Cryptocurrencies live in a volatile, roller-coaster world, which Facebook is seeking to change with its new Libra digital money.

The new digital currency will be overseen by a nonprofit association and backed with real assets to serve as a reliable, stable form of globally accepted money that lives essentially on smartphones.

How do cryptocurrencies work?

To use <a href="https://www.wionews.com/world/libra-facebook-unveils-cryptocurrency-meant-to-be-new-global-currency-228282">currencies like Libra</a>, people will need to install software referred to as a digital wallet.

Several digital wallets are available, but one called Calibra is being built by a Facebook subsidiary for Apple- and Android-powered smartphones and integrated with the social network's Messenger and WhatsApp mobile services.

This system "lets everyone store their money securely in their phone," Calibra vice president of product Kevin Weil told AFP.

A digital wallet chosen by the user is linked to bank accounts or credit cards for transfers or online transactions.

"The same way you can pick any browser to go on the internet, you can pick any digital wallet," Weil said.

What are the advantages?

Libra was released as an open ecosystem, so any business or service may accept it for payments. Financial institutions could also offer credit or loans in Libra.

"Imagine storing your life savings in your house; it is safer to take it with you on the go on your phone," Weil said.

Calibra, for example, could be used to send money to friends or family members in another country, or shop at stores online or in the real world the same way they might use Apple Pay or Google Pay.

More than a billion people already use WhatsApp and Messenger to communicate, so providing a way to send money makes sense.

"Over time, as the Libra ecosystem grows and Libra is built into products and services, there will be more things you can just do with Libra," Weil said.

How is cash converted to crypto?&nbsp;

People without access to banks could go to currency exchange or merchant to convert cash into Libra.

Once on a smartphone, Libra could be sent text-message style, with recipients having the option to save it in their own wallets for future use or convert it to their local currency.

"We make it easy to go back and forth to local currency," Weil said.

"If you are unbanked, you will have locations like money exchanges that operate with Libra."

Currency exchange fees would be market-driven, but likely less than remittance fees charged by businesses that wire funds.

Calibra has built-in fraud and password recovery protections, and there is a "know-your-customer" process that requires people to initially provide some form of government identification.

"This is people's money; we feel a huge responsibility to keep it safe," Weil said.

Cryptocurrencies live in a volatile, roller-coaster world, which Facebook is seeking to change with its new Libra digital money. The new digital currency will be overseen by a nonprofit association and backed with real assets to serve as a reliable, stable form of globally accepted money that lives essentially on smartphones.

Cryptocurrencies live in a volatile, roller-coaster world, which Facebook is seeking to change with its new Libra digital money. The new digital currency will be overseen by a nonprofit association and backed with real assets to serve as a reliable, stable form of globally accepted money that lives essentially on smartphones. How do cryptocurrencies work? To use currencies like Libra, people will need to install software referred to as a digital wallet. Several digital wallets are available, but one called Calibra is being built by a Facebook subsidiary for Apple- and Android-powered smartphones and integrated with the social network's Messenger and WhatsApp mobile services. This system "lets everyone store their money securely in their phone," Calibra vice president of product Kevin Weil told AFP. A digital wallet chosen by the user is linked to bank accounts or credit cards for transfers or online transactions. "The same way you can pick any browser to go on the internet, you can pick any digital wallet," Weil said. What are the advantages? Libra was released as an open ecosystem, so any business or service may accept it for payments. Financial institutions could also offer credit or loans in Libra. "Imagine storing your life savings in your house; it is safer to take it with you on the go on your phone," Weil said. Calibra, for example, could be used to send money to friends or family members in another country, or shop at stores online or in the real world the same way they might use Apple Pay or Google Pay. More than a billion people already use WhatsApp and Messenger to communicate, so providing a way to send money makes sense. "Over time, as the Libra ecosystem grows and Libra is built into products and services, there will be more things you can just do with Libra," Weil said. How is cash converted to crypto? People without access to banks could go to currency exchange or merchant to convert cash into Libra. Once on a smartphone, Libra could be sent text-message style, with recipients having the option to save it in their own wallets for future use or convert it to their local currency. "We make it easy to go back and forth to local currency," Weil said. "If you are unbanked, you will have locations like money exchanges that operate with Libra." Currency exchange fees would be market-driven, but likely less than remittance fees charged by businesses that wire funds. Calibra has built-in fraud and password recovery protections, and there is a "know-your-customer" process that requires people to initially provide some form of government identification. "This is people's money; we feel a huge responsibility to keep it safe," Weil said.

How cryptocurrencies can replace other pay options

Facebook is set Tuesday to unveil a bid to bring <a href="https://www.wionews.com/world/facebooks-cryptocurrency-based-payments-system-gets-big-backers-reports-227004">cryptocurrency payments</a> into the mainstream, reportedly with the endorsement of governments and financial giants.&nbsp;

The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of <a href="https://www.wionews.com/world/facebook-plans-cryptocurrency-launch-next-year-report-221431">"blockchain" technologies</a> such as bitcoin.&nbsp;

Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber.

The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium.

Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news.

The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said.

Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month.

Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers.

With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned.

WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal.&nbsp;

Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that.

Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week.

It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.

Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants.

Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants. The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of "blockchain" technologies such as bitcoin. Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber. The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium. Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news. The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said. Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month. Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers. With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned. WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal. Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments. But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that. Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week. It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.

Facebook all set to unveil new cryptocurrency

The armed wing of Hamas is using increasingly complex methods of raising funds via bitcoin, researchers say, highlighting the difficulties regulators face in tracking cryptocurrency financing of outfits designated by some as terrorist groups.

Hamas shifts tactics in bitcoin fundraising, highlighting crypto risks

<a href="https://www.google.com/url?q=https://www.wionews.com/world/opinion-bitcoin-is-interesting-but-not-worth-investing-27266&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2mOO1bFnborPY9BfGg2sb6">Bitcoin</a>'s trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when the volume was just $845.7 million.

The original <a href="https://www.google.com/url?q=https://www.wionews.com/world/bitcoin-crashes-over-10-per-cent-on-bitstamp-27226&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggQMAQ&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1h4jzr1AO_DIQY_pRSorH9">cryptocurrency</a>, bitcoin has dropped more than 70 per cent since hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies.

A global regulatory crackdown led by the <a href="https://www.google.com/url?q=https://www.wionews.com/world/the-bitcoin-bubble-how-we-know-it-will-burst-26216&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggTMAU&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2olCDFuIwYQNKiEL5MOftR">US Securities and Exchange Commission</a> has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets.

Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the <a href="https://www.google.com/url?q=https://www.wionews.com/world/opinion-bitcoin-is-a-highly-speculative-investment-why-caution-is-required-26092&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggZMAc&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0m0lVK40Nce89zqY8Pa0_c">Bitstamp platform</a>, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.

TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies - Ripple and Stellar Lumens - over the last few months.

Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed.

TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019.

"An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said. 
&nbsp;

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny. Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when the volume was just $845.7 million. The original cryptocurrency, bitcoin has dropped more than 70 per cent since hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies. A global regulatory crackdown led by the US Securities and Exchange Commission has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets. Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the Bitstamp platform, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said. TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies - Ripple and Stellar Lumens - over the last few months. Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed. TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019. "An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said.

Bitcoin trading volume hits two-year low in March

Bitcoin suddenly spikes to top $5000

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the <a href="http://www.wionews.com/world/us-demands-access-for-us-diplomats-journalists-to-tibet-threatening-to-bar-chinese-officials-183865">United States</a> and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said.

One email targeting a St Louis-area middle school was traced by local investigators to an internet protocol, or IP, address in Moscow, the sheriff's office in Lincoln County, Missouri said.

But US government sources speaking on background to Reuters said that such findings were inconclusive and that federal investigators doubted that Russians or the Russian government were involved.

The officials cautioned that such an IP address does not prove it came from Russia because the sender could have electronically laid a false trail to cover up its true origin. They suggested instead that the flurry of emails were part of a widescale digital hoax.

The security scare began shortly before 2 pm EST as police departments in major US cities coast to coast began reporting on Twitter that numerous local businesses had received the menacing emails - awkwardly worded threats to set off a bomb unless a bitcoin payment of $20,000 were received.

Four hours into the security scare, no actual explosives had been found, authorities said. But the threats prompted brief evacuations of a Toronto subway station and a newspaper office in Raleigh, North Carolina. Some public schools and businesses also were evacuated as a precaution.

Lincoln County, Missouri, sheriff's spokesman Lieutenant Andy Binder said authorities bused the students from a middle school receiving one of the threats to another campus as a precaution, but the school was later determined to be safe and classes will resume there on Friday.

Among other cities where bomb threats were reported by authorities were Washington, New York, Detroit, San Francisco, Los Angeles, Oklahoma City, Denver, Ottawa, and Calgary, Alberta.

Police at the University of Wisconsin in Madison tweeted an image taken of one email threat found to be circulating that said in part: "Good day. There is an explosive device (lead azide) in the building where your company is conducted. It is assembled according to my guide. It is compact and it is covered up very carefully. It can not damage the structure of the building, but in case of its explosion you will get many wounded people."

The campus police tweet concludes by referring to the emails as "a SCAM happening nationwide."

The FBI and other federal agencies were alerted to the email chains, officials said.

"We are aware of threats being made in cities across the country," Rukelt Dalberis, an FBI spokesman in Los Angeles, told Reuters separately. "We remain in touch with our law enforcement partners. We encourage the public to remain vigilant and report suspicious activities that could represent a threat."

A similar wave of emailed hoax bomb threats in December 2015 prompted officials in Los Angeles to close the city's public school system, which national law enforcement officials later criticized as an overreaction.

Two weeks previously, a married couple inspired by Islamic State had killed 14 people at a California county office building in a shooting rampage.

A teenager with dual Israeli-US citizenship was arrested in Israel in March 2017 for making bomb threats to more than 100 Jewish organizations and Jewish community centers (JCCs) in dozens of US states over several months.

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the United States and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said.

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the United States and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said. One email targeting a St Louis-area middle school was traced by local investigators to an internet protocol, or IP, address in Moscow, the sheriff's office in Lincoln County, Missouri said. But US government sources speaking on background to Reuters said that such findings were inconclusive and that federal investigators doubted that Russians or the Russian government were involved. The officials cautioned that such an IP address does not prove it came from Russia because the sender could have electronically laid a false trail to cover up its true origin. They suggested instead that the flurry of emails were part of a widescale digital hoax. The security scare began shortly before 2 pm EST as police departments in major US cities coast to coast began reporting on Twitter that numerous local businesses had received the menacing emails - awkwardly worded threats to set off a bomb unless a bitcoin payment of $20,000 were received. Four hours into the security scare, no actual explosives had been found, authorities said. But the threats prompted brief evacuations of a Toronto subway station and a newspaper office in Raleigh, North Carolina. Some public schools and businesses also were evacuated as a precaution. Lincoln County, Missouri, sheriff's spokesman Lieutenant Andy Binder said authorities bused the students from a middle school receiving one of the threats to another campus as a precaution, but the school was later determined to be safe and classes will resume there on Friday. Among other cities where bomb threats were reported by authorities were Washington, New York, Detroit, San Francisco, Los Angeles, Oklahoma City, Denver, Ottawa, and Calgary, Alberta. Police at the University of Wisconsin in Madison tweeted an image taken of one email threat found to be circulating that said in part: "Good day. There is an explosive device (lead azide) in the building where your company is conducted. It is assembled according to my guide. It is compact and it is covered up very carefully. It can not damage the structure of the building, but in case of its explosion you will get many wounded people." The campus police tweet concludes by referring to the emails as "a SCAM happening nationwide." The FBI and other federal agencies were alerted to the email chains, officials said. "We are aware of threats being made in cities across the country," Rukelt Dalberis, an FBI spokesman in Los Angeles, told Reuters separately. "We remain in touch with our law enforcement partners. We encourage the public to remain vigilant and report suspicious activities that could represent a threat." A similar wave of emailed hoax bomb threats in December 2015 prompted officials in Los Angeles to close the city's public school system, which national law enforcement officials later criticized as an overreaction. Two weeks previously, a married couple inspired by Islamic State had killed 14 people at a California county office building in a shooting rampage. A teenager with dual Israeli-US citizenship was arrested in Israel in March 2017 for making bomb threats to more than 100 Jewish organizations and Jewish community centers (JCCs) in dozens of US states over several months.

