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Quantstamp Successfully Audited All of Binance’s ERC20 Tokens

Quantstamp Successfully Audited All of Binance’s ERC20 Tokens

In the world of smart contracts and ERC20 tokens, independent audits should have been the norm by now. So far, that has not been the case, yet companies such as Quantstamp are trying to make a positive impact in this area. The company recently conducted a security audit of Binance’s ERC20 tokens, and found no real issues to speak of.

Binance is Doing the Right Thing

It is evident that there is a huge lack of proper independent audits of exchanges, smart contracts, and ERC20 tokens. Although Ethereum’s token standards are impressive and intriguing, there is a real chance that some issues will arise. In particular, the recent issues with ERC20 token smart contracts which allowed for a massively inflated supply have sparked a lot of debate and concern in the industry.

This is where Quantstamp and other companies can make a positive impact in the future. The firm specializes in performing security audits of smart contracts. Although it seems very few projects employ such companies to audit their code, Binance currently does. One of the world’s biggest cryptocurrency exchanges has acknowledged the growing need for proper auditing, especially when it comes to ERC20 tokens.

As such, the company assisted Binance by auditing all of its listed ERC20 tokens. The main focus was on determining whether or not these tokens were subject to batchOverflow and proxyOverflow 0-day vulnerabilities. Thankfully, the Quantstamp audit found that Binance’s supported tokens are all safe from harm at this stage. This confirms that not every ERC20 tokens is created equal, but it is good to see the damage limited to just a handful of tokens rather than the majority of ERC20 tokens.

This proactive approach by Binance deserves to be applauded. Centralized exchanges have a responsibility to their customers to ensure that all funds are safe, and that vulnerabilities cannot be exploited. So far, Binance is the only exchange to have sought out an independent third-party audit, although we can only hope other trading platforms will follow their example in the future. After all, a security audit is the base requirement for any centralized trading platform in this day and age.

Quantstamp’s CEO, Richard Ma, commented:

Quantstamp shares Binance’s safety-first philosophy in protecting their customers and supports the exchange’s ambitions to create the gold standard in security for the mass adoption of digital currencies. In light of the recent vulnerabilities, we are proud to have assisted Binance in its mission to help protect their token holders and the wider Ethereum community.

It is interesting to note that Quantstamp used a mix of manual and automated audit procedures to look at all of the ERC20 tokens listed on Binance. None of these currencies were susceptible to the two aforementioned vulnerabilities, yet it will remain important to keep tabs on any future tokens added to this exchange. With these massive exploits only having been discovered recently, it’s still too early to tell how many tokens may be affected at this stage.

Source

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SBI Holdings Seeks to Launch its Cryptocurrency Exchange This Summer

SBI Holdings Seeks to Launch its Cryptocurrency Exchange This Summer

SBI Holdings has made its intention to enter the cryptocurrency industry pretty clear in the past twelve months. The group intended to launch a cryptocurrency exchange in late 2017, but those plans were postponed in the end. It now seems the company has updated its original plans, as the launch of their exchange will still be going ahead in the coming months.

SBI Holdings Wants in on the Cryptocurrency Action

Japan has proven to be a very open-minded country when it comes to Bitcoin and other cryptocurrencies. It is also one of the few countries in the world where Bitcoin is considered to be a legal form of money. As such, the ecosystem can genuinely thrive in that part of the world without risking government intervention unless things get really dicey.

Major companies in Japan have been looking to enter the cryptocurrency space. SBI Holdings made their intentions quite clear some time ago, but it seems their initial plans had to be postponed for a while. More specifically, SBI Holdings initially planned to launch a cryptocurrency exchange in the autumn of 2017. That time frame had to be adjusted, mainly because of the hack of the Coincheck exchange.

Additionally, SBI Holdings ran into some minor issues with their business alliance agreement formed with China’s Huobi Group. Two such setbacks in quick succession forced the company to delay the launch of the exchange, but the plan was never scrapped entirely. Instead, SBI Holdings went through the process of obtaining a license to operate a cryptocurrency exchange in Japan, despite not having a working project.

