Říj 12

‘Nurture Productive Aspects Of Cryptocurrency,’ US Presidential Hopeful Tells Senate

The US senator and potential presidential contender who suggested cryptocurrency “hurt” American families repeated concerns about the industry on October 11, saying it was “easy to steal.”


Warren Argues For Consumer Protection ‘Balance’

In a Senate Banking Committee hearing, Elizabeth Warren voiced fresh worry over the current regulatory climate in Washington, implying balanced rules should come into force.

At the same time, Warren poured scorn on ICOs, alleging “a lot of small investors” were being “scammed” by them, Forbes reports.

“The challenge is how to nurture productive aspects of crypto with protecting consumers,” the publication quotes her as saying.

Last year, Warren had claimed when US regulators turn their attention away from an emerging phenomenon in need of regulation, it was “American families” who “suffer” as a result.

“It was exactly that attitude at the Fed in the run up in the crash in 2008,” she said at the time. “The Fed had a lot of tools they could have intervened, but they sat there on their hands and said, ‘Let the market go forward.’”

Elizabeth Warren

Roubini Has No Time For Cryptocurrency

The Senate hearing meanwhile has already become infamous in cryptocurrency circles following comments from economist and famed naysayer Nouriel Roubini, who delivered what could be considered his most scathing appraisal of the industry yet.

“Crypto is the mother or father of all scams and bubbles,” he told the Committee as part of the prepared testimony.

“Especially folks with zero financial literacy – individuals who could not tell the difference between stocks and bonds – went into a literal manic frenzy of Bitcoin and Crypto buying.”

On ICOs, Roubini was also keen to espouse the view the industry was mostly legally dubious, using results of research published earlier this summer by Satis Group which concluded over 80 percent of such projects were scams.

“It would appear that ICOs serve little purpose other than to skirt securities laws that exist to protect investors from being cheated,” he concluded. 

What do you think about Elizabeth Warren and Nouriel Roubini’s appraisals? Let us know in the comments below! 


Images courtesy of Shutterstock.

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Říj 11

BREAKING: Bitfinex Reportedly Halts Fiat Deposits

Bitfinex, the world’s fourth-largest cryptocurrency exchange by means of trading volume, has purportedly halted fiat deposits temporarily.


EUR, USD, JPY, GBP Wire Deposits Temporarily Halted

Screenshots of customer accounts started circulating on social media moments ago, suggesting that the British Virgin Islands-based and Hong-Kong-operated cryptocurrency exchange has temporarily paused wire deposits with EUR, USD, JPY, and GBP. However, the screenshot also indicates that the situation is expected to “normalize within a week.”

“Bitfinex’s EUR, USD, JPT, GBP wire deposits are temporarily paused. Things are expected to resume in a week,” notes Twitter account Squeeze.

Questionable Timing

As Bitcoinist reported last week, citing anonymous sources speaking to Bloomberg, Noble Bank is supposedly facing financial difficulties. The sources also revealed that two of the bank’s clients – Tether and Bitfinex — are seeking a buyout.

The exchange was quick to answer, stating that:

Stories and allegations currently circulating mentioning an entity called Noble Bank have no impact on our operations, survivability, or solvency.

Shortly after, an online report started circulating, raising concerns that the cryptocurrency exchange was bankrupt. Interestingly enough, the report has since been removed. Regardless, Bitfinex released an official rebuttal, claiming:

Bitfinex is not insolvent, and a constant stream of Medium articles, claiming otherwise is not going to change this. As one of only a very few exchanges operating since 2013 with a small team and low operating costs, we do not entirely understand the arguments that purport to show us to be insolvent without providing any explanation about why.

Furthermore, Bitcoin (BTC) 00 lost around 5 percent in hours on October 11, dragging the entire cryptocurrency market down with more than $16 billion. The decline followed a transfer of more than 15,000 BTC from one unknown wallet to another in a single transaction, quickly firing up suspicions about market manipulation.

What do you think of Bitfinex’s move to halt some fiat deposits? Let us know in the comments below!


Images courtesy of Shutterstock.

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Říj 08

U.S. Senate Candidate Vows to Speak with President Trump About Clemency for Ross Ulbricht

Ross Ulbricht could have a powerful voice advocating for his freedom if U.S. Senate Candidate Eric Brakey is elected.


Cruel and Unusual Punishment?

