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117 Smuggled Crypto Mining Machines Seized by Iranian Police

Following the wake of the Iranian government in the authorization of cryptocurrency mining as industrial activity in July, the Iranian provincial police had apprehended an individual who was said to be smuggling in cryptocurrency mining machines. This was reported by the local news agency Fars News, on July 31.

The mining machines which were said to have been seized by the Saveh Police Department’s Anti-Trafficking Police were retrieved from the driver of the truck. It was alleged that the truck was carrying 117 cryptocurrency mining machines which are worth 11.7 billion Iranian rials (approximately $277,876 at press time).

Complications of crypto mining in the regulated territory

Knowing that earlier on, the Iranian government had authorized the mining of cryptocurrencies within the region as an industrial activity, it would be expected henceforth that entities who are engaged in cryptocurrency mining would be required to seek a license from Iran’s Ministry of Industry, Mine and Trade.

An electricity pricing scheme for crypto miners had already been arranged by the Iranian Economic Commission. Although Energy Minister Homayoon Ha’eri did not state elaborately the exact price schemes, he stated the price was going to be dependent on factors such as fuel prices, in the Arabian Gulf.

Steve Bannon Expresses his Admiration for Bitcoin

Co-founder of Breitbart News and former chief strategist for US President Donald Trump’s administration, Steve Bannon has expressed his admiration for Bitcoin saying that it is a part of the “global populist revolt” in a CNBC News Squawk box on August 2.

The populist revolt

Bannon further added that Bitcoin being the leading digital currency could play a key role in the “global populist revolt”. It could easily be seen that Bannon who had been pro-Bitcoin before now is not just expressing his belief in digital currency for the first time. He had said that cryptocurrencies could be an asset to the European anti-establishment movement at an event sponsored by the Swiss newspaper Die Weltwoche on March 6.

He had also clearly mentioned that cryptocurrencies and blockchain will “empower [the populist] movement, empower companies, [and] empower governments to get away from the central banks that debase your currency and makes slave wages.”

Bannon went further to stipulate that developing countries would use cryptocurrencies as a means of breaking free from the dependence of the US dollar as their reserve currency. His interest in cryptocurrencies further gives way for possibilities of creating cryptocurrencies based on the national strength of individual countries.

Image source: PanDaily

Bitwise: Facebook’s Libra Moved Bitcoin and Cryptocurrencies Ahead by Three Years

A cryptocurrency index fund provider Bitwise based in the US is of the opinion that the Facebook-owned stablecoin Libra has accelerated the growth of cryptocurrencies by three years. This was stated in a letter published to investors on August 1.

The attention given to Bitcoin by Libra

Libra, which has been gaining substantial attention since it’s the first announcement has gained different reactions around various sectors of the world, particularly the political and the fintech sphere.

Bitwise’s global head of research Matt Hougan, issued a statement on behalf of the company.

“Thanks to Facebook’s Libra and Congress, we have just fast-forwarded two or three years into crypto’s future, accelerating all the conversations, debates, and mainstream discussions into the present day.”

The firm had also noted that it expects the government to beef up regulations in shady areas that are being exploited by fraudsters.

Image credit to Bitwise

The Fate of Cryptocurrencies in a Fast-Changing Financial Ecosystem

As the financial media outlets are pushing Bitcoins with all her energy, a Harvard University Professor of Economics and Public Policy Kenneth Rogoff ascribed as a crypto Evangelists and has released some publications in the field of cryptocurrency opines that, with the massive push cryptos are getting, there would be a comprehensive market takeover where cryptocurrencies could explode over the next five years, rising to $5-10 [trillion].”

He believes the usual volatile nature of the asset is not enough reason to panic.

”Bitcoin as digital gold, starting its long-term value will more likely move from $100 to $100,000”, he said.

Professor Rogoff, on the other hand, disagrees, saying that unlike physical gold, “Bitcoin’s use is limited to transactions, which makes it more vulnerable to a bubble-like collapse.

In his thoughts, he only feels the cryptocurrency’s energy-intensive verification process is “vastly less efficient” than systems that rely on “a trusted central authority like a central bank.”

