Central Bank of the Philippines Accredits Two New Crypto Exchanges

The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has approved applications filed by two new cryptocurrency exchanges, news outlet Business World reported July 6. The Deputy Governor of the BSP Chuchi G. Fonacier reportedly said that Virtual Currency Philippines, Inc. and ETranss have been accredited as platforms, which allows them to convert Philippine pesos into virtual currencies. With this move, the two exchanges joined already operating exchanges  Rebittance, Inc., Betur, Inc. and BloomSolutions. The central bank has recognized digital currencies for their potential to provide faster and cheaper transactions,…

State-Issued Digital Currency Has ‘Not Well Understood’ Risks

The German Federal Ministry of Finance considers the concept of a central bank-issued digital currency (CBDC) to be too risky to implement, Cointelegraph auf Deutsch reported July 5. The finance ministry expressed its position in response to an inquiry by Green Party MP Gerhard Schick published business newspaper Handelsblatt Wednesday, July 4. “So far there are no convincing reasons for issuing digital central bank money for a wide range of users in Germany and the Eurozone,” Handelsblatt quoted the Ministry as saying. The potential benefits of a central bank-issued digital…

Bitmain Now Valued at $12 Bln Following Recent Funding Round

One of the largest Bitcoin (BTC) mining companies globally, Bitmain, is now valued at $12 billion following a Series B round of funding, Chinese news outlet Caixin reports July 6. According to Caixin, Bitmain raised between $300 million to $400 million from Sequoia Capital subsidiary Sequoia China, U.S. hedge fund Coatue, and Singapore-based governmental investment fund EDBI. In September 2017, Beijing-based Bitmain received $50 million in a Series A funding round from Sequoia Capital and IDG Capital. In early June, the company’s CEO Jihan Wu said he is “open” to…

From the US to Switzerland

On June 25, Japan’s Minister of Finance, senator Fujimaki suggested that the current tax rate for crypto transactions in the country, which goes up to a maximum of 55 percent, could be swapped with a 20 percent flat tax similar to stocks or forex trades. While Japan is unsure if the current tax framework should lose its progressive scale — mentioning “tax fairness” as one of the arguments in favor of sticking with the old model — some major markets don’t have clear guidelines for how Bitcoin and altcoins are…

Tezos Investors Got a Chance to Sell This Week – And They Took It

After waiting nearly a year to get their tokens, the first thing many Tezos investors did was get rid of them. At least, that seems to be the case according to available market data, which indicates a wave of selling has taken place since the tech backing the crypto asset was released in beta. All in all, prices fell 34 percent on Monday to $2.00, according to CoinMarketCap. From a Monday high above $4, the price dropped 74 percent to a Friday low of $1.10, before paring losses to reach roughly $1.76…

We Should Not Directly Regulate Cryptocurrency

France’s “Monsieur Bitcoin” Jean-Pierre Landau released an initial report into cryptocurrency July 5, claiming it was “neither desirable nor necessary” to regulate the technology. Government official and academic Landau consciously compares “technological” and “financial” innovation in the report, which runs to over one hundred pages. Some of the conclusions may come as a surprise to industry commentators, Landau arguing that over-regulation of cryptocurrency would constitute a “three-pronged danger.” “Direct regulation is not desirable as it would oblige us to define, classify and therefore constrict objects which are essentially fluid and…

Crypto Markets See Mixed Signals But Remain Stable, Bitcoin Pushes $6,700

Crypto markets continue to see mixed signals, but hold recent gains today, July 6, according to data from Coin360. All but one of the top ten coins on CoinMarketCap are seeing only minor fluctuations over the past 24 hours to press time. Market visualization from Coin360 Bitcoin (BTC) is challenging $6,600, trading at $ 6,650 at press time, up just about 1 percent over the 24-hour period. The leading cryptocurrency holding gains made since June 30, solidly trading above the $6,300-6,400 resistance level, which market research firm Fundstrat’s Robert Sluymer…

Global Telecom Blockchain Consortium Unveils Working Group for Remittances

A global blockchain consortium of telecom carriers has announced that six further major international telecoms firms are joining its ranks, CT Japan reports today, July 6. The consortium, dubbed ‘The Carrier Blockchain Study Group’ (CBSG) has also today unveiled the creation of a new blockchain working group that will focus on global remittance services. Launched in September 2017, CBSG counts as its founding members Japanese telecoms conglomerate Softbank, Taiwan-based telecoms carrier Far EasTone, and two U.S.-based firms – telecoms-focused blockchain firm TBCASoft and telecoms firm Sprint. Three further members have…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, NEO: Price Analysis, July 06

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Fundstrat Global Advisors co-founder Tom Lee continues to be bullish on Bitcoin. He expects Bitcoin to trade roughly at 2.5 times the mining cost, which according to him will increase from the current levels of $7,000 to $9,000 by the year end. Lee…

Crypto Exchange Huobi Opens Registration on New US-Based Trading Platform

Huobi, the world’s fourth largest crypto exchange, has opened registration on its newly created U.S.-based “strategic partner” trading platform, according to a press release shared with Cointelegraph today, July 6. Huobi’s new cryptocurrency marketplace comes via a San Francisco-based company called HBUS, whose creation was first announced in early June. As of today, HBUS is accepting account verification requests from U.S. residents, who can also begin depositing their crypto holdings, with support for nine cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Tether (USDT),…