Connect with us

News

Russian State Duma will adopt bills on cryptocurrency and blockchain until the end of July

Published

on

Russian State Duma to adopt bills on cryptocurrency and blockchain until the end of July

5 (100%) 1

July 8, the State Duma of the Russian Federation held parliamentary hearings on the topic "Issues of the development of the digital economy."

During the hearing, the chairman noted :

“It is no coincidence that the topic was brought to the State Duma site. We have plans to consider a large block of laws for the development of the digital economy, not everything goes smoothly. There are bills that we had to consider and adopt yesterday, but they are not yet in the projects. ”

Deputies, officials and experts discussed digital signatures, electronic workbooks, as well as the creation of an effective legal framework for the country's digital development and confirmed that cryptocurrency legislation should appear in Russia before the end of July.

The report of the partner of the law firm Taxology, deputy chairman of the Commission on the Legal Support of the Digital Economy of the Moscow branch of AYUR Mikhail Ouspensky was included in the final resolution. The report included issues of blockchain technology benefits. According to Ouspensky, the technology of a distributed registry can reduce the time from the sale of a ticket by the airline to the receipt of funds from 10 days to 27 seconds.

“Blockchain can be implemented in almost any segment of public services, where documentary registration or confirmation is required ,” the expert explained.

He added that the lack of a legislative base could be a critical obstacle to the introduction of the blockchain. Among the advantages of the technology, the expert called the reliability and robustness of the system against cyber attacks, transparency and audibility, the ability to create self-fulfilling smart contracts and the dramatic acceleration of transactions through “getting rid of intermediaries and delays”. Ouspensky ended his speech by saying that “the blockchain is the new oil of Russia”.

Cryptocurrency legislation should appear in Russia before the end of July. Now the government of the country is deciding what the status of digital money will be – whether they will be equal to foreign currency. In this case, they can be bought, stored and sold, but can not be used as a means of payment.

Publication date 07/09/2019
Share this material on social networks and leave your opinion in the comments below.


Continue Reading
Advertisement

News

G7: stablecoins pose a threat to the financial system

Published

on

A recent report from G7 suggests that global stablecoins can be dangerous to the stability of the financial system.

The report describes many of the risks that are associated with the use of digital currencies. It even explains that even if the companies involved in Libra could manage to solve some minor regulatory problems, they would not be able to get permission from the main regulators. The document also notes that G7 believes that no stablecoin project should have the right to start its activities until certain problems with the supervision and management of the crypto industry are resolved, all risks are eliminated.

G7 also thinks that stablecoins that have the ability to scale quickly can suppress the development of competitors and threaten financial stability, as there is a risk that users may one day be disappointed in this coin. It is anticipated that the provisions of this document will be discussed by finance ministers at the IMF's annual meeting, scheduled for this week.

Such statements explain the hostility of world regulators to Libra and TON projects. For example, Gabor Gurbaks, a digital assets strategist at VanEck, said on his Twitter blog the day before that companies, such as Visa, Mastercard, eBay, Stripe, received letters from regulators asking them not to experiment with Libra before leaving Libra. a new project, otherwise they would have additional, undesirable obligations to regulators.

Continue Reading

News

The growing complexity of Bitcoin mining in 2019, how is it determined and what depends on it?

Published

on

This year, the price of Bitcoin (BTC) ranged from a minimum of just over $ 3,000 to a maximum of about $ 13,000. At the same time, the complexity of BTC mining , which measures the complexity of the calculations needed to mine new coins and create new network blocks, has been growing unprecedented.

Bitcoin mining difficulty is adjusted approximately every two weeks to take into account the hashrate of new miners on the network. Despite the fact that the general trend has been upward almost since the creation of the network, short but significant failures happen. For example, in December 2018, mining complexity decreased three times in a row, the total drop was almost 30%.

In this calendar year, the difficulty of mining BTC decreased five times, but no more than 1.18%. This is unprecedented. In no previous year, the most serious drop was so low. In the entire history, at least one drop was more than 5%.

Of course, 2019 has not yet ended, but it is worth noting that at that time last year, the difficulty of mining BTC decreased only once (3.45%, which is more significant than any decrease in 2019).

If this trend continues, it will confirm that the BTC miner community is less sensitive to currency price fluctuations than ever before.

To understand why, it is worth considering the basics of the complexity of cryptocurrency mining . The Bitcoin network produces 2016 new blocks every two weeks. Maintaining this speed is important for network operation. Blocks are generated by miner computing systems that solve mathematical problems. In this case, it is appropriate to compare the miners with the players in the lottery, and the difficulty of mining is with a very low chance of each individual player to win. Each time someone “wins” the lottery, a block is created.

Since bitcoin networks need blocks that are generated at a predictable speed, the complexity of this “lottery” should vary depending on the number of “players” (miners). For example, if many miners leave the network, the mining complexity should be reduced, or the rest will not have enough power needed to generate new blocks at the speed required to maintain the network.

In fact, the Bitcoin mining system is more complicated than described above, however, according to its basic principle, the upward movement of Bitcoin this year is a bullish sign. Investors come and go, the price fluctuates up and down, but interest in Bitcoin mining is clearly growing, and this year it has become more stable than ever before.

Publication date 10/14/2019
Share this material on social networks and leave your opinion in the comments below.


Continue Reading

News

Europol: Bitcoin remains the most popular cryptocurrency among cybercriminals

Bitcoin is still the preferred cryptocurrency for cybercriminals, Europol stated in the annual report “Assessing the threats of organized crime on the Internet” (IOCTA 2019). “Although we previously reported a slight shift towards more private cryptocurrencies such as Monero, bitcoin is still the currency of choice for both legal and criminal use,” the organization said. In previous IOCTA reports […]

Published

on

Bitcoin is still the preferred cryptocurrency for cybercriminals, Europol stated in the annual report “Assessing the threats of organized crime on the Internet” (IOCTA 2019).

“Although we previously reported a slight shift towards more private cryptocurrencies such as Monero, bitcoin is still the currency of choice for both legal and criminal use,” the organization said.

In previous IOCTA reports, the organization pointed to the growing popularity of altcoins such as Zcash, Monero, and Ethereum among cybercriminals.

This year, Monero was the only altcoin mentioned by the EU police organization in a report. It notes that the use of the coin mainly relates to darknet markets that accept or trade Monero.

Europol emphasized that Monero was widely used for hidden mining, the distribution of which has been declining throughout the current year. The latter is partially due to the termination of the Coinhive browser mining service in March, the organization said.

Recall, it was previously reported that the volume of bitcoin transactions in the darknet for 2019 may exceed $ 1 billion.

Subscribe to BlockchainJournal news on Facebook !

<< aside id = "unisender_subscribe_form-10" class = "widget unisender_form">

BlockchainJournal.news

BlockchainJournal.news

Continue Reading
Advertisement

Name Price24H (%)
Bitcoin (BTC)
$8,283.81
-1.42%
Ethereum (ETH)
$182.88
-0.43%
XRP (XRP)
$0.286904
3.45%
Bitcoin Cash (BCH)
$225.25
-0.69%
EOS (EOS)
$3.13
0.48%
Stellar (XLM)
$0.062690
2.07%
Litecoin (LTC)
$56.70
-1.14%
Cardano (ADA)
$0.041499
0.69%
Tether (USDT)
$1.00
-0.02%
Monero (XMR)
$53.19
-0.63%
Advertisement

Trending

Copyright © 2018 blockchainjournal.news