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bank crackdown takes a toll on bitcoin trading, technology news, ettech


trading on bitcoin exchanges in india has dropped as much as 90% in the last two months as regulatory concerns lead to uncertainty about the cryptocurrency that is not yet regarded as legal tender in the country.even though the reserve bank of india (rbi) has not mandated the closure of any accounts, indian banks are tightening the noose on two fronts: shutting bitcoin exchange accounts and restricting customers transacting in crypto currencies. this has led to reduced transactions on bitcoin exchanges, mirroring a global trend.“there is over a 90% drop in the volume of trade across all indian exchanges,” said mohit kalra, chief executive of bitcoin exchange coinsecure. “our volumes are down from around 300-400 bitcoins a day (in december) to about 30-40 bitcoins a day now.”in dece...






bank crackdown takes a massive toll on bitcoin trading in india, technology news


trading on bitcoin exchanges in india has dropped as much as 90% in the last two months as regulatory concerns lead to uncertainty about the cryptocurrency that is not yet regarded as legal tender in the country.even though the reserve bank of india (rbi) has not mandated the closure of any accounts, indian banks are tightening the noose on two fronts: shutting bitcoin exchange accounts and restricting customers transacting in crypto currencies. this has led to reduced transactions on bitcoin exchanges, mirroring a global trend.“there is over a 90% drop in the volume of trade across all indian exchanges,” said mohit kalra, chief executive of bitcoin exchange coinsecure. “our volumes are down from around 300-400 bitcoins a day (in december) to about 30-40 bitcoins a day now.”in dece...






here's why india has decided to crank up its crackdown against bitcoins, technol


the tax department is set to issue notices to 4 to 5 lakh high networth individuals across india who were trading on bitcoin exchanges.the rising craze for bitcoin, a cryptocurrency that has rocketed to shocking highs, has come under the government's lens.bitcoin can be an easy way to evade tax or snare unsuspecting small investors in ponzi schemes. the government has begun a crackdown on illegal uses of this unregulated virtual currency.widening its probe into bitcoin investments and trade, the income tax (it) department is set to issue notices to 4 to 5 lakh high net worth individuals (hni) across the country who were trading on the exchanges of this unregulated virtual currency, the pti reported.the move comes after the it department conducted survey operations last week at major bitco.






all you need to know about bitcoin, icos and the brouhaha over them, technology


if you are being bombarded with news about bitcoin, but don't have a clue what it is, you are not alone.the reserve bank of india and the finance ministry have warned investors against bitcoin and other cryptocurrencies, as has the securities exchanges commission in the us, which has also sounded an alarm on initial coin offerings (icos).india's income-tax department is probing bitcoin exchanges to gather information about their transactions and et reported on saturday the department is in the process of determining at what rate they should be taxed under the goods and services tax regime.bitcoin prices have risen over 1,700%, or 18-fold, this year, compared with an increase of 28% and 26% in the nasdaq composite index and the bse sensex, respectively.they are hovering around $17,700 per..






will we ever actually bank with it?


the product of an anonymous and secretive mastermind.used by criminals trading online through a "silk road" of illicit drugs and weapons – the founder of which website is now serving life in jail. illustration: jim pavlidis. the bankruptcy of one of its biggest exchanges and the mysterious disappearance of millions.the story of bitcoin makes a thrilling movie plot line, as revealed in the recent netflix documentary banking on bitcoin. the bitcoin symbol at the offices of la maison du bitcoin bank in paris. photo: bloombergbut does the digital "crypto-currency" have what it takes to stand the test of time as a real currency?will we ever actually bank with bitcoin?advertisementthe price explosion of bitcoin this year, fetching more than $us10,000 at times, has brought bitcoi...






