Gold-Backed Cryptocurrency Aims To Tap Stablecoin Appeal

Nov.21 — In this week’s “Commodity-In-Chief” on “Bloomberg Commodities Edge”, Alix Steel talks with Danny Masters, chairman of CoinShares, which is betting that trading a digital gold asset linked to bitcoin may provide investors with a sense of security. The launch of the product, called DGLD, included $20 million of the digital metal tied to an offset of bitcoin’s blockchain, with each token representing a 10th of a troy ounce. source

Inflation Epidemic has Millennials Moving to Cryptocurrency

A research report published by cryptocurrency firm Coinshares shows millennials’ increasing lack of trust in fiat currencies. A number of countries witnessed massive inflation in 2018, further hurting confidence in fiat. Google search for terms “bitcoin” and “cryptocurrency” increased at the same time and coincided with a surge in market cap cryptocurrencies.   Last week, British cryptocurrency research firm Coinshares published its ‘Crypto Trends Report’. Their research, coupled with the report from World Gold Council, revealed that millennials and even Gen Z are gradually losing confidence in fiat currencies.  …

Cryptocurrency Forensics Firm Elliptic Ties $400M in XRP to Illicit Activities

Cryptocurrency forensics and analysis firm Elliptic has tied about $400 million worth XRP tokens to illegal transactions. In a press release published on Nov. 20, the firm indicated that “the $400m of illicit activity identified by Elliptic represents less than 0.2% of total XRP transactions, demonstrating that the vast majority of activity is legitimate.” Tracing XRP’s relation to illicit activities Elliptic began analyzing XRP over a year ago and has identified that several hundred XRP accounts are related to illegal activity — from thefts to the sale of stolen credit…

ShapeShift Is Launching a Token for Free Cryptocurrency Trading

ShapeShift now offers its users fee-free trading in the form of an ERC-20 token.  The self-custody trading platform announced today, November 20, 2019, that it is instituting limited free trading through its FOX token. ShapeShift hopes the incentives token will “entice users away from custodial exchanges,” according to a press release from the privacy-focused cryptocurrency exchange. All registered ShapeShift users will initially receive 100 FOX tokens free of charge. Each token entitles its holder to $10 worth of free trading volume for rolling, 30-day periods. In effect, this means that…

Cryptocurrency Regulation: An Indian Perspective

Cryptocurrencies, with a market capitalization of over $200 billion, can no longer be dismissed as just a fad. While still making up only a tiny fraction of overall global financial markets, they have matured from the ranks of fledgling startups to being leveraged by large enterprises for use cases ranging from global payments, asset-backed tokens for metals and commodities, fiat currency-equivalent digital coins, the Internet of Things, decentralized cloud storage and more.  Earlier this year, JPMorgan Chase announced its United States dollar-equivalent JPM Coin for business-to-business payments; a consortium of…

Telegram Asks Court to Dismiss SEC Lawsuit Against Gram Cryptocurrency

Encrypted messaging service Telegram has asked the New York Southern District Court to throw out accusations by United States regulators that its in-house cryptocurrency is a security. In a fresh filing on Nov. 12, Telegram’s lawyers did not mince their words as they accused the U.S. Securities and Exchange Commission (SEC) of abandoning just practice in its criticisms. Telegram: SEC “adopted ad hoc legal position” The SEC had previously argued Telegram was engaging in the sale of unregistered securities when it sold its GRAM tokens to vetted investors. Despite the…

Justin Sun Confirms Tron’s Listing on Poloniex Cryptocurrency Exchange

Tron (TRX), the 11th largest cryptocurrency by market capitalization, has now been listed on the Poloniex cryptocurrency exchange. Sun confirms TRX listing on Poloniex In a Nov. 9 blog post, Poloniex cryptocurrency exchange announced that it was readying to list the decentralized cryptocurrency on its platform, which Tron CEO Justin Sun confirmed on Nov. 12 by tweeting “it’s official now.” Starting today, customers will be able to start posting limit orders for TRX/Bitcoin (BTC), TRX/Tether (USDT) and TRX/USD Coin (USDC). Reportedly, full trading will be enabled “shortly after this date.”…

Can Cryptocurrency Create a New Niche in Music Streaming?

The music streaming industry has come a long way since the old days of Napster and the first-ever downloadable music. The new technology that was the internet, combined with faster download speeds, made music sharing possible. Since those early days, regulations and structure have provided a way for companies to monetize digital content while protecting it and putting new technology to work. As the industry evolved, a few major platforms exploded into the market. These early growth leaders received huge boosts as users began tossing out their CDs and flocking…

Russia Prepares Law to Allow Cryptocurrency Confiscation

According to local reports, Russia’s Ministry of Internal Affairs and other law enforcement agencies are developing proposals to confiscate cryptocurrencies. These proposals could evolve into Russian laws as soon as 2021.  “Russia plans to develop a legal mechanism for the seizure of virtual assets for their confiscation,” according to a translated report from RBC. “The relevant proposals should be prepared by December 31, 2021 by the Ministry of Internal Affairs together with [federal financial monitoring branch] Rosfinmonitoring, the Prosecutor General’s Office, the Investigative Committee, the Justice Ministry … the Federal…

FBI Director: Cryptocurrency Is ‘Significant Issue’ for Law Enforcement

Federal Bureau of Investigation Director Christopher Wray says cryptocurrency is a “significant issue” that is likely to become a “bigger and bigger” problem for the law enforcement agency. Speaking in front of the U.S. Senate Homeland Security and Governmental Affairs Committee on Tuesday, Wray responded to questions from U.S. Senator Mitt Romney (R-UT) about cryptocurrency, law enforcement and terrorist deterrence, saying: “We are looking at it from an investigative perspective, including tools that we have to follow the money even in this new world that we’re living in.” Wray supported…