Bomb threats demanding bitcoin sweep US, Canada, none found credible

A Pakistan-born woman has pleaded guilty to providing material support to the Islamic State (ISIS) by participating in a scheme under which she wired over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the terror group.&nbsp;

Zoobia Shahnaz, 27, of Brentwood, New York, pleaded guilty before US District Judge Joanna Seybert, Assistant Attorney General for National Security John C Demers said.&nbsp;

According to a report in The Wall Street Journal last December, Pakistan-born Shahnaz was a naturalized US citizen. She had come to the US using a family-based immigration system, under which she had got the US visa because of her family ties.&nbsp;

According to court filings and facts presented at the plea hearing, between March 2017 and the date of her attempted travel to Syria on July 31, 2017, Shahnaz engaged in a scheme to defraud numerous financial institutions.&nbsp;

Specifically, Shahnaz obtained a loan for approximately $ 22,500 by way of materially false pretenses, representations and promises. She also fraudulently applied for and used over a dozen credit cards, which she used to purchase approximately $ 62,000 in Bitcoin and other cryptocurrencies online. She then engaged in a pattern of financial activity, culminating in several wire transactions totalling over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the ISIS.&nbsp;

During the time she was committing bank fraud and laundering money overseas, she was accessing ISIS propaganda online, including violent jihad-related websites and message boards, and social media and messaging pages of known ISIS recruiters, facilitators and financiers.&nbsp;

Additionally, she conducted numerous internet searches for information that would facilitate her entry into Syria, but ultimately was intercepted by the Joint Terrorism Task Force (JTTF) at John F Kennedy International Airport while attempting to board a flight with a multi-day layover in Istanbul&nbsp;a common point of entry for individuals travelling from Western countries to join the ISIS in Syria, prosecutors said.&nbsp;

As part of her plea agreement with the government, Shahnaz admitted to defrauding numerous financial institutions and laundering the stolen proceeds out of the country with the intent to support a specified unlawful activity, namely the provision of material support to ISIS, after which she attempted to leave the United States and travel to Syria.&nbsp;

Shahnaz faces up to 20 years in prison, as well as restitution, criminal forfeiture and a fine.

A Pakistan-born woman has pleaded guilty to providing material support to the Islamic State (ISIS) by participating in a scheme under which she wired over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the terror group.

A Pakistan-born woman has pleaded guilty to providing material support to the Islamic State (ISIS) by participating in a scheme under which she wired over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the terror group. Zoobia Shahnaz, 27, of Brentwood, New York, pleaded guilty before US District Judge Joanna Seybert, Assistant Attorney General for National Security John C Demers said. According to a report in The Wall Street Journal last December, Pakistan-born Shahnaz was a naturalized US citizen. She had come to the US using a family-based immigration system, under which she had got the US visa because of her family ties. According to court filings and facts presented at the plea hearing, between March 2017 and the date of her attempted travel to Syria on July 31, 2017, Shahnaz engaged in a scheme to defraud numerous financial institutions. Specifically, Shahnaz obtained a loan for approximately $ 22,500 by way of materially false pretenses, representations and promises. She also fraudulently applied for and used over a dozen credit cards, which she used to purchase approximately $ 62,000 in Bitcoin and other cryptocurrencies online. She then engaged in a pattern of financial activity, culminating in several wire transactions totalling over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the ISIS. During the time she was committing bank fraud and laundering money overseas, she was accessing ISIS propaganda online, including violent jihad-related websites and message boards, and social media and messaging pages of known ISIS recruiters, facilitators and financiers. Additionally, she conducted numerous internet searches for information that would facilitate her entry into Syria, but ultimately was intercepted by the Joint Terrorism Task Force (JTTF) at John F Kennedy International Airport while attempting to board a flight with a multi-day layover in Istanbul a common point of entry for individuals travelling from Western countries to join the ISIS in Syria, prosecutors said. As part of her plea agreement with the government, Shahnaz admitted to defrauding numerous financial institutions and laundering the stolen proceeds out of the country with the intent to support a specified unlawful activity, namely the provision of material support to ISIS, after which she attempted to leave the United States and travel to Syria. Shahnaz faces up to 20 years in prison, as well as restitution, criminal forfeiture and a fine.

US: Pakistan-born woman pleads guilty to providing material support to IS

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017.

Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum. As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017. Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin breaches $5,000, plumbs fresh 13-month low

Bollywood actress Shilpa Shetty's husband Raj Kundra was summoned to Enforcement Directorate(ED) today in connection with I-T department's notice to bitcoin users who were conducting transaction of more than 1 crore per day.

The ED is examining alleged money laundering and fraud in bitcoin transactions.

In December, the Reserve Bank of India(RBI) had cautioned users of bitcoin for the third time citing potential economic, financial, operational, legal, customer protection and security related risks.

The London-born businessman was earlier embroiled in the IPL scandal after he confessed to betting in Rajasthan Royals matches. The Supreme Court had imposed a life ban on Kundra from entering cricket stadium in India.

The London-born businessman was earlier embroiled in the IPL scandal

Bollywood actress Shilpa Shetty's husband Raj Kundra was summoned to Enforcement Directorate(ED) today in connection with I-T department's notice to bitcoin users who were conducting transaction of more than 1 crore per day. The ED is examining alleged money laundering and fraud in bitcoin transactions. In December, the Reserve Bank of India(RBI) had cautioned users of bitcoin for the third time citing potential economic, financial, operational, legal, customer protection and security related risks. The London-born businessman was earlier embroiled in the IPL scandal after he confessed to betting in Rajasthan Royals matches. The Supreme Court had imposed a life ban on Kundra from entering cricket stadium in India.

ED summons Shilpa Shetty's husband Raj Kundra in bitcoin probe

A mosque in London has started accepting donations in cryptocurrency Bitcoin, reports said.

News agency Reuters reported while quoting a mosque leader saying that the Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees.

"For a donor that already has a bitcoin or an ethereum account, the effort of converting cryptocurrency into say British pounds or dollars can be quite burdensome. The mosque effectively takes the burden on themselves," said blockchain consultant Lukasz Musial, who helped the mosque set up the technology, Reuters reported.

Whether the cryptocurrency&nbsp; Bitcoin is permissible in Islamic law, it has been a constant topic of arguments among the scholars of the Islamic religion.&nbsp;

Media reports last month said that the Sharia Law declared Bition halal in Islamc law. But, Egypt's Grand Mufti has said that it is not permitted as per the Islamic law.

However, Shacklewell's imam Abdalla Adeyemi has defended the mosque's decision.

"Bitcoin is like any other currency. It's accepted by a group of people, We ourselves are not trading. We are not involved, we are a charity," Adeyemi told Reuters.

The Reuters report further quoted mosque saying that it is one of the handful mosques to accept cryptocurrencies out of hundreds in London.

According to the report the mosque is expecting to double its donations this year to more than $13,000.

As per Islamic law, the followers of the religion&nbsp;are obliged to give 2.5 per cent of their wealth to the charity in the holy month of Ramazan. 
&nbsp; 
Bitcoin is cryptocurrency and worldwide payment system. it is the first decentraliszed digital currency in which the system workd with out any intermediary.

The system is designed to work as a peer-to-peer network hwere trancations take place directly between users.

However, the usage of Bitcoin is no accepatable as a legal form of money in the majority of the country. 
&nbsp; 
&nbsp; 
&nbsp;

The Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees

A mosque in London has started accepting donations in cryptocurrency Bitcoin, reports said. News agency Reuters reported while quoting a mosque leader saying that the Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees. "For a donor that already has a bitcoin or an ethereum account, the effort of converting cryptocurrency into say British pounds or dollars can be quite burdensome. The mosque effectively takes the burden on themselves," said blockchain consultant Lukasz Musial, who helped the mosque set up the technology, Reuters reported. Whether the cryptocurrency Bitcoin is permissible in Islamic law, it has been a constant topic of arguments among the scholars of the Islamic religion. Media reports last month said that the Sharia Law declared Bition halal in Islamc law. But, Egypt's Grand Mufti has said that it is not permitted as per the Islamic law. However, Shacklewell's imam Abdalla Adeyemi has defended the mosque's decision. "Bitcoin is like any other currency. It's accepted by a group of people, We ourselves are not trading. We are not involved, we are a charity," Adeyemi told Reuters. The Reuters report further quoted mosque saying that it is one of the handful mosques to accept cryptocurrencies out of hundreds in London. According to the report the mosque is expecting to double its donations this year to more than $13,000. As per Islamic law, the followers of the religion are obliged to give 2.5 per cent of their wealth to the charity in the holy month of Ramazan. Bitcoin is cryptocurrency and worldwide payment system. it is the first decentraliszed digital currency in which the system workd with out any intermediary. The system is designed to work as a peer-to-peer network hwere trancations take place directly between users. However, the usage of Bitcoin is no accepatable as a legal form of money in the majority of the country.

London mosque now accepts bitcoin in donation

The US Department of Justice has launched a&nbsp;criminal&nbsp;probe&nbsp;into whether traders are manipulating the&nbsp;price&nbsp;of&nbsp;bitcoin&nbsp;and other digital currencies, Bloomberg&nbsp;reported on Thursday.

The investigation concerns illegal practices that can influence&nbsp;prices such as spoofing, or flooding the market with fake orders to trick other traders, Bloomberg said, citing four people familiar with the matter.

Federal prosecutors are working with the Commodity Futures Trading Commission (CFTC), the report&nbsp;added.

Neither the Justice Department nor the CFTC was immediately available for comment.

The investigation concerns illegal practices that can influence prices such as spoofing or flooding the market with fake orders to trick other traders

The US Department of Justice has launched a criminal probe into whether traders are manipulating the price of bitcoin and other digital currencies, Bloomberg reported on Thursday. The investigation concerns illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders, Bloomberg said, citing four people familiar with the matter. Federal prosecutors are working with the Commodity Futures Trading Commission (CFTC), the report added. Neither the Justice Department nor the CFTC was immediately available for comment.

US launches criminal probe into bitcoin price manipulation: Report

Facebook is now exploring the option of creating its own cryptocurrency, report said on Saturday.&nbsp;

According to the tech website Cheddar, Facebook is "very serious about it".&nbsp;

The social media giant has not given out too much information but they plan to use cryptocurrency primarily for facilitating payments on the website.&nbsp;

As per further reports, the company is also trying other ways to leverage the tokenized digital currency and its underlying blockchain technology across its platform, too.'

The idea was developed by David Marcus, who had was reportedly leading a new blockchain division at Facebook “to explore how to best leverage Blockchain across Facebook, starting from scratch.” Before joining the company, he was the president of PayPal, which facilitates transactions between users in Facebook’s Messenger app.

Global spending on Blockchain solutions is expected to reach $2.1 billion in 2018, more than double of the $945 million spent in 2017, market research firm International Data Corporation (IDC) said earlier this year.&nbsp;

Facebook has over two billion users globally and launching cryptocurrency will allow them to make payments using a virtual currency like Bitcoin.&nbsp; 
&nbsp;

The social media giant has not given out too much information but they plan to use cryptocurrency primarily for facilitating payments on the website

Facebook is now exploring the option of creating its own cryptocurrency, report said on Saturday. According to the tech website Cheddar, Facebook is "very serious about it". The social media giant has not given out too much information but they plan to use cryptocurrency primarily for facilitating payments on the website. As per further reports, the company is also trying other ways to leverage the tokenized digital currency and its underlying blockchain technology across its platform, too.' The idea was developed by David Marcus, who had was reportedly leading a new blockchain division at Facebook “to explore how to best leverage Blockchain across Facebook, starting from scratch.” Before joining the company, he was the president of PayPal, which facilitates transactions between users in Facebook’s Messenger app. Global spending on Blockchain solutions is expected to reach $2.1 billion in 2018, more than double of the $945 million spent in 2017, market research firm International Data Corporation (IDC) said earlier this year. Facebook has over two billion users globally and launching cryptocurrency will allow them to make payments using a virtual currency like Bitcoin.

Facebook planning to create its own cryptocurrency: Reports

Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as "rat poison squared," thrive on the hope they'll find other people who will pay more for it.

Likening bitcoin demand to the tulip bulb mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has caused its price to surge.

"If you don't understand it, you get much more excited," Buffett said on CNBC television. "People like to speculate, they like to gamble."

He said investors now are much better off owning US&nbsp;stocks, whose prices are elevated but not in a "bubble," and it would take a "nanosecond" for him to choose stocks over 10- or 30-year U.S. government bonds now yielding around 3 percent.

