OpenBazaar co-founder vents at excessive BTC fees

OpenBazaar co-founder vents at excessive BTC fees

Washington Sanchez, co-founder of open-source decentralised marketplace OpenBazaar, has expressed frustration over the high fees involved in BTC transactions.

Sanchez lashed out at the high transaction fees on Twitter, as well as expressing regret at his earlier BTC “maximalism,” to the exclusion of other, often more suitable cryptocurrency alternatives.

Since the launch of the project back in 2014, OpenBazaar has mainly processed payments in BTC. However, with fees and transaction times on the increase, and serious concerns about scalability with current technology, Sanchez appeared to suggest there was an appetite for embracing alternative cryptocurrencies.

In his frank tweet, Sanchez bemoaned the civil war in Bitcoin community, and suggested that the issue to embrace alternative cryptocurrencies had now been forced by the fundamental problems with BTC for payments.

He added, “The core lesson was to not let personal ideology interfere with designing what is best for open competition and experimentation within the marketplace…Openbazaar is supposed to be a free and open protocol for trade using cryptocurrency, a way for currencies and tokens to gain meaningful economic utility to acquire goods and services, and an entry point for people to earn/onboard. This vision cannot be limited to a single coin.”

The comments come with the suggestion that OpenBazaar is ready to introduce support for a raft of new cryptocurrencies to solve the issues of lengthy transaction times and ever-increasing transaction fees.

In particular, OpenBazaar is looking at increasingly incorporating Bitcoin Cash (BCH), for more efficient, cost-effective transactions. Without the legacy issues that affect BTC, Sanchez said OpenBazaar would be implementing support for BCH, along with several other cryptocurrencies by the end of the year.

“With any luck, by the end of the year, [Openbazaar] will look radically different,” Sanchez tweeted.

In addition to BCH, Openbazaar also suggested several other cryptocurrencies may be supported in future, including LTC, ETH and ZEC.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Regulation is coming: SEC commissioner slams ICO industry

Regulation is coming: SEC commissioner slams ICO industry

The U.S. Securities and Exchange Commission (SEC) has been intensifying its rhetoric around regulating initial coin offerings (ICOs) in recent months, as the regulator increasingly turns its attention to token crowdsales and the wider cryptocurrency space.

Now, in one of the starkest official criticisms to date, a serving commissioner at the securities regulator has criticised the current state of the ICO space, suggesting investors are currently finding it difficult to separate genuine opportunities from opportunistic scams and frauds.

SEC Commissioner Robert Jackson said the current situation with ICOs was the reason the SEC exists in the first place.

“Investors are having a hard time telling the difference between investments and fraud…If you want to know what our markets would look like with no securities regulation, what it would look like if the SEC didn’t do its job? The answer is the ICO market,” Jackson told CNBC.

Citing “troubling developments” in the sector, he continued to say the commission’s priority was to protect investors who might be drawn in: “Right now we are focused on protecting investors who are getting hurt in this market.”

However, Jackson was more optimistic about the future for ICOs, which he sees as inevitably subject to existing US securities laws, telling the news outlet: “Down the road, I think we will be thinking about ways to make those investments work consistent with our securities laws.”

Jackson’s comments come in the wake of several other high profile announcements from US authorities around ICOs and cryptocurrencies. A divisional director of the SEC confirmed at a hearing in the House of Representatives last week that the securities regulator has been working towards a regulatory framework for ICOs, while a former executive from the CFTC confirmed his personal view that many ICOs, including those for cryptocurrencies like Ripple’s XRP and ETH, could ultimately be found to be securities.

It seems inevitably at this stage that the SEC will look to introduce firmer regulation around ICOs and new cryptocurrency tokens. It remains to be seen whether this will help reduce instances of fraud and deception, already too prominent with investments of this kind.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
8 crypto exchanges leaving Japan

8 crypto exchanges leaving Japan, 100 more to come

Japan’s financial regulator, the Financial Services Agency (FSA), has confirmed reports that as many as eight cryptocurrency exchanges have expressed their intention to leave the Japanese market.

