Grayscale Investments has voluntarily filed to have its Bitcoin Trust, the first digital currency investment product, regulated by the SEC.

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Grayscale Investment has submitted a filing with the U.S. Securities and Exchange Commission (SEC) that could change the status of its popular bitcoin investment product.&nbsp;



On November 19, 2019, <a href="https://medium.com/grayscale-investments/gbtc-sec-filing-8b4cb229088">the company filed</a> a <a href="https://www.sec.gov/files/form10.pdf">securities registration form</a> with the SEC which, if approved, would see its popular Bitcoin Trust product become the first-ever digital currency investment product to be regulated by the SEC.&nbsp;



The Bitcoin Trust was initially launched as a way to give more investors exposure to bitcoin with some barriers to entry eliminated, like the need to protect your own private keys. The pursuit of regulation by the SEC through this voluntary filing appears to be an effort in the same vein.



“This filing is the latest step on the road to regulatory maturity for digital currencies,” according to a Grayscale press release sent to Bitcoin Magazine. “After creating the first FINRA-regulated Bitcoin investment product, Grayscale once again is leading the industry in facilitating responsible regulatory oversight of the asset class.



If the SEC approves the filing, the structure of the Bitcoin Trust would not change, nor would its regulatory classification.



“This is a voluntary filing that, if deemed effective, would designate the Trust as an SEC reporting company and register its shares pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),” the press release reads.



An SEC reporting company is also called a “reporting issuer.” By becoming a reporting company, Grayscale would likely be subject to periodic and ongoing disclosure requirements designed to keep investors informed on major updates concerning their investment.



<h2>Potential Changes for Bitcoin Trust Investors</h2>



Following approval from the SEC, accredited Bitcoin Trust investors would see a reduction in the statutory holding period for their investment from 12 months to six months, giving them liquidity sooner. This means that investors who had previously purchased shares in the trust’s private placement could resell them on the secondary market within six months.



The trust would also be changing how it files quarterly and annual reports. With SEC approval, it would have to file its reports and audited financial statements as 10-Qs and 10-Ks — specific report templates as designated by the SEC.Grayscale’s Bitcoin Trust became the first publicly traded bitcoin fund in 2015 (as the Bitcoin Investment Trust), <a href="https://bitcoinmagazine.com/articles/bitcoin-investment-trust-bit-goes-live-ticker-gbtc-1427488173">having</a> received approval on the OTC Markets Group’s OTCQX exchange. 



The company, which is behind a significant “<a href="https://bitcoinmagazine.com/articles/bye-gold-buy-bitcoin-grayscale-urges-investors-to-drop-gold-for-btc">Drop Gold</a>” advertising campaign, has seen its bitcoin product rise in popularity since its launch. Per a recent <a href="https://bitcoinmagazine.com/articles/grayscale-posts-record-quarter-despite-slump-in-bitcoin-prices">quarterly report,</a> Grayscale attracted $254.9 million in net investments for its products, with two-thirds of the inflows secured attracted by the Bitcoin Trust.

Grayscale Files to Make Bitcoin Trust First to Be Regulated by SEC

Grayscale Investment has submitted a filing with the U.S. Securities and Exchange Commission (SEC) that could change the status of its popular bitcoin investment product.&nbsp; On November 19, 2019, the company filed a securities registration form with the SEC which, if approved, would see its popular Bitcoin Trust product become the first-ever digital currency investment product to be regulated by the SEC.&nbsp; The Bitcoin Trust was initially launched as a way to give more investors exposure to bitcoin with some barriers to entry eliminated, like the need to protect your own private keys. The pursuit of regulation by the SEC through this voluntary filing appears to be an effort in the same vein. &ldquo;This filing is the latest step on the road to regulatory maturity for digital currencies,&rdquo; according to a Grayscale press release sent to Bitcoin Magazine. &ldquo;After creating the first FINRA-regulated Bitcoin investment product, Grayscale once again is leading the industry in facilitating responsible regulatory oversight of the asset class. If the SEC approves the filing, the structure of the Bitcoin Trust would not change, nor would its regulatory classification. &ldquo;This is a voluntary filing that, if deemed effective, would designate the Trust as an SEC reporting company and register its shares pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),&rdquo; the press release reads. An SEC reporting company is also called a &ldquo;reporting issuer.&rdquo; By becoming a reporting company, Grayscale would likely be subject to periodic and ongoing disclosure requirements designed to keep investors informed on major updates concerning their investment. Potential Changes for Bitcoin Trust Investors. Following approval from the SEC, accredited Bitcoin Trust investors would see a reduction in the statutory holding period for their investment from 12 months to six months, giving them liquidity sooner. This means that investors who had previously purchased shares in the trust&rsquo;s private placement could resell them on the secondary market within six months. The trust would also be changing how it files quarterly and annual reports. With SEC approval, it would have to file its reports and audited financial statements as 10-Qs and 10-Ks &mdash; specific report templates as designated by the SEC.Grayscale&rsquo;s Bitcoin Trust became the first publicly traded bitcoin fund in 2015 (as the Bitcoin Investment Trust), having received approval on the OTC Markets Group&rsquo;s OTCQX exchange. The company, which is behind a significant &ldquo;Drop Gold&rdquo; advertising campaign, has seen its bitcoin product rise in popularity since its launch. Per a recent quarterly report, Grayscale attracted $254.9 million in net investments for its products, with two-thirds of the inflows secured attracted by the Bitcoin Trust.

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Grayscale Wants Bitcoin Trust Regulated by SEC - Bitcoin Magazine

Cashaa has announced forthcoming dollar-based banking services for cryptocurrency companies based in the U.S., stepping in for traditional banks.

Cashaa Announces U.S. Dollar Bank Accounts –

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Bitcoin banking platform Cashaa will soon offer U.S. dollar bank accounts for cryptocurrency-focused businesses, except those operating in sanctioned countries.&nbsp;



<a href="https://bitcoinmagazine.com/articles/cashaa-hopes-bridge-crypto-and-traditional-finance">Cashaa</a> offers banking services like International Bank Account Number (IBAN) accounts, international SWIFT transfers for fiat and credit card processing for cryptocurrency-based businesses, which often <a href="https://bitcoinmagazine.com/articles/breaking-up-with-the-banks-stories-from-bitcoins-debanked-community">struggle to receive</a> these services from traditional banks. It also enables businesses to accept cryptocurrencies and withdraw funds in fiat, including British pounds, euros and Indian rupees. Beginning November 25, 2019, clients based in the U.S. will be able to apply for USD accounts.



These accounts will include automated clearing house and SWIFT access without limits and incur a one-time setup fee of 250,000 CAS, Cashaa’s native token (about $1,500 at press time).



Cashaa has integrated with New York-based Metropolitan Commercial Bank for provision of this service. As with Cashaa’s U.K. accounts, U.S. dollar account holders will have access to multisig wallet and exchange functionality for bitcoin purchases.&nbsp;&nbsp;



<h2>Banking the Unbanked&nbsp;</h2>



Cashaa’s new service is targeted at cryptocurrency businesses who encounter difficulty opening a corporate account in the U.S. As noted above, traditional banks have often shied away from the industry for reasons that range from regulatory uncertainty to the volatile nature of crypto assets.&nbsp;



In some cases, cryptocurrency-based businesses have had their accounts closed. In a press release on the service, Cashaa noted that it formed a “pre-compliance team” in September 2019 following Barclays decision to <a href="https://bitcoinmagazine.com/articles/barclays-ends-banking-relationship-with-coinbase">stop serving Coinbase</a>.



Speaking on their rationale, Janina Lowisz, the co-founder and vice president of marketing, believes her company could help serve the “underserved businesses building new technologies.”



“Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models,” Lowisz said in the release. “The addition of U.S. Dollar accounts is an important milestone for the crypto community and us. We want to thank our community and all businesses so far who have trusted Cashaa to solve their banking problems.”



In April 2019, Cashaa <a href="https://bitcoinmagazine.com/articles/cashaa-now-accepts-debit-credit-cards-crypto-purchases">began supporting</a> cryptocurrency purchases with major debit and credit cards. In October 2019, the company <a href="https://www.prnewswire.com/news-releases/cashaa-is-announcing-it-will-enable-its-users-to-buy-and-sell-btc-for-inr-from-23-october-2019-300942096.html">enabled</a> bitcoin purchasing options for customers in India using fiat currency.

Cashaa Announces U.S. Dollar Bank Accounts for Cryptocurrency Firms

Bitcoin banking platform Cashaa will soon offer U.S. dollar bank accounts for cryptocurrency-focused businesses, except those operating in sanctioned countries.&nbsp; Cashaa offers banking services like International Bank Account Number (IBAN) accounts, international SWIFT transfers for fiat and credit card processing for cryptocurrency-based businesses, which often struggle to receive these services from traditional banks. It also enables businesses to accept cryptocurrencies and withdraw funds in fiat, including British pounds, euros and Indian rupees. Beginning November 25, 2019, clients based in the U.S. will be able to apply for USD accounts. These accounts will include automated clearing house and SWIFT access without limits and incur a one-time setup fee of 250,000 CAS, Cashaa&rsquo;s native token (about $1,500 at press time). Cashaa has integrated with New York-based Metropolitan Commercial Bank for provision of this service. As with Cashaa&rsquo;s U.K. accounts, U.S. dollar account holders will have access to multisig wallet and exchange functionality for bitcoin purchases.&nbsp;&nbsp; Banking the Unbanked&nbsp; Cashaa&rsquo;s new service is targeted at cryptocurrency businesses who encounter difficulty opening a corporate account in the U.S. As noted above, traditional banks have often shied away from the industry for reasons that range from regulatory uncertainty to the volatile nature of crypto assets.&nbsp; In some cases, cryptocurrency-based businesses have had their accounts closed. In a press release on the service, Cashaa noted that it formed a &ldquo;pre-compliance team&rdquo; in September 2019 following Barclays decision to stop serving Coinbase. Speaking on their rationale, Janina Lowisz, the co-founder and vice president of marketing, believes her company could help serve the &ldquo;underserved businesses building new technologies.&rdquo; &ldquo;Our goal is to create a hassle-free experience for all businesses who are building new technologies and business models,&rdquo; Lowisz said in the release. &ldquo;The addition of U.S. Dollar accounts is an important milestone for the crypto community and us. We want to thank our community and all businesses so far who have trusted Cashaa to solve their banking problems.&rdquo; In April 2019, Cashaa began supporting cryptocurrency purchases with major debit and credit cards. In October 2019, the company enabled bitcoin purchasing options for customers in India using fiat currency.