Ross Ulbricht, the founder of Silk Road, is a less than 4 years into his double life sentence for his involvement in running the Silk Road exchange. Since his conviction, a Change.org petition has advocated for a reduction or re-evaluation of his sentence — many view the punishment as cruel and unusual. Still, the chances of the petition succeeding are slim to none. Upon sentencing, the court tossed an additional 40 years on top of Ulbricht’s sentence, and he is not eligible for parole.

Ross Ulbricht

To date, nearly 84,465 people have signed the petition stating that Ulbricht’s investigation and sentencing violates his Fourth and Sixth Amendment rights. The number continues to grow. Furthermore, allegations of investigative corruption, prosecutorial misconduct, and constitutional rights violations are cited as reasons for Ulbricht either needing to receive clemency or the right to appeal his case before the Federal Courts.

While the odds of ever walking freely are certainly stacked against Ulbricht, a recent petition by a U.S. Senate candidate for the state of Maine could bring the possibility of freedom a tad bit closer for Ulbricht.

The Silk Road Lives On

Republican Senate candidate Eric Brakey (D-ME) recently tweeted that Ulbricht has, “very clearly been treated unfairly by our criminal justice system.” In addition to signing his change.org petition, Brakey found the fact that “the judge considered pending charges during sentencing that were later dismissed due to corruption by federal investigators […] terrible.” Brakey has promised to raise the issue with President Trump “when I win election to the U.S. Senate this November.” Ulbricht and Brakey have now exchanged a series of tweets, and Ulbricht affectionately refers to Brakey as his “new favorite Senate candidate”.

The Supreme Courts Adds an Extra Nail to the Coffin

In June of 2018, the U.S. Supreme Court denied Ulbricht’s petition for a writ of certiorari. This essentially permanently prevents Ulrich from appealing his punishment before the Supreme Court. This move motivated the Libertarian Party to draft and pass a resolution appealing to President Trump to provide a full, unconditional pardon to Ulbricht. 

Sen. Eric Brakey (D-ME)

Ulbricht’s involvement with The Silk Road marred the public’s perception of cryptocurrency, but as blockchain and cryptocurrency adoption by the wider public and international businesses has grown, the negative image has begun to dissipate. Furthermore, a growing number of people are also beginning to question the severity of Ulbricht’s sentencing as the drug policies of numerous states change, and the nature of online marketplaces evolves.

Do you think Ross Ulbricht should receive clemency from President Trump? Share your thoughts in the comments below! 


Images courtesy of Bitcoinist archives, EricBrakey.com, Shutterstock.

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Říj 07

Survey: Crypto Investors Lean Towards Innovation and Novel Thinking

A recent survey of over 1,000 Americans hoped to glean more about attitudes toward crypto. According to Clovr, the vast majority of virtual currency investors are young, male, and relatively wealthy.


Clovr, a company focused on fostering mainstream adoption of blockchain, recently carried out a survey of 1,004 Americans vi the Amazon Mechanical Turk Platform. The survey focused on people’s thoughts about crypto and investing.

The company said more than 75% of respondents indicated they had an understanding of what cryptocurrency is. Clovr noted how the results seemed to suggest that:

Almost the entirety of America has at least some exposure to the concept of currency akin to bitcoins.

In turn, Clovr notes that roughly 60% of respondents said they would be comfortable “explaining cryptocurrency” to a novice.

Fear of Missing out Is a Big Investment Draw

When asked about reasons for investment, the majority of respondents cited something akin to peer pressure, or “fear of missing out.”

About half of those surveyed say, “the possibility of huge return on investment” is a leading reason to invest. 43% think that virtual currency is the future of money.

Just around 17% said a reason to invest is that:

[…] my gut says to do it.

Overall, 66% said they were not invested into cryptocurrencies. Those who were are primarily men (43%), young (41% are Millennials), urban (42%), and relatively wealthy (43% made 100k+).

75% of those in the survey thought people who had not invested into virtual currency were playing it safe.

In contrast, about half said investors were forward thinking. About 36% characterized them as innovative. Just 22.3% regarded investors as reckless.

Clovr ruminated on the fact that, “Americans appear to be divided in opinion over cryptocurrency and its role moving forward,” explaining how uncertainty’ is the most common emotion associated with digital currency.

storm clouds

Surveys Suggest Bitcoin Hype Is Growing

A number of recent surveys suggest that Bitcoin (BTC) 00 is gaining mainstream credibility, despite turbulent crypto markets in 2018.

