U.S. Federal Judge Rules in Favor Bitcoin IRA in Case Against Kingdom Trust

U.S. Federal Judge Rules in Favor Bitcoin IRA in Case Against Kingdom Trust

A United States federal judge has ordered asset custodian Kingdom Trust to fully restore data access to all affected clients following the unilateral termination of customers’ access to their own account information on Bitcoin IRA’s website. Filed on Nov. 12, a court document reveals that South Dakota District Court Federal Judge Karen E. Schreier ruled in favor of Bitcoin IRA in the case against Kingdom Trust, where the latter allegedly breached a referral agreement by terminating customers’ access to their account data on Bitcoin IRA’s platform without providing prior notice. The breach of the referral agreement As described in the document, in September 2018, Bitcoin IRA and Kingdom Trust entered into a referral agreement, which indicated that Bitcoin IRA would refer its customers to use Kingdom Trust as a trust custodian. In return, Kingdom Trust agreed to pay Bitcoin IRA a referral fee for account owners who became Kingdom Trust customers. However, in August of 2019, Kingdom Trust unilaterally removed Bitcoin IRA’s application programming interface (API) access and stopped providing daily updated account information. This eventually led to inaccurate reflections of information about assets held in clients’ accounts. The ruling Schreier said in the ruling that “Kingdom Trust unilaterally terminated customers’ access to their own account data on Bitcoin IRA’s website, and it has not shown that the interference is justified.” Following the order release, Kingdom Trust must: “Fully restore to the condition and functionality existing prior to August 21, 2019, Alternative IRA Services LLC’s (Bitcoin IRA) access to account holder data of the accounts to which Bitcoin IRA is the account designated representative by the account holder, and account holder access to Bitcoin IRA’s online platform, thereby allowing the account holders to once again self-direct their retirement accounts online 24 hours a day, 7 days a week.” Expansion of crypto retirement savings offerings As cryptocurrencies become more widely adopted, holders are increasingly including digital assets in their retirement plans and savings accounts. On Nov. 13, Kingdom Trust along with major American crypto exchange Coinbase and alternative assets investment firm Regal Assets began offering cryptocurrency-based individual retirement and 401(K) accounts in the United States.  The new offering will purportedly give investors access to over 30 assets directly through Coinbase, with insurance protection provided by Lloyd’s…

Indian Parliament Will Not Consider Total Crypto Ban in Winter Session

Indian Parliament Will Not Consider Total Crypto Ban in Winter Session

The Indian government will not be considering a cryptocurrency-related draft bill during the winter session of Parliament as was previously planned. The draft bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” is not included in the session agenda issued in India’s lower house of parliament, Lok Sabha, on Nov. 14. In August 2019, the Indian government stated that the draft bill would be introduced in Parliament in the winter session, which takes place between Nov. 18 and Dec. 13. The proposed bill suggests a complete ban on crypto As reported by Cointelegraph, the draft legislation purportedly intends to not only impose a complete ban on the use of crypto in India but also to introduce a“Digital Rupee” issued by the country’s central bank, the Reserve Bank of India. However, the proposed bill does not apply to Bitcoin’s (BTC) underlying technology of blockchain as well as other related technologies associated with the development of the technology, including blockchain-based financial applications. Crypto community in India welcomes delay of the crypto ban Sohail Merchant, CEO of Indian crypto exchange Pocketbits, considered the news a temporary relief, stressing that the community now has more time to circle the wagons and protect the industry. He tweeted: “Draft Bill for Banning of Crypto is not on the Agenda for Parliament Winter Session. Relief for now, but use this time to come together and present our case to the regulators. Forget competition/ego & echo our thoughts with a single voice.” Nischal Shetty, CEO of Wazirx crypto exchange, said that the delay is great news for the crypto ecosystem in India, suggesting that the government is taking more time to reevaluate the complete ban of crypto: “Great to see Indian Government not rushing into this. They’re listening.” India’s potential ban on crypto has been widely criticized by investors in the industry. In late October, billionaire venture capitalist Tim Draper called on prime minister Narendra Modi to reconsider the country’s hostile stance on crypto. The famous Bitcoin bull argued that India was leaving itself vulnerable to corruption by trying to ban crypto. Earlier today, Cointelegraph reported that India is one of the five BRICS countries considering the launch of a new cryptocurrency to facilitate settlements between member countries.

