Carlos Acevedo, a teacher at a public high school in the South Bronx, recently invited a group of his former students back for a two-day course in cryptocurrencies. He planned to cover decentralization, blockchain, peer-to-peer networks, and fiat currencies. Each student would then get five dollars, in a form of cryptomoney called Zcash, to spend. After these two days, youre going to be the one per cent, he told the twenty-five young people who had gathered at the South Bronx Business Lab. Youre going to know more about cryptocurrency and blockchain than ninety-nine per cent of people out there. You have the opportunity to get in on the industry right now.

Until last month, Acevedo taught English at Morris Academy, in Morrisania, which is in the poorest congressional district in the country. Having read about Bitcoin, he started investing in cryptocurrency in 2014, and hes been hooked ever since. He views it as a way of helping what he calls the unbanked, so he created the Crypto Community Project, with the goal of building a cryptocurrency economy in the South Bronx.

Acevedo, who wore a Zcash T-shirt, reminded the students that they were in the Forty-first Precinctknown as Fort Apache, he explainedwhich was at one time the most dangerous precinct in New York City. Low-income neighborhoods like theirs often lack banks where people can open savings accounts or apply for loans; instead, they rely on pawnshops and check-cashing joints that charge huge fees. Over truck noise on the Bruckner Expressway outside, Acevedo said, For the first time in history, if you have a phone you can participate in a worldwide economy without the need of any bank.

Mejreme Musaj, who had braces and wore her long brown hair in a bun on top of her head, raised her hand. When we first talked about Bitcoin in your class, I thought, Criminals, she said.

Her friend Ashley Perez Camacho, a science major at City College whose nails were painted blue, cut in. I see it like an ideology, the people taking control, she said. But how does this not create chaos? How is this not going to?

Blow up the world? Acevedo said.

Lets say this is the next big thing, instead of Chase and TD Bank, Musaj said. Wouldnt crime rise more?

You guys are going heavy, Acevedo said. Im not talking about machine guns on the street. Its not Mad Max out there. He suggested that they take a break to eat; trays of Puerto Rican and Italian-Bronx dinner had been laid out.

They piled paper plates with rice and beans, pernil and chicken parm. I believe capitalism is built to collapse, and then go back up, collapse, and go back up, Perez Camacho said. So how does Bitcoin actually fit into a capitalist system?

Musaj answered that she wasnt sure, but that cryptocurrency might come in handy when she wanted to send money to her relatives in Kosovo.

Brandon Gonzalez, who had carefully styled hair and wore torn jeans, said that he had already invested a hundred dollars in Bitcoin but that he knew it was risky. I dont have a thousand dollars I can just lose like that, he said. Ive seen Bitcoin go down. It was ten thousand, then down to seven thousand, in an hour. And later it goes back up.

I got into Bitcoin at thirteen, Alexis Ortiz Estrella said. He had a pair of headphones around his neck. He was interested in computers as a kid, and then his father, a landscaper, introduced him to the cryptocurrency Ethereum. So we invested, like, four dollars, because we didnt have a lot to invest, he said.

What happened? someone asked.

Gone, he said, in two days. We didnt realize we could lose it real quick.

Most of the other kids said that their parents didnt know that they were dabbling in cryptocurrencies. My mother will think Im wasting my money, a girl named Teshura Francis said. That Im, like, throwing it away.

I talked to my mom, a bespectacled boy named Jos Pimienta added. Even with trading stocks, shell tell me, No, no, no! She dont really knowshe dont understand it.

After dinner, Acevedo was planning to explain the concept of digital wallets, and there would be a presentation by representatives of Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss.

Nobody tells us, You could actually do this, Perez Camacho said. Having someone tell us, This is how the real world worksI like that. Youre at a young age, in high school. I appreciate that a lot. I know more than my mom.

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Cryptocurrency 101 in the South Bronx - The New Yorker

Australian police have reportedly seized a record amount of cryptocurrency after intercepting a drug delivery from the UK.

The dodgy drug delivery eventually led police to search a property in Marangaroo, Perth and seize AUD$1,524,102 ($1,022,827) worth of cryptocurrency.

Detective Senior Sergeant Paul Matthews, the officer in charge of the drug and firearm squad, said the confiscation is believed to be the biggest single haul obtained by the Western Australia police.

A 25-year-old woman and a 27-year-old man have also been arrested in connection to the bust.

The assets have been frozen and the pair are due to appear in court on Wednesday.

The drugs were spotted during a screening of international mail where border forces in Australia uncovered 27.5g of MDMA tablets and 27.5g of MDMA powder hidden in a childs painting set, The Sydney Morning Herald reports.