Cashaa Announces U.S. Dollar Bank Accounts - Bitcoin Magazine

A proof-of-concept developed at a hackathon in Portugal could replace fiat change with Lightning-delivered sats.

LightningCashback: Replace Fiat Change With Sats –

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As bitcoin grows as a medium of exchange and Bitcoiners become all the more interested in stacking sats as part of their daily activity, services are popping up that merge the worlds of everyday, brick-and-mortar retail and the original cryptocurrency.



LightningCashback is the latest iteration of this trend, created specifically to bring bitcoin into the retail experience and convert your loose change into sats.



<h2>Pay With Fiat, Get Change in Bitcoin</h2>



<a href="https://twitter.com/21isenough/status/1193631492603293698">LightningCashback</a> was developed as a proof-of-concept by a group of programmers (including Ruben Waterman, the founder of Dutch Bitcoin savings platform <a href="https://twitter.com/GetBittr">GetBittr</a>, and a Bitcoin enthusiast known as 21isenough on <a href="https://twitter.com/21isenough">Twitter</a>) at Berlin’s <a href="https://bitcoinmagazine.com/articles/scam-or-iteration-in-berlin-bitcoin-diehards-still-believe-in-lightning">Lightning Conference</a> in October 2019.



That’s where 21isenough was demo’ing his <a href="https://twitter.com/21isenough/status/1170808638153338880?s=19">LightningATM</a> prototype, which he had shared with the world via Twitter on September 8, 2019. The device merged brown cardboard with payment processor BTCPay Server and Lightning’s LND — and kicked off a conversation between the developers that led to yet another innovation.



“We were discussing that the LightningATM is awesome for getting rid of coin change, which is still quite popular in Europe as the coins have quite a bit of value,” Waterman told Bitcoin Magazine. “We both prefer to pay in cash (for privacy reasons) but hate the coins.”



But, what if we could twist the idea? Waterman wondered.



During <a href="https://blockchain-hackathon.com/">ChainHack4</a> — a small blockchain hackathon in Lisbon, Portugal, on November 8 to 10, 2019 — Waterman, 21isenough and three other developers devised a new way of turning fiat change into bitcoin. Why not have retail shoppers receive their pocket change as sats instead of coins?&nbsp;



<h2>Lightning Nodes on a POS System</h2>



Thus, LightningCashback was born: point-of-sale (POS) software that prints a QR code with receipts, allowing customers to scan and receive their change for a purchase in sats via Lightning after paying in fiat. 21isenough posted a video of the innovation in action on <a href="https://twitter.com/21isenough/status/1170808638153338880?s=19">Twitter</a>, along with a picture of a produced receipt.&nbsp;



It uses lntxtbot, a Telegram bot and custodial Lightning wallet, to generate Lightning URLs and change can be claimed as sats via Bitcoin Lightning Wallet, Bluewallet or Wallet of Satoshi. Thus, you have two Lightning Nodes—the POS system and the user’s phone wallet.&nbsp;



Although this product is a proof-of-concept, it has great potential. 21isenough said that the development team is working on expanding the solution’s compatibility with several POS systems, before potentially introducing it to retail businesses.



“We plan to investigate further potential POS (point of sales) system that could be retrofitted with our solution,” 21isenough said. “Potential merchants wouldn’t want to migrate to a new POS system; hence, we would need to find ways to integrate into existing ones.”



The Lightning Network is still young, but it’s growing gradually and this is not the only potential use case for greater retail adoption. Earlier this year, payment startup Fold <a href="https://medium.com/in-the-fold/introducing-lightning-payments-ffa808c22092">announced</a> an integration that allows users to buy gift cards that is redeemable at big-name retailers like Starbucks, Home Depot and Uber. Moon also <a href="https://twitter.com/paywithmoon/status/1120337084097732608">launched</a> a browser extension where it serves as an intermediary that allows shoppers to make Lightning payments on Amazon and similar sites. 



Beyond e-commerce, Lightning is also being used in gaming. As previously reported by Bitcoin Magazine, Satoshi Games <a href="https://bitcoinmagazine.com/articles/lightnite-like-fortnite-but-with-bitcoin-powered-by-lightning">released</a> Lightnite, a multiplayer, third-person shooter game that only accepts Lightning payments. Lightnite is a freemium game that generates income through the sale of customization feature. However, unlike other games that accept credit cards and gift cards, Lightnite only accepts sats sent via the Lightning Network, allowing users to enjoy both the gaming and customization experience without exposing data linked to their identity.

LightningCashback Wants to Replace Fiat Change With Sats

As bitcoin grows as a medium of exchange and Bitcoiners become all the more interested in stacking sats as part of their daily activity, services are popping up that merge the worlds of everyday, brick-and-mortar retail and the original cryptocurrency. LightningCashback is the latest iteration of this trend, created specifically to bring bitcoin into the retail experience and convert your loose change into sats. Pay With Fiat, Get Change in Bitcoin LightningCashback was developed as a proof-of-concept by a group of programmers (including Ruben Waterman, the founder of Dutch Bitcoin savings platform GetBittr, and a Bitcoin enthusiast known as 21isenough on Twitter) at Berlin&rsquo;s Lightning Conference in October 2019. That&rsquo;s where 21isenough was demo&rsquo;ing his LightningATM prototype, which he had shared with the world via Twitter on September 8, 2019. The device merged brown cardboard with payment processor BTCPay Server and Lightning&rsquo;s LND &mdash; and kicked off a conversation between the developers that led to yet another innovation. &ldquo;We were discussing that the LightningATM is awesome for getting rid of coin change, which is still quite popular in Europe as the coins have quite a bit of value,&rdquo; Waterman told Bitcoin Magazine. &ldquo;We both prefer to pay in cash (for privacy reasons) but hate the coins.&rdquo; But, what if we could twist the idea? Waterman wondered. During ChainHack4 &mdash; a small blockchain hackathon in Lisbon, Portugal, on November 8 to 10, 2019 &mdash; Waterman, 21isenough and three other developers devised a new way of turning fiat change into bitcoin. Why not have retail shoppers receive their pocket change as sats instead of coins?&nbsp; Lightning Nodes on a POS System Thus, LightningCashback was born: point-of-sale (POS) software that prints a QR code with receipts, allowing customers to scan and receive their change for a purchase in sats via Lightning after paying in fiat. 21isenough posted a video of the innovation in action on Twitter, along with a picture of a produced receipt.&nbsp; It uses lntxtbot, a Telegram bot and custodial Lightning wallet, to generate Lightning URLs and change can be claimed as sats via Bitcoin Lightning Wallet, Bluewallet or Wallet of Satoshi. Thus, you have two Lightning Nodes&mdash;the POS system and the user&rsquo;s phone wallet.&nbsp; Although this product is a proof-of-concept, it has great potential. 21isenough said that the development team is working on expanding the solution&rsquo;s compatibility with several POS systems, before potentially introducing it to retail businesses. &ldquo;We plan to investigate further potential POS (point of sales) system that could be retrofitted with our solution,&rdquo; 21isenough said. &ldquo;Potential merchants wouldn&rsquo;t want to migrate to a new POS system; hence, we would need to find ways to integrate into existing ones.&rdquo; The Lightning Network is still young, but it&rsquo;s growing gradually and this is not the only potential use case for greater retail adoption. Earlier this year, payment startup Fold announced an integration that allows users to buy gift cards that is redeemable at big-name retailers like Starbucks, Home Depot and Uber. Moon also launched a browser extension where it serves as an intermediary that allows shoppers to make Lightning payments on Amazon and similar sites. Beyond e-commerce, Lightning is also being used in gaming. As previously reported by Bitcoin Magazine, Satoshi Games released Lightnite, a multiplayer, third-person shooter game that only accepts Lightning payments. Lightnite is a freemium game that generates income through the sale of customization feature. However, unlike other games that accept credit cards and gift cards, Lightnite only accepts sats sent via the Lightning Network, allowing users to enjoy both the gaming and customization experience without exposing data linked to their identity.

A proof-of-concept developed at a hackathon in Portugal could replace fiat change with Lightning-delivered sats at retail locations around the world.

LightningCashback: Replace Fiat Change With Bitcoin » Bitcoin Magazine

Bitcoin Magazine's Week in Review » Bitcoin Magazine

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Bitcoin Magazine’s Week in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week.



<h2><a href="https://bitcoinmagazine.com/articles/bitcoin-as-digital-gold">BTC Bullion: Three Interpretations of Bitcoin as “Digital Gold”</a></h2>



For much of its existence, bitcoin has been compared with gold. Several people have touted the two assets as the most effective investment vehicles for hedging against the global economy, though the two have many differences.



