Why you should buy Bitcoin on Fridays

A new Longhash study has extensively analyzed data on buying and selling Bitcoin over two years. The results are pretty surprising.The study looked at the average weekly market cycle to find the best day of the week to buy and sell.Longhash has been researching Bitcoin’s hourly price data over a two-year period, finding some very interesting patterns in terms of price promotions and trading volume. The data for the study were provided by CryptoDataDownload.The methodology was to find an average price for Open, Close, High and Low for every hour of every week. For example, they took the high price every Monday at 6 a.m. and formed the average price.They did this every hour of every day of the week for two years.In this way, the researchers found that the lowest average price for Bitcoin is on Fridays at 6 a.m. UTC. This means that on average this is the best time to take a long trade position.As you know, the BTC market is very volatile and doesn’t always correspond to an overall average, so you shouldn’t take the study results at face value. It is not investment advice, just a market analysis.The researchers also found that the Bitcoin price on Mondays and Tuesdays at midnight UTC is an average of $ 170 higher than on Fridays.That means: Monday or Tuesday is statistically the best time to pay off a Friday long position or take a short position – and pay out the following Friday when the price is statistically lower.The researchers speculate in the study that due to Monday / Tuesday / midnight UTC time, more active traders may be online at this time due to time zone overlaps. Asian, European and American traders – all are active at this time.The researchers write that the trading volume is not particularly high during this time, so it does not correlate exactly. The study finds a correlation with lower Friday prices, but the lower trading volume gives credibility to its results for lower prices.Mondays could reflect higher price points as institutional investors take positions at the beginning of the week. Many OTC desks do their best to make large buy and sell orders invisible to small investors to prevent front running.This would also explain the lower prices on Friday night as traders cash out the positions they took on Monday / Tuesday for the week. Of course this is also pure speculation.

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Let’s Talk Bitcoin! #427 Mainstream Moments and the CompuServe of Crypto

On Today’s Show…With the price of bitcoin headed up again, the idea of blockchains and digital currencies has never been more palatable to the mainstream. We’ve seen this cycle before, but could this time be different?Episode Credits:This episode of Let’s Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.ioThis episode featured discussion by Adam B. Levine, Stephanie Murphy, and Andreas M. Antonopoulos.Music for today’s episode was provided by Jared Rubens and Gurty Beats, with editing by Jonas. Would you like to Sponsor a future episode of the Let’s Talk Bitcoin! show? Do you have any questions or comments? Email [email protected] any questions or comments? Email me at [email protected]
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Steemit for Sale: Popular Crypto Blogging Platform Sold to Tron, Community Reacts

Crypto blogging platform Steemit is undergoing a big change, migrating from its own Steem blockchain to the Tron network. The struggling crypto blogging platform launched in 2016 and made waves when big name libertarian users began to make thousands of dollars per post. The platform’s heyday was short-lived, however, and after the departure of co-founder Dan Larimer of EOS fame, attempts to rebrand, and layoffs, it has finally ended up in the care of crypto mogul Justin Sun, founder of the Tron platform.
Also Read: Ethereum vs Tron: Comparing Data, Defi and Stablecoins from Both Chains After Viral Tweet
Steemit Sold to Tron Founder
The once highly popular social media hub for anarchists, libertarians, and crypto heads in general — not to mention all sorts of other demographics like photographers and lifestyle bloggers — is moving operations to the Tron network according to a press release issued on Valentine’s Day.
“Steemit Inc., the largest decentralized blockchain-based social media and blogging platform, announced a strategic partnership with TRON Foundation,” the release states. “TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain-based DApps to TRON blockchain and its community of over 20 million users, products, and services.”
Former Steemit CEO and co-founder Ned Scott tweeted:
Steemitans and Twitterers, after four beautiful years, I have sold Steemit to @justinsuntron. AMA tomorrow at 9am PT.
The Ask Me Anything video finds Tron founder Justin Sun in discussion with Scott, elaborating on the details and implications of the deal. In explaining why he sold the company, Scott stated he is “moving on for personal reasons” and that “there’s a couple other companies that I’m working on behind the scenes privately.” This is notable since one of the common criticisms of Steemit historically has been the project-hopping of leaders, with Bitshares creator Dan Larimer, who helped Scott create Steemit, leaving the project in 2017 to work on EOS development.