The news follows from a meeting held by the regulator last week, which was also attended by representatives from the Ministry of Justice, the Bank of Japan, the Ministry of Finance and the Consumer Affairs Agency, amongst others.

Following changes in licensing for cryptocurrency exchanges in Japan, the FSA confirmed that a number of “deemed dealers” has announced their intention to end their applications for cryptocurrency exchange operations.

Of the eight, according to the FSA, one company now believes it no longer falls within the scope of the licensing requirements, with the remaining seven no longer interested in progressing with their applications.

“Eight deemed virtual currency exchange companies announce the intention to withdraw registration applications…One company confirms that it does not fall under the virtual currency exchange industry as a result of grasping the actual situation in detail,” according to the regulator.

The seven are Mr. Exchange, Campfire, Bit Station, BitExpress, Tokyo Gateway, Raimu, and Payward Japan. Debit completes the eight, as the company that now no longer requires a license from the regulator.

The development comes at a time of flux for cryptocurrency businesses in Japan, following government attempts to tighten up regulation there.

However, despite the increased hurdles to operating crypto exchanges in the country, the FSA revealed as many as 100 new entrants are poised to begin their own applications.

Amongst them is CyberAgent, one of Japan’s leading online TV and advertising platforms, which had flirted with plans for its own cryptocurrency in the past. Its move towards a cryptocurrency exchange comes through its subsidiary, CyberAgent Bitcoin.

However, noting the risks, especially following on from the hack of Coincheck, the firm’s CEO Susumu Fujita was quoted by Itmedia saying the path towards accreditation would be a slow one.

“There are risks that we should not undertake when compared with other projects. Entry is slow in the first place. The examination by the Financial Services Agency is becoming severe,” Fujita said.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Parity 'no intention' of Ethereum split to recover lost $320M in ETH

Parity rejects Ethereum split proposal to recover lost $320M in ETH

It’s back to the drawing board for those who were seeking to recover the more than $320 million worth of frozen ETH funds, after Parity Technologies announced that it has “no intention” to split the Ethereum blockchain.

A glitch in a multi-sig wallet smart contract library last year was responsible for the funds being locked, a factor which had led some to speculate on a potential fork in the Ethereum blockchain to recover the money. However, Parity founders Gavin Wood and Jutta Steiner shot down proposals to force a split in the network. Wood was Ethereum’s former chief technology officer.

In a statement, the Parity founders said, “We have no intention to split the Ethereum chain. We plan to continue to work with the community to find a path forward. We have all dedicated a great deal of time and effort to developing the Ethereum ecosystem, and have no intention of harming what we have helped build.”

In spite of the decision to leave these funds in place, Parity continues to work towards the recovery of around 513,000 ETH which has been locked for over a year, after a bug allowed for the destruction of a wallet library contract, affecting some 600 different multi-signature wallets. Majority of the frozen funds belong to Wood’s Web3 Foundation.

“All of us at Parity Technologies are deeply sorry to the users who remain unable to access their ether as a result of a bug in our code,” Parity said. “We have been in constant conversation with affected projects and believe that those in the community who have stuck ether, either through the wallet freeze or, for example, issues such as those listed in EIP-156, have a case for attempting to recover the property.”

The issue of recovering funds locked by self-destructed smart contracts has been a topic of debate within the Ethereum community, which has thus far resisted calls for a fork or other standardised recovery process for reclaiming lost ETH.

In an attempt to circumvent these concerns, Parity recently submitted EIP-999 to restore only the specific Parity library affected by the glitch, as a means of recovering the funds. However, the issue remained in contention, and there were fears that this course of action would lead to a further split in the Ethereum blockchain.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Crypto exchange operations on the cards for Nasdaq

Crypto exchange operations on the cards for Nasdaq

Nasdaq “would consider” launching or even becoming a cryptocurrency exchange in future, according to comments made by the company’s CEO.