Rather than focus solely on the differences between bitcoin and gold, this article also takes a look at the similarities between the assets and how some blockchain implementations allow them to coexist.&nbsp;



<h2><a href="https://bitcoinmagazine.com/articles/was-a-lone-whale-really-behind-bitcoins-2017-bull-run-dont-bet-on-it">Was a Lone Whale Really Behind Bitcoin’s 2017 Bull Run? Don’t Bet on It</a></h2>



This week witnessed some controversy over a newly released research paper tracing bitcoin’s bullish price run of 2017 to a single “whale” investor who inflated the price through Tether tokens.



Bitcoin Magazine dissects this report, including its hypothesis, evidence and commentary.&nbsp;



<h2><a href="https://bitcoinmagazine.com/articles/op-ed-in-china-its-blockchain-and-tyranny-vs-bitcoin-and-freedom">Op Ed: In China, It’s Blockchain and Tyranny vs Bitcoin and Freedom</a></h2>



China has been in the cryptocurrency news cycle since President Xi Jinping gave a rousing speech in support of blockchain technology. And now the Chinese government has started to make plans toward launching a digital currency of its own.&nbsp;



In this piece, we examine how the Chinese digital yuan could end up becoming China’s most effective tool for government control and oversight.&nbsp;



<h2><a href="https://bitcoinmagazine.com/articles/beyond-china-and-north-america-the-decentralization-of-bitcoin-mining">Beyond China and North America: The Decentralization of Bitcoin Mining</a></h2>



When most people think about bitcoin mining, they think about China and North America. In this article, we take a wider look at the world of bitcoin mining and how more countries are becoming hubs for the practice.



With reports of developments from countries such as Venezuela, Norway and Paraguay, we take you beyond the mining frontier that many people have been limited to.



<h2><a href="https://bitcoinmagazine.com/articles/video-review-coldcard-mk3">Video Review: Coldcard Mk3</a></h2>



The Coldcard Mk3 bitcoin hardware wallet, the latest in the line of wallet devices from Coinkite, is entering a market that is mostly dominated by companies such as Trezor and Ledger.



Bitcoin Magazine conducts a full video review of the device, evaluating some of its features, such as appearance, security, feel and usage.



<h2><a href="https://bitcoinmagazine.com/guides/what-is-quantum-computing">What Is Quantum Computing?</a></h2>



The advent of quantum computing has raised a lot of concerns about the future of cryptography (and, by extension, cryptocurrencies). Several notable individuals have sounded off on the prospect of quantum computers rendering cryptocurrencies essentially worthless as quantum computers could be capable of breaking Bitcoin’s security.



Of course, these concerns are unlikely to become realities, as research suggests that it will take a couple of lifetimes for quantum computers to reach the processing power and scalability levels required to disrupt Bitcoin. To help clarify things, we explain the concept of quantum computing, as well as how this technology could affect the cryptocurrency space.&nbsp;



<h2><a href="https://bitcoinmagazine.com/guides/what-is-the-halvening">What Is ‘The Halvening’?</a></h2>



Avid fans of bitcoin are eagerly awaiting the 2020 halvening, expected to happen sometime in May, which will lead to the value of block rewards given to miners being cut in half.&nbsp;&nbsp;



Historically, halvenings have been followed by a drastic rise in the price of cryptocurrencies, particularly bitcoin. If you are interested in this monumental event and what it could mean for bitcoin, read our guide.

Bitcoin Magazine&rsquo;s Week in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week.

Bitcoin Magazine&rsquo;s Week in Review

Bitcoin Magazine&rsquo;s Week in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week. BTC Bullion: Three Interpretations of Bitcoin as &ldquo;Digital Gold&rdquo; For much of its existence, bitcoin has been compared with gold. Several people have touted the two assets as the most effective investment vehicles for hedging against the global economy, though the two have many differences. Rather than focus solely on the differences between bitcoin and gold, this article also takes a look at the similarities between the assets and how some blockchain implementations allow them to coexist.&nbsp; Was a Lone Whale Really Behind Bitcoin&rsquo;s 2017 Bull Run? Don&rsquo;t Bet on It This week witnessed some controversy over a newly released research paper tracing bitcoin&rsquo;s bullish price run of 2017 to a single &ldquo;whale&rdquo; investor who inflated the price through Tether tokens. Bitcoin Magazine dissects this report, including its hypothesis, evidence and commentary.&nbsp; Op Ed: In China, It&rsquo;s Blockchain and Tyranny vs Bitcoin and Freedom China has been in the cryptocurrency news cycle since President Xi Jinping gave a rousing speech in support of blockchain technology. And now the Chinese government has started to make plans toward launching a digital currency of its own.&nbsp; In this piece, we examine how the Chinese digital yuan could end up becoming China&rsquo;s most effective tool for government control and oversight.&nbsp; Beyond China and North America: The Decentralization of Bitcoin Mining When most people think about bitcoin mining, they think about China and North America. In this article, we take a wider look at the world of bitcoin mining and how more countries are becoming hubs for the practice. With reports of developments from countries such as Venezuela, Norway and Paraguay, we take you beyond the mining frontier that many people have been limited to. Video Review: Coldcard Mk3 The Coldcard Mk3 bitcoin hardware wallet, the latest in the line of wallet devices from Coinkite, is entering a market that is mostly dominated by companies such as Trezor and Ledger. Bitcoin Magazine conducts a full video review of the device, evaluating some of its features, such as appearance, security, feel and usage. What Is Quantum Computing? The advent of quantum computing has raised a lot of concerns about the future of cryptography (and, by extension, cryptocurrencies). Several notable individuals have sounded off on the prospect of quantum computers rendering cryptocurrencies essentially worthless as quantum computers could be capable of breaking Bitcoin&rsquo;s security. Of course, these concerns are unlikely to become realities, as research suggests that it will take a couple of lifetimes for quantum computers to reach the processing power and scalability levels required to disrupt Bitcoin. To help clarify things, we explain the concept of quantum computing, as well as how this technology could affect the cryptocurrency space.&nbsp; What Is &lsquo;The Halvening&rsquo;? Avid fans of bitcoin are eagerly awaiting the 2020 halvening, expected to happen sometime in May, which will lead to the value of block rewards given to miners being cut in half.&nbsp;&nbsp; Historically, halvenings have been followed by a drastic rise in the price of cryptocurrencies, particularly bitcoin. If you are interested in this monumental event and what it could mean for bitcoin, read our guide.

Bitcoin Magazine’s Week in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week.

Bitcoin Magazine’s Week in Review » Bitcoin Magazine

Federal agencies in Russia are reportedly developing proposals for confiscating cryptocurrencies by 2021. What could it mean for the country?

Russia Prepares Law to Confiscate Cryptocurrencies –

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According to local reports, Russia’s Ministry of Internal Affairs and other law enforcement agencies are developing proposals to confiscate cryptocurrencies. These proposals could evolve into Russian laws as soon as 2021.&nbsp;



“Russia plans to develop a legal mechanism for the seizure of virtual assets for their confiscation,” according to a translated report from <a href="https://www.rbc.ru/finances/07/11/2019/5dc160019a7947c61a5119a3">RBC</a>. “The relevant proposals should be prepared by December 31, 2021 by the Ministry of Internal Affairs together with [federal financial monitoring branch] Rosfinmonitoring, the Prosecutor General’s Office, the Investigative Committee, the Justice Ministry … the Federal Customs Service and the Federal Security Service with the participation of the Supreme Court.”



Decentralized, blockchain-based cryptocurrencies like bitcoin would be very difficult, if not impossible, to confiscate. The initial report did not elaborate on how, specifically, the government would seize cryptocurrency under a new regulation.



<h2>Russia and Cryptocurrency Regulation</h2>



Many Russians have a positive <a href="https://bitcoinmagazine.com/articles/russian-it-giant-mailru-enables-bitcoin-and-bitcoin-cash-payments">relationship</a> <a href="https://bitcoinmagazine.com/articles/moscows-blockchain-hackathon-reflects-booming-blockchain-industry-russia">with cryptocurrencies</a>. Ironically, even the government has had its hand in blockchain- and cryptocurrency-based initiatives.&nbsp;



President Vladimir Putin <a href="http://en.kremlin.ru/events/president/news/54677">met with</a> Ethereum co-founder Vitalik Buterin in June 2017, leading many to believe it was a signal of support for digital currencies from the Kremlin. The president also <a href="http://en.kremlin.ru/events/president/news/54667">attended</a> the St. Petersburg International Economic Forum that same month, where he claimed that enhancing the Russian economy and increasing average income could be achieved through the adoption and acceptance of “innovative technologies.” One of Putin’s aides <a href="https://www.rbc.ru/technology_and_media/29/10/2019/5db6f3409a79476d139d803b">leased</a> an abandoned aluminum plant located in northern Russia to a Bitcoin mining company.



However, regulation around cryptocurrencies in Russia has been a tad murky.



In May 2019, local news medium Fontanka <a href="https://www.fontanka.ru/2019/05/15/073/">reported</a> that Dmitry Medvedev, the Russian prime minister, had dismissed the issue of regulating cryptocurrency. While speaking at a legal conference in St. Petersburg, the lawmaker had explained that cryptocurrency may have lost its appeal to the masses.



“Nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant,” he argued.&nbsp;



So, those who advocated for regulations believed that Russia would get its day when crypto prices rose again. And prices did rise. Bitcoin surged to about $13,500 in June 2019, but this didn’t move the Russian government, as many had expected, to regulate the sector.&nbsp;



But some progress toward cryptocurrency regulation clarity in Russia was made this year.