what triggered ripples in bitcoins?, technology news, ettech


the bitcoin-rupee swap rate went into a free fall after regulators in china forced btc china, one of the world’s biggest exchanges for the digital currency, to down shutters on thursday.the swap value dropped to rs 2.2 lakh per bitcoin from rs 3.44 lakh more than two weeks ago, dealers said. jamie dimon, ceo of jpmorgan chase & co., ruined market sentiment further when he said crypto-currencies won’t end well.a bitcoin is a digital currency created and held electronically. they are not printed or minted but produced by technocrats globally. no central bank owns or controls bitcoins. going by broad estimates, the combined bitcoin trading volumes at all exchanges in india could be in the range of rs 150-200 crore a month. about rs 1,200-1,500 crore worth of bitcoins are traded in the cou...






bitcoin price skids after south korea suggests crackdown


seoul, south korea — prices of bitcoin and other digital currencies have skidded after south korea’s top financial policymaker said a crackdown on trading of crypto currencies was still possible.finance minister kim dong-yeon said tuesday in an interview with local radio station tbs that banning trading in digital currencies was “a live option.” he said the decision was subject to a thorough government review.bitcoin was trading at $13,209.25, down 2.8 percent from the day before as of 7:13 a.m. gmt, according to coindesk, after falling earlier by as much as 7 percent.last week, the justice minister’s remark that the country will ban bitcoin and other digital currencies triggered big sell-offs and a public outcry. the presidential office then said that no final decision had been ...






top banks suspend accounts of major bitcoin exchanges in india, technology news,


top lenders including state bank of india, axis bank, hdfc bank, icici bank and yes bank have suspended some accounts of major bitcoin exchanges in india, suspecting dubious transactions, three people aware of the development said.the banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational.“since last month, banks have been asking for additional collateral with 1:1ratio,” a person with knowledge of the matter said.the banks are scrutinising current accounts held by top bitcoin exchanges, a second person said. action has been initiated against the top 10 bitcoin exchanges including zebpay, unocoin, coinsecure and btcxindia, said four people aware of the matter...






should the government block cryptocurrency, or regulate it?, technology news, et


bitcoin can only be created through mining. for each bitcoin transaction, a computer owned by a bitcoin miner must solve a mathematical problem. the miner receives a fraction of a bitcoin as a reward.cryptocurrency is the new technological gremlin haunting the world’s exchequers. governments want to rein it in, but punters have made fortunes in its trade.bitcoin is seen as quasi-currency, much to the consternation of regulators. it has been described as everything but real money and dismissed as dogcoin. paul ford, a geek writing for bloomberg, sees a bubble in bitcoin.“bitcoin is at some level just a set of rules, defined by software, that has become one of the world’s weirdest games. bitcoin will crash because of course, it will. bubbles burst.” yet, it is the most popular.bitcoi...






bitcoin heads for its worst week since 2013, technology news, ettech


bitcoin plunged below $13,000 on friday after losing around a third of its value in just five days, with the digital currency on track for its worst week since 2013 after a blistering ascent to a peak close to $20,000 on sunday. the biggest and best-known cryptocurrency had seen a staggering twenty-fold increase since the start of the year, climbing from less than $1,000 to as high as $19,666 on the luxembourg-based bitstamp exchange on sunday and to over $20,000 on other exchanges. but bitcoin has fallen each day since then, with losses accelerating on friday. it fell to as low as $12,560 on bitstamp, marking a fall of almost 20% on the day. at 0850 gmt it was trading down 15% on the day at $13,320 and was heading for its worst day in more than three months. for the week, it was down arou






bitcoin bug bites jobhunters as enquiries double, technology news, ettech


as bullish indians buy into the bitcoin boom, despite the recent volatility, the cryptocurrency craze is spilling over into the employment market as well. jobs related to the industry have soared by over 50% in the past year, coupled with a doubling in enquiries from jobhunters wanting a piece of the action.the blockchain technology that underpins bitcoin and other cryptocurrencies is a technology skillset that will see increasing demand in 2018 and beyond, said paul dupuis, ceo, randstad india. “the demand for personnel with such skillsets has increased 50% over last year and as more industries align their internal systems to accommodate the technology, such professionals will be sought after,” he said.companies such as unocoin, global dcx and coinsecure, all of which are hiring, said...






