A Japanese company will start paying part of its employees` salaries in <a href="http://www.wionews.com/business-economy/i-t-dept-conducts-surveys-at-bitcoin-exchanges-country-wide-26625" target="_blank">Bitcoin</a>, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday.

GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year.

&quot;Employees can receive salaries by Bitcoin if they want to,&quot; company spokeswoman Harumi Ishii told AFP.

&quot;We hope to improve our own literacy of virtual currency by actually using it,&quot; she said.

The offer will be open to around 4,000 employees of the GMO group in Japan, she said.

The company started a <a href="http://www.wionews.com/world/opinion-bitcoin-is-a-highly-speculative-investment-why-caution-is-required-26092" target="_blank">Bitcoin</a> trading and exchange business in May.

And next month, it will join the so-called &quot;Bitcoin mining&quot; business -- gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions.

World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.

World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week

A Japanese company will start paying part of its employees` salaries in Bitcoin, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday. GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year. "Employees can receive salaries by Bitcoin if they want to," company spokeswoman Harumi Ishii told AFP. "We hope to improve our own literacy of virtual currency by actually using it," she said. The offer will be open to around 4,000 employees of the GMO group in Japan, she said. The company started a Bitcoin trading and exchange business in May. And next month, it will join the so-called "Bitcoin mining" business -- gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions. World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.

Japan firm says it will pay part of salaries in Bitcoin

US prosecutors have charged a New York woman with using Bitcoin and other crypto-currencies to send funds to the Islamic State group.

Zoobia Shahnaz, 27, was arrested at her Long Island home on Thursday for sending over $150,000 through shell accounts in China, Pakistan and Turkey to benefit IS extremists.

Much of the money came from bank loans and credit cards, the Justice Department said. With that, she bought $62,000 worth of Bitcoin and other cryptocurrencies, which can offer owners anonymity in transfers and payments.

After making the transfers, Shahnaz tried to travel to Syria, prosecutors alleged.

She booked a flight to Pakistan that included a layover in Istanbul, which they called &quot;a common point of entry for individuals travelling from Western countries to join ISIS in Syria.&quot;

Shahnaz was charged with five counts of bank fraud and money laundering, but not for supporting a designated terrorist organization, the usual charge for people helping or planning to help the Islamic State.

Zoobia Shahnaz, 27, was arrested at her Long Island home on Thursday for sending over $150,000 through shell accounts in China, Pakistan and Turkey to benefit IS extremists

US prosecutors have charged a New York woman with using Bitcoin and other crypto-currencies to send funds to the Islamic State group. Zoobia Shahnaz, 27, was arrested at her Long Island home on Thursday for sending over $150,000 through shell accounts in China, Pakistan and Turkey to benefit IS extremists. Much of the money came from bank loans and credit cards, the Justice Department said. With that, she bought $62,000 worth of Bitcoin and other cryptocurrencies, which can offer owners anonymity in transfers and payments. After making the transfers, Shahnaz tried to travel to Syria, prosecutors alleged. She booked a flight to Pakistan that included a layover in Istanbul, which they called "a common point of entry for individuals travelling from Western countries to join ISIS in Syria." Shahnaz was charged with five counts of bank fraud and money laundering, but not for supporting a designated terrorist organization, the usual charge for people helping or planning to help the Islamic State.

US woman charged with using Bitcoin to finance Islamic State

The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth.&nbsp;

The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 per cent. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange.&nbsp;

The futures are cash-settled contracts based on the auction price of bitcoin in US&nbsp;dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.&nbsp;

The cryptocurrency has boasted a gravity-defying 15-fold gain since the start of the year, attracting institutional interest and no small amount of question marks.&nbsp;The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a &quot;classic case&quot; of a bubble.

&quot;With a bubble, you never know how far it is going to go before it comes around&quot;, Grant Spencer told TVNZ.&nbsp;Some market participants believe the fallout across other financial assets from a potential bursting of the bubble will be limited.&nbsp;

&quot;Bitcoin&#39;s market capitalisation is currently around $240 billion, which is much smaller, say, than the value of gold outstanding&quot;, said Andrew Kenningham, an economist at Capital Economics.

&quot;If the price of bitcoin fell to zero today, the paper losses would be equivalent to a 0.6 per cent fall in US&nbsp;equity prices. As most investors have bought bitcoin at much lower prices, the relevant losses would arguably be smaller&quot;.&nbsp;Asian shares were buoyant following strong US payrolls data and better-than-expected Chinese trade data on Friday.&nbsp;

The MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, staying well above a recent two-month trough of 542.27 points.&nbsp;Japan&#39;s Nikkei added 0.4 percent while Chinese shares rallied, with the blue-chip CSI 300 index up 0.9 percent. Hong Kong&#39;s Hang Seng index gained 0.5 percent.&nbsp;

Rate Rises?

Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady.&nbsp;

The dollar rose to a near one-month top against the yen, after climbing 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high.&nbsp;

Traders will keep their eyes peeled for the Fed&#39;s future rate projections as US&nbsp;wages growth and inflation crawl at a snail&#39;s pace.&nbsp;Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 per cent gain.

The weakness persisted despite stronger-than-expected non-farm payrolls, which rose by 228,000 in November.&nbsp;&quot;We&#39;ll be listening closely for any signs of a dovish shift&quot;, said Aerin Williams, New York-based forex strategist for Citi about the Dec. 12-13 Fed meeting.&nbsp;Elsewhere, oil prices slipped after the latest rise in the U.S rig count pointed to an increase in production there.

US&nbsp;crude was down 24 cents at $57.12 a barrel and Brent crude inched 27 cents lower to $63.14, drifting away from a recent 2-1/2 year peak of $64.65.&nbsp;Spot gold was barely changed at $1,248.06 an ounce.