Called Russia’s “<a href="https://thenextweb.com/hardfork/2019/10/02/russia-reportedly-enacts-laws-cryptocurrency-smart-contracts/">digital rights act</a>,” it defines smart contracts and digital tokens in a legal sense. Whether it was due to the involvement of his aides or just a fascination with the technology, President Putin seemed ready to open Russia’s doors to the innovative technologies that he touted in St. Petersburg.&nbsp;



<h2>Cryptocurrency Regulation as an Effort to Fight Crime in Russia</h2>



However, any cordial relationship between cryptocurrencies and the Russian government appears to be fraying. And this may be exacerbated by the fact that some high-profile crimes in the country have been connected to cryptocurrency.



On November 4, 2019, police in St. Petersburg <a href="https://beincrypto.com/terrorists-demand-bitcoin-from-russian-railways-after-bombing-threats/">reportedly</a> got an anonymous letter from a man who threatened to set off explosives at several train stations across the country if he wasn't paid 50 BTC (worth about $460,000 at press time).



In October 2019, Denis Baykov, a maintenance worker at a nuclear warhead facility in the western town of Sarov, was <a href="https://beincrypto.com/rogue-russian-bitcoin-miner-fined-7000-for-using-government-owned-supercomputer/">handed</a> a $7,000 fine after he and two of his co-workers were found trying to mine bitcoin with the facility’s supercomputer. The Sarov nuclear plant is registered as a state secret, and by connecting the supercomputer to the internet, the three men risked compromising the facility’s security to hackers and other external threats.&nbsp;



But instead of reversing the progress that Russia has made with regulations or banning cryptocurrencies (in the way countries like China and India have), the Kremlin is now looking to ensure complete oversight and control over their use.



<h2>Can Russia Really Confiscate Cryptocurrencies?</h2>



Konstantin Golikov, co-owner and CEO of digital rewards platform DailyRich, explained to RBC that success in a government-led initiative to confiscate cryptocurrencies would require clear regulations on how it classifies digital assets. This may allow cryptocurrency-based businesses to operate more easily in the country.&nbsp;



“If law enforcement agencies begin to discuss the forfeiture of cryptocurrency, then, in fact, they are launching a mechanism for legalizing cryptocurrency on the territory of Russia,” he said, adding that, while the Russian Central Bank might resist this, there are already many precedents for cryptocurrency seizure by a court decision.&nbsp;



As for the prospect of going through with confiscation, there are still plenty of questions. As RBC noted, cryptocurrencies are generally kept on exchanges or in private wallets. These assets can’t be taken by anyone without access to the wallets, and in most cases, only the owners (and perhaps the asset custodians) have access to them.



If the government wants to get its hands on these assets when it pleases, it may require the cooperation of asset holders. In any case, this effort would have to be preceded by more regulatory clarity.

Russia Prepares Law to Allow Cryptocurrency Confiscation

According to local reports, Russia&rsquo;s Ministry of Internal Affairs and other law enforcement agencies are developing proposals to confiscate cryptocurrencies. These proposals could evolve into Russian laws as soon as 2021.&nbsp; &ldquo;Russia plans to develop a legal mechanism for the seizure of virtual assets for their confiscation,&rdquo; according to a translated report from RBC. &ldquo;The relevant proposals should be prepared by December 31, 2021 by the Ministry of Internal Affairs together with [federal financial monitoring branch] Rosfinmonitoring, the Prosecutor General&rsquo;s Office, the Investigative Committee, the Justice Ministry &hellip; the Federal Customs Service and the Federal Security Service with the participation of the Supreme Court.&rdquo; Decentralized, blockchain-based cryptocurrencies like bitcoin would be very difficult, if not impossible, to confiscate. The initial report did not elaborate on how, specifically, the government would seize cryptocurrency under a new regulation. Russia and Cryptocurrency Regulation Many Russians have a positive relationship with cryptocurrencies. Ironically, even the government has had its hand in blockchain- and cryptocurrency-based initiatives.&nbsp; President Vladimir Putin met with Ethereum co-founder Vitalik Buterin in June 2017, leading many to believe it was a signal of support for digital currencies from the Kremlin. The president also attended the St. Petersburg International Economic Forum that same month, where he claimed that enhancing the Russian economy and increasing average income could be achieved through the adoption and acceptance of &ldquo;innovative technologies.&rdquo; One of Putin&rsquo;s aides leased an abandoned aluminum plant located in northern Russia to a Bitcoin mining company. However, regulation around cryptocurrencies in Russia has been a tad murky. In May 2019, local news medium Fontanka reported that Dmitry Medvedev, the Russian prime minister, had dismissed the issue of regulating cryptocurrency. While speaking at a legal conference in St. Petersburg, the lawmaker had explained that cryptocurrency may have lost its appeal to the masses. &ldquo;Nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant,&rdquo; he argued.&nbsp; So, those who advocated for regulations believed that Russia would get its day when crypto prices rose again. And prices did rise. Bitcoin surged to about $13,500 in June 2019, but this didn&rsquo;t move the Russian government, as many had expected, to regulate the sector.&nbsp; But some progress toward cryptocurrency regulation clarity in Russia was made this year. Called Russia&rsquo;s &ldquo;digital rights act,&rdquo; it defines smart contracts and digital tokens in a legal sense. Whether it was due to the involvement of his aides or just a fascination with the technology, President Putin seemed ready to open Russia&rsquo;s doors to the innovative technologies that he touted in St. Petersburg.&nbsp; Cryptocurrency Regulation as an Effort to Fight Crime in Russia However, any cordial relationship between cryptocurrencies and the Russian government appears to be fraying. And this may be exacerbated by the fact that some high-profile crimes in the country have been connected to cryptocurrency. On November 4, 2019, police in St. Petersburg reportedly got an anonymous letter from a man who threatened to set off explosives at several train stations across the country if he wasn&rsquo;t paid 50 BTC (worth about $460,000 at press time). In October 2019, Denis Baykov, a maintenance worker at a nuclear warhead facility in the western town of Sarov, was handed a $7,000 fine after he and two of his co-workers were found trying to mine bitcoin with the facility&rsquo;s supercomputer. The Sarov nuclear plant is registered as a state secret, and by connecting the supercomputer to the internet, the three men risked compromising the facility&rsquo;s security to hackers and other external threats.&nbsp; But instead of reversing the progress that Russia has made with regulations or banning cryptocurrencies (in the way countries like China and India have), the Kremlin is now looking to ensure complete oversight and control over their use. Can Russia Really Confiscate Cryptocurrencies? Konstantin Golikov, co-owner and CEO of digital rewards platform DailyRich, explained to RBC that success in a government-led initiative to confiscate cryptocurrencies would require clear regulations on how it classifies digital assets. This may allow cryptocurrency-based businesses to operate more easily in the country.&nbsp; &ldquo;If law enforcement agencies begin to discuss the forfeiture of cryptocurrency, then, in fact, they are launching a mechanism for legalizing cryptocurrency on the territory of Russia,&rdquo; he said, adding that, while the Russian Central Bank might resist this, there are already many precedents for cryptocurrency seizure by a court decision.&nbsp; As for the prospect of going through with confiscation, there are still plenty of questions. As RBC noted, cryptocurrencies are generally kept on exchanges or in private wallets. These assets can&rsquo;t be taken by anyone without access to the wallets, and in most cases, only the owners (and perhaps the asset custodians) have access to them. If the government wants to get its hands on these assets when it pleases, it may require the cooperation of asset holders. In any case, this effort would have to be preceded by more regulatory clarity.

Russia Prepares Law to Confiscate Cryptocurrencies » Bitcoin Magazine

With new licensure in Singapore, digital asset manager Sygnum wants to offer cryptocurrency investment options that attract institutional investment.

In Singapore, Sygnum Works on Institutional Investors –

Digital assets

Institutional investors

Singapore

sygnum

asset

asset bank

asset economy

august 2019

code of practice

digital asset

Sygnum, a digital asset manager that offers custody, brokerage, lombard credit and tokenization services to institutional and qualified private investors, describes itself as the “<a href="https://www.sygnum.com/about-us/">world’s first digital asset bank</a>.”



On October 31, 2019, the group <a href="https://www.insights.sygnum.com/post/sygnum-granted-capital-markets-services-licence">announced</a> it had obtained a capital markets services license from the Monetary Authority of Singapore (MAS). This came after it obtained a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August 2019.



With licensure from two of the world’s most innovative financial centers, Sygnum may be in a better position to onboard institutional investors into the bitcoin and cryptocurrency markets. Its approval process in Singapore in particular may also portend the growth of the cryptocurrency industry in a welcoming environment.



<h2>New Regulatory Approval, New Institutional Investors</h2>



Though the regulatory approvals are relatively recent, Sygnum already had roots in Singapore and Switzerland. It's <a href="http://innov8.singtel.com/portfolio.html">backed</a> by Singtel Innov8, the venture capital arm of Singaporean telecoms company Singtel Group. The digital asset bank also has a team of advisors made up of <a href="https://www.swissinfo.ch/eng/sygnum-launch_blockchain-start-up-backed-by-swiss-banking-heavyweights/44532094">experienced</a> Swiss bankers, including ex-Swiss National Bank president Philipp Hildebrand and former UBS CEO Peter Wuffli.



Mathias Imbach, co-founder and CEO of Sygnum, told Bitcoin Magazine that he was impressed by the professionalism and openness of the Singaporean regulators throughout its license application process. He also highlighted Sygnum’s emphasis on adhering to AML requirements, something that undoubtedly made the process easier.



