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IRANIAN RESTRICTIONS: The Central Bank of Iran appears set to prohibit “unapproved” cryptocurrencies from being used for payments in the country, a draft report obtained by CoinDesk indicates.
According to a translation of the report, titled “Obligations and Rules Regarding Cryptocurrencies,” “any cryptocurrency wallets will be used only for holding and transferring cryptocurrencies and integrating any kind of services in wallets using cryptocurrencies is forbidden.”
If the plan is ultimately approved, the central bank will effectively seek to block the use of unapproved cryptocurrencies as a means of payment. However, the report also indicates that the Central Bank of Iran will not directly restrict anyone from personally holding or transferring small amounts of approved cryptocurrency.
It’s not immediately clear which cryptocurrencies will receive approval, though a source with knowledge of the process told CoinDesk that regulators want all bitcoin transactions in the country to be settled in the Iranian rial.
That said, Iranians could be barred from holding large amounts of cryptocurrency in the same way they are officially restricted from owning more than 10,000 euros outside of their regulated bank accounts. Full Story
CRYPTO BANKNOTES: Switzerland-based crypto hardware wallet maker Tangem says it has been selected by the Republic of the Marshall Islands to produce the "physical blockchain notes" for the nation's planned national digital currency.
Tangem announced the news Monday, saying the blockchain notes will be used to store the republic’s Sovereign (SOV) digital currency, which is being launched as an alternative legal tender to be accepted alongside the U.S. dollar.
Described as "controllable mechanism of currency issuance and circulation for the state," the notes take the form of a physical card that is secured with a blockchain-enabled microprocessor. They offer "immediate" transaction validation, zero fees and require no internet connection to use, according to the firm.
David Paul, minister-in-assistance to the president of the Marshall Islands, said in the announcement: “Tangem will help us ensure all citizens, including those living on more remote outer islands, are able to easily and practically transact using SOV.”
The Marshall Islands first announced its plans to issue SOV as a legal tender in February of last year, when it passed the Declaration and Issuance of the Sovereign Currency Act allowing the move in law. Full Story
HACKER GROUPS: Two groups alone are responsible for the majority of hacks at cryptocurrency exchanges to date, according to a report from blockchain analysis software provider Chainalysis.
The research indicates that two “prominent, professional” criminal groups are behind at least 60 percent of all publicly reported crypto exchange hacks, netting around $1 billion in total.
“On average, the hacks we traced from the two prominent hacking groups stole $90 million per hack. The hackers typically move stolen funds through a complex array of wallets and exchanges in an attempt to disguise the funds’ criminal origins,” according to the report.
The firm has named the two groups as Alpha and Beta, with the former being a “giant, tightly controlled organization partly driven by non-monetary goals,” and the latter being a “less organized and smaller organization absolutely focused on the money.”
Chainalysis analyzed the crypto transactions of the groups and found that Alpha quickly moves funds after stealing them, with an “extremely high” average number of fund movements.
Beta group, on the other hand, is comparatively slow and holds the coins for 6–18 months, according to the report. When it decides to cash out, it quickly hits one crypto exchange and exchanges over 50 percent of the funds within days. In one example, Beta cashed out about $32 million at one go. Full Story |
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 CoinDesk Research interprets a variety of data points to communicate the story behind the numbers. The recent monetary and political crisis in Venezuela is grabbing mainstream headlines, although, one might ask: How does this affect crypto? We observed exchange volume on LocalBitcoins denominated by the Venezuela bolivar. It appears that the crisis has substantially affected crypto, bitcoin in this case, with large increases in exchange volume. President Maduro was elected on May 20, 2018 and since then the bolivar volume has increased by 41,025 percent and U.S. dollar-denominated volume has increased by 68 percent. It appears that much of the increase occurred between November 2018 and the present, even though high levels of monetary expansion were occurring in the preceding months. While one conclusion from the data might be that bitcoin acts as a hedge against instability of traditional economic and political systems, it might be also helpful to ponder these questions: - If exchanging foreign currencies was easier, would the bitcoin interest remain?
- Are people largely using bitcoin as a vehicle for remittances from abroad and converting upon arrival?
- If government subsidized energy was not cheap and abundant, would bitcoin be as attractive to mine there?
The above data was sourced from Coin.Dance. For more research insights, check out the CoinDesk Crypto-Economic Explorer here to see this table and more. |
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| SEEKING SUPPORT: Bitcoin risks falling below the long-term support of the 200-week moving average at $3,298 after a drop to six-day lows. Unlike the last time this happened in December (when bitcoin bounced off the support), the RSI is currently indicating undersold conditions, adding downward pressure. If the level is breached, a move below $3,000 isn't out of the question. Full Story |
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BEST OF THE BEST QUARTZ: An international law firm has sought to allay fears over the risks of cryptocurrencies from the panel making the decision on India's official policy on cryptocurrencies, Quartz India reports. In a submission to the regulatory panel from December that was just made public, Nishith Desai Associates – which has previously represented crypto exchanges – said: "Like electricity, railways, telecommunications, motor vehicles, aircraft, mobile phones, and the internet in the past, many are today concerned about the risks posed by cryptoassets." Yet, without crypto tokens, the firm continued, blockchain is a “severely hampered system,” as they provide the “incentive for decentralisation” – the key innovation the technology. Taking away the token incentive would be like “allowing the internet, but not websites or emails,” Nishith Desai Associates said Further, banning cryptos could actually increase the risk of money laundering and illegal transaction, the firm suggested. THE REST KOREA JOONGANG DAILY: South Korea’s central bank has no plans to issue a digital currency in the near future, Korea JoongAng Daily reports. The conclusion comes after the Bank of Korea (BOK) completed a study on the benefits of launching a central bank digital currency (CBDC). In conclusion the bank found no urgent need for a digital won, although the possibility was not ruled out for further down the road. “We have no plans to issue any type of CBDC that is available for all people in the near future,” an unnamed BOK official was cited as saying at a briefing. “We have to work further on benefits and costs of CBDC implementation first.” RTT NEWS: Crypto hardware wallet maker Ledger has launched a mobile app that will allow users of its upcoming Ledger Nano X device to make transactions wirelessly over Bluetooth, according to RTT News. On sale from March, the Ledger Nano X will also let users manage their crypto assets, install applications and update the device's firmware using the Ledger Live app – now available for Apple's iOS 9 and onwards or Android Lollipop 5 and above. Users of the currently available Nano S wallet can also connect to the app on Android phones by using a USB OTG cable. The phone only offers a “consultation mode,” however, letting users check the value of their crypto assets and view balances after scanning a QR code presented on Ledger’s desktop app. |
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