Tag: Bitcoin (BTC)

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Crypto Markets News

Bitcoin (BTC) Involved In A Money Laundering Scandal In India

India’s National Congress Party, chaired by Rahul Gandhi, asked the Supreme Court to investigate the leadership of the Indian People’s Party (Bharatiya Janata Party, BJP) for the alleged involvement of the opposition party in a nearly $1 billion “mega scam,” covered with Bitcoin (BTC).

According to the Indian daily HindustanTimes, the National Congress Party’s (INC) accusation against the BJP is to use the bank accounts of various party members to launder money through the use of Bitcoin (BTC). INC spokesman Shaktinh Gohil said the Bitcoins were used to clean up 5,000 crores, a unit equivalent to ten million rupees.

That’s approximately $727 million. However, other members of the party came up with figures reaching 88,000 crores.

Gohil established that the illegal activities involving Bitcoin (BTC) occurred in the western state of Gujurat

He added that “the leadership of BPJ” participated in the conversion of “black money” using an account at the Ahmedabad District Banking Cooperative, headed by BJP chief Amit Shah. The bank office would’ve received an initial share of the money, which then was diverted to 11 accounts belonging to party leaders as well.

It is not clear from Gohil’s statements how they obtained the alleged funds from the alleged scam. However, he clarifies that the Bitcoin (BTC) was the mechanism they implemented to clean up their dirty funds and turn them into legal assets. He also argued that India’s largest party, the INC, is appealing to public justice to make “the truth come out.”

In this regard, India’s People’s Party denied the accusations, claiming that they are “dirty tricks” of the Congress Party, which are trying to spread confusion among the citizens of India.

India’s crypto regulatory bodies conflict with cryptocurrencies market and cryptocurrency exchanges

This accusation comes after a period of tensions between the cryptocurrencies market and the crypto regulatory authorities in India, which have had conflicting positions with cryptocurrency exchanges crypto-related businesses.

It should be recalled that since last April, the Indian Banking Authority, the Reserve Bank of India (RBI) explicitly prohibited all companies regulated under banking and financial standards from providing services to the cryptocurrencies market. A decision that came after multiple warnings to citizens by the authorities, as well as cases of fraud linked to cryptocurrency.

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Crypto Markets News

Bitcoin (BTC) Exchanges And Crypto-Related Companies In The Philippines Outperformed Traditional Financial Services

Bitcoin (BTC) exchange platforms and cryptocurrency-related companies in the Philippines surpassed traditional financial platforms in both customer activity and popularity during 2018, so far.

As CCN reported yesterday, the Cagayan Economic Zone Authority (CEZA), a government-supported economic center in the north of the Philippines, will embrace up to 25 cryptocurrency exchange platforms and operators which will enjoy friendly crypto regulations and fiscal policies.

In order to work within CEZA, cryptocurrency exchanges will be subjected to a stringent and thorough check conducted by local financial authorities and CEZA before they receive any regulatory benefits. The Director of CEZA, Raul Lambino, highlighted that exchanges inside the before-mentioned economic center would have to prove their potential to invest a minimum of $1 million within CEZA and to construct new offices in the region.

We do not want the Philippines to be a haven for scammers, even if these scams are taking place abroad. So, through our integrity and probity control, we can determine if your transactions are designed to attract unsuspecting people to invest in Bitcoin or any other cryptographic currency that is a fraud.

Raul Lambino, Director of CEZA

Bitcoin (BTC) exchange platforms and cryptocurrency-related companies in the Philippines outperformed traditional financial platforms

Among the first governments in the world to describe cryptocurrency as a real form of money, be it digital, there was the Philippines Government which even legitimated the crypto sector within the country. On the same page with its government, the Philippines Central Bank stressed out back then that, although it’s not its intention to invest or use Bitcoin (BTC) or other cryptocurrencies, they recognize cryptos as digital money and as a method of digital payments.

From then on, regional startups, Coins.ph, for instance, have grown to become part of the significant cryptocurrency exchange platforms and cryptocurrency-related enterprises in Asia.

Coins.ph, Rebit, Bitbit, BuyBitcoin, Keza, Prepaid Bitcoin and Bitmarket.ph are just a few of the numerous cryptocurrency exchange platforms and cryptocurrency-related companies that have prospered in the blockchain sector in the Philippines.

 

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Crypto News

Litecoin (LTC) Founder, Charlie Lee, Commented The Recent Bithumb Hack – “Bitcoin (BTC) Is Performing Very Well”

The theft of $31 million in cryptocurrencies from the Bithumb cryptocurrency exchange platform was announced last Tuesday. Recently, Charlie Lee, the founder of Litecoin (LTC) which at this moment is the sixth largest cryptocurrency in the world by market cap, said that incidents like this should not affect the price of Bitcoin (BTC) in the same way that a bank robbery does not change the price of gold, as he exampled.

“It’s like a bank being robbed and stealing the gold, does that affect the price of gold? It shouldn’t. The same with Bitcoin (BTC) – if the exchange doesn’t protect your coins well enough and is hacked, it doesn’t really change the fundamentals of the currency in question,” affirmed Charlie Lee in an interview with CNBC.

