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- Russia Attempts Crack Down onĀ Telegram
Some websites and services in Russia are experiencing outages as Russia attempts to crack down on Telegram following it successful ICO pre-sale. Telegram is an encrypted messaging service that is particularly popular in Russia. It recently raised $1.7 bln in two private ICO pre-sales, possibly why the Russian communications regulator Roskomnadzor is coming down on it now. The Russian government wants to be able to view the messages on its network, but Durov, a known libertarian, wrote on Telegram that he had āpromised [Telegram] users 100% privacy and would rather cease to exist than violate this promiseā. However, despite the blocking of various IP addresses, Telegram remains operational inĀ Russia.
2. Bank of Japan Views Cryptocurrencies as Destabilising, But Remains Open-Minded
Bank of Japanās Deputy Governor Masayoshi Amamiya discussed cryptocurrencies and digital innovation during a closing speech at a FinTech conference on Monday. He pointed out how important technological innovations have been in making finance more inclusive over the past years. This echoed comments made by Singaporeās Minister for Finance recently. However, he expressed concerns that cryptocurrencies could be disruptive to the traditional ātwo-tieredā system of a central bank and private banks. However, Japan is one of the countries that has been the most open to cryptocurrencies, blockchain, and associated technologies. The speech ended on an optimistic note: āAlthough the Bank of Japan does not have a plan to issue its own digital currency at this juncture, the Bank fully acknowledges the importance of deeply understanding innovative technologies not only for maintaining financial stability but also for seeking the possibility of applying them to central bank infrastructure in theĀ future.ā
3. Korean Blockchain Association Releases Rules for Self-Regulation
As government regulators struggle to keep up with the pace of blockchain innovation, self-regulation has become an important issue for those operating within the industry. The Korean Blockchain Association has 14 crypto exchanges as members, including Bithumb, the largest countryās largest. It has issued some rules to help them self-regulate, and will then examine them for compliance. These rules are focused on stopping illegal activities like money laundering and insider trading, and protecting customers. They include regularly publishing financial reports and audits, managing clientsā coins separately, and holding a minimum of $1.8 million in equity (2 blnĀ won).
4. New York Attorney Generalās Office Launches Inquiry Into Crypto Trading Platforms
New York is also interested in protecting clients of crypto trading platforms, announcing an inquiry yesterday. New York Attorney General Eric T. Schneiderman will be launching the āVirtual Markets Integrity Initiativeā, which will inspect their āpolicies and practicesā. The exchanges will have to fill out questionnaires with questions on issues such as how they protect their customers funds, and how they prevent insider trading. Questionnaires were sent to major exchanges including Poloniex, Kraken and Bitfinex. The press release stated that the initiative aims to promote āthe accountability and transparency in the virtual currency marketplace that investors and consumers deserve.ā
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18/04/2018: Biggest Stories in the Cryptosphere was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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