Bitcoin.com Partners With Mecon Cash, Enabling Withdrawal at ATMs Across South Korea

Bitcoin.com Partners With Mecon Cash, Enabling Withdrawal at ATMs Across South Korea

Bitcoin Cash has been added to Mecon Cash’s M.Pay platform which is integrated with over 13,000 ATMs in South Korea. By making bitcoin cash usable for withdrawing won across the country, Mecon Cash is ensuring that BCH users in Korea can always make urgent and small transactions in any place that still does not accept peer-to-peer electronic cash directly. Also Read: First Bitcoin Cash Developers Meeting of 2020 to Be Held Today Bitcoin Cash Integrated Into Platform With Over 13,000 ATMs in South Korea South Korean cryptocurrency company Mecon Cash has integrated BCH into its payments platform M.Pay following a cooperation agreement with Bitcoin.com. The platform is connected to one of the biggest providers of ATMs, so bitcoin cash can now be used to withdraw to Korean won through M.Pay in more than 13,000 ATMs in South Korea at South Korea’s biggest convenience store chains GS25 and Mini Stop. The main target demographic for the new service is cryptocurrency holders who need quick cash as well as people who send over $6 billion in remittances to Korea from overseas each year. Mecon Cash also operates other services in addition to payments, including an e-commerce platform that allows users to buy a wide range of products (Mecon Mall) and mobile games that utilize M.Pay for rewards. Bitcoin Cash is now available to be used on these as well, and you can expect more interesting collaborations with Bitcoin.com to be announced in the future. “Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also the global market,” stated Chairman of Mecon Cash, Jo Jae Do. The Mecon Cash Team Meeting With Bitcoin.com’s Roger Ver“Mecon Cash is enabling Bitcoin Cash to be used at 13,700 ATM locations across Korea,” commented Bitcoin.com Executive Chairman Roger Ver. “Bitcoin.com is proud to be working with Mecon to help bring Bitcoin Cash and Mecon Cash to Korea and to the world.” Promoting the BCH Ecosystem Consistently among the top digital assets in the world by market cap, Bitcoin…

South Korea Considers Imposing a 20% Income Tax on Cryptocurrencies

South Korea Considers Imposing a 20% Income Tax on Cryptocurrencies

South Korea’s Ministry of Economy and Finance is considering imposing a 20% tax on income from cryptocurrency transactions. According to a report published by local English-language news outlet The Korea Times on Jan. 20, the ministry had reportedly ordered its income office to review cryptocurrency taxation. The Korea Times cited an anonymous official who reportedly said that the ministry has not finalized its plan, but noted that the government may impose a 20% tax on crypto income. News of the proposed rate follows reports earlier this month that South Korea is drafting a tax regime for profits made from trading cryptocurrencies.  Crypto tax clarity is much needed Some have speculated that the government may categorize gains obtained through cryptocurrency trading as “other income” and not capital gains. The other income category also includes gains made from lectures, lottery purchases and prizes. A clear cheme for crypto cryptocurrency taxation is much needed in South Korea. This became particularly apparent when, at the end of December, major local cryptocurrency exchange Bithumb announced that it was considering administrative litigation over an $68.9 million tax bill that it believes has no legal basis. More recent reports indicate that the firm decided to follow through and take tax authorities to court. As Cointelegraph illustrated in a dedicated in-depth article, South Korea’s cryptocurrency regulation has seen significant developments since Park Yong-jin, a member of the National Policy Committee from the ruling Democratic Party, introduced the first-ever taxation policy for crypto in 2017. In 2019, the National Assembly’s national policy committee approved a bill that would give more legitimacy to digital assets by subjecting them to more scrutiny and government oversight.

How Was It Possible for Bitmain to Oust Its Largest Shareholder Overnight?

How Was It Possible for Bitmain to Oust Its Largest Shareholder Overnight?

