Michigan will Include Cryptocurrencies in Criminal Laws to Prevent Illicit Activities

Maria Rodríguez
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Michigan will Include Cryptocurrencies in Criminal Laws to Prevent Illicit Activities

The objective is to avoid money laundering, misappropriation of funds, fraud with credit cards and even bets for animal abuse

This April 9th, the House of Representatives of the US state of Michigan approved a bill that will include cryptocurrencies in the criminal codes of the region to prevent illegal actions for profit.

The House of Representatives voted 108 to 1, which means that legislators voted in favor of introducing amendments to several sections of the Michigan Penal Code and that the bill will now pass to the State Senate for its respective consideration.

In this way, the incorrect and correct use of cryptocurrencies will be defined in the provisions regarding money laundering, embezzlement, fraud with credit cards, and financial transactions executed with these assets to commit a criminal offense.

The Government representative Ryan Berman explains that the case of a dog fighting group, in which the organizer was processed, but not the individual participants, inspired the bill because those people placed their bets using cryptocurrencies.

The use of cryptoactives was not expressly prohibited by the law. However, from now on, neither these assets nor any other type of currency can be used against the welfare of the animals, as a way to protect these living beings and to avoid illegal bets.

Update of Criminal Codes

Berman went on to say that the new bill provides a much-needed update to the criminal codes that are being handled so far. The reason is that many of these laws were written in the 1990s when the technology was very different from the current one.

“Digital technology is part of our economy. It is part of our society. So now it’s going to be written in the law”, says the government official.

Taking into account the characteristics of cryptoactives and blockchain technology, the legislation defines cryptocurrencies as “digital currencies in which encryption techniques are used to regulate the generation of monetary units and verify the transfer of funds, and that operate independently of a central bank”.

Previous Projects Waiting

In June last year, the Michigan State Legislature submitted two bills that label as “offense” the modification of data in a blockchain network. This is also an advance in legislation regarding the world of cryptocurrencies and distributed accounting technology. The idea is to prevent that blockchain be used to conduct illicit activities.

Section HB 6257 says that any person who “falsely makes, alters, or falsifies a public record” and intends to “harm or defraud another person” will be prosecuted for a “serious offense punishable by a prison sentence of no more than 14 years”. These actions will not be done using blockchain technology.

The other bill, named HB 6258, is a modification to the existing criminal code in Michigan, which seeks to include definitions about distributed accounting technology and cryptocurrencies.

Both bills were remitted to the Senate Judiciary Committee at the end of last year, although none of these measures has been adopted so far.

By María Victoria Rodríguez

Next Target for Bitcoin is $6,000, According to Brian Kelly

Andres Chavez
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Predicting the behavior of Bitcoin’s price has become a common occurrence in the last few months, especially since the notorious collapse that started in mid-November. Some pundits still defend the notion that BTC will go up in a hurry, while other have said that it will become almost worthless.

Brian Kelly has decided to take a more conservative, yet positive stance. The CEO and Founder of BKCM LLC, which is a digital currency investment company, explained amid a recent price surge that BTC’s next target is to surpass the $6,000 threshold, in an interview with American network CNBC on April 2nd.

A “Reasonable” Target

Kelly provided his opinions on CNBC’s “Futures Now.” There, the expert said that “probably a reasonable target [for Bitcoin] is close to $6,000 for this move.” In the last few days, Bitcoin finally showed significant improvement price-wise, temporarily eclipsing the $5,000 mark after weeks of struggling below $4,000.

At the moment of writing this piece, BTC was exchanging hands at $4,997.01, an impressive 19.48 percent increase in the last 24 hours. The total market cap of the world’s most famous crypto asset was $88,049,983,758, with a daily trading volume of $23,872,503,381.

The surge is welcome news for numerous investors around the industry. Bitcoin has experimented a wild run since January 2018, when it almost reached $20,000 at one point. From there, the collapse started, and before the blink of an eye, it had stabilized in the $6,000-$6,500 range until another free fall began on November 14th.

An Infamous Slide

That day, BTC started sliding and in a matter of weeks, it had reached under $3,200 for the first time in over a year. Right now, however, there seems to be growing enthusiasm about the future prospects of Bitcoin in the middle of a bullish market that has skyrocketed the price in the last few hours.

