Friday, January 24Your Daily Bitcoin & Altcoin News Portal

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Exchanges Hold More Bitcoin Than Ever as Coinbase Wallet Nears 1M BTC

Exchanges Hold More Bitcoin Than Ever as Coinbase Wallet Nears 1M BTC

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Please share if you find this article interesting. Exchanges Hold More Bitcoin Than Ever as Coinbase Wallet Nears 1M BTC United States cryptocurrency exchange Coinbase will soon hold a million Bitcoins (BTC) in its cold wallets in a controversial first for the industry. According to data from news and information resource Longhash released on Jan. 23, Coinbase’s cold wallets contained around 970,000 BTC ($8 billion) as of Jan. 1. Coinbase weeks away from 1 million BTC If current growth continues, the company will reach the 1,000,000 BTC mark by February. Coinbase cold wallet balance, 2019-present. Source: Longhash The trend underscores growing tendencies to interact with Bitcoin via exchanges, with the Coinbase figures including both private and institutional investors.  As Coin
Hawaii Introduces Bill Authorizing Banks to Offer Crypto Custody

Hawaii Introduces Bill Authorizing Banks to Offer Crypto Custody

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Please share if you find this article interesting. Hawaii Introduces Bill Authorizing Banks to Offer Crypto Custody The Hawaii State Senate has passed the first reading of a bill authorizing banks to hold digital assets in their custody. The bill was introduced on Jan. 17 by five state senators, including the only Republican member of the Senate, Kurt Fevella. It passed the first reading on Jan. 21 and was then referred to the committees on Judiciary and Commerce, and Consumer Protection and Health on Jan. 23. The bill specifies the set of provisions which a bank must adhere to in order to provide custodial services for digital assets. Custodial services cover “the safekeeping and management of customer currency and digital assets through the exercise of fiduciary and trust power
Trump ‘Loves’ Negative Rates and ‘Could Get Used to’ Them, Criticizes Fed at World Economic Forum, China Trade Deal – Bitcoin News

Trump ‘Loves’ Negative Rates and ‘Could Get Used to’ Them, Criticizes Fed at World Economic Forum, China Trade Deal – Bitcoin News

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Please share if you find this article interesting. Trump 'Loves' Negative Rates and 'Could Get Used to' Them, Criticizes Fed at World Economic Forum, China Trade Deal - Bitcoin News U.S. President Donald Trump spoke at the World Economic Forum in Davos, Switzerland Tuesday saying the U.S. and other nations are “forced to compete … with nations that are getting negative rates, something very new.” Trump took direct shots at the U.S. Federal Reserve, claiming they’ve not lowered rates quickly enough. The harsh words echo remarks made just last week during the “phase-one” China trade deal signing ceremony, where the president stated he doesn’t know “where the hell it leads” but that negative interest rates such as implemented in Germany and Japan are “incredible.” Also Read: Madur
WEF Unveils Global Governance Consortium for Digital Currencies

WEF Unveils Global Governance Consortium for Digital Currencies

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Please share if you find this article interesting. WEF Unveils Global Governance Consortium for Digital Currencies The World Economic Forum (WEF) has created what it claims is the first ever global consortium dedicated to designing a framework for the transnational governance of digital currencies, including stablecoins. A press release shared with Cointelegraph on Jan. 24 reveals that the newly-formed Global Consortium for Digital Currency Governance will focus on the development of interoperable, transparent and inclusive policy approaches to regulating the digital currency space and fostering public-private collaboration in both developed and emerging economies. Tackling fragmentation  The WEF says the impetus for the consortium’s creation is a recognition that well-designed g
Notes From the WEF: Cash Is Dead, Long Live Digital Cash

Notes From the WEF: Cash Is Dead, Long Live Digital Cash

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Notes From the WEF: Cash Is Dead, Long Live Digital Cash DAVOS, Switzerland – Consensus is building on one issue at the World Economic Forum in Switzerland: Cash is dead. “Physical money is out,” said B.S. Kohli, an economic advisor to the head of the Indian state of Punjab. Mothanna Gharaibeh, Jordan’s minister of digital economy and entrepreneurship, agreed. As of this year, Gharaibeh said, Jordanians can no longer pay for government services, from taxes to hospital bills, with cash. They must use electronic payment systems like bank transfers or mobile wallets.  “It’s going to be a tough transformation,” he said, referring to the nation’s poor and unbanked populations. “But refugees can take mobile wallets using their UN
Tether Launches Gold-Backed Stablecoin and Begins Trading on Bitfinex