Co-founder Ketuan “Micree” Zhan was stripped of his director role at not only Beijing Bitmain Technology, but the cryptocurrency miner maker’s parent entity, BitMain Technologies Holding Company, corporate records show. A filing of the Cayman Islands–incorporated holding company, submitted Dec. 10, reveals that Zhan’s role as a board director was “ceased” on Oct. 30. That was one day after rival co-founder Jihan Wu returned to the company’s Beijing office and announced the seeming conclusion to a long-running power struggle. The takeover may have lasting effects on the world’s largest bitcoin miner maker, which is reportedly filing for an IPO in the U.S. What was known at the time was that Wu took over Zhan’s roles at the Beijing operating subsidiary as a director and legal representative as of Oct. 28. Wu later appeared on stage at a customer event as Bitmain’s CEO and chairman. A second corporate filing, submitted Dec. 19, indicates the holding company still had four directors as of Oct. 29 – including Zhan. But the cessation of Zhan’s role on Oct. 30 would leave the Holding firm’s board with three members: Jihan Wu, Yuesheng Ge (head of Bitmain-tied Matrixport) and Luyao Liu (Bitmain’s CFO).  In fact, Liu is now the Holding firm’s Company Secretary and took over the role from Wu as a legal representative of the Beijing subsidiary on Jan. 2, according to the documents. And it appears this may not be a nominal move: A person close to the company told CoinDesk Liu has indeed taken on a bigger role recently. Many questions remain about the sudden removal of Bitmain’s largest shareholder. But a third document CoinDesk reviewed – the Holding firm’s Fifth Amended and Restated Memorandum and Articles of Association (AoA) – sheds some light on the role in the affair of internal rules governing voting dynamics and board meetings. The AoA also reveals Bitmain’s commitment to external investors to achieve a “Qualified IPO” at designated stock exchanges with an ambitious valuation and offering target.  Director removal According to Bitmain’s AoA, the company can “appoint and remove a director or directors” via what’s called an Ordinary Resolution – one of the two types of resolutions that board meetings can decide to act on. The other type is called a…

Bitcoin.com Partners With Mecon Cash, Enabling BCH to Korean Won Withdrawal at Over 13,000 ATMs Across South Korea

Bitcoin.com Partners With Mecon Cash, Enabling BCH to Korean Won Withdrawal at Over 13,000 ATMs Across South Korea

Bitcoin Cash has been added to Mecon Cash’s M.Pay platform which is integrated with over 13,000 ATMs in South Korea. By making bitcoin cash usable for withdrawing won across the country, Mecon Cash is ensuring that BCH users in Korea can always make urgent and small transactions in any place that still does not accept peer-to-peer electronic cash directly. Also Read: First Bitcoin Cash Developers Meeting of 2020 to Be Held Today Bitcoin Cash Integrated Into Platform With Over 13,000 ATMs in South Korea South Korean cryptocurrency company Mecon Cash has integrated BCH into its payments platform M.Pay following a cooperation agreement with Bitcoin.com. The platform is connected to one of the biggest providers of ATMs, so bitcoin cash can now be used to withdraw to Korean won through M.Pay in more than 13,000 ATMs in South Korea at South Korea’s biggest convenience store chains GS25 and Mini Stop. The main target demographic for the new service is cryptocurrency holders who need quick cash as well as people who send over $6 billion in remittances to Korea from overseas each year. Mecon Cash also operates other services in addition to payments, including an e-commerce platform that allows users to buy a wide range of products (Mecon Mall) and mobile games that utilize M.Pay for rewards. Bitcoin Cash is now available to be used on these as well, and you can expect more interesting collaborations with Bitcoin.com to be announced in the future. “Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also the global market,” stated Chairman of Mecon Cash, Jo Jae Do. The Mecon Cash Team Meeting With Bitcoin.com’s Roger Ver“Mecon Cash is enabling Bitcoin Cash to be used at 13,700 ATM locations across Korea,” commented Bitcoin.com Executive Chairman Roger Ver. “Bitcoin.com is proud to be working with Mecon to help bring Bitcoin Cash and Mecon Cash to Korea and to the world.” Promoting the BCH Ecosystem Consistently among the top digital assets in the world by market cap, Bitcoin…

