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...

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...

New Zealand Court Rules Kim Dotcom Can Be Extradited to the U.S.

New Zealand’s high court has ruled that accused Internet pirate Kim Dotcom can be extradited to the United States, according to stuff.co.nz, a New Zealand news site. Dotcom’s lawyer said he will appeal to the Court of Appeal.   The U.S. claims Dotcom, a long-time bitcoin advocate, and associates Finn Batato, Bram der Kolk and Mathias Ortmann engaged in money laundering and copyright infringement, costing copyright holders more than $500 million. Largest U.S. Copyright Case The case has been called one of the largest copyright cases brought by the U.S. Today’s ruling comes more than five years after authorities raided Dotcom’s Auckland residence. The court ruled that the evidence established a case against Dotcom. It also ruled in favor of one of Dotcom’s...

Where Bitcoin and Banking Collide

Where Bitcoin and Banking Collide

Noelle Acheson is a 10-year veteran of company analysis, corporate finance and fund management, and is a member of CoinDesk’s product team. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered exclusively to our subscribers. A relatively quiet and traditionally isolated market is about to set a precedent that could change the blockchain sector. Last week, CoinDesk met with a group of representatives from some of Japan’s blockchain startups and enterprise players. Conversation revolved around the upcoming regulation of cryptocurrencies, and the impact it would have on industry business models. The consensus seemed to be that the new rules (a requirement to get a license from the Financial Services Agency,...