NEWS UPDATE

$2.5 Billion Sent Out of Iran to Purchase Cryptocurrencies

The chairman of the economic committee of Iran’s parliament has disclosed that Iranians have sent more than $2.5 billion out of the country to buy cryptocurrencies with. His statement follows the country’s central bank banning local banks from dealing with digital currencies including bitcoin.

Mohammad Reza Pourebrahimi, the Chairman of the Economic Commission of the Parliament of Iran, was quoted saying last week by Ibena.ir news agency:

He earlier told Isna newspaper that Iranians had transferred $30 billion out of the country over the few months ending March. “Iranians do not have means to the international banking system and the transfers can only occur through unconventional ways, such as exchange dealers or international travelers,” Radiofarda made clear.

Iran’s Information and Communications Technology (ICT) Minister, Mohammad Javad Azari-Jahromi, currently ascertained that an experimental local cryptocurrency has been developed and a test model was available.

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NEWS UPDATE

Ukraine’s Securities Commission Chief Seeks Legalization of Cryptocurrencies as Financial Instruments

The Chairman of the National Securities and Stock Market Commission of Ukraine has pointed out the regulator favors a decision to recognize cryptocurrencies as financial instruments. Timur Khromayev thinks it’s time to take the matter to the country’s Financial Stability Council. The point of no return has been passed, he says.

Ukraine’s securities regulator is expected to raise the question concerning the status of cryptocurrencies during the next meeting of the Financial Stability Council in Kiev. The chairman of the National Securities and Stock Market Commission of Ukraine, Timur Khromayev, thinks that they should be recognized as financial instruments. A decision to do that would efficiently legalize digital coins in the country, though not in all of their possible functions.

He also insisted that the body should lay out ways to regulating crypto-related activities and introduce corresponding legislative process.
Timur Khromayev noted the active development of the crypto industry in Ukraine, which, in his words, has already established certain principles and rules for conducting business. He also stressed.

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NEWS UPDATE

5,000 Developers in India Ready to Work on Crypto Projects

According to a current study, 5,000 Indian software developers recently have the skill sets to work on cryptocurrency and blockchain projects. 10,000 more developers can be easily trained but an additional 30,000 would need thorough training.

A current study by HR company Belong reveals that, out of an estimated two million software developers in India, about 0.25% of them have the skills to work on cryptocurrency and blockchain projects, the Times of India reported this week. The study was conducted on two million software developers over the last year. The company found that only 5,000 of them have the essential combination of skills such as “data science, algorithms and cryptography” to be qualified to with cryptocurrencies or blockchains.

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NEWS UPDATE

New Crypto Exchanges Open in Korea, Thailand, Vietnam, and the Philippines

The number of new cryptocurrency exchanges is quickly growing worldwide. This new crypto exchange roundup features four platforms situated in South Korea, Thailand, Vietnam and the Philippines.

South Korean game developer Axia Soft Co. Ltd. has currently launched a crypto exchange called Coinbit. For its grand opening, the exchange is giving zero commission trades until the end of May.

Coinbit says 50 cryptocurrencies will be listed first and more than 100 coins will be listed by the end of the year. Among supported cryptocurrencies are bitcoin, ether, ripple, bitcoin cash, ethereum classic, litecoin, waves, stox, eos, vechain, omisego, qtum, and neo.

Cryptocurrency exchange Jibex has currently opened its doors in Thailand. The exchange is backed by IT company J.I.B. Computer Group Co. Ltd, a distributor and seller of computer hardware and IT trading products with 150 stores nationwide.

At first, only five cryptocurrencies will be supported: bitcoin, bitcoin cash, ether, litecoin, and ripple. More will be added in the future, according to Jibex CEO Thuntee Sukchotrat. The exchange also give a wallet supporting those five cryptocurrencies.

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NEWS UPDATE

Investment Platform Etoro Launches in the US with 10 Cryptocurrencies

Social trading platform Etoro is expanding into the US. Pre-registration has already begun. At first, 10 cryptocurrencies will be presented, but the company plans to add more during the whole of the year. The company’s crypto business has boomed in current years, with 70% of its users reportedly trading cryptocurrencies

Social investment platform Etoro has made known that it is expanding into the US market. CEO Yoni Assia reveal the company’s plans at the Consensus conference on Tuesday. According to the proclamation.

Launched in 2007, Etoro is regulated in Europe by Cyprus Securities and Exchange Commission and in the UK by the Financial Conduct Authority. The company says it has more than 10 million registered users across 140 countries in Europe, Asia, and Australia, with an accumulated capital funding of more than $162 million. Recently, its website shows 247,387,974 open trades on the platform.

Assia commented, “Etoro will carry on to focus on simplicity and user-friendliness so that more diverse groups will feel welcomed into the global crypto community.”

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NEWS UPDATE

Cryptocurrencies to be Called “Digital Money” in Russia, Tokens – “Digital Rights”

Russia’s Prime Minister Dmitry Medvedev has shed some light on the advancement authorities are making towards adopting the long-awaited crypto regulations. Legislators will replace common words like “cryptocurrencies” and “tokens” with legal terms such as “digital money” and “digital rights”, he disclose. Two draft laws have been filed in the Duma. One of the bills is scheduled for first reading next week.