The programmer pointed out that cryptocurrencies not only challenge the concept of money but also require a reassessment of the way in which savings are usually protected, which is “much better than traditional finance.” While we now depend on banks to protect our money, digital currencies allow each one to be responsible for his or her own wealth, according to Lee.

Bitcoin (BTC) is performing “very well despite its decline,” thinks Charlie Lee, the founder of Litecoin (LTC)

The founder of Litecoin (LTC) argued that Bitcoin (BTC) is performing very well even though it is declining right now. Lee also noted that its network has become progressively stronger and more resilient.

According to Charlie Lee, the market price of a cryptocurrency does not reflect the real achievements for that cryptocurrency. The truth is that the cryptocurrencies market is going through a bearish period that is not known how long it will last.

“I have been in this world for seven or eight years and have seen that bear markets can last for three to four years. So, this stage could be extended for three or four years, or it could be recovered tomorrow,” said the founder of Litecoin (LTC), Charlie Lee.

However, technological advances in the crypto-verse suggest that the trend could be reversed “relatively soon,” Lee concluded.

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Crypto News

This Is Why Central Banks Are Afraid Of Bitcoin (BTC)

Central banks have no love for Bitcoin (BTC) and other cryptocurrencies. While some good deeds are taking place, the general sentiment is presumably negative. The applicability of cryptocurrencies and the decentralized technologies that characterize them are questioned, mainly by banks. Central banks feel the need to control the Bitcoin (BTC) and even proposed several times a central body to put a real value on this cryptocurrency.

Bitcoin (BTC) Value Measurement

A lot of people and organizations are fighting to establish the real value of Bitcoin (BTC). A decentralized type of currency that is not issued or controlled by any central body presents many and varied challenges, but it also poses the dilemma of whether this type of currency can ever hold any real value.

For central banks, the fluctuation of the Bitcoin (BTC) price indicates its huge volatility, at least when compared to gold or other mainstream commodities.

Also, it’s obvious that gold is attracting more investors than BTC, but the crypto is still valuable, even more than gold, of course, against the USD.

The necessity for a central body to control the Bitcoin (BTC)

The lack of centralization of the Bitcoin (BTC) world is a frequent topic of discussion. More precisely, there is no central developer, firm, bank or governmental entity in charge of holding the leading digital currency in the world, at the moment.

But cryptocurrencies represent a very distinct and modern view of money. While central banks rely on people’s money to function and people rely on central banks to hold their cash, Bitcoin (BTC) and other cryptocurrencies don’t work that way, as there is no central body to control the holdings, the transactions. There is no central body to function on cryptocurrencies.

That is the first reason why central banks are afraid of BTC and cryptocurrencies.

Even more, some specialists go as far as stating that Bitcoin (BTC) is a real threat to traditional banking because it offers an alternative characterized by decentralization and freedom. But, unfortunately, blockchain technologies on which the cryptos rely must mature more before becoming a viable alternative to traditional banking.

However, in the end, keep in mind that another reason why central banks fear Bitcoin (BTC) and cryptocurrencies is that these digital assets are going on the right track to becoming viable alternatives to the traditional banking system.

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Crypto News

Coinrail, A South Korean cryptocurrency exchange, Was Hacked, Causing Bitcoin (BTC)’s Recent Drop

The Bitcoin (BTC) price has lost more than 10% this weekend after South Korea’s Coinrail cryptocurrency exchange platform confirmed that it was hacked. This latest cyber attack, once again, calls into question the security of cryptocurrencies.

The Coinrail cryptocurrency exchange platform has acknowledged that it has lost 30% of the coins it stored, with an estimated value of around $40 million according to local media, following a rapid cyber attack.

Although the platform does not exchange Bitcoin (BTC), the news has led to Bitcoin (BTC) hitting a low of $6,652, the lowest level since last April when it hit $6,620.

Since December 2017, BTC has fallen 65%, from its highest value against the USD, $20,000.

“Coinrail is not a member of the group that promotes self-regulation to improve safety. He’s a minor player in the market and you can see how those small platforms with lower safety standards can be exposed to more risk,” said Kim Jin-Hwa, a representative of the Korea Blockchain Industry Association, cited by Reuters.

South-Korean cryptocurrency exchange platforms are still facing security issues despite crypto regulations in this regard

In January, 14 Korean platforms committed to improving their security and adopting measures to further protect the user, including restrictions on creating more than one account.

Coinrail has reported that the remaining 70% of digital currencies it moved are now housed in a portfolio that is not connected to the main network. Authorities are investigating the theft and exchanges on the platform have been suspended.

Asia has a long history of cyber attacks as it is considered a world’s leader when it comes to the cryptocurrencies market. Earlier this year, Japan’s Coincheck platform was hacked into a half-billion-dollar cryptocurrency robbery.

In 2014, Mt. Gox, which once handled 80% of the world’s Bitcoin (BTC) exchanges, filed for bankruptcy after losing around half a trillion dollars worth of BTC.

Even more recently, in December last year, South Korea’s cryptocurrency exchange platform Youbit has filed for bankruptcy after being hacked twice.

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