Tether Launches Gold-Backed Stablecoin and Begins Trading on Bitfinex

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Please share if you find this article interesting. Tether Launches Gold-Backed Stablecoin and Begins Trading on Bitfinex Tether is now supporting a gold-backed stablecoin, Tether Gold (XAU₮), according to a Jan. 23 press release. One token represents ownership of one troy fine ounce of physical gold, currently worth approximately $1,550. The new product is available as an ERC-20 token on the Ethereum blockchain, as well as a TRC20 token on Tron (TRX). The funds are said to be backed by physical gold held in a “Switzerland vault,” the press release reads. According to Tether, its gold offering is the only product among its competition that does not charge custody fees. Tether has also invited all exchanges wishing to support the new token to contact the company. Blockchain informa
Week Two of RBI Vs. Crypto at the Supreme Court of India

Week Two of RBI Vs. Crypto at the Supreme Court of India

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Please share if you find this article interesting. Week Two of RBI Vs. Crypto at the Supreme Court of India The Supreme Court of India has this week listened to further hearings in the landmark case against the Reserve Bank of India’s ban on banks’ dealings with crypto-related businesses. On Jan. 22 and Jan. 23, proceedings continued with arguments presented by Ashim Sood, the legal counsel for the Internet & Mobile Association of India (IAMAI).  In the wake of both public and industry-led petitions, the IAMAI brought a consolidated case against RBI’s imposition of a blanket ban on banks’ services to crypto businesses back in April 2018, which came into effect in July of that year.  This week, Sood appeared before court alongside Nakul Dewan, who is acting as legal counsel for do
Celsius to Begin Offering Compounding Interest on Crypto Deposits

Celsius to Begin Offering Compounding Interest on Crypto Deposits

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Please share if you find this article interesting. Celsius to Begin Offering Compounding Interest on Crypto Deposits Cryptocurrency lending and borrowing platform Celsius announced that it would be implementing compounding interest on cryptocurrencies deposited in its wallet, starting Feb. 1. The announcement came with a number of other updates in a Twitter AMA (ask me anything) with founder Alex Mashinsky on Jan. 22. Compounding interest was a feature requested by the Celsius community, and brings the community-driven app in line with venture capital-backed competitors like BlockFi, and traditional financial services. In announcement sent to Cointelegraph the firm stated: “You asked for it, and we delivered! Starting February 1, interest income on crypto deposits will officiall
Japanese Officials Are Working on a Digital Currency

Japanese Officials Are Working on a Digital Currency

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Please share if you find this article interesting. Japanese Officials Are Working on a Digital Currency Ruling party lawmakers in Japan are reportedly working on a proposal to issue a national digital currency, Reuters reports on Jan. 24. This appears to be a response to fears of a Chinese digital yuan. The planned digital yen would be jointly developed by the government and private companies, and would follow many similar initiatives around the globe. The proposal is worked on by a parliamentary group comprised of 70 Liberal Democratic Party lawmakers. The group plans to submit the proposal to the government some time in February. Deploying the digital yen will take some time due to Japan’s late start. The decision represents a cardinal change for the country, whose central bank
Panic Withdrawals at Indian Bank Over Alarming KYC Notice – Bitcoin News

Panic Withdrawals at Indian Bank Over Alarming KYC Notice – Bitcoin News

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Please share if you find this article interesting. Panic Withdrawals at Indian Bank Over Alarming KYC Notice - Bitcoin News Hundreds of customers went on a withdrawal spree after an Indian bank announced its revised KYC requirements. The bank’s action followed the decision by the Reserve Bank of India (RBI) to include the National Population Register letter as a valid KYC document for opening bank accounts. Customers are worried their funds could be frozen. Also read: Regulatory Roundup — New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies Customers on Withdrawal Spree Customers of the Central Bank of India’s Kayalpattinam branch in the state of Tamil Nadu have been on a “panic withdrawal” spree after the bank issued a notice in a local newspaper regarding i