“All indications that we have — whether it be fundamentals, technicals, the quantitative analysis we do — all suggest that we probably have at least started to put in the bottoming process. […] What’s interesting about this move is it’s happening on improving fundamentals and improving institutional sentiment,” Kelly explained on the show.

Kelly believes that institutional investors coming into play is one of the primary factors behind Bitcoin’s latest surge. “Even high net worth individuals, family offices, are starting to take a serious interest. There’s a couple major brokerage firms that are rolling out some custody solutions. So there’s quite a bid going on under the surface.”

A 20,000 BTC Purchase

CNBC reported that BTC upturn came after a 20,000 BTC purchase in several cryptocurrency exchanges, which would represent a 0.11 % of total BTC supply of 17,620,525 BTC at the moment of making the calculation.

Arthur Hayes, a well-known crypto bull and CEO of BitMEX, predicted in March that Bitcoin would get to the $10,000 mark in 2019, forecasting a market recovery by the end of the year, specifically in the first part of the last quarter.

“The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. […] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000,” he said back then.

By: Andres Chavez

CEO of Binance: “A Significant Increase is Registered in the Volume of Transactions”

Willmen Blanco
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CEO of Binance: “A Significant Increase is Registered in the Volume of Transactions”

Zhao’s statements raise a lot of expectation among traders and analysts, who believe that the higher prices are evidence that there is still faith in the cryptocurrency market

Di Matteo, an expert in Bitcoin and the digital currency ecosystem, has been reporting the trading volume of Binance and its effect on investors’ confidence since January 2019.

The CEO of Binance, Changpeng Zhao, spoke recently about the increase in the volume of transactions registered by exchange, indicating that in his opinion the digital currency ecosystem is recovering as a result of the recent increase in prices.

In an interview on CNBC, Zhao said that what is happening now in the markets provides evidence that there is still a lot of confidence in this industry, adding:

“Basically, the results show that the fact that prices rise so quickly is evidence that many people are waiting to invest. The fast increase in the value of Bitcoin indicates that people keep money for that purpose because they still have a lot of confidence in this industry.”

Zhao’s statements reinforce the faith of many enthusiasts of the digital currency ecosystem, as they see the rebound registered in the prices of the main cryptocurrencies as something positive.

Very High Commercial Volume

In addition to supporting what could be the beginning of a bullish market, Zhao said that Binance currently has very high trading volumes:

“There will certainly be more deposits in the coming days, as well as an increase in the volume of transactions and the number of commercial orders. Currently, there are many more operations than were registered in January 2018.”

Zhao considers that this is very positive and says that, in order to achieve new highs, each cycle requires a much larger investment than was registered in the previous rebound. If at some point in history Bitcoin were to exceed $ 200,000, the market would need to register a very high volume of commercial orders and have a lot of liquidity. Therefore, the CEO believes that, at this time, the public is laying the groundwork for something like this to happen.

When asked if this increase in the volume of operations came as a result of the rise in prices, Zhao said:

“For one or two months we have seen an increasing number of people registered on the platform but, undoubtedly, the highest volume of operations corresponds to this increase in prices.”

Faith in the Markets

Analyzing the situation in retrospect, the CEO of Binance said that the demand registered in February and March 2019 was much adjusted to the prices reflected in the markets, and all these indicators gradually increased during these months until they gained a greater rise at the beginning of April.

To conclude, Zhao said that “all the indicators managed by Binance are rising at this time”, which are very good pieces of news for analysts and investors in the digital currency markets, who think that Bitcoin and cryptocurrencies are getting a second wind in order to return to a cycle of financial bonanza.

By Willmen Blanco

Opera Launches the Desktop Version of its New Browser that Includes a Wallet

Maria Rodríguez
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Opera Launches the Desktop Version of its New Browser that Includes a Wallet

The new browser has other services, such as the incorporation of a VPN to improve privacy and security, and the synchronization function with the Opera web browser that was previously launched for mobile devices

The creative company of the well-known Opera browser has launched a new version of its web browser for desktop computers with a very useful tool, id est., a cryptocurrency wallet. This was announced by the company through a press release on Tuesday, April 9th.