CEO Adena Friedman made the comments in a CNBC interview, in remarks widely construed as supportive of a future move into the blockchain space.

“Certainly Nasdaq would consider becoming a crypto exchange over time. If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors,” Friedman said. “I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly Nasdaq would consider it.”

The comments indicate Nasdaq would be receptive to becoming more heavily involved in the blockchain space. It follows from a number of ventures into the blockchain from the stock exchange. Nasdaq already supports several ETFs, or exchange traded funds, exposed to the blockchain space, including those tracking cryptocurrencies and related startups and equities.

Nasdaq also has an ongoing commercial relationship with Chain, the ledger-as-a-service startup, working on a number of collaborations that could ultimately have real-world applications for the firm.

The news that Nasdaq is open to becoming more crypto-focused in future is yet another vote of confidence in the technology, and in the developing cryptocurrency economy. Yet it comes at a time of increasing regulatory scrutiny over the sector, especially in relation to initial coin offerings (ICOs).

The U.S. Securities and Exchange Commission has been visibly clamping down on ICO fraud cases in recent months, including instances of crowd token sales in contravention of securities laws.

Meanwhile, more recently, the former head of the U.S. Commodity Futures Trading Commission said he regards a number of high profile cryptocurrencies as securities, within the legal definition of the Howey Test as set out by the U.S. courts. This would see Ripple’s XRP and Ethereum’s Ether flagged as securities, which raises legal questions for the respective development teams, as opposed to Bitcoin Cash (BCH), which cannot be considered a security on the same terms.

The support of Nasdaq could ultimately provide a recognised, regulated platform for ICOs in future, subject to U.S. securities laws, providing a regulated alternative to the current route to market.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Dow Jones’ MarketWatch begins tracking Bitcoin Cash

Dow Jones’ MarketWatch begins tracking Bitcoin Cash, 7 new cryptos

MarketWatch, the market information arm of Dow Jones Media Group, has started tracking the performance of eight new cryptocurrencies, in recognition of their increasing move towards the financial mainstream, CoinDesk reported.

The company already offers a BTC tracking tool, which has been up and running since 2014. However, the decision to include a raft of new cryptocurrencies, and in particular Bitcoin Cash (BCH), has been welcomed by cryptocurrency investors, as the cryptocurrency continues to be more widely supported by merchants and more effective for users than the alternatives.

MarketWatch will also introduce support for XRP, Litecoin, Monero and Dash, amongst others, creating a much more comprehensive cryptocurrency tracking function, according to the report.

Feeding data emerging from the Kraken platform, the new service will quote prices in real-time for the cryptocurrencies, as well as quoting the euro and the dollar, in a bid to provide investors with important information in live time.

MarketWatch’s Dan Shar was quoted by the news outlet saying the product aims to provide readers with the information they need to follow emerging cryptocurrencies more closely, as some of the most sophisticated investors in the world.

“It’s no doubt that our readers, as the world’s savviest investors, have an eye on digital currency and we’re happy to be expanding our real-time tracking of a total of 9 cryptocurrencies in both Euro’s and USD, with Kraken’s help,” Shar said, according to the report.

The news comes at a time of increasing acceptance of cryptocurrencies beyond BTC, as merchants, consumers and investors alike begin to appreciate the value in cryptocurrencies like Bitcoin BCH, which are more effective for handling transactions at scale. Sources confirmed to CoinGeek that news services Reuters and Bloomberg have recently added Bitcoin Cash to their respective cryptocurrency feeds. Bloomberg, which previously only had BTC, also included Ripple to its feed.

The Dow Jones Media Group has also been increasing their own exposure to blockchain technologies in recent months, with the decision from MarketWatch only the latest in a series of moves to capitalise on blockchain more broadly.