Charlie Munger, Buffett's longtime business partner and a Berkshire vice chairman, is also no bitcoin fan, describing it as "worthless artificial gold." He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable."

Buffett, 87, and Munger, 94, spoke two days after they presided at Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people.

It was the first meeting since Berkshire elevated longtime executives Greg Abel and Ajit Jain to vice chairmen, making them top contenders to replace Buffett as chief executive.

Buffett said their promotions have been "very, very good" for the company.

Berkshire has said its board knows who would become chief executive if the need arose.

One of its members, Microsoft Corp co-founder Bill Gates, said on CNBC "it's not a horse race" between Abel and Jain.

Buffett renewed his desire to spend some of Berkshire’s low-yielding cash on a major acquisition. He said he would be happier if Berkshire had $30 billion of cash and equivalents, not the $108.6 billion it reported holding at the end of March.

"If a $100 billion deal came along that Charlie and I really liked, we’d get it done," he said.

Buffett revealed last week Berkshire had bought about 75 million additional Apple Inc shares in the first quarter, adding to the 165.3 million it already owns. It now has a 5 percent stake in the iPhone maker, trailing only Vanguard Group and BlackRock Inc.

Buffett said he would be happy to see the Apple share price fall if it would spur repurchases.

Munger, meanwhile, said Berkshire may have been "a little too restrained" in buying Apple, saying "it's reasonably priced and strong." He added: "I wished we owned more of it."

Buffett also said the list of CEO candidates has been "narrowed down" for the healthcare venture between Berkshire, Amazon.com and JPMorgan Chase. He said choosing the CEO will be "by far the most difficult decision we will make."

Likening bitcoin demand to the tulip bulb mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has caused its price to surge

Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as "rat poison squared," thrive on the hope they'll find other people who will pay more for it. Likening bitcoin demand to the tulip bulb mania in 17th century Holland, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has caused its price to surge. "If you don't understand it, you get much more excited," Buffett said on CNBC television. "People like to speculate, they like to gamble." He said investors now are much better off owning US stocks, whose prices are elevated but not in a "bubble," and it would take a "nanosecond" for him to choose stocks over 10- or 30-year U.S. government bonds now yielding around 3 percent. Charlie Munger, Buffett's longtime business partner and a Berkshire vice chairman, is also no bitcoin fan, describing it as "worthless artificial gold." He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable." Buffett, 87, and Munger, 94, spoke two days after they presided at Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people. It was the first meeting since Berkshire elevated longtime executives Greg Abel and Ajit Jain to vice chairmen, making them top contenders to replace Buffett as chief executive. Buffett said their promotions have been "very, very good" for the company. Berkshire has said its board knows who would become chief executive if the need arose. One of its members, Microsoft Corp co-founder Bill Gates, said on CNBC "it's not a horse race" between Abel and Jain. Buffett renewed his desire to spend some of Berkshire’s low-yielding cash on a major acquisition. He said he would be happier if Berkshire had $30 billion of cash and equivalents, not the $108.6 billion it reported holding at the end of March. "If a $100 billion deal came along that Charlie and I really liked, we’d get it done," he said. Buffett revealed last week Berkshire had bought about 75 million additional Apple Inc shares in the first quarter, adding to the 165.3 million it already owns. It now has a 5 percent stake in the iPhone maker, trailing only Vanguard Group and BlackRock Inc. Buffett said he would be happy to see the Apple share price fall if it would spur repurchases. Munger, meanwhile, said Berkshire may have been "a little too restrained" in buying Apple, saying "it's reasonably priced and strong." He added: "I wished we owned more of it." Buffett also said the list of CEO candidates has been "narrowed down" for the healthcare venture between Berkshire, Amazon.com and JPMorgan Chase. He said choosing the CEO will be "by far the most difficult decision we will make."

Warren Buffett bashes bitcoin, says stocks are better

Vietnam has vowed to tighten regulations on cryptocurrencies as authorities investigate an alleged multi-million-dollar fraud in the country, where digital units are traded in a shadowy and unregulated market.&nbsp

Paying with cryptocurrencies is illegal in Vietnam, where they are not recognised as a legitimate tender by the central bank. However, there are currently no laws explicitly banning the possession of assets such as Bitcoin and Ethereum.

A directive signed by Prime Minister Nguyen Xuan Phuc on Wednesday called for new rules to "strengthen the management of activities related to cryptocurrencies".

It comes after a Vietnam company, Modern Tech Jsc, was accused of scamming $660 million from tens of thousands of people who bought iFan and Pincoin cryptocurrencies, according to state media.&nbsp

The Ho Chi Minh City-based company promised to repay clients monthly interest -- and more if they could attract other customers -- but has been slow to pay them back as the value of iFan and Pincoin slumps, VNExpress reported.&nbsp

City authorities have asked police to investigate.

Investing and trading the currencies is "increasingly complicated and threatens to affect the stability of the market, social order... (and) can pose great risks to organisations and individuals involved", the new directive said.

It warned financial institutions against accepting the currencies and said authorities would "detect and handle" those dealing in the illegal currency.&nbsp

A cryptocurrency investor in Vietnam said he may consider moving business elsewhere after the announcement.&nbsp

"Since the government wants to tighten regulations on cryptocurrency, I may not invest in cryptocurrency in Vietnam, maybe... in other countries," he told AFP, asking not to be named.&nbsp

Vietnam said last year it would consider developing a legal framework to manage cryptocurrencies and digital assets as they increase in popularity in the country.&nbspBitcoin and other cryptocurrencies operate independent of governments and banks.&nbsp

Exchanges in the currencies, which use blockchain technology, have seen tremendous volatility and sparked concerns they can be used to launder money for criminal networks.

A cryptocurrency investor in Vietnam said he may consider moving business elsewhere after the announcement.

Vietnam has vowed to tighten regulations on cryptocurrencies as authorities investigate an alleged multi-million-dollar fraud in the country, where digital units are traded in a shadowy and unregulated market. Paying with cryptocurrencies is illegal in Vietnam, where they are not recognised as a legitimate tender by the central bank. However, there are currently no laws explicitly banning the possession of assets such as Bitcoin and Ethereum. A directive signed by Prime Minister Nguyen Xuan Phuc on Wednesday called for new rules to "strengthen the management of activities related to cryptocurrencies". It comes after a Vietnam company, Modern Tech Jsc, was accused of scamming $660 million from tens of thousands of people who bought iFan and Pincoin cryptocurrencies, according to state media. The Ho Chi Minh City-based company promised to repay clients monthly interest -- and more if they could attract other customers -- but has been slow to pay them back as the value of iFan and Pincoin slumps, VNExpress reported. City authorities have asked police to investigate. Investing and trading the currencies is "increasingly complicated and threatens to affect the stability of the market, social order... (and) can pose great risks to organisations and individuals involved", the new directive said. It warned financial institutions against accepting the currencies and said authorities would "detect and handle" those dealing in the illegal currency. A cryptocurrency investor in Vietnam said he may consider moving business elsewhere after the announcement. "Since the government wants to tighten regulations on cryptocurrency, I may not invest in cryptocurrency in Vietnam, maybe... in other countries," he told AFP, asking not to be named. Vietnam said last year it would consider developing a legal framework to manage cryptocurrencies and digital assets as they increase in popularity in the country.&nbspBitcoin and other cryptocurrencies operate independent of governments and banks. Exchanges in the currencies, which use blockchain technology, have seen tremendous volatility and sparked concerns they can be used to launder money for criminal networks.

Vietnam to strengthen cryptocurrency regulation: PM Nguyen Xuan Phuc

Japan`s financial regulator on Thursday punished seven cryptocurrency exchanges, suspending business at the two of them, in an effort to shore up consumer protection after the $530 million theft of digital money from Tokyo-based Coincheck.

A senior official at the Financial Services Agency told reporters at a briefing on Thursday it had confirmed Coincheck had funding to reimburse its customers for digital NEM coins stolen from its exchange. It said the company would announce details of its reimbursement plan later in the day.

The regulator issued business improvement orders to Coincheck and six other exchanges, saying the seven exchanges lacked the proper and required internal control systems.

It ordered the suspension of operations at two of them, Bit Station and FSHO, for one month starting Thursday.

FSA said a senior employee at Bit Station was found to have used customers` bitcoin for the person`s own purposes. The agency said the exchange, which has been allowed to operate on a provisional basis, dropped its application to become an authorised exchange.

Bit Station, FSHO and Coincheck did not immediately respond to emailed requests for comment.

The FSA said Coincheck lacked a proper internal control system for risks such as money laundering and terrorism financing.

The FSA said Coincheck lacked a proper internal control system

Japan`s financial regulator on Thursday punished seven cryptocurrency exchanges, suspending business at the two of them, in an effort to shore up consumer protection after the $530 million theft of digital money from Tokyo-based Coincheck. A senior official at the Financial Services Agency told reporters at a briefing on Thursday it had confirmed Coincheck had funding to reimburse its customers for digital NEM coins stolen from its exchange. It said the company would announce details of its reimbursement plan later in the day. The regulator issued business improvement orders to Coincheck and six other exchanges, saying the seven exchanges lacked the proper and required internal control systems. It ordered the suspension of operations at two of them, Bit Station and FSHO, for one month starting Thursday. FSA said a senior employee at Bit Station was found to have used customers` bitcoin for the person`s own purposes. The agency said the exchange, which has been allowed to operate on a provisional basis, dropped its application to become an authorised exchange. Bit Station, FSHO and Coincheck did not immediately respond to emailed requests for comment. The FSA said Coincheck lacked a proper internal control system for risks such as money laundering and terrorism financing.

Japan punishes seven cryptocurrency exchanges over lapses

There has been an interesting twist in the world of cryptocurrencies. While India is linking the concept of Bitcoin to a Ponzi scheme and is dismissing the idea of making it legal, many countries, on the other hand, have been aggressively working on issuing their own virtual currencies. Interestingly, a couple of them have already released state-backed digital tokens.&nbsp;

Cryptocurrencies, such as Bitcoin and Ethereum have gained momentum in the last few months.

And it&rsquo;s not just private players which are backing this new-age currency. In fact, governments across the globe have also started to consider releasing their own cryptocurrencies.&nbsp;

Countries such as China, Estonia, and Iran have already floated ideas for their own digital currency.

&nbsp;Venezuela has gone ahead and released the world&rsquo;s first sovereign cryptocurrency - the Petro. The oil-backed digital token raised about 735 million us dollars on the first day of its pre-sale earlier this month. The country is now preparing for a new cryptocurrency called &quot;petro gold&quot; that will be backed by precious metals.

Apart from Venezuela, the Marshall Islands are also going to issue a cryptocurrency that will be circulated as legal tender. The new currency will be called SOV and it will act like regular money.&nbsp;

Its legal tender status has been approved by the country&rsquo;s parliament. It&rsquo;s interesting to note that the country has capped the SOV supply at 24 million tokens in order to prevent inflation.

While some countries are in the process of issuing digital currencies, others are still working on regulations to govern them. For instance, Switzerland has started to treat some digital currencies as securities under regulatory guidelines. &nbsp;

Singapore&#39;s central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies. Other countries like South Korea, where trading in cryptocurrencies is more popular, are also looking at more efficient ways to regulate them.

But India has taken a different path. The country is planning to bar cryptocurrencies from its payments system. India&#39;s finance ministry has already cautioned investors about the risks of trading in cryptocurrencies. While many countries are embracing cryptocurrencies, there is still speculation whether it can transform economies into cashless societies. &nbsp;

&nbsp;

The article was written with inputs from Reuters.

