Western media giants banned cryptocurrency advertising earlier this year; it now looks like the trend is reversing.
Australia’s national consumer watchdog has warned that cryptocurrency trading scams have grown ‘significantly’ over a 12-month period and are now the second most-common kind of investment scam in the country. An independent government authority tasked with the mandate of enforcing consumer protection laws with oversight into scam-related trends in Australia, the Australian Competition and Consumer
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Lufthansa has partnered with software giant SAP to launch a blockchain competition seeking ideas for blockchain applications in the airline industry.
Despite gaining legitimacy in the eyes of many more individuals across the world, cryptocurrencies are still a contested topic within regulatory circles, especially with the regulatory bodies of developed countries.
FSB: Crypto Assets Don’t Pose A Risk To Global Financial Stability
The Financial Stability Board (FSB) recently released a report highlighting cryptocurrencies or “crypto-assets” as the board likes to call them. The FSB commented on its sentiment regarding cryptocurrencies, stating:
“While the FSB believes that crypto-assets do not pose a material risk to global financial stability at this time it recognizes the need for vigilant monitoring in light of the speed of market developments.”
For the uninitiated, the FSB is an international body that consists of financial leaders and organizations, with an objective of making recommendations to G20 nations regarding optimal financial policies and practices. In the same report, the G20-affiliated body also laid out a framework for monitoring the cryptocurrency industry, with the FSB focusing on price volatility, ICO prevalence, institutional exposure and real-world transactional use as the primary indicators for threat assessment.
The sentiment regarding cryptocurrencies made by the organization was echoed by the U.S. Federal Reserve chairman at the U.S. House of Representatives earlier this week, who also stated that cryptocurrencies “aren’t big enough” to pose a financial threat at this time. However, just like the FSB, the Fed Chairman also indicated that he and fellow regulators will continue to keep an eye on the cryptocurrency industry moving into the future.
Japan’s Role As A Lead Cryptocurrency Regulator
Japan has long been held as a pseudo “crypto capital,” where cryptocurrency adoption and innovation is as widespread as other leading technologies. Despite widespread retail adoption and a growing crypto-based economy, Japan has one of the harshest regulatory climates around cryptocurrencies in the world.
Following the cryptocurrency rally of 2017, along with the subsequent $550 million hack of the Japan-based CoinCheck exchange, the Japanese Financial Services Agency (FSA) began to impose strict rules on crypto-affiliated firms in a bid to curb consumer risk and cases of money launderers utilizing cryptos in malintent. The rules namely took the form of new rules regarding KYC/AML, cryptocurrency storage options and a ban on the trading of privacy-centric cryptocurrencies within Japan’s borders.
The fears of money laundering came up after a series of cases where criminals utilized privacy cryptocurrencies to move money anonymously, away from the eyes of regulators. A local Japanese news source highlighted an instance where an organized crime group located in Tokyo laundered 30 billion yen ($270 million) through Monero, ZCash, and Dash.
Speaking of cases like the aforementioned, an official from the FSA stated:
“It’s nearly impossible for Japan to handle the problem (money laundering) alone. Even if trade is restricted to only domestic transfers or monitoring is enhanced, it’s still not enough to counter money laundering. It would be best if all the group of 20 industrial and emerging nations and regions (G20) would take the same steps toward prevention.”
The issue with money laundering through cryptocurrencies has been a common theme with many regulators over the course of the past decade. The U.S. Fed chairman also noted:
“They (cryptocurrencies) are very challenging. Cryptocurrencies are great if you are trying to hide money or if you are trying to launder money. So we have to be very cautious and conscious of that.”
Due to Japan’s current position as a cryptocurrency regulation proponent, it is likely that Asia’s second-largest economy will continue to push a harsh stance regarding cryptocurrencies to fellow G20 nations as this space develops further.
Image from Shutterstock
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In a first, India’s central bank has called for the regulation of the domestic cryptocurrency sector during Friday’s hearing at the Supreme Court, weeks after enforcing a banking ban against crypto companies. Earlier in April, the Reserve Bank of India (RBI) issued a circular that forbade all financial institutions – banks included – from offering
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- ADA price started a nice upside move after testing the $0.1550 support against the US Dollar (tethered).
