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Abra CEO Bill Barhydt on How Bitcoin Can Still Democratize Finance

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Bitcoin was supposed to help the unbanked. Almost since its inception, boosters have been claiming this new kind of stateless, borderless money holds the key to financial inclusion, that it can help billions of people plug into the global economy. With traditional financial institutions, under pressure from regulators, continuing to pull out of parts of the world deemed too high-risk to serve, it’s tempting to think that cryptocurrency is the answer. But its tantalizing promise has yet to be fulfilled.

Bill Barhydt is working to make sure it will be. A former CIA cryptographer and early Netscape employee, Barhydt gave the first ever TED Talk on bitcoin, in 2012, when bitcoin was trading at only $4. Like many early enthusiasts, he saw right away the potential for cryptocurrency to provide the world’s poor with an alternative to Western Union and MoneyGram, while giving people of every income bracket a new kind of sound money, free from government interference. It took him several years more to hit on the right business model to make it happen.

Barhydt is the CEO of Abra, a digital wallet provider that aspires to be a “global bank” for people who may not have any other bank account. Right now, though, it’s primarily an investment platform, having gone through several iterations that reflect the changing narrative of bitcoin itself, from digital cash and borderless payment method to speculative asset. Abra allows retail investors to buy, sell, and hold 30 different crypto assets and 50 national currencies. It has 500,000 users across more than 100 countries, according to Barhydt, and has processed close to $1 billion in transactions so far.

But capitalizing on crypto mania is only the beginning. Using bitcoin smart contracts—agreements couched in, and executed by, computer code—Barhydt plans to launch credit services on the app later this year, on his way to doing even wilder things. I catch up with him by phone in mid-January, while he’s in Miami to attend the North American Bitcoin Conference. I want to know how an investment app can promote social good, what it will take to help immigrants more easily send money back home, and why Barhydt thinks the future of crypto may lie in collateralizing old-school assets.

What did you do before Abra?
I’ve been working in tech and financial services and payments for almost 30 years. I’ve done everything from working at the CIA as a cryptographer in secure messaging, to working at Goldman [Sachs] as a quantitative analyst in fixed income, to working on internet software at Netscape, and a lot of other stuff. It all led to Abra, including a lot of work in developing markets and mobile payments. Abra is the culmination of many decades of work to try to improve the banking system via software, the internet, and mobile.

When we pitched our Series A investors, it was basically to build a global bank using crypto.

You worked at the CIA?
Oh, God, this was a long time ago—this was like late ’80s, maybe 30 years ago.

So even before you got into financial services and payments, you were already involved in tech.
Absolutely. My background is in computer science by education, but I’ve done a lot of work in banking, as well as financial cryptography, over the last 10 years.

What was your initial concept for Abra, and what inspired it?
I wanted to build a single, smartphone-based application that would allow consumers in every country in the world to access financial services. The same way you can use WhatsApp or Instagram to share multimedia messages with people in 150-plus countries, I wanted to do that for banking services—whether it was investing, payments and money transfer, or credit. There is no single smartphone app that allows you to do those things in every country in the world today. There are obviously reasons why that’s the case, but I believe all the pieces are now in place to change that.

Tell me about Abra’s pivot away from borderless, frictionless money transfers to become an investment platform. What caused it?
We’re definitely committed to the overall payments, money-transfer space, just as much as we are to credit and investing. We just decided that the complexity of launching a global network for money transfers with crypto was too much for a startup. It was going to cost us way more money than we had in the bank. It’s like launching Uber in 100 countries when you have to sign up drivers. That’s why Uber raises so much money. When we pitched our Series A investors, it was basically to build a global bank using crypto. It included lots of different services—some of which we’re going to launch this year. But we just didn’t know at the time the best way to bring the services to market. We realized that we could add value very quickly with this model, build out a global network, and then over time layer in services like money transfer [and] credit, which we’ll be launching later this year.

Today, the process of sending money internationally is costly and opaque. Why is this so hard to do well?
Money transfers have a couple of different [aspects]. There are remittances, but there’s also the middle-class consumer, bank-wire perspective, or domestic services like Venmo or WePay. Most people associate remittances with migrant workers sending money home. [That’s where] the recipient usually wants cash in hand, and doesn’t really care about the technology. Most people who receive remittances don’t actually know which service the sender used, because they just receive cash. That is highly problematic for launching a mobile-to-mobile service. The reality is, if the recipient of a money transfer to India from somebody working oil fields in Saudi Arabia wants cash, then storing cryptocurrency on a smartphone doesn’t really make a lot of sense. Nobody really knows how to deal with that last-mile problem of remittances as it relates to crypto, because the recipient has a very different expectation in their mind [than] the techies.

What will it take to crack crypto remittances?
We have some ideas on how to scale that solution and how to address that over time, but that’s not our focus right now. We just want to build out services that take advantage of this synthetic-asset platform in order to get, literally, millions of users in the system. Then, eventually we’ll be able to provide services to more bottom-of-the-pyramid markets, where things like remittances or low-cost microloans are really going to move the needle. First things first.

What do you mean by “synthetic-asset platform”? Is “synthetic asset” just another term for crypto asset?
It’s not a crypto asset; it’s a crypto-backed asset. If you store a dollar—or invest in Zcash or Monero—through Abra, what you’re actually doing is entering into a multi-signature bitcoin smart contract that uses bitcoin as collateral to peg the value of bitcoin to that other asset. But the consumer doesn’t have to understand that. It’s super easy from the consumer’s perspective, but very complex in terms of what’s going on behind the scenes.

Nobody in Haiti says, “My problem is that I’m unbanked.” Most people in Haiti don’t know what the eff that word means.

Does the consumer know he’s holding bitcoin in a smartphone wallet, or—
They can know, via the terms of service, but they don’t need to know, and they don’t need to understand if they don’t want to. That would be like saying, “I’m at the counter at Walmart, and I want to know what happens when I swipe my credit card.”

But if this is a crypto investment app, it must be for people who want exposure to these assets. Don’t they want to see the actual assets in their wallet?
They do. They see their investment exposure to the asset. It’s an investing app. And it’s not just crypto assets; there are 30 crypto assets and 50 fiat assets [available], and you’re going to see more asset classes this year beyond fiat and crypto—all based on the same synthetic-asset model. So whether I’m investing in silver or Zcash or Mexican pesos, Abra works 100 percent the same way. And when I convert from pesos to XRP, or from XRP to Monero, or from Monero to Australian dollars, it all works the same way. It’s all a conversion of one bitcoin-based smart contract to another.