&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;

While many countries are embracing cryptocurrencies, India's finance ministry has cautioned investors about the risks of trading in cryptocurrencies

There has been an interesting twist in the world of cryptocurrencies. While India is linking the concept of Bitcoin to a Ponzi scheme and is dismissing the idea of making it legal, many countries, on the other hand, have been aggressively working on issuing their own virtual currencies. Interestingly, a couple of them have already released state-backed digital tokens. Cryptocurrencies, such as Bitcoin and Ethereum have gained momentum in the last few months. And it’s not just private players which are backing this new-age currency. In fact, governments across the globe have also started to consider releasing their own cryptocurrencies. Countries such as China, Estonia, and Iran have already floated ideas for their own digital currency. Venezuela has gone ahead and released the world’s first sovereign cryptocurrency - the Petro. The oil-backed digital token raised about 735 million us dollars on the first day of its pre-sale earlier this month. The country is now preparing for a new cryptocurrency called "petro gold" that will be backed by precious metals. Apart from Venezuela, the Marshall Islands are also going to issue a cryptocurrency that will be circulated as legal tender. The new currency will be called SOV and it will act like regular money. Its legal tender status has been approved by the country’s parliament. It’s interesting to note that the country has capped the SOV supply at 24 million tokens in order to prevent inflation. While some countries are in the process of issuing digital currencies, others are still working on regulations to govern them. For instance, Switzerland has started to treat some digital currencies as securities under regulatory guidelines. Singapore's central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies. Other countries like South Korea, where trading in cryptocurrencies is more popular, are also looking at more efficient ways to regulate them. But India has taken a different path. The country is planning to bar cryptocurrencies from its payments system. India's finance ministry has already cautioned investors about the risks of trading in cryptocurrencies. While many countries are embracing cryptocurrencies, there is still speculation whether it can transform economies into cashless societies. The article was written with inputs from Reuters. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: While the world plans to embrace cryptocurrencies, India is suspicious

A Japanese cryptocurrency exchange undergoing checks by regulators has said a system failure let investors briefly trade a digital currency for zero yen, highlighting security concerns about such assets after last month&#39;s cyber heist at Coincheck Inc.

Zaif, an exchange run by Osaka-based Tech Bureau Corp, said on Tuesday a problem in its price calculation system allowed seven customers to trade a cryptocurrency with no yen value for around 20 minutes on February&nbsp;16th.

It was unclear if the customers realised they were trading the digital asset for zero yen, or were somehow blindsided for a brief moment.

The exchange said it had corrected the customers&#39; balances to account for any trades of the cryptocurrency made at zero yen. It added that it had resolved the issue with six of the customers and was still doing so with the remaining one.

Zaif did not give further details, or identify the cryptocurrency affected by the system error. Tech Bureau officials were not immediately available for further comment.

The incident comes after hackers stole $530 million in digital money from Coincheck last month, sparking checks by regulators of Japan&#39;s other exchange operators, including Tech Bureau.

The Financial Services Agency launched on-site checks at Tech Bureau because it saw the exchange as potentially vulnerable to cyber-attacks, a person with direct knowledge of the matter told Reuters on Feb. 9.

Japan last year rolled out the world&#39;s first system to oversee cryptocurrency exchanges, in a bid to protect customers, stamp out illegal uses of cryptocurrencies as it sought to nurture a young and promising sector.

Zaif is one of 16 cryptocurrency exchanges registered with the government. Regulators have allowed a further 16, including Coincheck, to continue operating pending full registration.

It was unclear if the customers realised they were trading the digital asset for zero yen, or were somehow blindsided for a brief moment.

A Japanese cryptocurrency exchange undergoing checks by regulators has said a system failure let investors briefly trade a digital currency for zero yen, highlighting security concerns about such assets after last month's cyber heist at Coincheck Inc. Zaif, an exchange run by Osaka-based Tech Bureau Corp, said on Tuesday a problem in its price calculation system allowed seven customers to trade a cryptocurrency with no yen value for around 20 minutes on February 16th. It was unclear if the customers realised they were trading the digital asset for zero yen, or were somehow blindsided for a brief moment. The exchange said it had corrected the customers' balances to account for any trades of the cryptocurrency made at zero yen. It added that it had resolved the issue with six of the customers and was still doing so with the remaining one. Zaif did not give further details, or identify the cryptocurrency affected by the system error. Tech Bureau officials were not immediately available for further comment. The incident comes after hackers stole $530 million in digital money from Coincheck last month, sparking checks by regulators of Japan's other exchange operators, including Tech Bureau. The Financial Services Agency launched on-site checks at Tech Bureau because it saw the exchange as potentially vulnerable to cyber-attacks, a person with direct knowledge of the matter told Reuters on Feb. 9. Japan last year rolled out the world's first system to oversee cryptocurrency exchanges, in a bid to protect customers, stamp out illegal uses of cryptocurrencies as it sought to nurture a young and promising sector. Zaif is one of 16 cryptocurrency exchanges registered with the government. Regulators have allowed a further 16, including Coincheck, to continue operating pending full registration.

Japanese cryptocurrency exchange trips up trade, trades in zero yen

South Korea said on Wednesday it will take firm action against illegal and unfair acts in cryptocurrency trading after a 280,000 signature petition was sent to the presidential Blue House.

&quot;The government&#39;s basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology,&quot; Hong Nam-ki, minister of the office for government policy co-ordination said in a statement.

The petition was made after the justice minister said in January that the government may shut down cryptocurrency exchanges. It demanded that the government never impose unreasonable regulation on virtual currency trading.

The government has to produce an official response within a month for a petition that gathers more than 200,000 signatures.

South Korea, which has become a cryptocurrency trading hub after a market frenzy that attracted even housewives and students, has already imposed some regulations on cryptocurrency trading.

It banned the use of anonymous bank accounts for virtual coin trading as of January 30, but said it does not intend to go as far as shutting down domestic exchanges.

&quot;But, the government is still divided with many opinions ranging from an outright ban on cryptocurrency trading to bringing the institutions that handle the currency into the system,&quot; Hong said, adding that the government will thoroughly review the industry within global norms.

South Korea will also develop ways to tax virtual currencies, led by the finance ministry, and should announce measures within the first half of the year to develop the blockchain industry, Hong added.

South Korea has banned the use of anonymous bank accounts for virtual coin trading as of January 30

South Korea said on Wednesday it will take firm action against illegal and unfair acts in cryptocurrency trading after a 280,000 signature petition was sent to the presidential Blue House. "The government's basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology," Hong Nam-ki, minister of the office for government policy co-ordination said in a statement. The petition was made after the justice minister said in January that the government may shut down cryptocurrency exchanges. It demanded that the government never impose unreasonable regulation on virtual currency trading. The government has to produce an official response within a month for a petition that gathers more than 200,000 signatures. South Korea, which has become a cryptocurrency trading hub after a market frenzy that attracted even housewives and students, has already imposed some regulations on cryptocurrency trading. It banned the use of anonymous bank accounts for virtual coin trading as of January 30, but said it does not intend to go as far as shutting down domestic exchanges. "But, the government is still divided with many opinions ranging from an outright ban on cryptocurrency trading to bringing the institutions that handle the currency into the system," Hong said, adding that the government will thoroughly review the industry within global norms. South Korea will also develop ways to tax virtual currencies, led by the finance ministry, and should announce measures within the first half of the year to develop the blockchain industry, Hong added.

South Korea vows to crack down on cryptocurrency trading

Cryptocurrencies fell Friday after Japan-based digital exchange Coincheck suspended client deposits and withdrawals for virtual currencies except for bitcoin, saying it had been hacked.

Also read:&nbsp;<a href="http://www.wionews.com/world/hackers-steal-530-million-from-cryptocurrency-exchange-in-japan-30891" target="_blank">Hackers steal $530 million from cryptocurrency exchange in Japan</a>

Coincheck said it was investigating &quot;unauthorised access&quot; of the exchange that appeared to result in a loss worth half a billion US dollars of NEM, the 10th biggest cryptocurrency by market capitalisation.

&quot;At 3 am (1800 GMT) today, 523 million NEMs were sent from the NEM address of Coincheck. It&#39;s worth 58 billion yen based on the calculation at the rate when detected,&quot; said Coincheck&#39;s chief operating officer Yusuke Otsuka late Friday.

&quot;We&#39;re still examining how many of our customers are affected,&quot; he said, adding that the exchange was trying to find out whether the breach was from Japan or another country.

After the exchange suspended deposits and withdrawals, NEM plunged more than 16 percent in a 24-hour period, according to CoinMarketCap.com.

Major virtual currencies had rebounded slightly by late Friday but were still down, with Bitcoin dropping 2.13 percent to $10,987.70, ripple sliding more than six percent and ethereum flat.

Coincheck said it had discovered the breach at 11.25 am and announced it had suspended trading for all cryptocurrencies apart from bitcoin in a series of tweets.

According to its website, which proclaims it is &quot;the leading bitcoin and cryptocurrency exchange in Asia&quot;, Tokyo-based Coincheck was founded in 2012 and had 71 employees as of July last year.

In 2014 major Tokyo-based bitcoin exchange MtGox collapsed after admitting that 850,000 coins -- worth around $480 million at the time -- had disappeared from its vaults.

Bitcoin is recognised as legal tender in Japan and nearly one third of global bitcoin transactions in December were denominated in yen, according to specialist website jpbitcoin.com.

The virtual currency is well down from record highs approaching $20,000 in late December, having rocketed 25-fold last year, before being hit by concerns about a bubble and worries about crackdowns on trading it.

Billionaire investor George Soros, known for his legendarily successful currency trading, has dismissed bitcoin as a &quot;typical bubble&quot;.

But speaking Thursday at the Davos summit, he said the cryptocurrency would likely avoid a full crash because authoritarians would still use it to make secret investments abroad.

Major virtual currencies had rebounded slightly by late Friday but were still down, with Bitcoin dropping 2.13 percent to $10,987.70, ripple sliding more than six percent and ethereum flat.

Cryptocurrencies fell Friday after Japan-based digital exchange Coincheck suspended client deposits and withdrawals for virtual currencies except for bitcoin, saying it had been hacked. Also read: Hackers steal $530 million from cryptocurrency exchange in Japan Coincheck said it was investigating "unauthorised access" of the exchange that appeared to result in a loss worth half a billion US dollars of NEM, the 10th biggest cryptocurrency by market capitalisation. "At 3 am (1800 GMT) today, 523 million NEMs were sent from the NEM address of Coincheck. It's worth 58 billion yen based on the calculation at the rate when detected," said Coincheck's chief operating officer Yusuke Otsuka late Friday. "We're still examining how many of our customers are affected," he said, adding that the exchange was trying to find out whether the breach was from Japan or another country. After the exchange suspended deposits and withdrawals, NEM plunged more than 16 percent in a 24-hour period, according to CoinMarketCap.com. Major virtual currencies had rebounded slightly by late Friday but were still down, with Bitcoin dropping 2.13 percent to $10,987.70, ripple sliding more than six percent and ethereum flat. Coincheck said it had discovered the breach at 11.25 am and announced it had suspended trading for all cryptocurrencies apart from bitcoin in a series of tweets. According to its website, which proclaims it is "the leading bitcoin and cryptocurrency exchange in Asia", Tokyo-based Coincheck was founded in 2012 and had 71 employees as of July last year. In 2014 major Tokyo-based bitcoin exchange MtGox collapsed after admitting that 850,000 coins -- worth around $480 million at the time -- had disappeared from its vaults. Bitcoin is recognised as legal tender in Japan and nearly one third of global bitcoin transactions in December were denominated in yen, according to specialist website jpbitcoin.com. The virtual currency is well down from record highs approaching $20,000 in late December, having rocketed 25-fold last year, before being hit by concerns about a bubble and worries about crackdowns on trading it. Billionaire investor George Soros, known for his legendarily successful currency trading, has dismissed bitcoin as a "typical bubble". But speaking Thursday at the Davos summit, he said the cryptocurrency would likely avoid a full crash because authoritarians would still use it to make secret investments abroad.

Cryptocurrencies fall after hack hits Japan's Coincheck

South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from January 30, regulators said on Tuesday in a widely telegraphed move designed to stop virtual coins from being used for money laundering and other crimes.

The measure comes on top of stepped up efforts by Seoul to temper South Koreans&#39;&nbsp;obsession with cryptocurrencies.

Everyone from housewives to college students and office workers has rushed to trade the market despite warnings from global policymakers about investing in an asset that lacks broad regulatory oversight.&nbsp;

The bitcoin price in South Korea extended loss following the latest regulatory announcement, down 3.34 percent at $12,699 as of 0409 GMT, according to Bithumb, the country&#39;s second-largest virtual currency exchange.&nbsp;

Bitcoin slumped nearly 20 percent last week to a four-week low on the Luxembourg-based Bitstamp exchange, pressured by worries over a possible ban on trading the virtual asset in South Korean exchanges.

In Tuesday afternoon trade, it was up 5.4 per cent at $10,925.&nbsp;

Policymakers around the world are calling for tougher, coordinated regulation of cryptocurrency trading. South Korea&#39;s chief financial regulator last week said the government may consider shutting down domestic virtual currency exchanges.

South Korea&#39;s Presidential office has clarified that an outright ban on trading on the virtual currency exchanges is only one of the steps being considered and not a measure that has been finalised.

&quot;The government is still discussing whether an outright ban is needed or not, internally,&quot; a government official who declined to be named said after Tuesday&#39;s briefing.

