Crypto News 

JPMorgan Issues a Cryptocurrency—Here’s Everything You Need to Know

“JPMorgan Chase CEO Jamie Dimon is widely known as a critic of Bitcoin” writes Sissi Cao for observer.com. On Thursday, JPMorgan said it would introduce a blockchain-based token called “JPM Coin,” which would allow clients to make “instantaneous” money transfers and significantly lower the cost and risk of transactions thanks to the token’s underlying tamper-proof blockchain system.The bank said it was still in its prototype phase and would only be available to a small number of institutional clients at first. Source: observer.com

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Crypto News 

Is JPMorgan Chase’s New Cryptocurrency a Threat to Ripple, Other Crypto Assets?

“Mega-bank JPMorgan Chase (NYSE:JPM) recently announced that it will launch its own cryptocurrency, becoming the first U.S. bank to do so” writes Matthew Frankel for fool.com. However, there are some big differences between bitcoin, the more than 2,000 other existing cryptocurrencies (that’s not a typo), and the new cryptocurrency JPMorgan Chase is planning to create.The new cryptocurrency will be called JPM Coin, and the purpose will be to speed up transaction settlement times.Also, JPM Coin will be a so-called “stable coin,” with its value pegged to the U.S. dollar. Source: fool.com

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Crypto News 

Luxembourg Turns Blockchain Framework Bill into Law

“Luxembourg parliament passed a blockchain bill into law to facilitate the use of blockchain technology in the financial services” writes Arnab Shome for financemagnates.com. The bill 7363 was passed with a massive approval as only 2 out of 60 lawmakers voted against the bill.According to the February 14th official announcement, the new law will provide transparency to the financial market participants and assure legal certainty for the circulation of securities using the blockchain technology. “The transfer of securities via the blockchain does not yet have legal certainty.The new legal framework…

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Crypto News 

First Ever US Pension Funds to Invest in Bitcoin

“A branch of the investments managing firm Morgan Creek Capital Management, Morgan Creek Digital surpassed its original goal of 25 Million USD for the fund” reports livebitcoinnews.com. Morgan Creek Digital is taking things a notch higher with a claim that they are probably the first US pension fund to ever pour money in the digital currency business.There are three distinct welfare programs conducted by the Fairfax County Retirement Systems, 2-thirds of them investing in the Morgan Creek Digital fund, according to Pompliano.Fairfax County, Va., has two pension plans that are…

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Crypto News 

Fairfax County Pension Funds Invested $21 Million in Blockchain Technology

“Fairfax county of the United States state of Virginia, has invested $21 million in Morgan Creek Blockchain Opportunities Fund, according to an official note published on Feb. 13” writes Helen Partz for cointelegraph.com. As revealed by Morgan Creek Digital’s CEO Anthony Pompliano, the original funding round of Morgan Creek was capped at $25 million, but was expanded upward due to investor interest.In this context, Weiler explained that the county has invested money in the underlying technology of crypto, claiming that at least 85 percent of the Morgan Creek Blockchain Opportunities…

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Crypto News 

J.P. Morgan Chase Becomes First U.S. Bank With a Cryptocurrency

“And now J.P. Morgan (jpm) has become the first bank to offer its own cryptocurrency, CNBC reported” writes Erik Sherman for fortune.com. The cryptocurrency, called “JPM Coin,” is intended for the bank’s wholesale payments business that moves $6 trillion around the world daily.As long-time former banker and now cryptocurrency industry figure Alan Silbert said of Dimon in a January 2018 tweet, “Backpedaling is the first step in the program towards walking the path.” There are two reasons J.P. Morgan is on that road.A cryptocurrency can work at the same speed…

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Crypto News 

Iran: Still Waiting for the Blockchain Revolution

“Therefore, the road map toward a national digital currency and the future regulation of cryptocurrencies in the country remain uncertain” writes Daniele Pozzi for cointelegraph.com. However, the news media stressed how many expectations Iran has with regard to blockchain technology as a way of circumventing sanctions.Mike Gallagher introduced a bill in the U.S. Congress (Blocking Iranian Illicit Finance Act) encompassing articles aimed to forbid U.S. citizens from engaging in any operation involving a hypothetical Iranian digital currency.In fact, blockchain seems to be a thrilling topic for Iran: Before the end…

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Crypto News 

Chilean Central Bank: Cryptocurrencies Are Unable to Substitute Fiat Money

“The Central Bank of Chile (BCC) believes that cryptocurrencies are unable to substitute traditional money, according to an in-depth report on crypto issued Feb. 7” writes Ana Berman for cointelegraph.com. According to the BCC, cryptocurrencies might be treated as intangible assets and a digital representation of value, which converts them into property.The organization actively participated in a recent legal battle between Latin American crypto exchanges and Chilean banks.The BCC report comes almost a year after the case involving local crypto exchanges Buda, CryptoMkt and Orionx began.The three firms started a…

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Crypto News 

Venezuela Imposes Fees and Limits on Local Crypto Remittances

“The document also sets the monthly limit for crypto remittances in national state-backed digital currency Petro, at 10 Petro per month” writes Ana Berman for cointelegraph.com. According to the new requirements, the state has set out monthly limits and commissions, payable to SUNACRIP, on cryptocurrency remittances.Venezuela introduced a new legal framework for cryptocurrencies and related technologies earlier this month.According to the document, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) will now be responsible for taxation related to the sending and receiving of cryptocurrencies.The Venezuelan government has introduced…

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Crypto Markets News 

Are Japanese Consumers Losing Interest in Cryptocurrencies?

“During the fourth quarter of 2018, the number of consultations regarding cryptocurrencies and related fields was 788, 443 less than the previous quarter” writes Celeste Skinner for financemagnates.com. However, another way to look at the FSA figures is that there are fewer complaints and Japanese consumers are more confident with the cryptocurrency industry.During the previous quarter, from July 1, 2018, until September 30, 2018, consultations regarding cryptocurrencies and related fields was 1,231, which was also a quarter-on-quarter drop of 371 cases. Source: financemagnates.com

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