Bitcoin on Monday rocketed by one-fifth of their value at a launch. It opened at the price of $15,460 before leaping to $18,700 - a gain of 21 per cent

The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth. The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 per cent. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange. The futures are cash-settled contracts based on the auction price of bitcoin in US dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss. The cryptocurrency has boasted a gravity-defying 15-fold gain since the start of the year, attracting institutional interest and no small amount of question marks. The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a "classic case" of a bubble. "With a bubble, you never know how far it is going to go before it comes around", Grant Spencer told TVNZ. Some market participants believe the fallout across other financial assets from a potential bursting of the bubble will be limited. "Bitcoin's market capitalisation is currently around $240 billion, which is much smaller, say, than the value of gold outstanding", said Andrew Kenningham, an economist at Capital Economics. "If the price of bitcoin fell to zero today, the paper losses would be equivalent to a 0.6 per cent fall in US equity prices. As most investors have bought bitcoin at much lower prices, the relevant losses would arguably be smaller". Asian shares were buoyant following strong US payrolls data and better-than-expected Chinese trade data on Friday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, staying well above a recent two-month trough of 542.27 points. Japan's Nikkei added 0.4 percent while Chinese shares rallied, with the blue-chip CSI 300 index up 0.9 percent. Hong Kong's Hang Seng index gained 0.5 percent. Rate Rises? Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady. The dollar rose to a near one-month top against the yen, after climbing 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high. Traders will keep their eyes peeled for the Fed's future rate projections as US wages growth and inflation crawl at a snail's pace. Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 per cent gain. The weakness persisted despite stronger-than-expected non-farm payrolls, which rose by 228,000 in November. "We'll be listening closely for any signs of a dovish shift", said Aerin Williams, New York-based forex strategist for Citi about the Dec. 12-13 Fed meeting. Elsewhere, oil prices slipped after the latest rise in the U.S rig count pointed to an increase in production there. US crude was down 24 cents at $57.12 a barrel and Brent crude inched 27 cents lower to $63.14, drifting away from a recent 2-1/2 year peak of $64.65. Spot gold was barely changed at $1,248.06 an ounce.

Bitcoin futures surge past $18,000 in US

Bitcoin tumbled more than 12 percent in volatile Asian trading on Friday, dropping below the $15,000 level after touching a record high above $16,000 earlier in the session.

Bitcoin was down 12.6 percent on the Bitstamp exchange at $14,500.76 as of 0530 GMT, after rising to a record $16,666.66.&nbsp;

It was still up more than 30 percent for the week, as investors debated about whether the cryptocurrency was in a bubble that was about to burst.

Bitcoin has gone down more than 12 percent from a record high of $16,666.66 to $14,500.76. The drop came after volatile Asian trading on Friday

Bitcoin tumbled more than 12 percent in volatile Asian trading on Friday, dropping below the $15,000 level after touching a record high above $16,000 earlier in the session. Bitcoin was down 12.6 percent on the Bitstamp exchange at $14,500.76 as of 0530 GMT, after rising to a record $16,666.66. It was still up more than 30 percent for the week, as investors debated about whether the cryptocurrency was in a bubble that was about to burst.

Bitcoin plummets more than 12 per cent to below $15,000

Authors: Co-Pierre Georg and Qobolwakhe Dube*

With the price of a bitcoin reaching record highs of more than $10,000, more and more ordinary people consider investing in the cryptocurrency. The recent price surge, however, comes with tremendous risks. Investors should be prepared for the possibility that they could lose their entire investment.

Bitcoin was launched in 2008 by an anonymous author under the name of Satoshi Nakamoto as a means of transacting among participants without the need for intermediaries. Since the beginning of this year, the price of bitcoin has increased by 1300 per cent as more and more consumers flock to it hoping to profit off its increasing popularity and the associated increase in value.

Cryptocurrencies are not currencies at all. As the Financial Times explains, bitcoin is a string of computer codes which means that new bitcoins can be created &ndash; up to an agreed limit &ndash; by computers that gain the right to do so by solving complex puzzles. Transactions are recorded in a database called a blockchain.

Bitcoin, like other assets like gold, doesn&rsquo;t yield income. You have to sell it to realise any value. And, like gold and other currencies, it can be transferred peer-to-peer.

Part of the nervousness about bitcoin is that, along with other cryptocurrencies, it challenges the traditional role of banks and central banks. In the classical world, banks act as intermediaries by providing loans out of the deposits they took and from funding from the central bank. The central bank uses the rate at which it provides this funding as a lever to ensure price stability. The introduction of cryptocurrencies threatens this model because banks are no longer necessary to intermediate funds and there is no central bank to ensure that prices are stable.

The more immediate fears about bitcoin center on the recent dramatic rise in its value. There&rsquo;s nervousness in the market that a flash crash might be imminent after the cryptocurrency tumble by more than $1,300 in minutes on the bitcoin exchange Bitfinex. It did recover to levels above $10,800.

The flash crash echoes long-standing warnings that the bitcoin party is set to end in tears. Most recently Jamie Dimon, CEO of JPMorgan, one of the world&rsquo;s largest investment banks declared that he would fire any employee trading bitcoin for being stupid.

In a highly unusual alliance, his words were echoed by economics Nobel Laureate Joseph Stiglitz, who has gone even further arguing that bitcoin ought to be outlawed.

All of these are clear warning signs that the professionals do not trust the lofty promises of crypto enthusiasts.

The blockchain factor

There is no doubt that Bitcoin &ndash; and in particular blockchain, the technology behind it &ndash; has the potential to revolutionise the financial services industry.

A blockchain functions as a transparent and incorruptible digital ledger of economic transactions, recorded in chronological order, that operates on a peer-to-peer network.

Fundamentally, the technology allows an exchange of value to occur in an environment of peers with conflicting interests without the need for trusted intermediaries. That, in effect, wipes out the need for banks or financial services companies which fulfil this role.

The use of the technology is not limited to financial transactions. Virtually anything of value can be traded on a blockchain.

But no matter how useful the underlying blockchain technology is, or how widely it can be applied, there are real and substantial risks involved in bitcoin.