Over the past month, government statements have underscored differences between the Justice Ministry, which has pushed for a more hardline approach, and regulators who have shown a reluctance to enforce an outright ban.&nbsp;

Starting January 30, cryptocurrency traders in South Korea will not be allowed to make deposits into their virtual currency exchange wallets unless the names on their bank accounts match the account name in cryptocurrency exchanges, Kim Yong-beom, vice chairman of the Financial Services Commission told a news conference in Seoul.

&quot;Everyone knew this was coming, as the government already said they will enforce the real-name system before. Rather, I can see this as a chance to go in, not out. I don`t see any reason to take my money out,&quot; said a local bitcoin investor who only agreed to be identified by his family name Ahn.&nbsp;

The regulator has previously said it will come up with detailed guidelines for local banks to properly identify its clients by their real names in cryptocurrency transactions.

To make deposits into virtual coin wallets, cryptocurrency traders will need to identify themselves with their real names at the exchange and have those matched with information at local banks by January 30. 
&nbsp;

The measure comes on top of stepped up efforts by Seoul to temper South Koreans' obsession with cryptocurrencies

South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from January 30, regulators said on Tuesday in a widely telegraphed move designed to stop virtual coins from being used for money laundering and other crimes. The measure comes on top of stepped up efforts by Seoul to temper South Koreans' obsession with cryptocurrencies. Everyone from housewives to college students and office workers has rushed to trade the market despite warnings from global policymakers about investing in an asset that lacks broad regulatory oversight. The bitcoin price in South Korea extended loss following the latest regulatory announcement, down 3.34 percent at $12,699 as of 0409 GMT, according to Bithumb, the country's second-largest virtual currency exchange. Bitcoin slumped nearly 20 percent last week to a four-week low on the Luxembourg-based Bitstamp exchange, pressured by worries over a possible ban on trading the virtual asset in South Korean exchanges. In Tuesday afternoon trade, it was up 5.4 per cent at $10,925. Policymakers around the world are calling for tougher, coordinated regulation of cryptocurrency trading. South Korea's chief financial regulator last week said the government may consider shutting down domestic virtual currency exchanges. South Korea's Presidential office has clarified that an outright ban on trading on the virtual currency exchanges is only one of the steps being considered and not a measure that has been finalised. "The government is still discussing whether an outright ban is needed or not, internally," a government official who declined to be named said after Tuesday's briefing. Over the past month, government statements have underscored differences between the Justice Ministry, which has pushed for a more hardline approach, and regulators who have shown a reluctance to enforce an outright ban. Starting January 30, cryptocurrency traders in South Korea will not be allowed to make deposits into their virtual currency exchange wallets unless the names on their bank accounts match the account name in cryptocurrency exchanges, Kim Yong-beom, vice chairman of the Financial Services Commission told a news conference in Seoul. "Everyone knew this was coming, as the government already said they will enforce the real-name system before. Rather, I can see this as a chance to go in, not out. I don`t see any reason to take my money out," said a local bitcoin investor who only agreed to be identified by his family name Ahn. The regulator has previously said it will come up with detailed guidelines for local banks to properly identify its clients by their real names in cryptocurrency transactions. To make deposits into virtual coin wallets, cryptocurrency traders will need to identify themselves with their real names at the exchange and have those matched with information at local banks by January 30.

South Korea to ban cryptocurrency traders from using anonymous bank accounts

One of the top lawyers in the booming cryptocurrency industry says the legal structure he helped set up to raise funds for new virtual currencies is &quot;old, inflexible and stupid&quot; and may no longer be fit for purpose.

The Swiss lawyer&#39;s comments come as regulators around the world increase their scrutiny of initial coin offerings (ICOs), the digital fundraisers that precede a currency&#39;s launch.

There is also growing scrutiny from investors. The Zug-based Tezos Foundation is facing US&nbsp;class-action lawsuits from those who say they were misled and defrauded in its ICO.

Luka Mueller&#39;s MME law firm helped set up foundations in Switzerland for Tezos and some of the world&#39;s biggest ICOs, including those of Bancor and Ethereum. Many foundations applied for non-profit tax status. The money raised in the ICO is treated as a donation that may not be returned.

Regulators in the United States, the UK, and elsewhere are looking at whether an ICO should have similar investor protection to an initial public offering (IPO) for a company.

Mueller told Reuters cryptocurrency groups involving US&nbsp;participants or gaining backing from investors should set up companies instead of the Swiss foundations he helped popularize.

&quot;If you structure your token sale in a way that it would look like an initial public offering, then even if you launch a (blockchain) protocol, the foundation is maybe not suitable,&quot; he said.

&quot;If...the background is more an investor environment rather than a technical environment, yes, do all the registrations. If you want to sell it, if you want to be active and actively promoting it in the US, apply US&nbsp;law.&quot;

He said a foundation could still work for ICOs if a project is of interest mainly to technical experts rather than investors.

Bitcoin, the best-known cryptocurrency, exploded in value since it was launched in 2009. Its price increased from less than a cent in early 2010 to a record shy of $20,000 in December 2017.

The coins use encryption and a blockchain transaction database enabling fast and anonymous transfer of funds without centralized payment systems.

ICOs skyrocketed in 2017, reaching nearly $3 billion through September. Switzerland attracted around a quarter of the world&#39;s ICOs with nearly $650 million raised there in the first nine months of 2017, according to data compiled by cryptocurrency research firm Smith + Crown.

Blockchain groups have set up foundations in the Swiss &quot;Crypto Valley,&quot; but the model has also loosely been exported elsewhere including to the Seychelles, Mauritius and Singapore.

Tezos aims to be a blockchain that&#39;s more reliable than the ones behind bitcoin and ether. Its foundation raised $232 million last July.

It is now facing at least half a dozen class-action lawsuits in the United States. The plaintiffs are seeking a refund as well as damages.

They made non-refundable donations and expected to receive tokens called Tezzies when the network launched. But a former board member said the project is in a state of paralysis because of the lawsuits and a dispute between the developers and the foundation&#39;s president. The network has not yet launched.

Tezos Foundation officials have declined to comment on the lawsuits. An attorney for the founders, Kathleen and Arthur Breitman, said of the first lawsuit that is was without merit and that the couple would aggressively defend themselves.

Under MME&#39;s guidelines, tokens become property with an enforceable right once the blockchain launches and the token receives a spot on the first block. Before the launch contributors have no such rights.

Mueller said the foundation structure his team helped bring to cryptocurrency groups was initially conceived as a means to ensure funds were used for a set purpose and to protect developers from any liability over the project&#39;s success.

&quot;It&#39;s a concept of a donation, from which it is clear you donate,&quot; Mueller said. &quot;You donate into a structure and you donate to a team and to their idea.&quot;

By MME&#39;s definition, the developers behind the tokens are not liable for the projects and there is no counterparty to sue.

The Zug-based Tezos Foundation is facing US class-action lawsuits from those who say they were misled and defrauded in its ICO

One of the top lawyers in the booming cryptocurrency industry says the legal structure he helped set up to raise funds for new virtual currencies is "old, inflexible and stupid" and may no longer be fit for purpose. The Swiss lawyer's comments come as regulators around the world increase their scrutiny of initial coin offerings (ICOs), the digital fundraisers that precede a currency's launch. There is also growing scrutiny from investors. The Zug-based Tezos Foundation is facing US class-action lawsuits from those who say they were misled and defrauded in its ICO. Luka Mueller's MME law firm helped set up foundations in Switzerland for Tezos and some of the world's biggest ICOs, including those of Bancor and Ethereum. Many foundations applied for non-profit tax status. The money raised in the ICO is treated as a donation that may not be returned. Regulators in the United States, the UK, and elsewhere are looking at whether an ICO should have similar investor protection to an initial public offering (IPO) for a company. Mueller told Reuters cryptocurrency groups involving US participants or gaining backing from investors should set up companies instead of the Swiss foundations he helped popularize. "If you structure your token sale in a way that it would look like an initial public offering, then even if you launch a (blockchain) protocol, the foundation is maybe not suitable," he said. "If...the background is more an investor environment rather than a technical environment, yes, do all the registrations. If you want to sell it, if you want to be active and actively promoting it in the US, apply US law." He said a foundation could still work for ICOs if a project is of interest mainly to technical experts rather than investors. Bitcoin, the best-known cryptocurrency, exploded in value since it was launched in 2009. Its price increased from less than a cent in early 2010 to a record shy of $20,000 in December 2017. The coins use encryption and a blockchain transaction database enabling fast and anonymous transfer of funds without centralized payment systems. ICOs skyrocketed in 2017, reaching nearly $3 billion through September. Switzerland attracted around a quarter of the world's ICOs with nearly $650 million raised there in the first nine months of 2017, according to data compiled by cryptocurrency research firm Smith + Crown. Blockchain groups have set up foundations in the Swiss "Crypto Valley," but the model has also loosely been exported elsewhere including to the Seychelles, Mauritius and Singapore. Tezos aims to be a blockchain that's more reliable than the ones behind bitcoin and ether. Its foundation raised $232 million last July. It is now facing at least half a dozen class-action lawsuits in the United States. The plaintiffs are seeking a refund as well as damages. They made non-refundable donations and expected to receive tokens called Tezzies when the network launched. But a former board member said the project is in a state of paralysis because of the lawsuits and a dispute between the developers and the foundation's president. The network has not yet launched. Tezos Foundation officials have declined to comment on the lawsuits. An attorney for the founders, Kathleen and Arthur Breitman, said of the first lawsuit that is was without merit and that the couple would aggressively defend themselves. Under MME's guidelines, tokens become property with an enforceable right once the blockchain launches and the token receives a spot on the first block. Before the launch contributors have no such rights. Mueller said the foundation structure his team helped bring to cryptocurrency groups was initially conceived as a means to ensure funds were used for a set purpose and to protect developers from any liability over the project's success. "It's a concept of a donation, from which it is clear you donate," Mueller said. "You donate into a structure and you donate to a team and to their idea." By MME's definition, the developers behind the tokens are not liable for the projects and there is no counterparty to sue.

Swiss bitcoin foundation model old, inflexible and stupid: Top cryptocurrency lawyer

Thousands of websites, including ones run by US&nbsp;and UK government agencies, were infected for several hours on Sunday with code that causes web browsers to secretly mine digital currencies, technology news site The Register reported.

More than 4,200 sites were infected with a malicious version of a widely used tool known as Browsealoud from British software maker Texthelp, which reads out web pages for people with vision problems, according to The Register.

The news comes amid a surge in cyber attacks using software that forces infected computers to mine cryptocurrencies on behalf of hackers. The prevalence of these schemes has increased in recent months as the volume of trading in bitcoin and other cryptocurrencies has surged.

The tainted version of Browsealoud caused inserted software for mining the digital currency Monero to run on computers that visited infected sites, generating money for the hackers behind the attack, The Register said.

Representatives of the US&nbsp;and British law enforcement agencies and Texthelp could not immediately be reached for comment.

Texthelp told The Register that it had shut down the operation by disabling Browsealoud while its engineering team investigated.

More than 4,200 sites were infected with a malicious version of a widely used tool known as Browsealoud from British software maker Texthelp

Thousands of websites, including ones run by US and UK government agencies, were infected for several hours on Sunday with code that causes web browsers to secretly mine digital currencies, technology news site The Register reported. More than 4,200 sites were infected with a malicious version of a widely used tool known as Browsealoud from British software maker Texthelp, which reads out web pages for people with vision problems, according to The Register. The news comes amid a surge in cyber attacks using software that forces infected computers to mine cryptocurrencies on behalf of hackers. The prevalence of these schemes has increased in recent months as the volume of trading in bitcoin and other cryptocurrencies has surged. The tainted version of Browsealoud caused inserted software for mining the digital currency Monero to run on computers that visited infected sites, generating money for the hackers behind the attack, The Register said. Representatives of the US and British law enforcement agencies and Texthelp could not immediately be reached for comment. Texthelp told The Register that it had shut down the operation by disabling Browsealoud while its engineering team investigated.

US, UK government websites infected with crypto-mining malware: Report 

Digital currency bitcoin fell more than 15 percent on Monday to a nearly three-month low amid a slew of concerns ranging from a global regulatory clampdown to a ban on using credit cards to buy bitcoin by British and US&nbsp;banks.

On the Luxembourg-based Bitstamp exchange, bitcoin fell as low as $6,853.53 in early afternoon trading in New York. That marked a fall of more than half from a peak of almost $20,000 hit in December.

