TOP-6 Countries that Banned Bitcoin

Cryptocurrency is gaining a great popularity all over the world and consequently many jurisdictions started worrying about that decentralized systems that do not need financial authorities and banks to conduct international payments. While many countries still do not know how to deal with this brand new phenomenon and some have established their interest, there are several states that decided to stay away from bitcoin completely. Here are the list of countries where cryptocurrency is illegal.

1. Bolivia

The Central Bank of Bolivia issued a resolution banning bitcoin in 2014.

2. Colombia

In 2016 country’s regulatory agency — Superintendency of Corporations decided to ban cryptocurrency transactions because of the increasing growth of so-called investment clubs that offer their investors high and quick return and are often considered to be a fraud.

3. Ecuador

In 2015 the government banned cryptocurrency, however, declared an intent to issue state-backed cryptocurrency that would be tied directly to local money.

4. Morocco

Right after the digital services company MTDS announced that it would accept bitcoin as a payment, Foreign Exchange Office of Morocco and country’s Central Bank drafted a statement that all cryptocurrency transactions were banned and those who conduct them would be fined.  

5. Kyrgyzstan

An Asian state of Kyrgyzstan declared the use of all virtual currencies illegal and considered it as a violation of state laws. The Central Bank explained that “the sole legal tender on the territory of our country is the national currency of Kyrgyzstan som”.

6. Bangladesh

Bangladeshi central bank stated that the use of cryptocurrency and bitcoin in particular is a violation of anti-money laundry laws. Moreover, it does not comply with the provisions of the Foreign Currency Control Act (1947).

Things change as the time passes and many other jurisdictions including such giants as Russia and China are still developing their strategy towards cryptocurrencies. Trying to limit and regulate digital currency market they, however, also do not want to stay away from a new digital economy trend. Anyway, even if cryptocurrencies have problems with the law, their defence counsel is not so bad, indeed.       

A New York Resident Carried Out a $2.5 Million Bitcoin Scam

A man named Nicholas Gelfman was accused of violation of multiple financial regulations. Now the man has to pay a fine in the amount of 2.5 million dollars in order to cover up all the losses caused by him.

Gelfman was running a company Gelfman Blueprint, Inc. (GBI) which offered its investors quick, safe and profitable crypto trading services.

Obviously, the whole thing turned out to be a huge scam. The victims ended up paying big amount of money in commission fees and getting no profit from trading whatsoever.

The case is currently under the US Commodity Futures Trading Commission’s investigation.

We remind you:

The Loudest and Boldest Crypto Crimes of All Times

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Monero Forked Successfully: Details of Upgrading

Hardly had the vulnerability been detected, when Monero forked victoriously. This happened yesterday, on October 18, without any big problem in the network at all. “Monero 0.13.0 “Beryllium Bullet” is the name of the release, which implemented bulletproofs inside the network’s protocol.

https://twitter.com/monero/status/1052939409392365568

The main advantage of bulletproofs is that users obtain more privacy hiding the amount of assets they send in transactions. But how to verify them? A special logarithmic math was implemented. Though, this feature is only available for huge-cap networks.

In addition, the protocol brought cheaper fees and faster transactions. To sum up, this upgrade enables Monero to remain best privacy coin.

We remind you

Binance Has Had a Number of Major Upgrades

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Cryptocurrency Prices Today, October 19: Cryptocurrencies Fell into the Red Zone

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 1.44% over the past 24 hours. The price at the time of writing is $6448 per coin.

Cryptocurrencies are falling in price again:

Bitcoin Cash lost 3.53% over the past 24 hours and costs $434 per coin;

Ripple fell by 1.52% and is $0.46 in price;

EOS dropped by 2.10%, and its price is $5.30;

Litecoin decreased by 2.15%, and its rate is $52;

Cardano lost 3.32%, and its value is $0.074;

Stellar dropped by 3.34% and costs $0.23;

IOTA lost 3.53%, and its cost is $0.49;

Dash fell by 3.97%, and its price is $153;

Monero became cheaper by 2.41% and costs $103.

Over the past day Ethereum lost 2.37%. The cost of the coin is $202.

The total market capitalization is $207 billion. Bitcoin accounts for 54% of the total. In monetary terms, it is $112 billion.

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The U.S.-China Trading War Influences Cryptocurrency World, Bitmain Suffers Most

Not long ago, we discussed that Bitcoin was in danger, since Chinese authority was able to attack it any time. The US decided to keep up with opponents and stroke the crypto world of China, namely crypto asset industry.

These two countries are currently in a state of trading conflict, introducing tariffs on goods traded with each other. In June the USA changed the classification of ASIC miner, called Antminer S9, in a way that Chinese miners can be at a loss. That month the “electrical machinery apparatus”, the given category to the ASICs, had a 2.6% tariff.

Later in August, the tariff raised by 25 per cent. At the moment, Chinese mining producers deal with the fee of 27.6 per cent on their US shipments.This action has a colossal impact on Bitmain, the company based in Beijing and being the biggest Chinese mining hardware maker.

Bitmain tried to cope with the pressure by filing for a Hong Kong IPO. It could reportedly rise $3 billion. The company’s filing also mentioned the fact that about 62.8% revenue came from overseas in first half of 2018, though there was no comment on how many sales had come from the US.

The crisis came to Bitmain at a very bad time. IPO filing showed the company’s turnover dropped in second quarter of 2018 drastically, losing about $400 million in compare to $1.1 billion net profit in the first quarter.

One of the analysts, Mark Li, reckons the US tariffs aim at making Chinese hardware less competitive than opponent ones produced in other countries. He also added that Bitmain’s boardship is more aware of technology arms race, where the company is falling behind

The cold trading war between China and States can last for a long time, yet no one is sure how much loss or profit it can bring, we are only able to watch and wait. Now we want to remind you

Mining Complexity: What It Is and Where It Will Get

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A Man in Norway Was Killed after Selling Bitcoins

As reported by the Norwegian news outlet, a 24-year-old man was slaughtered to death after he sold Bitcoins for a big amount of money in person.

Supposedly, the victim met with the buyer and then brought the received money back to his apartment in Oslo. A few hours later, his body was discovered by one of his roommates.

The law-enforcement agencies are currently investigating the case. The police officer in charge of investigation claimed:

We know about possible connection with Bitcoin, but we cannot yet provide any information of the case.

Unfortunately, the number of Bitcoin-related crimes is growing. We remind you:

A Jealous Woman from the USA Wanted to Kill Her Rival, Having Paid in BTC for It

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Harry Potter’s Voldemort Might Solve the Most Pressing Problems of Bitcoin

An anonymous developer who is hiding under the nickname Tom Elvis Jedusor (Tom Riddle in French, i.e. the most famous villain from the Harry Potter series) published a paper with the possible way to hide the exact amount of transaction until the very moment Bitcoins are transferred.

According to the paper:

These future improvements could cause it so that the each others amounts would not be known even by the actual members of the anonymity group.”

The interesting fact is that this “Voldemort” actually published one more protocol a couple of years ago dealing with the issues of Bitcoin scalability and anonymity. Some members of the crypto community compare his papers with the horcruxes of the Voldemort from Harry Potter.

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