Law firm Foley & Lardner LLP carried out a cryptocurrency survey in the summer. Results indicate that the bulk of respondents believe Bitcoin has the best mainstream adoption potential.

A seperate poll conducted in August revealed that roughly 50% of the 2,000 respondents were open to trying Bitcoin.

The survey also suggested that Millennials are increasingly interested in the field. The generation is apt to invest in digital currencies.

What do you think about the latest survey results from Clovr? Don’t hesitate to let us know in the comments below!


Images courtesy of Clovr, Shutterstock.

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Zář 22

Tilray & Marijuana Stocks Smoke Cryptocurrency, Then Go Poof

The financial markets were ablaze this week with high volatility in cannabis shares unseating cryptocurrency as the trade of choice. References to cannabis in news articles were almost double that of cryptocurrency. But big falls on Friday, coupled with almost unilateral gains across crypto, showed how schizophrenic the weed market can be.


Tilray. When Lambo?

Tilray was the name on everyone’s lips this week. On Tuesday the Canadian company announced DEA approval to export a cannabinoid study drug into the US for clinical tests. TLRY stock jumped from around $120 to almost $300, as it saw $15 billion in volume from Monday to Thursday.

The price spurt intensified because the market cap for the company was just $16.4 billion at end of trading. On top of this, a single private equity fund controls over 70% of the shares, further reducing the available stock. The entire market cap of cannabis shares is around $35 billion, so investors were chasing each other around a very small market.

Live Fast, Die Young… in a Nice Pair of Shorts

Celebrated Bitcoin bull, Mike Novogratz, wanted a piece of that action, so managed to “get a borrow, short it for a day trade, make some money”. He believes that longer term, the marijuana industry has a promising future, but for now, it is all about short-selling.

He explained:

Listen, the weed business has a great underlying story, a lot like cryptocurrency. In five or six years, we will have a monster weed business.

Sure enough, price drops across Thursday and Friday saw Tilray close the week at around the same point it started it.

More Than a Ripple in the Crypto waters

The second half of the week saw a rally across virtually the entire crypto market, with Ripple a stand-out performer. At one point it unseated Ethereum 00 as the second largest currency by market cap, although that position has since reversed.

There are some who question Ripple’s surge 00, including Yahoo Sports, who compare its position to that of Tilray, midweek. Sadly, the hosted video doesn’t seem to match the headline, so we are left in the dark as to why Yahoo make that comparison.

Guess we will just have to wait and see.

Are cannabis stocks behaving similarly to the cryptocurrency market right now? Share your thoughts below!


Images courtesy of Shutterstock, Tradingview.com

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Srp 27

Iran: Central Bank Figure Hints Cryptocurrency Ban Will End In September

Iran will likely reverse its cryptocurrency ban in September, a central bank official told a conference August 26, paving the way for official regulation in the country.


Regulators Revisit April Exchange Block

The country, which introduced a blanket ban on trading in April this year, has since seen economic turmoil return to its economy in light of fresh US sanctions, its national currency losing a significant chunk of its value since.

Having previously signaled plans to create a national cryptocurrency, the Central Bank of Iran’s chief of innovative technologies Nasser Hakimi said regulatory attention would now shift to public crypto assets.

“The High Council of Anti-Money Laundering has imposed a ban in light of concerns over global allegations of money laundering and financing of terrorism. But it seems that after the government’s consideration, this blanket ban will be reviewed,” he told conference members quoted by local news outlet Financial Tribune and Eghtesad.

Iran Considers State-Issued Cryptocurrency Ahead of Imminent US Sanctions

Concerning the national crypto plans, Hakimi hinted these should also come to fruition, saying the project required “suitable and prevalent” support from authorities.

“National virtual currencies haven’t proved successful experiences in the world, but some economic officials have emphasized on this, so the Informatics Services Corporation has readied a test edition and some other entities are also cooperating in this,” he commented.

Crypto ‘Beyond The Financial Sector’

The government will meanwhile review the trade block in September, with the outcome reportedly set to acknowledge cryptocurrency’s increasing popularity and the ineffectiveness of trying to stifle its use.

As Eghtesad notes, Iran’s domestic exchanges shut down for less than a fortnight after the April announcement and have continued operating since.

“This is beyond the boundaries of the financial sector and is considered an industrial issue, so we can look at it as the crypto mining industry,” Hakimi added about the type of direct the discussions the September review would take.

