In addition to that, in July the British Parliament held the first large - scale discussion concerning the introductions
of national cryptocurrency.
One of Venezuela's two opposing lawmaking bodies has ruled that the country's issuance
of a national cryptocurrency is illegal under domestic law.
A member of China's top political advisory board has proposed the creation
of a national cryptocurrency exchange and other regulatory systems at one of the two annual sessions of China's top legislative and advisory bodies, local news outlet Lie Yun Wang reported on March 3.
What are your thoughts towards this latest trend
of national cryptocurrency?
The Financial Services Agency (FSA) announced that it is ready to conduct inspections
of national cryptocurrency exchanges in order to evaluate their security measures aimed at protecting customers» funds.
Israel is considering the creation
of a national cryptocurrency «digital shekel,» according to local news sources.
In the case
of national cryptocurrencies, the blockchain technology would supplant the clearing process now handled by commercial banks, undermining an important revenue stream.
The Federal Reserve's Chinese and Russian counterparts have already begun the development
of national cryptocurrencies in earnest.
[Note: This is a press release] The Dawn
of National Cryptocurrencies The concept of regional / local currency dates back to pre-Bitcoin times.
Not exact matches
Expect nation - by - nation regulation
of cryptocurrency, perhaps a requirement that
national cryptocurrencies be decoupled from international systems, and maybe even a government issued
cryptocurrency in the longer - term future.
Investors in China contributed up to 2.6 billion yuan, or $ 397 million, worth
of cryptocurrencies through initial coin offerings in January - June, state - run media have said, citing data from the
National Committee
of Experts on Internet Financial Security Technology.
Russian
nationals identified in a Justice Department indictment released Friday used
cryptocurrency exchanges as part
of an alleged scheme to mislead U.S. citizens leading up to the 2016 presidential election.
A bill currently in the House
of Representatives calls for a report on (and strategy to combat) the use
of cryptocurrencies in financing terrorism, laundering money, evading US sanctions, and otherwise threatening American
national security.
South Korea's
National Tax Service is investigating two
of the country's most prominent
cryptocurrency exchanges, Bithumb and Coinone.
The trend
of national monetary and governmental authorities calling for supranational meetings on, and regulation
of,
cryptocurrencies could be a major emerging trend at the start
of 2018.
He also declared in a barrage
of tweets that
cryptocurrencies, including the petro, will be accepted by
national tourism operators, gas stations, and for consular services.
As Venezuela's
national currency loses value at a catastrophic rate, thousands have begun turning to the world
of cryptocurrency to salvage what little value remains from their increasingly worthless bolivars.
Other reports
of a verbal order from the Shanghai Financial Service Office come from a translated story featured on Yicai, a Chinese media group, which indicates that, sometime in the evening on September 13, the
National Internet Finance Association
of China made an issuance decrying the legality
of cryptocurrency exchanges.
On October 25, 2017, it was revealed through reports that, following a parliamentary audit
of the Bank
of Korea (BOK) by the
National Assembly
of the Republic
of Korea, the bank had conducted inadequate research on
cryptocurrencies.
The People's Bank
of China says
cryptocurrencies will be a top priority for the agency this year, in an effort to protect the
national currency.
China's central bank has said
cryptocurrencies will be one
of its top priorities this year, in an effort to protect the
national currency.
The chairman
of the
National Bank
of Kazakhstan told Sputnik News it is seeking an all - encompassing ban on
cryptocurrency exchanges and mining.
However, this is one
of the earliest cases
of a
cryptocurrency backed by a
national government.
President Nicolas Maduro even launched a
national cryptocurrency called El Petro to fight the inflation and monetize the natural reserves
of the country.
The
national ban on gambling may also partly explain the grip
of cryptocurrency trading fever.
«In light
of the CFTC and the [
National Futures Association]'s public statements regarding the riskiness
of the underlying
cryptocurrency products, we believe that the launch
of new exchange - traded derivatives in
cryptocurrencies deserves a healthy dialogue between regulators, exchanges, clearinghouses and the clearing firms who will be absorbing the risk
of these volatile, emerging instruments during a default,» Lukken said.
Mark Carney, the Bank Governor also reiterated recently that blockchain technology is an area
of interest for the bank, and he believes that a
national cryptocurrency could even be in the works for the future.