Why the World Economic Forum Is Creating a Blockchain ‘Bill of Rights’

Why the World Economic Forum Is Creating a Blockchain ‘Bill of Rights’

Sheila Warren is the Head of Blockchain and Distributed Ledger Technology at the World Economic Forum. Sumedha Deshmukh is a Project Specialist on the Blockchain and Distributed Ledger Technology team at the World Economic Forum. The opinions expressed here are their own. If the last few years have taught us one thing, it’s this: users are not magically protected as technology evolves. Rather, user protection is something that occurs as the result of intention, commitment and deliberate design. Without this dedication from the outset, the trajectory of a technology’s development can, and often does, carry significant and far-reaching consequences. As blockchain pursuits move from buzzword to business case, the technology is fast-approaching an inflection point. With $12.4 billion in projected spending by 2022 and high-profile announcements from actors like Facebook, central banks and global mining and metals companies, the decisions made by builders today will have ripple effects on significant swaths of the population for years to come. In fact, blockchain has already experienced the consequences of not designing with the rights of users in mind.  In 2017 and 2018, the sudden rise and subsequent fall of initial coin offerings (ICO) provided a case study of what can go wrong with instances of fraud, unsustainable business models and significant losses to non-savvy consumers. For example, one 2018 study identified more than 80 percent of ICOs conducted in 2017 as scams. This potential for misuse caught the attention of legislators and policymakers, but in many instances, it was too late. If blockchain is truly looking to scale in its next phase, repeating these mistakes is not an option. What’s at stake? This new wave of development offers an opportunity to correct course. However, if organizations in a rush to act first don’t learn from the past, the technology faces several existential threats: Risks to users. The world has learned the hard way that bottom-line protections for users need to be considered at the outset of product design, especially when it comes to data. Blockchain’s properties as a foundational technology make these considerations particularly important, given the harm and follow-on effects that can come from potential breaches. Potential for transformational change can be undermined. Those with sophisticated knowledge may have the opportunity to exploit their advantages –…

Crypto Winter to Spring: Key Factors That Brought Bitcoin Back to Life

Crypto Winter to Spring: Key Factors That Brought Bitcoin Back to Life

During the first couple of months of 2019, the price of Bitcoin (BTC) stayed put under the $4,000 mark, thereby solidifying fears that the market was indeed in the midst of a long crypto winter. Not only that, but all through 2018, this space witnessed the simultaneous collapse of around 2,000 cryptocurrencies — which lost around 80% of their combined market cap. Additionally, it can be seen that over the course of 2018, the general perception of the crypto sector was greatly tarnished thanks to a number of scams and illegal actions that caused investors to lose a whole lot of money (estimated to be worth millions of dollars). As a result, high-profile personalities such as Nouriel Roubini, a Nobel Prize-winning economist, went on record to claim that BTC was the mother of all financial bubbles, thereby causing market panic to spread globally at quite a rapid pace. Additionally, Ernst & Young also released a market study in early 2018 that showed cybercriminals were able to steal around $1.5 million per month in initial coin offering proceeds, totalling around $400 million of the funds raised. As a result of these shady developments, a whole host of legitimate projects went underground, waiting for the unwanted noise to settle down — thus causing the crypto market to suffer a great deal. To put things into perspective, Forbes’ “Fintech 50 — 2019,” a list comprising of the world’s most promising tech companies, featured only six blockchain projects. In comparison, 11 crypto companies were included in the 2018 list. A closer look at the matter The bull run of 2017 really expanded the global reach of the crypto market, with many novice investors becoming aware of Bitcoin and its potential around that time. However, after the flagship crypto asset hit its all-time high value of nearly $20,000, most analysts and experts started to realize that this positive momentum could not be sustained for much longer and that the market would invariably move to a more bearish mode of operation. Indeed, such was the case after the first few months of 2018, when BTC’s value tumbled down to $3,300. It was also around this price range that a number of experts thought Bitcoin had found its bottom. Whenever an asset…

