Category: Crypto

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New Cryptocurrency Regulation Has Been Adopted By EU And Targets More The Cryptocurrency Prepaid Cards

The General Affairs Council of the European Union (EU) announced the adoption of the new cryptocurrency regulation amended by the European Parliament to eliminate cryptocurrencies anonymity in the services of cryptocurrency exchange platforms, crypto wallets, and cryptocurrency prepaid cards.

In the quest to “address the risks associated with prepaid cards and cryptocurrencies”, since May 14th, the European Union has, without debate, undertaken to use the provisions set out in the new Law for the Prevention of Money Laundering and Financing of Terrorism. This resolution provides for an extension of access to “beneficial ownership” information by regulators, in order to eliminate as far as possible anonymity in transactions linked to companies in the Bitcoin (BTC) ecosystem.

On the other hand, cryptocurrency prepaid cards must be linked to verified identifications and restricted to a maximum of 250 Euros. An obligation to which they add the possibility for users themselves to be allowed to “self-declare” their identity on a voluntary basis.

The new cryptocurrency regulation adopted by EU aims more at cryptocurrency prepaid cards

In addition, the 2015 amendment to the legislation provides for an improvement in “transparency between companies and trusts”, which seeks first to facilitate the monitoring of the financial authorities of each country, as well as to require cooperation between research units so that they can operate more efficiently.

The just mentioned points are not only directed towards the illicit use of cryptocurrency, but also towards finances in general that are used to finance illegal activities.

European Union states will need to adapt their financial regulatory policies to this new legal framework regarding cryptocurrency regulation over the next 18 months for legal persons and other entities, and over the next 20 months for trusts.

It is important to note that the legislation, according to French MP Judith Sargentini, is mainly focused on the control of cryptocurrency prepaid cards, as they were used to rent and buy vehicles that served to prepare the terrorist attacks that happened in France in 2016.

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Bitcoin (BTC) Will Be The Native Currency Of The Internet, According To Jack Dorsey, Twitter CEO

Jack Dorsey, the co-founder and the CEO of the famous social networking site Twitter, as well as the Square payment platform, was a guest speaker at Consensus 2018, the event where he commented exclusively on his predictions about the use of cryptocurrencies in the financial market in the long term, stating that, in his opinion, Bitcoin (BTC) will be the native cryptocurrency of the Internet.

According to reports coming from Bloomberg and David Floyd, one of the reporters present at the Consensus 2018 gala, in New York City, USA, Jack Dorsey said that the Internet needs a native currency that facilitates transactions and payments within the web without limitations from third parties.

Although the co-founder of Twitter is not entirely sure if the cryptocurrency assets will end up taking the place of the Internet’s native currency, he does hope that Bitcoin (BTC) will be able to capitalize on the cyber market and become a currency among web users.

Jack Dorsey, the CEO of Twitter, is not at his first statements in the favor of Bitcoin (BTC)

“The Internet deserves a native currency. It’ll have a native currency. I don’t know if it’s Bitcoin (BTC) or not. I hope it is,” were the words the businessman gave to the group of enthusiasts who attended the event.

Similarly, Jack Dorsey commented that he has always been an enthusiast of the philosophy of cryptocurrencies, an assertion that is based on the constant support the co-founder of Twitter given to crypto coins, over the time.

However, at first, when Bitcoin (BTC) White Paper was launched, it did not understand the long-term impact and implications of this new blockchain technology, as he himself admitted.

In the past, however, Jack Dorsey has already expressed his deep confidence in the potential for financial transformation of blockchain technology and cryptocurrencies, tools that have emerged for him as the great technological innovations of this decade with the capacity, in the case of Bitcoin (BTC), to become the native currency of the Internet.

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Crypto

Mining Bitcoin (BTC) Will Equal Power Consumption Of Austria By The End Of 2018

The use of electricity in mining Bitcoin (BTC) data centers will reach 7.7 gigawatts by the end 2018, an amount equal to the electricity consumption of Austria, for example, a country with almost 9 million inhabitants, according to a study published today in the specialized magazine Cell Press.

This means that cryptocurrency will consume 0.5% of global electricity production, a shocking figure, according to the study’s lead author, Alex de Vries, a financial economist from the Netherlands.

“It’s an extreme difference compared to the regular financial system, and this growing demand for electricity will definitely not help us reach our climate targets,” said de Vries, a cryptocurrency expert.

Mining Bitcoin (BTC) is consuming lots of power

The Bitcoin (BTC) depends on the computers that carry out the transactions in a continuous chain to avoid duplication of coin expenditure.

