United Arab Emirates Consider to Officially Recognize Bitcoin, Work on Regulatory Framework

Following in the footsteps of the Philippines and China, the government of the United Arab Emirates (UAE) and its Central Bank plan to provide a clear regulatory framework on the usability of Bitcoin and operations of digital currency exchanges in the near future. On Jan. 1, 2017, the Central Bank of UAE published a document entitled “Regulatory Framework For Stored Values and Electronic Payment System” with a vision of leading market adoption digital payments and fintech technologies within the UAE. Is Bitcoin legal in UAE? One section of the document called D.7.3 explicitly prohibited the usage of virtual currencies, disallowing digital currency transactions and trading. The document led to various controversial discussions within the UAE Bitcoin...

LEOcoin Foundation Chairman Dan Andersson Discusses Competition with Bitcoin, and Future Expansion

LEOcoin Foundation Chairman Dan Andersson Discusses Competition with Bitcoin, and Future Expansion

In this latest interview with LEOcoin Foundation’s Chairman Dan Andersson, NewsBTC discusses the cryptocurrency’s performance in 2016, Bitcoin’s uptrend, and LEOcoin’s new services in 2017. How did LEOcoin fare in 2016? Dan Andersson: LEOcoin did well in 2016. Even if we regard it as a transition year. In terms of price, in February 2016, the price was around $0.04, currently the price is around ten times that. This is phenomenal development in just one year. Additionally, during 2016, LEOcoin was added to more and more exchanges giving solid increases to daily traded volumes. This has included being added to a major Chinese exchange as well as multiple English language exchanges. The most significant change for LEOcoin was the successful...

Bank of Canada: Digital Currencies Need Regulation to Grow

Researchers from the Bank of Canada maintain that digital currencies such as bitcoin need government intervention for it to flourish long-term. The report, Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies [PDF], examines the period in Canada when private bank notes and government issued notes or ‘Dominion’ notes were in circulation at the same time in the 1800s. The report states that because the notes shared the same characteristics of today’s digital currencies, it can draw from the experience as to how today’s digital currencies might function. It adds that private digital currencies are likely to be counterfeited too. However, while a central bank can issue its own digital currency, it finds that doing so is unlikely to push out...

Bitcoin Price Strong at $1060, Chinese Exchanges And Regulators Form Alliance

Bitcoin price is maintaining a strong position at $1,060, which was considered an all-time high value for four straight years since 2013, prior to the fall of Mt. Gox. A large factor behind the speedy recovery and strong performance of Bitcoin price has been the resilience of the Chinese market and the development of the Japanese Bitcoin exchange market, that has transformed into a global powerhouse over the past few months. The Japanese market outpaced the US and Chinese Bitcoin markets On Feb. 17, in an article entitled “Size Matters: Japan Becomes Largest Bitcoin Exchange Market, Beats China and US,” Cointelegraph reported that the Japanese market outpaced the US and Chinese Bitcoin markets to become the largest Bitcoin exchange market in the world...

Monero Price Analysis – A 6% Loss Across USD and BTC Markets

Things are starting to look very bad for Monero all of a sudden. Whereas it was widely believed XMR would easily hold on to its US$13 price, things have started to decline in spectacular fashion. Significant losses are recorded in both the USD and BTC markets, indicate more money is flowing to bitcoin once again. Monero Goes Down The Slippery Slope It has to be said, an extended period of status quo will make investors and traders quite nervous. In the case of Monero, things have been relatively quiet for some time now, which means a big spike is coming soon. Unfortunately for XMR holders, this spike turned out to be a negative one, pushing the price to well below US$12.5 once again. It is a bit unclear where this sudden drop comes from, although one could argue...

Bitcoin Is Becoming A Favorite Long-term Investment Option

Bitcoin Is Becoming A Favorite Long-term Investment Option

Many people tout bitcoin as a way to hedge against future financial instability. In most cases, that is considered to be solid advice. Interestingly enough a bullion-related website has a poll discussing various alternative investment options. It is evident bitcoin is the clear leader in this regard, which is not entirely surprising. For quite some time now, investors have been looking for alternative ways to make money. Buying and trading stocks or foreign currencies have become a rather risky endeavor as of late. With little room to make a profit quickly, alternative solutions need to be created. Bitcoin provides an intriguing alternative, although not everyone may consider it to be  a viable investment option right now. A new poll on a bullion-related website...