According to new information shared by the company late last week, the cryptocurrency exchange is now set to launch this summer. No specific date has been announced as of yet. Considering that this platform was built from the ground up, it will be interesting to see what SBI Holdings’ new venture will look like. They have been offering a limited version of the platform to a select few customers since late January to properly test the infrastructure and possibilities.

At this time, it remains unclear which cryptocurrencies will be supported exactly. The most popular currencies, such as Bitcoin, Ethereum, and XRP, would make a lot of sense in this regard. Bitcoin Cash and Litecoin are also strong contenders. It seems all supported currencies will have a Japanese yen trading market, yet it remains to be seen if this will apply to all currencies from day one. There are still a fair few unknown aspects to contend with, yet the impending launch is something to look forward to.

There’s no lack of ambition when it comes to SBI Holdings’ cryptocurrency venture. The firm is utterly confident that their trading platform will become Japan’s largest exchange in very short order, and may even bring competition to some of the world’s leading platforms. Living up to those expectations may prove a lot more difficult than the group anticipates, though, as this is a cutthroat business.

Source

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Bitcoin Price Watch – Currency Drops to $8,900

Bitcoin Price Watch – Currency Drops to $8,900

Bitcoin has fallen by roughly $400 and is now trading for $8,900. Yesterday, we discussed potential resistance between the $9,000 to 9,300 range, and now that speculation is crossing into reality, though it’s unclear if the currency is slated to stay here for much longer.

Prior to the drop came a bitcoin trading ban in Iran. The country has long allocated fears and rising concerns due to money-laundering, volatility and the loss of investor assets, and now it appears they’ve become too much to bear. Crypto trading – predominantly bitcoin trading – was halted in Iran earlier this week, and now the country is issuing a state-based virtual coin to help boost the country’s economy.

Iran’s national form of fiat – the rial – ultimately plunged following President Trump’s pressure on European nations to assist the United States in rebuilding the nuclear deal it presently holds with Iran. Trump will decide on May 12 whether the U.S. should pull out of the deal, and sanctions are expected that could cripple Iran’s financial infrastructure. The digital currency it’s now issuing is a “back-up plan” that representatives and state officials have had in motion since February.

Iran’s information and communications technology minister Mohammad Javad Azari-Jahromi explains:

“Last week, at a joint meeting to review the progress of the local cryptocurrency project, it was announced that the experimental model was ready. The Central Bank’s ban does not mean the prohibition or restriction on the use of the digital currency in domestic development. The CBI ban on bitcoin dealings was made due to concerns that the volatility in the crypto market could lead people to lose their assets. Bitcoin is not the one and only cryptocurrency.”

The good news is that bitcoin is slated to survive this setback and mark a path towards $12,000 by summer. It’s the first objective of the coin on its way towards higher record prices, though it appears these records are dependent on external factors. For now, the currency continues to react in a mostly positive manner towards trends, news and political data, but investors are warned to stay cautious.

Presently, support sits at $6,000, thus cancelling any bearish objectives. Granted this breaks down, however, downward motion is expected in bitcoin’s future, though this isn’t to be expected immediately. In fact, bitcoin could rise as high as $13,000 following its $12,000 jump, followed by $15,000 and $16,000 respectively.

Despite this, reactions to cryptocurrencies and the outcomes they present remain relatively mixed. A new report issued out of Hong Kong, for example, declares the risk factor with cryptocurrencies as “medium-low,” saying that while volatility exists, bear patterns and financial crime are not presently strong enough to increase risk levels within the region.

On the other hand, Vinay Sharma – senior trader at Ayondo Markets – feels that the “buzz around cryptocurrencies is dissipating,” and that the “question of their use and viability” remains intact.

“In my view, the chances of crypto being used as a viable medium of exchange in the future is very slim,” he stated. “In my opinion, cryptocurrencies aren’t really currencies at all, with volatility so high they become assets that traders and investors can speculate on, and I imagine this will continue to be true in the long term.”

