Japan's Financial Services Agency (FSA) has issued operating licenses to 11 bitcoin exchanges.
In an announcement today, the regulator confirmed the action, one that follows an amendment to the payment services law that mandated all cryptocurrency exchanges register with authorities by the end of September. Passed in April, the new law established bitcoin as a legal payment method and extrapolated security guidelines for cryptocurrency exchanges.
The licensing enforces certain operational requirements for the exchanges, including high standards for cyber security, the segregation of customer accounts and the verification of customer identities.
Seventeen applications are still in review, while 12 firms have closed their doors in light of the new regulations.
Local cryptocurrency exchange Quoine – one of the 11 firms to receive a license – said in a press release that it will work alongside regulators "towards the healthy development of the cryptocurrency industry within Japan and on a global scale."
An FSA executive said earlier this week that it intended to foster "sound market development" by working with the exchanges...
We're honored to announce that Telco Miner has reached a momentous milestone - The 1,00,000 member mark today. Woohoo! A special thanks and big love to all our members for helping us to reach this goal.
To show our appreciation, we've been preparing something special, big and exclusive for you! We offer you some crazy offers with a big discount to 5% OFF on purchasing power with us. Find promo codes below:
Promo Code: GRAB5 Hurry Up!! Apply Promo Code GRAB5 to get back 5% balance in to your account on purchase of 5000 KH/s or more Hash Power. Applicable till 5th October 2017.
Stay tuned for more amazing updates...
Once again a special thanks and big love to all our members...
This week two business luminaries, Baroness Michelle Mone and Douglas Barrowman, have announced the sale of 2.4 million square feet of Dubai residential property will be sold for bitcoin. The residential 40-storey tower apartments will be the first properties located in Dubai’s Science Park priced and sold for a cryptocurrency settlement.
The First Dubai Development Properties Priced in Bitcoin
Through a partnership with Knox Group and the bitcoin payment processor Bitpay, a selection of 1,133 studio, one- and two-bedroom apartments, ready for completion by September 2019 will be sold for bitcoin. The Aston Development properties offer unique floor-to-ceiling windows with views of the Dubai Hills and city’s skyline. Further the project was developed by the well-known architects John R Harris & Partners alongside interior design by Michelle Mone Interiors. According to Knox Group, the development will feature three floors of cafes, restaurants, a supermarket, and boutiques.
Currently, studio properties will have a starting price of 33 BTC, and the real estate agency says early investors will get additional benefits. Additionally, packages of interior design services and furniture can also be purchased using bitcoin...
Russian media has reported that two of the nation’s major energy corporations, EvroSibEnergo and Gazprom, are in discussions with Russian bitcoin miners who are hoping to strike a deal on cheap power. EvroSibEnergoI has reportedly issued statements articulating that although no contracts have been officially been signed, the corporation is open to the possibility of entering into partnership with cryptocurrency miners.
Russia’s Largest Energy Company Has Received “Dozens of Requests” From Russian Bitcoin Miners
Russian media outlets have reported that two major energy corporations have been in discussions with Russian bitcoin miners. The news comes just weeks after Russian state officials announced plans to launch an ICO for a public-private partnership seeking to rival China’s dominance over the bitcoin and cryptocurrency mining industries
According to RT, EvroSibEnergo has received “dozens of requests“ from Russian bitcoin miners seeking to reduce the power costs associated with mining. EvroSibEnergo has stated that “there are over 70 manufacturing facilities with ready-made infrastructure, including quick access to electrical grids and substations, provided with cheap electric power”, which are located throughout Siberia, the Urals, and European parts of Russia...
150 Bitcoin ATMs will be installed in Ukraine this year, including 20-30 machines set to be installed on the streets of Kiev, the capital city of Ukraine, by the end of the summer. Approximately 20-30 Cryptomat Bitcoin ATMs (BTMs) will be installed in Kiev by the end of the summer, Michael Chobanian, founder of Kuna Bitcoin Agency and Kuna Cryptocurrency Exchange, told UBR this week.
