Thursday events: Conflicting reports about closure of the exchanges in South Korea; the Russian officials do not have to pay with crypto currency; a lot of progress in data encryption and new opportunities; Waren Buffett does not understand crypto currency; the heavy traffic on the exchanges.
• Conflicting reports about the closure of the exchanges in South Korea:
Conflicting reports today confused after Korea announced plans law to ban trade kryptowalutami in the country. According to Reuters, officials from South Korea are working on documentation that will do so, trade e-currencies on local exchanges would be illegal.
The Minister of justice Park sang-Ki said that the decision was taken after a series of discussions and agreements between government departments, including the Ministry of Finance and financial regulators. Reuters reported that sang-Ki announced the ban at a press conference, saying:
There are serious concerns regarding virtual currencies, and the Ministry of justice, in principle, preparing a draft law prohibiting the sale kryptowalutami through the exchanges.
However, cooperating with South Korea party Cointelegraph, Joseph young, wrote today in his personal Twitter account, citing local sources that the South Korean Ministry of Strategy and Finance does not agree with the proposal of the Ministry of Justice to ban the trade kryptowalutami in this country. Jung reports that have not yet made a final decision.
South Korea has established a task force 25. Dec to establish rules for the rapidly developing market of cryptography in the country. Unlike a total ban, it is planned regulation of stock exchanges as a legal financial service providers and the prohibition to foreigners and minors to investors trading on stock exchanges South Korea.
The popularity of the trade kryptowalutami in South Korea has led to the fact that prices of the digital currency has been much higher than in other countries. However, the attention of the Minister led to the sale of kryptowaluty. The value of Bitcoin in South Korea decreased by 21 percent, to $ 17.064. This lower price of Bitcoin in South Korea, as before, is significantly higher than the average price of Bitcoin on CoinMarketCap (13.501$), which excludes substitute in South Korea due to the divergence of the price of crypto currency in the country.
At the end of December 2017. South Korea is even one-fifth of the world market kryptowalutowego.
Reuters also reported 11. February, the operators of the largest Korean giełdowi sharing platforms were «clean» through the police and tax authorities in connection with allegations of tax evasion. According to Reuters, an official from the popular South Korean exchange, Coinone said that the government perceives the operators of the stock market in a negative light:
Local police are also investigating in our company since last year; I think that what we do is gambling.
The message about «RAID» is not accurate and has been decorates the main media outside the country. Correspondent In South Korea. Cointelegraph this time filed in the message Cryptotrader CNN Ran Neuner, confirming that the so-called «raids» on the stock exchange was actually planned visits to the tax authorities. Local media called a «rally» unexpected friendly visit».
Another trader from South Korea said on Twitter that the situation is the result of a misunderstanding on the part of government as well as the exchanges, which, apparently, are ready to adapt, if there are imposed laws:
A lot of confusion on all sides, the government and the exchanges.
7. Nov South Korean media reported that the authorities plan to interview six large banks to look for the alleged laundering of money associated with the replacement of the crypto currency.
• Russian officials don’t have to pay with crypto currency:
The Russian Ministry of Labour has developed a new recommendation. Indicated that officials may not lay goods and services received in nature, and explained that the application does not provide income replacement for crypto currency. Resort he also explained that the account does not include digital currencies in the declarations, because they are not in Russia legally regulated.
The expert of the center Business Against Corruption, Vladislav Cepkow, evaluated that the decisions related to ICO allow you to obtain bribes, for example, in Bitcoinach and crypto currency is needed to pay.
If kryptowaluty that are not tender, and not just spend, will be sold and converted into real profits, this income will need to declare it.
the expert said in comments to the journal news.
The Declaration of income, assets, and other major costs, Russian officials hand over once a year. To 1. APR they have to do that, the President, Prime Minister, Cabinet members, officials at the Federal level and staff of the presidential administration. 30. April statements are the authorities on the level of regions and cities and, in particular, the staff of the Central Bank.