Source

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Iran Forges Ahead with Its Experimental National Cryptocurrency

Iran Forges Ahead with Its Experimental National Cryptocurrency

Various central banks have shown a keen interest in creating their own digital currencies. Doing so is very different from drafting a whitepaper about it. It now seems most countries have put those plans on ice indefinitely, though Iran is an exception. That nation has decided to experiment with a new cryptocurrency, even though the trading of actual cryptocurrencies such as Bitcoin is officially banned in the country.

Iran Takes a Contrarian Step

While it is only a matter of time until we see more central bank-issued digital currencies come to market, most governments have given up on this concept for the time being. That comes as quite a surprise, even though these governments acknowledge that digitizing existing currencies can be done in far more centralized ways than looking at a new cryptocurrency. At the same time, countries are open-minded toward dealing with Bitcoin, which makes a centralized digital currency rather unecessary.

In Iran, however, things are completely different. This Islamic nation has made some very controversial decisions in the past two weeks. First of all, the Iranian government decided to officially ban the trading of all cryptocurrencies, including Bitcoin and Ethereum. Such a negative attitude toward cryptocurrencies seems to have had an opposite effect, as the demand for Bitcoin and altcoins isn’t slowing down in the slightest.

To top it all off, the Iranian central bank has now begun trialing an experimental cryptocurrency of its own. This experimental model was��deemed “ready” at a recent meeting to review its progress. Although it is a bit unclear who attended this meeting, it seems Iran’s cryptocurrency project is firing on all cylinders.

It is not the first time rumors regarding this currency have surfaced. The plan was first introduced back in February, and it received a lot of media attention at the time. The finance ministry’s Post Bank is also said to have been collaborating with local experts to build an experimental cryptocurrency. It seems those efforts have paid off, although further details regarding the currency remain unclear at this time.

It seems Iran is taking a page out of Venezuela’s playbook here. With the latter country also issuing its own cryptocurrency, it seems Iran is also intent on bypassing existing economic sanctions imposed by the United States. Rest assured this cryptocurrency will not fare all that well in this regard. Those sanctions are up for renewal on May 12, although no final decision has been made yet.

All of these projects only give the impression that cryptocurrency can be used to evade sanctions and possibly launder money. Since it is nearly impossible to do so with existing currencies such as Bitcoin and Ethereum due to their transparent nature, it seems some countries are intent on creating their own currencies to accomplish that goal. It’s a very interesting development, though one that shows why existing cryptocurrencies aren’t suited for criminal activity.

Source

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What Is NanoMate?

What Is NanoMate?

When it comes to cryptocurrency, getting more consumers interested in this form of money is a big challenge. This is why things such as tipbots and airdrops often work quite well. It now seems Nano can be distributed through any messaging service one can think of. This is all made possible by the NanoMate project, which will take this altcoin to the next level if there is enough interest.

The NanoMate Service Gets an Upgrade

People familiar with the Nano ecosystem will have heard of NanoMate before. This service is designed to take Nano to the next level by letting people introduce their friends to this altcoin. More specifically, users can send Nano to anyone else in the world simply by entering an email address. This was already a pretty popular solution which has offered a lot of convenience, but there was still plenty of room for improvement.

It appears NanoMate has received some big improvements, creating a more popular and useful service. More specifically, NanoMate can now be used to distribute Nano to friends and family members through any messaging service. Although email is still supported, it is now possible to send an SMS, WhatsApp message, or Slack notification.

Giving users more options without forcing recipients to switch to a program or solution they’ve never used before simply makes sense, though it remains to be seen which delivery method will be the most successful in the long run.

Users of the NanoMate service will generate an escrow address and a secret redeem link. This link will then be sent to the recipient in whichever way the user deems fit. Any Nano sent to the generated escrow address can be redeemed by the recipient of the secret redeem link. It is a pretty simple process which should work out quite well, assuming people take the time to get acquainted with what this platform has to offer.

It is evident that services like these will bring more positive attention to Nano as a currency. However, it remains to be seen how NanoMate will evolve with the new features being made available to users. Being able to spread the word about a particular cryptocurrency through popular means of communication certainly opens up a lot of new opportunities, but if recipients don’t claim their redeem links, there is no real purpose to this service.