Volatility versus returns

The first and most significant risk is that compared to any currency, share, or gold, bitcoin is extremely volatile. The volatility of bitcoin to US dollar is almost six times the volatility of the Rand to US dollar. While this is great in good times, it is potentially devastating for investors in bad times.

When professional investors decide on which assets to hold, they look at both the return and the volatility of the asset. Only investors with a healthy appetite for risk are willing to invest in risky, volatile assets. Usually these are finance professionals, for example in large investment banks or hedge funds.

Investors with a lower risk appetite, such as asset managers or pension funds, prefer assets with a somewhat lower return, but which are less volatile.

The rule of thumb is that the sophistication of an investor increases with the volatility of the asset she invests in. But with bitcoin, this rule of thumb doesn&rsquo;t hold true. More and more private investors have been flocking to bitcoin &lsquo;exchanges&rsquo; that have sprung up all over the internet and that are aggressively advertised on social media.

Overvalued

There is a huge risk that bitcoin is already overvalued.

The practical use cases for bitcoin are limited. It doesn&rsquo;t enable enough transactions to take place per second to be used as a replacement for a modern payment system. And it doesn&rsquo;t offer any functionality other than pseudonymous transactions &ndash; transactions where the true identity of the counterparties is hidden.

Bitcoin is favoured by pyramid schemes, including the infamous MMM pyramid scheme in Nigeria. In a recent article, the Financial Times called bitcoin itself a pyramid scheme, much to the dismay of crypto enthusiasts. (A pyramid scheme is usually an illegal operation in which participants pay to join and profit mainly from payments made by subsequent participants. If no new people come in, it collapses.)

Regulatory risk

The third, and possibly biggest risk is regulatory. In September 2017, the Chinese government outlawed bitcoin exchanges in mainland China, sending the price of bitcoin tumbling.

Despite the claim that bitcoin is a &ldquo;global currency&rdquo;, the reality is that 58 per cent of all bitcoin mining happens in China. If at any point the Chinese government should decide to make Bitcoin mining illegal the price is likely to plunge into oblivion.

Other countries have also voiced concern. The Russian Central Bank recently issued a warning to investors on the risks of investing in cryptocurrencies, citing concerns about a bubble. This suggests that there might be a concerted crackdown.

Cryptocurrencies are banned in India as their use is a violation of foreign exchange rules. The Australian Reserve Bank has taken a different approach. It monitors the cryptocurrency market in a bid understands the underlying technology.

The South African Reserve Bank has expressed its openness to blockchain technologies. But it has also highlighted potential risks to consumers.

A classic bubble

There are real risks that many consumers investing in cryptocurrency don&rsquo;t fully understand. Advertisements promise that bitcoin can make you rich fast. And social media is alive with stories about friends of neighbours or distant cousins who have made a lot of money through bitcoin.

Without a doubt, these cases are real, and those who invested early can reap large benefits. But this is true in every bubble &ndash; from the dotcom bubble to the tulip mania. It&rsquo;s also true in every pyramid scheme.

As always, investors should be extremely wary with any scheme that promises quick returns.

This article was originally published on <a href="http://theconversation.com" rel="nofollow">The Conversation</a>. Read the <a href="https://theconversation.com/bitcoin-is-a-highly-speculative-investment-why-caution-is-required-88440" rel="nofollow">original article</a>.

Qobolwakhe Dube: A PhD student at the African Institute of Financial Markets and Risk Management at University of Cape Town.

(Disclaimer: The author writes here in a personal capacity).

The astronomic rise of the price of bitcoin over the past 12 months raises fears that the cryptocurrency is set to crash which could see many people lose money

