Bitcoin 

US Fed Rate Cuts Are Helping Bitcoin

Fundstrat Global Advisors co-founder Tom Lee believes that recent interest rate cuts in the United States by the Federal Reserve are a boon for Bitcoin (BTC).   Lee remarked on how the rate cuts positively impact Bitcoin investment in an interview with Fox Business on July 31, saying: “Bitcoin’s becoming increasingly a macrohedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.” Lee delivered a couple more general remarks about Bitcoin,…

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Blockchain 

US Security Token Platform Adds New Policies to Comply with FinCEN

Security tokens platform TokenSoft has officially added Know Your Business (KYB) services following a successful alpha test in 2018. The San Francisco-based token issuance platform said in a press release on July 31 that the KYB feature was added in order to enhance customer due diligence (CDD) requirements in compliance with an amendment to the Bank Secrecy Act. Per the press release, the KYB test launched on the eve of the effective date of the United States Financial Crimes Enforcement Network’s (FinCEN) CDD final rule. The CDD rule amended the…

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Bitcoin 

Judge Dismisses Libel Suit Against Roger Ver Over Lack of Jurisdiction

A Justice of the High Court of England and Wales has dismissed a libel lawsuit against Bitcoin Cash (BCH) proponent and Bitcoin.com CEO Roger Ver. Justice Matthew Nicklin of the Queen’s Bench Division threw out the case earlier this week, according to a decision published on July 31. Back in May, Craig Wright — an Australian computer scientist who claims he is Satoshi Nakamoto, the creator of Bitcoin — served Ver with a libel suit in London. Wright accused Ver of calling him a fraud and a liar, among other…

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Bitcoin 

Bittrex Launches Crypto Platform for Middle East Following New Partnership

Bittrex cryptocurrency exchange is partnering with Bahrain-based crypto exchange and custodian provider Rain Management WLL to launch a digital asset trading platform for customers in the Middle East and North Africa (MENA). The new platform will purportedly combine Rain’s staff and expertise in the MENA region with Bittrex’s technology and security infrastructure, according to an announcement on July 31.  The platform will offer all the tokens that are currently available on Bittrex and Bittrex International. It will also offer four Bitcoin (BTC) trading pairs with local fiat currencies: the Bahraini…

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Blockchain 

US Senate Crypto Hearing Key Takeaways: Blockchain Is ‘Inevitable’

On July 30, the United States Committee on Banking, Housing and Urban Affairs hosted a hearing on cryptocurrencies in a regulatory context. Lawmakers are showing renewed interest in digital currencies against the backdrop of Facebook’s crypto odyssey: This week’s testimony followed two Libra-focused hearings, which were held in Congress earlier in the month. Indeed, while the recent session’s scope was meant to be broader, Libra remained one of the key topics. The main consensus was that the influx of cryptocurrencies and blockchain is inevitable and that the U.S. would prefer…

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Blockchain 

Dubai to Launch KYC-Focused Blockchain Consortium for Businesses in 2020

A new partnership between the Dubai International Financial Centre (DIFC), Mashreq Bank, and fintech firm Norbloc aims to launch a blockchain-based Know Your Customer (KYC) data-sharing consortium in 2020. The official UAE news agency, Emirates News Agency, reported on the new development on July 31. The DIFC, Mashreq Bank and Norbloc — a Stockholm-based blockchain project focused on KYC and a member of the Hyperledger consortium — are planning to jointly launch the consortium in the first quarter of 2020 to support businesses in Dubai. As part of the project,…

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Blockchain 

Canadian Judge Approves $1.6M in EY, Legal Firm Fees in QuadrigaCX Case

The Supreme Court of Nova Scotia, Canada, has approved over $1.6 million in fees for parties seeking funds from former Canadian cryptocurrency exchange QuadrigaCX, according to recently released court documents. Justice Darlene Jamieson ordered to approve the activities, fees and disbursements incurred by the Monitor — Big Four audit firm EY — in the ongoing proceedings of QuadrigaCX.  The exchange ostensibly lost access to its cold wallet holdings following the death of its founder, Gerald Cotten, in December 2018, and now owes over $198.4 million to an estimated 115,000 users.…

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Ethereum 

Bitcoin Takes 11th Place, EOS Still Leads

In its latest rankings, the Chinese CCID Research Institute put Bitcoin (BTC) in eleventh place on a list of 37 digital currencies in terms of technology, application and innovation. The ranking results were published by Forex Crunch on July 31. The CCID Research Institute is an initiative of China’s Ministry of Industry and Information Technology that provides a monthly assessment of cryptocurrency projects. The assessment takes into account 37 cryptocurrencies and considers their properties such as basic technology, applicability and innovation, which put together form a total value index. Cryptocurrency…

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Ethereum 

UK Financial Regulator FCA Won’t Regulate Bitcoin and Ether

Major British regulator, the Financial Conduct Authority (FCA), will not regulate Bitcoin (BTC) as a part of its recent guidance on crypto assets. FCA finalizes its statement on crypto after a public consultation released in January On July 31, the FCA issued its finalized policy statement on cryptocurrencies in a document titled “PS19/22: Guidance on Cryptoassets.” The document represents an updated version of a consultation paper on crypto assets that was first released for public comment in January 2019, and intends to bring more regulatory clarity to the existing types…

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Blockchain 

S7 Airlines Processed Over $1M Via Blockchain Payment Platform in July

S7 Airlines, a member of major global aviation alliance Oneworld, processed over $1 million through its blockchain payment system for the month of July. S7 processed nearly $4 million in payments on its blockchain platform since January 2019 According to an official press release on July 30, S7 has seen significant growth in transactions on its blockchain-powered sales network developed in partnership with Russia’s largest private bank, Alfa-Bank. Nikolai Mukhanov,  executive director at S7 Techlab, said that the platform has seen not only a significant increase in number of payments,…

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