Some Curious crypto news for today - Crypto Bakers
Central Bank of Indonesia Warns Against All Cryptocurrency Use, Cites High Risk.
- The central bank of Indonesia warns all citizens against cryptocurrency use, taking a harsher tone than previous advisory statements. Bank Indonesia cites concerns over potential use in money laundering and funding terrorism as reasons behind their anti-cryptocurrency campaign:
“Virtual currencies are vulnerable to bubble risks and susceptible to be used for money laundering and terrorism financing, therefore can potentially impact financial system stability and cause financial harm to society.”
Cryptocurrency Markets Falling After Recent Rise, Most Coins In The Red.
- Crypto markets falling today, with most of the top 20 coins on CoinMarketCap in the red.
- The total market cap remains around $692 bln, still recovering from the Jan. 11 drop to around $630 bln.
- #VIBE and #ETC are only big coin that are in green .
India's Reliance Jio Plans To Launch Its Own Cryptocurrency
- To mine the new digital currency, the company has chosen young Akash Ambani, the elder son of Mukesh to lead the project with a team of 50 professionals working under him to build the blockchain and create the stock of the currency. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on.
Crypto Exchange Kraken Back Online After Extended Downtime
The Kraken cryptocurrency exchange has come back online today, Jan. 13 at 11:30 UTC, after a more than 48-hour delay.
The exchange was scheduled to go offline on Jan. 11 at 5 UTC for a predicted two hours for a system upgrade. As the maintenance time offline grew to more than two days, Kraken only sporadically updated their status page with promises of progress and an explanation of a bug found in the production environment.
“We are close but rather than launch immediately ahead of the team passing out; we will push off a bit to get some rest and be able to better monitor systems and react to problems following launch. Unfortunately, this means several more hours of delay.”
Billionaire Bitcoin Bull Novogratz to Launch Cryptocurrency Merchant Bank
- Mike Novogratz, who recently scrapped plans for a cryptocurrency hedge fund, is launching a merchant bank for cryptocurrencies and blockchain-based ventures that he intends to take public, according to Bloomberg.
- Novogratz last year described the surge in bitcoin, Ether, Ripple and other cryptos as the “biggest bubble of our lifetimes.” He has also said said blockchain will reshape finance the way the Internet did communication.
South Korea’s Cryptocurrency Fiasco is Fueling a Political Conflict
- On January 12, the Blue House, the executive office of President Moon Jae-in, issued a public statement and an apology to South Korean citizens regarding the recent cryptocurrency trading ban controversy, and noted that a ban will not be imposed in the short-term.
A spokesperson of the Bareun Party, one of the main opposition parties of the South Korean government, heavily criticized the Moon administration, stating that the premature statement of Minister Park led the entire global cryptocurrency market to plummet in value and led to billions of dollars in losses.
“It was an unacceptable behavior which did not take the South Korean citizens into consideration. The trading ban claim of Justice Minister park was a mockery against the South Korean people,” said Yoo eu-dong, the Bareun Party spokesperson.
Paying Uncle Sam Taxes in Bitcoin
- SB 1091, whose short title is “income tax payments; bitcoin,” was introduced on in recent days. While the bill is specific to the state of Arizona, if it takes off, there could be a push for federal adoption of a similar policy.
In addition to paying the old-fashioned way, by check, the bill suggests:
“A payment gateway, such as bitcoin or other cryptocurrencies, using electronic peer-to-peer systems. The Department shall convert cryptocurrency payments to US dollars at the prevailing rate within 24 hours after receipt and shall credit the taxpayer’s account with the converted dollar amount.”
Binance Goes from ICO to World’s Largest Cryptocurrency Exchange in Six Months
- A year ago, no one had heard of Binance. That’s because the cryptocurrency exchange — which is now the 376th-most popular website in the world — would not launch for another six months.
Warren Buffett Doesn’t Understand Cryptocurrencies ‘At All’, Says Binance CEO
- The interview covered a range of topics, including the situation in South Korea, Binance’s booming growth, and the exchange’s general customer demographics.
- Changpeng, while respecting Buffet’s accomplishments and expertise in the broader market, does not think Buffet has any say in an area he knows little to nothing about:
“Warren Buffett is a guy I truly respect from an investment point of view, but I do not think he understands cryptocurrencies at all,” Changpeng said in response to Lun’s prompting.
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