bitcoin: here's why india has decided to crank up its crackdown against bitcoins


the rising craze for bitcoin, a cryptocurrency that has rocketed to shocking highs, has come under the government's lens. bitcoin can be an easy way to evade tax or snare unsuspecting small investors in ponzi schemes. the government has begun a crackdown on illegal uses of this unregulated virtual currency. widening its probe into bitcoin investments and trade, the income tax (it) department is set to issue notices to 4 to 5 lakh high networth individuals (hni) across the country who were trading on the exchanges of this unregulated virtual currency, the pti reported. the move comes after the it department conducted survey operations last week at major bitcoin exchanges across the country on suspicion of alleged tax evasion. these operations were undertaken for gathering ...






bitcoin trading thrives wherever regulators crack down most


by aline oyamada and camila russobitcoin trading expanded faster this year in emerging markets than developed ones -- and quickest of all in places where authorities tried to crack down. somewhere, satoshi nakamoto is smiling. after all, avoiding bank and government oversight, and sidestepping the eroding effects of inflation, was what nakamoto had in mind when he (or she, or they) created bitcoin in 2008. peer-to-peer bitcoin trading in major developing nations outpaced the us, the world’s biggest market, according to data from localbitcoins. demand surged in china and russia, where central banks put a stop to local exchange trading; in venezuela, where authorities cracked down on bitcoin mining even as hyperinflation drove up demand; and in brazil and colombia, where citizens heard dir..






dissecting how bitcoin broke the $10,000 barrier, technology news, ettech


bitcoin broke through the usd 10,000 barrier for the first time today as it continues a stratospheric rise that has delighted investors but sparked fears of a bubble. the virtual currency hit a high of usd 10,379 in asia, according to bloomberg news, more than 10 times higher than its value at the start of the year. the breakthrough is the latest in a spectacular run for the online money dubbed "digital gold" by its advocates, which began life in 2009 as a bit of encrypted software supposedly written by an unknown coder with a japanese-sounding name. bitcoin, which was valued at just a few us cents when it was launched, has no legalexchange rate, no central bank backing it and is traded on specialist platforms. but it quickly gained popularity as an alternative to traditional investments..






bitcoin’s blockchain technology praised by wall street


last week was a big one for bitcoin.the cryptocurrency went a long way toward developing its street cred with two major announcements.on the consumer side, square, the small business payment systems company, is now beta testing some bitcoin transactions.and on the institutional side, the cme, which is the world’s largest futures, options and derivatives exchange, plans to begin trading bitcoin futures in early december.what set the financial world agog is the blockchain technology that supports bitcoin and other cryptocurrencies. while jpmorgan chief jamie dimon slammed bitcoin, he had praise for the technology.i had the opportunity to speak with brad levy, the ceo of markitserv and someone whom i hold in high regard.levy, who institutional investor referred to as one of “the world’s...






bitcoin: what you need to know


from becoming a legal currency in japan to being vulnerable to hacks, here are five things to know about bitcoin. (amber ferguson/the washington post)bitcoin has been giving the republican tax plan a run for its money when it comes to who has been dominating the news over the past week.as of jan. 1, the cryptocurrency was trading at $960.79 per coin. around 4 p.m. monday, it was selling in the $11,500 range, an increase of more than 10 times in less than a year.the cryptocurrency joined the financial world’s mainstream last week when chicago-based cme group and the chicago board options exchange received approval from the commodity futures trading commission to begin trading bitcoin.investor bible barron’s last week announced bitcoin’s “arrival” with the cover story “bitcoi...






bullish indians rush in for a big bite of bitcoin, technology news, ettech


bitcoins’ remarkable recent rally to all-time highs has triggered warnings of a speculative bubble in the making, but indians — seasoned traders and novices alike — are rushing in unfazed.registrations at leading indian bitcoin exchanges have doubled in recent weeks, spiking up trading volumes, as the price of the decentralised crypto currency breached $10,000 a unit on tuesday.“we are flooded with requests,” said vivek k, assistant vice president, technology, at delhi-based bitcoin exchange coinsecure. “in the past week alone, we have seen double the number of registrations. signups are happening at full capacity.”other leading exchanges including zebpay, unocoin and bitxoxo, too, are seeing a surge in signups and trade volumes.the enthusiasm is understandable. the price of ...