Authors: Co-Pierre Georg and Qobolwakhe Dube* With the price of a bitcoin reaching record highs of more than $10,000, more and more ordinary people consider investing in the cryptocurrency. The recent price surge, however, comes with tremendous risks. Investors should be prepared for the possibility that they could lose their entire investment. Bitcoin was launched in 2008 by an anonymous author under the name of Satoshi Nakamoto as a means of transacting among participants without the need for intermediaries. Since the beginning of this year, the price of bitcoin has increased by 1300 per cent as more and more consumers flock to it hoping to profit off its increasing popularity and the associated increase in value. Cryptocurrencies are not currencies at all. As the Financial Times explains, bitcoin is a string of computer codes which means that new bitcoins can be created – up to an agreed limit – by computers that gain the right to do so by solving complex puzzles. Transactions are recorded in a database called a blockchain. Bitcoin, like other assets like gold, doesn’t yield income. You have to sell it to realise any value. And, like gold and other currencies, it can be transferred peer-to-peer. Part of the nervousness about bitcoin is that, along with other cryptocurrencies, it challenges the traditional role of banks and central banks. In the classical world, banks act as intermediaries by providing loans out of the deposits they took and from funding from the central bank. The central bank uses the rate at which it provides this funding as a lever to ensure price stability. The introduction of cryptocurrencies threatens this model because banks are no longer necessary to intermediate funds and there is no central bank to ensure that prices are stable. The more immediate fears about bitcoin center on the recent dramatic rise in its value. There’s nervousness in the market that a flash crash might be imminent after the cryptocurrency tumble by more than $1,300 in minutes on the bitcoin exchange Bitfinex. It did recover to levels above $10,800. The flash crash echoes long-standing warnings that the bitcoin party is set to end in tears. Most recently Jamie Dimon, CEO of JPMorgan, one of the world’s largest investment banks declared that he would fire any employee trading bitcoin for being stupid. In a highly unusual alliance, his words were echoed by economics Nobel Laureate Joseph Stiglitz, who has gone even further arguing that bitcoin ought to be outlawed. All of these are clear warning signs that the professionals do not trust the lofty promises of crypto enthusiasts. The blockchain factor There is no doubt that Bitcoin – and in particular blockchain, the technology behind it – has the potential to revolutionise the financial services industry. A blockchain functions as a transparent and incorruptible digital ledger of economic transactions, recorded in chronological order, that operates on a peer-to-peer network. Fundamentally, the technology allows an exchange of value to occur in an environment of peers with conflicting interests without the need for trusted intermediaries. That, in effect, wipes out the need for banks or financial services companies which fulfil this role. The use of the technology is not limited to financial transactions. Virtually anything of value can be traded on a blockchain. But no matter how useful the underlying blockchain technology is, or how widely it can be applied, there are real and substantial risks involved in bitcoin. Volatility versus returns The first and most significant risk is that compared to any currency, share, or gold, bitcoin is extremely volatile. The volatility of bitcoin to US dollar is almost six times the volatility of the Rand to US dollar. While this is great in good times, it is potentially devastating for investors in bad times. When professional investors decide on which assets to hold, they look at both the return and the volatility of the asset. Only investors with a healthy appetite for risk are willing to invest in risky, volatile assets. Usually these are finance professionals, for example in large investment banks or hedge funds. Investors with a lower risk appetite, such as asset managers or pension funds, prefer assets with a somewhat lower return, but which are less volatile. The rule of thumb is that the sophistication of an investor increases with the volatility of the asset she invests in. But with bitcoin, this rule of thumb doesn’t hold true. More and more private investors have been flocking to bitcoin ‘exchanges’ that have sprung up all over the internet and that are aggressively advertised on social media. Overvalued There is a huge risk that bitcoin is already overvalued. The practical use cases for bitcoin are limited. It doesn’t enable enough transactions to take place per second to be used as a replacement for a modern payment system. And it doesn’t offer any functionality other than pseudonymous transactions – transactions where the true identity of the counterparties is hidden. Bitcoin is favoured by pyramid schemes, including the infamous MMM pyramid scheme in Nigeria. In a recent article, the Financial Times called bitcoin itself a pyramid scheme, much to the dismay of crypto enthusiasts. (A pyramid scheme is usually an illegal operation in which participants pay to join and profit mainly from payments made by subsequent participants. If no new people come in, it collapses.) Regulatory risk The third, and possibly biggest risk is regulatory. In September 2017, the Chinese government outlawed bitcoin exchanges in mainland China, sending the price of bitcoin tumbling. Despite the claim that bitcoin is a “global currency”, the reality is that 58 per cent of all bitcoin mining happens in China. If at any point the Chinese government should decide to make Bitcoin mining illegal the price is likely to plunge into oblivion. Other countries have also voiced concern. The Russian Central Bank recently issued a warning to investors on the risks of investing in cryptocurrencies, citing concerns about a bubble. This suggests that there might be a concerted crackdown. Cryptocurrencies are banned in India as their use is a violation of foreign exchange rules. The Australian Reserve Bank has taken a different approach. It monitors the cryptocurrency market in a bid understands the underlying technology. The South African Reserve Bank has expressed its openness to blockchain technologies. But it has also highlighted potential risks to consumers. A classic bubble There are real risks that many consumers investing in cryptocurrency don’t fully understand. Advertisements promise that bitcoin can make you rich fast. And social media is alive with stories about friends of neighbours or distant cousins who have made a lot of money through bitcoin. Without a doubt, these cases are real, and those who invested early can reap large benefits. But this is true in every bubble – from the dotcom bubble to the tulip mania. It’s also true in every pyramid scheme. As always, investors should be extremely wary with any scheme that promises quick returns. This article was originally published on The Conversation. Read the original article. Qobolwakhe Dube: A PhD student at the African Institute of Financial Markets and Risk Management at University of Cape Town. (Disclaimer: The author writes here in a personal capacity).

Opinion: Bitcoin is a highly speculative investment. Why caution is required

Bitcoin-powered to a record high just below $11,800 on Sunday, continuing its surge from below $1,000 at the start of the year.

The cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange at around 2100 GMT on Sunday.

It was not clear what caused the move higher over the weekend other than new investors joining the upstart market, with so-called wallet-providers reporting record numbers of sign-ups over the past week.

Analysts said Friday&#39;s announcement by the main U.S. derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts had turned sentiment positive after a choppy week.

&quot;The price rises are triggered by continued media interest driven by the expectation of futures trading on CME,&quot; Charles Hayter, founder of data analysis website Cryptocompare, said.

By 1230 GMT on Monday, bitcoin had slipped back to around $11,250, still up more than 100 percent over the past three weeks. Sunday&#39;s high marked a 1,121 percent increase since the start of the year.

Think Markets analyst Naeem Aslam said reports Britain wants to increase regulation of bitcoin and other digital currencies by expanding the reach of European Union anti-money-laundering rules that force traders to disclose their identities and report suspicious activity, had knocked bitcoin off its highs.

But others said greater regulatory scrutiny would help.

&quot;If anything, regulation will only increase bitcoin&#39;s rate of growth as regulation lends credibility and engenders trust,&quot; Nicholas Gregory, CEO of London-based cryptocurrency firm commerce block, said.

Sunday&#39;s record high for bitcoin came as Venezuelan President Nicolas Maduro announced the launch of the &quot;petro&quot;, which he said would be a cryptocurrency backed by oil reserves, to shore up a collapsed economy.

Opposition leaders said the digital currency would need congressional approval and some cast doubt on whether it would ever see the light of day in the midst of turmoil.

&nbsp;

The cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange at around 2100 GMT on Sunday

Bitcoin-powered to a record high just below $11,800 on Sunday, continuing its surge from below $1,000 at the start of the year. The cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange at around 2100 GMT on Sunday. It was not clear what caused the move higher over the weekend other than new investors joining the upstart market, with so-called wallet-providers reporting record numbers of sign-ups over the past week. Analysts said Friday's announcement by the main U.S. derivatives regulator that it would allow CME Group Inc and CBOE Global Markets to list bitcoin futures contracts had turned sentiment positive after a choppy week. "The price rises are triggered by continued media interest driven by the expectation of futures trading on CME," Charles Hayter, founder of data analysis website Cryptocompare, said. By 1230 GMT on Monday, bitcoin had slipped back to around $11,250, still up more than 100 percent over the past three weeks. Sunday's high marked a 1,121 percent increase since the start of the year. Think Markets analyst Naeem Aslam said reports Britain wants to increase regulation of bitcoin and other digital currencies by expanding the reach of European Union anti-money-laundering rules that force traders to disclose their identities and report suspicious activity, had knocked bitcoin off its highs. But others said greater regulatory scrutiny would help. "If anything, regulation will only increase bitcoin's rate of growth as regulation lends credibility and engenders trust," Nicholas Gregory, CEO of London-based cryptocurrency firm commerce block, said. Sunday's record high for bitcoin came as Venezuelan President Nicolas Maduro announced the launch of the "petro", which he said would be a cryptocurrency backed by oil reserves, to shore up a collapsed economy. Opposition leaders said the digital currency would need congressional approval and some cast doubt on whether it would ever see the light of day in the midst of turmoil.