“Anti-money laundering safeguards are always a pressing concern for regulators, and a challenge that is faced by every financial institution today,” Imbach said. “This translates even more so to digital assets. We have developed proprietary frameworks and tools around this topic, which are specifically designed for the digital asset economy and are key in helping us stay ahead of the regulatory requirements.”



Following this approval, Sygnum will be launching a multi-manager fund, which will allocate investments across several managers that “tap into the global digital asset opportunity using different and uncorrelated investment strategies,” according to the company announcement.&nbsp;



The firm sees this as an opportunity to fill a need that’s still apparent in the space — investment options that give institutions the benefits of digital assets while mitigating the risks that still make many of them wary from participating.



“This approach provides exposure to the potential returns of the emerging digital asset economy while diversifying the investment risk,” Imbach said. “Together with a rigorous manager and operational due diligence process, this fund is a responsible and prudent way for accredited and institutional investors to get exposure to digital assets.”



<h2>Progressive Policies Pay Off for Singapore</h2>



Singapore has long been attractive for bitcoin and bitcoin-based businesses. Aside from being a general fintech hotspot on the Asian continent, the country has embraced emerging technologies of all kinds.



Particularly laudable are the government’s efforts to provide a structured, regulated environment where cryptocurrency and blockchain firms can work. On October 16, 2019, Loo Siew Yee, an assistant managing director at MAS, gave a speech at the International Compliance Association Annual APAC Conference.&nbsp;



The speech, which was <a href="https://www.mas.gov.sg/news/speeches/2019/combatting-financial-crime-through-new-technologies-built-on-strong-fundamentals">titled</a> “Combating Financial Crime through New Technologies Built on Strong Fundamentals,” highlighted Singapore’s potential as an environment that fuels the cryptocurrency sector and the authority’s commitment to fight crime as more cryptocurrency-based businesses set up shop there.



“Given Singapore’s position as a major financial and fintech centre, it is natural that DPT [digital payment token] firms would wish to set up here,” Yee said. “In preparation for new DPT licensees next year, MAS has started to enhance our supervisory and surveillance capabilities to facilitate the proactive detection of unlicensed DPT activities, and to use ‘real-time’ data gathering to enhance our assessment.”&nbsp;



Predecating this stance in August 2019, the Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), a trade association, <a href="https://bitcoinmagazine.com/articles/trade-association-proposes-code-of-practice-for-singapore-cryptocurrency-industry">released</a> a code of practice for cryptocurrency companies, noting best practices for AML and countering the financing of terrorism.



“In essence, the code of practice helps banks and industry players to sieve out the ‘bad,’ so that quality licensed blockchain and crypto-asset businesses can grow here in a bigger way and make a stronger imprint on the global stage,” Anson Zeall, the chairman of ACCESS, explained in a press release at the time.

With Expansion in Singapore, Sygnum Focuses on Institutional Investors

Sygnum, a digital asset manager that offers custody, brokerage, lombard credit and tokenization services to institutional and qualified private investors, describes itself as the &ldquo;world&rsquo;s first digital asset bank.&rdquo; On October 31, 2019, the group announced it had obtained a capital markets services license from the Monetary Authority of Singapore (MAS). This came after it obtained a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August 2019. With licensure from two of the world&rsquo;s most innovative financial centers, Sygnum may be in a better position to onboard institutional investors into the bitcoin and cryptocurrency markets. Its approval process in Singapore in particular may also portend the growth of the cryptocurrency industry in a welcoming environment. New Regulatory Approval, New Institutional Investors Though the regulatory approvals are relatively recent, Sygnum already had roots in Singapore and Switzerland. It&rsquo;s backed by Singtel Innov8, the venture capital arm of Singaporean telecoms company Singtel Group. The digital asset bank also has a team of advisors made up of experienced Swiss bankers, including ex-Swiss National Bank president Philipp Hildebrand and former UBS CEO Peter Wuffli. Mathias Imbach, co-founder and CEO of Sygnum, told Bitcoin Magazine that he was impressed by the professionalism and openness of the Singaporean regulators throughout its license application process. He also highlighted Sygnum&rsquo;s emphasis on adhering to AML requirements, something that undoubtedly made the process easier. &ldquo;Anti-money laundering safeguards are always a pressing concern for regulators, and a challenge that is faced by every financial institution today,&rdquo; Imbach said. &ldquo;This translates even more so to digital assets. We have developed proprietary frameworks and tools around this topic, which are specifically designed for the digital asset economy and are key in helping us stay ahead of the regulatory requirements.&rdquo; Following this approval, Sygnum will be launching a multi-manager fund, which will allocate investments across several managers that &ldquo;tap into the global digital asset opportunity using different and uncorrelated investment strategies,&rdquo; according to the company announcement.&nbsp; The firm sees this as an opportunity to fill a need that&rsquo;s still apparent in the space &mdash; investment options that give institutions the benefits of digital assets while mitigating the risks that still make many of them wary from participating. &ldquo;This approach provides exposure to the potential returns of the emerging digital asset economy while diversifying the investment risk,&rdquo; Imbach said. &ldquo;Together with a rigorous manager and operational due diligence process, this fund is a responsible and prudent way for accredited and institutional investors to get exposure to digital assets.&rdquo; Progressive Policies Pay Off for Singapore Singapore has long been attractive for bitcoin and bitcoin-based businesses. Aside from being a general fintech hotspot on the Asian continent, the country has embraced emerging technologies of all kinds. Particularly laudable are the government&rsquo;s efforts to provide a structured, regulated environment where cryptocurrency and blockchain firms can work. On October 16, 2019, Loo Siew Yee, an assistant managing director at MAS, gave a speech at the International Compliance Association Annual APAC Conference.&nbsp; The speech, which was titled &ldquo;Combating Financial Crime through New Technologies Built on Strong Fundamentals,&rdquo; highlighted Singapore&rsquo;s potential as an environment that fuels the cryptocurrency sector and the authority&rsquo;s commitment to fight crime as more cryptocurrency-based businesses set up shop there. &ldquo;Given Singapore&rsquo;s position as a major financial and fintech centre, it is natural that DPT [digital payment token] firms would wish to set up here,&rdquo; Yee said. &ldquo;In preparation for new DPT licensees next year, MAS has started to enhance our supervisory and surveillance capabilities to facilitate the proactive detection of unlicensed DPT activities, and to use &lsquo;real-time&rsquo; data gathering to enhance our assessment.&rdquo;&nbsp; Predecating this stance in August 2019, the Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), a trade association, released a code of practice for cryptocurrency companies, noting best practices for AML and countering the financing of terrorism. &ldquo;In essence, the code of practice helps banks and industry players to sieve out the &lsquo;bad,&rsquo; so that quality licensed blockchain and crypto-asset businesses can grow here in a bigger way and make a stronger imprint on the global stage,&rdquo; Anson Zeall, the chairman of ACCESS, explained in a press release at the time.

With Expansion in Singapore, Sygnum Focuses on Institutional Investors –

adoption

argentines

bitcoin regulation

coldcard wallet

dark web

economic

economic development

Bitcoin Magazine’s Week in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week.



<h2><a href="https://bitcoinmagazine.com/articles/darknet-markets-cant-live-with-or-without-bitcoin">Darknet Markets Can’t Live With — or Without — Bitcoin</a></h2>



When many people think of Bitcoin, they think of the dark web platform Silk Road — one of the world's notorious digital marketplaces upon which vendors sold illegal products in exchange for BTC.&nbsp;



But bitcoin might not be the ideal medium of exchange when it comes to privacy, as the Bitcoin blockchain can provide critical transaction evidence to law enforcement officials. This recent article explains the intricate relationship that has formed between the world’s most significant crypto asset and the dark web.&nbsp;



<h2><a href="https://bitcoinmagazine.com/articles/why-african-countries-lead-in-bitcoin-searches-and-what-it-means-for-adoption">Why African Countries Lead in Bitcoin Searches and What It Means for Adoption</a></h2>



The African cryptocurrency space has been abuzz lately, with the rest of the world beginning to turn to the continent as the next frontier for cryptocurrency adoption. Binance Research recently revealed that there has been a surge in the number of Google searches for “Bitcoin” in Nigeria and South Africa, thus sparking the speculations.



Searching for context around this research, Bitcoin Magazine spoke with Marius Reitz from cryptocurrency exchange Luno and liquidity provider BitPesa, on the rise of cryptocurrency interest in Africa and what it might mean for adoption.



<h2><a href="https://bitcoinmagazine.com/articles/why-bitcoin-is-the-perfect-haven-for-argentines-in-this-economic-crunch">Why Bitcoin Is the Perfect Haven for Argentines in This Economic Crunch</a></h2>



For decades, Argentina has had issues with economic development — the Argentinian economy has either been declining or growing at an unsatisfactory pace.



This economic development or lack thereof has led to many losing trust in the country’s fiat currency. Instead, Argentines have focused their attention on the U.S. dollar. Hoping to curb this reliance, the government announced a restrictive forex policy that limits the amount of USD its citizens can purchase. This reduction has led to questions for those who seek alternative ways to preserve their wealth.&nbsp;



In this piece, we look at why and how Bitcoin can rescue Argentines in this difficult period.



<h2><a href="https://bitcoinmagazine.com/articles/coinkite-publishes-everything-you-need-to-build-your-own-coldcard-wallet">Coinkite Publishes Everything You Need to Build Your Own Coldcard Wallet</a></h2>



Coinkite, a hardware wallet manufacturer, has released a manual for people who would like to build their own versions of its latest Coldcard wallet.