Bitcoin has fallen in six of the last eight trading session.

The currency, which surged more than 1,300 percent last year, has lost about half its value so far in 2018, as more governments and banks signal their intention for a regulatory crackdown. Last week bitcoin suffered its worst weekly performance since 2013.

&quot;We envisage this decline will continue, setting the next technical level at $5,000 a coin,&quot; said Miles Eakers, chief market analyst at Centtrip, which specializes in foreign exchange, worldwide payments and treasury management.

Other cryptocurrencies also suffered double-digit declines on Monday, according to industry tracker Coinmarketcap.com.

Ethereum, the second largest virtual currency, was last down nearly 19 percent at $703.40, while Ripple, the third largest, last traded at 71 cents, down 14.1 percent.

British bank Lloyds Banking Group said on Sunday it was banning customers from using credit cards to buy bitcoin. It joined U.S. banking giants JPMorgan Chase &amp; Co and Citigroup, which announced similar bans on concerns the lenders could be held liable when the volatile currencies plunge in value. [nL8N1PU10Y]

On Monday, India said it was planning steps to make virtual currencies illegal within its payments system and to regulate the trading of crypto assets.

&quot;Cryptocurrencies have seriously fallen out of favour since the middle of December, and constant negative news flow and speculation of increased regulation has exacerbated the move lower,&quot; Craig Erlam, an analyst at currency broker Oanda, said.

The cryptocurrency sector has also attracted the spotlight after news of hacks and scams, including the roughly 58 billion yen ($532.9 million) stolen in digital money from Tokyo-based cryptocurrency exchange Coincheck two weeks ago.&nbsp;

But some investors were unfazed.

&quot;Bitcoin has bounced back from similar collapses before during its short but volatile history, and it would hardly be a shock if those claiming the bubble has burst are surprised by yet another change in fortunes,&quot; said Dennis de Jong, managing director at online FX brokerage firm UFX.com in Limassol, Cyprus.

Luxembourg-based Bitstamp exchange, bitcoin fell as low as $6,853.53 in early afternoon trading in New York.

Digital currency bitcoin fell more than 15 percent on Monday to a nearly three-month low amid a slew of concerns ranging from a global regulatory clampdown to a ban on using credit cards to buy bitcoin by British and US banks. On the Luxembourg-based Bitstamp exchange, bitcoin fell as low as $6,853.53 in early afternoon trading in New York. That marked a fall of more than half from a peak of almost $20,000 hit in December. Bitcoin has fallen in six of the last eight trading session. The currency, which surged more than 1,300 percent last year, has lost about half its value so far in 2018, as more governments and banks signal their intention for a regulatory crackdown. Last week bitcoin suffered its worst weekly performance since 2013. "We envisage this decline will continue, setting the next technical level at $5,000 a coin," said Miles Eakers, chief market analyst at Centtrip, which specializes in foreign exchange, worldwide payments and treasury management. Other cryptocurrencies also suffered double-digit declines on Monday, according to industry tracker Coinmarketcap.com. Ethereum, the second largest virtual currency, was last down nearly 19 percent at $703.40, while Ripple, the third largest, last traded at 71 cents, down 14.1 percent. British bank Lloyds Banking Group said on Sunday it was banning customers from using credit cards to buy bitcoin. It joined U.S. banking giants JPMorgan Chase & Co and Citigroup, which announced similar bans on concerns the lenders could be held liable when the volatile currencies plunge in value. [nL8N1PU10Y] On Monday, India said it was planning steps to make virtual currencies illegal within its payments system and to regulate the trading of crypto assets. "Cryptocurrencies have seriously fallen out of favour since the middle of December, and constant negative news flow and speculation of increased regulation has exacerbated the move lower," Craig Erlam, an analyst at currency broker Oanda, said. The cryptocurrency sector has also attracted the spotlight after news of hacks and scams, including the roughly 58 billion yen ($532.9 million) stolen in digital money from Tokyo-based cryptocurrency exchange Coincheck two weeks ago. But some investors were unfazed. "Bitcoin has bounced back from similar collapses before during its short but volatile history, and it would hardly be a shock if those claiming the bubble has burst are surprised by yet another change in fortunes," said Dennis de Jong, managing director at online FX brokerage firm UFX.com in Limassol, Cyprus.

Bitcoin continues to slide, loses half its value in 2018

The chief of Central Board of Direct Taxes (CBDT) Sushil Chandra said that those who have earned from Bitcoin will have to pay taxes and they will also have to declare their source of income.&nbsp;

He said that action will be taken against them if they do not pay their tax.&nbsp;

CBDT chief said &quot; Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don&#39;t pay tax, action will be taken against them&quot;.&nbsp;

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Those who have earned from <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>, would have to give tax. Their source of income would also be asked and if they don&#39;t pay tax, action will be taken against them: CBDT Chief Sushil Chandra (File Pic) <a href="https://t.co/q5BVDSAIY6">pic.twitter.com/q5BVDSAIY6</a>
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CBDT chief said 'Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them'

The chief of Central Board of Direct Taxes (CBDT) Sushil Chandra said that those who have earned from Bitcoin will have to pay taxes and they will also have to declare their source of income. He said that action will be taken against them if they do not pay their tax. CBDT chief said " Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them". Those who have earned from #Bitcoin, would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them: CBDT Chief Sushil Chandra (File Pic) pic.twitter.com/q5BVDSAIY6 — ANI (@ANI) February 6, 2018 ×

Earnings from Bitcoin will be taxed: CBDT chief

Bitcoin plunged 20 per cent to a three-month low today, its latest sharp loss following a series of setbacks for the cryptocurrency that, with a collapse across global mainstream markets adding to the selling.

The virtual currency fell to $6,190 for the first time since mid-November, according to Bloomberg News, and represents the latest hammering for a unit that saw a stratospheric 26-fold rise last year.

Today&#39;s collapse comes just six weeks after bitcoin hit a record high of $19,511, fuelled by a flood of speculators looking to make a quick buck, with warnings it could fall another 50 per cent.

Since those heady days the cryptomarket -- which includes dozens of other units -- has been pounded by news of crackdowns by governments including in China, Russia and South Korea, one of the biggest markets for the sector.

On Thursday, India said it would &quot;take all measures to eliminate&quot; cryptocurrencies&#39; use as part of a payment system and in funding illegitimate activities, while Japanese authorities raided a virtual currency exchange after it lost $530 million to hackers.

The central bank in Europe, Japan and the United States have also flagged concerns about the unit and this week saw several commercial lenders say they would stop allowing their customers to buy bitcoin through their credit cards owing to debt concerns.

Stephen Innes, head of trading for Asia Pacific at Oanda, said &quot;the dynamics behind the moves are regulatory clampdowns and investors losing confidence in crypto&quot;.

The sell-off on Tuesday was exacerbated by crushing losses on world stock markets, with the Dow on Wall Street suffering its biggest one-day points loss and wiping out all its 2018 gains.

The global rout comes as panicked investors fret over rising US borrowing costs, leading them to cash in profits after a stellar couple of months that have seen many indexes hit record or all-time highs.

Equities have enjoyed months of surges fuelled by optimism over the US economy, corporate earnings and the global outlook.

But while traders have been piling into equities, pushing many global indexes to record or multi-year highs, there has been growing concern on trading floors about elevated US Treasury bond yields -- at four-year highs -- and the likelihood of fresh Federal Reserve interest rate hikes.

&quot;The risk-off tone is hitting Bitcoin almost as hard as a global regulator and bank scrutiny,&quot; said Greg McKenna, chief market strategist at AxiTrader. &quot;The latest dent to the Cryptospace has been banks saying they are shutting down the ability of clients to buy bitcoin with their cards.&quot;

&quot;This could end up a full round trip back into the $1,850/$2,966 region.&nbsp;

The virtual currency fell to $6,190 for the first time since mid-November

Bitcoin plunged 20 per cent to a three-month low today, its latest sharp loss following a series of setbacks for the cryptocurrency that, with a collapse across global mainstream markets adding to the selling. The virtual currency fell to $6,190 for the first time since mid-November, according to Bloomberg News, and represents the latest hammering for a unit that saw a stratospheric 26-fold rise last year. Today's collapse comes just six weeks after bitcoin hit a record high of $19,511, fuelled by a flood of speculators looking to make a quick buck, with warnings it could fall another 50 per cent. Since those heady days the cryptomarket -- which includes dozens of other units -- has been pounded by news of crackdowns by governments including in China, Russia and South Korea, one of the biggest markets for the sector. On Thursday, India said it would "take all measures to eliminate" cryptocurrencies' use as part of a payment system and in funding illegitimate activities, while Japanese authorities raided a virtual currency exchange after it lost $530 million to hackers. The central bank in Europe, Japan and the United States have also flagged concerns about the unit and this week saw several commercial lenders say they would stop allowing their customers to buy bitcoin through their credit cards owing to debt concerns. Stephen Innes, head of trading for Asia Pacific at Oanda, said "the dynamics behind the moves are regulatory clampdowns and investors losing confidence in crypto". The sell-off on Tuesday was exacerbated by crushing losses on world stock markets, with the Dow on Wall Street suffering its biggest one-day points loss and wiping out all its 2018 gains. The global rout comes as panicked investors fret over rising US borrowing costs, leading them to cash in profits after a stellar couple of months that have seen many indexes hit record or all-time highs. Equities have enjoyed months of surges fuelled by optimism over the US economy, corporate earnings and the global outlook. But while traders have been piling into equities, pushing many global indexes to record or multi-year highs, there has been growing concern on trading floors about elevated US Treasury bond yields -- at four-year highs -- and the likelihood of fresh Federal Reserve interest rate hikes. "The risk-off tone is hitting Bitcoin almost as hard as a global regulator and bank scrutiny," said Greg McKenna, chief market strategist at AxiTrader. "The latest dent to the Cryptospace has been banks saying they are shutting down the ability of clients to buy bitcoin with their cards." "This could end up a full round trip back into the $1,850/$2,966 region.

Bitcoin drops below $6,200 for first time in three months

Armed robbers have raided the house of a British virtual currency trader, forcing him to transfer Bitcoins after tying up his wife and threatening him with a gun, British media reported on Monday.

The robbery happened on January 22 at the couple&#39;s home in the village of Moulsford in southeast England, according to the Daily Mail, which said the cryptocurrency crime was the first of its kind.

Four robbers wearing balaclavas broke into the house of Danny Aston, 30, and his wife Amy Jay, 31.

A Thames Valley Police spokesman quoted by the Daily Telegraph said only that police were investigating an &quot;aggravated burglary&quot; in Moulsford last week and that the occupants of the house had been &quot;threatened&quot;.

According to company registry records, Aston and Jay are directors of Aston Digital Currencies, which specialises in managing virtual currency portfolios.

The company was created in June 2017 at a time when Bitcoin was trading at around 2,500 euros.

It has since risen sharply to a peak of 16,323 euros on December 17 before falling back below 10,000 euros.

No arrests have been made but the reports said that Aston may have been targeted because of his high profile in the cryptocurrency community.

Using a pseudonym, Aston has carried out more than 100,000 transactions with 16,375 partners.

Some of them referred to him online using his real name, which may have led robbers directly to him.

Bitcoin is a virtual currency created from computer code that allows anonymous transactions. Unlike a real-world unit such as the US dollar or euro, it has no central bank and is not backed by any government.

Armed robbers have raided the house of a British virtual currency trader, forcing him to transfer Bitcoins after tying up his wife and threatening him with a gun, British media reported on Monday

Armed robbers have raided the house of a British virtual currency trader, forcing him to transfer Bitcoins after tying up his wife and threatening him with a gun, British media reported on Monday. The robbery happened on January 22 at the couple's home in the village of Moulsford in southeast England, according to the Daily Mail, which said the cryptocurrency crime was the first of its kind. Four robbers wearing balaclavas broke into the house of Danny Aston, 30, and his wife Amy Jay, 31. A Thames Valley Police spokesman quoted by the Daily Telegraph said only that police were investigating an "aggravated burglary" in Moulsford last week and that the occupants of the house had been "threatened". According to company registry records, Aston and Jay are directors of Aston Digital Currencies, which specialises in managing virtual currency portfolios. The company was created in June 2017 at a time when Bitcoin was trading at around 2,500 euros. It has since risen sharply to a peak of 16,323 euros on December 17 before falling back below 10,000 euros. No arrests have been made but the reports said that Aston may have been targeted because of his high profile in the cryptocurrency community. Using a pseudonym, Aston has carried out more than 100,000 transactions with 16,375 partners. Some of them referred to him online using his real name, which may have led robbers directly to him. Bitcoin is a virtual currency created from computer code that allows anonymous transactions. Unlike a real-world unit such as the US dollar or euro, it has no central bank and is not backed by any government.