Steem Community Reacts to Sun’s Latest Acquisition
Tron founder Justin Sun has gained a reputation in the crypto space for making big moves financially, acquiring Bittorrent in 2018 and blockchain based streaming platform Dlive last year. Dlive was originally built on the Steem blockchain and was popular with users on the Steemit platform before migrating to the Lino network prior to Tron migration. In recent news, Sun was also able to finally have his postponed lunch meeting with multi-billionaire Warren Buffet after spending $4.57 million to do so.
Sun’s big moves are not impressing everyone, though, and some Steemians are very concerned with how the steem token will be migrated, and what the new “tron steem” platform might look like. Sun’s announcement post on Steemit, which has garnered over $150 in steem at press time, has elicited lots of questions from community members. One user commented:
I am here for Steem, not Tron. I have zero interest in anything Tron offers, and moving Steem to Tron’s network is something that’ll happen without me as a result.
Another details that “the community is very worried about what the next steps are and there is a lot of talk about a fork away from Tron within the Steem community as many members presently see this as a hostile take over by Tron and not a mutually beneficial partnership.” Veteran steem whale @berniesanders lashed out in trademark fashion as well, with an incendiary comment on the post:

Regarding the concerns about currency migration, Sun stated in the Feb. 16 AMA with Ned Scott:
I don’t think we have a plan for immediately like token swap, so I think we will keep both steem and the tron tokens separate and run separately … there is no token swap for right now … I just want to talk with the team and found out the best solution to integrate eventually for steem, Steemit, and Tron.
That may sound well and good, but for the dedicated bloggers who came to Steemit seeking a real decentralized social media and fell in love with the chain and platform, the official press release is clear: “Together, TRON Foundation and Steemit Inc. will look to create further value for their users and to augment their advancements in decentralized technologies,” it states, “including moving old STEEM token to a new TRON based STEEM token.”
Some are not so pessimistic, hoping the sale could bring steem a long overdue shot in the arm of recognition in the crypto space and beyond. As for Scott, he states in the press release, “From launching the platform in 2016 on a shoestring budget with an idealistic team to today, I’ve enjoyed the development of the platform and the growth of its user base — now I’m excited to see a strategic partner attempt to bring it to new heights.”
What are your thoughts on the sale of Steemit to Justin Sun and the upcoming migration to the Tron network? Let us know in the comments section below.
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84 PBOC Digital Currency Patents Show the Extent of China’s Digital Yuan

The People’s Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a digital currency. The patents reveal the central bank’s plans which include integrating digital currency wallets into existing retail bank accounts. The potential for the Chinese central bank digital currency to achieve scale from the get-go has put several other central banks worldwide on high alert.
Also read: Trump Views Crypto a Threat, Proposes Countermeasures in New Budget
PBOC’s 84 Digital Currency Patents
The People’s Bank of China (PBOC) has filed 84 patents relating to its plans to launch a digital yuan, the Financial Times reported on Wednesday. The publication claims to have seen and verified all of them, which include:
Proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank accounts.
Several of the patents “indicate that China may plan to algorithmically adjust the supply of a central bank digital currency based on certain triggers, such as loan interest rates,” the news outlet detailed. Some patents “outline mechanisms to allow customers to make deposits with their existing banks and then exchange that for digital currency … Other patents are focused on building digital currency chip cards or digital currency wallets that banking consumers could potentially use, which would be linked directly to their bank accounts.” The patents were uncovered by the Chamber of Digital Commerce.

Patent attorney Marc Kaufman, a partner at Rimon Law who worked with the chamber on the project, commented:
Virtually all of these patent applications relate to integrating a system of digital currency into the existing banking infrastructure.
The majority of the patents are attributed to the PBOC’s Digital Currency Research Institute, with some attributed to state-owned corporations or government subsidiaries. The institute was set up at the end of 2016 to study the possibility of issuing a sovereign digital currency when commercial tradeable cryptocurrencies started gaining traction, the South China Morning Post described. The director of the institute, Mu Changchun, previously said that the digital yuan was almost ready. In December, the official Shanghai Securities News reported Mu explaining that this new currency is not for speculation and would not need the backing of a basket of currencies, emphasizing that it is different from bitcoin and stablecoins.
Global Responses to Digital Yuan
China’s claim to be close to launching its central bank digital currency (CBDC) has put other countries on high alert. In the U.S., Representative Bill Foster pointed out during a House of Representatives’ Committee on Financial Services hearing on Tuesday that besides Facebook’s Libra project, China is the only one in a position to launch its own digital currency and immediately achieve scale. However, both the chairman of the Federal Reserve and the Secretary of the Treasury believe that the U.S. does not need a digital dollar yet.