Last week, the group announced their cooperation with Brave, the web browser startup with a focus on user privacy, which would see the two work in partnership to deliver content via the latter’s blockchain-powered platform.

With the news that MarketWatch is to support the new basket of cryptocurrencies, coins like BCH in particular are poised to benefit from the increased exposure.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Ethereum

Ethereum, Ripple tokens could be securities, says former CFTC head

Two of the world’s largest cryptocurrencies could, in fact, be securities, according to the former chief of the U.S. Commodity Futures Trading Commission (CFTC).

Major cryptocurrencies like Ether (ETH) and Ripple (XRP) still operate in a largely unregulated environment, and according to former CFTC chairman Gary Gensler, they could yet still run into difficulties with U.S. regulators.

The comments are significant since securities are regulated in the U.S., as with most developed economies worldwide.

In comments delivered at an MIT blockchain event, Gensler confirmed his personal view that ETH and in particular Ripple’s XRP token, should be classified as securities. Citing the Howey Test, which can be used to decide when an investment is a security, Gensler told delegates that both Ethereum and Ripple tokens could be “operating outside of U.S. laws.”

Classification as a security brings a new level of scrutiny for any financial instrument, with specific regulation under the watch of the Securities and Exchange Commission a legal requirement before any security can be sold.

The specific features of ETH and XRP, including the fact they were launched via initial coin offerings (ICOs), means they fall within the parameters of the Howey Test, and should be regulated as securities, according to Gensler’s argument.

However, he highlighted that Bitcoin (BCH) would not be classed as a security on the same basis, because it was not launched with an ICO.

If the comments give any insight into the attitude of U.S. regulators, there could well be ramifications for those crypto tokens legally deemed to be securities, with severe penalties for those responsible for any breach in securities laws.

In response, a statement from Ripple dismissed the idea that their token should be regulated as a form of security.

In an email to Bloomberg, the Ripple spokesperson said the company doesn’t believe XRP should be classified as security since it “does not give its owners an interest or stake in Ripple and they are not paid dividends.”

“XRP exists independent of Ripple, was created before the company and will exist after it. Ripple has always promoted XRP as a useful digital asset for enterprise payments because it’s faster, more scalable and more inexpensive than other digital assets. That utility exists completely separate from Ripple,” according to Ripple’s statement.

The Ethereum Foundation has yet to respond to Gensler’s statement.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
South Korea toughens import requirements for crypto mining chips

South Korea toughens import requirements for crypto mining chips

Cryptocurrency mining in South Korea is about to become more difficult, thanks to the Korean Customs Service (KCS).

Customs officials in South Korea have tightened the standards applied to cryptocurrency mining chip imports, adding them to a list of products that must meet certain basic specifications before they can be imported, according to KCS data published on Wednesday.

Crypto mining chips will now be required to have certification in support of sanitation and safety, as well as a series of other requirements that apply to importing other types of restricted products.

The decision has been made following reports of a significant increase in the number of chips imported into South Korea, driven by strong demand from cryptocurrency miners. According to media reports, November and December of 2017 saw in excess of 454 chips imported, at a total value of 1.3 billion won—equivalent to roughly $1.2 million.

The new measures will require chips to be compliant with a number of additional regulations, which the authorities say is a result of the energy consumption in cryptocurrency mining, and the fire risk that comes with overheating hardware.

Imported chips will also have to comply with radio frequency regulations, in addition to the other standards required by the National Radio Research Agency, which is responsible for setting regulation in this area.

The new customs regulation comes at a time of tightening restrictions over cryptocurrency in South Korea more broadly, following a raft of regulatory changes introduced over the last few months. In addition to banning foreign speculation on Korean crypto exchanges, and ending the practice of anonymous cryptocurrency trading in the country, the authorities have been involved in several high profile crackdowns.

