The measure would apply to all transactions that begin or end in the United States. The current rules apply to all operations that exceed USD 3,000.

Currently, the US Federal Reserve and the Financial Crimes Enforcement Network (FinCEN) are further tightening the regulation of Bitcoin and cryptocurrencies. Both agencies are proposing a reform that would force all financial institutions, including exchanges, to report international operations over USD 250.

The US Bank Secrecy Act (BSA) serves as a framework for this amendment to records and the so-called “travel rule”. According to the current norm, users must report to the regulatory authorities all operations to and from the United States that exceed USD 3,000. With the approval of the reform, the new minimum amount would be USD 250.

The Financial Action Task Force (FATF) introduced the “travel rule”, which is a set of provisions to minimize money laundering and terrorist financing. The guidelines apply to all virtual asset service providers (VASP).

The Federal Reserve, which acts as the central bank of the United States, mentioned the data that financial institutions must keep and report. These are the following: name and address of the sender, amount of the payment, date of execution, payment instructions, and information about the recipient financial institution.

“The bill clarifies that these rules apply to transactions related to convertible virtual currencies. They also apply to transactions related to digital assets in legal tender. The rule clarifies the meaning of ‘money’ as used in certain defined terms,” said the US Federal Reserve.

Concerning this last aspect, the agencies are proposing to clarify the meaning of “money”, according to its use in current regulatory standards. The Federal Reserve classifies cryptocurrencies like Bitcoin as “convertible virtual currencies” (CVC). They say that they “have an equivalent value as currencies or act as a substitute for currencies, but are not legal tender.”

Given that the bill is in a period of public consultation, those persons or institutions interested in participating must send their comments within the next 30 days. However, the potential reform once again raises a sensitive issue within the Bitcoin community: that of privacy.

With the approval of their norm, not only exchanges complying with know-your-customer and anti-money-laundering (KYC/AML) regulations would know users’ operations. Records from external entities with governmental connections would also receive them.

In the past, there have been mixed opinions on Bitcoin, and cryptocurrencies, in general among economists at the US Federal Reserve. In June, two finance specialists stressed that Bitcoin is a new exchange mechanism, rather than a new type of money.

In February 2020, the Federal Reserve had begun to study the possibility of issuing its digital currency. This has been an increasingly common trend among central banks worldwide, which are implementing it mainly due to the emergence of Bitcoin.

The importance of Bitcoin worldwide has led some governments to create rules to control its users’ holdings and transactions. Regulators also have their eye on other decentralized cryptocurrencies. They seem to be increasingly aware of the great potential of these assets.

By Alexander Salazar

The animated shorts have the purpose of educating people about the most private cryptocurrency. The four published chapters address different topics without any relation to each other.

The independent task force, Monero Outreach, recently launched Monero TV, a service dedicated to the dissemination of news and the creation of content related to the cryptocurrency focused on privacy. The first products are already popular in the community, and its creation marks the intention to show some reference to the animated shorts of “Love, Death & Robots” that last year stood out among all the Netflix content.

The Monero (XMR) community often creates and releases new content to educate people about the most private cryptocurrency in the ecosystem and presented Monero TV as a new endeavor. So far, four episodes with different animation methods make up the published shorts, barely a minute and a half long.

Netflix’s Love, Death & Robots series served as an inspiration source for the creators of Monero TV in the style of producing a collection of animated shorts to address different themes, without any relationship to each other or sequence.

The first chapter of the mini-series is titled “Word on the street” and relates to the growing dominance of XMR in the dark web market. One of the developers of the Bitcoin Samurai Wallet, the “Wallet Guy” is the voice of an animated character with a ninja suit.

“Who is grateful for today, anyway?” is the title of the second episode in which writer Nick Carter voices an animated fox, similar to the Firefox search engine logo, to tell a brief history of Monero.

In the third episode, an animated alien lingers at the US Internal Revenue Service, which recently announced a $ 1.25 million reward for anyone who can crack Monero. According to the description of the chapter, the intention of the body to “break” the technology that allows the cryptocurrency to be untraceable, was a behavior that angered the advanced civilization that sent the private cryptocurrency to earth.

The fourth episode saw its premiere two days ago, highlights the privacy of cryptocurrency, which is useful for everyone in the world at a certain time. “Maybe you need Monero” is the title of the episode that at a minute and a half exposes that the privacy that XMR offers is not a crime and invites you to learn more about its qualities and benefits.

Monero and its creative audiovisual content

Last month, the Monero community released a documentary called “Safe Mode of Sound Money.” In this audiovisual material, the independent consultant for cryptocurrency projects Daniel Kim delves into the strengths and weaknesses of Bitcoin, the dollar, and XMR in the face of the global economic crisis due to coronavirus.

A film released in April reached number 1 at the United States box office. The documentary focused on raising awareness about the rights of digital and financial privacy. The topic that makes a more relevant emphasis the most was that about cryptocurrencies and how their protection structures are relevant to those who value their privacy.

By: Jenson Nuñez.

The Colombian banking sector maintains that the cryptocurrency sector can strengthen the financial system of that country.