Bitcoin Cash Upgrade Complete: 2 New Protocol Changes Added

Bitcoin Cash Upgrade Complete: 2 New Protocol Changes Added

The Bitcoin Cash network has successfully upgraded the latest ruleset changes to the protocol. The BCH blockchain now features the enforcement of minimal pushdata in script which will make a majority of BCH network transactions non-malleable. Moreover, as an extension to last May’s Schnorr upgrade, the opcode OP_Checkmultisig(verify) will now feature Schnorr signature support. Also Read: QE Infinity: 37 Central Banks Participate in Stimulus and Easing Practices Bitcoin Cash Successfully Removes the Final BIP62 Malleability Vector and Extends Schnorr Signatures Every six months the Bitcoin Cash (BCH) network upgrades in order to galvanize the BCH roadmap that aims to scale peer-to-peer electronic cash to the masses. BCH protocol developers strive to provide high-level technical direction with every completed upgrade. So far, software engineers have raised the block size to 32MB, re-enabled the Satoshi opcodes, implemented OP_Checkdatasig, added Canonical Transaction Ordering (CTOR), and the foundations of Schnorr signature support. Bitcoin Cash Network Upgrade 2019-11-15: The new BCH network rules have been activated.Now waiting for the first block (height 609136) to be mined.#BCHForEveryone #KeepCalmAndP2P — bch ‘make Bitcoin cash again’ protocol upgrade (@btcfork) November 15, 2019 There are 20 platform and protocol developments completed according to statistics from Coin Dance. Scheduled upgrades on the BCH chain are meant to enhance scaling and overall reliability of the main network. The latest additions to the BCH chain include a fix that will make most transactions on the BCH network non-malleable. The enforcement of minimal pushdata in script (Minimaldata rule) makes the malleability of transactions near impossible, including all P2PKH transactions. Years ago, several sources of malleability were known to developers and many of them were improved upon with the introduction of bip-0062. The Minimaldata rule change removes the final malleability vector after the upgrade on Friday. In addition to making the transactions on the BCH network non-malleable, Schnorr signature support will extend to OP_Checkmultisig(verify) which means all signature checking operations will support Schnorr signatures. The November 15 upgrade specifications state: OP_Checkmultisig and OP_Checkmultisigverify will be upgraded to accept Schnorr signatures in a way that increases verification efficiency and is compatible with batch verification. Mark B. Lundeberg (left) and Collin Enstad (right).Bitcoin Cash Community Celebrates Another Successful Upgrade After the upgrade, the BCH community celebrated the latest protocol changes. For…

Nestle, Carrefour Extend Blockchain Tracking Effort to Baby Milk

Nestle, Carrefour Extend Blockchain Tracking Effort to Baby Milk

Nothing is more important to new parents than the safety of their infants, and food giants Nestle and Carrefour aim to use blockchain to help appease that instinct. Following on from a previous food tracking effort by the two companies, based on IBM’s Food Trust platform, Nestle and Carrefour will track baby milk products and provide consumers with data on their origins and movements “from dairy to shelf.” Specifically, the GUIGOZ Bio 2 and 3 infant milk range will be traced on the blockchain platform as a means to provide consumers with more information on the milks origins and transparency on product checks, Carrefour said in an announcement on Thursday. Customers will be able to scan a QR code on the milk’s packaging to access a range of information. “Blockchain technology enhances transparency and advances the food transition for extremely high-quality products, which parents expect for infant nutrition. For Nestle and Laboratoires Guigoz, this innovative blockchain technology creates a new benchmark for transparency and the high standards of care required to ensure the quality of their products,” the firm said. While such schemes may have an element of marketing, there’s no doubt that breakdowns in food safety – such as China’s melamine-adulterated milk scandal and the more recently reported Polish distribution of diseased meat – have raised concerns over what we are being fed. Other major firms – like Cargill and Walmart – have moved to utilize blockchain tech ease those concerns, in theory, providing consumers with immutable proof that their food comes from where it’s supposed to and hasn’t been adulterated along the way. Back in February, French President Emmanuel Macron called for increased use of data technologies such as blockchain in the EU, in part to address concerns over food traceability. Father feeding baby image via Shutterstock

