Banks in Finland are turning down business with a large Nordic cryptocurrency exchange. Prasos, based in Finland, has now had four bank accounts closed and is now dependent on just one account. The platform exchanges cryptocurrencies for euros and relies upon banks for its service, but they’re becoming increasingly wary due to uncertainty regarding the legality of the operations. Cryptocurrency regulation is currently unclear, but banks are erring on caution. They’re particularly wary of involvement with money laundering, believing the anonymous or pseudo-anonymous nature of virtual currencies to be shaky legal ground. An agreement was reached at the European Union last year which we would see cryptocurrency fall under the same anti-money laundering regulation as fiat funds, and whilst this is not yet being enforced, banks are keeping well clear of involvement. The Prasos platform has lost its connection with banks following a tenfold increase in volume since the prior year, with the $185m sum raising suspicions among institutions.
Illinois has joined a growing number of US states looking to pave the way to allow cryptocurrencies as payment for taxes. House Bill 5335, aka the Revenue Cryptocurrency Bill, is being sponsored by Rep. Michael Zalewski, a Democrat. It’s an amendment to the current Department of Revenue Law of the Civil Administrative Code of Illinois, and it declares that “in addition to any other method of payment provided for by law,” cryptocurrencies will be accepted as payment for state taxes. The state would then convert the cryptocurrency payment into fiat money “at the prevailing rate” within 24 hours, and the taxpayers account becomes credited with the converted USD amount. The bill was first introduced in February and in recent days was assigned to the Revenue and Finance Committee. It’s really been a wave of states showing an interest in adding bitcoin and other cryptocurrencies into their revenue streams. Wyoming, which is also competing for the title of blockchain capital, is considering a bill that would lift state property tax on cryptocurrencies. Meanwhile, similar to Illinois, Arizona and Georgia are looking to legalize bitcoin as a payment for taxes.
A new initial coin offering (ICO) called Miroskii hopes to build a ‘decentralized bank’ by utilizing blockchain technology. Looking at the white paper and the website, it appears to have solid ideas and even a nice looking team behind the project. However, looking a bit closer at the team shows the ICO’s ‘graphic designer’ just happens to be a stock image of the Hollywood actor Ryan Gosling. In fact, after inspecting further, the entire team seems to be phoney and randomly chosen business types who have nothing to do with this technology. There’s been a lot of ICOs over the past year and these blockchain projects and ERC20s have raised billions of dollars in cryptocurrencies. Many projects have raised millions without producing a single thing except a website and white paper. Months later many of these projects still haven’t produced anything and a number of them are pure vaporware. It’s not easy to figure out whether or not some of these ICOs are legitimate. However, some of them are extremely easy to spot and Miroskii is one of these projects with a team made up of entirely fabricated team members – but the ICO has still raised over $800,000 USD so far. Miroskii also plans to host another funding round next week.
New Delhi: On February 21st, more than 250 global participants gathered in Le Meridien Hotel for BlockDelhi – the first
international blockchain conference in India’s capital.
Featured speakers included political leader Sir Shri Ajay Singh, who delivered government keynote on the future of blockchain in India as well as professionals from local and international businesses discussing various opportunities and challenges associated with the technology.
Yale ReiSoleil, CEO of IOB Fund LLC spoke about investments in blockchain and how the emerging technologies are changing the future of finance. “We believe in balance of innovation and regulation” – said Mr. ReiSoleil. IOB is bringing together an international regulated exchange network by investing in regulated, licensed, and legal entities.
Companies in the blockchain space are currently facing challenges of integrating accounting and legal aspects of business such as compliance and taxation into the platform. Mr. Reisoleil emphasized that being able to provide substantial technological solutions to these challenges is one of the major factors to consider when looking at investment options.
IOB has abolished the annual management fee and is confident that commission-based transactions should be eliminated. The CEO
highlighted that the term “blockchain” might become obsolete as there is a necessity to implement a multidimensional transactional structure or “mesh”.
and https://www.blackarrowconferences.com/blockdelhi.html for more information.
Twitter link: https://twitter.com/IOBFund
JPMorgan Chase, the largest bank in the US, has formally acknowledged that cryptocurrencies and blockchain technology could disrupt banks. The firm made this admission in its annual report, which was dated Feb. 27 and filed with the US Securities and Exchange Commission (SEC). Deep in the 301-page document, JPMorgan — which manages $2.53 trillion in assets according to recent estimates — listed cryptocurrencies and peer-to-peer technology as potential disruptors to financial institutions and payment processors. Notably, the report was signed by JPMorgan CEO Jamie Dimon, a noted Bitcoin skeptic who has repeatedly lambasted the flagship cryptocurrency as a “fraud” and once threatened to fire any employees caught trading cryptoassets, although he recently walked back some of these comments. JPMorgan is at least the third major financial institution to cite cryptocurrencies as a business risk in its annual report for 2017. Last week, Bank of America — the second-largest US bank — admitted that cryptocurrencies and other blockchain-based financial services present a threat to its business model, adding that it fears it anti-money laundering systems will need a facelift to account for cryptocurrency-related transactions.