In the framework of the digital forum entitled “Panorama for the regulation of crypto assets in Colombia”, the directive of the Banking Association of the Latin American country said that the cryptocurrency sector can strengthen the financial system of the country; as long as they are under a regulatory model that allows them to have control over them.

The event mainly focused on a debate on the regulation of crypto-assets and the projects for the use of blockchain that the Colombian government is advancing, after the Ministry of Finance and Public Credit approved the Sandbox decree on September 14, which aims to evaluate the operating parameters of cryptocurrency exchanges, in addition to monitoring their activity within this crypto-environment.

The digital debate focused on two panels: a first panel, where vertical discussions on cryptocurrencies were discussed, and another on the blockchain. The aforementioned event was organized by Congressman Mauricio Toro, together with the organizations Colombia Fintech, Fundación Blockchain Colombia, Alianza Blockchain Iberoamericana, also counting on the presence of the presidential advisor Jehudi Castro.

Regularization standards

During the digital event, the vice president of Asobancaria, José Manuel Gómez, reiterated that banks are open to the entry of new competitors, such as cryptocurrency companies, which could serve as an addition, and also offer new services and will also serve to strengthen the system. “But this entry must be regulated,” said the executive.

For its part; during the discussion, the president of the Colombian Banking and Financial Entities Association (Asobancaria), Santiago Castro, expressed that, there is currently an open interest to participate in the world of bitcoin and cryptocurrencies in the financial sector of the country.

He also stated that “-despite good disposition, banking entities operate in a highly regulated sector. For this reason, they must comply, first of all, with the existing norms and laws “(…)” However, now we are waiting with the approval of the Regulatory Sandbox, “it’s what he said in about the initiative recently approved by the government of that country for the regulation of the exchange of crypto assets.

On this subject, the vice president of Asobancaria said they are waiting for the instructions of the monetary and supervisory authorities of the country. As they continued conducting tests in the controlled space of the Sandbox and recalled that, so far, the Crypto assets are not recognized by the Bank of the Republic of Colombia. Hence, they cannot be admitted as currencies.

 The Colombian Government and its actual posture about crypto assets

The presidential advisor, Jehudi Castro, presented in his participation, the government strategy concerning blockchain and crypto assets, where he highlighted the support of the New Granada government since 2018 to the various projects and applications of the blockchain for official use. Highlighting that the national executive is paying special attention to public blockchains that handle crypto assets, with special emphasis on Ethereum.

By: Jenson Nuñez.

For nine years, the Bar was a meeting point for enthusiasts of the pioneer of cryptocurrencies. The Bitcoin community nostalgically recalled the moments lived in the historic venue.

The German Bar Room 77, famous for being one of the first places in the world to accept payments in Bitcoin, announced the definitive closure of its doors, leaving nine years of history behind. Jörg Platzer, the owner of the place, posted a farewell on Reddit noting, that it is not something temporary, so they will no longer be available to receive bitcoiners from the world.

“ROOM77 closes its doors, our mission is over. It is time to return to our planet. Thanks for all the fish and all the generous tips, “wrote Platzer without revealing the real reason for the closure. However, some people say that the coronavirus pandemic may be responsible for the cessation of operations of the place due to the financial impact that has affected all sectors of the economy.

The place is part of the history of Bitcoin. Some people believe that the first bitcoin transaction was accepted for a beer in 2011. Platzer is convinced that this was the first purchase in the world that was made in a store, restaurant, or bar with the queen of cryptocurrencies.

The Bar also serves as a symbol of the birth of the Bitcoin scene in Europe, as it was there that the first meeting of bitcoiners in the world took place. The first Bitcoin ATM on the European continent was housed within its walls, and it is said that at one of its tables the brothers Jeremias and Nikolaus Kangas sat down to shape the p2p market for buying and selling cryptocurrencies, LocalBitcoins.

“No organization created more media coverage than Room 77 that year [2012],” Platzer said, adding, “A lot of people said that was the moment that Bitcoin came down from the sky and hit the ground in the real world,” such as CoinDesk reviewed.

Since the birth of Bitcoin, the world has changed, and today there are hundreds of places that accept payments with BTC but until recently you had to fly to Berlin and go to this small establishment located in Kreuzberg to live the experience of paying a consumption with bitcoins. Room 77 not only accepted payments in Bitcoin, but it was also a place that truly believed in the ideals related to cryptocurrencies.

In his particular farewell note, Platzer notes that the Room 77 mission is already completed, considering that the first ten years of Bitcoin were crucial. From his point of view, it was known that in the early years of Satoshi Nakamoto’s creation, there would be forces that would try to slow down his development.

Twitter becomes the room of nostalgia

During all these years, Room 77 received many personalities currently active in the crypto industry. Many of them even expressed nostalgia for the moments spent in the Bar. Among them, Parity’s communications manager, Phil Lucsok, wrote a tweet about his experience: When I got bitcoin for the first time, I just wanted to spend it somewhere. I came to Room 77 in early spring 2013 and asked for coffee because I did not want beer or food; I just wanted to spend some decentralized currency for the first time in my life.

By: Jenson Nuñez.