For the Nano community, the revamped NanoMate service is certainly another notch in its belt. It is good to see community members come up with innovative ways of spreading the word about this particular cryptocurrency. Whether or not we will see similar ventures associated with other currencies is very difficult to predict.

Source

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Can PayFair Become a Contender in the OTC Trading Industry?

Can PayFair Become a Contender in the OTC Trading Industry?

Over-the-counter Bitcoin trading has become a lot more popular over the past few months. By cutting out the middlemen and centralized exchanges, platforms such as LocalBitcoins are surging in popularity. It seems a new competitor may emerge very soon, as PayFair is scheduled to launch in the near future. This platform works similarly to LocalBitcoins, but seemingly requires no KYC procedure whatsoever.

Can PayFair Make a Positive Impact?

It is evident there is a growing demand to trade cryptocurrencies for fiat currencies without going through a centralized exchange. Although the latter option is still quite popular, not everyone wants to go through a KYC or AML procedure for smaller purchases of Bitcoin and altcoins. Additionally, exchanges support a limited number of payment methods, and using certain options can lead to annoying delays. Not all payment methods are created equal; that much is rather evident.

With all of these facts in mind, it is not surprising to see platforms such as LocalBitcoins gaining a lot of popularity. This platform offers escrow services and lets users select any payment method they see fit. Additionally, these platforms don’t always have KYC and AML verification processes, which makes buying and selling Bitcoin a lot more straightforward.

This is where PayFair comes into the picture. This new OTC trading platform will launch very soon and seemingly removes the need for KYC verification entirely. That’s a pretty interesting approach to cryptocurrency trading. PayFair positions itself as a decentralized escrow platform and peer-to-peer exchange. With a strong focus on low fees and providing a private environment, this solution could make a meaningful impact in the coming months and years.

Although the platform seemingly only supports the PayFair token as of right now, that situation will come to change in the future. There will be native support for the project’s own token first and foremost, but there is a lot more to cryptocurrency than simply new or existing currencies. A decentralized trading approach should encompass various cryptocurrencies which can make a positive impact.

Whether or not PayFair will ever be able to compete with LocalBitcoins remains to be seen. There is definitely a growing interest in decentralized exchange solutions for various cryptocurrencies. That being said, none of those projects have gained any major traction, and it will be quite some time until decentralized trading solutions become the new normal. With more offerings coming to market regularly, an interesting future lies ahead.

All of this further confirms that the cryptocurrency industry is in a very good place right now. A lot of developments are taking place behind the scenes, yet there is still a very long way to go until this form of money becomes a mainstream activity. Solutions such as PayFair could have a big impact in the long run, as OTC trading is quickly becoming a very popular business model. With the demand for Bitcoin and altcoins not slowing down in the slightest, things can only get better from here on out.

Source

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Nasdaq May Launch Its Own Cryptocurrency Exchange If Regulation Allows for It

Nasdaq May Launch Its Own Cryptocurrency Exchange If Regulation Allows for It

Nasdaq has kept a very close eye on recent developments in the world of cryptocurrency. It seems the company is intent on launching its own cryptocurrency exchange in the future, although nothing has been set in stone just yet. It is quite interesting to see how financial entities are bringing cryptocurrency to the mainstream after many years of opposing Bitcoin and altcoins.

What is Nasdaq Planning Exactly?

It has become apparent that Nasdaq is rather open-minded when it comes to Bitcoin and other cryptocurrencies. The financial giant made a deal with Gemini earlier this month, allowing the exchange to use Nasdaq technology to monitor its markets and daily auctions. It is a positive development for both the exchange and Nasdaq alike.

However, the financial giant is not done with cryptocurrency just yet. Its CEO has made it clear that the company is keeping a very close eye on how the world of cryptocurrency is evolving. With regulation being such a hot topic right now, this nascent industry may soon enter the next stage. Regulation offers more legitimacy for cryptocurrency as a whole, and it allows existing financial players to get in on the action without repercussions.