Currently, there is only one BTM in Ukraine shown on Coinatmradar, a website that tracks BTMs globally. This 2-way BTM was installed in late April and is located in Odessa, a port city on the Black Sea in southern Ukraine. It is the first BTM in the country, according to UBR.
Other than this BTM, there are approximately 4,000 street terminals that reportedly sell bitcoin, the bitcoin service provider BTCU announced in 2014. They are not BTMs but customers can buy vouchers from them to redeem for bitcoin on the BTCU website.
The 150 Cryptomat BTMs to be installed later this year support the sale of bitcoin, ether, waves, and golos, according to its website. In addition, “unlike many competitors, Cryptomat does not require user identification.” Ukrainians will be able to purchase cryptocurrencies using the hryvnia, Chobanian detailed...
We would like to inform our valued users that there is a referral program
updating scheduled on 1st August, 2017.
After the effect on 1st August, 2017 you will get referral commission as below:
Also read notification about SegWit2x in our News section.
Stay tuned to get updated with our next update.
If you have any questions regarding this, please feel free to contact us.
Telco Miner would like to advise its valued users that there is a potential Bitcoin network disruption scheduled on or around August 1st, 2017.
This disruption is due to the upgrade to the latest version of the Blockchain protocol software, referred to as the 'chain split' or fork. In this event, some Bitcoin nodes will run on software that is no longer compatible with existing nodes. While there is an ongoing political division in the Bitcoin community regarding the chain split, our first priority is securing customer funds.
As a safety precaution, Telco Miner will cease all customer transactions including BITCOIN investments, BITCOIN withdrawals and BITCOIN deposits on Jul 28, 2017, at 1 am (GMT), and will last for approximately 120 hours. Customers should be aware that these times are approximations and the interruption could be extended due to necessary changes that may be required on our system.
We highly recommend customers to invest their Bitcoin funds to our system before the disruption commences on July 28, 2017 (GMT).
Your Funds totally secure with us, you do not need to take any tension regarding Bitcoin hard fork or Bitcoin split.
After Aug. 2, 2017 you can withdraw all your fund or leave it as an investment with us.
Profit will add as per rotation but no miner can withdraw that profit on that period of time.
There is a chance that the network disruption may occur before these dates. We are continuing to monitor the situation and will provide updates as soon as they come in.
If you have any questions regarding this, please feel free
to contact us.
The unexpected popularity of bitcoin as a payment option has prompted leading Japanese electronic retail chain Bic Camera to accept the digital currency at all locations across Japan.
Bic Camera first started accepting bitcoin in April, following the government’s recognition of the digital currency. By partnering with Bitflyer, Japan’s top bitcoin exchange by volume, two Bic Camera stores started allowing bitcoin payments. The company’s executives said at the time that these stores would serve as a testbed for bitcoin. If successful, the chain may roll out a bitcoin payment option to all of its stores across Japan.
Last month, the company opened a new store which is located in Akihabara, the world’s leading technology district. It became the third Bic Camera store to accept bitcoin. According to The Hokkaido Shimbun on Monday, Bic Camera “judged that there is demand not only for foreign visitors to Japan but also for Japanese customers.”
Three months after Recruit Lifestyle partnered with Japanese bitcoin exchange Coincheck to enable over 260,000 retail stores to accept bitcoin, the company has finally announced on Monday that its point-of-sale app is now bitcoin-ready. Immediately, a chain of 334 eyeglasses stores using the app announced that it will accept the cryptocurrency starting July 10.
More than 260,000 Stores Coming
Kagayaki Kawabata, Coincheck International Business Developer, confirmed to Bitcoin.com that the eyeglasses stores are the first of the 260,000+ stores that will start accepting bitcoin using the Air Regi app. In addition to working with Recruit Lifestyle, Coincheck has also been busy signing up merchants to accept bitcoin directly. Recent additions to the exchange’s list of 5000+ bitcoin-accepting stores include popular capsule hotels, a property management company in Akihabara, and Kai Corporation which owns five unique restaurants in Japan.
Poland’s largest website for ordering food online, Pyszne.pl, now accepts bitcoin for all orders. The site boasts the largest selection of restaurants in the country with approximately 5,062 locations and 883,000 active customers.
