The United States government is still researching digital currency and examining its risks and potential benefits. As a result, US authorities are not yet ready to create a regulatory framework for the industry, according to remarks made by White House cybersecurity coordinator Rob Joyce at the Munich Security Conference on Friday.
The price of Bitcoin continued to rise on Thursday, peaking at above the $10,000 mark – a height last seen more than two weeks ago. The cryptocurrency markets have been rallying in recent days, as investor fears about potentially crippling government regulation have appeared to subside amid a host of more positive news.
An estimated 7% of all Americans are believed to own some type of cryptocurrency. According to early indications from tax firm Credit Karma, however, only a relatively small number of those people are apparently reporting digital currency gains and losses in this year’s tax filings.
More than 4,200 websites were infected with crypto-mining malware on Sunday, according to a report in The Register. The scheme used Browsealoud – a popular plugin that provides audio readings of web content for visually impaired internet users – to infect websites with the Coinhive Monera-mining malware. Browsealoud is used in many government websites around the world.
Several Russian scientists have reportedly been detained by the authorities after they attempted to use a supercomputer to mine digital currency. The scientists, who work on Russian nuclear warheads at the Federal Nuclear Center in Sarov, were caught as they tried to connect the facility’s computer to the internet, according to reports from the BBC.
The state of Arizona moved one step closer to accepting digital currency for state income tax payments last night, after the state Senate voted to pass a bill designed to allow taxpayers to use cryptocurrencies to meet their tax obligations. Arizona Senate Bill 1091 was passed with 16 yeas, 13 nays, and one abstention.
If Brian Forde is successful in his quest to represent California’s 45th congressional district in Congress, Bitcoin and other digital currencies could soon have a new friend in the nation’s capital. The 37-year old former digital currency director at MIT’s Media Lab is one of several candidates in that hotly-contested race, but he’s already attracted the attention of a number of prominent crypto investors who have been impressed by his knowledge and support for digital currency technology.
On Tuesday, the Senate Banking Committee conducted a hearing on cryptocurrencies that included testimony from Commodity Futures Trading Commission (FCTC) Chairman Christopher Giancarlo and Securities and Exchange Commission (SEC) Chairman Jay Clayton. The two men testified about a wide variety of crypto-related topics, including regulations, ICOs, and distributed ledger technology.
Bitcoin’s price continued to drop on Monday, sliding below the $7 mark – its lowest level in more than two months. Analysts have attributed the ongoing price weakness to a steady stream of bad news for the cryptocurrency industry, including new regulatory concerns and recent announcements that several big banks will no longer allow their credit cards to be utilized for cryptocurrency purchases.
Three major U.S. banks recently announced that they will decline credit card purchases of digital currency. The three banks – Bank of America, Citigroup, and JPMorgan Chase – revealed the policy change at the end of the week, with JPMorgan Chase citing the “volatility and risk” involved in such transactions. In a statement to CNBC, a bank spokesperson said:
Shares of Long Blockchain Corp. enjoyed a 4 percent increase on Friday, after the company announced that it will no longer be purchasing 1,000 Bitcoin mining rigs. Instead, the company formerly known as Long Island Iced Tea will focus its attention on its proposed merger with British technology firm Stater Blockchain Ltd.
Brisbane Airport has announced that it plans to begin accepting digital currencies in its restaurants, bars, and shops. The Australian airport has reportedly signed a deal with TravelbyBit Australia that will enable it to accept a variety of different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and Steem, according to a report in The Telegraph.
In the last eighteen months, cryptocurrencies have stormed onto the financial scene with a very loud bang. The cryptocurrency market is now valued at north of $500 billion and growing exponentially every year. At this rate, the cryptocurrency market will be worth trillions of dollars in just a few short years. This multi-trillion-dollar pot of gold is now firmly entrenched in global finance. As a result, what was once scorned, ridiculed, and considered little more than a pipe-dream is now being taken very seriously by almost every major financial institution worldwide
South Korean media reported this week that tech giant Samsung Electronics is manufacturing chips designed for cryptocurrency mining. The chips are being made by the company’s Foundry chipset business and provided to a Chinese Bitcoin mining hardware manufacturer, according to a report in The Bell.
The global elites who gathered at the World Economic Forum in Davos, Switzerland this week had much to say about digital currencies. One of the attendees, Swedish Riksbank Deputy Governor Cecilia Skingsley, expressed a sentiment that seemed to be shared by many, if not all, of the world leaders in attendance, as she asserted that Bitcoin and its digital currency peers are “not a very good version of money.”
Bitcoin and other digital currencies have been a hot topic at the 2018 World Economic Forum in Davos, Switzerland, as political leaders have called for increased regulation of the industry. Many of those leaders have expressed concerns about cryptocurrency’s potential use by criminals and other bad actors.
Weiss Ratings has announced its first ratings for digital currencies, in a move that some see as a further indication of growing mainstream acceptance of the industry. The securities rating firm relied on computer models that judge digital currencies based on four specific areas of analysis: risk, reward, technology, and the cryptocurrency fundamental index.
There are many tutorials online that will take you through the process of securing your wallet, step-by-step – and many of them are quite useful in that regard. However, your fortune could be at risk if you try to follow one of these tutorials after something goes wrong. To avoid that potential risk, it is critical to understand what it is that you are securing and what types of security risks threaten that security. That understanding can provide you with the insight you need to make your own decisions about which precautions you should take and determine the best bitcoin wallet for you. Understanding why you are doing something also makes it much less likely that you’ll make mistakes or follow the wrong instructions.
South Korea’s government has been tightening the reins on its vibrant digital currency trading market recently, and that trend shows no sign of slowing. Officials now plan to require more transparency in digital currency transactions by forcing digital currency traders to ensure that they use their real names on crypto exchange accounts, according to reporting from Reuters.
Contained within several notices from the Canadian Securities Administrators (CSA), are clarifications of the regulations in place that can determine the legality of Initial Coin Offerings (also called Initial Token Offerings). The CSA’s main concern with ICOs in their current form will most certainly be the lack of investor protection for Canadians. Like securities laws in the United States that provide investor protection, Canada also has regulations regarding the sale of ICO tokens to its citizens.