AUSTRAC opens consultation on new rules for digital currency exchange providers
Australia’s financial intelligence agency AUSTRAC has earlier today provided another update to digital currency exchange providers. Somewhat later than initially planned, the agency published its draft AML/CFT Rules for consultation. The draft amendments result from the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017, which is also known as the “Bitcoin bill”. In December last year, the legislative piece passed both Houses and got Royal Assent. Today, AUSTRAC opened a public consultation into the draft AML/CFT Rules. The period of the consultation lasts until February 13, 2018. The rules, inter alia, provide detailed information on the Digital Currency Exchange Register, as well as requirements for information to be reported about […]
Bitcoin officially has 80 percent of its 21 million coins mined
Bitcoin has surpassed another momentous milestone, with 80 percent of all the available cryptocurrency having been mined so far. Around 16.8 million Bitcoin have been mined thus far, comprising 80 percent of the 21 million Bitcoin made available by the cryptocurrency’s creator Satoshi Nakamoto, according to Bitcoin tracker Blockchain.info. Bitcoin proponents argue that because Bitcoin’s supply is finite, its value will continue to increase as scarcity prompts investors to “hodl” (hold in crypto-speak) the cryptocurrency. Thanks to difficult mathematical algorithms, and dwindling financial returns, the remaining 4.2 million Bitcoin will become ever-increasingly tough for miners to harvest. To read more, please click on the link below…. Source: Bitcoin officially […]
This Australian tech investor will be the first ASX-listed company to mine cryptocurrencies
Fatfish Internet Group will become the first ASX-listed company to “mine” cryptocurrencies such as Bitcoin. Unlike fiat currency which is issued by a central bank, Bitcoin is created or “mined” with high-powered computers and special software used to solve math problems. Singaporean tech investor Fatfish is sinking $US1 million ($1.28 million) into a new Malaysia data centre set up to mine cryptocurrencies. It will start operation in two weeks. Fatfish (ASX:FFG) would own 51 per cent of the business and receive its profits in cryptocurrency, said CEO Kin Wai Lau. Fatfish was initially approached three months ago to invest in the business but only became interested after Bitcoin values surged […]
ATO creates specialist task force to tackle cryptocurrency tax evasion
The Australian Taxation Office is putting together a taskforce of tax experts, lawyers, technology specialists, bankers and financial advisers to help it identify and track cryptocurrency transactions to ensure all taxes are being paid. A top team of industry specialists will work with the tax officials to work out strategies for “following the money” involving transactions using the digital “distributed” ledgers that have no central data storage, which make it difficult to trace and track. The ATO is also believed to be also working closely with banks, Austrac, state revenue offices, which collect revenues, particularly for property transactions, and officials involved with the Black Economy Taskforce, which has been identifying […]
JPMorgan CEO Jamie Dimon says he regrets calling bitcoin a ‘fraud’
JPMorgan Chief Executive Jamie Dimon regrets having called bitcoin a “fraud” but would still not be interested in the cryptocurrency, he said in an interview on Fox Business on Tuesday. Dimon, known for his candid comments, slammed the viability of bitcoin in September. “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” he had said at a conference. The buzz generated by Dimon’s comments spurred more interest in the alt-currency. Bitcoin rose around 30 per cent in one month following Dimon’s speech, where he also compared the […]
Are central bankers about to burst the bitcoin bubble?
Foreign exchange traders have long been used to “jawboning” from central bankers – that is, using carefully selected words to suggest that they are unhappy with the level their currency is trading at, usually because they consider it over-valued. But the world’s top central bankers have a new target: bitcoin and its fellow digital currencies. And some strongly-worded statements show the depth of their feeling on the subject. A month ago, Reserve Bank governor Philip Lowe described the fascination with bitcoin and other cryptocurrencies as a “speculative mania”. Later that day, Janet Yellen, the head of the powerful US Federal Reserve described bitcoin as a “highly speculative asset”, noting that […]
BTC Markets dumps BPAY minimum
Cryptocurrency investors no longer stuck with a $500 minimum trade. Australian cryptocurrency marketplace BTC Markets has eliminated its $500 minimum for deposits made through the popular BPAY platform but has dropped deposits through rival POLi for now. The firm confirmed the policy change in a tweet on Sunday. “The BPAY minimum of $500 no longer applies,” it said. There’s a sting in the tale for local investors. While the BPAY limit has been lowered, BTC Markets has stopped supporting the Australian POLi payments platform. Previously it allowed deposits through POLi, albeit with a $3.30 per transaction service charge, but that’s no longer the case. “We have suspended POLi deposits for […]
Bitcoin and other cryptocurrencies plunge as regulation, demand concerns linger
Bitcoin has slumped, dragging down smaller rivals such as ether and litecoin, as concerns that regulators will tighten their grip on the market weigh on the world’s largest cryptocurrency. Regulators in China and South Korea are increasing oversight on cryptocurrency trading and mining, while the US Securities and Exchange Commission late last year started cracking down on some digital token sales, known as ICOs. Coinmarketcap.com’s decision to exclude Korean pricing data for coins helped create the appearance of a large drop in prices, which some traders attributed as playing a part in the selloff. “News on the regulatory front is dragging down cryptos,” said Gabor Gurbacs, director of digital-asset strategy […]