Meanwhile, the Bank of International Settlements (BIS), the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank, and the Swiss National Bank formed a group last month to assess potential cases of central bank digital currencies. According to reports, they will meet in mid-April in Washington on the sidelines of an International Monetary Fund (IMF) conference to discuss this issue. Bank of Japan board member Takako Masai told a news conference in Nara on Feb. 6:
In Japan, we don’t have any plans now to issue central bank digital currencies … But we need to make an effort so we’re ready to respond, in case public demand for central bank digital currencies rises dramatically.
To help central bankers decide whether to issue a central bank digital currency, the World Economic Forum published a toolkit for policymakers last month. It aims to provide high-level guidance and information on different types of CBDCs — such as retail, wholesale, and cross-border — and alternatives in private money for large, small, emerging and developed countries.
In the same month, the BIS released the outcome of a survey it conducted of 66 central banks’ digital currency efforts. The results show that 40% of central banks have progressed from conceptual research to experiments, or proofs-of-concept, and another 10% have developed pilot projects. However, only a few from small and medium-sized economies have progressed to intensive development and have firm intentions to issue a digital currency soon. “Central banks currently not looking at CBDCs are typically from smaller jurisdictions and/or report that they face more pressing priorities,” the survey finds.
What do you think of the PBOC filing 84 patents relating to a central bank digital currency? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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US Worried Crypto Could Undermine Dollar as World Reserve Currency, Hiring Researchers to Prepare Response

The U.S. Office of the Director of National Intelligence has admitted that cryptocurrency could undermine the U.S. dollar as the world’s reserve currency. The head of the U.S. Intelligence Community is seeking researchers to detail the impact of that status loss on the U.S., its economy, and national security.
Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger
Crypto Could Undermine USD as the World’s Reserve Currency
The U.S. Office of the Director of National Intelligence has posted a research opportunity entitled “Evaluating the Impact of U.S. Dollar Losing Its Status as World Reserve Currency.”
“There are many advantages for U.S. national security to have the U.S. dollar as the world reserve currency. Any international transaction settled in US dollars gives the U.S. jurisdiction over financial crimes associated with those transactions,” the office stated in its posting. “In addition, the U.S. is able to effectively level sanctions against or designate entities that violate international laws or treaties, or that have the potential to cause financial instability in global markets.”

However, “there are many threats to the U.S. dollar maintaining its status as the world reserve currency,” the Office of the Director of National Intelligence explained. “Countries such as China and India have large growing economies that could compete with U.S. economic growth,” its post describes, adding:
Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar … The U.S. should prepare for scenarios that threaten to undermine the U.S. dollar as the world reserve currency and determine how those scenarios could be overcome, protecting our status in the global economy.
Referring to the above threats, the post notes that “If either of these scenarios or others come to pass, the U.S. would lose both its status in the world and its global authorities.” The posting further asserts: “The U.S. should prepare to identify potential ‘black swan’ events that could revolutionize the financial playing field in ways we do not yet understand – presenting strategic surprise — and understand root causes and driving factors that are particularly sensitive to certain global or technical events.”