- There was a break above a crucial bearish trend line with resistance at $0.1650 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently placed above the 100 hourly simple moving average and the $0.1700 support.
Cardano price is gaining momentum against the US Dollar and Bitcoin. ADA/USD is likely to move further higher above the $0.1800 level in the near term.
Cardano Price Analysis
After a major downside correction, cardano price found support above the $0.1500 level against the US Dollar. The ADA/USD pair formed a low at $0.1542 and later started an upside move. It traded above the $0.1600 resistance to start a decent recovery. The price also broke the 23.6% Fib retracement level of the last drop from the $0.1970 high to $0.1542 low.
Moreover, there was a break above a crucial bearish trend line with resistance at $0.1650 on the hourly chart of the ADA/USD pair. The pair also succeeded in settling above the $0.1700 level and the 100 hourly simple moving average. It has opened the doors for more gains above $0.1800 in the near term. An immediate resistance is at $0.1800 and the 61.8% Fib retracement level of the last drop from the $0.1970 high to $0.1542 low. Should there be a break above these, the price could accelerate back towards the $0.1900 and $0.1950 levels.
The chart indicates that the price is slowly moving higher and is well supported near $0.1700. If the price corrects lower from the current levels, it may perhaps find support near $0.1710 and the 100 hourly SMA. There is also a bullish trend line with support at $0.1710 on the same chart.
Hourly MACD – The MACD for ADA/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently well above the 50 level.
Major Support Level – $0.1700
Major Resistance Level – $0.1800
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Recently, significant attention has been given to the limited number of women involved in the crypto space. This limited number applies not only to investors and coin holders but also to innovators and developers in the area. As women comprise about half of the population, their shortage in the cryptosphere hints at what could be a significant factor in crypto’s holding pattern.
To Succeed, Crypto Needs Women
The impetus behind Bitcoin was to create a peer-to-peer method of exchanging value to allow people to operate freely outside of existing financial and governmental systems. According to blockchain and bitcoin expert, Andreas Antonopoulos, the success of cryptocurrency is not indicated by its price, but instead by how widely it’s used. From this perspective comes the question of why cryptocurrency isn’t being used in more spaces by more people.
Mainstream adoption of cryptocurrency would mean local, daily purchases could be transacted in crypto. A look at who does the bulk of consumer spending provides insight into how crypto could make its way more quickly into the mainstream.
According to Dhanusha Sivajee, currently chief marketing officer at XO Group Inc.:
“Whether women are working or even if they are at home, we see that women drive 70 to 80% of all consumer purchases. This has a lot to do with the multiplier effect. Even if women are not making the transaction they are still impacting the decisions because they are the primary caregiver of children and the elderly.”
For crypto to find a prominent place in retail, there must be a demand; that is, consumers have to indicate to retailers that they want to be able to pay with cryptocurrency.
With women behind up to 80% of purchases, even if they are not making every single transaction, they make a significant portion of them. If those transactions are to be shifted to include crypto options, women need to be informed about the utility of crypto and the basics of getting started with crypto, i.e., choosing a wallet, etc.
Getting women on board with cryptocurrency would likely boost sales in crypto for retailers already offering the payment option, many of which are online retailers. Women are ahead of the online shopping curve when compared with men.
In March 2018, CNBC reported on a First Insight study that revealed that while only 22 percent of men reported frequently using a phone to shop, 40 percent of women said the frequent use of a phone for shopping.
Interestingly, Forbes identified the rise in retailers using cryptocurrency as an influential factor in retail in 2018 and speculated that 2018 could be the year that people start to make local decisions based less on an actual product and more on the payment options available. Understanding what women look for when making transactions and what existing payment options don’t offer that crypto can are vital components to increase the use of crypto among women. The importance of making sure women are informed about crypto and comfortable using it is thus crucial to a quicker crypto takeoff in the mainstream.