It seems Nasdaq is even contemplating launching its own cryptocurrency exchange at some point. That would certainly bring a lot more competition to this market. Exposing more people to cryptocurrencies will take Bitcoin and altcoins to a whole new level in the future, but it remains to be seen how this particular venture will play out, as nothing has been finalized at this stage.

Nasdaq CEO Adena Friedman has been rather bullish on cryptocurrency as of late. In a recent CNBC interview, Friedman commented that “digital currencies will continue to persist.” That is a positive outlook, albeit one that not everyone shares. Most financial experts expect the cryptocurrency bubble to end fairly soon and potentially result in Bitcoin and altcoins becoming all but obsolete.

Even so, Friedman is convinced that things will only get better for Bitcoin and altcoins from here on out. It appears to only be a matter of time until things improve, as crypto’s maturation process has been underway for quite some time now. Slowly but surely, things are heading in the right direction, especially with regulation now coming into play and Bitcoin futures contracts launching not long ago.

Whether or not Nasdaq will launch its own cryptocurrency exchange remains to be determined. There’s a very real chance the company will explore this option once the dust settles. If Nasdaq were to get involved, there is no telling how the cryptocurrency markets would respond. Consumers and investors are demanding more exposure to cryptocurrency, and they may very well get it.

Source

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DUCATUR system improves the work of freelance platforms

DUCATUR system improves the work of freelance platforms

DUCATUR solutions allow to honestly and transparently resolve disputes which arise between the customer and the performer, if the work does not suite one of the parties.

Freelance platforms become extremely popular nowadays. There are  quite similar to a marketplace, but the main good that is sold there is labor force. However, with the development of freelance the problem of conflict resolution between parties becomes bigger and bigger.

DUCATUR framework helps to make the interaction of these parties  transparent and fair and reduces the time of conflict solution. The project claims that the only risk that you will run is enjoying working with DUCATUR too much.

In cases when the work does not suit the client DUCATUR’s framework finds suitable experts and starts an arbitration process. The judges that resolve the dispute are selected through mathematical algorithms that analyze their reputation, their sphere of competence and specific jurisdiction. These experts carry out a fair and independent arbitration: they can’t be bribed as the are selected randomly and are not acquainted, also they are motivated to achieve a fair result to increase their own rating. After the analysis of the work done by a freelancer or the quality of the product sold, the result is announced and the dispute is resolved within several hours.

Ducatur is a framework that allows you to create oracles for reliable data exchange between the interacting participants on the blockchain. That would be a system in which you always trust the received data and which provides a reliable connection between the blockchain and external information. Joining Whitelist till 1 May, users can get +15% bonus for purchasing DUCAT tokens.

White paper: https://ducatur.com/static/ducatur-whitepaper.pdf?utm_source=http%3A%2F%2Fbtcmanager.com%2F&utm_medium=DUCATUR%20system%20improves%20the%20work%20of%20freelance%20platforms

Website: https://ducatur.com/?utm_source=http%3A%2F%2Fbtcmanager.com%2F&utm_medium=DUCATUR%20system%20improves%20the%20work%20of%20freelance%20platforms

Onepager: https://ducatur.com/static/ducatur-onepager.pdf?utm_source=http%3A%2F%2Fbtcmanager.com%2F&utm_medium=DUCATUR%20system%20improves%20the%20work%20of%20freelance%20platforms

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Source

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The Yodse project will launch a blockchain based ecosystem for direct connection of manufacturers and customers of industrial goods

The Yodse project will launch a blockchain based ecosystem for direct connection of manufacturers and customers of industrial goods

Nowadays intermediaries are one of the economy problems. So, according to the most conservative estimates, their services costs 30-40% of the goods price. At the same time, in some manufacturing sectors their remuneration reaches from 100% to 300%. This percent is put down on the final buyer’s shoulders, who just doesn’t have the other choice if he really needs to buy new goods. The most interesting fact about intermediaries is that they won’t even improve the products, but just use the modern instruments of marketing and the product promotion through the various platforms, and sometimes just only transfer goods further along the chain. Why does it happen?