bitcoin exchanges in india plan to maintain user database, technology news, ette


in the past, both the government and the central bank have cautioned citizens about trading in cryptocurrencies.bitcoin exchanges, rattled by the finance minister terming the cryptocurrency as not a legal tender, are planning to create a central repository of users that will help create and maintain a real-time record of transactions.the purchase data of buyers and sellers of the virtual currency can then be traced through either the aadhaar id or the permanent account number (pan) of the user.details such as the total number of cryptocurrencies held, the value thereof, as well as the pattern of buying and selling by individual users, will be available through the central repository, according to a top industry member.“this is one of the proposals we are planning to submit to the governm..






bitcoin tumbles after south korea cracks down on cryptocurrency


the price of bitcoin took yet another tumble as investors were spooked by the revelation that south korean authorities were launching a fresh crackdown on cryptocurrency trading.bitcoin fell nearly 8% on the day at 14,191 us dollars (£10,552) in thursday morning trading, having recovered slightly from the day’s low of 13,672 us dollars (£10,168), according to prices listed on coindesk. as of writing it now sits at around 14,125.authorities in south korea have reportedly put forward new legislation that would ban anonymous cryptocurrency accounts, stop banks from settling bitcoin exchange trades between parties that are unidentified, and give regulators the power to shut down cryptocurrency exchanges if necessary.the measures have been floated as part of efforts to stamp out market spec...






how to get rich off bitcoin — or lose it all while trying


a bitcoin atm in lithuania. the cryptocurrency has taken the world by storm. (valda kalnina/epa-efe/rex/shutterstock)to paraphrase ronald reagan, “here we go again.”bitcoin is on everyone’s lips this week and the price has gone nuts — shooting past $17,000 per bitcoin in thursday’s trading. it has rocketed up $5,000 in less than a week, prompting wall-to-wall news coverage that is giving sen. al franken (d-minn.), russia, the fbi and even president trump a run for their money.the value of the digital currency — or cryptocurrency — is up about 15 times this year.if you were around during the frenzy of the late 1990s dot-com bubble, the bitcoin mania might have a familiar cast: a new technology that was misunderstood yet spawning hundreds of companies and resulting in specu...






first us bitcoin futures start trading at 6pm eastern


this isn't going to be as huge as the expected nasdaq bitcoin futures exchange. also, don't be surprised if your brokerage of choice either doesn't allow bitcoin futures trading or limits what you can do. charles schwab, td ameritrade and others are barring trades at the moment, while interactive brokers is both preventing customers from shorting futures and setting a minimum margin of 50 percent. goldman sachs is open to them, but only expects to approve futures trading for some of its clients.still, cboe's exchange could be important. the regulation and added transparency may give more legitimacy to bitcoin, particularly among institutions and investors who see it as a wild experiment. also, it could help calm down bitcoin's extreme volatility in recent months. a single bitcoin is w...






bitcoin: bitcoin is a bubble, may see enron-like demise: saudi prince


by nour al ali and shaji mathewsaudi billionaire prince alwaleed is joining the long line of skeptics saying bitcoin is a bubble as the digital currency continues to set record highs. “i just don’t believe in this bitcoin thing. i think it’s just going to implode one day. i think this is enron in the making," alwaleed told cnbc in an interview. "it just doesn’t make sense. this thing is not regulated, it’s not under control, it’s not under the supervision" of any central bank, he said. the prince, who has a knack for early-stage investing in technology companies like twitter and aol, joins the likes of jpmorgan chase & co. chief executive officer jamie dimon in lambasting the cryptocurrency. dimon called bitcoin a “fraud” and said he would fire any employee trading it fo...