And that model can be extended to accommodate new assets and services?
The Abra model that I’m describing will work—using that same conversion of synthetic assets—whether it’s investing, payments and money transfer, or credit. We have users doing money transfer with Abra today, and the only difference between converting your dollars on the phone into Monero and sending money to somebody else is that the conversion of smart contracts happens on a different phone. In the investment use case, if I convert my dollars to Monero, it’s all happening in my Abra app. In the other use case, if I send dollars from my phone and [the money] lands as Zcash or euros on your phone, the conversion happens on your phone instead of on my phone.

Does Abra take conversion fees?
Yeah, we set the exchange rate between any two assets in the system, and we usually make a small spread on that conversion. That’s our revenue.

You mentioned the cost and the difficulty of Uber growing its network. I recall your plan a year and a half ago was to build out a network of on-the-ground agents in different places to provide cash to recipients of crypto money transfers. Did you run into trouble?
No, we actually did it. As a matter of fact, we have a running network in the Philippines. We simply stopped because we realized that the cost of deploying it—going beyond the tests that we were doing—was going to cost us $1 billion. And that didn’t make sense. Over time, we think we can build it out at much lower cost if we integrate it into other services. The cost of customer acquisition in the remittance space is incredibly high. The likes of Western Union, Xoom, [and] Remitly spend anywhere from $75 to $125 to acquire a customer in that space. Abra spends almost nothing on marketing today, because we’re adding value for people who want to use our app the way it is.

Why is it so costly to acquire a remittance customer?
It’s because there are 25 companies trying to acquire the same customers. When Xoom pioneered the online digital acquisition model for remittances, the cost of acquisition was very low. Then Western Union got into the digital business; so did MoneyGram, Remitly, and a whole bunch of other companies. So the cost went up 10X. At scale, a model like Abra’s, which is phone-to-phone, has a lower cost of acquisition because it’s more viral. But that’s going to work less in the remittance space than it will in the banking consumer space. Because if you’re going to use something like Abra to send a bank wire, you’re going to get the recipient to download Abra. They’re going to be incentivized by the fact that you’re sending a transaction which will result in more money in [their] wallet, since the cost of the transaction is close to zero. That makes the app kind of virally distributed. But in remittances, when the recipient is receiving cash, it’s very hard to create a viral model, because there is no tech on the receiving side. It’s a different business, with low stickiness and low loyalty and high acquisition costs. Whereas what Abra is doing has high loyalty, high stickiness, and very low cost of acquisition.

Abra is billed on its website as “the simplest way to invest in cryptocurrencies.” Are you trying to compete with Coinbase and Binance?
Since we launched the app into beta about a year ago as a very simple crypto wallet to buy, sell, hold, and exchange among crypto and fiat assets, that’s all we’ve been focused on. Now, we will be adding more asset classes to the app beyond fiat and crypto. I can’t say yet what those are, but they’re going to be coming very soon. Most of our users are non-trader retail investors. We don’t really compete with the exchanges, because most of our users aren’t really interested in using exchanges. They want a very simple retail consumer experience.

I liken what we do to Travelex at the airport, as opposed to doing forex trading at Goldman Sachs. You go to the airport with your leftover euros, put them on the counter, and leave the counter with a bunch of dollars. You go to the Abra app with a bunch of dollars and leave the app with a bunch of ether or XRP, or any combination. It’s simple. I don’t know of any app in the world, besides Abra, that gives you 80 assets, all 80 of which can be exchanged for all 79 of the others, with a simple one-click retail experience.

How many countries do you support now?
We have users in way more than 100 countries. Abra is in the iOS and Android app stores in almost every country in the world. About 50 percent of our users use the app by depositing bitcoin as the basis for their trading, and about 50 percent use their bank account. That we have so many users depositing bitcoin gives us a long tail of users in different countries, because in a lot of places it’s easy for them to get access to bitcoin now.

Almost since bitcoin was invented, people have been talking about how crypto could “bank the unbanked” and save the world’s poor from the high fees of Western Union and MoneyGram. But it still hasn’t happened in a big way. Can you explain why?
This is a very complex question, but I think I know the answer. There are basically three key pillars to providing banking in developing markets. Nobody in Haiti says, “My problem is that I’m unbanked.” Most people in Haiti don’t know what the eff that word means. You go to Mexico, you go to the Philippines, you go to Indonesia—nobody says, “Oh, my God, if only I wasn’t unbanked.” Nobody cares about that, except maybe people with great intentions at NGOs.

What people care about is, “Can I get credit in a pinch? Can I send or receive money at reasonably low cost? And can I invest? If I’m saving my family’s money, even if it’s only $50 a month, can I invest that money, or do I have to leave it under the mattress? And can I invest it in something other than my country’s failing currency?” In Venezuela or Argentina, if you’re older than 40 you’ve probably seen this rodeo 10 times: currencies failing and getting propped up, or failing and starting over. So all three of those models are relevant in developing markets.

There are only 100,000 investment accounts in the entire country of Mexico for tens of millions of people. That’s insane.

Now, this is where crypto starts to get interesting. For two reasons. One is bitcoin’s ability to serve as hard money. But, and this is a big one, it’s only going to become useful for the average consumer in the short term—the next five years—if you can take that hard money and use it to collateralize other asset classes. Because the average consumer does not have the mental capacity right now to understand what a cryptocurrency means. It would be like explaining TCP/IP to your grandmother so that she can watch Netflix. It’s not going to happen. But if you can collateralize real-world assets using crypto, [without] introducing new third-party custodians, you’re onto something really interesting. Because now you can represent fiat currencies, stocks, bonds, commodities in a way that doesn’t require you to become a bank. That’s interesting. You’ve got a combination of hard money and regulatory arbitrage to solve real consumer problems. That’s what I think it’s going to take to break into developing markets.

What do you mean by “regulatory arbitrage”?
I mean that if you can actually have the keys to your funds on a smartphone, there is no third-party bank required to help you manage those funds. And if the app is developed correctly, I can do things with those crypto-collateralized assets—my cash, my stocks, my mutual funds—that I couldn’t do in Haiti today. According to my research, there are only 100,000 investment accounts in the entire country of Mexico for tens of millions of people. That’s insane. People just don’t trust, or don’t have access to, [those financial channels]. But they all use WhatsApp. So if you could give them an app that is as easy as WhatsApp—where they don’t have to trust the banks, they don’t have to trust the government, they can be in control, they can get access to U.S. or European markets for investing, they can receive money from their family in the U.S.—using this crypto-collateralized model that bypasses the banking system, the consumer all of a sudden is using bitcoin but doesn’t know it. That’s the key to success, in my opinion. So you have to understand not only how to take advantage of this new digital hard money, but also how to build services that hide its complexity from the average consumer. Whether they’re in Mexico or the Philippines or Indonesia, it makes no difference. The viability and demand for what I’m talking about is global.

