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Russia to Promote Environmental Projects with “Green Cryptocurrency”

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The All-Russia People’s Front (ONF), led by President Vladimir Putin, has submitted a proposal to the Russian government to create a “green cryptocurrency” to promote green energy and the development of environmental projects.

The coordinator of the ONF project called “General cleaning”, Dmitry Mironov, stated that it is time to create a federal law on cryptocurrencies in Russia. The initiative was first voiced during the Interregional Environmental Conference of the ONF in the Siberian and Far Eastern Federal Districts of Russia.

“In the near future, we intend to send a letter to the Russian government proposing the creation of an eco-loan, which will be provided with environmentally friendly technologies. We hope that this initiative will ‘spur’ the development of ‘green’ energy in Russia,” Mr. Mironov said (rough translation from Russian).

“We want the units of the crypto currency to be received by investors and enterprises that promote the development of environmental technologies. In our proposals, we will reflect our vision of the development of the green crypto currency in the country and we hope that the initiatives of the Popular Front will be included in the final version of the bill being drafted by the government,” Mr. Mironov continued.

On September 5, Igor Shuvalov, First Deputy Prime Minister of Russia, announced on the Eastern Economic Forum that the government will soon start discussing the regulation of cryptocurrencies. The initiative for green cryptocurrencies was first raised by the ONF at the All-Russia Youth Educational Forum in Crimea.

The fourth event of the Interregional Environmental Conference was held in Ulan-Ude, Russia. According to onf.ru, the event was attended by federal and regional environmental experts from the ONF, representative of the relevant ministries and departments, regional authorities, journalists, civil activists, and environmentalists. The earlier conferences were held in Rostov-on-Don, Kaliningrad, and Kirov. According to the ONF, the results of the events will be presented at “a large environmental forum” in late 2017.

The Russian government’s stance on cryptocurrencies has been quite positive lately. In late August, Mr. Shuvalov spoke of his support for cryptocurrencies in an interview. According to him, the creation of the state-backed cryptocurrency, “crypto-ruble”, would benefit the Russian economy.

“I am a supporter, a crypto-ruble must exist…This theme will develop. But it should develop in such a way that the national economy cannot be put under attack, but rather make it stronger,” Mr. Shuvalov said in a statement.

Currently, Russia’s Central Bank is working on its pilot nationalcryptocurrency. Olga Skorobogatova, deputy chairwoman at Russia’s central bank, stated that it’s only a matter of time before the countries start adopting national digital currencies.

Octo3 Pushes Forward ICO Despite Hong Kong Regulator’s Warning

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The startup, that is selling a various range of financial technologies, is planning to transfer the firm’s global payment processing network on the blockchain. To reach their goals, Octo3 is launching an ICO from October 3 to 31 to raise funds for the project.

Octo3’s Chairman Ajmal Samuel told CNBC that transferring their network to the blockchain will “change the entire landscape.”

“Many merchants cannot accept different payment methods and consumers … cannot pay with those particular payment methods which they have,” Mr. Samuel told news publication.

By implementing blockchain tech, intermediaries and third parties can be excluded from the payment system, opening up a way for innovation in the financial technology, Mr. Samuel said. With the new platform, the existing payment networks will become decentralized, making it easier for buyers to bypass third parties when they are paying the sellers, the chairman added.

The People’s Bank of China (PBoC) imposed a ban on ICOs on September 4, which wiped through the global cryptocurrency market. By considering Initial Coin Offering as an illegal method of fundraising, the Chinese blanket ban had an effect on other nations too. Recently, multiple countries issued warnings to their citizens about the dangers of ICOs.

On September 6, the Securities and Futures Commission (SFC) of Hong Kong announced that the territory’s chief regulator had “noticed an increase in the use of initial coin offerings to raise funds in Hong Kong and elsewhere.” SFC’s executive director of intermediaries Julia Leung expressed her main concerns and stated that “certain ICOs have terms and features that may mean they are ‘securities’.” Furthermore, any parties engaging in ICO activities in Hong Kong would be required to be licensed or registered with the SFC, no matter where the parties are located.

On the other hand, Mr. Samuel considers ICO regulations as positive happenings.