An In-Depth Look at the Multi-Currency Cold Storage Card Ballet

An In-Depth Look at the Multi-Currency Cold Storage Card Ballet

Last September, Bobby Lee, the former CEO of China’s first cryptocurrency exchange BTCC revealed his new business venture Ballet, a non-electronic crypto wallet solution that offers multi-currency support. During the North American Bitcoin Conference Miami, all the attendees got a single Ballet crypto card and news.Bitcoin.com decided to test the product to show our readers how it works. Our newsdesk also spoke with Bobby Lee during the event and he explained that he leveraged his prior experience working as a coin maker for BTCC’s physical bitcoin mint and he’s extremely passionate about the new Ballet product. Also read: How to Create Custom SLP Tokens With the Bitcoin.com Mint Bobby Lee Shows Off the Ballet Crypto Wallet Solution at TNABC Miami Bobby Lee is very proud of his new venture and you can see it when you talk to him about the new Ballet cards. At the North American Bitcoin Conference (TNABC) Miami news.Bitcoin.com got a chance to test the new Ballet cards and speak with Lee about the new products. “The [Ballet] project is one year in the making,” Lee told our newsdesk. “I sold my last company BTCC two years ago. As you may already know, I was the cofounder and CEO of BTCC, we were the very first bitcoin exchange in China launched in 2011 and at one point we also became the world’s largest exchange by trade volume. During that time, I also created physical bitcoins called BTCC Mint and I was a coinmaker from 2016 to 2018. At that time we made a series of coins, but then we decided to close the business. When I was a coin maker for those years, during that time I made over 30,000 coins.” Lee explained that the BTCC Mint coins were pre-loaded and as a coin maker he managed the private keys and “got a lot of experience.” Bobby Lee told news.Bitcoin.com that as soon as private keys are applied to the Ballet card, the keys are immediately deleted. “Just like Mike Caldwell who made Casascius physical bitcoins, I’m putting my name behind [Ballet],” Lee stressed to our newsdesk. “None of those coins have ever been hacked or stolen and the reason I know it will never happen is because I deleted the…

‘High Level’ Crypto Experts to Advise OECD

‘High Level’ Crypto Experts to Advise OECD

The Organisation for Economic Cooperation and Development, an intergovernmental body with 36 member countries, has formed “a high-level expert group” which includes executives from the crypto industry. They will provide advice in helping develop international blockchain policy principles. Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia ‘High-Level Expert Group’ Formed The Organisation for Economic Cooperation and Development (OECD) announced this week that it has formed “a high-level expert group,” also known as the Blockchain Expert Policy Advisory Board (BEPAB). The organization described that the group’s primary goal is “to provide advice on its work on blockchain and other distributed ledger technologies; this will include the development of high-level blockchain policy principles.” The intergovernmental organization currently has 36 member countries, with the European Commission participating in its work. Members engage with OECD experts and delegations from other countries; they are part of the council that oversees the organization’s work. Yoichi Iida is the deputy director-general for G7/G20 relationship of the Japanese Ministry of Internal Affairs and Communications. The incoming chairman of the OECD’s Committee on Digital Economy Policy (CDEP) explained: The BEPAB’s geographic diversity is critical to the development of international blockchain policy principles. According to the announcement, this high-level expert group consists of 45 governments and representatives from the European Commission, the private sector, industry bodies, and civil society groups. The current list of members shows that there are 93 experts on the board in total. Among members of the expert group from the crypto and blockchain sector are executives from the Libra Association, Facebook’s Calibra, Aidtech, Bitfury, BITT, Blockchangers, Block.one, Consensys, Everledger, Etoro, Infrachain, Iobuilders, Maker Foundation, Outlier Ventures, R3, Ripple, and SALT. Other members include officials from the European Parliament and government agencies of various countries, including the U.S., Egypt, Japan, Germany, Spain, South Korea, Sweden, and the U.K. Representatives from a number of central banks, blockchain associations, academic institutions, and industry bodies are also members. OECD’s Blockchain Work The OECD has acted as a strategic advisor to the G20 and has been working closely with the International Monetary Fund (IMF) on national growth strategies and other policies. The organization has been developing blockchain policies over the past six years. Its work “includes research and analysis on financial…