It is possible to explain due to statistics. In 2016 about 60,3% of buyers used the Internet for obtaining information about goods while only 44,1% of manufacturers have used the Internet resource for products, works and services information placement. An interesting fact is that in the same 2016 41,6% of buyers have used the Internet to place orders for products and services while only 19,3% of manufacturers used the Internet for obtaining orders for supplied goods and services. This fact demonstrates the low level of manufacturers progressive development, which ultimately leads to such a large-scale distribution of intermediaries, who are more qualified in these cases.

The Yodse project team has rather thoroughly went over this question, and its experts have decided to eradicate this problem with the blockchain technology. In their opinion, the blockchain will allow to get rid of the large-scale distribution of intermediaries in the retail sphere of industrial equipment. The Yodse platform is created to provide a direct connection between the final consumer and the manufacturer of industrial goods.

Introducing to Yodse

Yodse (Your Open Direct Sales Ecosystem) represents a global, decentralized and open ecosystem which is based on the blockchain technology. Similar technologies haven’t been realized in the real sector of economy yet, so considering this the Yodse platform will become a unique Internet ecosystem which will provide the most comfortable, fast and favorable interaction between manufacturers of industrial goods and their consumers. The Yodse creators plan to introduce this ecosystem on the territory of the CIS countries, Asia, Africa, Europe and the USA, that will bring effectiveness and success to the participants of these B2B-trade markets.

Yodse founders are going to unite interests of manufacturers and consumers of the real sector of economy erasing the borders and distances between them and increasing efficiency and transparency of all business processes at the same time. This will become possible due to blockchain technologies implementation. Thus, the potential of the similar platform is huge – beginning with increase speed of the received goods by the customer up to profit increase of the goods manufacturer due to bigger loyalty and customer focus.

What does the Yodse platform provide for its customers?

Yodse ecosystem will provide a favorable and fast interaction for its users, represented by customers, manufacturers and service companies, when purchasing and selling the industrial goods. This opportunity will be realized by the personal account of each user, where the customer will be able to find, order and pay for the necessary products. A manufacturer will be able to place the product and to carry out its sale with the help of personal account. The service companies will be able to provide the services and to receive payment for them through the personal account. In doing all of this, participants of the Yodse platform would be assisted by the existence of transit account where the customer’s money will be held until the completion of the transaction. Then manufacturers and service companies receive the payment excluding the commission of the Yodse platform which varies depending on the used type of currency (1% of the commission via Yodse tokens, 1,5% with any other cryptocurrency and 3% with traditional currencies). The payment for goods realized with cryptocurrencies allows to attract those companies which prefer digital means of payment on the market of industrial goods. The quantity of such companies grows every day because of the global promotion of this payment method. In turn, implementation of payments by customers in cryptocurrency allows manufacturers to receive highly liquid digital assets and to diversify the risks.

To speak about the benefit which will be created by the Yodse platform for each of its participants then it should be considered separately for the each of three parties of users. So, the consumer will be given an opportunity to buy high quality products directly from the manufacturer and to spend less assets and time. Communication with the seller within a chat will allow the buyer to describe all required characteristics of a product and to receive the certain product which is necessary.

Besides an obvious opportunity to get more profit, to the manufacturers the Yodse platform will allow to considerably cut down expenses on promotion of goods and to simplify the enter to the market with new goods and to speed up their realization. Besides, by means of Yodse producers will considerably expand the client base. Service companies will be able to receive orders and to learn about requirements directly from buyers, providing such services which will satisfy in the best way with everything to their wishes. All this will also allow them to increase profit, client base and loyalty of users.

The Yodse token’s economy

The Yodse token, unlike many other companies coming to ICO, is not just a token which allows the project team to collect necessary investments for its realization in the future. Within Yodse the token is such coin which allows the platform to fully function. Concerning its role in Yodse ecosystem, the token will allow to pay services and remunerations of the platform, due to which the stable work of the platform will be supported. The customers will be able to pay for goods and for contractors’ services who, in turn, will pay with tokens for the platform services. Besides that, the acquired Yodse tokens allow to become the participant of the referral program and to gain income from sales, moreover, to participate in the platform improvement and the expansion process of its functionality.