In July, Bitcoinist reported that despite the ban, Iran could soon become forced to resort to Bitcoin due to its economic woes.

What do you think about Iran’s potential lifting of its cryptocurrency ban? Let us know in the comments below!


Images courtesy of Shutterstock

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Srp 16

CoinHive In-Browser Software is ‘Mining’ $250K Per Month, Research Finds

New academic research released by RWTH Aachen University has discovered that cryptocurrency miner CoinHive is very profitable. In fact, it’s generating over $250,000 worth of Monero profit every month by hi-jacking internet users’ CPUs. One of the users could have easily been you. 


The research itself provides a broad overview of browser-mining activity across the Web. It reveals that Monero accounts for 75 percent of all browser-based cryptocurrency mining. The organization CoinHive is behind most of it. Thus, it is no wonder that security and investigation reporter Brain Krebs warns readers by claiming:

Multiple security firms recently identified cryptocurrency mining service Coinhive as the top malicious threat to Web users.

What is CoinHive?

CoinHive offers an in-browser, JavaScript-based miner for the Monero Blockchain. People can embed the mining script into a website. Then, when a user visits the website, the script will run the miner from the user’s browser. It will then mine XMR. Whoever embeds the code receives the mining profit.

CoinHive also offers a ‘shortlink solution’. This works much like a regular link — except that, to reach the destination, the user’s machine must perform some hashes (the number of which is set by its creator).

CoinHive argues that these services create the possibility for “an ad-free experience.” In actuality, it has created a new cyber-threat. Users are now paying other people through their CPU power — and they can be completely unaware.

CoinHive Set to Make $1,000,000 in Annual Revenue

The university researchers found that CoinHive is very profitable. Its ad-hoc browser-mining botnet is responsible for 1.18 percent of the entire Monero network. Moreover, the analysis suggests it is generating over 300 XMR (approximately $24,000) per week.

In the research, they note:

If we sum up the block rewards of the actually mined blocks over the observation period of [four] weeks, we find that Coinhive [sic] earned 1,271 XMR. Similar to other cryptocurrencies, Monero’s exchange-rate fluctuates heavily, at time of writing one XMR is worth 200 USD, having peaked at 400 USD at the beginning of the year. Thus, given the current exchange-rate, Coinhive [sic] mines Moneros worth around $250,000 per month […]

CoinHive keeps 30 percent of all mined XMR for itself. That’s $75,000 a month, or almost a million dollars in annual income.

Only 10 Users Dominate CoinHive’s Short Link Service

By scraping through CoinHive’s link database, the research found that there are almost two million active short links. Essentially, they force users to undertake Monero mining. Most of these links lead to video streams or filesharing sites. Yet, what’s more alarming is that most of the profit goes to only 10 users:

Coinhive’s [sic] link forwarding service is dominated by links from only 10 users. They mostly redirect to streaming videos and filesharing sites. We find that most short links can be resolved within minutes, however, some links require millions of hashes to be computed which is infeasible.

That some links are never set to resolve is significant — it highlights how malicious this new service can become.

Bitcoinist has already reported on 200,000 routers in Brazil being injected with modified CoinHive code. Because the code was injected into the router, users were mining Monero in the background of literally every page they visited.

It’s becoming clear that alongside rapid innovation, the blockchain industry is also bringing new threats. Unsuspecting in-browser mining is a pertinent threat that is worrisome. Fortunately, there are some attempts to solve this problem already. For example, security researcher Troy Mursche recommends the browser extension minerBlock. It uses JavaScript detection and a blacklist to limit the possibility of users mining cryptocurrency unexpectedly.

It seems like we are now at war with a new cyber-threat, and it’s turning out to be very profitable.

How will the war on in-browser cryptocurrency mining play-out? Let us know in the comments below!


Images courtesy of Pexels.

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Čvc 28

Huge Wind Farm to Power Bitcoin Mining Will Be Built in North Africa

As Bitcoin mining becomes more expensive and is criticized as being detrimental to the environment, several initiatives are being put forward to reverse this situation. The latest move comes from Brookstone Partners, which involves building a 900-megawatt wind farm in Morocco dedicated to mining Bitcoin.


Bitcoin Mining To Minimize Carbon Footprint

Critics have always argued that Bitcoin mining is a threat to the environment. They point out that cryptocurrency mining consumes huge amounts of electricity, often citing the fact that the Bitcoin network consumes more power than the Republic of Ireland.