Most recently, Korean police made arrests across 13 companies suspected of leveraging cheap electricity to power crypto mining operations, as well as the decision last year to ban mining cryptocurrencies in shopping centres, on account of the increased fire risks associated with the mining process.

The news will come as a blow to miners in South Korea, who must now comply with the tighter standards for importing chips in future.  It remains to be seen whether the measure will have the desired effect, in limiting the number and increasing the quality of chips imported for crypto mining purposes.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
New York's AG opens inquiry into cryptocurrency exchanges

New York’s AG opens inquiry into cryptocurrency exchanges

Regulators in the state of New York have announced an inquiry into several leading cryptocurrency exchanges, with as many as 13 separate operations coming in for closer scrutiny.

The inquiry has been instigated by the Attorney General Eric Schneiderman, as part of the state’s new ‘Virtual Markets Integrity Initiative,’ with the initial enquiry described as “a fact-finding inquiry into the policies and practices.”

According to a press release issued by the New York Attorney General’s Office this week, initial letters were sent to over a dozen exchanges, requesting information about their business practices and systems—including whether they currently use bots, or whether they have any conflicts of interest.

Schneiderman described the move as part of a drive to help consumers gleam the ‘basic facts’, vis a vis transparency and accountability in their investments.

“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms,” he said.

The exchanges targeted reads like an industry who’s who, covering the majority of major operators in the sector. The full list has seen bitFlyer, Binance, GDAX, Gemini, itBit, Huobi.Pro, Bitfinex, Poloniex Bitstamp, Bittrex, Gate.io, Tidex and Kraken all targeted with initial requests for information.

Suggesting the move was about focusing on ‘key issues’ affecting consumer investors, Schneiderman’s office said that it was preparing to extend its focus to exchanges that specifically choose not to operate within New York, on account of its current regulatory regime.

“We are aware that certain trading platforms have formal rules barring access in New York and may not have a license to engage in virtual currency business activity in New York. Among other topics, we are asking platforms to describe their measures for restricting trading from prohibited jurisdictions,” the attorney general’s office stated.

The news comes at a time of increasing scrutiny for cryptocurrency exchanges, with regulators worldwide turning their focus to exchanges, as well as developing local systems for regulating cryptocurrency businesses.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Kraken announces withdrawal from Japan

Kraken announces withdrawal from Japan

Cryptocurrency exchange giant Kraken is closing operations in Japan, citing increasing costs as the decisive factor behind the move.

Kraken is shutting down “all of its services” in Japan by June, leaving only a matter of weeks before the company ceases to operate within the Japanese market, Bloomberg reported. The decision has been attributed to rising commercial costs, and in particular the rising costs of compliance for cryptocurrency businesses.

However, Kraken left open the possibility of a return at a future date, should conditions become more favourable.

In a statement, Kraken said the decision will allow them to improve services in other markets, and will not preclude non-domiciled Japanese people or companies from accessing their services:

“Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas. This is a localized suspension of service that only affects residents of Japan and does not impact services for Japanese citizens or businesses domiciled outside of Japan.”

The news comes as the latest blow to the Japanese cryptocurrency sector, following increasing regulatory efforts. The Financial Services Agency (FSA) has been increasing its level of scrutiny over exchange businesses operating within Japan, in addition to the current licensing scheme.

Following the recent high-profile NEM token theft from Coincheck in January, and concerns from SBI Virtual Currencies over cyber security that saw them postponing the launch of their new venture in Japan, authorities are continuing to increase their scrutiny of cryptocurrency exchanges in the country.

Yet despite recent setbacks, Japan remains one of the most cryptocurrency-friendly in the region, and the wider world. Even this month, new regulations have been proposed which would legalise initial coin offerings, as well as providing a new regulatory regime for ICOs there.

As one of the world’s biggest cryptocurrency exchanges, Kraken’s withdrawal from Japan will be a significant loss, specifically to SegWit-Core BTC (also referred to as Bitcoin legacy or Core) and Ethereum community there.