The complexity of your model seems counterintuitive. This is what it’s going to take to gain worldwide adoption?
I think that’s what it’s going to take. Most people say, “Use bitcoin to do money transfer and the world will be great.” Well, obviously that’s a bunch of nonsense. It’s not happening. I can actually explain to you right now how to invest in stocks using bitcoin in a way that doesn’t require any banks or any regulated exchanges, and you wouldn’t do it—because it would be so complex, it would make your head spin. But if you could do it in a way that hid the complexity from the average consumer, and all they [knew] was “Oh, I just received pesos,” or “I just got a low-cost loan against the assets that I’m holding in the simple banking app on my Android phone,” then people would use it. I promise you.

In this model, crypto becomes the bank. When you’re holding dollars, you’re actually holding crypto-collateralized dollars rather than dollars in a bank vault. Now, a crypto-collateralized dollar is a very complex instrument, but the consumer doesn’t have to understand it. They can just look at the app and see that it’s a dollar.

And they can still send that dollar to someone and have that person receive it and spend it as a dollar?
Exactly. The person who receives it would be receiving a crypto-collateralized dollar, but then he can use on-ramps and off-ramps that we’ll be providing over time to go to the store and spend that dollar.

Or even potentially deposit it into a bank account?
Exactly.

I know you have large ambitions to benefit people all over the world. But when most people think of social good, crypto investment schemes aren’t the first thing that comes to mind.
Nor should they be. The focus for us this year is: What is the next generation of assets that are really going to add huge value to the everyday average investor at global scale? That’s where I’m spending my time right now. We want to make credit services available to rural China and core parts of Central America as well as to [middle-class] people in the West.

So you haven’t given up, then, on the idea of bitcoin—or any crypto—helping the unbanked?
“Unbanked” is such a horrible term. It’s such a useless phrase. The services we’re [launching] are going to be very useful in developing markets that aren’t traditionally targeted by large retail banks. Whether [our users are] banked or unbanked, or people with a bank account that has a zero balance, doesn’t really matter to me. If you look at the markets that we’re interested in, with the services we’re launching this year, it’s going to be places like Mexico, the Philippines, Indonesia. It’s not going to be the very bottom of the pyramid, places that are literally relief and disaster zones. We’ll get there eventually. But I think that up-and-coming developing countries are the ones that are really going to take advantage of this.

How has the crypto winter affected your business?
This year, I think most of our revenue will not come from crypto trading; it will come from other asset classes that use crypto in the background, as a synthetic asset, but where people aren’t [explicitly] saying, “Oh, I want Zcash.” They’re going to be saying, “I want some real-world asset.”

That leaves me particularly bullish on the future of crypto, because I think the single biggest opportunity to grow the crypto market—bar none—is not institutional investors coming in, it’s crypto collateralizing real-world assets to enable all kinds of banking services. Nobody seems to get that but Abra—and that drives me insane, to be honest. Think about this for a second. What we’re doing, we’re doing in 100 countries, all based upon bitcoin collateralizing assets. Now, there’s simply not enough bitcoin in the world to collateralize the assets that we are going to be collateralizing. What is that going to do to the price of crypto as a result?

Collateralization of real-world assets is going to drive the demand [for crypto] through the roof.

You think it will drive up the price?
If I’m right, it has to. Every single transaction done in the Abra system is completely, 100-percent collateralized in bitcoin. And at the rate we’re scaling, there’s simply not enough bitcoin to collateralize all of those assets. But if the price of bitcoin were 100X higher, there would be more than enough.

Because you’d simply use small fractions of each bitcoin?
Exactly. You’d be able to divvy it up to a lot more people. But that won’t happen, in my opinion, simply because some investors arbitrarily decide it’s a great idea. Investors are going to decide it’s a great idea because collateralization of real-world assets is going to drive the demand through the roof.

Interesting. And why have you chosen to use bitcoin smart contracts instead of Ethereum smart contracts?
When we started Abra, bitcoin was really the only way to do this. Ethereum was basically a beta project. The market capitalization was very low, it wasn’t globally liquid, and a lot of the wallet implementations have had big security issues. Ethereum itself hasn’t had big security issues, but if you look at DAO and other complex wallets, they’ve had security issues. The scripting language of bitcoin can’t really do much, and that’s why it’s so secure. The liquidity of bitcoin, the security, the market cap—all those things together led us to the conclusion that it’s the right model for Abra. It does exactly what Abra needs. No more, no less.

What is your five-year vision for Abra?
My five-year vision is that Abra democratizes access to financial services for every consumer in the world. Whether it’s investing, payments and money transfer, or access to credit. By combining [smartphones] with a crypto-based platform, [you can] democratize true access to real financial services for everyone, not just for the wealthy.

This interview has been edited and condensed.

Source: breakermag.com

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BiKi.com Compares Favorably Against Top Exchanges Binance, OKEx and Huobi

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The numbers are in and fast-growing exchange BiKi.com is proving it is no flash in the pan. According to official reports, BiKi.com’s revenue figures in the second quarter exceeded USD 15 million, which is a 500% increase when compared to figures from the first quarter. This works out to one-eighth of leading exchange Binance’s reported Q2 revenues.

BiKi’s June trading fees is also currently 20% of OKEx’s. Its total registered users have now reached 1.5 million, with 130,000 daily active users, numbers which are comparable to top tier exchanges like Huobi. The trading platform now provides 220 trading pairs and ranks amongst the top 20 on exchange ranking sites such as  Feixiaohao and Mytoken.

BiKi.com has continued to forge an impressive progression since it began in June 2018 and this has attracted investments of nearly USD 10 million the past year from investment institutions and individuals the likes of Du Jun, Zhu Huaiyang (Genesis Capital), FBG Capital, and ChainUp.

Cryptocurrency exchanges generally operate within an extremely competitive environment and many exchanges undertake wash trading to maintain their competitive edge. BiKi.com claims it does not practice wash trading and attributes its success to two factors – project selection and how it gains and retains market share.