Bitcoin hits record high of nearly $11,800 after futures lift

<a href="http://www.wionews.com/world/bubble-or-brave-new-world-bitcoin-breaks-usd-10000-barrier-25407" target="_blank">Bitcoin made headlines</a> again as it went up to a record high, soaring beyond $11,000 on Wednesday, nearly for a week. While the cryptocurrency -- that was founded in the year 2009 -- has seen a massive boost with people across the world using it as an investment tool, financial experts across the globe now raise concerns over its possibilities to promote mass-scale financial frauds.

Simply put, <a href="http://www.wionews.com/photos/a-little-bit-of-coins-bitcoins-explained-via-a-comic-strip-45" target="_blank">Bitcoin is a cryptocurrency</a> or currency in digital form which is not tangible and floats in and through digital wallets, what can be perceived as something similar to Paytm or BHIM. A cryptocurrency is not issued by any bank, financial institution or a central authority, the very reason why governments can&#39;t have any control over its regulation or usage.&nbsp;

One of the key features of Bitcoin is the anonymity associated with the identity of a person who owns it, invests in it or make transactions using it, not only this, there is absolutely no way to trace a transaction back to the parties involved -- the very reason why it is seen a tool that could actively promote financial frauds and illicit activities like tax evasion and money laundering.&nbsp;

&nbsp;Also read: <a href="http://www.wionews.com/photos/a-little-bit-of-coins-bitcoins-explained-via-a-comic-strip-45#photo-6142">A little Bit of Coins: Bitcoins explained via a comic strip</a>

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While the cryptocurrencies are on the rise in the world, there has been no regulations regarding them in India. The bitcoin mining facilities are on the rise here but is India ready for cryptocurrencies (WION)
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According to a Reuters report, &quot;more than 980,000 bitcoins have been stolen from exchanges, either by hackers or insiders. That&#39;s a total of more than $10 billion at current exchange rates. Few have been recovered,&quot;

&quot;Bitcoin has performed better than every central-bank-issued currency in every year since 2011 except for 2014 when it performed worse than any traditional currency. So far in 2017, it is up around 1000 percent. If you had bought $1,000 of bitcoin at the start of 2013 and had never sold any of it, you would now be sitting on $80 million,&quot; reports Reuters.&nbsp;

Newer cryptocurrencies like Zcash and Monero are designed to conceal the information that various regulatory authorities and others could use to follow the money flow, this could further enable savvy criminals to easily migrate to these untraceable systems.&nbsp;

Also read: <a href="http://www.wionews.com/world/bubble-or-brave-new-world-bitcoin-breaks-usd-10000-barrier-25407">Bubble or brave new world? Bitcoin breaks US $10,000 barrier</a>

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With fin-tech on the rise around the world there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION)
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Also read:<a href="http://www.wionews.com/videos/dawood-ibrahim-is-trading-in-bitcoins-to-fly-under-radar-7064"> Dawood Ibrahim is trading in Bitcoins to fly under radar</a>

Should you invest in Bitcoin?

Another Reuters report talked about countries like China and South Korea banning digital coin sales this year. Regulators in the United States, Malaysia, Dubai, United Kingdom and Germany have already warned investors of expected risks of theft, fraud or hacking.&nbsp;

National regulatory bodies and watchdogs have little control over regulating digital coin sales, it is rather a challenge, to begin with.

&quot;The United Kingdom&#39;s Financial Conduct Authority and Securities Commission Malaysia reiterated their stance that digital coin sales are high-risk, speculative investments and that retail investors should be aware of that. The Dubai regulator pointed out that seeking out friendly jurisdictions was not unusual, but regulators still needed to warn about the inherent risks in digital coin sales,&quot; reports Reuters.&nbsp;

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With crypto-currencies on the rise around the world, there are concerns being raised about the technology being used by terrorists and criminals to evade digital tracking. WION&#39;s Archit Sinha brings you this report. (WION)
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As of now, <a href="http://www.wionews.com/videos/dawood-ibrahim-is-trading-in-bitcoins-to-fly-under-radar-7064" target="_blank">Bitcoin</a> remains an unchartered territory, a haven for some, also exposing many to the unforeseen perils associated with it. Different jurisdictions have varying approaches concerning its regulation or manipulation, reaching a global consensus, therefore, looks like a distant and difficult task to achieve.&nbsp;

(With inputs from Reuters) 
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Bitcoin made headlines again as it went up to a record high, soaring beyond $11,000 nearly for a week on Wednesday.