Reborn 3, or Opera 60 as its trade name indicates, is a browser that the company has decided to launch with the newest features. The users of this browser will be able to browse the web through platform 3.0 (an Internet platform based on blockchain technology), as well as the user will be able to conduct transactions with cryptocurrencies. In addition, the browser offers a built-in VPN that allows better security and privacy for users.

According to the publication, the wallet automatically synchronizes with the cryptocurrency wallet already offered by the company for the Android operating system, which allows to store cryptocurrencies and tokens. In this way, the access keys to the wallet are stored in the same user.

In another sense, the new browser with support in the Web 3.0 browser gives full access to all the decentralized applications of the entire network of the Ethereum platform.

How Will It Work?

Now, when a user needs to make a transaction with cryptocurrencies directly from this platform, a notification will arrive to the phone. In order to complete the task, users should only be identified by a facial recognition or by applying the fingerprint, as if it were to unlock their cell phone. This is part of the security measures that this new browser offers to complete a transaction.

When referring to the note, about the VPN service that has been incorporated, it is mentioned that this tool was included as a way to protect the location of the user who made the transaction. This also includes a protection service when the user navigates through public networks.

“Opera’s built-in VPN, ad blocking and its cryptocurrency wallet make it the only modern browser that allows users to have complete control of their digital life, while providing them with a vision of the future of the web”, says part of the statement.

Previously, in July last year, the company had already launched an Opera browser that worked exclusively for the Android operating system, as a method of making the idea of ​​a mobile wallet work. Later, it launched the same application, but a desktop version that resulted to be compatible with Windows, Linux and Mac. This allows users to install it without having to add extensions inside the computer.

And, for the near future, the company has partnered with big corporations interested in new technologies, such as Ledger Capital, in order to conduct researches about different blockchain solutions and incorporate them into their next projects and products.

By María Victoria Rodríguez

Argentina and Brazil Fine-tune the Regulatory Frameworks of their Cryptoeconomics

Maria Rodríguez
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Argentina and Brazil Fine-tune the Regulatory Frameworks of their Cryptoeconomics

The gaucho country is in search of a “smart regulation”, while Brazil works to use the appropriate terminology to define the uses of each cryptoactive

The Financial Information Unit (UIF in Spanish) and the Central Bank of the Republic of Argentina (BCRA) are discussing a regulatory framework for cryptocurrency operations. The National Securities Commission also participates in the project, as well as the Federal Administration of Public Revenues (Afip).

The information was released on Monday, April 8th, through local news. The statement highlights the intention to generate a “smart regulation” that contributes to the economic value of cryptography.

According to Alberto Echegaray Guevara, advisor to the presidency of The Financial Information Unit, the Argentine authorities are working on new regulation, so that this legislation would be suitable for cryptos and the entire ecosystem.

“We are trying to help the crypto ecosystem, which in Argentina is very strong. We are trying to give a regulation scheme that suits the companies that are in the crypto world”, explains Echegaray.

Regarding the reasons that drove the project, the Argentine authorities consider something that is not regulated cannot have an economic and financial value in the markets. In this way, he argues in favor of the need for a valid regulatory framework in the Argentine territory.

Until now, all the details about the possible regulations discussed in Argentina have not been revealed. However, Echegaray affirms that the main intention is to generate confidence in investors through clear regulation and prevent the use of cryptoactives for illicit activities, such as money laundering.

The BCRA has a research division focused on distributed accounting technology and it is also in a phase of general study, focused on the evolution of technology.

Recently, a delegation from the Ministry of Finance joined the Huobi CEO to explore the economic advantages of blockchain technology and advance in the adoption of cryptoactives.

Brazil Classifies the Uses of Cryptoactives

In another South American country, the legislation of cryptoactives that seeks to define and regulate operations with cryptocurrencies advances. The Brazilian parliamentarian Aureo Ribeiro drafted a bill about that matter. This happens after the rejection of the project he wrote in 2015.

Four years ago, Ribeiro called all digital assets in the same way. Now, cryptoactives will be treated separately and three types of uses will be considered: value reservation, digital representations of real objects, and platform utility tokens.

The new bill also defends the circulation of this type of assets in the nation and increases the penalties for the crimes committed with these, as fraudulent investment schemes.

