Colombian Draft Bill on Crypto Called ‘Inconsistent,’ Criticized by Local Industry

Colombian Draft Bill on Crypto Called ‘Inconsistent,’ Criticized by Local Industry

A draft bill on crypto regulation presented to Colombia’s Congress has been heavily criticized by the local tech sector, Colombian financial journal Dinero reports Tuesday, September 24. The draft was introduced in late July by senator Carlos Abraham Jimenez from Cambio Radical, the second largest party in the lower house of Colombia’s Congress. The bill, called “On cryptocurrencies, or digital currencies,” gave definitions for various crypto-related terms and suggested the issuance of licenses for trading coins. The bill also proposed a five percent tax on all crypto transactions, both internal and international, of which 1 percent should be sent to an organization protecting crypto users from fraudulent activity. Congress has since opened debate on the bill, while the experts gave first comments. According to professional lawyers cited by local legal outlet Ambito Juridico, the draft lacked an assessment and understanding of crypto processes. For instance, the experts took issue with the fact that the bill placed coins under the Ministry of IT and Communications jurisdiction, whereas in other countries monitoring is conducted by financial institutions. Colombian Software Federation (Fedesoft) and local Fintech Association and Blockchain Foundation Colombia have released their own critique, noting that the bill has “inconsistencies and weaknesses” and adding: “Some proposals that are included in the draft go against the very use of cryptocurrencies, with taxes on transactions, and limitation of actors that can participate in crypto trading, among others.” The experts also paid attention to the non-existent currency Trickle mentioned in a bill, which seems to be a project of Fenix ​​Premium — a Colombian platform suspended earlier by Colombian financial watchdog. Moreover, they urged that the proposed regulatory approach could provoke different illicit activities. Cointelegraph has previously reported on a legal battle for Buda.com, a South American crypto exchange whose accounts were closed without explanation by all Colombian banks in June 2018. Buda later asked new Colombian president Ivan Duque for help, signing a petition on behalf of all its users. Duque, who took office August 2018, is quite enthusiastic on crypto-related technologies. When he first touched on the theme, he promised to cut taxes for cryptocurrency and blockchain startups, confessing that he was “obsessed” with the technology.

BCH Roundup: Markets and Developments Leap Ahead This Week

BCH Roundup: Markets and Developments Leap Ahead This Week

News There’s been a lot going on within the Bitcoin Cash (BCH) ecosystem lately as both BCH markets and infrastructure developments this week have been quite interesting. Over the last two days, while most cryptocurrencies have seen gains around 1-15 percent, bitcoin cash values spiked over 25 percent yesterday. Also read: Ledger Nano S Review: Can This $65 Device Top Trezor? Bitcoin Cash Markets Are Up 30 Percent This Week Bitcoin cash markets are doing quite well today as the decentralized cryptocurrency is up 14.8 percent over the last 24-hours since yesterday’s spike. Some speculators believe the news may have been attributed to Bitmain’s recent IPO filing in Hong Kong. The jump in price continued into September 27 as BCH priced reached a high of $578 per coin. At the moment BCH is averaging around $560 per coin with a massive global trade volume (compared to the average 24-H volume $300-400M) of around $1 billion. This positions bitcoin cash as the fourth most traded coin of the day and the currency’s market capitalization is about $9.76 billion. The top five exchanges swapping the most bitcoin cash today include Binance, Bitfinex, Lbank, Okex, and EXX. On the peer-to-peer trading platform Shapeshift, BTC for BCH trades was the most popular exchange over the last 24-hours. New Merchant Support, a Global Database Platform, and BCH/USD Pairs on Bittrex There’s been a bunch of infrastructure developments and announcements as well this week in the BCH community. For instance, the first Bohemian style clothing e-commerce site bohemianbeachstyle.com revealed it is proudly accepting only bitcoin cash. A developer explained yesterday and gave everyone a sneak peak of a BCH-powered vending machine that allows people to pay for candy with bitcoin cash. Unwriter launched Bitdb 2.0 which provides a global database platform that crawls the entire BCH transaction universe. This week the well-known cryptocurrency exchange, Bittrex, announced that it will offer BCH/USD pairs on October 3rd. The Bitcoin vending machine will soon be production-ready. Enjoy a snack anywhere in the world, cashless, cardless.$BCH pic.twitter.com/boRxptIAZC — Corentin MERCIER (@merc1er) September 26, 2018 Drivechain Compatibility & New Full Node Client Builds Under Construction This week BCH fans found out that Openbazaar developer Chris Pacia has ported the ‘Btcd’ implementation into Bitcoin Cash. However, Pacia notes…