Who Can Apply and Scope of Research
The research opportunity above is a U.S. Intelligence Community Postdoctoral Research Fellowship Program through the Department of Energy’s Oak Ridge Institute for Science and Technology.
The Intelligence Community is a coalition of 17 agencies and organizations, including the Central Intelligence Agency (CIA), the Department of Homeland Security (DHS), the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), and the National Security Agency (NSA). The Director of National Intelligence, acting as the head of the Intelligence Community, oversees and directs the implementation of the National Intelligence Program and acts as the principal advisor to the president, the National Security Council, and the Homeland Security Council.
The U.S. Intelligence Community comprising 17 agencies, with the Director of National Intelligence as the head of the community.Two positions are listed in the research opportunity posting: postdoc and research advisor. Postdoc applicants must be U.S. citizens and either recent Ph.D. graduates or doctoral students who will soon complete their degrees. Research advisor applicants must be an employee of an accredited U.S. university, college or U.S. government laboratory but are not required to be U.S. citizens. The application deadline is Feb. 28.
“This project should leverage all available information as well as recent breakthroughs in applied statistics, artificial intelligence, and deep learning to determine the most likely scenario(s) for how the U.S. dollar loses its status as the world reserve currency, why that scenario(s) is most likely, and in what timeframe this scenario(s) could unfold,” the Office of the Director of National Intelligence clarified, elaborating:
It should also detail the impact of that status loss on the U.S., its economy, and national security.
What do you think of the U.S. researching how crypto could undermine the U.S. dollar as the world’s reserve currency? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock and the Office of the Director of National Intelligence.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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CME Bitcoin Futures Just Opened, and It May Catapult BTC Back to $10ks

The CME bitcoin futures market just opened, and it could be the catalyst that leads the recovery of BTC back to the $10,000s.
Throughout the weekend, the bitcoin price dropped from $10,500 to as low as $9,650, liquidating a significant amount of long contracts.
Why CME open can lead bitcoin recovery
On active days, the CME bitcoin futures market settles between $300 million to $500 million in daily volume.
In May 2019, for instance, when the bitcoin price was hovering at around $13,000, CME recorded an average volume of $515 million per day on its bitcoin futures contracts.
While margin trading platforms such as BitMEX and Binance Futures process billions of dollars in daily volume on paper, they are highly leveraged and as such, the real volume is only a fraction of the represented volume.
CME accounts for a large portion of the daily trading volume of the global bitcoin market. Traders have theorized that it may be the reason behind heightened volatility during weekends in the cryptocurrency market.
The eight percent drop in the bitcoin price occurred almost immediately after CME closed before the weekend.
The CME bitcoin market just opened and with its opening, the price of BTC surged from sub-$9,800 to over $9,900.

10 minutes before the bitcoin CME futures open.The gap is standing at about $640 since Friday’s close. pic.twitter.com/NmEDBk51o5
— ₿it₿it (@BitBitCrypto) February 16, 2020

Given that the CME bitcoin futures market closed at over $10,000, there is a possibility that the opening of the CME market could lead to short liquidations and trigger a strong short squeeze to fill the gap.
With Monday being widely recognized as a day during which the crypto market tends to see a higher level of volatility than any other weekday, it could act as fuel to strengthen the short-term momentum of BTC.
What’s next?
As said by respected cryptocurrency trader Satoshi Flipper, bitcoin has defended the $9,800 support level, despite a short-term wick that dropped below $9,700.
The bitcoin price defended the $9,800 support level strongly (source: Satoshi Flipper Twitter)
If the CME open leads to the continuation of a bullish market structure, BTC could have a more solid foundation for an extended rally in the short to medium-term.
The narrative around the bitcoin block reward halving that is set to occur in late April still remains as an important component of the cryptocurrency market trend.
Technically, cryptocurrency analyst Josh Rager said that the daily structure of bitcoin would signal an optimistic short-term trend if it closes over $9,900.
“Nice push with this 4 hour candle, above $9800 and a push above $9900s for a daily close would be brilliant CME Gap at $10,300,” he said.
With $9,900 having turned into a strong support level following the CME open, technical analysts anticipate yet another strong week for the crypto market.
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XRP Poised for a Massive 100% Rally as Technical Strength Grows