Clandestine activity of this nature is not uncommon. Australian Border Force commander for Western Australia Rod ODonnell said mail-screenings uncover small amounts of drugs in mail every day.

While this might be one of the biggest single seizures of cryptocurrency, authorities in Australia are well aware that drug running criminals use the digital assets.

Back in 2016, Australian Federal Police began proceedings to seize US$5,000 worth of Bitcoin. By the time they got their hands on it, it had increased in value by over 2,000 percent.

Published December 4, 2019 08:51 UTC

Excerpt from:
Drugs hidden in childs toy lead police to massive $1M cryptocurrency stash - The Next Web

Last updated on December 3, 2019 by Tim Fries

In a recent announcement, Thailands Securities and Exchange Commission (SEC) said it is currently studying ways to amend its royal decree on digital assets. The jurisdiction wants to create a competitive market in Thailand, while also prioritizing investor protection.

Earlier this year, Thailand launched an Initial Coin Offering (ICO) portal to help companies compliantly issue digital assets. The Thai government provided a regulatory framework its royal decree to cover exchanges, brokerage firms, dealers, and ICO portals. All exchanges, brokers, and dealers who wish to operate in the country must be granted a license from the countrys Finance Ministry, while participation through the ICO portals require SEC approval.

The SEC has provided data concerning the number of players in the regulated space. So far, five companies have been granted a license to operate a digital asset exchange. Out of the five, two are currently operating, one was voluntarily shut down, and two others have yet to launch.

Three companies have seen approval to operate as a digital asset broker-dealer. Only one is currently operational. When it comes to ICO portal companies, the Thai SEC says it has approved a total of three.

Now, in a recent announcement, the Thai SEC says it will amend its royal decree in the coming year to facilitate growth in terms of digital asset use. At the same, the regulator says it is aware of the inherent risks involved, and will continue to protect investors from any unnecessary risks.

Ruenvadee Suwanmongkol, Security General of the Thai SEC, says the regulator is currently searching for any hurdles which prevent the Thai market from competing on a global level. According to Suwanmongkol,

The regulator must be flexible to apply the rules and regulations in line with the market environment. For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.

Thailand has shown consistent support for security tokens throughout the past year. Security Token Offerings (STOs) represent the integration of blockchain technology powered by trustless cryptographic hashing and traditional financial securities.

Such financial instruments require resource intensive management and oversight for the sake of regulatory compliance and, more generally, overall functionality. Issuers of securities must maintain who owns those securities, how much each owner has, the associated rights or dividends tied to each asset along with a means to facilitate those rights or the payouts of those dividends. Yet assets which are recorded on a blockchain can allow for seamless management and oversight, eliminating costly middlemen and third parties that are commonly seen in todays legacy systems.

Besides issuers, many benefits arise for investors as well. Global markets connected through the internet can operate 24/7/365, such as the developing tZERO or OpenFinance Network. This is a stark difference from traditional stock exchanges which shut down during the late afternoon, on weekends, and on national holidays as well.

Tokenization also enables fractional ownership of high-valued assets, making them more liquid and easier to sell. Some anticipate a future of nearly every regulated security experiencing the benefits of blockchain.

While financial regulators around the globe have taken different stances, Thai regulators have stood out as a proactive body aiming to attract business in the digital asset realm.

What do you think about the Thai SEC planning to amend its royal decree? How will this affect the digital asset space in Thailand? We want to know what you think in the comments section below.

Image courtesy of Hashed Asia.

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Thai SEC to Amend its Royal Decree on Cryptocurrency - The Tokenist

India has a curious relationship with blockchain. On the one hand, the Indian government is a huge proponent of blockchain technology, and nearly half the states in India have already initiated government-sponsored blockchain projects. At the same time, the government has been very ambivalent toward cryptocurrency, drafting a slew of measures in the last couple of years to control its growth.

In April last year, the Reserve Bank of India (RBI), which functions as the countrys central bank, issued a ban prohibiting banks from receiving or transferring any money related to cryptocurrencies. This came as a huge blow to the crypto ecosystem in India because people were no longer able to cash out their cryptocurrency holdings. Some of the countrys top crypto exchanges like Koinex and Zebpay ended up shutting down while others like WazirX decided to navigate the situation by creating alternate peer-to-peer exchanges.

The RBIs ban isnt the only stumbling block for Indias cryptocurrency ecosystem. In July this year, a committee appointed by the Indian government proposed a blanket ban on cryptocurrencies across the country and recommended imposition of severe fines and penalties on all crypto-related activities. The committees recommendations have taken the form of a draft law that will soon be up for discussion in the Indian Parliament. If it gets passed, this law could mean the end of Indias already struggling cryptocurrency scene.

