for bitcoin is growing in Iran as it is considered to be an alternative store of wealth.

Iran is facing sanctions from the US amid growing tensions between the two countries.

Thailand dental clinic accepts payments in Electroneum cryptocurrency

A Thai national paid for dental services using Electroneum cryptocurrency on June 27, becoming the first person in the country to conduct such a transaction.

The dental clinic is the first clinic to accept cryptocurrency as a form of payment. This is just one transaction and there is a long way to go before cryptocurrencies are adopted on a massive scale in dentistry or Thailand.

However, it is these first step that opens the doors for future opportunities.

Coinone crypto exchange joins RippleNet-SBI Holdings payment system

Major South Korean exchange Coinone joined SBI Holdings and RippleNet payment system. The cross-border payment system has attracted a number of companies from several countries including eight from Asia.

The Philippines approves 48 cryptocurrency exchanges

The number of approved cryptocurrency exchanges in the Philippines is growing and has now reached 48.

At the same time, the country’s central bank revealed that it has not authorized the installation of bitcoin ATMs in the country.

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Blog Press Release

Bitmain to reveal world’s first Big Data Analysis Report of Global Mining Farms during World Digital Mining Summit this October

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SINGAPORE, 11 September 2019 – Bitmain – the world’s top 10 fabless chipmaker – is set to release the world’s first Big Data Analysis Report of Global Mining Farms during the World Digital Mining Summit (WDMS) on 8-10 October in Frankfurt.

The report will provide in-depth analysis and insights on the cryptocurrency mining industry – covering mining farms, to global electricity costs, site selection of mining farms and construction expenses – to help decision-makers have a more complete and comprehensive understanding of the market opportunities, risks and hurdles.

“Bitmain is proud to be leading research and development efforts in the cryptocurrency mining industry and this comprehensive big data analysis report is a successful outcome of it, thanks to our strength and experience accumulated in this industry,” said Matthew Wang, Director of Mining Farm of Bitmain.

The agenda for the two-day summit features industry investment and innovation for the mining sector….

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Blockchain Blog Interviews Investing

The Biggest Investing Opportunities In Blockchain | Aly Madhavji Partner BlockchainFF

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ChainTalk Podcast 7

Aly Madhavji is Managing Partner at Blockchain Founders Fund. In this chat we discuss his slightly sketchy first experience with crypto, tokens vs equity investing, biggest opportunities right now to invest in, obstacles faced by blockchain companies, working with the United Nations and how blockchain is helping charities and the unbanked, the present and future of blockchain, Asia vs USA in adopting crypto, and the latest news in Asia surrounding crypto including the US China trade wars and recent currency scandal.

Aly Madhavji 穆亚霖 is the Managing Partner at Blockchain Founders Fund which invests in and venture builds top-tier Start-ups and consults companies and governmental organizations on emerging technologies. He is a Senior Investment Advisor to BitBlock Capital and Fiat Capital Fund, and a Co-Founder of a digital currency exchange. He has served on various blockchain advisory roles including Polymath and traditional advisory boards including the University of…

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天英彙が東京湾で初めて行われ、良質なグローバル科学技術革新資源をリンク

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8月6日夜、2019広州天英彙国際革新創業大会東京湾地区の開会式が東京表参道Portal Pointイノベーション空間で行われた。これらは天英彙が初めて日本で設定した競技場だ。広州市天河区政府の関係者たちと日本学習院大学の遠藤薫さんらが本開会式に出席した。

広州市天河区人民政府区長の陳加猛が挨拶した。陳加猛は、「今年は天英彙が初めて東京で都市競技場を設立し、東京は経済が繁栄し、科学技術が進歩し、世界で最も重要な国際的な都市の一つであり、その東京湾は広東・香港・マカオ大湾区と同じで世界四大ベイエリアに属し、競技を通じて両大湾区のコミュニケーションの橋渡しをし、日本の優れた企業、プロジェクト、技術と人材を、質の高い発展に推進している広州経済とうまく結びつけていきたいと思う」と述べた。

その後、日本学習院大学教授の遠藤薫は「今こそ日本のイノベーターにとって最高の創業時代だ。工業化後に蓄積された技術革新と知識によって、理性的な日本資本市場は、市場競争力のあるイノベーションを生み出すだろう。より多くの良質な日本のイノベーション事業が天英彙の助けを借りて、中国市場とよりよくリンクすることを期待している。」と挨拶した。