Yodse platform carries out a preliminary sale of tokens within which the most favorable terms are provided to the buyers. So, during the pre-ICO (from April 23 to May 6, 2018) it is possible to buy Yodse token with a bonus of 30% of its initial price which is $1. This price is valid not only on the pre-ICO period, but also within the main stage of sale (from May 20 to July 30, 2018) which will also differ by the existence of bonuses for buyers, however the amount of the bonuses will be much lower.  The Yodse token will be added to listing of the largest exchanges in July-August 2018, where it can be bought or sold after the ICO ends. Besides, the opportunity of granting tokens in a loan under percent will be available to other participants of the Yodse ecosystem.

More detailed information about the project is provided on the official Yodse website where anyone can get acquainted with the Whitepaper and also take part in the pre-ICO.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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Iran’s Decision to Ban Banks from Dealing with Cryptocurrency Is Unwise

Iran’s Decision to Ban Banks from Dealing with Cryptocurrency Is Unwise

Iran, which was heavily affected by the sanctions imposed by the US on the country and its businesses in January, has banned the only alternative payment method that local businesses and individuals could use to bring money in and out of the nation.

Why Did Iran Ban Cryptocurrency?

On April 23, the central bank of Iran effectively banned local banks and financial institutions from dealing with cryptocurrency businesses.

“Banks and credit institutions and currency exchanges should avoid any sale or purchase of these currencies or taking any action to promote them,” Iran’s state-run IRNA news agency reported.

According to Radio Free Europe/Radio Liberty (REFRL), the official circular of the Central Bank of the Islamic Republic of Iran further emphasized that cryptocurrencies have the potential to be used by criminals and terrorists. The circular read:

“All cryptocurrencies have the capacity to be turned into a means for money-laundering and financing terrorism[,] and in general can be turned into a means [of] transferring criminals’ money.”

Several local media outlets reported that Iran’s decision was likely triggered by the continuing decline of the rial, the country’s national currency. The central bank may fear that the value of the country’s currency could decline even further if citizens and residents began using alternative payment methods instead of the rial.

In an interview with The New York Times, university professor Mohsen Yekta stated that Iranian merchants, business owners, and professionals can no longer send money to family members and suppliers outside of the country due to the government’s intensifying crackdown on money changers and black markets.

According to the Times, Iran’s government sent riot police to bazaars and black markets on April 6 and arrested several operators of money changers. Controversially, the government announced its decision to execute some of those money changers in order to set an example across the country. The government subsequently announced its controversial decision to execute some of those money changers in order to set an example across the country.

The ban on cryptocurrencies like Bitcoin and Ethereum is part of the government’s ongoing crackdown on alternative currencies and payment methods, and the government is trying to minimize the usage of the US dollar within the country as well, as it remains the country’s most widely utilized currency as of now.

Professor Yekta said that the decline of money changers and black markets has made it virtually impossible for him to send money to his daughter in France, a university student.

“Every month I send some money to my daughter in Paris. I need foreign exchange to help her out. I don’t know what to do,” he said.

Apart from the US dollar, the only alternative that is available to the people of Iran is cryptocurrencies like Bitcoin and Ethereum. Without money changers, it is extremely difficult to send US dollars from Iran to other countries, due to the presence of strict border controls at airports. The only form of digital money with high liquidity, fungibility, and transportability that is accessible by the Iranian people is cryptocurrency.

The motivation behind Iran’s decision to ban cryptocurrency is quite obvious; it is a desperate attempt to stop the devaluation of the rial. The national currency has already hit an all-time low, and at the present rate, it is liable to lose most of its value and suffer a similar fate as the Venezuelan bolivar.

Hope For Cryptocurrency and Blockchain

At this juncture, based on the negative stance of the Iranian government towards cryptocurrency in general, it is unlikely that the government will provide practical policies for cryptocurrency investors and businesses in the short term. However, it is possible that the Iranian government will reverse its ban, as the government of Pakistan did this month.

