Day: November 12, 2018

Korean Lawyers Urge Government to Draw Up Blockchain Rules

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The body governing South Korean lawyers has called on the government to hasten the introduction of blockchain regulations. According to a report from Reuters on Thursday, the Korean Bar Association said the government should “quickly” develop blockchain laws in the country to help develop the tech industry and protect investors. Kim Hyun, president of the Korean Bar Association, was quoted as saying: “We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.”…

Canadian Bank Opens Deposit Box for Cryptocurrency Firms

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A Canadian bank says its digital safety deposit box is ready for prime time. VersaBank announced Thursday that its new VersaVault project had successfully completed beta testing. The digital-only bank plans to offer the virtual lockbox to cryptocurrency exchanges and crypto investment funds to store digital assets. VersaBank Director of Investor Relations Wade MacBain told CoinDesk that the bank has already received over 200 inquiries about VersaVault. In a statement, VersaBank CEO David Taylor added: “While many are considering ideas and plans for a digital safety deposit box, we have designed…

Judge Lifts Order to Freeze Charlie Shrem’s Assets in Winklevoss Case

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Early bitcoin supporter and entrepreneur Charlie Shrem has won his first battle in an ongoing lawsuit filed against him by Tyler and Cameron Winklevoss and their firm, Winklevoss Capital Fund. According to a court document filed Thursday by federal Judge Jed Rakoff, of the U.S. District Court for the Southern District of New York, a $30 million attachment initially granted against Shrem was lifted after a hearing earlier in the day. The attachment order, which was granted on Oct. 2 but remained under seal until Oct. 26, allowed the U.S.…

Venezuela to Present Petro at OPEC as the ‘Digital Currency for Oil’

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Venezuela is hoping the world’s oil markets will start using its controversial national cryptocurrency, the petro. Manuel Quevedo, the country’s minister of petroleum and the president of state-owned oil company PDVSA, announced in a tweet on Wednesday, that Venezuela will take petro to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, as the “main digital currency backed by oil.” Another PDVSA tweet shows a news clip of Quevedo talking on the subject, captioned with the quote: “Petro will become the digital currency of oil transactions worldwide; we will present…

Malaysian Government, Universities Team to Put Degrees on a Blockchain

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Malaysia’s education ministry has formed a new consortium of universities to harness blockchain tech in tackling the massive industry in fake certificates. The Ministry of Education announced in a press release posted on Twitter Thursday, that alongside the new consortium of six universities, it has launched a blockchain-based system called e-Scroll for the issuance and verification of university degrees. The solution, it said, was prompted by a rise in cases of fraudulent degrees and the ease with which they can be obtained over the internet. Citing a BBC Radio report describing…

Victims Sue AT&T, T-Mobile Over ‘SIM Swap’ Crypto Hacks

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Silver Miller. a cryptocurrency-focused law firm based in the U.S., says it has filed arbitration claims against AT&T and T-Mobile on behalf of victims of “SIM swapping” cellphone hacks. Initiating the court actions on behalf of clients that have lost funds to criminals that used the increasingly common method of infiltrating mobile devices to access cryptocurrency wallets and two-factor authentication codes, the firm alleges: “By leaving holes in their security protocols and failing to properly train and monitor their employees, cellphone providers have assisted thieves in remotely taking over the SIM…

BTC/USD Increasing Demand ahead of BCH Hard Fork

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Aside from regulatory involvement, uncertainty in other blockchains often draws demand for Bitcoin as a store of value. It did happen before and three days before Bitcoin Cash software upgrade, capital could flow into Bitcoin lifting prices above $6,600 igniting short term bulls aiming for $7,200. Latest Bitcoin News Still, Bitcoin Cash is one of the most fluid and valuable coin in the space. Though hash rates and decentralization levels pale in comparison with those of Bitcoin, it is still important to track its development. On Nov 15, a software…

XLM/USD, ADA/USD Gains Setting Pace for Inevitable Altcoin Price Recovery

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Even with ball park +75 percent losses from 2017 highs, the altcoin market is ripe for a reversal as XLM/USD and ADA/USD reject lower lows. Meanwhile, EOS/USD and LTC/USD are near important support levels and today could determine short term price trajectory. Let’s have a look at these charts: EOS/USD Price Analysis Back to back losses mean none of our trade conditions are live. However, a glance at the chart indicate that sellers are in charge and could drive prices below $5 triggering aggressive sellers into action aiming at $4.…