Speaking with Bitcoin Magazine, Coinkite chief executive Rodolfo Novak said, “We encourage advanced users to make a unit themselves and publish their findings, it's one of the best methods to verify our code/hardware.”



The firm is hoping that, by helping people take charge of their own asset storage, it can provide a forum for improvement, as feedback and user actions will be leveraged to help make its platform better.&nbsp;



<h2><a href="https://bitcoinmagazine.com/articles/video-review-ledger-nano-x">Video Review: Ledger Nano X</a></h2>



Ledger's Nano X is a formidable hardware wallet, but what makes it stand out? With a neat package, a much slimmer body than most of its predecessors and an innovative Bluetooth connectivity feature, the Nano S has all the makings of a&nbsp; leader in the bitcoin storage space. With this comprehensive video review of the device, you'll learn what makes this cold wallet a must-have for bitcoin investors.



<h2><a href="https://bitcoinmagazine.com/articles/video-tone-vays-on-technical-analysis-and-bitcoin-regulation">Video: Tone Vays on Technical Analysis and Bitcoin Regulation</a></h2>



Bitcoin Magazine caught up with Tone Vays, one of the most popular analysts and derivatives traders in cryptocurrency, at the Transylvania Crypto Conference in Cluj, Romania. The man, who has drawn some ire from many for charging 0.3 BTC (about $3,075 at press time) per hour for consultancy fees, spoke with us at length (free of charge) about technical analysis, Bitcoin regulation and more.

Bitcoin Magazine Week in Review

Bitcoin Magazine&rsquo;s Week in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week. Darknet Markets Can&rsquo;t Live With &mdash; or Without &mdash; Bitcoin When many people think of Bitcoin, they think of the dark web platform Silk Road &mdash; one of the world&rsquo;s notorious digital marketplaces upon which vendors sold illegal products in exchange for BTC.&nbsp; But bitcoin might not be the ideal medium of exchange when it comes to privacy, as the Bitcoin blockchain can provide critical transaction evidence to law enforcement officials. This recent article explains the intricate relationship that has formed between the world&rsquo;s most significant crypto asset and the dark web.&nbsp; Why African Countries Lead in Bitcoin Searches and What It Means for Adoption The African cryptocurrency space has been abuzz lately, with the rest of the world beginning to turn to the continent as the next frontier for cryptocurrency adoption. Binance Research recently revealed that there has been a surge in the number of Google searches for &ldquo;Bitcoin&rdquo; in Nigeria and South Africa, thus sparking the speculations. Searching for context around this research, Bitcoin Magazine spoke with Marius Reitz from cryptocurrency exchange Luno and liquidity provider BitPesa, on the rise of cryptocurrency interest in Africa and what it might mean for adoption. Why Bitcoin Is the Perfect Haven for Argentines in This Economic Crunch For decades, Argentina has had issues with economic development &mdash; the Argentinian economy has either been declining or growing at an unsatisfactory pace. This economic development or lack thereof has led to many losing trust in the country&rsquo;s fiat currency. Instead, Argentines have focused their attention on the U.S. dollar. Hoping to curb this reliance, the government announced a restrictive forex policy that limits the amount of USD its citizens can purchase. This reduction has led to questions for those who seek alternative ways to preserve their wealth.&nbsp; In this piece, we look at why and how Bitcoin can rescue Argentines in this difficult period. Coinkite Publishes Everything You Need to Build Your Own Coldcard Wallet Coinkite, a hardware wallet manufacturer, has released a manual for people who would like to build their own versions of its latest Coldcard wallet. Speaking with Bitcoin Magazine, Coinkite chief executive Rodolfo Novak said, &ldquo;We encourage advanced users to make a unit themselves and publish their findings, it&rsquo;s one of the best methods to verify our code/hardware.&rdquo; The firm is hoping that, by helping people take charge of their own asset storage, it can provide a forum for improvement, as feedback and user actions will be leveraged to help make its platform better.&nbsp; Video Review: Ledger Nano X Ledger&rsquo;s Nano X is a formidable hardware wallet, but what makes it stand out? With a neat package, a much slimmer body than most of its predecessors and an innovative Bluetooth connectivity feature, the Nano S has all the makings of a&nbsp; leader in the bitcoin storage space. With this comprehensive video review of the device, you&rsquo;ll learn what makes this cold wallet a must-have for bitcoin investors. Video: Tone Vays on Technical Analysis and Bitcoin Regulation Bitcoin Magazine caught up with Tone Vays, one of the most popular analysts and derivatives traders in cryptocurrency, at the Transylvania Crypto Conference in Cluj, Romania. The man, who has drawn some ire from many for charging 0.3 BTC (about $3,075 at press time) per hour for consultancy fees, spoke with us at length (free of charge) about technical analysis, Bitcoin regulation and more.

Bitcoin Magazine Week in Review » Bitcoin Magazine

By inadvertently including the majority of its users’ emails in an update email, cryptocurrency exchange BitMEX has compromised their privacy.

BitMEX Compromises User Data in Email Gaffe –

Privacy &amp; security

Bitmex

addresses

affected

bitmex

cause

cryptocurrency exchange

email addresses

exchange

general

Early in the day on November 1, 2019, cryptocurrency exchange BitMEX sent a mass email to a large swath of its user base and included their email addresses in the “To” field, thereby compromising their privacy.



A screenshot of the email shared on <a href="https://twitter.com/sakuraricebird/status/1190167326898806784">Twitter</a> showed dozens of email addresses visible in an email from BitMEX. The exchange has indicated that the email was a general user update.



“We are aware that some of our users have received a general user update email earlier today, which contained the email addresses of other users,” the exchange wrote in a <a href="https://blog.bitmex.com/statement-on-email-privacy-issue-impacting-our-users/">statement</a> on its blog. “Rest assured we are doing everything we can to identify the root cause of the fault and we will be in touch with any users affected by the issue.”



Vivien Khoo, deputy COO of BitMex, explained to <a href="https://www.theblockcrypto.com/post/45487/bitmex-exposes-some-users-email-ids-to-other-users-affecting-their-privacy">The Block</a> that the email was sent to “the majority” of the exchange’s users and traced the cause to “an error in the software script used to send the emails.”



But in a similar event that may suggest a larger issue, it appeared that BitMEX’s Twitter account was compromised around the same time that the email was sent. BitMEX’s official Twitter account posted “Take your BTC and run. Last day for withdrawals,” according to an <a href="https://archive.md/UF3Qp">archived tweet</a> that has since been deleted.



Shortly afterward, the account tweeted a message meant to reassure users that their funds were safe, blaming “trolls” for the confusion.



<figure class="wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
https://twitter.com/BitMEXdotcom/status/1190267001714835456
</div></figure>



<h2>Are BitMEX Users Vulnerable?</h2>



As many respondents have <a href="https://twitter.com/Crypto_Horsey/status/1190267543333801986">pointed out</a>, trusting the exchange with user security at this point is difficult.



While no funds seem to have been lost at the time of publication, users affected by the email leak are now potentially vulnerable to phishing attacks, email hacks (especially for those who have weak passwords) and malware.&nbsp;



Also, email addresses may be cross-referenced with other data dumps that have occurred in the past, giving hackers easier access to several platforms and services tied to those email addresses.&nbsp;



Fellow cryptocurrency exchange Binance tweeted about the leak, recommending that any of its compromised customers who use the same email account on Binance change it immediately.



<figure class="wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
https://twitter.com/binance/status/1190176334837735425
</div></figure>

By inadvertently including the majority of its users&rsquo; emails in an update email, cryptocurrency exchange BitMEX has compromised their privacy.

BitMEX Compromises User Data in Email Gaffe

Early in the day on November 1, 2019, cryptocurrency exchange BitMEX sent a mass email to a large swath of its user base and included their email addresses in the &ldquo;To&rdquo; field, thereby compromising their privacy. A screenshot of the email shared on Twitter showed dozens of email addresses visible in an email from BitMEX. The exchange has indicated that the email was a general user update. &ldquo;We are aware that some of our users have received a general user update email earlier today, which contained the email addresses of other users,&rdquo; the exchange wrote in a statement on its blog. &ldquo;Rest assured we are doing everything we can to identify the root cause of the fault and we will be in touch with any users affected by the issue.&rdquo; Vivien Khoo, deputy COO of BitMex, explained to The Block that the email was sent to &ldquo;the majority&rdquo; of the exchange&rsquo;s users and traced the cause to &ldquo;an error in the software script used to send the emails.&rdquo; But in a similar event that may suggest a larger issue, it appeared that BitMEX&rsquo;s Twitter account was compromised around the same time that the email was sent. BitMEX&rsquo;s official Twitter account posted &ldquo;Take your BTC and run. Last day for withdrawals,&rdquo; according to an archived tweet that has since been deleted. Shortly afterward, the account tweeted a message meant to reassure users that their funds were safe, blaming &ldquo;trolls&rdquo; for the confusion. We would like to reassure our users that while the trolls may target our Twitter account, you may rest assured that all funds are safe. &mdash; BitMEX (@BitMEXdotcom) November 1, 2019 Are BitMEX Users Vulnerable? As many respondents have pointed out, trusting the exchange with user security at this point is difficult. While no funds seem to have been lost at the time of publication, users affected by the email leak are now potentially vulnerable to phishing attacks, email hacks (especially for those who have weak passwords) and malware.&nbsp; Also, email addresses may be cross-referenced with other data dumps that have occurred in the past, giving hackers easier access to several platforms and services tied to those email addresses.&nbsp; Fellow cryptocurrency exchange Binance tweeted about the leak, recommending that any of its compromised customers who use the same email account on Binance change it immediately. &#x26a0;&#xfe0f;We are aware of a large-scale user email leak from another exchange.&#x26a0;&#xfe0f;If you are one of the affected users and you also have a Binance account under the same email address, we recommend changing your email immediately using the below steps:https://t.co/sgEr5sqleg &mdash; Binance (@binance) November 1, 2019

BitMEX Compromises User Data in Email Gaffe » Bitcoin Magazine

A Russian aluminum plant, whose owner has been hit by U.S. sanctions, will lease space to a cryptocurrency mining company.