Debit Card Issuer Bitnovo Announces Bitcoin Cash Support

Debit Card Issuer Bitnovo Announces Bitcoin Cash Support

News Bitnovo has launched support for bitcoin cash (BCH). Starting September 27, users of Bitcard and N26 account, both bank-free product offerings from the Spanish cryptocurrency trading platform, will be able to replenish their cards or accounts with BCH. Payments will be supported also. Also read: Pesamill Africa Launches as Kenya’s Latest Exchange Offering P2P And Centralized Trading Users of Bitnovo Bitcard And N26 Account Can Now Use Bitcoin Cash For Top Up And Payments   Bitnovo announced today that holders of its Bitcard or N26 account can now top up both products with bitcoin cash. Bitcard is a crypto-based debit card that allows for swift conversion of cryptocurrency to fiat – the Euro, specifically – without need of going through the bank. The N26 is a mobile-based banking service allowing its users to buy and sell cryptocurrency, among other things. “From today, holders of Bitcard and a N26 account can now top them up easily in Bitnovo platform with bitcoin cash,” Roberta Quintiliano, chief marketing officer at Bitnovo, told News.Bitcoin.com, by email. “Furthermore, it will be possible to use bitcoin cash as payment methods to purchase all the Bitnovo services,” he said. BCH for Dish Satellite TV With a presence in over 130 countries, Bitnovo allows users to trade in virtual currency using bitcoin vouchers, bitcoin ATMs, and prepaid cards. It also permits its customers to buy small denomination cards anonymously. The decision by Bitnovo to integrate bitcoin cash comes as an increasing number of places or merchants take the digital currency as payment. US citizens can pay for TV subscriptions at satellite television provider Dish in BCH, for example, while multiple online purchases are now being made this way in about 200 countries, as we have previously reported. Bitnovo believes that bitcoin cash will bring real value in real time. “With our card we allow (users) to change bitcoin … to the currency of legal tender that you have associated with your debit card. In this way, at any time, you can count on cash or your card thanks to the value of your cryptocurrency,” it says. What do you think about Bitnovo’s latest move? Let us know in the comments section below. Images via Shutterstock and Bitnovo Want to create your own secure cold…

Ripple Announces $105 Million Charity Venture for Education, Financial Inclusion Projects

Ripple Announces $105 Million Charity Venture for Education, Financial Inclusion Projects

Ripple is launching a formal social impact program, dubbed “Ripple for Good,” according to a press release published September 27. The initiative will pool $25 million from the firm together with $80 million in donations to invest in projects focused on education and financial inclusion. The press release states that Ripple is still assessing which projects will form a part of their initiative, but that the choices are likely to focus on educational programs in the fields of Science, Technology, Engineering and Mathematics (STEM) and financial technology (FinTech). The firm says it believes education to be “the key driver […] [that will] encourage broader understanding, adoption and innovation across business, finance, computer science, policy and more.” Ripple has already contributed to blockchain, crypto, and fintech education by donating $50 million to 17 universities globally as part of its University Blockchain Research Initiative (UBRI), which launched in June of this year. Ken Weber, Head of Social Impact for Ripple, has today outlined the broad vision of the initiative, singling out global financial inclusion as its cornerstone aim: “We will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good.” Ripple for Good will reportedly operate in collaboration with RippleWorks, an existing non-profit that connects social ventures and volunteers with expertise in diverse fields, and counts Ripple executive chairman Chris Larsen as a co-founder. RippleWorks has to date reportedly “worked on 70 projects in 55 countries.” One high-profile Ripple investor, actor Ashton Kutcher, made headlines with a charitable bid this spring when he donated $4 million Ripple (XRP) to Ellen Degeneres’ Wildlife Fund, which was established to support global conservation efforts for critically endangered species. Other major charitable initiatives in the crypto space this year have included the non-profit initiative GiveCrypto.org, which was launched by CEO of crypto exchange Coinbase Brian Armstrong this June. The project aims to distribute donated funds through “direct-cash transfers in the form of cryptocurrency,” and “provide universal access to an open financial system.”