Largest Food Ordering Site in Poland
Pyszne.pl is Poland’s largest service for ordering food online. In 2016, the site reported having approximately 883,000 active customers, 4.3 million orders, and an average order size of 9.55 euros. It has partnered with 5,062 restaurants, ranging from pizza, sushi, kebab, dumplings and other dishes, all of which offer delivery...
The Indian government will meet to discuss the regulatory framework of Bitcoin and other digital currencies next week, according to a local publication. Bitcoin.com talked with India’s leading bitcoin exchanges to find out what to really expect from the meeting.
Government Working on Bitcoin Framework Next Week
According to DNA, India’s English broadcast daily owned by Diligent Media Corporation, the Indian government is expected to make a decision about the regulatory framework of bitcoin and other cryptocurrencies next week. However, no additional detail about the framework or the decision was given. “The issue of whether virtual currencies or bitcoins should be banned, regulated or self-regulated has been deliberated for some time,” the publication wrote...
What to Really Expect Next Week
In April, the government formed a committee to investigate Bitcoin and expects its report next month. The committee is also tasked with assessing the existing legal and regulatory framework of digital currencies in India as well as globally...
Bitpoint has recently partnered with Peach Aviation to provide bitcoin payment tech to the company, and now plans to do the same at “hundreds of thousands of Japanese retail outlets.”
From Peach Aviation to 100,000+ Stores
Peach Aviation Ltd announced last week that it will be the first Japanese airline to accept bitcoin for tickets. Peach is Japan’s first Low-Cost Carrier (LCC) and is majority owned by the country’s largest airline, All Nippon Airways Co. Ltd (ANA).
400,000+ Stores Could Accept Bitcoin
Since April 1, when the Japanese government started recognizing bitcoin as a legal method of payment, a slew of Japanese companies have started considering accepting bitcoin. The first major retailer to do so following the government’s move was Bic Camera, one of the country’s biggest electronics retailers. The company partnered with Japan’s largest bitcoin exchange by volume, Bitflyer, to accept bitcoin.
Bitcoin’s rising value continues to pick up steam this week by breaking a new all-time price high nearly every day. Currently, the global average is US$2400 per BTC, but the price is also trading at a premium of $2700 in Japan, $3050 in India, and $3150 in South Korea.
Bitcoin Price Fires Up the Rocket Boosters Breaking New
Since our last price post just four days ago, bitcoin’s fiat value has climbed $400 higher to an all-time high average of $2405 across most global exchanges. The Bull Run is showing unstoppable momentum with a few pit stops along the way as bitcoin’s market cap is just a few dollars shy of reaching $40 billion. Alongside bitcoin, many altcoins are also gaining in value at an unprecedented level not seen since 2013.
Largest Russian Online Retailer
Founded in 2008 and headquartered in St. Petersburg, Ulmart has over 450 infrastructure facilities including fulfillment centers and pick-up points. The Russian version of Amazon.com is present in more than 240 cities and towns across Russia.
A study by Trackad shows that Ulmart is the largest online retailer in Russia with 20 million monthly visitors, 30,000 daily orders, and 12 million items of goods and services. Trackad is a data management company used by the top 100 e-commerce Russian websites.
In addition to items listed on its website, the company also has a marketplace with growing inventory. “By year-end, an additional one million items could be on offer from third-party sellers,” the announcement reads.
This week all eyes are watching India as citizens are having trouble accessing cash reserves as ATMs run dry throughout the country. Alongside these troublesome economic times, bitcoin trading is increasing substantially in India, as the country is one of the hottest bitcoin regions in the world right now next to China and Japan.
Right now there is significant demand in India for cash as banks and ATMs within the country are currently experiencing a shortage of physical notes. According to regional publications, some regions in India are reporting 90 percent of the local ATMs do not have cash. Sources in the country say the Reserve Bank of India (RBI) has moved some of its cash reserves to certain areas within the country due to the recent elections.