Bitcoin made headlines again as it went up to a record high, soaring beyond $11,000 on Wednesday, nearly for a week. While the cryptocurrency -- that was founded in the year 2009 -- has seen a massive boost with people across the world using it as an investment tool, financial experts across the globe now raise concerns over its possibilities to promote mass-scale financial frauds. Simply put, Bitcoin is a cryptocurrency or currency in digital form which is not tangible and floats in and through digital wallets, what can be perceived as something similar to Paytm or BHIM. A cryptocurrency is not issued by any bank, financial institution or a central authority, the very reason why governments can't have any control over its regulation or usage. One of the key features of Bitcoin is the anonymity associated with the identity of a person who owns it, invests in it or make transactions using it, not only this, there is absolutely no way to trace a transaction back to the parties involved -- the very reason why it is seen a tool that could actively promote financial frauds and illicit activities like tax evasion and money laundering. Also read: A little Bit of Coins: Bitcoins explained via a comic strip While the cryptocurrencies are on the rise in the world, there has been no regulations regarding them in India. The bitcoin mining facilities are on the rise here but is India ready for cryptocurrencies (WION) × According to a Reuters report, "more than 980,000 bitcoins have been stolen from exchanges, either by hackers or insiders. That's a total of more than $10 billion at current exchange rates. Few have been recovered," "Bitcoin has performed better than every central-bank-issued currency in every year since 2011 except for 2014 when it performed worse than any traditional currency. So far in 2017, it is up around 1000 percent. If you had bought $1,000 of bitcoin at the start of 2013 and had never sold any of it, you would now be sitting on $80 million," reports Reuters. Newer cryptocurrencies like Zcash and Monero are designed to conceal the information that various regulatory authorities and others could use to follow the money flow, this could further enable savvy criminals to easily migrate to these untraceable systems. Also read: Bubble or brave new world? Bitcoin breaks US $10,000 barrier With fin-tech on the rise around the world there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION) × Also read: Dawood Ibrahim is trading in Bitcoins to fly under radar Should you invest in Bitcoin? Another Reuters report talked about countries like China and South Korea banning digital coin sales this year. Regulators in the United States, Malaysia, Dubai, United Kingdom and Germany have already warned investors of expected risks of theft, fraud or hacking. National regulatory bodies and watchdogs have little control over regulating digital coin sales, it is rather a challenge, to begin with. "The United Kingdom's Financial Conduct Authority and Securities Commission Malaysia reiterated their stance that digital coin sales are high-risk, speculative investments and that retail investors should be aware of that. The Dubai regulator pointed out that seeking out friendly jurisdictions was not unusual, but regulators still needed to warn about the inherent risks in digital coin sales," reports Reuters. With crypto-currencies on the rise around the world, there are concerns being raised about the technology being used by terrorists and criminals to evade digital tracking. WION's Archit Sinha brings you this report. (WION) × As of now, Bitcoin remains an unchartered territory, a haven for some, also exposing many to the unforeseen perils associated with it. Different jurisdictions have varying approaches concerning its regulation or manipulation, reaching a global consensus, therefore, looks like a distant and difficult task to achieve. (With inputs from Reuters)

Should you invest in Bitcoin? UK, US warn investors of fraud, theft

China&#39;s largest bitcoin exchanges said on Monday they were still awaiting clarification from the government following more media reports that Beijing was planning to ban trading of virtual currencies on domestic exchanges.

Spokeswomen for the OkCoin and Huobi platforms told Reuters they had no information to share following a report by Chinese financial publication Caixin that sent the price of bitcoin down 6.6 per cent on Friday.

Caixin reported that China was planning to shut down local crypto-currency exchanges. On Monday, Bloomberg and the Wall Street Journal issued similar reports, saying that China was drafting a plan to ban commercial trading of all virtual currencies.

Reuters was unable to confirm the reports. BTC China, also one of China&#39;s three largest exchanges, and China&#39;s central bank did not immediately respond to Reuters&#39; requests for comment.

Bitcoin was trading lower by around 1.6 per cent at $4,160 on the Bitstamp platform on Monday. On Sept 2, it hit a record high of nearly $5,000.

China has boomed as a cryptocurrency trading venue in recent years as its domestic exchanges had previously allowed users to conduct trades for free, attracting investors and speculators who boosted demand and encouraging volumes.

However, regulators started taking a closer look at the industry in January this year and have since rolled out a series of rules for the industry including forcing exchanges to slap on trading fees and requiring them to strengthen oversight of customers&#39; identities.

The latest media reports follow China&#39;s move last week to ban so-called &quot;initial coin offerings,&quot; or the practice of creating and selling digital currencies or tokens to investors in order to finance start-up projects.

Xue Hongyan, director of the Suning Financial Research Institute, the research arm of one of China&#39;s largest fintech service providers, said in an article posted online that the latest reports suggested that the regulations were not aimed at the virtual currencies themselves, but rather trading of them.

&quot;The reason is not difficult to understand. The virtual currency itself is not the problem, but the illegal behaviours&nbsp;that the virtual currencies enable are where the problems lie,&quot; he said.

Reports said that China was drafting a plan to ban commercial trading of all virtual currencies

China's largest bitcoin exchanges said on Monday they were still awaiting clarification from the government following more media reports that Beijing was planning to ban trading of virtual currencies on domestic exchanges. Spokeswomen for the OkCoin and Huobi platforms told Reuters they had no information to share following a report by Chinese financial publication Caixin that sent the price of bitcoin down 6.6 per cent on Friday. Caixin reported that China was planning to shut down local crypto-currency exchanges. On Monday, Bloomberg and the Wall Street Journal issued similar reports, saying that China was drafting a plan to ban commercial trading of all virtual currencies. Reuters was unable to confirm the reports. BTC China, also one of China's three largest exchanges, and China's central bank did not immediately respond to Reuters' requests for comment. Bitcoin was trading lower by around 1.6 per cent at $4,160 on the Bitstamp platform on Monday. On Sept 2, it hit a record high of nearly $5,000. China has boomed as a cryptocurrency trading venue in recent years as its domestic exchanges had previously allowed users to conduct trades for free, attracting investors and speculators who boosted demand and encouraging volumes. However, regulators started taking a closer look at the industry in January this year and have since rolled out a series of rules for the industry including forcing exchanges to slap on trading fees and requiring them to strengthen oversight of customers' identities. The latest media reports follow China's move last week to ban so-called "initial coin offerings," or the practice of creating and selling digital currencies or tokens to investors in order to finance start-up projects. Xue Hongyan, director of the Suning Financial Research Institute, the research arm of one of China's largest fintech service providers, said in an article posted online that the latest reports suggested that the regulations were not aimed at the virtual currencies themselves, but rather trading of them. "The reason is not difficult to understand. The virtual currency itself is not the problem, but the illegal behaviours that the virtual currencies enable are where the problems lie," he said.