Project Selection

BiKi adopts an astute set of criteria when choosing projects to list and one of them requires that all listed projects have strong communities of token holders behind them. This is contrary to cryptocurrency exchanges who charge high listing fees and then have to rack their brains to bring in users to trade. As was the case with FCoin Exchange, the “Transaction Mining” mechanism devised by its team did indeed attract a huge user base within a short period of time. However, once the dividend period was over, it was simply a matter of time before its user base had all but dissipated.

BiKi chooses its projects wisely – listed projects on BiKi have large communities and frequent traders who possess diverse assets. Additionally, BiKi already has 5 Wechat community leaders with over 1 million followers who are community token holders and over 10 Wechat community leaders with over 100,000 followers, which contribute to 80% of the exchange’s traffic volume. By leveraging on the strengths of its projects and BiKi’s own strong Wechat communities, BiKi has managed to carve out a fast track to gaining liquidity and trading volume.

BiKi’s strategy of maintaining long term relationships with venture capitalists and investors ensures that BiKi has opportunities to either list top tier projects on a moment’s notice, or be the first exchange to list a certain project. As a result, BiKi’s users have access to a wide variety of high quality tokens to trade –  clearly a factor why BiKi has emerged as the industry dark horse.

Conversely, projects who list on BiKi see the exchange as a stepping stone to gain a new level of recognition in the industry. Listing on BiKi has become somewhat of a yardstick measure of project quality, aided in no small way by BiKi’s 130,000 daily active users who organically generate demand for their tokens.

Gaining and Retaining Market Share

The sustainability of an exchange is actually not dependent on its current profitability, but on its ability to retain its users and effectively recruit new ones. BiKi was the first exchange to acquire users through its ‘community fission’ model, which is a way of scaling communities using recommendations from present users to attract more users.

Blockchain projects cannot succeed without strong communities, and the network dynamics BiKi uses to acquire users are one of its core competitive advantages. Presently, BiKi has more than 200 official community groups, more than 100,000 community members, and is still growing at a rate of 300 new members per day.

Using its “Community Partners Programme” to attract new users daily, BiKi currently has over 1000 Community Partners and is increasing at a rate of 30 per day. BiKi’s targeted 10,000 Community Partners within 2019 is estimated to bring with them 500,000 new users to the exchange.

Similar to Chinese e-commerce platforms Yunji and Pinduoduo, BiKi’s Partner Program rewards Community Partners who introduce more active users to the platform. The ‘community fission’ model shifts the responsibility of customer acquisition to present customers themselves and its inherent network dynamics builds a base of new users that continues to ‘grow’ other users.

What is important to note, though, is that despite the program restricting the network to only two tiers of membership, the efficacy of this model speaks for itself – BiKi has managed to amass 130,000 daily active users and USD 15 million in Q2.

During a bear market, BiKi.com acquired 1.5 million registered users on the exchange, setting an industry precedent in user acquisition. BiKi’s strong base of relationships and users provides a clear value proposition that projects can tap into to reach their milestones. The exchange continues to welcome projects to join the growing community of choice projects currently listed on BiKi.com.

About BiKi.com

Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange that provides a digital assets platform for trading more than 100 cryptocurrencies and 220 trading pairs. Since beginning operations in June 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1.5 million registered users and 130,000 daily active users, ranking within the top 20 exchanges globally.

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Cuba Studying Cryptocurrency as Part of Economic Crisis Measures

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Cuba’s Communist government said on Tuesday it was studying the potential use of cryptocurrency as part of a series of measures to boost its economy amid a deepening crisis exacerbated by U.S. sanctions. Cryptocurrency, which allows financial operations to be carried out anonymously, has been used in the past to get around capital controls. Cuba’s top ally Venezuela introduced a cryptocurrency last year aiming to avoid U.S. sanctions and weather hyperinflation, although it never properly got off the ground.

Cuba’s inefficient state-run economy is facing a crisis due to a sharp decline in Venezuelan aid, lower exports and the tightening of the decades-old U.S. trade embargo under President Donald Trump.

The new measures, announced on a roundtable on state-run TV by President Miguel Diaz-Canel and his government, will raise income for around a quarter of the population and deepen market reforms of one of the world’s last Soviet-style command economy’s started by the island nation’s previous president, Raul Castro.

The aim is to raise national production and demand in order to boost growth as U.S. sanctions target tourism and foreign investment. Diaz-Canel, working to establish his legitimacy after assuming the presidency in April 2018, said the government was working on the details of the implementation.

“We are studying the potential use of cryptocurrency … in our national and international commercial transactions, and we are working on that together with academics,” Economy Minister Alejandro Gil Fernandez said.

The most popular measure in the new package will likely be the hikes in some pensions and wages for workers in public administration, social services and state-run media, bringing the medium monthly wage in those sectors up to the equivalent of $44.5 from around $25 previously.

Many Cubans say the measure still will not be sufficient to breach the gap between salaries and the cost of living. Nonetheless it should boost purchasing power, as long as inflation is kept in check.

“It’s not ideal, but it’s an advance,” said Pavel Joaquin Hernandez, 46, a general practitioner who will go from earning the equivalent of around $40 per month to $64.

Cuban economist Omar Everleny said the raise was crucial given how demotivated workers were, with many emigrating.

“For the first time, (the government) is linking the fact that everything can be achieved if workers are motivated,” he said.

Gil Fernandez said the government was also broadening a series of measures aimed at decentralizing and thus improving state-run company performance and stimulating local production, substitution of imports and increasing exports. For example, he said, financial service companies would be established to provide cash in the face of opportunity more quickly than the centralized planning system.

The government would also expand a system allowing some companies to keep a percentage of the hard currency they earn in order to reinvest it immediately rather than have to apply for credit.

State companies, agricultural entities and other economic actors that supply a growing number of firms in the Mariel Special Economic Zone, a project resembling China’s first capitalist oasis, would receive a percentage of sales in hard currency, Gil Fernandez said.

The government was also studying how to allow the growing number of small private businesses to export through the state-run businesses, he said.

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While there’s still interest in cryptocurrencies, just one-in-ten understand how they work

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The Kaspersky’s report, ‘Uncharted territory: why consumers are still wary about adopting cryptocurrency’, reveals that whilst 29% of people have some knowledge of cryptocurrencies and there is a demand among many to use the technology, just one-in-ten (10%) fully comprehend how they work.