The news comes a matter of days after Yahoo Japan announced its intention to take a 40% stake in cryptocurrency exchange BitARG.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
BitOasis

BitOasis, CoinHako exchanges list Bitcoin Cash

Bitcoin Cash (BCH) has been listed on two new exchanges this week, in response to growing demand for buying and transacting in the cryptocurrency.

BitOasis, the leading crypto wallet and exchange platform in North Africa and the Middle East, announced it had launched support for Bitcoin BCH earlier on Thursday, with a post on Twitter confirming users could now ‘buy, sell and trade’ in the cryptocurrency.

BitOasis users are able to benefit from 0% fees until the end of April 2018, as part of the rollout of the cryptocurrency on their platform.

In addition to straightforward transactions, the platform also enables market orders, sell limits and place offers for Bitcoin, designed to server those looking to trade in BCH markets.

It follows on from the successful implementation of XRP on the BitOasis platform earlier in the year. Now, with support for Bitcoin confirmed, their customers have finally got the functionality they desired, offering a wider range of cryptocurrencies, as well as Bitcoin, as the best option for payments.

BitOasis’s announcement comes on the same day as Singapore’s CoinHako launched its own wallet for Bitcoin BCH, following strong customer demand for BCH support.

After its creation on August 2017 as a result of a hard fork from the Segwit blockchain, Bitcoin Cash has been an increasingly popular choice for transactions, regarded as a superior technology for payments.

Yet in the interests of due diligence and stability, CoinHako have delayed implementation of their bitcoin wallet, until Thursday.

Recognising the inconvenience a lack of BCH support has caused their customers, CoinHako was keen to welcome the roll-out of support for the cryptocurrency.

“We are always excited to add new technology to our platform and we sincerely hope that you will enjoy this new cryptocurrency. Nevertheless, we sincerely apologize for any inconvenience caused and for the delay in BCH’s release,” CoinHako said in a blog post.

The news means CoinHako customers across Asia will now be able to join their counterparts in North Africa and the Middle East, in having access to a wider range of options for their Bitcoin BCH wallets and exchange services.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Police suspend blockchain conference in China

Police suspend blockchain conference in China

A blockchain conference being held in China has been disrupted and suspended by police, according to reports.

The Global Fintech and Blockchain China Summit 2018 was interrupted by police in Shanghai, bringing an immediate halt to proceedings and ejecting all delegates from the event. The event, which was scheduled to last the full day, has been organised by conference firm PTP International.

After police intervened during the morning session, the afternoon was cancelled, with all attendees told to leave the premises. The event was scheduled to include presentations from keynote speakers, demonstrations from financial firms and banks, and panel discussions on blockchain issues.

There are few details at present as to the reason for the police disrupting the event, save for some suggestions on Chinese social media site Weibo, which suggests aggrieved ICO investors may have directly reported the event.

While still unconfirmed, the speculation was that investors in a fraudulent ICO contacted the police after seeing representatives from the ICO were scheduled to attend. However, it’s important to stress no official reasons have yet been given.

PTP International denied the suggestions, issuing a statement promising to establish why the event was disrupted in this way:

“We are still investigating the reasons of the halt, and so far the explanation offered by the police is due to security risk. We are working on a solution regarding how to make up for event attendees. The conference is in compliance with the regulation in China and does not feature any ICO roadshow.”

According to media reports, an update on the firm’s progress is scheduled to be announced by noon Friday, local time in Shanghai.

The news reflects the ongoing hardline attitude adopted by Chinese regulators, in clamping down on cryptocurrency activities, and in particular, ICOs.

Following a spate of failed and fraudulent initial coin offerings in China, authorities outlawed the practice altogether in September 2017, and have rigorously enforced the policy since. While events in Shanghai are still developing, the news will be cause for concern for others involved in the blockchain and cryptocurrency scene in China.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.