XRP’s massive rally seen earlier this week appears to have simply been a flash in the pan, as the crypto has now retraced back below its key psychological resistance at $0.30, opening the gates for further short-term bearishness.
In spite of this, it is important to keep in mind that the token’s current signs of weakness is primarily rooted in the market-wide bearishness that was sparked by Bitcoin’s decline to below $10,000.
Once the dust settles from the recent market-wide drop, however, one top trader is noting that XRP could see a massive rally that leads it to climb nearly 100%, which could be fueled by growing technical strength.
XRP Plummets Below $0.30 as Bears Roar
At the time of writing, XRP is trading down 10% at its current price of $0.29, which marks a massive retrace from daily highs of nearly $0.33.
The cryptocurrency is currently in the process of shedding the majority of the gains that were incurred during its recent rally that led it to highs of nearly $0.36, with its inability to find stability around this price action spelling trouble for what comes next.
Nik Patel, a prominent trader, explained in a recent blog post that the token was able to break above a trendline resistance that was formed in June of 2019.
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he explained.
In order for the crypto to rally past this resistance, it will likely require Bitcoin to see some further momentum.
Could Technical Strength Send the Crypto on a 100% Rally?
Patel also notes that he does believe XRP will ultimately see some significant upwards momentum, with his mid-term target existing at the crypto’s June 2019 highs at $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.
He further goes on to explain that the crypto is currently consolidating above its 200-day moving average, and that a strong defense of its key defense at $0.27 could spark a short-term movement to over $0.36.
In order for this potentially highly bullish XRP rally to $0.56 to occur in the coming weeks and months, it is imperative that Bitcoin also sees some notable short-term upside.
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A Visit to This Key Level Could Send Ethereum on a Violent Rally to $370

Ethereum has been one of the best performing cryptocurrencies throughout 2020, with the cryptocurrency’s January uptrend turning parabolic this February after ETH broke above $200.
This parabolic rally led the crypto as high as $290, which is around where its buyers lost their strength, subsequently leading the crypto to reel back down to $260.
In the near-term, one prominent analyst is noting that the crypto could see some further short-term downside, but it is important to note that a visit to its previous swing highs could catalyze a massive rally that leads ETH up to fresh yearly highs of $370.
Ethereum Incurs Short-Term Downtrend as Analysts Eye Further Losses
At the time of writing, Ethereum is trading down 6% at its current price of $259, which marks a notable decline from its daily highs of $277 that were set yesterday morning prior to Bitcoin’s sharp movement to below $10,000 that led altcoins like ETH to similarly drop.
While zooming out and looking at ETH’s price action over the past several days, it is clear that the crypto’s intense uptrend appears to be stalling, as it has declined significantly from highs of $290 that were set on Friday.
In the near-term, analysts believe it will continue seeing further downside until it reaches its prior swing high at $224.
Nik Patel, a prominent trader and analyst, spoke about this in a recent blog post, in which he explains that ETH is likely to continue declining until it reaches this aforementioned prior swing high.
“Beginning with ETH/USD on the Weekly timeframe, we can see that, with price having closed above the prior swing-high at $224 last week, the rally continued this past week with volume continuing to rise. If we do get a Bitcoin-led dip next week, a retest of $224 would be a perfect opportunity in my opinion,” he noted.
Will a Visit to $224 Allow ETH to Rally to Over $370?
Although a drop to these levels would likely lead many investors to flip bearish on Ethereum, it is important to note that Patel believes it could be closely followed by an intense rally up to $370.
“The highs above at $370 remain the primary target, as I expect this area will be retested over the coming months,” he explained.
If Ethereum does correct to $224, it will mean that it has erased nearly all of the gains it has incurred over the past two weeks, and it will be critical that ETH holds above this key support in order for it to rally past $300.
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Ripple Price Prediction: Rejection At $0.33; Threatens To Send XRP/USD Below $0.26 Support