Activists fight back

Naturally, these measures have met with major protests from Indias cryptocurrency players. Their attack is two-pronged. As far as the RBI banking ban is concerned, the Internet and Mobile Association of India has filed a petition in the Supreme Court that is still being heard. They argue that the RBI is acting out of its zone of authority by banning banking for virtual currencies. They claim that unless theres a legislative policy regarding cryptocurrency in place, the RBI has no business creating regulations around this issue at all.

As for the proposed legislation that will soon be up for discussion in Parliament, there is a strong grassroots movement coming from within Indias cryptocurrency community calling for a rethink of these regulations. Their stance is simple and pragmatic given the decentralized nature of cryptocurrency transactions, the government will find it very hard to actually prevent them from happening.

Read more: SFC aims to regulate digital asset trading platforms

Instead, these transactions will enter the gray market. This means that chances of fraudulent activity will now go up dramatically, and fraud victims, who would be seen as complicit in illegal activity, will likely hesitate to seek redress. Positive regulation, rather than a blanket ban, would be a much better approach. Not only would the government be in a much better position to monitor fraudulent activity, but it would also be able to realize revenue through cryptocurrency taxation.

Another argument is that it would be really hard for the Indian government to continue promoting and supporting blockchain technology if it bans cryptocurrency completely. Cryptocurrency and blockchain are intrinsically linked, with many blockchain startups issuing their own tokens and raising money through ICOs, or initial coin offerings. A blanket ban will end up discouraging the growth of blockchain in India.

Growing public support

This call for a more informed approach toward cryptocurrency has found massive support across the board. #IndiaWantsCrypto a social media campaign for positive cryptocurrency regulation is well over 300 days old but continues to see a growing following. There also seems to be a growing demand for cryptocurrency investing in the country, particularly among high-net-worth individuals. A survey by the Hurun Research Institute shows that as many as 9.6 percent of Indian high net-worth individuals said that they would increase their cryptocurrency investments in the next three years.

Then there are the cryptocurrency exchanges, the entities that are the most affected by this environment of uncertainty. While some have bowed to the inevitable and closed down, others continue to innovate. CoinDCX, one of Indias top crypto exchanges, already offers a suite of services, including a P2P platform, margin trading in more than 200 markets, and cryptocurrency lending. Now, it has partnered with Australian crypto trading platform Koinfox so that its users can access advanced trading tools like risk-management strategies and algorithmic trading.

WazirX, another crypto exchange, has recently launched a Smart Token Fund program. This is a community-driven initiative where cryptocurrency enthusiasts can connect with more advanced traders who can trade with their funds in return for a percentage of the profits.

Despite Indias draft legislation and the overall uncertainty, there does seem to be some cautious optimism in its cryptocurrency community. The grassroots movement for positive regulation seems to be gathering significant momentum, and most experts are convinced that India wont be saying goodbye to cryptocurrencies anytime soon.

Original post:
India vs. the people: The battle over cryptocurrency ownership continues - Forkast News

China has reportedly shut down all cryptocurrency exchanges operating within the country, according to a Twitter update from Chinese blockchain outlet CnLedger.

CnLedger quoted the Peoples Bank of China (PBoC) Financial Stability Report (2019), stating that the 173 Chinese virtual-currency trading and token issuing platforms have all exited without risk.

This move means that the Chinese government has finally closed down every competitor in the cryptocurrency space, leaving the door open for its soon-to-be-released stablecoin. The PBoC had informed the general public about the legality of cryptocurrencies and what it plans to do to curb illegal bitcoin trading, last week. It vowed to crack down on cryptocurrency exchanges. In the ensuing announcement, the agency said it would use measures such as inspections and a ban on crypto trading activity to resolve related risks in a timely manner.

Cryptocurrency speculation has risen in China in recent weeks since President Xis heartwarming speech on blockchain technology. The increase in optimism for blockchain technology has followed with a restrictive arm towards cryptocurrency trading. The PBoC even reiterated its commitment to stamping out cryptocurrencies by informing investors not to confuse the technology with the use case.

China has gone full throttle in its case of informing the world that it likes blockchain, not Bitcoin. This is coming less than two weeks after hailing Bitcoin as the first successful application of the blockchain technology.

Chinas Silicon Valley, Shenzhen, has instigated a crackdown identifying 39 cryptocurrency companies that it claims have been responsible for defrauding consumers. Just last week, Beijing based cryptocurrency exchange BISS was shut down by the authorities and arrests were made.

Images courtesy of Twitter, Shutterstock.

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China Shuts Down 173 Cryptocurrency Exchanges and Token-Issuing Platforms - BeInCrypto