Tag Archives: N-Economy

Crackdown on Bitcoin Hits Businesses in Bali

Regulation Having issued a stark warning to “all parties” against any use of “virtual currency”, Bank Indonesia has now joined forces with local police to prevent bitcoin transactions where they are most likely to take place – in Bali. The island, a popular holiday destination with tourists spending both fiat (more…)

Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges

Regulation The Russian Ministry of Finance is drafting a bill to legalize cryptocurrency trading at approved exchanges. The ministry is already preparing a list of approved trading platforms. Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales Some Exchanges Will be Legalized Alexei Moiseev. The Russian Deputy Finance Minister Alexei (more…)

While Bitcoin Trades Above $19K In India — Tax Officials Are Snooping for Gains

Economy & Regulation Bitcoin is booming in India, and the top trading platforms in the country Zebpay, Coinsecure, Unocoin, and Bitxoxo have seen unprecedented trade volumes and exchange sign-ups. However, in the midst of the bitcoin fever taking place in the region, the country’s Income Tax Department of India (ITDI) (more…)

South Korea Outlines New Attempts to Dampen Crypto Markets

Economy & Regulation The government of South Korea held a meeting on Thursday to discuss measures to deal with the growing trend of cryptocurrency speculation. The regulators clarified the clampdown on virtual accounts as well as other measures to end anonymity. In addition, the Ministry of Justice suggested an even (more…)

Azerbaijan Rejects Crypto as Means of Payment

Emerging Markets The chairman of Azerbaijan’s Central Bank (CBA), Elman Rustamov, has described the nation’s position regarding cryptocurrencies as ‘conservative’ according to local reports. Mr. Rustamov stated that the CBA does not recognize cryptocurrencies as a legitimate means of payment and that the central bank intends to develop a “legislative (more…)

Venezuela Announces the Creation of Oil-Backed National Cryptocurrency – the Petro

News Venezuela’s president Nicolás Maduro has announced the creation of the country’s national cryptocurrency. It will be called the Petro and will be backed by the nation’s oil, gold, gas, and diamond reserves. Also read: Japan Increases Lead – Approves Another Four New Cryptocurrency Exchanges Venezuela’s National Cryptocurrency Venezuela’s president Nicolas Maduro. The president of (more…)

Dilemma for Ukrainian Regulators: Bitcoins Cannot Be Recognized as Money, Legal Tender, Currency or Securities

Regulation A joint statement between the Ukrainian central bank and the country’s top financial regulators shows that existing legal concepts do not apply to cryptocurrencies. For example, they cannot be recognized as money, legal tender, currency or securities. Also read: ‘No Regulation Needed’ – Moscow Stock Exchange Plans to Trade Bitcoin Futures Crypto (more…)

ECB Wants Digital Cash for Banks to Keep up With Bitcoin

Economics While American central bankers are still just monitoring the risks bitcoin poses to the established banking system, their counterparts across the Atlantic are already preparing to compete with the popular cryptocurrency. A member of the European Central Bank (ECB) executive board has called on commercial banks to implement new solutions (more…)

Record ICO Tezos Founders Seek Bail-Out From Foundation

Altcoins Following mounting lawsuits, the founders of Tezos are seeking for their legal costs to be covered by the Swiss-based foundation tasked with managing the funds generated through the company’s ICO (initial coin offering). If successful, the Tezos founders will be using the funds of the very ICO participants that (more…)