Monday, July 23Your Daily Bitcoin & Altcoin News Portal

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Japan is Establishing a Testing Hub for Innovative Financial Technology

Japan is Establishing a Testing Hub for Innovative Financial Technology

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Japan’s financial regulator will establish a FinTech hub to provide a framework enabling industry startups to test new innovative financial services. A report in the Nikkei on Wednesday has revealed that Japan will install a ‘testing hub’ for financial technology startups and companies to trail new services. Established by the Japanese Financial Services Agency (FSA), the hub will help enable developers and regulators to understand hurdles in the way of the FinTech industry’s growth and identify legal concerns that need to be adhered to. Expected to launch this summer, the FinTech hub is likely to be the ‘precursor’ toward a regulatory sandbox – a testing environment commonly seen with FinTech-forward countries including the likes of Singapore, the United Kingdom and Australia, a
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How to Avoid Being Scammed by a Cryptocurrency ICO

How to Avoid Being Scammed by a Cryptocurrency ICO

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  With cryptocurrency ICOs taking center stage lately, there will be more attempts to scam people as well. It can be difficult to protect oneself against these scams, but some basic precautions will keep most people safe. This new digital craze will need to be regulated somehow, as the amount of scams can get out of hand pretty quickly. Below are some basic tips to avoid getting scammed by a cryptocurrency ICO. 3. DUE DILIGENCE The first step investors always need to take is conducting due diligence on a project. Randomly investing in cryptocurrency ICOs can pay off in the long run, but it also greatly increases one’s chances of investing in a bogus project. Any ICO that does not have a detailed whitepaper should be avoided, as that is a basic requirement for any serious proj
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First Restaurant in Moscow Starts Accepting Bitcoin Payment

First Restaurant in Moscow Starts Accepting Bitcoin Payment

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A large dining establishment in the center of Moscow reportedly became the first restaurant to accept bitcoin payments in Russia’s capital city on Tuesday, according to local media outlets. Valenok is part of the Novikov Group, which owns over 50 restaurants and franchises. Now the company is considering installing bitcoin ATMs as well. On Tuesday, several Russian news outlets reported that Valenok has become the first restaurant in Moscow to accept bitcoin. Named after the traditional Russian type of footwear, Valenok is symbolized by the world’s largest handmade felt boot, its website details. “A symbol of the restaurant is a giant six-meter felt boot (Valenok).” The Russian cuisine restaurant is located on the Tsvetnoy Boulevard in the center of Moscow. The spacious establishm
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People’s Bank of China Opens Its Digital Currency Institute

People’s Bank of China Opens Its Digital Currency Institute

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With the opening of its new cryptocurrency research lab, the People’s Bank of China (PBoC) released the official address and other details about the effort this week. According to local media, the People’s Bank of China Digital Currency Institute is located on the 9th floor of Building C, Desheng International Center, an office build complex near Beijing’s financial district. Notably, the building also houses subsidiaries of China Banknote Printing and Minting Corporation, a state-owned corporation that carries out the minting of all renminbi coins, as well as the printing of renminbi banknotes Yao Qian, the former deputy director of PBoC’s technology department, will serve as director of the newly formed facility, which reportedly has seven divisions with research interests incl
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The People’s Bank of China is Conducting Tests of its Digital Currency

The People’s Bank of China is Conducting Tests of its Digital Currency

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According to a paper published in the academic journal Tsinghua Financial Review and online, the People’s Bank of China (PBoC), China’s central bank, is currently testing its own national digital currency with fake transactions between it and some of the country’s commercial banks. Since the central bank is seemingly proceeding with caution there is no set timetable for the deployment of the currency, and its plan, according to officials, is to issue it alongside the Chinese Yuan. The issuance of a national digital currency would have ‘‘practical and far-reaching historical significance.’ According to MIT’s Technology Review, there are numerous advantages in it, as a national digital currency would lower the cost of financial transactions, further increasing the reach of financial s
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Venezuelans Seek Economic Security in Bitcoin and Digital Currency

Venezuelans Seek Economic Security in Bitcoin and Digital Currency

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It’s no secret that Venezuela is in an economic tailspin. The country famously sought to end corruption (a la India in November 2016) by removing the 100 Bolivar note from circulation. The widespread panic that the already nearly valueless currency would now be worthless led to massive lines and protest from citizens seeking the protection of assets. At that time, many Venezuelans began seeking refuge from the economic turmoil by investing in cryptocurrencies. The market responded and Venezuela’s first Bitcoin exchange was opened. However, according to a recent report by Bloomberg this week, the demand for cryptocurrencies in Venezuela has continued to soar. This week’s trading volume on Bitcoin soared again to over $1.3 mln, nearly doubling the levels from two months ago. The volati