BTC Could Hit $10K, ‘Stay Away from North Korea,’ Akon City: Hodler’s Digest, Jan. 13–19

BTC Could Hit $10K, ‘Stay Away from North Korea,’ Akon City: Hodler’s Digest, Jan. 13–19

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin ready to push above key resistance to hit $10,000 The world’s biggest cryptocurrency has started 2020 fighting. For a time on Friday, Bitcoin hit $9,000 — with analysts claiming there are multiple signs that a “bullish transformation” is underway. This weekend also saw the BTC network’s mean hash rate hit new all-time highs, meaning it’s never been harder to mine new coins. Although BTC fell from highs of almost $9,200 on Sunday to hover at about $8,600, analysts believe it is ready to push above the resistance to hit $10,000. Even despite the latest turbulence, which saw prices drop $500 in five minutes, BTC is up 20% year to date — and by more than 5% over the past week. The strong performance will leave crypto skeptics such as Peter Schiff red-faced. Back in November, the gold bug had predicted BTC would imminently drop to $1,000. Research: Binance and Huobi received over 52% of total $2.8 billion illicit BTC in 2019 Sticking with the Bitcoin theme, let’s look at some worrying new research that suggests just two exchanges — Binance and Huobi — together received 52% of illicit Bitcoin transfers worth $2.8 billion in 2019. According to Chainalysis, the crypto was moved from 300,000 individual accounts associated with criminal activity — and 75% of the illicit BTC was sent to just 810 accounts. Researchers believe that some over-the-counter brokers may be specializing in providing money laundering services to criminals and taking advantage of loose Know Your Customer requirements. Huobi did not respond to the claims, but Binance said it was committed to tackling financial crime in crypto and continually improving its Anti-Money Laundering measures. United Nations: Stay away from North Korean crypto conference The public is being warned not to attend North Korea’s upcoming cryptocurrency conference, with experts warning it could violate sanctions. Reports suggest that the event, due to take place in February, will include discussions focused on how crypto can be used to evade sanctions and launder…

Why Centralized Exchanges Are Decentralizing

Why Centralized Exchanges Are Decentralizing

In an industry built on an ethos of decentralization and the empowerment of individuals, where the key idea is that each and every person should have control of their own wealth and begin acting as their own bank, we’ve seen centralized custodial exchanges lead the charge up until now. Now, as the industry continues to develop ethos, we’re seeing centralized exchanges beginning to adopt more properties of decentralization. Decentralization advances the protection of funds, transparency, economic inclusion and regulatory clarity while empowering each individual to become the custodians of their own funds. As centralized exchanges begin to recognize the benefits of decentralizing, the end result is a stronger, more trusting consumer and industry. Trust Trust is the foundation on which all relationships are built — with partners, family, friends and businesses — all are rooted deeply in trust. But trust isn’t given freely, it must be earned. Trust is more than an asset, it is the lifeline that dictates the longevity of a relationship. The loss of trust in centralized entities has given birth to blockchain, a technology based on decentralization, in the hopes of redefining the concept of trust for the next wave of financial systems. Blockchain technology has the potential to turn financial systems upside down by redefining trust. However, we mustn’t be misinformed. Just because an organization or business claims to employ blockchain technology, this doesn’t automatically make them more trustworthy. The trustworthiness in blockchain stems from the design choices businesses make when employing them. We are reminded from time to time of the consequences of these design choices. This includes over $4 billion in stolen funds from crypto-related cyberattacks in 2019, with some of the biggest exchanges targeted by cybercriminals. Most notable this year are the incidents on Coinbase, Binance and BitHumb. These are all reminders of how people’s trust in blockchain has been tarnished. The foundations of the technology looking to disrupt the financial systems are still fragile. Related: Crypto Hacks: Crypto Exchange Hacks & Cryptocurrency Hackers But it doesn’t have to be this way And for this reason, leaders in the industry are making design choices that entirely change how trust is handled. These leaders are decentralizing key business functions to strengthen their foundation. This can be seen first and…