Month: July 2020

OCC Opens the Door for Banks to Offer Cryptocurrency Services

Last week, the Office of the Comptroller of the Currency (“OCC”) issued an interpretive letter clarifying the authority of national banks and federal savings associations to provide cryptocurrency custody services (the “Crypto Letter”). While this formal announcement is certainly noteworthy, it is not particularly surprising considering Acting Comptroller of the Currency Brian Brooks was most recently the chief legal officer at one of the largest digital currency exchanges in the world.1…

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Former Taiwan president predicted Xi would return China to Mao era | Taiwan News

TAIPEI (Taiwan News) — In the wake of former President Lee Teng-hui’s (李登輝) passing on Thursday (July 30), the Chinese edition of the BBC posted an interview from 2014 on its homepage in which Lee predicted China’s Chairman Xi Jinping (習近平) wanted to return the communist country to the Mao era.


In the interview, he explained that when he was in office, he had a policy of “no haste, be patient” on restricting Taiwanese businessmen’s investments in China. He required that any investments exceeding NT$5 million (US$170,349) be approved by Taiwanese authorities.


Lee expressed his concerns about the cross-strait ECFA (Economic Cooperation Framework Agreement), which was signed in 2010 under the Ma Ying-jeou (馬英九) administration. Lee worried that Taiwan would become overly reliant on China economically and that this would result in the “big fish eating the little fish.”


The former president also weighed in on Xi, who had been in power for two years at that time. He stated that Xi appeared to want to return China to the era of Mao Zedong (毛澤東) and control everything.


Lee cited Xi’s anti-corruption campaign, in which he ousted a large number of officials, as an example of a bid to attain absolute control. He asserted that dealing with corruption is the role of the judicial system and “not of a leader who speaks loudly.”


The late leader predicted that Xi would not bring democracy to China. He also pointed out that China faces major internal problems, such as a bubble created by local government investment and a large income distribution gap.


As for his thoughts on the U.S., Lee said that if Taiwan is threatened by China militarily, it is not clear…

Read more at www.taiwannews.com.tw

Decentralized Exchange Bancor Officially Launches Upgraded V2 Platform

The Bancor project has launched a heavily upgraded version of its decentralized exchange, promising to solve what it calls “DeFi’s dirty little secret.”

According to a blog post released on Friday, the contracts have been deployed to mainnet in a beta launch mode. Each pool will have its liquidity capped to $1 million until a “pool manager” permanently removes the limitation when it is confirmed safe.

As Cointelegraph previously reported, the exchange mitigates the issue of impermanent loss, where liquidity providers could lose some of their money as prices for particular assets fluctuated. The solution involves a combination of incentives and oracle-driven price feeds.

Furthermore, the project divided the single pool token representing the collective value of a particular exchange pair, so that users are no longer obligated to be exposed to two assets at the same time.

Finally, an improved “bonding curve” should result in less slippage than before given the same amount of pool liquidity.

The launch was preceded by the release of the open source code and the launch of a bug bounty program.

Read more at cointelegraph.com

Decentralized Exchange Bancor Officially Launches Upgraded V2 Platform

The Bancor project has launched a heavily upgraded version of its decentralized exchange, promising to solve what it calls “DeFi’s dirty little secret.”

According to a blog post released on Friday, the contracts have been deployed to mainnet in a beta launch mode. Each pool will have its liquidity capped to $1 million until a “pool manager” permanently removes the limitation when it is confirmed safe.

As Cointelegraph previously reported, the exchange mitigates the issue of impermanent loss, where liquidity providers could lose some of their money as prices for particular assets fluctuated. The solution involves a combination of incentives and oracle-driven price feeds.

Furthermore, the project divided the single pool token representing the collective value of a particular exchange pair, so that users are no longer obligated to be exposed to two assets at the same time.

Finally, an improved “bonding curve” should result in less slippage than before given the same amount of pool liquidity.

The launch was preceded by the release of the open source code and the launch of a bug bounty program.

Read more at cointelegraph.com

Iranian Authorities Greenlight Power Plants Mining Bitcoin

Iran has announced that it will now allow industrial-scale power plants in the country to operate as Bitcoin miners —- provided they don’t use subsidized fuel.

In a statement to the Islamic Republic News Agency (IRNA) on July 27, Mostafa Rajabi Mashhadi, a Deputy Managing Director at Tavanir, Iran’s Power Generation, Transmission and Distribution Management Company, said power plants in the country could operate as Bitcoin mines “if they comply with approved tariffs” and have the necessary licenses.

Mashhadi said that any power plant considering such a venture could not use subsidized fuel for crypto mining.

“Now we’re in a situation where the supply of electricity is of great importance to the public,” the energy spokesman said. “We will not allow anyone to misuse tariffs provided for the agricultural and industrial sectors to produce Bitcoin while it’s worth more than $9,000.”

All about power

Cointelegraph reported in January that Iran’s Ministry of Industries, Mining and Trade had issued 1,000 licenses for crypto mining since the government authorized it as an approved industrial activity in July 2019.

According to the IRNA, a spokesman for the electricity industry said 14 crypto miners in Iran had requested more than 300 megawatt (MW) of power — equivalent to the usage across three provinces in the country.

The tariff scheme for crypto miners in Iran is dependent on market factors such as fuel prices in the Middle East. Mining requires a lot of power, but the country’s electricity is very cheap compared to the rest of the world. Mashhadi estimated in 2019 that the production of a single Bitcoin would use only about $1,400 in state subsidies.

People who expose illegally operating cryptocurrency mining companies in Iran also receive a bounty of up to 100 million Rials, or $2,375.

Read more at cointelegraph.com

Banning cryptocurrencies: A hurdle in the way of digitalisation? – The Daily Star

Banning cryptocurrencies: A hurdle in the way of digitalisation?  The Daily Star

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Leading Austrian Telecom Provider Adds Cryptocurrencies to Its Cashless Payment Network – CoinDesk – CoinDesk

Leading Austrian Telecom Provider Adds Cryptocurrencies to Its Cashless Payment Network – CoinDesk  CoinDesk

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Exchange Won’t List XMR Due to ‘Issue With Regulators’

Brian Armstrong says Coinbase won’t be listing privacy coins like Monero (XMR) as they’re still untested grounds for regulators in the United States.

In a July 24 interview with Peter McCormack on his “What Bitcoin Did” podcast, Armstrong said he wanted to take a more conservative approach with Coinbase so the exchange would pass the test of time. One of these issues was avoiding direct confrontation about privacy coins including Monero.

Armstrong told McCormack, who referred to Monero…

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Crypto Conversation: Bank on Bancor

What’s hot in crypto this week?

Bancor. It enables the exchange of various tokens directly on the Ethereum and EOS blockchains. This is done with the on-chain liquidity protocol’s smart contracts that manage liquidity pools for each trading pair, which users can then tap into when making an exchange. Everyday users can participate as market makers who earn fees for providing liquidity to each pool and all trades are facilitated via the native BNT token. 

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Russian Lawmakers Finally Pass Country’s Major Crypto Bill

Russia passed a major bill today related to cryptocurrencies like Bitcoin (BTC).

The State Duma — Russia’s legislative body — has passed a bill titled “On Digital Financial Assets” in its final third reading, local news agency Regnum reports July 22.

After initiating the bill back in 2018, Russian authorities have finally agreed to provide a legal status to cryptocurrencies, preparing to adopt the first major part of legislation for the industry. 

Following the latest Duma’s…

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