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Blockchain Is Part Of China’s Master Plan for New Competitor Island to Hong Kong

Chinese authorities have released a master plan for turning southern island province Hainan into a free trade port, Xinhua news reports on June 1. A trade port system will focus on facilitating free trade, investment and cross-border capital flows in the whole island. Government institutions reform The master plan encourages government institutions to use blockchain and other technologies to reform government function. Authorities hope the new modern technologies will help build a comprehensive, scientific, standardized and effective free trade port governance system. They added that:  “We should give full play…

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Uptrend in Mainstream Crypto Interest Started Last Fall, MIT Startups Says

Cryptocurrency has seen a rise in mainstream attention starting last fall — before COVID-19 measures took off, according Floating Point Group, or FPG, an algorithmic trading technology startup conceived at MIT. “An increasing portion of our inbound prospects are established industry participants coming from FX, equities and derivatives markets,” FPG co-founder Kevin March told Cointelegraph on May 28 after confirming the presence of increased mainstream crypto trading interest.  Cryptocurrency opportunity knocking Abiding with U.S. regulation, FPG offers institutional players a number of tools, APIs and other tech for trade automation. March…

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US Investors in Tezos’ 2017 ICO May Be Eligible for $25M Settlement

Investors who participated in Tezos’ (XTZ) initial coin offering (ICO) between July 1, 2017, and July 13, 2017, have been notified that they may be eligible for a share of the $25 million settlement proposed settlement to an ongoing class-action lawsuit alleging securities violations. What may comprise the case’s final Settlement Hearing is set to take place on August 27 to determine whether the settlement and proposed plan of allocation will be approved as “fair and reasonable,” and whether attorney’s fees will be awarded as part of the agreement. Per…

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Cryptocurrency Firms Now Recognized as Money Service Businesses in Canada

Cryptocurrency exchanges and payment processors are now legally recognized as Money Service Businesses (MSB) within Canada. June 1 saw the enactment of amendments to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act that were passed in June 2019 to address holes in the then-existing framework. Candian crypto firms must now report all transactions exceeding 10,000 Canadian dollars ($7,403), and register and comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Recognition brings relief On May 29, the CEO of Canadian crypto asset exchange BullBitcoin, Francis…

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Japanese Finance Minister May Be Opposed to Lowering Tax on Crypto

Finance Minister Taro Aso suggested he was unwilling to push for lowering the tax rate on cryptocurrencies in Japan to a flat 20% because it’s difficult for many households to invest in digital assets. Aso was responding to a question from Japan Restoration Association member Shun Otokita at a meeting of the House of Councillors Committee on Financial Affairs which convened on June 2.  “Out of 1900 trillion yen [17.6 billion USD] financial assets held by households in Japan, around 900 trillion yen [8.4 billion USD] is now being held…

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Western Union Makes Takeover Offer for MoneyGram

Western Union might be purchasing cross-border payments company MoneyGram. According to a June 1 article on Bloomberg, the payments giant recently made a takeover offer for MoneyGram. If successful, this would combine the two of the biggest money-transfer companies in the United States.  Ups and downs during pandemic Lockdowns and shelter-in-place orders in response to the coronavirus have closed many businesses across the U.S., including local branches of MoneyGram. The number of digital transactions have risen as people stay at home, but they accounted for just 18% of its money…

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Price Analysis 6/1: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA

Tension between China and the U.S. is increasing and if the current trade deal is scrapped Bitcoin could be a major beneficiary. The tensions between the U.S. and China have escalated once again. This is bad news for the global economy which is currently witnessing one of the worst crises since the Great Recession.  If either the U.S. or China does not keep up their part of the trade deal, it could only make matters worse. Scrapping of the Phase I trade deal could ultimately result in a huge sell-off…

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Miners Have Been Selling More Bitcoin Than They Generate, Recent Data Suggests

Last week, Bitcoin (BTC) miners sold 11 per cent more coins than they generated over the same period, June 1 data from on-chain analysis portal ByteTree suggests. According to the portal’s metric that tracks Bitcoin wallet addresses associated with miners, around 5,800 BTC was generated over the past seven days, compared to over 6,500 ‘first spend’ transactions. The ‘first spend’ that is used for the calculation is “the first time that a Bitcoin leaves the wallet it was generated in,” a ByteTree spokesperson explained to Cointelegraph, elaborating on how their…

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Kingdom Trust CEO Says Bitcoin Is Digital Manifestation of Austrian Economics

The chief executive of crypto-friendly $13 billion custodian Kingdom Trust, Ryan Radloff, sees Bitcoin (BTC) as a manifestation of Austrian economics. In an interview with Cointelegraph, Radloff said that he first encountered Bitcoin toward the end of 2011, adding that he began “hodling and accumulating shortly after.” Bitcoin as Austrian Economics Unlike many early adopters, Radloff stated that it wasn’t the technology underpinning Bitcoin that attracted him to crypto, rather the economic principles that the nascent cryptocurrency embodied. “For me, what drove to Bitcoin wasn’t the technology at all. […]…

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Stocks, Safe Havens and Hodlers — 5 Things to Eye in Bitcoin This Week

Bitcoin (BTC) is going into the third week of its new halving cycle just $550 away from five figures — but what could really impact price this week?  Cointelegraph takes a look at the main factors that could help — or hinder — the biggest cryptocurrency over the coming days.  Stocks and oil contrast with stable BTC Traditional markets are off to a rocky start this week. Protests in the United States have coupled with President Donald Trump’s softer response to China over Hong Kong to worry already panicky stocks….

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