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South Korean regulators are getting tough on crypto

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Financial regulatiors are examining virtual accounts for corporate clients over digital money (cryptocurrency) hassles in South Korea.

The financial regulators in South Korea have inspected banks that have opened virtual records for corporate clients in the midst of worries that such records could be misused as a proviso to pull in new investors for digital forms of currency.

Controllers have restricted banks from offering virtual accounts, which are expected to offer or purchase cryptocurrrencies, to individual clients, in the most recent measure to help anticipate theoretical venture for virtual coins.

Be that as it may, virtual bank accounts for corporate clients enable them to make a huge number of financial balances for people.

The issue is that digital currency (cryptocurrency) exchanges have utilized such records to draw new speculators for virtual coins when virtual financial balances for individual clients are prohibited.

“Such accounts have a high possibility of an accident,” said a financial authority official.

Monetary controllers are directing inspections into six retail banks over accounts being utilized as a part of exchanging cryptographic forms of money.
Controllers are carefully watching whether banks conform to anti-money laundering rules regarding digital currency related accounts, authorities said.
Cyrptocurrencies, for example, bitcoin and ethereum, have quickly picked up fame in recent years among South Korean financial specialists planning to make quick profit.

Despite a boom in cryptocurrency transactions, their exchanges go largely unregulated in South Korea, as they are not recognized as financial products. There are also no rules for protecting virtual currency investors

South Korea is home to one of the world’s greatest private bitcoin trades, with more than 2 million individuals evaluated to possess a portion of the best-known digital currency.

Regardless of a boom in digital money exchanges, their exchanges go to a great extent unregulated in South Korea, as they are not perceived as monetary items. There are likewise no tenets or rules for protecting virtual currency financial specialists.

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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Take a Crypto Pill

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Crypto Pills

Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.

 

 

 

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Venezuela is the cheapest country to mine Bitcoin

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Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption

 

 

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