Category: N-Economy
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Report: 70 to 80 Percent of South Korean Miners Shut Down in 2018
Chinese state television has sought to document the toll taken on South Korean cryptocurrency companies by 2018’s bear market, with Financial Channel (CCTV-2) producing a report detailing the challenges faced by Korean miners. According to the report, last year’s bear trend was further exacerbated by a 97.5 percent drop in Korean cryptocurrency premiums, driving between…
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Analysis: Why Crypto Derivatives Are Considered Dangerous
There is a new generation of cryptocurrency-based derivatives being launched in 2019 which could significantly increase overall trading flow and attract a new breed of investors. Derivatives are not without their controversies however. Over the years, they have acquired a negative reputation in some quarters, exacerbated by movies such as “The Big Short.” Also read: Market Slump…
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Indian Cryptocurrency Exchange in 45 Countries Sees Strong Demand in Venezuela
An Indian cryptocurrency exchange, which is now live in 45 countries, reports that it is “seeing immense enthusiasm and buyer activity in Venezuela,” a spokesperson for the exchange told news.Bitcoin.com. Compared to other countries, “Venezuelans are looking more at the longer-term yield of bitcoin.” Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive…
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Russians See Growing Number of Options to Buy Cryptocurrencies
Interest towards cryptocurrencies in Russia remained relatively stable throughout 2018, despite the significant drop in their prices. Ruble-denominated trade on Localbitcoins, for example, has shown a generally positive trend since last spring. In the past year, Russians also saw a growing number of other options to purchase digital coins. Also read: Abkhazia Temporarily Shuts Down…
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Hive Criticizes Norwegian Government Amid Concession Cuts to Miners
Hive Blockchain Technologies has published an update regarding the company’s response to the Norwegian Parliament’s recent approval of a legislative bill that will restrict cryptocurrency miners from accessing the tax relief on electricity consumption available to other power-intensive industries. The release criticizes the government’s “unilateral” move to suspend the subsidy without consulting with representatives of…
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Japan’s DMM Exiting Cryptocurrency Mining Business
Japanese e-commerce giant DMM.com is reportedly exiting the cryptocurrency mining business due to “deteriorating profitability,” local media reported. This news follows an announcement by another major Japanese company, GMO Internet, that it will no longer manufacture and sell mining machines, citing similar reasons. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations…
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Abkhazia Temporarily Shuts Down 15 Mining Farms
Authorities in Abkhazia have cut off 15 mining facilities from the territory’s electrical grid. The short-term measure is meant to alleviate power shortages during the cold winter months. The operators of the farms have fully cooperated with the local electric utility. Also read: Two Mining Companies Among Georgia’s Major Electricity Consumers 8,950 kWt of Mining…
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Report: Indian Government Updates Progress on Cryptocurrency Regulation
The Indian government has reportedly provided an update on its progress toward the country’s regulatory framework for cryptocurrencies. The government provided its latest stance in areas such as the national cryptocurrency and licensing of crypto businesses. It is pursuing crypto regulations “with due caution,” according to reports. Also read: Indian Supreme Court Moves Crypto Hearing, Community…
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67 Cryptocurrency Companies Probed by UK Regulator
The U.K.’s Financial Conduct Authority (FCA) has reportedly provided an update of its investigations of crypto companies. A total of 67 inquiries were launched, 49 of which have been closed, leaving 18 businesses currently under investigation. The UK government has reportedly said it is ready to give power to the FCA to regulate the crypto…
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Iran Labels Telegram’s Coin a Threat to National Security
Tehran has once again targeted the users of the popular messaging application Telegram. A law enforcement official warned Iranian citizens against providing any support for the launch of the instant messaging app’s native token, the Gram. Also read: Bill to Curb Iranian National Crypto Filed in US Congress ‘Disruption to the National Economy’ Authorities in…