Bitcoin Forum

Dear Forum Members,

Every week I read different news portals to know and enrich the knowledge of Digital Asset Market which helps me to understand the blockchain and crypto sentiment and having a better investment and trade. Last week I have shared the Top7 news and some of you asked to add links on the headlines, so today I'm adding links on my post.

Here is the Top 7 News of last week.

Week:  25 November - 01 December 2019

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1. New law makes Germany “Crypto Heaven”
German parliament passed a bill allowing banks to sell and store cryptocurrencies from next year. The new legislation will come into force on 1 January 2020. (Decrypt: https://decrypt.co/12603/new-law-makes-germany-crypto-heaven (https://decrypt.co/12603/new-law-makes-germany-crypto-heaven)

2. Twitter chief Jack Dorsey announces plans to move to Africa
Dorsey tweeted, Africa will define the future, especially the bitcoin one! He began traveling Africa on 8 November and visited Ethiopia, Ghana, Nigeria and South Africa (Guardian: https://www.theguardian.com/technology/2019/nov/29/twitter-jack-dorsey-africa-move)

3. 25,000 Blockchain Firms in China Tried to Issue Cryptos
Tens of thousands of Chinese blockchain companies may have tried to issue their own cryptocurrencies, a senior official claims. (Coindesk: https://www.coindesk.com/25000-blockchain-firms-in-china-tried-to-issue-cryptos-senior-official-claims)

4. Russian Central Bank Mulls New Ban on Bitcoin and Crypto[/b]
The Central Bank of Russia supports legislation that would ban the use of Bitcoin in commerce. They believe cryptocurrencies carry significant risks (Daily HODL: https://dailyhodl.com/2019/11/30/russian-central-bank-mulls-new-ban-on-bitcoin-and-crypto-report/)


5. Bank of Ghana grants authorisation to issue electronic money
Officials clarified that this is not a form of cryptocurrency or a bitcoin, it is just electronic money backed by currency. (myjoyonline: https://www.myjoyonline.com/business/2019/november-26th/bog-grants-gcb-bank-authorisation-to-issue-electronic-money.php )


6. Facebook Should Drop Libra and Support Third-Party Stablecoins: EToro
Blockchain researchers at online brokerage eToro have argued that Facebook should look to support third-party stablecoins, not Libra.(Cointelegraph: https://cointelegraph.com/news/etoro-facebook-should-drop-libra-and-support-third-party-stablecoins)


7. Saudi-UAE agree to build oil refinery and plan to launch joint digital currency
The two nations agreed to enhance cyber security to prevent attacks and create a digital currency to enable trading between banks in the two countries. (The National: https://www.thenational.ae/uae/government/saudi-uae-agree-to-build-oil-refinery-and-plan-to-launch-joint-digital-currency-1.943314)


If you have any suggestions, comment or discussion, Let's discuss it! Can you guess the overall sentiment of last week from the headlines? Is it Positive, Negative or Neutral? What is your opinion?


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Mir Rasel,
Digital Lead, Bitcurate ( A Predictive Digital Asset Analysis Startup)

Fortunately, bitcoin has among its characteristics the not fear of borders and only the altcoins with "certain and feasible fathers" can be stopped, or regulated, depending on the Nation. But Satoshi made a fundamental move by disappearing.
For all the altcoins you can be displaced, with bitcoin no (and when the anonymity will be clear the differences will be clear).

Let's talk about the biggest 3 regions in the world, America, Asia, and the EU.

Europe - slowly moving towards adoption, although they don't want to deal with crypto-currencies and it mostly relies on the member countries making the first move.

America - also slowly moving towards adoption, houses a lot of crypto-companies but still doesn't have accurate legislation for them and has only recently started to show interest in making their own coin.

Asia - heavily focused on blockchain technology (China), or crypto-currencies in general (Japan, Singapore, and Korea have some of the most lenient rules when it comes to running crypto-currency based businesses.

Germany is going to be the Crypto Heaven but Russia Banned- What are the others?

The answer is simple, it all depends on who runs the country. The cryptocurrency and blockchain are beneficial for democratic countries. As we have already said, Bitcoin is a tool to combat centralization, and centralization is power. Just sort the countries according to their type of government, level of corruption, freedom of speech and you will find the answer 'What are the others?'

I have learned one thing - never trust news about crypto coming from Russia or India
the rumor is they are mulling the crypto ban , but they have been mulling it for the past 5 years
the russain papers have zero info about it , other than the draft of the laws that is not public
if it does exist than it is going to be sad news for the russians , they have enough restrictions in place with the digital money
some of the anonymous wallets like KIWI are being restricted and the banks are ordered to do more rigorous checks on the people who convert digital money into fiat
I hope this laws doesn't pass and there will be another five years of banning/legalizing crypto in Russia in the news

It's all politics. The US and the EU are pro Bitcoin in general and Russia acts as opposition and fights it. This time they chose bad because soon almost whole world will have some regulations and Russia and probably China instead of regulations will have bans.