Apart from a number
of rules that were already issued, the
National Tax Service (NTS) is currently drafting a framework on how to effectively collect taxes on
cryptocurrency trading transactions.
The
national bank
of Kazakhstan is worried that
cryptocurrencies are leading to an increase in money laundering!
The Central Bank
of Germany believes that it is impossible to regulate
cryptocurrency on a
national scale.
Few concrete details exist for either
of these potential
national cryptocurrencies, but they are necessary drops in the bucket to normalize the concept.
Speaking on behalf
of the bank from the St. Petersburg International Economic Forum (SPIEF) 2017, Skorobogatova said, «Regulators
of all countries agree that it's time to develop
national cryptocurrencies, this is the future.
National Assembly Speaker Chung Sye - kyun, who was present at the forum, reiterated the government's role in removing political uncertainties standing in the way
of cryptocurrency adoption.
Due to the transnational nature
of cryptocurrencies, the IMF said, «disruptions» could occur across «
national boundaries,» a factor that could also be influenced by «differing
national regulatory approaches.»
The Venezuelan government launched the pre-sale
of the world's first
national, oil - backed
cryptocurrency Petro (PTR), Financial Times reports Tuesday, Feb. 20.
Around $ 6.2 million - worth
of cryptocurrency was hacked from exchange accounts and wallet services in 2017, Japan's
National Police Agency says.
And so this is what I think part
of what's driving the interest in Bitcoin and the
Cryptocurrencies is what other financial mechanism is available to people who are trying to preserve their capital when their own
national currencies are in free - fall.
According to reports, the
National Police Agency in Japan suspects 669 cases
of cryptocurrency - utilized money laundering between the months
of April and December.
Source: US Treasury Official Calls for Global Crypto Regulation The undersecretary
of the U.S. Treasury's Office
of Terrorism and Financial Intelligence called on the international community for stronger
cryptocurrency regulations to help protect the financial system and
national security in a speech yesterday.
These draft instructions have also been leaked (translation) but have so far not been verified for authenticity.The content
of the leaked documents is also consistent with warnings issued by a Chinese quasi-regulatory body — the
National Internet Finance Association
of China (NIFA)-- regarding
cryptocurrency trading, published shortly before exchanges announced that they would be shutting down.
A member
of the strict guidelines MasterCard Ari Sarker, said that if governments want to create a
national cryptocurrency, happy to look at a more profitable method compared to crypto currency in General].
Similarly, it's been speculated that the PBOC may introduce a
national digital currency as a sort
of gateway to
cryptocurrency: This would allow the central bank to better track the flow
of funds in and out
of bitcoin in order to counter money laundering and capital flight.
Bank
of Russia: «It's Time to Develop
National Cryptocurrencies» Jun 2, 2017 by Stan Higgins Russia's central bank believes the time is right to develop and launch its own digital currency, one
of its senior officials said today.
Tether is a
cryptocurrency project focused on providing price stable assets on the Bitcoin blockchain that are pegged to the value
of and backed by
national currencies.
According to the Financial Times, Glazev indicated that a
national cryptocurrency «suits us very well for sensitive activity on behalf
of the state.
Recent projects include exhibitions, objects, and installations that investigate the emergent
cryptocurrency Bitcoin and the blockchain technology that makes it possible; the Berlin based SoundCloud startup; and a series
of graphics — including cartoons, maps, and charts — made by a senior designer at the
National Security Agency (NSA), which were part
of the information leaked by Edward Snowden.
The recent slew
of national governments announcing their experimentation with blockchain is a far cry to the utopian proposals
of bitcoin and
cryptocurrency governance that once flooded the bitcoin forums.
Kazakhstan
National Bank is considering a conservative move
of completely banning any
cryptocurrency - related operations in the country.
Wang Pengjie, member
of the Chinese People's Political Consultative Conference (CCPPC), suggested to set up a
national cryptocurrency trading platform and regulatory system as a way to control digital money, ICO and blockchain, according to Cointelegraph, citing a local news outlet Lie Yun Wang.
From the perspective
of the Russian state, encouraging bitcoin - based trading could facilitate growth in Russian fintech firms like Alpari — allowing such to cash in on the growth
of cryptocurrency without promoting the disruptive potential
of free and direct
cryptocurrency trading, or risking encouraging direct competitor to the
national cryptocurrency that Russia has announced it is developing.