The rate in which cryptocurrencies are being adopted by global consumers is slowing down, despite celebrities like Johnny Depp and YouTube influencers such PewDiePie embracing the technology. Many consumers still lack a proper understanding of how cryptocurrencies work and this is continuing to halt mainstream adoption. To date, four-in-five people (81%) have never purchased cryptocurrency, highlighting just how far away we are from it being accepted as a common form of payment or investment.

Kaspersky’s survey found that there is a desire amongst many consumers to use cryptocurrency, but a knowledge gap is getting in the way of taking the plunge. In addition, many people who thought they knew with what they are dealing with, later decided against using cryptocurrency. Nearly a fifth (18%) stopped because it became too technically complicated.

This lack of understanding could be leading to mistrust in cryptocurrencies’ ability to keep consumers’ money safe. For instance, nearly a third (31%) of respondents stated that they believe cryptocurrencies are quite volatile and they need to be stabile before they are prepared to use them. There is also a common perception amongst consumers that cryptocurrency will not be around forever. A third (35%) believe cryptocurrencies are a fad that is not worth bothering about.

While widespread interest in cryptocurrencies may have already peaked, there is still a demand to use the technology. Almost every sixth (14%) of those surveyed said that while they are not using cryptocurrency at the moment, they would like to do so in the future. Yet there is still doubt amongst consumers – often led by a fear that there is a real risk to their finances. Fraudsters can use cryptocurrencies to their advantage, with around one-in-five (19%) of those surveyed saying they have experienced hacking attacks on exchanges. Criminals also create fake e-wallets to attract people to unwisely invest their money, and 15% of consumers have been victims of cryptocurrency fraud.

Following several years of cybersecurity research into crypto start-ups, Kaspersky recommends crypto businesses adopt best security practices for smart contract developers, use proven frameworks for smart contracts (such as https://openzeppelin.org/) and conduct a third-party assessment of the smart contract to ensure any potential vulnerabilities are not missed.

“It is clear that mainstream adoption and growth of cryptocurrency is being held back due to the vulnerable nature of the technology. While there is a high appetite to use it, giving your hard-earned cash to something you don’t fully understand, or trust, is a hurdle. With the safety of investments being of paramount importance to consumers, it is vital that they take their own steps to safeguard it. Like with any cyberthreat, there is no substitute for vigilance – if something looks too good to be true, then it probably is. If you want to trade crypto-assets on any exchange, pay attention to the safety of your account’s credentials. If your goal is long-term investment or use crypto-currencies for payments, then store it in safe environments and use multiple wallets, or distribute between both software and hardware. We also encourage crypto businesses to organize themselves effectively to show they are able to protect their customers’ investments,” Vitaly Mzokov, Head of Commercialization at Kaspersky comments.

To help improve stability and foster trust in cryptocurrencies, Kaspersky partners such as Merkeleon have developed legitimate marketplace platforms, online auction platforms, cryptocurrency exchanges and crypto payment systems.

“Cryptocurrency certainly has its benefits but, as we can see, many consumers are still unaware of what they are due to concerns over security and how the technology works. It is an exciting industry to be involved in but it is one that is built upon trust. It is, therefore, imperative that cryptocurrency businesses do all they can to protect their networks and ensure their customers’ finances are safe and secure,” explains Alexey Sidorowich, Head of Sales and Business Development at Merkeleon.

For further information on how we provide transparent and powerful protection for crypto-trading platforms and token offering projects, please click here. To learn more about protection for consumers, please visit our website.

To find out more about how consumers feel towards cryptocurrencies, visit https://www.kaspersky.com/blog/cryptocurrency-report-2019/

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Bitcoin Cloud Mining Startup Miningzoo Receives Strategic Investment from Institutional Investors

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moro

Long crypto, short fiat! Looking for an easy and smart investment solution for the crypto market? Cloud mining of bitcoin at Miningzoo.com is the answer for you. This cloud mining provider, though newly launched, has already gained a solid reputation for its convenience, efficiency, and stability. Miningzoo, a rising start in cloud mining, is on its way to become one of the best cloud mining platforms, gaining attention from global investors.

Already in a strategic partnership with Lpool and Li De United Co. Ltd, over the past few months, Mining zoo has obtained new funding from Ceyuan Ventures, a high-tech focused VC and United Capital, adding to its existing investors’ list of Longling Capital, Consensus Fund, etc.

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(Miningzoo’s mining center with the top-notch miners)

Miningzoo boasts large-scale miners based in distributed locations across the globe, equipped with professional operation and maintenance teams, and top-of-the-line miners. Miningzoo provides users with a one-stop efficient bitcoin mining service. At present, the Miningzoo platform focuses on bitcoin mining power for rent. Miningzoo is committed to creating the smoothest experience in cloud mining for clients.

2

Miningzoo was officially launched at 14:00 on June 5, 2019, Hong Kong time. At present, the Miningzoo’s business involves two parts: cloud mining service and supercomputer server rental hosting service.

Currently, with Miningzoo spot delivery products, you start to receive bitcoin income the next day. The prices start with $55 per Terra mining power, with daily costs as low as $0.1529 per T, with a current bitcoin mining revenue being $0.28896/T. If bitcoin price stays at $8600, the full-year return is expected to be $122.4, an annual yield of 222.4%, easily surpass the 200% threshold for annualized income.

It’s now doing a flash promotion for newcomers. Registered today to get your free cloud mining power with Miningzoo.com! Don’t Miss Out!

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Top 5: BTC, ETH, XMR, NEO and LTC

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Bitcoin Sell

Neo (NEO) co-founder Da Hongfei had recently announced a new $100 million EcoBoost fund that aims to provide support to various projects at different stages of development to build the NEO ecosystem. The first phase of the project has kicked off wherein official partners will be recruited.

The recent upgrade of its consensus algorithm on its mainnet is a key step in the development of NEO 3.0, which is expected to be released by the second quarter of next year. Can these developments prop prices higher? Let’s find out.

NEO/USD

The NEO/USD pair has not shown any fireworks in its rise from the bottom. After every small upwards move, it enters into consolidation before rising again. This looks like an accumulation by stronger hands. The price has sustained above 20-week EMA for the past three weeks and the RSI has rallied into the positive territory, which shows that bulls are in command.

Currently, the pair is facing stiff resistance at the 50-week SMA, above which the rally can extend to $20. If this level is also crossed, a move to $25 is probable. The cryptocurrency will pick up momentum if it makes a large range move and follows it up with further gains. Traders can watch for such a move before hopping on to benefit from the positive momentum.