Russia Aluminum Plant Turns to Cryptocurrency Mining –

Mining

Sanctions

according

aluminum

april

cryptocurrency mining

deripaska

economic sanctions

International economic sanctions have propelled many countries toward cryptocurrencies — from Venezuela to Iran. Now, U.S. sanctions imposed on one Russian company have paved the way for a cryptocurrency mining operation to take over a decidedly industrial facility.



<h2>Rusal Turns to Cryptocurrency Mining in Face of Sanctions</h2>



One such establishment is Rusal, an aluminum giant owned by Oleg Deripaska, an aide to Russian President Vladimir Putin. In April 2018, Deripaska was <a href="https://home.treasury.gov/news/press-releases/sm592">named</a> by the U.S. Office of Foreign Assets Control (OFAC) as a “Designated Russian oligarch,” thanks to his close ties to the Kremlin. Rusal was immediately hit with significant economic sanctions following this designation.



According to an October 29, 2019, <a href="https://www.rbc.ru/technology_and_media/29/10/2019/5db6f3409a79476d139d803b">report</a> from local news medium RBC, Rusal has been unable to manufacture anything since the sanctions were slapped on it. Looking to maintain cash flow under these circumstances, the company has agreed to lease a section of its Nadvoitsy Aluminum Plant, located in the northern Karelia region, to the Russian Mining Company (RMC).&nbsp;



RMC reportedly plans to install cryptocurrency miners in the plant and utilize its cheap power sources.



RMC is run by Russian tech entrepreneur Dmitry Marinichev. After raising $43 million in a 2017 ICO, RMC <a href="https://www.rbc.ru/technology_and_media/10/08/2017/5989afb59a79476c1befecff">established</a> a cryptocurrency mining farm in a plant that formerly belonged to automobile company Moskvich, according to RBC. The company also established two mining pools; BitcoinRussia, which is dedicated to bitcoin mining, and a separate pool for mining ether.



RBC quotes data from BitcoinRussia, showing the pool had processed 1,815 bitcoin in payment to its participants. But between April and May 2019, the Moskvich plant was shut down as it became unprofitable.&nbsp;&nbsp;



<h2>Other Cryptocurrency Initiatives for RMC</h2>



Now that RMC has a new location for cryptocurrency mining, Marinichev wants to relaunch the decentralized mining pool as well.



The RMC has also reached a funding agreement with British cryptocurrency exchange and wallet provider Cryptonex. The exchange will <a href="https://cryptonex.org/news/278">provide</a> RMC with 42 million CNX (the native token of Cryptonex, which is <a href="https://coinmarketcap.com/currencies/cryptonex/">valued</a> at $2.07 at press time). The funding would be used by RMC to procure and deploy miners to be used in its mining farms.

Russian Aluminum Plant Set to House Cryptocurrency Mining Farm

International economic sanctions have propelled many countries toward cryptocurrencies &mdash; from Venezuela to Iran. Now, U.S. sanctions imposed on one Russian company have paved the way for a cryptocurrency mining operation to take over a decidedly industrial facility. Rusal Turns to Cryptocurrency Mining in Face of Sanctions One such establishment is Rusal, an aluminum giant owned by Oleg Deripaska, an aide to Russian President Vladimir Putin. In April 2018, Deripaska was named by the U.S. Office of Foreign Assets Control (OFAC) as a &ldquo;Designated Russian oligarch,&rdquo; thanks to his close ties to the Kremlin. Rusal was immediately hit with significant economic sanctions following this designation. According to an October 29, 2019, report from local news medium RBC, Rusal has been unable to manufacture anything since the sanctions were slapped on it. Looking to maintain cash flow under these circumstances, the company has agreed to lease a section of its Nadvoitsy Aluminum Plant, located in the northern Karelia region, to the Russian Mining Company (RMC).&nbsp; RMC reportedly plans to install cryptocurrency miners in the plant and utilize its cheap power sources. RMC is run by Russian tech entrepreneur Dmitry Marinichev. After raising $43 million in a 2017 ICO, RMC established a cryptocurrency mining farm in a plant that formerly belonged to automobile company Moskvich, according to RBC. The company also established two mining pools; BitcoinRussia, which is dedicated to bitcoin mining, and a separate pool for mining ether. RBC quotes data from BitcoinRussia, showing the pool had processed 1,815 bitcoin in payment to its participants. But between April and May 2019, the Moskvich plant was shut down as it became unprofitable.&nbsp;&nbsp; Other Cryptocurrency Initiatives for RMC Now that RMC has a new location for cryptocurrency mining, Marinichev wants to relaunch the decentralized mining pool as well. The RMC has also reached a funding agreement with British cryptocurrency exchange and wallet provider Cryptonex. The exchange will provide RMC with 42 million CNX (the native token of Cryptonex, which is valued at $2.07 at press time). The funding would be used by RMC to procure and deploy miners to be used in its mining farms.

Russia Aluminum Plant Turns to Cryptocurrency Mining » Bitcoin Magazine

Following new forex restrictions that limit the amount of USD that Argentines can buy, bitcoin is poised to become a go-to haven in Argentina.

Argentina

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argentina's central bank

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Between the characteristic Latin American lifestyle, the friendly people and the buzzing nightlife, Argentina is a joy to visit. For locals, however, it’s not an easy place to live in. For the eighth time in its 209-year history and the second time in the past 13 years, the country finds itself entering into billions of dollars worth of debt.&nbsp;



In short, the Argentinian economy isn’t doing well at all. Reuters <a href="https://in.reuters.com/article/argentina-economy/argentina-inflation-expected-at-53-in-december-2019-treasury-officials-idINKCN1VX09U">expects</a> its inflation level to reach 53 percent by December 2019, and regardless of the policies set by the past administration (led by the reform-minded and recently-ousted Mauricio Macri), the economy doesn’t seem to be getting any better.



<h2>Argentina’s Dollar Dependency and Its Many Facets</h2>



To outside observers, perhaps one of the biggest financial quandaries that Argentina faces is its overdependence on the U.S. dollar. In 2014, The Washington Post <a href="http://washingtonpost.com/news/wonk/wp/2014/07/31/argentinas-insatiable-and-destructive-appetite-for-u-s-dollars/">reported</a> that there was up to $50 billion stashed in cash and dollar-denominated bank accounts domiciled in Argentina. The reason why is not hard to guess: When you live in an economically challenged country, you’ll look for ways to preserve your wealth.&nbsp;



The country’s peso is a hot mess, and instead of struggling with shaky values and fluctuating exchange rates, its citizens have done what many other citizens in debt-ridden countries do: convert their currency to dollars to find some semblance of stability.&nbsp;



In an interview with Bitcoin Magazine, Eduardo Gomez, the head of support at bitcoin-backed savings platform Purse.io, said Argentines are buying bitcoin for different reasons.&nbsp;



“From 2015 to 2019, trading volumes for bitcoin went up on platforms like LocalBitcoins, Ripio, etc. — mainly due to retail interest and speculation, but also to hide wealth from the government,” he said.



Dollar-hoarding has made it difficult for Argentina’s central bank to build its own dollar savings, which has led to a significant drop in the country’s foreign reserves. The same problem has also caused some producers and manufacturers in the country to hoard products. They see selling as unwise, as they believe that a devaluation of the peso is always around the corner.



<h2>Currency Restrictions Could Bring More Bitcoin to Argentina</h2>



The first round of new elections in Argentina was held on October 27, 2019, and it saw Alberto Fernández, a 60-year-old former chief of the cabinet of ministers, <a href="https://www.bbc.com/news/world-latin-america-50203727">emerge victorious</a>. Fernández didn’t have much time to revel in his victory, as he immediately rolled out his first major macroeconomic policy, tightening currency controls even further.



Argentina’s central bank <a href="https://www.reuters.com/article/us-argentina-cenbank/argentine-central-bank-cuts-dollar-purchase-limit-sharply-as-forex-reserves-tumble-idUSKBN1X708U">cut</a> the amount of dollars that individuals could buy to $200 per month via bank account and $100 in cash until December 2019, down from a $10,000 limit imposed in September 2019.



As a result, blockchain companies are gearing up for a harvest. Diego Gutiérrez Zaldívar of IOV Labs — the parent company of <a href="https://bitcoinmagazine.com/articles/rsk-parent-company-acquires-taringa-to-tokenize-social-media">Latin American social network Taringa</a> and the company that powers the <a href="https://bitcoinmagazine.com/articles/rsk-merges-new-rif-os-opens-potential-increased-interoperability">RSK</a> ecosystem — said he believes that this ban would be beneficial for Bitcoin.