US Lawmakers Shoot Down Proposal for Crypto Task Force

US Lawmakers Shoot Down Proposal for Crypto Task Force

An effort by the U.S. Congress to launch a task force investigating cryptocurrencies has been suspended. House Resolution 5036, a bill hoping to establish the “Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing,” was referred to the House of Representatives Wednesday for consideration. The bill, a seeming upgrade from one introduced by Representative Ted Budd earlier this year, would launch a working group to examine cryptocurrencies and other new forms of financial technologies, in particular looking for any potential use in crimes. However, public records indicate that the bill was passed by the House before being reconsidered. According to Congressional rules, the fact that the “motion to reconsider laid on table” was “agreed to without objection” indicates that no further action on the bill will be taken. Like an earlier form of the bill, H.R. 5036 would have brought together federal law enforcement leaders and provide them a year to study cryptocurrencies and how they may be used in funding terrorist activities. The task force would then have been required to brief Congress, including by proposing actions to curb such activity in the future. The bill also provided rewards for individuals or entities who provide information leading to convictions for malicious actors using cryptocurrencies to fund terrorist activities. However, unlike previous versions of the bill, 5036 specifically added provisions for preventing “rogue and foreign actors from evading sanctions,” explaining that: “The President [of the U.S.], acting through [the task force], shall submit to the appropriate congressional committees a report that identifies and describes the potential uses of digital currencies and other related emerging technologies by states, non-state actors, and foreign terrorist organizations to evade sanctions, finance terrorism, or launder monetary instruments, and threaten United States national security.” U.S. Capitol Building image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Chinese Search Giant Baidu Shares Details of Upcoming Blockchain

Chinese Search Giant Baidu Shares Details of Upcoming Blockchain

Chinese search giant Baidu has officially released a white paper through its new Blockchain Lab for its proposed XuperChain network. The company claims XuperChain will support more than 10,000 transactions per second through inter-chain parallel technology and a stereoscopic network, according to the white paper. The nodes of XuperChain use multi-core parallel calculations, maximizing the work of processors, and employ sidechains to speed up the network. While Baidu has more than 50 patents for XuperChain and maintains 100 percent ownership of the intellectual property, the white paper notes that the software itself will be open surce. Chinese news outlet Cnchan.com quotes Tan Bai, chief architect of Baidu and director of the Blockchain Lab, as saying he hopes third parties will choose to build on the XuperChain network. He added: “We will further promote the open source and openness of the XuperChain in the future, and provide the XuperChain as an infrastructure to all developers … We look forward to working with the industry to build a trusted ecosystem of blockchains.” Baidu also reports that it has already launched an array of applications based on its blockchain, including an image rights management system named Baidu Totem, an education certification platform Baidu Huixue, where users’ CV is created by AI, and a space journey game app Duyuzhou (The Universe). This May, Baidu Baike, China’s equivalent to Wikipedia, has started utilizing blockchain to track amendments to its articles. In August, Baidu’s blogging platform Baidu Tieba blocked the “digital currency” and “virtual currency” sub-forums following the China’s crackdown on ICOs. Editor’s note: some of the statements in this article were translated from Chinese. Baidu image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Debit Card Issuer Bitnovo Announces Bitcoin Cash Support, as Acceptance Continues to Grow

Debit Card Issuer Bitnovo Announces Bitcoin Cash Support, as Acceptance Continues to Grow