Our bullish view will be invalidated if the price reverses direction from the current level and plummets below the 20-week EMA. The next support to watch on the downside is $8.17090666.

LTC/USD

Litecoin (LTC) has continued to perform well on the back of its upcoming halving, which is 50 days away. In a sign of growing adoption, Glory kickboxing is not only accepting litecoin, but it is also offering an opportunity to pick up a VIP ticket by paying using the cryptocurrency. This adoption is a positive sign. However, after the runup, is it time to book profits or can it move higher? Let’s find out.

LTC/USD

The digital currency has cleared the resistance line of the ascending channel and is now attempting to ascend the overhead resistance at $140.3450. If successful, it can rally to its target objective of $158.91, above which the upward move can extend to $184.7940.

We have spotted a large rounding bottom that is developing on the LTC/USD pair. This bullish setup will complete on a breakout and close (UTC time frame) above $184.7940, with a target objective of $346.498. However, we will not get overly bullish until the pattern completes.

The 20-week EMA is sloping up and the RSI has entered into the overbought zone, which shows that the bulls are in command. Nonetheless, the overbought nature of the RSI points to a mild correction or a consolidation in the short-term.

If the pair turns down from the current levels or from $140.3450, the bulls will try to defend the support line of the ascending channel. If successful, the uptrend will continue, otherwise, the pair might re-enter the channel. The uptrend will weaken and our bullish projections will be negated if the bears sink the cryptocurrency below the support line of the channel.

BTC/USD

Bitcoin (BTC) is on fire as every dip is being bought aggressively. Some of the critical news and events that might be helping the rise are the upcoming testing of futures trading on the Bakkt platform, the end of the bear market, the ongoing trade war between China and the U.S., the reported launch of Facebook’s own stablecoin, etc. Can the rally continue and force the investors sitting on the sidelines to jump in, or will the rally fizzle out near the overhead resistance? Let’s find out.

BTC/USD

The BTC/USD pair is looking strong with the 20-week EMA sloping up and the RSI in overbought territory: this suggests that bulls are in command. The pair has broken out of the recent high at $9,053.12 and will now attempt to reach the next overhead resistance of $10,000. This is a psychological resistance where we anticipate a consolidation or a minor correction.

However, the sentiment has become positive and any favorable news is likely to attract buyers. The traders who are waiting to buy at lower levels are feeling left out. Hence, if the bulls propel the price above $10,000, the momentum can pick up and can carry the pair to $12,000.

Currently, there is no negative setup on the chart. The first indication of exhaustion will be if the bears sink the cryptocurrency below $7,413.46. That can drag the price towards the 20-week EMA and below it to the critical support of $5,900.

ETH/USD

Enigma released the testnet of its discovery network and the developers can now build decentralized applications that can be deployed immediately once Enigma goes live on the Ethereum (ETH) mainnet . In a first, Coinbase has also added a course on the Ethereum-based stablecoin dai (DAI) to its Coinbase Earn platform. This provides an opportunity for enthusiasts to know more about the token and earn some DAI. Can ether breakout of the overhead resistance and head higher?

ETH/USD

The ETH/USD pair is consolidating roughly between $225 and $300 for the past three weeks. This is a positive sign as it shows demand close to $225. The moving averages are on the verge of a bullish crossover, which indicates a change in trend.

The longer the consolidation, the stronger the eventual breakout from it will be. If the bulls push the price above $307.67, it is likely to start a new uptrend that can carry the pair to $500, which is likely to act as a stiff resistance.

Our bullish assumption will prove to be wrong if the bears defend the overhead resistance zone of $280 to $307.67 and sink the cryptocurrency below the moving averages.

XMR/USD

A web address is spreading a botnet that installs a monero (XMR) mining component and also holds DDoS capabilities, according to cybersecurity firm Trend Micro. However, in a positive for monero, the CEO of Binance tweeted that if India pushes through the crypto bill, the crypto enthusiasts of the country might shift to privacy coins.

XMR/USD

The XMR/USD pair has been consolidating between $81 and $100 for the past three weeks, which is a positive sign. The price has sustained above both moving averages, which are likely to complete a bullish crossover. This will indicate a change in trend.

If the bulls push the price above $100, a rally to $150 in the medium-term is probable. It is unlikely to be a straight dash to this level as the cryptocurrency might face minor hiccups at $114.840 and $128.650. However, if the sentiment remains positive, these levels will be crossed.

The first sign of weakness will be a breakdown and close (UTC time frame) below $81. That can drag the price lower to the 20-week EMA and below it to $60.147.

The market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Fast-Growing BiKi.com Secures Investments from Genesis and FBG Capital

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Biki

12th June, Singapore, Singapore – Fast-growing cryptocurrency exchange BiKi.com has recently attracted yet another slew of investments, this time from influential blockchain investment institutions Genesis Capital and FBG Capital.

biki

Crypto fund Genesis Capital’s purported mission of discovering and supporting early-stage projects with the most potential is particularly apt in the case of BiKi.com. In under a year, the infant exchange has managed to accumulate more than 1.2 million registered users and more than 100K daily active users, not to mention its impressive climb to top 15 rankings on the rungs of the global crypto exchange ladder. Genesis’ current investment portfolio includes esteemed projects the likes of Tron, Quarkchain, Egretia and Arcblock, to name a few. In total, Genesis has invested 2 million in BiKi.com, the first million on 27th May followed by another million on 29th May.

Previously backed by Silicon Valley VC Sequoia, digital asset management firm FBG Capital, whose past investment projects have increased 10 to 100 times, has also set its sights on BiKi. FBG has long gained industry respect for discovering and investing in projects such as 0x, Zilliqa, OmiseGO, IOST and Aelf, years before they became successful. FBG’s strategic investment in BiKi will see multi-level co-operation between the two parties which includes FBG providing professional and market resources that will aid BiKi in increasing its market share and implementing trading platform improvements. The enthusiasm of FBG CEO Zhou Shouji, who has been featured on the cover of Forbes, has certainly improved branding for the young exchange, with his friendly recommendations of BiKi skyrocketing the value of its token by 300% in one week.

“We are extremely honored that FBG has such great faith in Biki,” said Ethan Ng, CEO of BiKi.com SEA. “FBG has continually shown amazing foresight in their investments and this partnership is a clear signal that FBG believes BiKi is going places; especially now, with their support, we will no doubt achieve even better project quality, services and branding.”

