Money is Moving From Tokens Back to BTC

Throughout May and June, even during bear markets and strong downward movements, tokens performed relatively well against bitcoin. So far, in July, bitcoin has proven its dominance through a stable performance against the US dollar. Why Bitcoin is King, For Now Over the past three months, tokens have had a solid basis to increase in volume and price, mainly due to two major factors: the approval of ether by the US Securities and Exchange Commission (SEC) as a non-security and the unforeseen move of Coinbase to add two tokens in…

Which Cryptocurrency Is the Most Usable as Money?

It’s no secret that most mainstream economists don’t think too highly of cryptocurrencies. Not only have Bitcoin, Ethereum and the rest produced the “greatest bubble in history,” but they’re “neither a serious method of payment nor a good way to store capital” — at least according to the Bank of America and Nouriel “Dr Doom” Roubini, respectively. However, while traditional financial experts have spent countless hours complaining that the volatility of cryptocurrencies renders them unviable as actual currency, it is possible to use them as money in a wide variety…

‘Everyone Is Smart Enough to Lose or Make Money’ in Crypto

This interview has been edited and condensed. Ameer Rosic, serial entrepreneur and founder of online blockchain hub Blockgeeks, goes into why he thinks investing in crypto should be open to the masses and what it will take to induce widespread blockchain adoption during an interview at this year’s BlockShow Europe 2018. Molly Jane: First off, how did you get interested in the crypto and blockchain space? Ameer Rosic: I’ve been a serial entrepreneur for my all life. I’ve been involved in the blockchain space way before any of this ICO…

BIS Chief Bashes Cryptocurrency Again in Scathing Review of Its ‘Failure’ as Money

The head of the Bank for International Settlements (BIS) continued the institution’s critical stance on cryptocurrency, saying it “cannot assume the functions of money,” BIS reports July 4. Speaking to Swiss newspaper Basler Zeitung last week, subsequently published by BIS itself, general manager Agustin Carstens cautioned “young people” against “trying to create money,” drawing comparisons to Bitcoin mining. “Those who have the biggest incentive in the system of these so-called cryptocurrencies are those who produce the assets – the miners… This incentive, however, is not compatible with maximising the usefulness…

the State Will Keep ‘Centralized Role’ in Money Emission

The CEO of Russia’s largest state bank Sberbank, Herman Gref said he could not yet foresee governments “yielding their centralized role” in fiat currency creation as part of his comments on cryptocurrency. Speaking to reporters during the Astana Finance Days international conference in the Kazakhstan capital July 4, Sberbank’s Herman Gref repeated the comments he has made “many times” about cryptoassets’ future role in the economy. “Do I see a prospect of global use of cryptocurrencies as an alternative to fiat money? I don’t see it and I said it…

Auditor KPMG Says Regulators Need ‘Up-to-Date’ Standards for Money Laundering in Crypto

Major global auditing and consulting firm KPMG has published a study focused on financial crime in Switzerland, with a section on cryptocurrency’s role, Cointelegraph auf Deutsch reported June 28. KPMG devotes a section of their study to the role of cryptocurrency in money laundering and financial crime, illustrating methods used to launder money via digital currency. In the text addressed to financial institutions, KPMG also lays out tips on how to tackle the phenomenon. According to KPMG, money laundering can be accomplished by buying cryptocurrency at an exchange or by…

The BIS’ Report on Crypto as Money: A Critical Review

The views expressed here are the author’s own and do not necessarily represent the views of Cointelegraph.com. Cryptocurrency is a poor substitute for fiat money, claims the Bank of International Settlements in a chapter of its annual report, released on June 17. In a solid and neatly formatted document laden with footnotes and graphs, the BIS’ experts present a particular historical view on money that they use as a vantage point in establishing the alleged superiority of stalwart centralized institutional arrangements over the chaos of permissionless distributed ledgers. How robust…

Crypto Not Scalable Enough to Be Money, Says Bank of International Settlements

The Bank of International Settlements (BIS) has said that cryptocurrencies cannot scale to function as money, in a 24-page article published yesterday, June 17, as part of its annual economic report. According to the BIS – an organization based in Switzerland made up of 60 of the world’s central banks – cryptocurrencies will not be able to scale to become a medium of exchange in a global economy. The BIS report outlines three key “shortcomings” that will prevent crypto from replacing money – these being “scalability, stability of value and…

EOS’s Experimental Launch Might Be Putting Investor Money at Risk

Who do you trust with your private key? That’s the question that may be on the minds of EOS token holders, who while incentivized to help the much-anticipated technology finally go live, haven’t yet done so. As EOS is set up to enable self-governance by its users, it’s these individuals and companies who have to make the first move, electing who they’d like to process transactions that occur on the network in an elaborate global vote. But at the time of writing, they haven’t exactly done that. Rather, EOS’s blockchain is locked in…

Swiss Vote Down ‘Sovereign Money’ Referendum That Commentators Compared to Bitcoin

Switzerland voted against the so-called “sovereign money” referendum Sunday, June 10 – a proposal for a financial system that multiple commentators have compared to cryptocurrency. Sovereign money is an initiative that would give the country’s central bank sole control over creating money, instead of continuing to allow commercial banks to “create” money for credit and loan purposes. Switzerland’s sovereign money referendum –  which garnered around 25% or 500,000 affirmative votes – was opposed by Switzerland’s central bank, which stated that a passing vote would have made its work “considerably more…