“This new forex restrictions in Argentina are very important for Bitcoin,” he told Bitcoin Magazine. “Every time the friction of the traditional financial system grows in the form of capital or forex controls, Argentines seek for alternatives. The traditional alternative for the middle class was always the U.S. dollar and OTC exchanges, but more and more, bitcoin is also becoming an alternative.”&nbsp;



While Argentines seem to have lost faith in their own fiat currency, this restriction will strain their ability to store wealth. In a country where the average family stockpiles groceries for fear of wild price swings, bitcoin can be a saving grace.



<h2>Argentina Can Still Thrive With Bitcoin</h2>



Latin America has proven to be a testing ground for the application of cryptocurrencies as safe havens during economic turmoil (<a href="https://bitcoinmagazine.com/articles/venezuela-has-traded-250m-btc-in-2019-and-other-bitcoin-utility-data">see Venezuela</a>), and the trend is spreading to Argentina. The country is filled with an abundance of local exchanges, bitcoin brokers and other blockchain startups in search of users who want to adopt cryptocurrency.&nbsp;



“Argentines don’t trust the pesos,” Santiago Molins, a Argentina-based cryptocurrency specialist and entrepreneur, told Bitcoin Magazine. “Our inflation can peak 30 percent in one day, so most people buy food and stock up in case prices rise.”



This uncertainty is driving Argentines to the many bitcoin access points available to them. From centralized exchanges to P2P platforms to bitcoin ATMs, there’s a variety of ways in which Argentines can purchase bitcoin.&nbsp;



According to CoinATMRadar, Argentina has about 11 bitcoin ATMs concentrated in its capital Buenos Aires. And in the week following Fernández’s victory, the trading volume for LocalBitcoins in Argentina <a href="https://coin.dance/volume/localbitcoins/ARS">amounted</a> to 14.15 million pesos (worth about $240,000), marking the country’s third-highest volume week in history, even while some brokers were selling at higher premiums.&nbsp;



<h2>Opportunities for Bitcoin in Argentina</h2>



Despite the recent dollar restrictions, local exchanges are not apprehensive about serving customers. Speaking with Bitcoin Magazine, Manuel Beaudroit, the chief marketing officer of Latin America-focused exchange <a href="https://bitex.la/">Bitex</a>, said that since the local exchanges transact in pesos, restrictions don’t bother or affect it. It has also witnessed a spike in its volumes since August 2019.



“Successive economic and social turmoil have created the perfect conditions for startups in the crypto ecosystem to thrive and flourish; this demonstrates our natural predisposition for solving this endemic problem by using blockchain technology,” Beaudroit said. “Hopefully, we will be the generation who will end this problem.”



Bitex has been doing its bit to promote Bitcoin adoption in Argentina. In 2018, it <a href="https://bitcoinmagazine.com/articles/argentinian-bank-allows-cross-border-payments-bitcoin">partnered</a> with Argentinian bank Banco Masventas to enable customers to process international payments speedily through Bitcoin’s blockchain. Beaudroit said the service is now live in four countries: Argentina, Chile, Paraguay and Uruguay.



For Zaldívar, the new forex controls couldn’t come at a better time for Taringa. According to Zaldívar, the social network site has a strong Argentinian base that is growing, possibly motivated by declining trust in the federal economy.



“Part of our plan for the social network is to give every user a crypto wallet that will support bitcoin and all the stable assets created on the RSK Network,” said Zaldívar. “Once that’s in place, we will integrate a revenue-sharing mechanism with the community that will turn the social network into an open sharing economy.”

Why Bitcoin Is the Perfect Haven for Argentines in This Economic Crunch

Between the characteristic Latin American lifestyle, the friendly people and the buzzing nightlife, Argentina is a joy to visit. For locals, however, it&rsquo;s not an easy place to live in. For the eighth time in its 209-year history and the second time in the past 13 years, the country finds itself entering into billions of dollars worth of debt.&nbsp; In short, the Argentinian economy isn&rsquo;t doing well at all. Reuters expects its inflation level to reach 53 percent by December 2019, and regardless of the policies set by the past administration (led by the reform-minded and recently-ousted Mauricio Macri), the economy doesn&rsquo;t seem to be getting any better. Argentina&rsquo;s Dollar Dependency and Its Many Facets To outside observers, perhaps one of the biggest financial quandaries that Argentina faces is its overdependence on the U.S. dollar. In 2014, The Washington Post reported that there was up to $50 billion stashed in cash and dollar-denominated bank accounts domiciled in Argentina. The reason why is not hard to guess: When you live in an economically challenged country, you&rsquo;ll look for ways to preserve your wealth.&nbsp; The country&rsquo;s peso is a hot mess, and instead of struggling with shaky values and fluctuating exchange rates, its citizens have done what many other citizens in debt-ridden countries do: convert their currency to dollars to find some semblance of stability.&nbsp; In an interview with Bitcoin Magazine, Eduardo Gomez, the head of support at bitcoin-backed savings platform Purse.io, said Argentines are buying bitcoin for different reasons.&nbsp; &ldquo;From 2015 to 2019, trading volumes for bitcoin went up on platforms like LocalBitcoins, Ripio, etc. &mdash; mainly due to retail interest and speculation, but also to hide wealth from the government,&rdquo; he said. Dollar-hoarding has made it difficult for Argentina&rsquo;s central bank to build its own dollar savings, which has led to a significant drop in the country&rsquo;s foreign reserves. The same problem has also caused some producers and manufacturers in the country to hoard products. They see selling as unwise, as they believe that a devaluation of the peso is always around the corner. Currency Restrictions Could Bring More Bitcoin to Argentina The first round of new elections in Argentina was held on October 27, 2019, and it saw Alberto Fern&aacute;ndez, a 60-year-old former chief of the cabinet of ministers, emerge victorious. Fern&aacute;ndez didn&rsquo;t have much time to revel in his victory, as he immediately rolled out his first major macroeconomic policy, tightening currency controls even further. Argentina&rsquo;s central bank cut the amount of dollars that individuals could buy to $200 per month via bank account and $100 in cash until December 2019, down from a $10,000 limit imposed in September 2019. As a result, blockchain companies are gearing up for a harvest. Diego Guti&eacute;rrez Zald&iacute;var of IOV Labs &mdash; the parent company of Latin American social network Taringa and the company that powers the RSK ecosystem &mdash; said he believes that this ban would be beneficial for Bitcoin. &ldquo;This new forex restrictions in Argentina are very important for Bitcoin,&rdquo; he told Bitcoin Magazine. &ldquo;Every time the friction of the traditional financial system grows in the form of capital or forex controls, Argentines seek for alternatives. The traditional alternative for the middle class was always the U.S. dollar and OTC exchanges, but more and more, bitcoin is also becoming an alternative.&rdquo;&nbsp; While Argentines seem to have lost faith in their own fiat currency, this restriction will strain their ability to store wealth. In a country where the average family stockpiles groceries for fear of wild price swings, bitcoin can be a saving grace. Argentina Can Still Thrive With Bitcoin Latin America has proven to be a testing ground for the application of cryptocurrencies as safe havens during economic turmoil (see Venezuela), and the trend is spreading to Argentina. The country is filled with an abundance of local exchanges, bitcoin brokers and other blockchain startups in search of users who want to adopt cryptocurrency.&nbsp; &ldquo;Argentines don&rsquo;t trust the pesos,&rdquo; Santiago Molins, a Argentina-based cryptocurrency specialist and entrepreneur, told Bitcoin Magazine. &ldquo;Our inflation can peak 30 percent in one day, so most people buy food and stock up in case prices rise.&rdquo; This uncertainty is driving Argentines to the many bitcoin access points available to them. From centralized exchanges to P2P platforms to bitcoin ATMs, there&rsquo;s a variety of ways in which Argentines can purchase bitcoin.&nbsp; According to CoinATMRadar, Argentina has about 11 bitcoin ATMs concentrated in its capital Buenos Aires. And in the week following Fern&aacute;ndez&rsquo;s victory, the trading volume for LocalBitcoins in Argentina amounted to 14.15 million pesos (worth about $240,000), marking the country&rsquo;s third-highest volume week in history, even while some brokers were selling at higher premiums.&nbsp; Opportunities for Bitcoin in Argentina Despite the recent dollar restrictions, local exchanges are not apprehensive about serving customers. Speaking with Bitcoin Magazine, Manuel Beaudroit, the chief marketing officer of Latin America-focused exchange Bitex, said that since the local exchanges transact in pesos, restrictions don&rsquo;t bother or affect it. It has also witnessed a spike in its volumes since August 2019. &ldquo;Successive economic and social turmoil have created the perfect conditions for startups in the crypto ecosystem to thrive and flourish; this demonstrates our natural predisposition for solving this endemic problem by using blockchain technology,&rdquo; Beaudroit said. &ldquo;Hopefully, we will be the generation who will end this problem.&rdquo; Bitex has been doing its bit to promote Bitcoin adoption in Argentina. In 2018, it partnered with Argentinian bank Banco Masventas to enable customers to process international payments speedily through Bitcoin&rsquo;s blockchain. Beaudroit said the service is now live in four countries: Argentina, Chile, Paraguay and Uruguay. For Zald&iacute;var, the new forex controls couldn&rsquo;t come at a better time for Taringa. According to Zald&iacute;var, the social network site has a strong Argentinian base that is growing, possibly motivated by declining trust in the federal economy. &ldquo;Part of our plan for the social network is to give every user a crypto wallet that will support bitcoin and all the stable assets created on the RSK Network,&rdquo; said Zald&iacute;var. &ldquo;Once that&rsquo;s in place, we will integrate a revenue-sharing mechanism with the community that will turn the social network into an open sharing economy.&rdquo;

Why Bitcoin Is a Haven for Argentina » Bitcoin Magazine

Jimmy Aki