Paypal’s Pornhub Snub Pumps Verge (XVG) by 33% on 168% Volume Surge

Paypal’s Pornhub Snub Pumps Verge (XVG) by 33% on 168% Volume Surge

Verge (XVG) has seen a 33% pump in the 24 hours following Paypal’s move to pull the plug on the adult entertainment website Pornhub. XVG — whose creators struck a deal with Pornub back in April 2018 — has skyrocketed in value since the PayPal news broke on Nov. 14, as Coin360 data shows. XVG price 7-day chart. Source: Coin360 168% increase in 24h trade volume The XVG network uses anonymity-focused networks such as Tor and I2P, as well as additional layers of encryption to bolster security. It ranks 66th largest cryptocurrency by market capitalization globally and is trading at $0.005086 by press time. Trading volumes have soared: as compared with $6,806,206 on Nov. 14, today’s traded volume is at $18,244,214 — a 168% increase. According to its 2018 Year in Review insights, Pornhub, which claims to be the world’s largest adult entertainment site, reported 4.79 million new videos uploaded from amateurs, models and content partners, feeding into 30.3 billion searches — or 962 a minute. When Pornhub first started accepting Verge for payments last April, Pornhub vice president Corey Price argued that “history has proven that the adult entertainment industry plays a critical role in adoption for innovative technology.” Censorship-resistant currency With legacy platforms deserting the project — without stated reason — speculators are evidently counting on the major industry’s predicament strengthening the token’s outlook. In August 2018, Pornhub partnered with cryptocurrency payment and billing startup PumaPay to enable its users to make payments in more cryptocurrencies for site subscriptions, including PornHub Premium. As Cointelegraph reported yesterday, PayPal had supported payouts for Pornhub models, some of whom revealed PayPal had in fact independently blacklisted them for years ahead of shuttering its Pornhub services.

Ukrainian Railways Branch Caught Mining Crypto With State Power

Ukrainian Railways Branch Caught Mining Crypto With State Power

In the latest instance of state employees mining cryptos at work, a unit of Ukrainian Railways (Ukrzaliznytsia) has been caught red-handed diverting company electricity to earn bitcoin. State-owned Ukrzaliznytsia said in an announcement on Friday that its security department and law enforcement officials had discovered that branch employees in the western city of Lviv had secretly been running a bitcoin mining farm, costing the state over $40,000 in power. Oleg Nazaruk, director of the railway’s Department of Economic and Information Security had apparently reported the finding. “During the inspection of the premises where the so-called farm was located, more than 100 pieces of computer equipment were identified that were generating bitcoins. The aforementioned equipment was connected to the Ukrzaliznytsia power grid. The estimated amount of losses since the beginning of the year is UAH 1 million [$41,332],” Nazaruk said. Creating and and circulating cryptocurrency is prohibited in Ukraine under central bank rules, Ukrzaliznytsia said. The nation has been working on bringing in comprehensive cryptocurrency regulation for several years, a legislative effort that seems to be at last moving more rapidly. Most recently, crypto exchange Binance was said to be assisting Ukraine with developing rules for the industry. A criminal case has now been launched over the illicit Lviv mining effort and evidence from the branch has been sent to police, Ukrzaliznytsia said. The temptation to use company power or equipment to make easy money mining cryptocurrency is one that state employees seem to struggle to fight. Last year, several scientists working at a Russian nuclear weapons research facility were arrested for mining cryptocurrencies onsite.  Ukraine’s top law-enforcement and counterintelligence agency also found mining equipment at a nuclear power plant this August. Elsewhere, Florida state employees, Chinese teachers and Australian government contractors have all got into hot water over their secret mining efforts. Lviv station image via Shutterstock