As cash reserves run dry in India, many citizens have found a safe haven and store of value with bitcoin. Right now most Indians look at bitcoin as an asset class and are waiting for the government to consider it a legal form of payment much like Japan’s recent rulings.
“Like gold, Indians believe that to be an asset class, and its actual use case is only 1% of total transaction value. We believe that once Indian merchants get clarity on regulation and taxation of bitcoins, we will see them using it as a payment gateway,” Saurabh Agarwal, co-founder, and CEO of Indian Bitcoin exchange Zebpay adds.
Bitcoin is up nearly $100 in the past week, hitting levels not seen since mid-March after Japan legalized the cryptocurrency as a payment method and Russia is seeking to regulate it too.
Earlier this month, Japan began accepting bitcoin as legal currency with major retailers backing the new law. Consumer electronics retailing giant Bic Camera began accepting bitcoin last week.
At the same time, Russia, one of the strongest opponents of bitcoin is seeking to regulate the digital currency. Russian Deputy Finance Minister Alexey Moiseev told Bloomberg in an interview this week that the authorities hope to recognize bitcoin and other cryptocurrencies as a legal financial instrument in 2018 in a bid to tackle money laundering.
"If there's a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations."
Increasing state regulation around bitcoin could make the cryptocurrency an attractive investment for investors who previously shied away from it due to the high risk and price swings.
March has been a busy month for Bitcoin in Japan. The country officially recognizes Bitcoin as a method of payment today. While Japan prepares to recognize the digital currency, its long-awaited tax reform bills have also been passed this week. One area the bills address is the consumption tax treatment of digital currencies including bitcoin.
Japan’s Consumption Tax
The consumption tax is the tax levied on spending on goods and services by the Consumption Tax Law, a municipal law in Japan. “This system can be considered Japan Declares Sale of Bitcoin Exempt from Consumption Texas similar to the VAT (value-added tax), GST (goods and services tax) or sales tax”, describes Kyoto City Official Travel Guide website.
Hermann Djoumessi, CEO of Africa Digital MarketPlace, says Bitcoin could be the engine for African growth which will definitely fuel the continent's great leap forward. In his judgment, it will be a sweeping knowledge and technology jump that is expected to happen within the next five years.
Djoumessi believes the continent holds huge potential in its youth and coupled with the right education, beautiful things could happen.
Many people tout bitcoin as a way to hedge against future financial instability. In most cases, that is considered to be solid advice. Interestingly enough a bullion-related website has a poll discussing various alternative investment options. It is evident bitcoin is the clear leader in this regard, which is not entirely surprising.
For quite some time now, investors have been looking for alternative ways to make money. Buying and trading stocks or foreign currencies have become a rather risky endeavor as of late. With little room to make a profit quickly, alternative solutions need to be created. Bitcoin provides an intriguing alternative, although not everyone may consider it to be a viable investment option right now.
The short answer would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.
These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a short example of how this is calculated let’s make sure you are familiar with the different variables.
Localbitcoins saw a roughly 85 percent increase in global volume over the course of 2016, and the growth seen by this bitcoin trading platform was seen equally in both the developed and developing world—albeit for different reasons.
While the need for increased privacy and the avoidance of Know Your Customer regulations is known to be the driving force behind Localbitcoins and other forms of P2P trading volume in the developed world, much less is known about Localbitcoins’s popularity in places like Russia and Venezuela. To get a better idea of why Localbitcoins saw so much growth in these two particular areas of the world, Bitcoin.com reached out to bitcoin users on the ground who are familiar with the activities in these particular countries.
Banks in the United Kingdom are turning a deaf ear to bitcoin exchanges, despite the government’s pro-blockchain position, according to financial writer Roger Aitken, writing in Forbes. Unless the situation changes, the banks will undermine bitcoin’s progress and drive cryptocurrency entrepreneurs out of the banking system.
Cryptopay, a bitcoin brokerage, recently informed customers that it will no longer support British Pound deposits and withdrawals on account of new bank policies. Such incidents have increased as bitcoin has gained popularity.