Bitcoin Mining To Minimize Carbon Footprint

Indeed, Digiconomist estimates that Bitcoin consumes more power than some countries, such as the Czech Republic, Chile, and Austria.

Moreover, Bitcoin energy consumption continues to grow relentlessly. By the end of 2018, the Bitcoin network could be using over 125 terawatt-hours per year, as the chart below forecasts. A terawatt is a unit of power that equals one trillion watts:

2018 Bitcoin Energy Consumption Forecast

However, Bitcoin’s biggest problem is its carbon footprint. According to Digiconomist:

Bitcoin’s biggest problem is not even its massive energy consumption, but that the network is mostly fueled by coal-fired power plants in China. Coal-based electricity is available at very low rates in this country. Even with a conservative emission factor, this results in an extreme carbon footprint for each unique Bitcoin transaction.

Thus, to address the issues of increasing electricity costs and environmental damage and to build computing centers powered by environmentally clean, utility-scale renewable green energy, Brookstone Partners founded Soluna.

Mining Bitcoins Using Clean, Low-Cost Renewable Energy

The planned giant 900-megawatt wind farm to mine Bitcoin will be built in North Africa, Bloomberg reports. The site chosen for the farm is at a remote Moroccan location, in Dakhla, on the edge of the Sahara Desert, by the Atlantic Ocean. According to Soluna’s website:

Soluna aims to address this problem by building computing centers powered by environmentally clean, utility-scale renewable green energy. Our mission is to power the crypto-economy with clean, low-cost renewable energy. To do this, we are building a blockchain infrastructure and mining company that owns its own renewable energy resources.

Brookstone is a private equity firm with its headquarters in New York. It specializes in strategic acquisitions, add-on acquisitions, and growth capital. The firm also focuses on middle market investments in public and private companies.

Bitcoin enthusiasts are encouraged to learn about Brookstone Partners’ initiative, which involves converting wind energy into valuable electrical energy to mine cryptocurrencies. Wind is considered the cheapest energy source available.

How do you think using alternate energy sources such as wind will impact Bitcoin mining? Let us know in the comments below!


Images courtesy of iStockPhoto, Digiconomist, Bloomberg/@business

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Čvc 22

A Shipwreck, a Sunken Treasure, and a Possible Crypto Scam

A South Korean company has claimed to have discovered the 113-year old wreck of the Russian battleship Dmitrii Donskoii, reportedly containing more than $100 billion worth of lost gold. While the matter of who actually has salvage rights remains contested, a cryptocurrency exchange has emerged, offering to “share profits” from the wreck with its users.


A $100 Billion Dollar Discovery?

According to reports by Reuters and The Telegraph, on July 19, 2018, South Korea-based Shinil Group announced that it had discovered the wreck of the Dimitri Donskoii – a Russian Imperial Navy cruiser believed to have been sunk in 1905 after battling Japanese warships.

Under the auspices of Shinil Group, a team of experts from South Korea, Britain, and Canada discovered the wreck on July 15. Through the use of submersibles, the team was able to read the name on the sunken vessel, positively confirming its identity as the Dmitrii Donskoii.

In a statement announcing the find, the company noted:

The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship’s deck and sides are well preserved.

The ship is believed to have sunk with 5,500 boxes of gold bars as well as 200 tons of gold coins in its holds – a claim which the Shinil Group says it will prove when it releases footage of the discovery’s findings at a press conference next week.

Shinil Group representative Park Sung-jin spoke with Reuters, saying:

We believe there are gold boxes, and it’s historically proven.

He further described the boxes as “tightly lashed” – an indication that they contain “really precious stuff.”

If the claims bear out, the value of the sunken treasure would be well over $100 billion at current market value.

Discovery of a Lifetime or Cryptocurrency Scam?

Salvage Rights Still Up in the Air

While the identity of the sunken ship may have been confirmed, the issue of who actually has the salvage rights is far from certain. In addition to Shinil Group, there are at least two other contenders vying for the claim. The government-run Korea Institute of Ocean Science and Technology (KIOST) claims to have discovered the wreck in 2003, while the now-bankrupt Don-Ah Construction company claims to have found it in 2001.

Muddying the waters even further, Yevgeny Zhuravlev, head of Russia’s Vladivostok’s military history museum on the Pacific Fleet has said that under international maritime law, the ship belongs to Russia.