XRP Price Prediction – February 16
Ripple technical levels flash negative signals following rejection at $0.33. The Rising wedge pattern suggests that a dive to $0.26 is possible in the near term.
XRP/USD Market
Key Levels:
Resistance levels: $0.35, $0.36, $0.37
Support levels: $0.23, $0.22, $0.21
XRPUSD – Daily ChartThe price of Ripple (XRP) is slowly declining below the key supports as the price may revisit the $0.26 support before it could start a fresh increase for the new week. However, after struggling to stay above $0.33 where it was rejected today, XRP/USD started a slow and steady decline. The coin traded below the key $0.26 support level to move into a short term bearish zone before pulling back to $0.28 level.
Moreover, the pair is currently changing hands at $0.28 and as the coin is already trading below the 9-day moving average, any attempt to make it close below the 21-day moving average, it may open the door for more downsides and the price could spike below the $0.26 support level.  In other words, for an upsurge, traders should keep an eye on the $0.30 and $0.32 before creating a new bullish trend at the resistance levels of $0.35, $0.36 and $0.37.
Furthermore, we may experience a quick buy once the trade reaches the support at $0.31. And should in case the price fails to rebound, then a bearish breakout is likely to trigger more selling opportunity for traders, which might cause the price to retest $0.25 and could further drop to $0.23, $0.22 and $0.21 support levels respectively. Meanwhile, the RSI (14) nosedives below 60-level, if the price continues to move downward, XRP may definitely fall more.
Against Bitcoin, the situation is becoming bleak as the price moves below the 9-day moving average at 2902 SAT. The XRP/BTC was unable to break above the 3104 SAT resistance level, causing a drop down to 2784 SAT even as at yesterday. The market opens today with an uptrend, after touching 3174 SAT, the coin started dropping at the time of writing.
XRPBTC – Daily ChartFurthermore, from the upside, the nearest level of resistance lies at 3150 SAT, if the bulls can break above this level, further resistance may be found at 3200 SAT and 3300 SAT but if the sellers continue to push the price beneath the current 2910 SAT, the next level of support is located at 2700 SAT and more support is found at 2600 SAT and 2500 SAT. The RSI (14) has crossed below 60-level as the bears gain control of the market.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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Countries Buckle Up as FATF’s Travel Rule Deadline Approaches

The Financial Action Task Force (FATF) published its travel rule last June, in which it proposed a means through which cryptocurrency exchanges and other asset custodians could operate while also staying in compliance with existing Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. 
In that time, several countries have taken different paths towards regulating the crypto space concerning information control and user identity. 
When the FATF proposed the travel rule, it explained in an accompanying press release that it would be giving its member countries a maximum of a year to ensure full compliance and get their native crypto industries in line. Now that the deadline seems to be up, several countries have done their bit to adopt progressive rules concerning the agency’s requests.
Compliance is Strong in the U.S.
In the United States, the Bank Secrecy Act forms the basis of AML regulations. Financial institutions have complied with the regulation for decades, but in 2013, the Financial Crimes Enforcement Network (FinCEN) demanded that cryptocurrency companies should be made to ensure full compliance as well. The agency also enacted its BSA travel rule for crypto companies last year, issuing its guidelines to digital asset service providers. 
Earlier this week, Steve Mnuchin, the Secretary of the United States Treasury, announced at a hearing with the Senate Committee on Financial Services that the FinCEN is also working on developing cryptocurrency laws. As he explained to the Committee, the agency has seen the rapid rise in crypto use, and while they recognize the fact that the technology is innovative, they would also work to ensure that these assets don’t end up being used like Swiss bank accounts. 
Uneven Compliance Across Europe
 The European Union is a bit of a different case. As an economic bloc, the Union has accepted that the cryptocurrency space needs to be effectively regulated, and it has adopted the FATF travel rule completely. Then, the stakes were even higher for crypto companies in the EU when the block adopted the Fifth Anti-Money Laundering Directive (AMLD5). 
The AMLD5 isn’t as stringent as the FATF’s travel rule, but it does put some significant responsibilities on crypto firms in the EU. The most significant of these responsibilities has been about customer record-keeping, a decision that has led to the mass exodus of cryptocurrency firms in the region.
Regardless, the AMLD5 came into full effect on January 10, and several crypto companies in the EU have still committed to fighting it. There’s also the issue of the United Kingdom, which left the EU earlier this year. While it complied with the regulations up until its exit, there hasn’t been any word on whether that will continue.
 Countries On the Way to Compliance 
Switzerland, which is seen by many as the most crypto-friendly nation, also recently made amendments to its Payment Services Act to comply with the FATF’s rules. Last week, the Swiss Financial Market Supervisory Authority reduced the threshold for unidentified crypto exchanges from 5,000 CHF ($5,000) to 1,000 CHF ($1,000). It’s expected that other components of the Act could also be amended likewise. 
Singapore is also working on falling in line. In December, the Monetary Authority of Singapore confirmed that it “intends to amend the PS Act to fully align with the most recent enhancements to the FATF Standards.”
The post Countries Buckle Up as FATF’s Travel Rule Deadline Approaches appeared first on InsideBitcoins.com.
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Author: Jimmy Aki

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