Cancellation of GBP deposit and withdrawal facilities limits people to Single Euro Payments Area (SEPA) transfers, making Cryptopay’s buying and selling useless to most British customers.
Bitcoin will soon be legally recognized as a method of payment in Japan. The bill with provisions for cryptocurrencies has recently passed through the period of public consultation and will enter into force in April.
Bitcoin.com examines what the bill means and how it could affect Bitcoin with Special Counsel at Anderson Mori & Tomotsune, Ken Kawai, who has held numerous speaking engagements on the legal issues of virtual currency regulations in Japan.
Countdown: The Long Awaited Bill
Since Bitcoin’s inception, its legal position in Japan has not been clear. The first bill containing provisions for virtual currencies including Bitcoin was submitted to the Diet last Countdown: Bitcoin Will Be a Legal Method of Payment in Japan in Two Months March. It amends the existing Payment Services Act and the Act on Preventing of Transfer of Criminal Proceeds.
Over the past year, Japan has been laser focused on digital currency and blockchain solutions. Moreover, the country has recently become the second largest Bitcoin trading region in the world. Now one of Japan’s largest IT conglomerates plans on entering the Bitcoin industry with a new wallet and exchange service.
Japanese Internet Giant Goes Big On Bitcoin
When it comes to Bitcoin, a lot has changed in Japan since the Mt Gox days. Back in May of 2016, the country’s government defined digital currency as money. Since then, exchanges like Bitflyer, Zaif, and Coincheck have been trading a lot of bitcoin. Alongside this, digital currency and blockchain-related investments within the region have been announced regularly throughout the past year.
Bitmain, which specializes in custom mining chips and miners, has come under increased scrutiny due to the Chinese firm’s control over the production of so much bitcoin hardware and hashing power. Some bitcoin participants are beginning to fear a negative outcome for bitcoin with so few producers of the digital currency’s mining hardware.
In 2013, companies like Black Arrow Software, Cointerra, Hashfast, Vmc, Kncminer and others offered different hardware miner models. Today, the competition for consumer-grade mining hardware has largely dwindled to two companies: Canaan and Bitmain.
The-Beijing based Bitmain announced Tuesday the launch of its new Antminer T9, which features fewer ASIC chips and increased power consumption over the hardware provider’s prior models, leaving questions as to how they’ve made their overall system more efficient.
Bitcoin has emerged as a popular cryptocurrency for a reason. The benefits offered by Bitcoin compared to conventional fiat currency are numerous. The decentralized, secure and peer-to-peer nature of Bitcoin allows people to have complete control over their money. If those reasons aren’t enough, the use of Bitcoin comes with health benefits as well.
The physical currency notes and coins are probably some of the dirtiest things in the world. The money in circulation is handled by thousands of people in various settings, examples of which includes sweaty palms of a dock worker, bloody hands of a butcher, a mechanic’s greasy ones and more. The currency is stored in cash registers, someone’s back pockets, moldy purses, and wallets. All these things turn them into microbes’ own paradise.
Indonesia, trailing just behind the United States as the fourth most populous country in the world, has a large and growing bitcoin community. The vast population is 80 percent unbanked, and their Rupiah is one of the most-traded currencies for bitcoin worldwide already. Bitcoin.com interviewed Suasti Atmastuti Astaman, the Business Development Manager of Indonesian bitcoin exchange Bitcoin.co.id.
Majority Market Share
Bitcoin.com (BC): What’s your market share of the Indonesian bitcoin market?
Bitcoin.co.id (BI): We have more than 229,500 members with daily growth around 100-150 members.
Our daily transaction volume can reach up to 1.5 million USD per day. And we are listed as one of the biggest Bitcoin exchanges in Southeast Asia.
I believe we control for more than 70% Bitcoin transaction in Indonesia, considering we are the biggest Bitcoin exchange in Indonesia.
As the year kicks off with an all-time high market cap for Bitcoin on its eighth birthday, 2017 promises to be an exciting year for Bitcoin, digital currency and BlockChain Technology in general.
In this first week of the new year, Bitcoin Magazine reached out to a variety of thought leaders and stakeholders in the industry, to offer a look ahead.