Not Just Another Exchange

Notably, BiKi.com’s strategy of listing not only the top 100 most popular tokens but also  emerging high quality projects on the exchange has stood it in good stead. With the tendency of investors to flock to trending projects, using users to attract other users is a core competitive advantage for exchanges.

Its focus on conversion marketing during a bear market in late 2018 and early 2019 using unconventional user-growth tactics has also proven to be effective. By converting a non-crypto audience into new exchange users through Chinese e-commerce platforms, BiKi was able to generate daily real transaction volumes of 20 to 100 million USDT, with its net profit in May reaching RMB 10 million, approximately USD 1.5 million.

Targeting foreign market expansion within a competitive timeline, building community partners worldwide as well as providing substantial support for listed projects also sets BiKi apart from its peers.

With corporate giants like Facebook, Goldman Sachs, JP Morgan coming out with digital currencies, coupled with mainstream media’s constant coverage, cryptocurrencies have finally gained mass acceptance. Should market conditions continue to improve, a high influx of new investors entering the market can be expected, with exchanges being the greatest benefactors of this new wave of users.

As Huobi co-founder and BiKi.com’s largest investor Jun Du has gushed, “This year’s ‘miracle’ should belong to BiKi.”  With quality digital assets and strong consumer demand going hand-in-hand, BiKi will likely emerge a dark horse when the bull market breaks out again.

bikis

About BiKi.com

Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange that provides a digital assets platform for trading more than 100 cryptocurrencies and 127 trading pairs. Since beginning operations in Aug 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1.2 million registered users and 100,000 daily active users, ranking within the top 15 exchanges globally.

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Bitcoin is the ‘King of the Asset Class Hill’ in 2019

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Bitcoin Drop

Bitcoin’s price rose more than 60 percent in May — the highest monthly return in over a year and a half. This means the world’s most popular cryptocurrency has performed better than almost any global asset in 2019. Boutique analysis firm Delphi Digital even labeled Bitcoin the “King of the Asset Class Hill” in its latest market commentary, after it posted four consecutive months of solid returns.

“The acceleration in BTC’s performance comes at a time when conventional risk assets, notably global equity markets, continue to see selling pressure […],” said Delphi Digital. “May’s outperformance has been especially important given the broader weakness across many other asset classes.”

Investors flee risky assets, but Bitcoin remains unfazed

Delphi Digital explained that public equity markets are currently “riddled with concerns.” The New York Stock Exchange is one example of a public equity market.

Trade war disputes, stagnating earnings expectations, and waning sentiment for economic growth in the remainder of 2019 have convinced investors to flee riskier positions for “safe haven assets” like long-term US treasuries.

Still, according to the firm’s data, Bitcoin has absolutely crushed those assets this year. Its list includes the Japanese Yen, Gold, and WTI crude oil.

“Contrary to its recent history, Bitcoin has remained largely unaffected by the sell-off in risk assets, though expectations for market volatility are trending higher,” said its analysts. “It is still too early to claim victory yet, but BTC’s uncorrelated nature has so far proved true.”

Delphi Digital determined that even small Bitcoin allocations in “traditional” investment portfolios (60 percent stocks, 40 percent fixed income) over the past three years significantly boosted risk-adjusted returns.

This is understandable, considering this timeframe includes Bitcoin’s monstrous 2017 bull-run to $20,000.

“Just a 3-percent allocation (which we acknowledge is still a sizable position for most conservative investors) would have generated a compound annual growth rate of 12 percent over the last 36 months, without raising the portfolio‘s volatility or maximum drawdown by much,” said the firm.

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‘Big Money’ Accumulates Bitcoin Driving Bull Market Return

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Secure Token

Last time Bitcoin saw current price levels was on its way downwards in August 2018. But the landscape of Bitcoin supply holdings has shifted ever since the most recent bottom was met this past Christmas. The number of addresses holding between 1000 and 10K Bitcoins each has seen a steep rise with a whopping accumulation of 450,000 Bitcoins in less than 9-months.

Over 26% of circulating supply, $36Bn worth of Bitcoin, now sit in addresses that have a balance of 1000-10k BTC. In August 2018 when Bitcoin was also at $8000, these ‘Firm Size’ addresses held under 20% of the circulating supply showing a sharp accumulation of nearly 7% in less than a year.

With that said, a surge in the 1-10k Bitcoin address bracket in December 2018 was likely the result of Coinbase shifting approximately 5% of supply into new cold storage security facilities.

At the time, Coinbase moved 856,000 Bitcoins across 107 addresses. These now stand at 11% less with 760,000 Bitcoins in 96 addresses. Diar has excluded these Bitcoins from this analysis.

|| BOTTOM BUY-IN

The number of Bitcoins held by this ‘Firm’ size bracket, seeing as the minimum address now accounts for multi-millions, surged in December 2018 when the largest cryptocurrency met its most recent bottom of $3200. Since December 2018, in a short six month period, Bitcoin accumulation has seen over 1.2Mn added to this bracket, by and far the largest growth across all address groupings (see chart 1).

And while accounting for potential Coinbase-held coins brings the tally down, the 450k that has been added remains leaps and bounds of growth against every other segment.

|| BILLIONS ADDED

These addresses stand today at $6Bn more (excluding Coinbase coins) than the last time Bitcoin was at $8000 in August 2018. And these are not stale addresses or lost bitcoin as most have been active in the past three months.

Since the start of 2019, over 100K Bitcoins have found their way into this bracket. And while this only accounts for 40% of newly minted Bitcoins this year, there has been a 10% increase in the number of addresses. Whether or not these are multiple entities or for the sake of security management is, of course, an unknown.

But what is notable is the long-term trend that on-chain data shows since the start of the bear market in January 2018. Since then, 955k Bitcoins have been minted through inflation as a reward to miners. For the same period, firm size addresses have slurped up half the new market supply.

|| RETAIL STEADY

Retail size wallets between 0-100 Bitcoins have also seen a 126k increase in Bitcoins and a continuous upward trend to the number of addresses (Diar, 25 February). Overall, these addresses hold, as of date, 38% of Bitcoins circulating supply (see chart 4). Accounting for inflation, however, this segment remains fairly stable and unlikely the driving cause of recent price spikes.

|| SUPPLY SQUEEZE ON TRADING VENUES?

Bitcoins held by major addresses – mostly of which are exchanges – have seen an exodus of over 300K Bitcoins since the start of 2018. At peak, these addresses held 750,000 more Bitcoins than they do today, 21% of the total circulating supply versus 16% today (see chart 4).