There are several benefits in the regulation of cryptocurrencies and tokens in the country. Technology, when promoted in a regulated environment, is a fundamental element in the reduction of fraud in commercial relations, due to the inalterability of the information displayed on a blockchain, the parliamentarian comments.

Ribeiro believes that blockchain technology can provide benefits for the public sector, such as preventing corruption and money laundering, an objective that Argentina is also seeking. Both nations try to encourage the adoption and efficient use of cryptoactives.

By María Victoria Rodríguez

World Economic Forum: Central Banks of 10 Countries Explore Blockchain ​​Applications

Willmen Blanco
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World Economic Forum: Central Banks of 10 Countries Explore Blockchain ​​Applications

Sixty studies conducted by central banks around the world have the use of Blockchain to issue central bank digital currencies as the most common implementation

Andrea Leal, an expert in cryptocurrencies and blockchain, explains some implementations of Blockchain by central banks around the world, according to a report published by the World Economic Forum (WEF) on April 3rd. This document states that 60 studies on cases of Blockchain use have been conducted by more than twelve central banks worldwide.

The regulatory bodies of Sweden, France, Brazil, South Africa, and Uruguay, among other countries, have conducted pilot tests and even implemented blockchain prototypes in financial applications. At least 10 central banks are already conducting projects on Blockchain technology, among which the most prominent are on the issuing of central bank digital currencies (CBDC).

The central banks of Sweden, Uruguay, The Bahamas, Cambodia, and the Eastern Caribbean islands, among other countries, have focused their studies on the use of Blockchain for CBCD in retail markets. These entities consider that Distributed Ledger Technology (DLT) technology can help operate and liquidate national crypto assets without intermediaries, which would be available to national consumers.

Regulators consider that Blockchain could also be used in CBDC addressed to wholesale markets, that is, interbank systems. In this way, digital currencies are available only to commercial banks and clearinghouses, which would have access to a Blockchain-based platform in countries such as South Africa, Canada, Japan, Thailand, Saudi Arabia, Singapore and Cambodia that study this case of use.

The regulators in Japan, Singapore, England, and Canada are studying the possibility of developing a blockchain application for delivery against payment (DAP) systems, which allows commercial banks and consumers to liquidate securities for cash. Similarly, Blockchain could also be implemented in payment systems of primary liquidation or security copy, which allows covering technical failures and losses during natural disasters or cyber attacks in national banks, in Brazil or the Caribbean islands.

An already commercially active case of Blockchain use is bond auction or administration, as the World Bank launched a system in 2018 that allows issuing, administering and auctioning the entity’s bonds. On the other hand, the Central Bank of Hong Kong is studying the possibility of sharing and tracking information about its customers’ payments and identity through a blockchain to enforce anti-money-laundering (AML) and know-your-customer (KYC) measures.

The report also assures that the Central Bank of Brazil is interested in developing decentralized databases with Blockchain to exchange governmental information nationwide. Similarly, Blockchain could be used in Hong Kong to streamline the database of the national commercial financing system and in the Caribbean islands to issue, track and manage the delivery of fiat currency cash throughout the region.

France at the Head of Blockchain

It is stated that one of the most outstanding cases of use is the implementation of Blockchain in the European Single Euro Payments Area (SEPA) system, which has been conducted by the Central Bank of France since 2016 and is currently commercially active.

SEPA is a system that allows customers from the 22 European Union states to make settlements from any European bank account without using cash. The whole SEPA is using smart contracts to identify creditors of this system and approve transactions, being the first Blockchain implementation conducted by a central bank worldwide.

Cambodia is another country that may soon make history with Blockchain, as its central bank has informed the WEF that it will launch a cryptocurrency that can be acquired by individuals and commercial banks.

R3 Corda, Hyperledger platform, Morgan’s Quorum and some private versions of Ethereum are the most popular blockchains among central banks worldwide. In other words, regulatory entities continue to preferring private and centralized blockchains.

It is also highlighted that emerging countries in Africa and South America are the ones that could benefit most from implementing Blockchain in their systems, which has caught the attention of central banks, especially in Brazil, Uruguay, The Bahamas, South Africa, and Cambodia.

By Willmen Blanco

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