as informed in The central bank instructed banks in April to close cryptocurrency accounts in the first week of July. Exchanges Offer Regulatory SuggestionsIAMAI members have suggested regulations to the RBI and take objection to all of the central bank's concerns. Some bitcoin exchanges legally challenged the central bank after it instructed banks in April to close cryptocurrency accounts. Regarding the central bank's concern about anonymous transactions, the exchanges said they follow know-your-customer rules that can prevent money laundering. One cryptocurrency exchange CEO complained that the central bank raised similar concerns previously but has refused to consider the recommendations.
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Chile Court of Appeals Orders Bank to Resume Business With Crypto Exchange Orionx
By Helen Partz Chile Court of Appeals Orders Bank to Resume Business With Crypto Exchange Orionx15715 Total views 357 Total sharesNewsChilean Court of Appeals has ruled in favor of crypto exchange Orionx, resolving that the state-owned bank Banco Estado should reopen the company's deposit account, local news outlet La Tercera reported July 12. The Fourth Chamber of the Court of Appeals of Santiago has accepted the appeal filed by Orionx crypto exchange against Banco Estado, which closed the company's deposit account in late March. At that time, the bank cited the lack of "regulatory recognition of [cryptocurrency trading]" as justification for its decision. Now, by the ruling of the Court of Appeals, Banco Estado has been ordered to reopen the deposit account of Orionx. In May, the president of Central Bank of Chile Mario Marcel announced that they are considering the development of a regulatory framework for cryptocurrencies, in order to better manage the risks associated with crypto trading.Bank of Korea Says Crypto Investment Poses 'Insignificant' Risk to Local Financial Market
as declared in By Marie Huillet Bank of Korea Says Crypto Investment Poses 'Insignificant' Risk to Local Financial Market23576 Total views 386 Total sharesNewsAccording to South Korean central bank the Bank of Korea (BOK), the outstanding balance of virtual currency accounts in domestic banks totalled $1.79 billion as of Dec. 2017, local news outlet Yonhap reported Friday, July 5. Against this backdrop, we expect crypto-assets to have a limited impact on the South Korean financial market." Notably, the BOK's data set covered the height of the cryptocurrency markets' unprecedented growth in late 2017 –– when Bitcoin (BTC) famously hit the $20,000 price point. Important positive news has been forthcoming from the government throughout spring, notably including plans to lift the country's blanket ban on domestic Initial Coin Offerings (ICOs). Just last week, in a major legitimizing move, three Korean government ministries revealed a draft version of new blockchain industry classification standards, which notably recognized crypto exchanges as regulated financial institutions for the first time.Litecoin Founder Says in 'Best Case' Recent Bank Stake Could Result in Crypto Services
By Aaron Wood Litecoin Founder Says in 'Best Case' Recent Bank Stake Could Result in Crypto Services19281 Total views 714 Total sharesNewsLitecoin founder Charlie Lee posted on Reddit today, July 17, to clarify his position within the Litecoin Foundation and the future of the Foundation following its acquisition of a stake in German bank WEG Bank AG. In his post, Lee mentioned the possibility of the bank offering crypto services. Last week, the Litecoin Foundation acquired a 9.9 percent share in WEG Bank through a new strategic partnership with crypto-fiat payments firm TokenPay. In exchange for providing its blockchain, logistics, and marketing expertise to TokenPay's crypto and business operations, Litecoin received TokenPay's former 9.9 percent stake in WEG. He added that, even if they are unable to work with the bank in pushing for crypto services, the Litecoin Foundation will benefit financially from their stake.collected by :Irax John