To perform this function, it is necessary to maintain a large number of computers connected almost uninterruptedly, which requires a high power consumption. Its economy-driven estimates put the current minimum current use of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland.

In fact, during a single transaction of a cryptocurrency uses as much electricity as an average household in the Netherlands in a month.

“If the price of bitcoin continues to rise in the way some experts have predicted, the grid could one day consume 5% of the world’s electricity,” the Dutch researcher said.

The technology that supports cryptocurrency works through nodes that form the decentralized network

In any traditional monetary system, governments print more money when they need it, but in the case of mining Bitcoin (BTC), it is not created but discovered.

Hundreds of thousands of computers from all over the world compete with each other in mining Bitcoin (BTC), that is, to generate this cryptocurrency.

Unlike other currencies, the BTC is a currency whose value does not depend on the interest rate fixed by a Central Bank or on its reserves in commercial banks. It is a currency that is subject to the laws of supply and demand through the net, increasing or decreasing its value on the basis of whether or not it is available on the market.

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Blockchain Technology Development Center Will Be Implemented In New York

The New York Economic Development Corporation (NYCEDC) announced the launch of several initiatives that will utilize blockchain technology applications in the city at the 4th annual blockchain technology summit, Consensus 2018, May 14-16.

In this regard, the president and CEO of NYCEDC, James Patchett, said that the Blockchain Center will operate as a physical space for industry and will aim to educate and connect entrepreneurs interested in blockchain technology, through tutoring, business support, and advice for new ventures in DLT.

As for the public competition for blockchain, called The BigApps Blockchain, Patchett explained that the goal is to develop applications, from the blockchain, that helps improve public sector services and processes. He added that he aspires to hold the competition at the end of 2018 and that on May 14 a bidding process has already been opened to choose the company that will be in charge of its organization.

Within the framework of Consensus 2018, Blockchain Week in New York City will showcase employment opportunities in the city through a first free job fair in the blockchain, open to the public, with the participation of companies such as IBM, Accenture, Deloitte, ConsenSys, Ripple, KPMG, and Ledger.

Blockchain technology boom in New York

All the initiatives announced by NYCEDC were supported by many of the participants in Consensus 2018, representing companies and organizations such as the Economic Development Commission, the New York State Assembly, the Technology Committee, OGroup, and Tech: NYC, among others.

They all agreed on the significance of the fact and the advantages that these projects will bring to New York City, making it a great focus of innovation and development for the emerging ecosystem of blockchain technology.

In this regard, new cases of use and applications of technology in large New York business sectors, such as finance, media, insurance, healthcare and real estate, are highlighted.

All this growth of the blockchain technology among New Yorkers may have been the cause of the recent introduction by state legislators of four bills that seek to include this technology within the legal framework, recognizing the possibilities its use brings.

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Bing Will Remove Cryptocurrency Ads, According To A Microsoft Statement

Bing, the well-known search engine run by Microsoft, joined other Internet giants in releasing a statement saying it will ban cryptocurrency-related ads on its network since July 2018, according to an official blog post on May 15th.

According to the official declaration, the main reason for the company’s decision to ban “cryptocurrency advertising” and “related products” is the current unregulated state of cryptos, which allegedly increases the risk for Bing users.

Because cryptocurrencies and related products are not regulated, we have found that they present a potentially high risk to our users, favoring the ground for unscrupulous people to engage in predatory behavior, or otherwise defraud consumers.

Bing team

Bing will cut off cryptocurrency ads this summer, between June and July

As the report says, the Bing Ads tool plans to fully implement the ban worldwide between June and early July.

Bing’s ban on cryptocurrencies ads is the latest move in a search engine and social media boycott, initiated by Facebook in late January this year. Google announced a lifting of the ban on similar cryptos ads in mid-March, while Twitter confirmed its own ban shortly afterward.

On the other hand, last week, several media reported that Facebook would be taking into account the power of launching its own cryptocurrencies.

It should be noted that, during an interview held in early April, the co-founder of the social network LinkedIn told Cointelegraph that the recent bans on encrypted advertising are, in his opinion, most likely “temporary”, due to the current lack of clear and precise regulations on the kryptonite market.

Therefore, the Bing ban on cryptocurrency ads could be temporary, until more clear cryptocurrency regulations will be adopted.

In conclusion, Bing adopts the same direction as Google, Facebook, and Twitter in banning crypto ads, a fact that would possibly influence some cryptocurrency businesses.

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