“The market in the past has just been completely without any regulation, and there were things which were happening which would not be really seen as appropriate,” he said.

Octo3’s CEO Tyrone Lynch said they are proceeding with the token sale despite the SFC’s warning. He explained that the blockchain project of the company can’t be accomplished if the ICO is not performing well.

Mr. Lynch is not concerned about governmental intervention during the token sale.

“It’s a great timing because I think we are a good example of what a token sale should be. We feel that we are fully complying with the SFC’s regulations. We feel that we are not a collective investment scheme or a security,” he said.

Blockchain Firms Ripple, R3 File Dueling Lawsuits Over Crypto Contract Dispute

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Distributed ledger startups Ripple and R3 have become embroiled in a new legal battle, with both startups filing lawsuits related to a contract dispute between the two firms.

Ripple alleged in a complaint filed today in the Supreme Court of California that R3 failed to honor an agreement that included an option to purchase 5 billion XRP, the cryptocurrency of Ripple’s distributed ledger network. According to Reuters, R3 asked the Delaware Chancery Court to uphold the deal, which would have allowed it to buy the XRP at a price of $0.0085 per token before September 2019.

Currently, XRP is currently trading at roughly $0.21 apiece, according to data from CoinMarketCap.

A copy of R3’s complaint was not available at press time. According to Ripple’s complaint, R3 and Ripple allegedly struck a deal to create a joint commercial venture, which would have followed an earlier test, centered around XRP, that involved a number of banks involved with R3’s consortium effort.

In the complaint, Ripple accused R3 of failing to uphold its end of the bargain as its fundraising efforts picked up steam, ultimately concluding with a $107 million funding round announced this spring.

Ripple also accused R3 of hiding the fact that several of its consortium members, including Goldman Sachs and Banco Santander, among others, were looking to exit the group despite promises of advancing XRP to the banks involved.

A spokesperson for Ripple told CoinDesk in a statement:

“Our filing is straightforward – R3 misrepresented their ability and intent to deliver on their commitments. Given XRP’s ~4000% increase over the course of the year, R3 suddenly wants to tap into the value of XRP, though the facts are clear that they did not earn any option based on our agreement. We wish them well as they continue to try and build their consulting practice. In the meantime, Ripple is focused on serving our ecosystem of nearly 100 customers and signing up more.”

When reached, a representative for R3 declined to offer specifics on the case but struck an optimistic note about the firm’s prospects in court.

“R3 does not discuss the details of pending litigation,” the spokesman said. “We are confident in our position and hope for a speedy resolution of this matter.”

The suit is a notable one, given that R3 and Ripple are two of the industry’s best-funded startups and both focus their products primarily toward financial institutions. R3 and Ripple have raised $107 million and $96 million, respectively, in venture capital to date.

No Man’s Land? Ether Prices Approach $350 But Struggle to Build Momentum

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The ether-US dollar exchange rate (ETH/USD) witnessed a corrective rally to $330 levels today, with prices clocking an intraday high of $345.

As discussed yesterday, the move comes at a time when the market continues to seek direction following China’s decision to ban initial coin offerings (ICO), a use case credited as helping the price of the asset climb over 3,000 percent this year.

Since the vast majority of ICOs are launching tokens issued on top of the ethereum blockchain, this was widely read as a bearish signal, though it remains to be seen how bearish it will ultimately be. So far, it seems, traders are seeing it as a short-time buying opportunity.

At press time, ethereum traded at $330 levels. Week-on-week, the digital currency is down 13.65%. But, on a monthly basis, ether is still up 33%.

So is the corrective rally poised to continue?

1-hour chart

The chart above shows a downside breakdown of the rising wedge pattern, which is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows.

It is usually used as a continuation pattern, i.e. the downside break as seen on the chart above signals the continuation of the sell-off. In ETH’s case, the downside break signals continuation of the sell-off from $400.

However, price found support at $326 and rebounded to $335 levels.

Scenario Analysis

As of now, we are in a no man’s land. From the current price, following scenarios could unfold:

  • Bearish scenario: A break below $322 would add credence to the rising wedge breakdown and could trigger a sell-off to $293-$290 levels.
  • Bullish scenario: Breach of resistance at $341 could see ether re-test resistance at $364 [Aug 21 high].