Cryptocurrency being a digital currency, created and managed through the use of advanced encryption techniques known as cryptography has been gradually modifying the world of finance as well as other sectors such as e-commerce and since its creation in 2009. It irked significant investor and media attention in April 2013 when it clocked a record of $266 per bitcoin after declining by 10 times that figure in its previous two months. Cryptocurrencies are now generally gaining way into the mainstream media through the facebook owned coin Libra.

Many will not forget in a rush the wave which pulled through when bitcoin in August 2017 almost hit the $20,000 mark.

According to CoinMarketCap, Bitcoin had hit a market value of over $2 billion at its peak, but a 50% drop shortly, sparked a strong opinion poll on the future of cryptocurrencies in general especially Bitcoin. The argument now became, will these altcoins eventually takeover conventional currencies and become a world-matching currency just like the dollars and euros one day? Or are cryptocurrencies a passing phase that will not stand the test of time?

Blockchain Market Report: 2019 H1 Review

The end of bear market? Bitcoin’s price has bounced back to over USD 10,000 since late Mar with surging institutional demand being the main driver for Bitcoin’s revival. We witnessed a number of interesting trends in H1 2019. Initial exchange offerings (IEO) caught widespread attention following the token sale of BitTorrent (BTT) on Binance Launchpad. This is the latest battlefield for crypto exchanges as they are rushing to launch their IEO platforms. Tech giants are racing for the leading vendor of blockchain as-a-service (BaaS) platform with Amazon Web Services and Microsoft launching their managed blockchains. Consensus as-a-service (CaaS) can be the next tech trend to watch when IBM is heading H1 2019 marks the beginning of “Enterprise digital currencies”, with JP Morgan and Facebook launched their own digital currency and the vision of denationalization of money seems to become a reality. These, and the key regulatory trends of H1 2019 are summarized in Blockchain.News’s 2019 H1 Review.

Report Content

1. The Crypto Market in H1 2019

– Market Overview

– Key Regulation

– Hong Kong

– The United Kingdom

– The United States

– The European Union

2. Key Trends and Predictions

– Initial Exchange Offerings (IEO)

– Blockchain as-a-service (BaaS)

– The era of “Enterprise Digital Currency”

Share with your friends and download the full report now!

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ING Poll Reflects That Austrians are The Most Skeptical Towards Crypto

An online survey conducted by ING a banking giant in Austria had revealed that Austrians are are the most skeptical people towards Bitcoins and cryptocurrencies in general. The poll also included respondents from 15 other countries, and it had reflected growth in the weakening of Bitcoin-positivity in other countries as well, according to Der Standard on Aug 14.

Situation getting worse

It is known that Austrians are generally conservative towards investment and if this a factor that has influenced the disposition of the people towards Bitcoin, it is evident that there is a lot of skepticism towards the digital currency.

The survey conducted showed that only 13% saw the digital currency in a positive light had been on a steady decline since previous years which recorded 17% and 20%.

The poll reflected that just 5% of Austrians would consent to have their salaries paid in Bitcoin or any other cryptocurrency.

Exploring its state of awareness

Although there has been so much uncertainty and distrust expressed by the Austrians, the poll showed that they happen to understand more about cryptocurrencies than most nations but prefer to avoid the risk and volatility involved as much as possible. However, they see the value of blockchain technology as an energy trading firm, Graz plans to utilize the decentralized ledger technology to generate zero-carbon electricity.

Images via Shutterstock

Blockchain Favored by Andrew Yang, America’s 2020 Presidential Hopeful

Andrew Yang, who is eyeing America’s presidential election in 2020, has asserted that blockchain should be incorporated as it will modernize the voting structure. Yang believes that blockchain will propel authentic democracy, as well as boost Americans partake in the voting exercise.

Yang stipulates:

“It’s ridiculous that in 2020 we are still standing in line for hours to vote in antiquated voting booths. It is 100% technically possible to have fraud-proof voting on our mobile phones today using the blockchain. This would revolutionize true democracy and increase participation to include all Americans – those without smartphones could use the legacy system and lines would be very short.”