News Bitnovo has launched support for bitcoin cash (BCH). Starting September 27, users of Bitcard and N26 account, both bank-free product offerings from the Spanish cryptocurrency trading platform, will be able to replenish their cards or accounts with BCH. Payments will be supported also. Also read: Pesamill Africa Launches as Kenya’s Latest Exchange Offering P2P And Centralized Trading Users of Bitnovo Bitcard And N26 Account Can Now Use Bitcoin Cash For Top Up And Payments   Bitnovo announced today that holders of its Bitcard or N26 account can now top up both products with bitcoin cash. Bitcard is a crypto-based debit card that allows for swift conversion of cryptocurrency to fiat – the Euro, specifically – without need of going through the bank. The N26 is a mobile-based banking service allowing its users to buy and sell cryptocurrency, among other things. “From today, holders of Bitcard and a N26 account can now top them up easily in Bitnovo platform with bitcoin cash,” Roberta Quintiliano, chief marketing officer at Bitnovo, told News.Bitcoin.com, by email. “Furthermore, it will be possible to use bitcoin cash as payment methods to purchase all the Bitnovo services,” he said. BCH for Dish Satellite TV With a presence in over 130 countries, Bitnovo allows users to trade in virtual currency using bitcoin vouchers, bitcoin ATMs, and prepaid cards. It also permits its customers to buy small denomination cards anonymously. The decision by Bitnovo to integrate bitcoin cash comes as an increasing number of places or merchants take the digital currency as payment. US citizens can pay for TV subscriptions at satellite television provider Dish in BCH, for example, while multiple online purchases are now being made this way in about 200 countries, as we have previously reported. Bitnovo believes that bitcoin cash will bring real value in real time. “With our card we allow (users) to change bitcoin … to the currency of legal tender that you have associated with your debit card. In this way, at any time, you can count on cash or your card thanks to the value of your cryptocurrency,” it says. What do you think about Bitnovo’s latest move? Let us know in the comments section below. Images via Shutterstock and Bitnovo Want to create your own secure cold…

The Anatomy of Bitcoin Core’s Recent Bug

The Anatomy of Bitcoin Core’s Recent Bug

Software vulnerabilities continue to be a red flag issue in crypto community. Not long ago, the top-five cryptocurrency EOS network experienced a vulnerability right in the dawn of its development. The same thing happened to Ethereum, when a series of Distributed Denial of Service (DDoS) attacks led to a significant delay in the operation of the nodes. And the news about another bug in the code came out yesterday, with the announcement made by Monero developers to patch the vulnerability, which allowed attackers to burn funds. It could seem that such kind of bug can affect any crypto, but not Bitcoin. But what could be worse than the vulnerability of a coin with a daily turnover of $4.5 billion? Perhaps, only ignorance about the existing threat. The recent Bitcoin Core vulnerability is a clear case in point. “Most catastrophic bug ever” On Sept. 18, Bitcoin Core developers announced a release of an update to fix a DDoS attack vulnerability. The most shocking discovery was that such an attack could be succeeded by flooding the full node operators with traffic, or by sending them information that could trigger a network crash. The fix CVE-2018-1744 was initially addressed to several developers who were working on both Bitcoin Core and other cryptocurrency-based projects. The bug was identified by Bitcoin Cash developer Awemany, who concludes in his Medium post that CVE-2018-17144 is “the most catastrophic bug in recent years, and certainly one of the most catastrophic bugs in Bitcoin ever.” Awemany publicly expressed his feedback without hesitating to call Bitcoin Core’s most prominent developer arrogant. The vulnerability is being tracked in the CVE-2018-17144 advisory, which includes the following description: “Bitcoin Core 0.14.x before 0.14.3, 0.15.x before 0.15.2, and 0.16.x before 0.16.3 and Bitcoin Knots 0.14.x through 0.16.x before 0.16.3 allow a remote denial of service (application crash) exploitable by miners via duplicate input. An attacker can make bitcoind or Bitcoin-Qt crash.” However, the vulnerability was much more serious, as it could have allowed malicious miners to artificially inflate Bitcoin’s supply via a simple type of double input. In simple terms, the recent event is related to the consensus code. Miners could crash blocks in case they tried to validate a block containing a transaction that attempts to spend the…