Britain sees first Bitcoin armed robbery: Reports

Japan&#39;s financial regulator on Monday ordered Coincheck to get its act together after hackers stole $530 million worth of digital money from its exchange, jolting the nation&#39;s cryptocurrency market in one of the biggest cyber heists.

The theft highlights the vulnerabilities in trading an asset that global policymakers are struggling to regulate and the broader risks for Japan as it aims to leverage the fintech industry to stimulate economic growth.

The Financial Services Agency (FSA) said on Monday it has ordered improvements to operations at Tokyo-based Coincheck, which on Friday suspended trading in all cryptocurrencies except bitcoin after hackers stole 58 billion yen ($534 million) of NEM coins, among the most popular digital currencies in the world.

Coincheck said on Sunday it would return about 90 percent with internal funds, though it has yet to figure out how or when.

The FSA is due to brief media on the matter at 2 p.m. (0500 GMT).

Japan started to require cryptocurrency exchange operators to register with the government only in April 2017, allowing pre-existing operators such as Coincheck to continue offering services ahead of formal registration.&nbsp;

The FSA has registered 16 cryptocurrency exchanges so far, and another 16 or so are still awaiting approval while continuing to operate.

Coincheck has said its NEM coins were stored in a &quot;hot wallet&quot; instead of the more secure &quot;cold wallet&quot;, outside the internet.&nbsp;

NEM fell to $0.78 from $1.01 on Friday, before recovering to around $0.97 on Monday, according to CoinMarketCap.&nbsp;

Singapore-based NEM Foundation said it had a tracing system on the NEM blockchain and that it had &quot;a full account&quot; of all of Coincheck&#39;s lost NEM coins.&nbsp;

It added that the hacker had not moved any of the funds to any exchange or personal accounts but that it had no way to independently return the stolen funds to its owners.

In 2014, Tokyo-based Mt. Gox, which once handled 80 percent of the world&#39;s bitcoin trades, filed for bankruptcy after losing around half a billion dollars worth of bitcoins. More recently, South Korean cryptocurrency exchange Youbit last month shut down and filed for bankruptcy after being hacked twice last year.

World leaders meeting in Davos last week issued fresh warnings about the dangers of cryptocurrencies, with US&nbsp;Treasury Secretary Steven Mnuchin relating

Washington&#39;s concern about the money being used for illicit activity.&nbsp;

Many countries have clamped down on exchanges.

South Korea will ban cryptocurrency traders from using anonymous bank accounts to crack down on the criminal use of virtual coins. China has ordered some exchanges to close, with the aim of containing financial risks.

But Japan has taken a different tack, becoming last year the first country to introduce national-level regulation of cryptocurrency exchanges.&nbsp; 
 
The move, intended to protect consumers and stymie money laundering, was praised by many traders and operators as progressive.

The theft highlights the vulnerabilities in trading an asset that global policymakers are struggling to regulate

Japan's financial regulator on Monday ordered Coincheck to get its act together after hackers stole $530 million worth of digital money from its exchange, jolting the nation's cryptocurrency market in one of the biggest cyber heists. The theft highlights the vulnerabilities in trading an asset that global policymakers are struggling to regulate and the broader risks for Japan as it aims to leverage the fintech industry to stimulate economic growth. The Financial Services Agency (FSA) said on Monday it has ordered improvements to operations at Tokyo-based Coincheck, which on Friday suspended trading in all cryptocurrencies except bitcoin after hackers stole 58 billion yen ($534 million) of NEM coins, among the most popular digital currencies in the world. Coincheck said on Sunday it would return about 90 percent with internal funds, though it has yet to figure out how or when. The FSA is due to brief media on the matter at 2 p.m. (0500 GMT). Japan started to require cryptocurrency exchange operators to register with the government only in April 2017, allowing pre-existing operators such as Coincheck to continue offering services ahead of formal registration. The FSA has registered 16 cryptocurrency exchanges so far, and another 16 or so are still awaiting approval while continuing to operate. Coincheck has said its NEM coins were stored in a "hot wallet" instead of the more secure "cold wallet", outside the internet. NEM fell to $0.78 from $1.01 on Friday, before recovering to around $0.97 on Monday, according to CoinMarketCap. Singapore-based NEM Foundation said it had a tracing system on the NEM blockchain and that it had "a full account" of all of Coincheck's lost NEM coins. It added that the hacker had not moved any of the funds to any exchange or personal accounts but that it had no way to independently return the stolen funds to its owners. In 2014, Tokyo-based Mt. Gox, which once handled 80 percent of the world's bitcoin trades, filed for bankruptcy after losing around half a billion dollars worth of bitcoins. More recently, South Korean cryptocurrency exchange Youbit last month shut down and filed for bankruptcy after being hacked twice last year. World leaders meeting in Davos last week issued fresh warnings about the dangers of cryptocurrencies, with US Treasury Secretary Steven Mnuchin relating Washington's concern about the money being used for illicit activity. Many countries have clamped down on exchanges. South Korea will ban cryptocurrency traders from using anonymous bank accounts to crack down on the criminal use of virtual coins. China has ordered some exchanges to close, with the aim of containing financial risks. But Japan has taken a different tack, becoming last year the first country to introduce national-level regulation of cryptocurrency exchanges. The move, intended to protect consumers and stymie money laundering, was praised by many traders and operators as progressive.

Japan punishes Coincheck after $530 million cryptocurrency theft

The India government has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, the income tax department said.

Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.

Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.

The Indian government has issued repeated warnings against digital currency investments, saying these were like &quot;Ponzi schemes&quot; that offer unusually high returns to early investors.

But it has not so far imposed curbs on an industry estimated to be adding 200,000 users in India every month.

BR&nbsp;Balakrishnan, a director general of investigations at the income tax department in the southern state of Karnataka, said notices were sent following the survey to assess the penetration and patterns of virtual currency trade.

&quot;We cannot turn a blind eye. It would have been disastrous to wait until the final verdict was out on its legality,&quot; he told.

The tax department has asked people dealing in bitcoin and other virtual currencies such as ethereum and ripple to pay tax on capital gains. They have also asked for details about their total holdings and the source of funds in the tax notice.

&quot;We found that investors were not reflecting it on their tax returns and in many cases, the investment was not accounted for,&quot; Balakrishnan said.

Bitcoin, the world&#39;s biggest cryptocurrency, soared more than 1,700 percent last year, hitting a record high just shy of $20,000 as institutional and retail investors around the world snapped up the virtual currency.

Its huge gains have attracted the attention of global regulators tasked with protecting investors from fraud.

In recent weeks, Japan and China have made noises about a regulatory crackdown, while South Korean policymakers said they were considering shutting down domestic virtual currency exchanges.

Regulation

An Indian finance ministry official said a committee was looking into the possibility of imposing restrictions on virtual currencies and that eventually, parliament would have to legislate a regulatory regime.

Officials at Zebpay, India&#39;s leading bitcoin exchange, said the industry was adding near 200,000 users every month with an estimated trade volume of about 20 billion Indian rupees ($315 million).

&nbsp; &nbsp; &quot;Many of our customers are treating digital currency like gold,&quot; said Zebpay co-founder Saurabh Agarwal.

Aman Kalra, marketing head of Coinsecure, a bitcoin exchange in New Delhi, said more than 150 bitcoins were changing hands every week through its platform. The company has 100,000 registered users and is now launching a platform to sell ethereum and other digital currencies.

&nbsp; &nbsp; &quot;I don&#39;t think anyone in the government should label our business as a &#39;Ponzi scheme&#39;, we are not doing anything illegal,&quot; said Kalra.

Tax inspectors said they sought help from experts in the blockchain, the technology that underpins bitcoin, to conduct the survey.

In some cases, tax officials themselves participated in the trade to identify loopholes after they found investors had poured in billions of dollars through unregulated exchanges.

The biggest worry for New Delhi, the finance ministry official said, was how to protect investors trading on offshore exchanges.

Already hundreds of investors have gone to the police and courts with complaints of transactions in virtual currencies that turned out to be fraudulent, said Pavan Duggal, a Supreme Court lawyer specialising in cybercrimes.

&quot;Considering cryptocurrencies are here to stay, the government must consider granting limited legality while ensuring that these are not used for crypto crimes,&quot; he said.

Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.

The India government has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, the income tax department said. Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune. Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March. The Indian government has issued repeated warnings against digital currency investments, saying these were like "Ponzi schemes" that offer unusually high returns to early investors. But it has not so far imposed curbs on an industry estimated to be adding 200,000 users in India every month. BR Balakrishnan, a director general of investigations at the income tax department in the southern state of Karnataka, said notices were sent following the survey to assess the penetration and patterns of virtual currency trade. "We cannot turn a blind eye. It would have been disastrous to wait until the final verdict was out on its legality," he told. The tax department has asked people dealing in bitcoin and other virtual currencies such as ethereum and ripple to pay tax on capital gains. They have also asked for details about their total holdings and the source of funds in the tax notice. "We found that investors were not reflecting it on their tax returns and in many cases, the investment was not accounted for," Balakrishnan said. Bitcoin, the world's biggest cryptocurrency, soared more than 1,700 percent last year, hitting a record high just shy of $20,000 as institutional and retail investors around the world snapped up the virtual currency. Its huge gains have attracted the attention of global regulators tasked with protecting investors from fraud. In recent weeks, Japan and China have made noises about a regulatory crackdown, while South Korean policymakers said they were considering shutting down domestic virtual currency exchanges. Regulation An Indian finance ministry official said a committee was looking into the possibility of imposing restrictions on virtual currencies and that eventually, parliament would have to legislate a regulatory regime. Officials at Zebpay, India's leading bitcoin exchange, said the industry was adding near 200,000 users every month with an estimated trade volume of about 20 billion Indian rupees ($315 million). "Many of our customers are treating digital currency like gold," said Zebpay co-founder Saurabh Agarwal. Aman Kalra, marketing head of Coinsecure, a bitcoin exchange in New Delhi, said more than 150 bitcoins were changing hands every week through its platform. The company has 100,000 registered users and is now launching a platform to sell ethereum and other digital currencies. "I don't think anyone in the government should label our business as a 'Ponzi scheme', we are not doing anything illegal," said Kalra. Tax inspectors said they sought help from experts in the blockchain, the technology that underpins bitcoin, to conduct the survey. In some cases, tax officials themselves participated in the trade to identify loopholes after they found investors had poured in billions of dollars through unregulated exchanges. The biggest worry for New Delhi, the finance ministry official said, was how to protect investors trading on offshore exchanges. Already hundreds of investors have gone to the police and courts with complaints of transactions in virtual currencies that turned out to be fraudulent, said Pavan Duggal, a Supreme Court lawyer specialising in cybercrimes. "Considering cryptocurrencies are here to stay, the government must consider granting limited legality while ensuring that these are not used for crypto crimes," he said.

Govt sends tax notices to cryptocurrency investors as trading hits $3.5 billion

Bitcoin&#39;s value fell <a href="http://www.wionews.com/world/forget-bitcoin-millionaires-bezos-gates-may-become-trillionaires-29476">sharply on the Bitstamp exchange</a> falling $10,567 after reaching a high of $11,794.7.

Cryptocurrencies <a href="http://www.wionews.com/business-economy/bitcoins-not-legal-tender-in-india-reiterates-jaitley-28352">Ethereum and Ripple</a> also slid this week. The slide on Tuesday was a six-week low for the fast-moving virtual currency which hit an all-time high last month.

In December bitcoin had topped $20,000 as the cryptocurrency broke new ground.

South Korea holds the world&rsquo;s largest cryptocurrency exchange. Last week South Korean government said it was planning to ban the cryptocurrency exchange.

South Korea&#39;s justice minister Park Sang-Ki said his ministry was preparing a bill to shut down the country&#39;s virtual coin exchanges.

The minister said the bitcoin had started to resemble &quot;gambling and speculation&quot;.

Meanwhile, China is also preparing to crackdown again on cryptocurrency, state media reported.

Beijing had shutdown bitcoin exchanges and banned all initial coin offerings.

South Korea's justice minister said bitcoin had started to resemble 'gambling and speculation'.