Daily chart

  • On a larger scheme of things, bullish-to-bearish trend reversal is seen below the rising trend line support seen today at $295.
  • On the other hand, a daily close above $364 could send ether above $400 levels.

Report Casts Doubt on Future of China’s Bitcoin Exchanges

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Regulators in China are said to be considering a move to close all domestic bitcoin and cryptocurrency exchanges.

According to a report from business media Caixin, sources close to China’s internet financial risk rectification work group, have said the decision has not only been reached, but delivered and deployed to local authorities.

The work group was first launched by China’s State Department in 2016 to tackle market risks in the country’s financial technology industry such as p2p lending. Located in the People’s Bank of China, it also consists of representatives from China’s banking and securities commissions.

As of now, no official announcements from regulators have been seen. However, there are reasons to believe the report may be authentic.

For example, on September 2, Caixin revealed that the same central work group had delivered internal documents to local authorities regarding the ban on token fundraising activity including the ICO, two days before the official announcement.

In a latest Tweet, People’s Daily, the official newspaper of the Chinese Communist Party, said that “Chinese supervisory authority has decided to close local virtual currency exchanges.” However, the news outlet did not link to any more information for elaboration.

Such a move, if true, may further tighten the regulation in China regarding cryptocurrency activities, as by aiming at major exchanges, it may put restrictions on how bitcoin and ether can be traded for traditional currency in the country.

“That is to say, there will not be any so-called platforms in China that offer exchange service among tokens, cryptocurrencies and fiat currencies,” the source said.

However, at press time, local exchange operators are said to be pushing back on the claims.

When reached, Huobi said it was operating normally, and that it has not received any notification from authorities on the matter. Other exchanges including OKCoin, BTCC and Binance did not respond to inquiries.

“BTCChina Exchange is operating normally, and has not received any new directives from Chinese regulators,” the exchange said on reddit.

According to the data from CoinMarketCap, major China-based cryptocurrency exchanges are among the world’s top 20 by trading volume.

Russian Government Plans to Subsidize Bitcoin Mining Electrical Cost

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Russian newspaper Izvestiya has reported that the Russian government intends to subsidize the cost of electricity for cryptocurrency miners.

The report indicates that the Russian government, through the Institute for Internet Development (IRI) and the Russian Association of Blockchain and Cryptocurrency (RABIK), have laid out plans to make electricity costs lower for Russian Bitcoin miners.

While the report does not give location specifics, it does explain that the cost of mining in Russia is high even though Russia has a substantial electricity oversupply. The report states:

“The largest cryptocurrency farm in Russia consumes in aggregate 4.5 mWh, or 3240 mW per month. The cost of 1 kWh depending on the region is from 2 rubles to 5.3 rubles. In addition to the legalization of cryptocurrency in Russia, it is necessary to create the most favorable conditions for the work of miners.”

The report shows Russia’s continued dedication to cryptocurrencies and Blockchain technology, in spite of recent statements that cryptocurrencies are not for ordinary  people.

Bitcoin in 2020

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By now, many Bitcoin enthusiasts are trying to work out a realistic projection for Bitcoin over the next few years.

From analyst Ronnie Moas who sees a $15,000-$20,000 value by late 2020 to independent views that point at $1 mln per Bitcoin, some of these predictions seem outrageous and outright impossible.

Following the activation of the SegWit protocol and early testing of the Lightning Network that SegWit enables, the Bitcoin market has been gradually edging to a capitalization of almost $80 billion. Bitcoin’s market capitalization is now about 50% of the entire crypto market and has now exceeded 1% of gold’s estimated $7 tln market cap. Bitcoin is nearly half of Visa’s $200 bln cap.

Bitcoin’s daily transaction numbers have been growing steadily. According to Coinmarketcap, Bitcoin’s daily trading volume is about 400,000 BTC per day while only 1728 new Bitcoins are created through mining each day.

By the next halving in 2020, the number of Bitcoins mined each day will drop to 864. By the subsequent halving in 2024, there will only be 432 new Bitcoins produced each day. Some time around 2032, nearly 99% of all bitcoin to ever exist (20,671,875) will have been mined. After that, people will spend the next 100 years trying to get their hands on the remaining 1.6%.