A South Korea Ministry of Oceans and Fisheries spokesperson told Reuters that ownership of the wreck would need to be agreed upon by a number of agencies including the Ministry of Foreign Affairs, which has reportedly not discussed the issue with the Russian government.

Regardless of who ultimately winds up with salvage rights to the Dimitri Donskoii, if any treasure is found, at least half of it would automatically be handed over to the Russian government. If Shinil Group is found to have been the first to discover the vessel, Park says that the company’s intention is to donate 10% of the remaining treasure to South Korean President Moon Jae-in’s job creation initiatives, as well as helping to fund other inter-Korean development projects.

Discovery of a Lifetime or Cryptocurrency Scam?

In a surprising twist to this already confusing story, two websites have emerged, both with apparent ties to the discovery of the Dimitri Donskoii and its sunken treasure.

The first website is a newly launched cryptocurrency exchange named Donskoi International Exchange, which promises to share the profits from the wreck by giving out Shinil Gold Coins (SGCs) to users of the platform. The second website – which Bitcoinist uncovered during the course of its own investigation – appears to be promoting an upcoming ICO for the aforementioned Shinil Gold Coin. Both websites share logos and a nearly identical design, and both claim to be operating under the Shinil Group.

Interestingly, both websites’ share the same webhost and list the same registrant and administrative contacts in their respective WHOIS data which can be viewed here and here. The address listed for both domain names belongs neither to Shinil Group or the websites’ host, but rather that of a shopping mall in Seoul, Korea.

South Korea’s Financial Supervisory Services issued a statement on the matter which said:

Investors need to be cautious as it’s possible they could suffer massive losses if they bank on rumors without concrete facts regarding the recovery of a treasure ship.

Park told Reuters that Shinil Group is in no way affiliated with the exchange and Bitcoinist has reached out for comment regarding the ICO but has yet to receive a reply.

Do you think the sunken treasure exists? Who will ultimately claim salvage rights? Let us know in the comments below.


Images courtesy of PRNewswire

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Čvc 08

South Korea Moving Towards Cryptocurrency Acceptance

South Korea is continuing to legitimize and embrace cryptocurrency through a careful and considered approach.


‘The regulator isn’t opposed to cryptocurrencies’

On May 19, Bitcoinist reported that Korean regulators had agreed to apply the G20’s set of “unified regulations” in regards to cryptocurrencies. South Korea’s Financial Supervisory Service (FSS) stated at that time:

It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centered on how to regulate them properly under the unified frame that will be agreed upon between G-20 nations. Given the current stance, this isn’t good, but we will step up efforts to improve things.

Now, The Korea Times has reported that the country’s regulators are indeed set to ease regulations regarding cryptocurrencies — as the Financial Services Commission (FSC) has revised its guidelines for cryptocurrency exchange operators.

One official told the oldest English-language newspaper in South Korea:

The FSC made revisions to its rules to apply strengthened policies in order to prevent or detect money laundering and illegal activities because the regulator isn’t opposed to cryptocurrencies.

Another official stated:

Establishing unified rules is a complicated issue given the broader range of assessments between government agencies. This is why the country needs close international cooperation as it is still in the early stages of fine-tuning guidelines.

How Icon (ICX) and Others Skirt South Korean Restrictions

The government’s stance and actions thus far indicate an interest in encouraging blockchain technology and the growth of cryptocurrencies, but not at the expense of safety and security. Stated one trade ministry official:

Any major reversal in policies is unlikely, but the government seems to believe a gradual shift in attitude toward crypto-based assets is needed. What regulators should do is figure out how to regulate them properly and prudently as Korea needs to put more emphasis on blockchain technology after obtaining knowhow and understanding of the possible flipside of cryptocurrency trading.

‘Interest in cryptocurrencies will double’

The report comes shortly after South Korea moved to recognize cryptocurrency exchanges as legal entities in their own right for the first time, cementing their position in the local economy.

Seoul-based technology journalist Kim Byeong-yong also told The Korea Times that mainstream adoption is likely coming to South Korea in the future, explaining:

Global banks predict that interest in cryptocurrencies will double. We believe an increase in adoption will come when crypto-assets can be used as actual currencies rather than just speculative investments.

What do you think about South Korea’s regulatory stance regarding cryptocurrencies and blockchain technology? Do you think mainstream adoption is in the cards? Let us know in the comments below! 


Images courtesy of Shutterstock, Bitcoinist archives.

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