Participation at all Levels
While undoubtedly, multiple factors have contributed to the limited number of women involved in cryptocurrency, lack of engagement is a critical component to address to see a change in participation. Involvement of women at several levels is essential to capturing the female market, according to Sivajee, who discussed the importance of having women “front and center of your content and product development,” rather than focusing solely on marketing or advertising.
To this end, the small number of women involved in the development of blockchain technology and crypto-related applications means a slower road to the type of widespread adoption that will allow crypto to take off. However, several women have already made a name for themselves in the crypto space like Tina Hui, Elvina Kamalova, Karyl Fowler, and others.
While they acknowledge the lopsided look of the area regarding gender representation, they also conveyed that the cryptosphere is not concerned with gender: it cares about results.
Successful women in crypto are essential to another point that Sivajee touched on, “90% of our female audience makes a point to pass along deals and information to other women.” Regarding crypto, this statistic indicates a potential for a snowball effect; as more women develop the interest in and use crypto, the more women they will inform.
It also shows potential value in offering incentives for crypto spending. According to the First Insight study, women commonly look for deals and compare prices before purchasing. If there’s a better price through the use of crypto or a related transaction, more women will gravitate toward using it.
If the cryptosphere is paying attention, it won’t be surprising to see more effort being made to include women at all levels. At the same time, women, as they comprise such a valuable part of the market, need to be wary of ICOs that may seek to take advantage.
For instance, Pink Taxi describes itself as a women-only taxi service utilizing crypto and blockchain technology. Despite claims that “Pink Taxi aims to empower women both economically and socially by providing a convenient and safe mode of transportation that benefits both its drivers and passengers,” several discrepancies have been identified that necessitate caution.
The Pink Taxi website was reported for plagiarism of a different taxi service site and misuse of media from other sources. Telegram messages promised investors they’d get rich, another warning sign to heed. While it’s likely that many legitimate crypto ventures for women are in the works, it will be important that proper education on the cryptosphere is accessible sooner rather than later.
The challenge of mass crypto adoption could be impacted drastically by the involvement of women on all levels, whether it’s as developers, innovators, investors, or as crypto users. It will be interesting to see what efforts are made to include the female half of the population in the exciting space of blockchain and cryptocurrency and the effect that increased female involvement will have on the future of these technologies.
The post Women and the Future of Cryptocurrency: A Case Study in Everyday Digital Asset Payments appeared first on BTCMANAGER.
- Bitcoin price traded higher and broke a major resistance at $7,580 against the US Dollar.
- There was a break above a connecting resistance trend line at $7,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to move further higher towards the $7,800 and $8,000 resistance levels.
Bitcoin price is slowly gaining bullish momentum above $7,500 against the US Dollar. BTC/USD is likely preparing for more gains towards the $8,000 barrier.
Bitcoin Price Analysis
Bitcoin price was rejected many times near the $7,550 and $7,580 resistance levels against the US Dollar. The BTC/USD pair recently dipped towards the $7,320 level, where it found strong bids. Later, it started a fresh upside move and gained momentum to break the $7,550 and $7,580 resistance levels. It traded to a new weekly high above the 7,650 level and tested $7,700.
During the upward move, there was a break above a connecting resistance trend line at $7,600 on the hourly chart of the BTC/USD pair. The pair is currently consolidating near the $7,700 level with a bullish angle. On the upside, the next resistance is near the $7,780 level. It coincides with the 1.236 Fib extension level of the last drop from the $7,669 high to $7,201 low. Above this, the price is likely to accelerate above the $7,800 level. The next target for buyers could be $8,000 and the 1.618 Fib extension level of the last drop from the $7,669 high to $7,201 low.
Looking at the chart, the price is placed nicely above the $7,580 support, which was a major resistance earlier. If there is a downside correction, the $7,580 and $7,500 levels are likely to hold declines in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently well above the 60 level with no negative signs.
Major Support Level – $7,580
Major Resistance Level – $7,800
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Blockchain technology is receiving state investment all over China.