Indian Government Delays Introducing Cryptocurrency Bill

Indian Government Delays Introducing Cryptocurrency Bill

The Indian government previously told the supreme court that the country’s cryptocurrency bill may be introduced in the Winter session of parliament. However, the crypto bill is not included in the agenda published by Lok Sabha, the lower house of India’s parliament. This gives the community a sigh of relief as many have been campaigning to convince the government to reevaluate the bill. Also read: Indian Supreme Court Postpones Crypto Case to November, New Date Confirmed ‘Great News’ – Crypto Bill Delayed The government of India has been deliberating on a draft bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019.” The government told the country’s supreme court in August that this bill may be introduced in the Winter session of parliament. However, Lok Sabha, the lower house of the Indian parliament, published the agenda for the Winter session on Thursday which does not include the cryptocurrency bill. Sohail Merchant, CEO of local crypto exchange Pocketbits, remarked on Friday: Draft bill for banning of crypto is not on the agenda for [the] parliament Winter session. Relief for now, but use this time to come together and present our case to the regulators. The Indian parliament building.The Winter session starts on Nov. 18 and ends on Dec. 13. Nischal Shetty, CEO of Wazirx crypto exchange, tweeted: “Great news for the crypto ecosystem of India. The draft crypto banning bill will not be included in the upcoming parliament session of November 2019. Great to see [the] Indian government not rushing into this. They’re listening.” The bill to ban all cryptocurrencies except state-issued ones was drafted by an interministerial committee (IMC) headed by former Secretary of the Department of Economic Affairs Subhash Chandra Garg. It was submitted to the Ministry of Finance in February and made public in July. Following the government’s indication that it planned to introduce this bill in the Winter session of parliament, the supreme court postponed hearing all writ petitions relating to the country’s crypto policies to January next year. Community Forming One Voice Since the bill was made public, the Indian crypto community has been tirelessly campaigning for the government to reconsider the recommendations, emphasizing that the bill is flawed. Pocketbits’ CEO also urged all stakeholders in the crypto…

Bitcoin Price Back ‘On the Edge’ Says Trader After $8.8K Rejection

Bitcoin Price Back ‘On the Edge’ Says Trader After $8.8K Rejection

Bitcoin (BTC) staged a dramatic breakout of its weekly trading corridor on Nov. 15, but selling pressure rejected an attempt to break $9,000.  Cryptocurrency market daily overview. Source: Coin360 Bitcoin fails to break resistance at $9K Data from Coin360 shows BTC/USD suddenly moving upwards on Friday, hitting $8,800 in minutes from previous levels closer to $8,550.  The bullish momentum failed to last, however, with Bitcoin returning to lower levels below $8,600 just thirty minutes later.  At press time, BTC/USD was trading at around $8,580, having come full circle in under an hour.  Bitcoin seven-day price chart. Source: Coin360 As Cointelegraph reported, Bitcoin has become increasingly known for temporary moves up and down, with commentators citing various factors influencing the volatility.  In the long term, however, models suggest the largest cryptocurrency should fluctuate around an average price of $8,300 until the block size halving next May.  The rejection at $8,800 meanwhile lifted hopes of a return to overall bullish sentiment, as sketched out by regular Cointelegraph contributor Michaël van de Poppe. “On the edge here. Preferably I’d want to see a tick up to like $8,800 to confirm a slight trend reversal (like scenario),” he said in a Twitter update on Thursday. Continuing, van de Poppe added downward pressure could take Bitcoin the other side of its pre-halving average:  “If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously.” Altcoins diverge once more Altcoins markets saw a return to mixed trading after many major cryptocurrencies lost ground on Thursday.  Ether (ETH), the largest altcoin by market cap, delivered mostly sideways performance, moving less than 1% versus previous levels.  Ether seven-day price chart. Source: Coin360 Other coins fared better, with Verge (XVG) jumping 32% after news partner Pornhub was facing problems with PayPal. VeChain (VET) expanded 21.3%, with Tezos (XTZ) rising 8.5% and Cosmos (ATOM) 7%.  The overall cryptocurrency market cap was $237.6 billion at press time, with Bitcoin’s share comprising 65.8%. Keep track of top crypto markets in real time here