how to get rich off bitcoin — or lose it all while trying


a bitcoin atm in lithuania. the cryptocurrency has taken the world by storm. (valda kalnina/european pressphoto agency-efe/rex/shutterstock)to paraphrase ronald reagan, “here we go again.”bitcoin is on everyone’s lips this week and the price has gone nuts — shooting past $17,000 per bitcoin in thursday’s trading. it has rocketed up $5,000 in less than a week, prompting wall-to-wall news coverage that is giving sen. al franken (d-minn.), russia, the fbi and even president trump a run for their money.the value of the digital currency — or cryptocurrency — is up about 15 times this year.if you were around during the frenzy of the late 1990s dot-com bubble, the bitcoin mania might have a familiar cast: a new technology that was misunderstood yet spawning hundreds of companies...






bitcoin surges in first day of futures trading


a man walks by a screen in seoul showing the price of bitcoin. (lee jin-man/ap)bitcoin prices surged monday as contract futures for the cryptocurrency began trading sunday evening on the cboe global markets, the first traditional platform serving the currency.bitcoin contract futures opened at $15,000, and 890 contracts were traded in the first two hours and 15 minutes sunday evening, according to the chicago-based cboe. the cboe said  4,127 bitcoin futures contracts were traded in the first full day.cboe reported two trading halts overnight of cboe bitcoin futures (xbt) due to heavy demand. one halt lasted two minutes, the other for five, according to a cboe spokesman. there were no trading halts monday. [how to get rich off bitcoin — or lose it all while trying] “we are very pleased...






bitcoin trading: i-t will tax bitcoin trade; has issued few lakh notices: cbdt,


the income tax department has issued "few lakh" notices to those who have put their funds in bitcoins and it is working to obtain taxes that are due on these investments, the cbdt chief said.cbdt chairman sushil chandra told pti that it has come to the notice of the taxman that while many such investorthe government in december last year cautioned investors to be wary of virtual currencies like bitcoin.s "did not pay advance tax" on the benefits which they have accrued, some others have not explained these investments in their tax returns in the past.the department had conducted pan-india surveys at these exchanges in december last year."we have issued notices (to investors) and they (many of them) have agreed to pay taxes. we will definitely take taxes as far as the money is concerne...






sec halts trading of secretive bitcoin stock


now that’s a pretty penny-stock.us regulators on thursday halted trading in a canadian bitcoin company that had surged more than 6,000 percent this year.the securities and exchange commission said it has concerns that the company, first bitcoin capital, wasn’t telling the whole truth about what it owns and how it’s structured.first bitcoin, run by simon rubin, a secretive digital currency entrepreneur, was halted by the sec before it opened for trading.the sec froze trading on the stock at $1.79. it was trading for less than 3 cents on dec. 31.“the commission temporarily suspended trading in the securities of bitcf because of concerns regarding the accuracy and adequacy of publicly available information about the company, including, among other things, the value of bitcf’s assets...






bitcoin takes investors on wild ride before holiday weekend


photo illustration by dado ruvic/reutersthe value of bitcoin tumbled nearly 30 percent early friday before recovering most of its ground in the afternoon — a volatile session that tested investors who have recently sent the cryptocurrency to astronomical heights.bitcoin was trading at $11,833 before 10 a.m. est, according to cryptocurrency tracker coinmarketcap.com, marking a major drop for the largest virtual currency. that amounted to a nearly $4,000 dive, or 27 percent, since thursday, and was far below its all-time high earlier this month at $19,783, according to coindesk, a virtual currency news site.(image courtesy of coindesk)after 11 a.m. on friday, coinbase, one of the largest bitcoin exchanges in the united states, announced that it had to temporarily halt trading on its ...






what is bitcoin and how does it work?, technology news, ettech


bitcoin is a form of electronic money independent of traditional banking. bitcoins started circulating in 2009 and have become the most prominent of several fledgling digital currencies.the virtual currency relies on a network of computers that solve complex mathematical problems as part of a process that verifies and permanently records the details of every bitcoin transaction that is made.unlike traditional currencies, where a central bank decides how much money to print based on goals like controlling inflation, no central authority governs the supply of bitcoins. like other commodities and currencies, its value depends on people’s confidence in it.how volatile is it?the dollar price of bitcoins quoted on online exchange bitstamp spiked from around $30 a year ago to more than $1,100 i..