The work on the Russian crypto regulations has been going on for some time, with uncertain questions and disagreements between institutions postponing their adoption. Two pieces of legislation have been filed in the State Duma, the lower house of Russia’s parliament – a bill defining crypto activities like initial coin offerings and mining, and a draft law amending the Russian civil code to regulate crypto transactions. According to Parlamentskaya Gazeta, the law legalizing token sales has been certified by the Financial Market Committee and will hit the House floor on May 22.

Words like “cryptocurrency” and its derivatives have gained  recognition beyond crypto communities, yet authorities around the world tend to avoid them. Russian officials are no exception. According to comments made by Prime Minister Dmitry Medvedev, the new Russian legislation on “digital financial assets” will not use the colloquial terms either, RIA Novosti and RBC reported. In a speech during the plenary session of the St. Petersburg International Legal Forum he said.

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NEWS UPDATE

Sleeping in His Car and Working Two Jobs: Man Goes All In on Crypto

If you had one lucky chance to grab everything you ever wanted, would you capture it or just let it slip? So convinced is one man that cryptocurrency is the future, he’s given up his apartment and is living in his car while putting every spare cent towards his crypto portfolio.

Last year, as bitcoin mania escalated, stories began to surface of men mortgaging their homes and going all in on crypto. But it’s not just homeowners that have given up everything in the pursuit of crypto glory: one man has forsaken his apartment in favor of living out of his car. It’s a life choice that even the most ardent of bitcoin maximalists would deem too much, but then crypto has a tendency to attract extremists possessed with a strong zeal.

The Canadian man, posting under the handle “Livinginmycar”, shared his sleeping arrangements on 4chan’s biz message board, where crypto traders assemble to shitpost and share portfolios. Some commenters were supportive of his cause, while others were less concerned.

The man explains that he parks his car in his friend’s garage to sleep, for which he pays $40 CAD per month. In spite of the cramped conditions, he hasn’t forgone all home comforts, finding space to squeeze in a memory foam mattress and comfy quilts. He’s also able to shower at a friend’s house and store some items there. As for his crypto portfolio, the unnamed Canadian is recently pinning his hopes on Collosusxt, Fundrequest, Policypal, and Dero.

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NEWS UPDATE

Bank in Argentina Launches BTC Settlement Services

A small bank from Argentina, Banco Masventas, made known this week that it’s allowing customers to make settlements using BTC as a payment rail. Argentina Banco Masventas says the company partnered with the exchange Bitex, and believes the service will decrease costs associated with international transfers.

On Monday, May 21 the Latin American exchange Bitex and the small financial institution Banco Masventas made known a partnership which will provide the bank with a new cryptocurrency settlement service now offered to its customers. The bank has been a financial entity situated in the heart of Argentina for years offering banking solutions to individuals and businesses mainly in the Provinces of Salta. According to Banco Masventas Facebook and Medium proclamation, it will be the first bank to offer settlement services using BTC.

“The service allows you to less costs associated with international transfers as there are no international banks as intermediaries,” explains the Bitex and Banco Masventas proclamation.

Argentina government officials are very friendly towards public cryptocurrencies like BTC unlike neighboring countries such as Ecuador. Currently the Central Bank of the Argentine Republic (BCRA) allowed the installation of Bitcoin Automatic Teller Machines (BTMs) in the country and residents may see an influx of BTMs this year. Further last December Tim Draper told the Argentine President Mauricio Marci he should invest in cryptocurrencies. Digital asset proponents think the Argentina-based Banco Masventas creating cryptocurrency services will prompt other Latin American banks to follow the company’s lead.

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NEWS UPDATE

2 Million Revolut Customers Get More Cryptocurrency Access

In the heady days of 2017, Revolut Ltd promised it would continue to add cryptocurrency selection for its customer base. The future promise was made after its rollout of onboarding bitcoin core (BTC), litecoin (LTC), and ether (ETH) to eager users. Just this week, the England-based company made good by further adding bitcoin cash (BCH) and ripple (XRP).

In a series of questions and answers format for their odd press release this week, the company asked itself “Why did you only add XRP and BCH?” The answer was “Simple – these were the two well known cryptocurrencies our community wanted, so we rolled up our sleeves and made it happen.” They went on to stress how they’re looking to do even more crypto-related service in the future, asking customers “make some noise and let us know what you want us to add next. We’ll take care of the rest.”

London’s Revolut kept its promise. Following eager expectation of its initial embrace of three cryptocurrencies (BTC, ETH, LTC), and successful exercise, the skyrocketing financial technology company made known this week it is now implementing bitcoin cash (BCH) and ripple (XRP) to its basket of cryptos.

The three year old digital bank has a well known prepaid debit card, peer-to-peer payments platform, and both currency and cryptocurrency exchanges for its two million customers. To stay competitive, Revolut operates a loss leader fee structure for many of its services (free). Its proprietary application allows fiat-to-crypto in over two dozen government currencies, serving over 100 countries worldwide. The company’s backend transactions are managed by crypto exchange heavy Bitstamp.

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