Had Coinbase wallets before its security migration fell in these higher brackets, then it would effectively be a wash despite seeing nearly 100k Bitcoins out of their cold storage.

But with trading volumes hitting new highs this year, recent surges in prices could have added to the effect in part been due to the now restrained supply on exchanges as far as on-chain data can tell (Diar, 21 May).

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Japan Eyes Cryptocurrencies as it Toughens Money Laundering Laws

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Japan

Last year authorities arrived at cryptocurrency exchange operator FSHO’s one-room office in a Yokohama business district for an on-site inspection. They discovered multiple suspicious transactions.

The company had overlooked numerous transactions over a short period of time in which the same client converted large amounts of digital currency to cash, a person familiar with the investigation said. Japan’s financial regulator, fearing that the funds had found their way to illicit actors, later declined the operator’s bid to become a registered exchange, the first such rejection.

The Financial Services Agency is stepping up its countermeasures for money laundering, and that includes taking a hard look at cryptocurrency exchanges. Japan’s anti-money laundering regime will undergo an inspection by an intergovernmental body this fall, and the FSA is eager for a good review.

The issue is also expected to be taken up at the G-20 meeting this summer. As the chair of this year’s gathering, Japan does not want to fall behind other countries in implementing policies.

To ensure the country’s financial security framework is in working order, the FSA is taking aim at cryptocurrency exchanges that do not adequately confirm their clients’ identities or offer anonymous transactions, as well as at banks and other traditional financial institutions.

It has been 10 years since the birth of bitcoin, and during that time the digital currency’s value has fluctuated wildly. Security remains an issue. Last May hackers stole $41 million worth of bitcoin from Binance, one of the world’s largest cryptocurrency exchanges.

Now there are more than 2,000 cryptocurrencies. They have drawn acclaim as a next generation payments solution, thanks to the conveniences they offer, like remitting money across national borders without going through banks. But that ease of use means they can be used for illegal transactions and money laundering.

A panel of experts in March reported to the U.N. Security Council that North Korea used cyberattacks and blockchain technology to steal digital currency. They estimated that North Korea has successfully attacked Asian cryptocurrency exchanges at least five times, acquiring $571 million.

“Cyberattacks involving cryptocurrencies provide the Democratic People’s Republic of Korea with more ways to evade sanctions given that they are harder to trace, can be laundered many times and are independent from government regulation,” the panel wrote.

In April 2017, Japan became the first to introduce a registration system for cryptocurrency exchanges. Until then, there were no real rules governing exchange operators, but the government started putting regulations in place to combat money laundering.

Such countermeasures are a topic of global discussion. They are now under the purview of the Financial Action Task Force, a product of the 1989 G-7 summit. The intergovernmental FATF has a strong influence on the development of regulations and practical implementation of money laundering measures.

In October, its rules were changed such that money laundering regulations could also be applied to cryptocurrency exchanges. The change also called on member countries to develop licensing and registration systems, and to put in place measures that allow for monitoring.

The FATF’s investigatory body will come to Japan this fall to assess domestic money laundering laws. It is expected to look at cryptocurrency exchange operators, banks and credit unions, according to a senior FSA official, so there is a pressing need to develop countermeasures.

Exchange companies are being asked to clearly explain what steps they are taking to prevent money laundering.

In Japan, exchanges came under the microscope after the theft of about 58 billion yen worth of cryptocurrency from Coincheck in January 2018. In June of that year the FSA took the unusual step of issuing business improvement orders to six other operators, citing insufficient money laundering countermeasures and other practices. In some cases, identity verification was insufficient, and clients were allowed to register post office boxes as personal addresses.

Japan has, at times, struggled to deal with money laundering. In its 2008 report, the FATF gave Japan its lowest possible rating in regard to financial institutions identifying their clients. In its statement, the group singled out Japan as having an insufficient legal framework.

For the FSA, the inspection this fall is a chance to expunge that blemish. “One company’s problem can’t help but affect the whole country’s evaluation,” said an official. “We’ll continue with the on-site inspections, and we’ll make sure everything is sound.”

Ahead of the inspection, the G-20 next month is expected to discuss international regulations for cryptocurrencies. Japan will chair the G-20 summit in Osaka. The topic of initial coin offerings, a form of fundraising using digital currencies, could come up. While China and South Korea have banned ICOs, Japan continues to regulate the schemes.

Already, cryptocurrency exchanges are relocating to countries with looser regulations, like the Mediterranean country of Malta.

As the global cryptocurrency playing field shifts, the need for international coordination will only grow.

Source: asia.nikkei.com

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1xBit- btc betting at any convenient time

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Now, winning of cryptocurrency is a matter of just a few minutes, as many fans have already managed to see in practice.

Today, everyone has an opportunity to appreciate the benefits of the innovation by the 1xBit – btc betting. First of all, it provides a chance to make forecasts in a convenient format, as well as to receive rewards in digital assets, the value of which is rapidly increasing in modern conditions.

Mining is becoming more difficult, and therefore the cost of assets increases. Sports betting with cryptocurrency is a revolutionary offer from the professional company. You can earn not only thanks to your accurate forecast, but also the difference in coefficients. This is an additional motivation to try your hand at this bookmaker office.

It is worth noting that btc betting by 1xBit is available only to adult users. The line of events includes confrontations from the world of dozens of sports. Moreover, their number is rapidly increasing. The most popular sports among fans are:

  • football;
  • basketball;
  • hockey;
  • tennis;
  • volleyball;
  • boxing.

All of them are presented in detail on the proven platform. Now, you need to do just a couple of clicks to discover them and start earning cryptocurrency solely by implementation of your knowledge in practice.

The company is always ready to meet the needs of its registered users and provide them with only the best conditions for long-term cooperation. In case of any questions, the representatives of the support service are always ready to answer them. You can contact them at any time of the day or night.

Bitcoin casino by market leaders

The bookmaker’s office became popular not only due to the advantages listed above, but also because it has the bitcoin casino http://www.1xbit.com among other things. There you will find a lot of entertainment to suit every taste. It is enough to make one successful bet in a roulette or to have a winning poker game so that your income will increase several times. High odds for all event actegories are a distinctive feature of this company, which allows it to feel as confident as possible in this market segment.

Everyone who completes the registration procedure and replenishes their account balance will be able to appreciate the benefits of the casino with bitcoins. By choosing cooperation with this office, you absolutely certainly do not risk anything, because the company has been in this market segment for several years already, and it is here that fans get unique opportunities for stable earnings.

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