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Bitcoin Miners Begin Signaling Support for BIP 91

Recent reports indicate that several major Bitcoin mining operations have started to signal support for the BIP 91 option that would implement the SegWit2x scaling solution and perhaps avoid the BIP 148 User-Activated Soft Fork currently scheduled for August 1. BitFury, AntPool, and BitClub are among the miners now expressing support for BIP 91 by adding the necessary signal code to newly-generated Bitcoin blocks.

OKEx Will Suspend Bitcoin Trades, in Preparation for Potential Fork

Late last week, GDAX announced its contingency plans to protect its customers’ Bitcoin holdings from risks that could arise due to the anticipated Bitcoin User Activate Soft Fork (UASF) on August 1, 2017. Now, OKCoin’s digital asset trading platform OKEx has detailed its own strategy for safeguarding its users’ funds as UASF draws nearer.

Venezuelan Candidate Calls for Nation to Embrace Digital Currency

Since Early last year, the government of Venezuela has been engaged in an ongoing crackdown against Bitcoin and other digital currencies. Officials have arrested Bitcoin miners, confiscated equipment, and intimated websites that deal with cryptocurrency. If Jorge Dommar has his way, however, the government’s hostility to digital currency would end.

GDAX Announces Contingency Plans for Bitcoin Soft Fork

The GDAX digital currency exchange has announced its plans for addressing the anticipated implementation of the BIP 148 User Activated Soft Fork, or UASF, on August 1st. In a blog post published on Thursday, GDAX general manager Adam White explained why the exchange may be forced to temporarily halt all trading and withdrawals to protect its customer’s funds.

Falcon Private Bank Now Offering Crypto Asset Management

Swiss regulators have given Zurich-based Falcon Private Bank approval to provide its clients with Bitcoin asset management offerings. On Wednesday, the bank began offering customers the ability to trade Bitcoin using their cash deposits. Falcon has partnered with Swiss cryptocurrency broker Bitcoin Suisse, which will provide the bank with access to the digital currency.

Revolut Receives $66 Million in Funding to Fuel Expansion

Nikolay Storonsky’s startup banking firm Revolut Ltd is receiving investor funding totaling $66 million. The two-year-old company has attracted capital from several investors, including Ribbit Capital, index Ventures, and Balderton Capital. Revolut has announced that it intends to use the funds for expansion of operations, and has plans to add digital currency trading for its customers.

European Commission Report: Organized Illicit Use of Cryptocurrency “Quite Rare”

In a report released at the end of June, The European Commission suggested that organized criminal elements and terrorists rarely use digital currencies for their illicit schemes. The report’s authors concluded that those groups may have a desire to use Bitcoin and other cryptocurrencies to fuel their activities, but that they often lack the technical expertise needed to make use of the technology.

IRS Might Limit Demands for Coinbase User Info

As the Internal Revenue Service continues its efforts to force Coinbase to turn over its customers’ transaction records and account details, a Department of Justice lawyer indicated on Thursday that the agency may narrow its information request. According to a report in The Recorder, attorney Amy Matchison suggested that the IRS would not be seeking those customers’ account security setting details or passwords.

Bithumb to Compensate Users for Data Hack

South Korean digital currency exchange Bithumb has announced plans to compensate its users for any damages suffered because of compromised customer data records. The company has confirmed that roughly 30,000 customers had their data stolen when an exchange employee’s personal home computer was hacked. According to the online news site, BraveNewCoin, the company claims that the hack didn’t involve the Bithumb main server:

South Korean Lawmaker to Introduce Crypto Regulations

In recent months, South Korea’s digital currency trading activity has been among the most robust in the world. Many policy experts have been uncomfortable with the lack of industry regulation, however, with some worrying that any sudden downturn in the cryptocurrency markets could negatively impact the country’s broader economy. This week, Democratic Party of Korea Representative Park Yong-jin announced that he intends to introduce a new bill to enact a framework for regulating digital currencies like Bitcoin.

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