• A lot of progress in data encryption and new features:
Encryption technology has reached the stage when even government agencies such as the FBI, have technology that allows you to unlock the hidden data. In fact mathematically impossible to break advanced forms of encryption, regardless of the technology or the available budget.
The task of the world’s most famous authority of the investigator to provide the government of the United States crucial intelligence and investigation carried out through progress in data encryption.
According to Reuters, the FBI was unable to decipher more than 7800 devices, which included information that the FBI found the words to investigations carried out in 2016-2017. The Agency was legally mandated by the courts in an attempt to access data on these devices, but just was not able to do because of the high-level encryption used to protect information. The FBI Director Christopher ray gave these statistics at the International Conference on Cyber security.
When you publish tasks facing the Department, ray claimed that the FBI supports progress in cryptography and information security. However, this became a double-edged sword, which complicates the life of the FBI:
We are dealing with a huge and growing number of cases that rely heavily, if not exclusively, on electronic evidence.
According to ray, the progress in this area will require «significant innovation», but the head of the FBI does not believe that it is impossible. Currently, half of devices protected by encryption was not available, ray said in his speech.
While the FBI refers to the investigations in which he has legal access to attempt to break the encryption to unlock information, both the government and private individuals interested in the encryption technology. Programs for exchange of messages that use encryption technology, have become «permanent», allowing people to communicate without fear that they will watch for any reason. Encrypted communication platform were the words in repressive countries such as Iran.
Nevertheless, governments around the world pushing for rules that allow total control of public opinion. Britain did it in many cases.
The FBI faces a heavy battle with encryption technology, and it seems that no in this respect any intermediate position. The essence of the encryption protection of information by granting access only to authorized persons. Regardless, there are agencies such as the FBI received permission to decrypt the data, as previously considered unauthorized through the use of encryption.
The irony is that modern encryption technology the development carried out primarily military operations a decade ago. The need to protect sensitive data transferred during the war can be attributed to the development of various encryption techniques that are currently widely available to the General public. When the developers got their hands on the underlying code, for example, the so-called » cypherpunks, which laid the Foundation for security, which powers Bitcoin and other kryptowaluty, was a huge achievement.
In order to protect information, the developers who are engaged in encryption is not going to create a backdoor, which they could use the FBI and other law enforcement agencies. It pokonałoby point and created a point of entry for the wicked creatures to obtain important information.
The most likely course of action will be the development of better methods for decoding. It is unlikely that engineers, software developers have created a less efficient encryption technology in the coming years.
• Warren Buffett does not understand crypto currencies:
Right after James Dimon acknowledged that made a mistake, calling the market for crypto currency cheating, came his successor, the famous investor and one of the world’s richest people – Warren Buffett. In 2012, criticized Bitcoin, saying that will have no value. In October of 2017, spoke publicly, that is a bubble that will burst with a Bang. His comments appear now, when the largest krzykacze, decided to cancel the call.
I have a lot of problems with things that I think that I know (…) Why do I have to take a long or short position on that, than not know.
– said the investor, giving it clear that is not an expert in this field.
CEO Binance – Changpeng Zhao confirmed that it is not necessary to make important words Buffeta too seriously:
I think he knows investing in the stock market and investment, but I do not think that, in General, understand Bitcoin. As before, respected by many elements of his knowledge, but I think that the questions on crypto currency makes a big mistake.
• Great traffic exchanges:
In the last 24. we are seeing greater price volatility of individual currencies. The total turnover amounted to more than $ 53 billion. Despite the fact that the market … lost consciousness 27 billion dollars, most of the projects, said strong gains. Bitcoin, which is an indicator of the market notes cost reduction of 1.5%, Ethereum 8.3%, And Bitcoin Cash 1%. Among the largest projects of profit boasts Ripple at 7.5% and the EOS of 10.5%. The total capitalization of the market is 704 billion.
source: bitcoinist.com, forbes.pl, cointelegraph.com, coinmarketcap.com.