Russia lost a lot of steam when the Soviet Union fell and is about to lose more fighting cryptocurrencies.
It's not a fight they can win. They can join or be left behind

So Germany is going to be the best destination for the cryptocurrency world, At everywhere, Cryptocurrency is going to get accepted and it will be one of the mainstream monetary systems in the coming days, so this system requires to take some reformation for being more user-friendly and secure. Since Germany has taken the initiative to allow buying and selling cryptocurrency so it will be spread out around Europe very soon, we have to remind that Germany is the 4th largest economy so the crypto investor from Germany will get assure in order to make further investment in this sector.

just because the banks or even the central bank of a country makes an statement saying "using bitcoin carries risks" doesn't mean the country itself has banned bitcoin! almost all of the banks all around the world and even governments or even any individual that is not an idiot has made such statements warning others about the risks of using a highly volatile currency! specially when people want to invest a lot of money in it, not just use it for payments. but unfortunately the shitty news sites always take that as a "country ban" and report it as news...

Well India as many of you already know is kinda half way banning cryptos. Why would germany be the haven for cryptos is a little beyond me.
The government at Germany impose restrictions on how much games you can buy and when you can buy, I do not think they'll be welcoming the crypto with arms wide open.

This is no FUD and I dont think it is just a talk as well. We might choose to believe anything anyway but I can see better innovation with direct effect on the community than the earlier stage of altcoins and crypto adoption. What the top coin maximalist want they will get it this time and it might bring pressure to coin with no use case as time passes.

I am more interested with the potential of Germany to become a crypto haven and personally I am hoping that eventually Germany can be replacing the market we lost in China.  Though Germany and China may not be the same, we have to remember that Germany is the biggest and most important leader in the bigger EU market. Whatever can be happening in Germany will certainly be affecting the rest of the members in the Eurozone. Let's see how things can be developing in Germany as far as cryptocurrency is concerned. Really worth watching out.

That is how manipulative internet news sites are. They are getting worse and worse and they didn't help the improvements, we are proposing cryptocurrency to them for the sake of better transaction and financial market. And of course they will decline because it affects their personal interest or they might be even paid to spread FUDs to manipulate the market. In this case, we should learn to filter sites, do not rely on authors who aren't reputable at all, or else, you'll get manipulated.

Yes, There's no border for Bitcoin! Agree.

I remember ,  I read a news that France is to much anti about the Facebook’s Libra. Then why it is?   

Maybe they have different views regarding crypto and games because if you ask some ordinary people they will definintely say that games and crypto is different and even tech nerd will agree to that.

it seems that Japan and Korea allowing cryptos just to make additional fortunes for their taxing income although I can see some major company right there are adopting blockchain technology like kakao. meanwhile china is all in for adopting blockchain technology but still doesn't approve crypto anyway, maybe because their nature is a strict centralization and crypto if allowed could somehow take a little portion out of it.

Thanks for the quick update. My inquisitiveness is why is Jockey moving to stay in Africa? I thought he would have better security in the States? Maybe the tax in the States is much. It's also good if he can develop Africa youth technologically, I will gladly enroll in his school.

I don't think that you can look at Russia and China on their own, but you should consider them as part of BRICS. It has been announced that  a crypto is being developed to replace the dollar. This will probably have gold backing, and it may also include Bitcoin backing. Germany is in decline together with the Euro, and if they don't succeed in their attempt to continue to rip off the UK to support it, then Bitcoin could well become a safe haven alongside gold for the unfortunate residents there.

pros and cons will always appear for now, especially at the end of the year. but although there are so many news, but the news that supports the growth of bitcoin, and crypto is still quite large compared to news from Russia. even like that, I believe that Russia will pullback their decision, and again accept bitcoin or other cryptocurrency again. just like a country that has banned bitcoin, or crypto, but has accepted it again.

It's all going to in an interesting way probably we will see lot more up and down regarding this issue but our positive understanding about cryptocurrencies is most important thing and we have to spread the use of cryptocurrency in a positive way so it will be very effective but we should ignore the negative, pointless and fake news and I am definitely sure that one day the whole world will adopt cryptocurrencies with regulations.

Do you think Asia will rule the future blockchain Economy?

But recently Binance bought one of the biggest crypto exchanges of India WazirX. Then, what's the reason?        

Hhahahah
Brics?
Let me think..
Brazil, celebrating a 0.6 gdp increase
Russia, still behind the 2014 line
India...common
China the only one that matters
South Africa? Again in a recession?

BRICS, there is no BRICS and there will never be!
You can't have a union when 3 of them India/Russi and China are always suspicious about the other's intent and are in permanent conflict when it comes to disputed territories. There is no real cooperation between those and it will never be.


Yeah, Germany is on a decline, posting budget surplus after budget surplus and the only one of all the big players that is actually seeing its debt decreasing! The residents of Germany should really start storing some haggis for the moment the euro crumbles...lols!