Bitcoin's value fell sharply on the Bitstamp exchange falling $10,567 after reaching a high of $11,794.7. Cryptocurrencies Ethereum and Ripple also slid this week. The slide on Tuesday was a six-week low for the fast-moving virtual currency which hit an all-time high last month. In December bitcoin had topped $20,000 as the cryptocurrency broke new ground. South Korea holds the world’s largest cryptocurrency exchange. Last week South Korean government said it was planning to ban the cryptocurrency exchange. South Korea's justice minister Park Sang-Ki said his ministry was preparing a bill to shut down the country's virtual coin exchanges. The minister said the bitcoin had started to resemble "gambling and speculation". Meanwhile, China is also preparing to crackdown again on cryptocurrency, state media reported. Beijing had shutdown bitcoin exchanges and banned all initial coin offerings.

Bitcoin slides to new low on Bitstamp exchange after South Korea ban announcement

It hasn&rsquo;t been a week since <a href="http://www.wionews.com/world/amazon-founder-jeff-bezos-becomes-the-richest-man-with-105bn-worth-29065">Amazon founder Jeff Bezos</a> was named the world&rsquo;s richest when experts started speculating Bezos&rsquo; chances of becoming the world&rsquo;s first trillionaire.

To be honest, Bezos and his Microsoft counterpart, Bill Gates, emerge as the top contenders, as of now.

Bezos is currently worth a whopping $105 bn, thanks to the skyrocketing value of Amazon shares which were reported to have grown by over 60% in the past and by 6.6% in just five days of trading in 2018.&nbsp;

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Bezos now stands ahead of Microsoft&#39;s Bill Gates who&#39;s worth $93.3 billion and stands second on the list (WION)
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While Microsoft&rsquo;s Bill Gates (closely) chases Bezos to becoming the world&#39;s richest man again, experts suggest Gates&#39; actual worth to be somewhere near a gigantic $150 bn -- if one takes into account a large chunk of his wealth given away in charity.

Oxfam&rsquo;s report published around the same time last year predicted the possibility of the world getting its first trillionaire in the next 25 years.&nbsp;

Keeping in mind the pace at which the Gates and the Bezos empire continue to grow, both appear as the top runners in the race to become the first trillionaire.

Twenty-five years hence, Gates would be 86 while his Amazon rival will be 78 years old.

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Microsoft&rsquo;s Bill Gates closely chases Bezos on road to retaining the top billionaire spot again. (Getty)
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Others in the run

If Bitcoin trading can materialize the quintessential &lsquo;rags to riches&rsquo; tale for the man next door, imagine what fortune its secret founder could be sitting on.&nbsp;

The mystery founder of the cryptocurrency certainly qualifies as the one to own assets worth a trillion dollars in the future.

Satoshi Nakamoto, the mystery man behind the birth of Bitcoin, may stand a chance to become the world&rsquo;s first trillionaire.

Although Nakamoto is estimated to be sitting on close to $17 billion at present, Nakamoto is likely to rocket up to becoming a trillionaire in years to come -- keeping in view that Bitcoin&#39;s value rose by close to 1800% in past. 
&nbsp; 
Thinking of Nakamoto as the world&rsquo;s first trillionaire would not be preposterous. Who could have really imagined Bitcoin&#39;s value to having soared the way it did the previous year? And who can say for certain that the trend won&rsquo;t repeat itself with a greater intensity in the future?

Bitcoin once amounted to one USD, it then rose to $200 and now equals to a whopping 13777 USD.

As of now, nobody really knows if Nakamoto is actually a living being or a group of people. What we do know is that Nakamoto sits on a whopping 1 million Bitcoins, all untouched so far.&nbsp;

A look at Forbes&#39; list of top billionaires suggests Facebook&#39;s Mark Zuckerberg, Google&#39;s co-founder Larry Page and Alibaba&#39;s Jack Ma to hold immense potential to make to the top of the billionaire list soon and emerge as the ultimate trillionaire.&nbsp;

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With $72.4 bn, Mark Zuckerberg stands 5th on the list. (AFP)
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All said and done, anticipation and speculation will have its course of ebb and flow; wealth is subject to change, suddenly and unexpectedly.

When tycoons like Bill Gates and Steve Jobs started their careers over four decades back, who could have ever imagined anything like Bitcoin, right?&nbsp;

The years to come will see magnificent strides in the field of technology, and as entrepreneurs explore newer, uncharted territories -- Jeff Bezos&#39; obsession with space travel and his founding of Blue Origin (a spaceflight manufacturing company) is not unknown -- the run-up to becoming the first trillionaire will only become more interesting, exciting with newer participants joining the run.&nbsp;

In a nutshell, as a Guardian report sums it up, &quot;it may or may not be Jeff Bezos, but when the world does produce its first trillionaire, there is every likelihood that many of us will not simply be admiring, envying or resenting him &ndash; we will also be ruled by him.&quot;

Bezos is currently worth a whopping $105 bn, thanks to the skyrocketing value of Amazon shares

It hasn’t been a week since Amazon founder Jeff Bezos was named the world’s richest when experts started speculating Bezos’ chances of becoming the world’s first trillionaire. To be honest, Bezos and his Microsoft counterpart, Bill Gates, emerge as the top contenders, as of now. Bezos is currently worth a whopping $105 bn, thanks to the skyrocketing value of Amazon shares which were reported to have grown by over 60% in the past and by 6.6% in just five days of trading in 2018. Bezos now stands ahead of Microsoft's Bill Gates who's worth $93.3 billion and stands second on the list (WION) × While Microsoft’s Bill Gates (closely) chases Bezos to becoming the world's richest man again, experts suggest Gates' actual worth to be somewhere near a gigantic $150 bn -- if one takes into account a large chunk of his wealth given away in charity. Oxfam’s report published around the same time last year predicted the possibility of the world getting its first trillionaire in the next 25 years. Keeping in mind the pace at which the Gates and the Bezos empire continue to grow, both appear as the top runners in the race to become the first trillionaire. Twenty-five years hence, Gates would be 86 while his Amazon rival will be 78 years old. Microsoft’s Bill Gates closely chases Bezos on road to retaining the top billionaire spot again. (Getty) × Others in the run If Bitcoin trading can materialize the quintessential ‘rags to riches’ tale for the man next door, imagine what fortune its secret founder could be sitting on. The mystery founder of the cryptocurrency certainly qualifies as the one to own assets worth a trillion dollars in the future. Satoshi Nakamoto, the mystery man behind the birth of Bitcoin, may stand a chance to become the world’s first trillionaire. Although Nakamoto is estimated to be sitting on close to $17 billion at present, Nakamoto is likely to rocket up to becoming a trillionaire in years to come -- keeping in view that Bitcoin's value rose by close to 1800% in past. Thinking of Nakamoto as the world’s first trillionaire would not be preposterous. Who could have really imagined Bitcoin's value to having soared the way it did the previous year? And who can say for certain that the trend won’t repeat itself with a greater intensity in the future? Bitcoin once amounted to one USD, it then rose to $200 and now equals to a whopping 13777 USD. As of now, nobody really knows if Nakamoto is actually a living being or a group of people. What we do know is that Nakamoto sits on a whopping 1 million Bitcoins, all untouched so far. A look at Forbes' list of top billionaires suggests Facebook's Mark Zuckerberg, Google's co-founder Larry Page and Alibaba's Jack Ma to hold immense potential to make to the top of the billionaire list soon and emerge as the ultimate trillionaire. With $72.4 bn, Mark Zuckerberg stands 5th on the list. (AFP) × All said and done, anticipation and speculation will have its course of ebb and flow; wealth is subject to change, suddenly and unexpectedly. When tycoons like Bill Gates and Steve Jobs started their careers over four decades back, who could have ever imagined anything like Bitcoin, right? The years to come will see magnificent strides in the field of technology, and as entrepreneurs explore newer, uncharted territories -- Jeff Bezos' obsession with space travel and his founding of Blue Origin (a spaceflight manufacturing company) is not unknown -- the run-up to becoming the first trillionaire will only become more interesting, exciting with newer participants joining the run. In a nutshell, as a Guardian report sums it up, "it may or may not be Jeff Bezos, but when the world does produce its first trillionaire, there is every likelihood that many of us will not simply be admiring, envying or resenting him – we will also be ruled by him."

Forget Bitcoin millionaires; Bezos, Gates may become trillionaires

South Korea&#39;s justice minister said on Thursday the government is preparing a bill to ban cryptocurrency trading, throwing the virtual coin market into turmoil as the nation&#39;s police and tax authorities raided local exchanges on alleged tax evasion.

The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value has skyrocketed over the last year.

&quot;There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,&quot; said Park Sang-ki at a press conference, according to the ministry&#39;s press office.

A press official said the proposed ban on cryptocurrency trading was announced after &quot;enough discussion&quot; with other government agencies including the nation&#39;s finance ministry and financial regulators.

The nation&#39;s largest cryptocurrency exchanges like Coinone and Bithumb were raided by police and tax agencies this week for alleged tax evasion. The raids follow moves by the finance ministry to identify ways to tax the market that has become as big as the nation&#39;s small-cap Kosdaq index in terms of daily trading volume.

Park Nok-sun, a cryptocurrency analyst at NH Investment &amp; Securities, said the herd behaviour in South Korea&#39;s virtual coin market has stoked concerns.

Indeed, Bitcoin&#39;s 1,500 percent surge last year has stoked huge demand for cryptocurency in South Korea, drawing college students to housewives and sparking worries of a gambling addiction.

&quot;Virtual coins trade at a hefty premium in South Korea, and that is herd behaviour showing how strong demand is here,&quot; Park said. &quot;Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out.&quot;

Bitcoin sank on Monday after website CoinMarketCap removed prices from South Korean exchanges, because coins were trading at a premium of about 30 percent in Asia&#39;s fourth largest economy. That created confusion and triggered a broad selloff among investors.

According to Coilhils.com, the price of Bitcoin dropped more than 4 percent to 20.3 million won ($18,968.42) after the minister&#39;s comments from early Thursday. The local price still trades at over a 30 percent premium compared to other countries. Bitcoin was down more than 10 percent on the Luxembourg-based Bitstamp at $13,350, after earlier dropping as low as $13,120, its weakest since Jan. 2.

An official at Coinone said that a few officials from the National Tax Service raided the company&#39;s office this week.

&quot;Local police also have been investigating our company since last year, they think what we do is gambling,&quot; the official, who spoke on condition of anonymity, said and added that Coinone was cooperating with the investigation.

Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday.

&quot;We were asked by the tax officials to disclose paperwork and things yesterday,&quot; an official at Bithumb said, requesting anonymity due to the sensitivity of the issue.

South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime.

The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value has skyrocketed over the last year.

South Korea's justice minister said on Thursday the government is preparing a bill to ban cryptocurrency trading, throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged tax evasion. The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value has skyrocketed over the last year. "There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," said Park Sang-ki at a press conference, according to the ministry's press office. A press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators. The nation's largest cryptocurrency exchanges like Coinone and Bithumb were raided by police and tax agencies this week for alleged tax evasion. The raids follow moves by the finance ministry to identify ways to tax the market that has become as big as the nation's small-cap Kosdaq index in terms of daily trading volume. Park Nok-sun, a cryptocurrency analyst at NH Investment & Securities, said the herd behaviour in South Korea's virtual coin market has stoked concerns. Indeed, Bitcoin's 1,500 percent surge last year has stoked huge demand for cryptocurency in South Korea, drawing college students to housewives and sparking worries of a gambling addiction. "Virtual coins trade at a hefty premium in South Korea, and that is herd behaviour showing how strong demand is here," Park said. "Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out." Bitcoin sank on Monday after website CoinMarketCap removed prices from South Korean exchanges, because coins were trading at a premium of about 30 percent in Asia's fourth largest economy. That created confusion and triggered a broad selloff among investors. According to Coilhils.com, the price of Bitcoin dropped more than 4 percent to 20.3 million won ($18,968.42) after the minister's comments from early Thursday. The local price still trades at over a 30 percent premium compared to other countries. Bitcoin was down more than 10 percent on the Luxembourg-based Bitstamp at $13,350, after earlier dropping as low as $13,120, its weakest since Jan. 2. An official at Coinone said that a few officials from the National Tax Service raided the company's office this week. "Local police also have been investigating our company since last year, they think what we do is gambling," the official, who spoke on condition of anonymity, said and added that Coinone was cooperating with the investigation. Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday. "We were asked by the tax officials to disclose paperwork and things yesterday," an official at Bithumb said, requesting anonymity due to the sensitivity of the issue. South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime.

South Korea prepares to ban cryptocurrency trading, exchanges raided

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