次に、会場からのカウントダウンの声の中、陳加猛、遠藤薫、天英彙海外地区主催側代表者、IBM日本代表者、アリババ クラウド日本代表者と日本人工知能イノベーション企業Autify代表者が共同で天英彙東京湾の横断幕を掲げ、天英彙試合会が日本に正式に始まることを示した。

Brincグローバル投資インキュベーター中国執行総裁の潘利文氏は、天英彙海外競技エリアを代表して起業家たちに大会制度、広州天河地区の優位性と政策環境、大会の賞金賞品及び1週間の中国市場と資本の連結の旅について詳しく説明した。

続いて行われた「広東·香港·マカオ大湾区と東京湾区イノベーション円卓フォーラム」では、 Brincグローバル投資インキュベーター中国市場とチャンネルの責任者の曽君蔚とIBM日本デジタルコンサルティング専門家の吉本久、TMI総合法律事務所の小川周哉と日本人工知能イノベーション企業Autifyの最高経営責任者の近沢良は、イノベーション企業がいかに効率的に新しい市場に参入できるかについて議論を深めた。

イベントの最後の自由コミュニケーションセクションでは、東京湾区の起業家は広東・香港・マカオ大湾区の建設がもたらすチャンスに強い興味を持ち、現場の雰囲気は非常に盛り上がっている。

今年度は、天英彙海外競技エリアはサンフランシスコ湾、ニューヨーク湾、トロント、シドニー、東京湾、シンガポール、テルアビブ、ベルリン、パリという9大国際イノベーション都市にそれぞれ競技場を置き、少なくとも600以上のグローバルイノベーションプロジェクトを募集する予定だ。今日まで、広州天英彙国際イノベーション創業大会海外競技エリアはすでに八大国外イノベーション都市地区で盛大に開会式を行い、 その中で、米国オークランド市長のシュエリビ、世界最大のインスタントメッセージングソフトウェアWhatsAPP共同創立エンジニアのEugene Fooksman、パリ19区副区長のJoyce Malai、シンガポール国立大学企業センターの副主任の陳正見、欧州華創会会長の黄進などの革新生態分野の重要なのゲストは各競技区の開会式に出席し、天英彙の競技参加者たちに祝福の言葉を贈った。それと同時に、天英彙は国際イノベーション生態の発展を積極的に推進していて、アメリカのオークランド市長のシュエリビと広州市天河区政府の関連責任者を証人として、天英彙競技海外地区主催側Brincグローバル投資インキュベーターはオークランド華埠商会、サンフランシスコ湾委員会とそれぞれ契約を締結し、同天英彙国際イノベーション連盟が第一歩を踏み出したことを示し、今後は更に多くのグローバルイノベーション都市との契約提携を推進し、国際イノベーション生態の発展を進める。

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Changing Banking With Blockchain – Tomohiro Yamaguchi Executive Director SBI

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ChainTalk Podcast 6

Tomohiro Yamaguchi is Executive Director at SBI Fintech Solutions. In this chat we discuss his background and role at SBI, SBI’s commitment to blockchain technology, their investment into Ripple, cross border transactions within banks and the affect on international business, Libra and bank tokens, blockchain in the Middle East, and opportunities for investors.

Yamaguchi-san is an 18-year experienced pioneer in finance business and payment/international money transfer industry, in charge of new projects, management and development in Japan and overseas Fintech business. In addition, he is representative of global investment, international money transferring, blockchain space. He was in charge of overseas business development (including fund and financing services) for the SBI group. He leads a team of 17 business development directors.

Visit SBI: http://www.sbigroup.co.jp/english/

Check out last weeks episode on Ripple: https://youtu.be/14EyQ6WKevc

If you enjoyed this episode and want to support our podcast please share it with your colleagues and friends….

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Blockchain Blog Cryptocurrency Exchange Mining News

Gone Missing: India Misses the Point on Crypto Regulation, Justin Sun Skips Lunch with Warren Buffett

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India is taking a step backward in innovation as it proposes to a blanket ban on cryptocurrencies and severe punishment for those caught on the wrong side of the law. Justin Sun’s delayed his charity lunch with bitcoin critic Warren Buffett due to kidney stones. A bank in the Philippines has launched its own cryptocurrency. Cryptocurrency exchanges need to beef up their security strategies as new reports suggest that they lost $1.2 billion in theft and fraud in Q1 alone. 

Indian panel proposes cryptocurrency ban and jail time for offenders

India’s hostile position on cryptocurrency does not seem to be taking a turn for the better. A high-level panel created by three institutions – Ministry of Electronics and Information Technology, the Securities and Exchange Board of India, and the Reserve Bank of India – has recommended the banning of private cryptocurrencies issued in foreign lands…

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