Back to the main topic:

Am I missing something or when did Russia ban bitcoin?

I do not agree with it completely. Cryptocurrency is providing us with services that are transparent and open for people to know such as the broadcasting of the transaction that we are having in a public ledger. Through this, we should do the same thing as becoming transparent and loyal to other people about the current status of cryptocurrency. We should obtain their trust for them to utilize crypto, knowing that it also has its flaws which should be accepted first by the people.

he is not coming to stay permanently with the information I read, he has a plan for Africa and he came for a surveillance in prospective countries. He promised to come back soon but might spend more the 1 month than he spent. There are rumors that it could be a project in cryptocurrency due to some circumstances around his visit, that was his longest time in Africa as well.

A lot of countries have been quick with their decision of banning bitcoin and cryptocurrency back in 2017 when they saw what it was able to do and they had no idea how to handle it because they were not prepared, but now over time and after they know its potential and what it is capable to do, they slowly started to accept it and develop it, from unbaning it to creating their own centralized crypto, but either way, with the big developed countries like Germany and united states making it legal with time all the others will do the same.

Yep, I also visited this thread to write about Russia. It's no surprise that the Central Bank is against Bitcoin and would prefer it to get banned. Banks are usually against cryptos, nothing new here. And the legislation has not passed and is probably unlikely to pass anyway because it's not the banks that make decisions. So the "Russia Banned" part in the name of the thread is pretty misleading.
As for other countries, Ukraine is pro-blockchain and potentially pro-crypto, but several draft laws failed and nothing new seems to be getting ready, so for now, it's a 'no regulation' zone.

Very good point. Often the developers ego for recognition makes them targets for regulation. Only if more projects had that sort of selflessness. The real Satoshi does not have the recognition but still has the ocean of BTC. I am sure that is enough for him, She or them ;D

Germany's legislation is awesome and every blockchain and crypto enthusiast will welcome this sort of legislation and i am sure many countries will follow as transacting through banks can make crypto compliant because they have full data of bank accounts and transactions also it will be very easy to buy or sell crypto directly via banks.

I really like how Germany decided to fully accept cryptocurrencies.
They are very open for new technologies that can enhance their economic system. If the banks of Germany will run selling and storing cryptocurrency, then it will become an eye opener for some countries who are still hesitant to reconsider it.


I don't think some of those were positive like the stable coin EToro. Libra coin is still not yet giving up and then another stable coin is coming. We still have enough stable coins and I don't think adding more will be useful enough.

it is not related to the governmental policies of India per se
ownership changes hands and now Binance could do whatever they need with the users base , code , they can even change the jurisdiction if they wanted to
I haven't read about Warzix , but if it is an Indian exchange , this doesn't mean that they cannot be under some other country's jurisdiction and  only be called
from India because of the main offices or the owner coming from India etc.

Using your title as a yardstick to comment; in the case of Germany, the country seems to understand that partaking in upcoming technologies matter a lot as it tends to bring more opportunities. With Germany on the path to a crypto heaven it will make the country more attractive to upcoming projects which will not only bring value to the Germany but to the crypto space as a whole. Talking about Russia bans, it might not be what it is as they may likely be heavily involved in crypto related matters as an advanced country.

I've been waiting for bank custodial services, even though they might be not in the spirit of borderless money i think that people will adopt those services.
Especially old people who want security because they can't handle all the tech for getting bitcoin. And then there's the security aspect.
I think for most people it will come cheaper if the bank secures your keys rather then you hiring a private vault.

I think if bitcoin is deposited in a bank is there any special regulation? this certainly adds tax to the bitcoin depositors there,
then how will security be guaranteed? if someone forgets the private key, can bitcoin return to the user?

Regulations depends purely on the country. And about the security, you could ask that about any valuable they are holding. Question is, if you do trust them more then your own security.
At least one would think that theis insurance would cover a private key loss. But it would depend on the contract if the insurance paid back in btc or in fiat money.

Yeah good thing this is happening. Not sure about Russia banning crypto currencies. Haven't heard anywhere about it. Though I guess they will eventually life the ban (if they did actually ban it) and become more flexible in case of using crypto currencies.
I guess Ghana and the middle eastern countries you mentioned are not talking about crypto currencies. They are talking about digital money which are backed my fiat currencies. More like digital payment wallet like Paypal. Those can't be considered as crypto currencies. They might just be using the blockchain technology to keep everything transparent.

I see that is good news that can give positive impact into crypto market, many country use it for economic purposes. Some country still reject crypto because they don't have solution to keep their currency safe, bitcoin can become nightmare into currency value. They only need see more deeper, you can reject bitcoin but please adopt blockchain technology it will solve your speed network problem.

It is not that Germany is going to bring good change into crypto market rather the efforts of bitcoin and few altcoins made Germany realized that how much positive impact these can have on its economy and future. If Germany is doing it before many other countries, then obviously it will be having more economical stability and power in the future. And like you said, it will encourage others to invest too. Rejecting bitcoin is like rejecting peace.