Chinese bitcoin exchanges say awaiting clarification on closure reports

Fidelity Investments&nbsp;has started allowing clients to use its website to view their holdings of Bitcoin and other cryptocurrencies held through digital wallet provider Coinbase, the company said on Wednesday.

The initiative, previously tested with the Boston-based money manager&#39;s employees, is a rare example of an established financial services company warming up to cryptocurrencies.

Starting Wednesday, most Fidelity clients will be able to authorise Coinbase, one of the largest crypto-currency exchanges in the United States, to provide the fund manager with data on their holdings.

Through the experiment, the company said it aims to learn more about digital currencies, which have been proliferating since the creation of Bitcoin, the oldest and most valuable of these assets.

Coinbase enables users to buy and trade Bitcoin as well as competitor virtual currencies Ethereum and Litecoin.

&quot;This is an experiment in the spirit of learning what these crypto assets are like and how our customers may want to interact with them,&quot; Hadley Stern, senior vice president and managing director at Fidelity Labs, the company&#39;s innovation unit, said in an interview.

Bitcoin hit a record high on Tuesday, with one unit of Bitcoin trading at above $3,400 on Coinbase.

The currency&#39;s rise in value is not a driving force behind the initiative, Stern said, noting that the integration is part of Fidelity&#39;s wider efforts around cryptocurrencies and their underlying technology blockchain.

Many large financial institutions around the world have been investing in blockchain over the past two years, in the hopes that it can help them slash costs and simplify some processes. Blockchain is a shared ledger of transactions maintained by a network of computers on the internet rather than a central authority.

However, most established financial firms have shied away from associating themselves with Bitcoin and cryptocurrencies, because the sector remains largely unregulated.

Fidelity&#39;s Chief Executive Officer Abigail Johnson announced the company&#39;s intention to launch the Coinbase integration at an industry conference in May.

At the time Johnson also revealed that Fidelity had been accepting bitcoin payments in its cafeteria, but said the experiment had highlighted the technology&#39;s flaws as a means of payments.

&quot;But I am still a believer&quot; and it&#39;s no accident that I&#39;m one of the few standing before you today from a large financial services firm that hasn&#39;t given up on digital currencies,&quot; Johnson said at the time.

Starting Wednesday, most Fidelity clients will be able to authorise Coinbase, one of the largest crypto-currency exchanges in the United States, to provide the fund manager with data on their holdings

Fidelity Investments has started allowing clients to use its website to view their holdings of Bitcoin and other cryptocurrencies held through digital wallet provider Coinbase, the company said on Wednesday. The initiative, previously tested with the Boston-based money manager's employees, is a rare example of an established financial services company warming up to cryptocurrencies. Starting Wednesday, most Fidelity clients will be able to authorise Coinbase, one of the largest crypto-currency exchanges in the United States, to provide the fund manager with data on their holdings. Through the experiment, the company said it aims to learn more about digital currencies, which have been proliferating since the creation of Bitcoin, the oldest and most valuable of these assets. Coinbase enables users to buy and trade Bitcoin as well as competitor virtual currencies Ethereum and Litecoin. "This is an experiment in the spirit of learning what these crypto assets are like and how our customers may want to interact with them," Hadley Stern, senior vice president and managing director at Fidelity Labs, the company's innovation unit, said in an interview. Bitcoin hit a record high on Tuesday, with one unit of Bitcoin trading at above $3,400 on Coinbase. The currency's rise in value is not a driving force behind the initiative, Stern said, noting that the integration is part of Fidelity's wider efforts around cryptocurrencies and their underlying technology blockchain. Many large financial institutions around the world have been investing in blockchain over the past two years, in the hopes that it can help them slash costs and simplify some processes. Blockchain is a shared ledger of transactions maintained by a network of computers on the internet rather than a central authority. However, most established financial firms have shied away from associating themselves with Bitcoin and cryptocurrencies, because the sector remains largely unregulated. Fidelity's Chief Executive Officer Abigail Johnson announced the company's intention to launch the Coinbase integration at an industry conference in May. At the time Johnson also revealed that Fidelity had been accepting bitcoin payments in its cafeteria, but said the experiment had highlighted the technology's flaws as a means of payments. "But I am still a believer" and it's no accident that I'm one of the few standing before you today from a large financial services firm that hasn't given up on digital currencies," Johnson said at the time.

Now users can access their digital currency on Fidelity website

While cryptocurrencies are gaining popularity, and few countries are moving towards decentralisation, it&#39;s the blockchain that central banks and the governments all over the world seem curious about. But what really is a blockchain?

A blockchain is a database for storing data online, and it makes a promise that no information is erased from it. It can serve the base for notarization and contracts.

While Bitcoins and Etherium have already started making the early noise in cryptocurrency markets, the real invention behind this cryptocurrency is the blockchain.

<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/bqFXF2nJ-Z8" width="770"></iframe>

The love for Bitcoins and other virtual currencies is growing in India amidst demonetisation, but are we blockchain-ready in Indian financial markets?

Last year, ICICI bank started its early experiments with blockchain in India. But with no laws and regulations in India regarding cryptocurrency and blockchain markets, there are some fraudulent companies who are spoiling the use of this technology. As a result of this, the Bitcoins are being bought through Hawala without any proof of transactions. So, how can this be curbed without proper regulations and understanding the nature of this new technology? And what is mining? 
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<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/SsAxBQ6kwkM" width="770"></iframe>

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Last year in India, demonetisation was aimed at the clearing of black money and to encourage people to transact through digital wallets. But before this happened, Switzerland also started experimenting with Bitcoins&#39; distribution and blockchain systems. Switzerland&#39;s national railways firm, SBB, has started a two-year experiment allowing riders to trade Swiss francs for Bitcoins at ticket kiosks. With the rise of FinTech in the world, Mayor Dolfi Mueller launched a perfect amalgamation of start-ups dealing with cryptocurrencies and block chain in Zug, Switzerland. Bitcoin was allowed in dealing with public services and Zug is known as Crypto-valley.