Some project that seeing a Bitcoin at $ 15,000 by the end of the year is possible.

The nature of this article is merely focused on predictions in the context of markets like Bitcoin or the stock market. It is relevant to say that the smart investor does not point his aim on predictions but in values.

Investing is defined as the placement of capital in undervalued assets to take the needed advantages of market corrections shortly. It is possible to go beyond current valuations and project growth into the future. But generally speaking, the only prediction we can make is about the constant changes in the markets.

Some actors argue that the predictions are valid. And, in a way, they are right. After all, every investor expects their investments to grow and increase in the future according to the nature of said investments.

It is assumed that the benefit of the investor is to buy at a price and then sell at a higher price. That is the basis, but this cannot be done just under the magic spell of a prediction or an announcement of some specific price on a very punctual date.

Some say that predicting a market is easy, and it is something possible to do. The problem is that these predictions seldom come true; we know that. The crypto community is still a small planet. It is easy to find out that some predictors are hugely mistaken just by taking a brief look at Google.

The variables are too many to obtain an accurate result. However, many bitcoiners are tempted to make predictions, because they already know what people want to hear and that precious news is: a juicy large number, media attention is there, waiting for a spectacle.

Now is $ 15K for Bitcoin possible after the election? Of course, it is possible. But it is hard to be sure about it, the scenarios are ready, but something well-known is that scenarios like financial markets do not react in a good manner to uncertainty, a slowdown is for sure something to expect, but volatility can also surprise us.

The presidential elections are always covered by the massive cloak of media. A flawless victory may lead to volatility; a close result may lead to more uncertainty which would instantly bring us an imminent slowdown.

The importance of uncertainty in prices must be highlighted. Now, what could happen after the elections? History tells us that after a presidential election in the US, the markets generally do not take a very definite trend. In other words, they tend to enter a period of adaptation by assuming a lateral movement, despite passing ups and downs.

Additionally, markets also tend to prefer the reelection candidate over the newcomer because markets prefer continuity to change. This implies that Trump could have a positive impact (in the short term) in the markets if he wins.

However, the economy tends to perform better during Democratic administrations than during Republican ones. So markets tend to grow much more (in the long run) with a Democratic president than a Republican one.

We must also take into account the configuration of Congress. Markets tend to look better at mixed congresses because they tend to be better for the economy. A Congress dominated too much by one party is often damaging.

If Congress and the President are from the same party, it is problematic because that facilitates the taking of radical measures. And if the Congress and the President are from different parties, it is also problematic because these two powers could be tempted to sabotage each other. For this reason, mixed Congresses are preferable because these forces politicians to work together on bipartisan solutions.

By: Jenson Nuñez.

Many users created Bitcoin addresses when the price of Bitcoin was between USD 4,000 and USD 8,000 per unit. Some analysts consider that Bitcoin is overvalued and advise being cautious.

This year, the number of Bitcoin (BTC) addresses in profit has reached a high of 30,958,430. The total value of these addresses, measured against strong fiat currencies like the US dollar, shows positive returns compared to when they received the bitcoins.

According to data from the Glassnode Company, the previous high was 30,956,994 addresses. This occurred a few hours before writing this article.

Given that there are a total of around 32 million Bitcoin addresses created, it is possible to infer that 93% of them have a positive return.

Paypal and New Bitcoin Holders Could Be Responsible

The recent growth in the price of Bitcoin is responsible, in part, for the increase in the number of addresses in profit. Among other things, this price rise was a result of the announcement that PayPal will begin to accept cryptocurrencies on its platform.

The growth rate of new Bitcoin addresses during 2020 is the largest since late 2017, which may have also influenced this situation. During their creation, these addresses received their first bitcoins when the price was between USD 4,000 to USD 8,000 per unit.

There seem to be signs that a new generation of Bitcoin holders is emerging. However, the possibility that former holders are migrating their currencies to other addresses is also open. Of course, it is important to note that new addresses do not necessarily imply that there are new users since the same user could have two or more addresses.

Some, Bitcoin May Be Overvalued

Even though these data may generate excitement, some analysts advise being cautious. For example, the Weiss Crypto Rating platform said that there is a high correlation between Bitcoin and the stock markets. They argue that “this is bad, because currently – due to US election rapidly approaching – the stock market has a lot of headline risk, and correlation transfers all that needless volatility to Bitcoin.”

Weiss Crypto Rating made this statement before the community heard the news about PayPal. After that, it has not made new predictions about the price of Bitcoin.

Bloomberg also spoke in this regard and advised being careful. They consider that Bitcoin is “a bit overheated after piercing the USD 13,000 mark.” They show that the RSI index is at 80, which “is a level that analysts consider overbought.”

On his part, renowned trader Willy Woo, market analyst and co-founder of HyperSheet, maintains his bullish expectation in the long medium and long term. Besides, he argues that Bitcoin and cryptocurrencies, in general, have a long way to go and are only in their early stages.

According to Woo, it “takes 20 years for a new medium to express itself; TV was first radio shows with pictures, sitcoms came 20 years later. Putting traditional finance onto blockchains is presently just radio with pictures.”

By Willmen Blanco