At some point, people are likely to realize that nearly all the Bitcoins ever to exist have already been mined, and there aren’t nearly enough Bitcoins to go around. When this happens, there will likely be major “fear of missing out” and prices should climb accordingly. If the price continues to rise as it has this year (going by the $689.80 Bitcoin price as of early July last year), Bitcoin will reach about $20,000 by the next block reward halving in 2020.

Equifax Hackers Demanding $2.6 Mln in Bitcoin, Or Else

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The recent hack of Equifax has created widespread concern among many Americans, as the hack has apparently exposed the private information of more than 143 million people.

The hackers have now made a ransom demand, stating on a Darkweb site that they will delete the data for a ransom payment of 600 BTC, worth approximately $2.6 mln. The demand said that if they do not receive the funds from Equifax by September 15th, they will publicize the data.

In the ransom demand the hackers said:

“We are two people trying to solve our lives and those of our families. We did not expect to get as much information as we did, nor do we want to affect any citizen. But we need to monetize the information as soon as possible.”

The hackers did say that, should they be forced to publicize the data, they would retain the credit card numbers, indicating that they may intend to sell or utilize those for additional profit.

This hack has created a stir, especially after it was revealed that three Equifax executives sold almost $18 mln in stock just before news of the hack was made public.

Raiden Project Sets Milestone for Ethereum’s Scaling Solution

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Ethereum is a leading online open software platform that functions through Blockchain technology. It enables developers to create and release decentralized applications. As part of its scaling efforts, the Raiden Project was created.

The most recent milestone is crucial in leading the Ethereum network to the next phase of development before the code is finally ready to be launched and rolled out on the public Ethereum network.

Scaling issues

Bitcoin’s scaling issues have been a problem for the network, and a source of consternation for many digital currency enthusiasts.

As buyers, sellers and investors are increasing the strain on Ethereum’s network due to high numbers of transactions, users find the network slowed and constrained.

The Raiden project is Ethereum’s solution to the problem. The project started in 2015 and was inspired by Bitcoin’s proposed Lightning Network, which would shift the bulk of Bitcoin transactions off the network.

Raiden will possess this feature as well. Additionally, Raiden will allow the creation of peer-to-peer channels to allow the direct transaction, conversation and negotiation. The Raiden Project allows users to trade tokens and access other decentralized applications, at scale.

Off-chain payments, trading, buying and selling will be much easier and faster once Raiden is implemented. The project will also help secure the network from any glitches or potential attackers.

Bitcoin has paved the way for a number of other digital currency projects, and Ethereum is one that holds great promise. Raiden will allow Ethereum to scale to the levels needed to ensure its long-term success as digital currency continues to gradually progress toward mainstream usage.

Russian Authorities Arrest Three Men for Large-Scale Illegal Bitcoin Sales

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Russian authorities arrested three men in September 2017 for their alleged involvement in the large-scale “illegal” sale of the digital currency Bitcoin over the past few years. The arrested individuals were being investigated for processing a high volume of trades without a license and for not paying taxes on their profits.

Based on a report by the Vedomosti newspaper, the three men have allegedly traded more than 500 million Russian rubles worth of Bitcoin without securing a license to do so. The authorities are reportedly in the process of building a criminal case against the “illegal” Bitcoin sellers.

How the men were arrested

According to the investigators, they noticed unusual activity in bank accounts linked to about 300 bank cards and SIM cards. They claim that all of the monitored trades have links to Bitcoin activity. Some money from the trades was allegedly transferred into bank accounts owned by family members of the arrested individuals.

State of digital currencies in Russia

The Russian government is increasing its efforts to scrutinize activities involving digital currencies due to their growing popularity. The aim of the investigations is to prevent tax evasion related to digital currencies. The arrest of the three Bitcoin sellers is viewed as a first step in the revitalized effort by authorities to bring tax evaders to justice.

In previous years, Russian authorities launched campaigns to ban Bitcoin exchanges and websites where the cryptocurrency can be converted to rubles. The authorities, however, have failed to file criminal charges to the operators and participants in said exchanges despite having the information about them in hand. The case filed against the three sellers is the first Bitcoin-related one in the country so far.

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