 
<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/Mju3EiNsxbA" width="770"></iframe>

 
More than experimenting with cryptocurrencies and blockchain, in some countries it is being used for marketing and attracting tourists. In Arnhem, Netherlands, BitcoinArnhemstaad has marketed Bitcoins in an adept manner. And it&#39;s now known as the world&#39;s most bitcoin-friendly place. They also created a payment wallet known as Bit Kassa for the merchants for easy transactions. There are over a hundred merchants accepting Bitcoins but with a small percentage of customers. Their hundredth merchant is none other than Burger King. 
 
<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/wki4DXPKqfk" width="770"></iframe>

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In India, a lot of people did not support the idea of demonetisation and termed it as a bad move towards the economy. Likewise, in some countries, the idea of Bitcoins and other cryptocurrencies and blockchain technologies is not being supported. Ottto de voogd had to leave his country Estonia and move to Arnhem in Netherlands as a refugee for practising Bitcoins. He calls himself as a &ldquo;Bitcoin refugee&rdquo;. Otto is a victim of how the centralised forces and power are fearing or against the idea of this decentralised world of cryptocurrencies and blockchain.

 
<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/r9W2l7zjYZw" width="770"></iframe>

In France, few politicians are sceptical about Bitcoins being used in terrorism and other criminal activities. With France set for elections this year and the Front National Party being viewed on the winning side of elections, will these technologies prevail in Marine Le pen&#39;s leadership? And is it true to say that the bitcoin is a haven for criminal activities?

&nbsp;

<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/dDXhzy67nhQ" width="770"></iframe>

 
But with this mixed bag of myths and facts, the obsession with cryptocurrencies and blockchain technologies has begun. With increasing internet penetration around the world, more and more people are using e-payment wallets for transactions, Martin Wismeijer believes that Bio-Payments could be the next frontier when it comes to E-Payments. He has NFC chip planted in his hands. 
 
&nbsp;

&nbsp;

<iframe allowfullscreen="" frameborder="0" height="430" src="https://www.youtube.com/embed/6UyoAJR_CAE" width="770"></iframe>

&nbsp;

With such obsessions, rise in FinTech, constant experiments and people slowly moving to cryptocurrencies, some banks should shed their conservative nature and quickly adapt to blockchain technologies and acknowledge the progress. In Africa, Senegal has already announced a blockchain-based national digital currency. But are other countries willing to follow this decentralised phenomenon of blockchain? 
 
(WION)

While Bitcoins and Etherium have already started making the early noise in cryptocurrency markets, the real invention behind this cryptocurrency is the blockchain

While cryptocurrencies are gaining popularity, and few countries are moving towards decentralisation, it's the blockchain that central banks and the governments all over the world seem curious about. But what really is a blockchain? A blockchain is a database for storing data online, and it makes a promise that no information is erased from it. It can serve the base for notarization and contracts. While Bitcoins and Etherium have already started making the early noise in cryptocurrency markets, the real invention behind this cryptocurrency is the blockchain. The love for Bitcoins and other virtual currencies is growing in India amidst demonetisation, but are we blockchain-ready in Indian financial markets? Last year, ICICI bank started its early experiments with blockchain in India. But with no laws and regulations in India regarding cryptocurrency and blockchain markets, there are some fraudulent companies who are spoiling the use of this technology. As a result of this, the Bitcoins are being bought through Hawala without any proof of transactions. So, how can this be curbed without proper regulations and understanding the nature of this new technology? And what is mining? Last year in India, demonetisation was aimed at the clearing of black money and to encourage people to transact through digital wallets. But before this happened, Switzerland also started experimenting with Bitcoins' distribution and blockchain systems. Switzerland's national railways firm, SBB, has started a two-year experiment allowing riders to trade Swiss francs for Bitcoins at ticket kiosks. With the rise of FinTech in the world, Mayor Dolfi Mueller launched a perfect amalgamation of start-ups dealing with cryptocurrencies and block chain in Zug, Switzerland. Bitcoin was allowed in dealing with public services and Zug is known as Crypto-valley. More than experimenting with cryptocurrencies and blockchain, in some countries it is being used for marketing and attracting tourists. In Arnhem, Netherlands, BitcoinArnhemstaad has marketed Bitcoins in an adept manner. And it's now known as the world's most bitcoin-friendly place. They also created a payment wallet known as Bit Kassa for the merchants for easy transactions. There are over a hundred merchants accepting Bitcoins but with a small percentage of customers. Their hundredth merchant is none other than Burger King. In India, a lot of people did not support the idea of demonetisation and termed it as a bad move towards the economy. Likewise, in some countries, the idea of Bitcoins and other cryptocurrencies and blockchain technologies is not being supported. Ottto de voogd had to leave his country Estonia and move to Arnhem in Netherlands as a refugee for practising Bitcoins. He calls himself as a “Bitcoin refugee”. Otto is a victim of how the centralised forces and power are fearing or against the idea of this decentralised world of cryptocurrencies and blockchain. In France, few politicians are sceptical about Bitcoins being used in terrorism and other criminal activities. With France set for elections this year and the Front National Party being viewed on the winning side of elections, will these technologies prevail in Marine Le pen's leadership? And is it true to say that the bitcoin is a haven for criminal activities? But with this mixed bag of myths and facts, the obsession with cryptocurrencies and blockchain technologies has begun. With increasing internet penetration around the world, more and more people are using e-payment wallets for transactions, Martin Wismeijer believes that Bio-Payments could be the next frontier when it comes to E-Payments. He has NFC chip planted in his hands. With such obsessions, rise in FinTech, constant experiments and people slowly moving to cryptocurrencies, some banks should shed their conservative nature and quickly adapt to blockchain technologies and acknowledge the progress. In Africa, Senegal has already announced a blockchain-based national digital currency. But are other countries willing to follow this decentralised phenomenon of blockchain? (WION)

Is the world ready for blockchain-based national digital currency?

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