Binance Adds Support for Turkish Lira and Bitcoin, XRP, Ether Trading Pairs

Binance Adds Support for Turkish Lira and Bitcoin, XRP, Ether Trading Pairs

Binance cryptocurrency exchange has added support for buying Bitcoin (BTC) and other cryptocurrencies with the Turkish lira through its local digital wallet partner Papara.  The exchange unveiled the addition on its website on Nov. 15, one week before CEO Changpeng Zhao’s (CZ) visit to Turkey. According to the website, Turkish users are now able to exchange lira for BTC, Ether (ETH) and XRP through their Papara digital wallets. Upon a request from Cointelegraph, Binance declined to comment beyond acknowledging the soft launch of Turkish Lira support. Per the official website, support for Turkish Lira is limited to just buying cryptocurrencies, and there is no official word about when support for selling crypto with Papara will be added. Top Turkish local crypto exchanges, including BtcTurk, Paribu and Koineks also use the Papara digital wallet for deposits and withdrawals. Major crypto exchanges make their way into Turkey This move from Binance came weeks after another global crypto exchange, Huobi, announced the launch of its fiat gateway for the Turkish Lira. Huobi also opened an office in Turkey, where local cryptocurrency adoption is reportedly one of the highest in the world. As Cointelegraph reported on Nov. 1, Changpeng Zhao, the CEO of Binance, is set to visit Turkey in mid-November where he will be speaking at the Turkish Capital Markets Summit 2019. In an interview with Cointelegraph, Binance CSO Gin Chao also noted that the crypto exchange has been working to deliver services in several new markets, including Turkey, for some time. He was the first Binance official to confirm that the exchange’s move to Turkey is imminent.

BRICS Nations Ponder Digital Currency to Ease Trade, Reduce USD Reliance

BRICS Nations Ponder Digital Currency to Ease Trade, Reduce USD Reliance

The BRICS association of major emerging economies has discussed developing a digital currency to ease trade in the bloc and reduce its reliance on U.S. dollars in settlement. The possibility was raised by the BRICS business council at a meeting in Brazil amid talks on the development of a new payments system between its five member nations, Russian news source RBC reported Thursday. Formed in 2006, BRICS is aimed to boost economic and political cooperation between Brazil, Russia, India, China and South Africa. Kirill Dmitriev, director general of the Russian Direct Investment Fund (RDIF) – the entity that looks set to build the system – told reporters after the event that the forum had mulled a single cryptocurrency for settlements between members. The decision to move forward with that part of the plan is not yet been taken. Nikita Kulikov, member of the State Duma’s expert council and founder of PravoRobotov Autonomous Non-Profit Organization, told RBC that, rather than being a digital form of money, the BRICS digital currency would likely be used to facilitate trade transactions. “Most likely, it will be like certain obligations that can be transferred from one legal entity to another to confirm that the recipient will have claim rights, and the contractor will have obligations for a specific amount. It will not be money, we can say that it will be a paperless document flow to facilitate transactions,” he said. If that turns out to be the case, the project appears more like trade finance blockchain platforms such as Marco Polo, which has recently started working with Russian firms. Indeed the use case for blockchain, or distributed ledger technology, is seen as being bright in the world of trade finance, with a number of efforts underway, including We.Trade, TradeWindow and Voltron. Such platforms reduce the traditional reams of manually prepared and distributed paperwork, allowing a realtime view into the agreement and status of a trade for all participants to see. They can also have automated settlement, powered by smart contracts, built in to fulfill trade obligations when certain conditions (such as a delivery) are met. The new payments system, which would use members’ national currencies, appears in part to be aimed at reducing BRICS nations’ reliance on the U.S. dollar, and perhaps boosting the…