On April 8, the central bank and government of Pakistan issued a ban on local banks and financial institutions dealing with cryptocurrency businesses, and released a circular that was nearly identical to that of the Iranian government.

The Pakistani government emphasized:

The fact that virtual currencies are highly volatile and unstable, and that their prices are primarily based on speculation

The failure and closure of virtual currency exchanges and businesses for any reason, such as action by law enforcement agencies

The number of security compromises of virtual currency exchanges and wallets worldwide in which large amount of funds have been lost

Less than two weeks after the circular was released, the Pakistani government stated that it had never banned cryptocurrencies, but rather prohibited banks from dealing with cryptocurrency businesses. It said that while the general public is advised that cryptocurrencies are not recognized as legal tender, they are not banned. The central bank stated:

[The] General Public is advised that Virtual Currencies/Coins/Tokens (like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc.) are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens[.]

The current state of cryptocurrencies in Iran is almost identical to that in Pakistan in that the government has not explicitly banned the use of cryptocurrencies as a method of payment and investment.

Iran’s decision to ban cryptocurrencies was shortsighted, given that several countries which had previously been struggling with economic development, including Malta, saw large increases in their GDPs after embracing cryptocurrencies and businesses operating in the global cryptocurrency market.

Considering the financial turmoil that is ongoing in Iran and the country’s struggling economy, it is likely that the government will open its economy to cryptocurrency and blockchain businesses, especially if even more new sanctions are imposed.

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Crypto Firm Begins Mining Bitcoin in Space

Crypto Firm Begins Mining Bitcoin in Space

Mining Bitcoin in space gives amazing results Cryptocurrency is rising in more ways than one, as a company starts…

The post Crypto Firm Begins Mining Bitcoin in Space appeared first on Coin Thud | Bitcoin & Cryptocurrency News.

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Ethereum Prediction: $2500 By End of Year, Says Market Consultancy Firm

Ethereum Prediction: $2500 By End of Year, Says Market Consultancy Firm

deVere CEO give Ethereum prediction A leading market consultancy firm has provided an extremely positive Ethereum prediction for this year. As…

The post Ethereum Prediction: $2500 By End of Year, Says Market Consultancy Firm appeared first on Coin Thud | Bitcoin & Cryptocurrency News.

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Bull Run: Bitcoin About to Move to $15,000 Says Analyst

Bull Run: Bitcoin About to Move to $15,000 Says Analyst

A bull run to $15k is imminent predicts expert A Bitcoin market analyst says that Bitcoin is preparing to make a…

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Hedge Fund CEO: ‘$40 Trillion Crypto Market Cap is Definitely Possible’

Hedge Fund CEO: ‘$40 Trillion Crypto Market Cap is Definitely Possible’

Pantera CEO says market cap to rise into the trillions A leading financial expert has spoken out to predict…

The post Hedge Fund CEO: ‘$40 Trillion Crypto Market Cap is Definitely Possible’ appeared first on Coin Thud | Bitcoin & Cryptocurrency News.

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Bitcoin Futures Posts Record Daily Volume as Market Recovery Continues

Bitcoin Futures Posts Record Daily Volume as Market Recovery Continues

Bitcoin futures volume hits an all-time high Bitcoin futures reached a record volume level this week by peaking near $670 million…

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France Reduces Tax Rate for Cryptocurrency Investors

France Reduces Tax Rate for Cryptocurrency Investors

France cuts tax rates for retail cryptocurrency traders Retail crypto traders in France are to receive a reduced tax…

The post France Reduces Tax Rate for Cryptocurrency Investors appeared first on Coin Thud | Bitcoin & Cryptocurrency News.

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Ugly Christmas Sweater Co: Demand For Crypto Jumpers is Booming

Ugly Christmas Sweater Co: Demand For Crypto Jumpers is Booming

Hodlmoon says crypto sweater sales are booming all year round Ugly Christmas Sweater company, UglyChristmasSweater.com, says its spinoff firm, Hodlmoon, is booming.…

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