If elected, Yang has vowed to enhance the voting structure using technological innovations such as blockchain. He also asserts that this approach will make voting easier and more authentic.

Yang’s interest in the crypto sphere can be attested by accepting bitcoin donations in his campaign platform. His supporters orchestrated this initiative after crafting a powerful PAC (political action committee). At the beginning of the year, Yang asked for a precise direction about cryptocurrencies.

Among the candidates, Yang has emerged to be a crypto enthusiast, and this can be ascertained by the way he wants blockchain embraced in the election.

Image via Shutterstock

Gemini's Winklevoss Twins Willing to Dive into Facebook's Libra Project

Winklevoss twins, namely Cameron and Tyler have been a formidable force in the cryptocurrency space as they initiated Gemini, a regulated cryptocurrency exchange. According to CNN, the twins have resolved to settle scores with Mark Zuckerberg, Facebook’s CEO, by partnering in the Libra project.

Cameron Winklevoss has shown his optimism about Libra even if a collaboration does not take effect. He asserts:

“I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.”

Cameron has also affirmed that Facebook has set a good precedent of being involved with crypto, and soon other corporates will follow. He stipulates that internet giants such as Google, Netflix, and Amazon may be crafting crypto schemes such as indulging in coin projects. Cameron believes that these institutions are watching closely on what transpires in Facebook’s Libra Project so that they can make their next move.

If a partnership is crafted between the two parties, Facebook will be advantaged because the twins are famous for their proactive methodology when it comes to regulation. The twins have also revealed their intention of being incorporated as members of the Libra Association. Therefore, Winklevoss twins believe that Facebook’s Libra is just the initial player as other companies will follow, and this is a positive trend in the crypto sphere.

Image via bostonmagazine

India's Central Bank Slammed with a Two Week Crypto Ban Ultimatum

A slam has been imposed on India’s central bank by the nation’s supreme court about the manner in which it has prohibited crypto business. This development has been instigated by the presence of several complaints.

In the most recent session of the ‘IAMAI v. RBI’ case, the court has claimed that the Reserve Bank of India (RBI) had not adequately addressed concerns aired by various players in the cryptocurrency sector.

In July 2018, the RBI prohibited banks from offering exchange services to crypto users. As a result, the provision of these services tumbled down.

Justice Rohinton Fali Nariman, a Supreme Court Judge, has criticized the central bank for making such a move.

Part of statement stipulates:

“Exchanges are not asking to uplift the ban, but they are only asking to reconsider. If you don’t give an answer to it, I will pass the judgement.”

Notably, Justice Nariman asserted that RBI had not given a concrete response to justify its actions. He, however, gave the bank two weeks to do the same. Justice Nariman has asserted that the concerns raised are substantial.

This unexpected twist in the Supreme Court comes at a time when the Indian government is making advances towards ensuring cryptocurrency usage is not allowed among its citizens.

Cryptocurrencies Should be Given Room to Grow, Asserts IMF Chief

During an IMF press release, Christine Lagarde, the IMF (International Monetary Fund) chief, has asserted that financial players, such as central banks, have the mandate of protecting consumers. Nevertheless, they ought to be open-minded when it comes to technological advancements, such as cryptocurrencies.

She affirmed:

”In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognising the wider social benefits from innovation and allowing them space to develop.”

Conversely, Lagarde is eyeing the European Central Bank’s (ECB) presidency. She has, therefore, promised to be diverse, inclusive, agile, and committed towards the realization of the institution’s objectives. Lagarde has also emphasized that she will ensure that ECB adheres to the speedily transforming landscape.

Lagarde has been stipulating that cryptocurrency regulation is fundamental for international prosperity. She has also claimed that the conventional financial space will continue being shaken up by blockchain innovators, hence change is inevitable. For instance, incumbents are being made to reshape the financial structure so that blockchain technology can be incorporated.

Lagarde stipulated:

“I think the role of the disruptors and anything that uses distributed ledger technology, whether you call it crypto assets, currencies or whatever — and it’s far from the Bitcoins we used to talk about a year ago — that is clearly shaking the system.”