business news roundup, dec. 21


coinbase dealswith allegationscoinbase is investigating allegations of insider trading on its cryptocurrency exchange in the hours before the company announced it would enable purchases of the bitcoin spinoff known as bitcoin cash.bitcoin cash surged in the hours before the san francisco company’s announcement, while bitcoin prices tumbled the most in two months.“it appears the price of bitcoin cash on other exchanges increased in the hours before our announcement,” brian armstrong, chief executive at coinbase, said in a blog post. while there’s “no indication of any wrongdoing at this time,” he said that “we will be conducting an investigation.”now playing: now playingtop technology trends for 2018buzz60blueprint group's cmo who's worked with kanye talks developing brand...






bitcoin surges in first day of futures trading


a man walks by a screen in seoul showing the price of bitcoin. (lee jin-man/ap photo)bitcoin prices surged monday as contract futures for the cryptocurrency began trading sunday evening on the cboe global markets, the first traditional platform serving the currency.bitcoin contract futures opened at $15,000 and 890 contracts were traded in the first 15 minutes sunday evening, according to the chicago-based cboe. the number of contracts had grown to 3,200 by around noon eastern standard time monday.cboe reported two trading halts overnight of cboe bitcoin futures (xbt) due to heavy demand. one halt lasted two minutes and one for five minutes, according to a cboe spokesperson. there were no trading halts monday. [how to get rich off bitcoin – or lose it all while trying.] “we are very pl...






what does mining a bitcoin really mean?, technology news, ettech


2017 was the year when curiosity about the bitcoin hit an all-time high, thanks largely to a dramatic surge in its value. notwithstanding recent fluctuations in its price, interest remains strong in the original cryptocurrency, which was launched in 2009. one question everybody has is what is the process of “mining” that creates new bitcoins and how does the blockchaintechnology underpinning the cryptocurrency really work. here’s how...






bitcoin slumps again, this time amid south korea crackdown


bitcoin is giving the winklevoss twins a wild ride — again.the nine-year old cryptocurrency — whose staggering rally this year recently made billionaires out of the harvard-educated twins — tumbled as much as 10 percent after south korea’s government warned it will crack down on trading.as of 3:05 pm thursday, bitcoin had rebounded slightly from a wednesday-night rout and was down 7.5 percent at $13,970, according to coindesk data.“cryptocurrency speculation has been irrationally overheated in korea,” the government said in a statement thursday.“we cannot have leave the abnormal situation of speculation any longer,” it added.it’s the second time this month bitcoin investors have been hit by korean chaos. last week, seoul-based exchange youbit suspended trading and filed f...






bitcoin tumbles nearly 30 percent in volatile trading; coinbase temporarily halt


photo illustration by dado ruvic/reutersthe value of bitcoin tumbled nearly 30 percent friday morning before recovering some ground early afternoon during a volatile session that tested investors who have recently sent the cryptocurrency to astronomical heights.bitcoin was trading at $11,910 just before 10 a.m. est, according to cryptocurrency tracker coinmarketcap.com, marking a major drop for the largest virtual currency. the notable price drop amounted to a nearly $4,000 or 27 percent dive since thursday, and was far below its all-time high, which came earlier this month at $19,783, according to coindesk, a virtual currency news site.coindeskafter 11 a.m. on friday, coinbase, one of the largest bitcoin exchanges in the u.s., announced that it had to temporarily halt trading on its ...






now is not the time to question our values but to stand up for them


chris wattie / reuters "to those fleeing persecution, terror & war, canadians will welcome you, regardless of your faith. diversity is our strength #welcometocanada." this was the message of a defiant prime minister standing up for the fundamental value of mutual respect and tolerance of all faith communities. less than 24 hours later a mosque in quebec was targeted, in what the canadian authorities described as a terrorist attack where six individuals were senselessly killed.some will comment on linking the attack as a direct consequence to the tweet in an attempt to undermine efforts to stand up for values of tolerance and respect for all, whilst others will argue that it is the consequence of the rise in populist views spreading across europe and the united states that pit communit