The state Oil company of Venezuela flirts with Bitcoin, the money is in the eyes of an international panel of experts or financial product. Meanwhile, the crypto-exchange Bitfinex gets a stage win against the New York Prosecutor’s office, while the American stock market regulator, the SEC postponed again a decision on a Bitcoin ETF. The regulatory-ECHO.
By Christopher clover
On 29. September 2019BTC$8.319,94 , and 0.61%part Facebook Twitter LinkedIn xing mail bitcoin: An intangible Asset?
did you know? Bitcoin is neither a currency nor a financial product. Who says? The International Financial Reporting Standards Committee (IFRIC). Thereafter, crypto-currencies are “intangible assets”, because they “are separated from the holder and individually sold or transferred and the holder may not claim for a guarantee to receive a fixed or determinable number of units of currency”, – quotes the South Korean news website The Korea Times, the IFRIC. Further, crypto-currencies do not fall under the Definition of a financial product, because they “were not an equity instrument of another entity”.
it’s high time that these recommendations be reconsidered. Finally, the crypto industry is just going to beat the bridge for regulatory compliance – you can, at least, from the growing number of Security Token Offerings are derived, have received the blessing of the regulatory authorities.
Bitcoin ETF
moved Meanwhile, another potential wedding of Bitcoin and Tradition has been moved, namely, in the Form of an exchange-traded Bitcoin Fund. The American securities and markets authority has postponed the examination of a corresponding ETF application, the company Wilshure Phoenix. The initiative provides a Trust, which – in contrast to previous Bitcoin-ETF-advances – in US-Dollar and short term US invest in Treasury bills. The SEC is required by law to meet within 35 days of a decision.
Bitfinex process goes to the next round
The dispute between the U.S. state of New York, and the Bitcoin exchange Bitfinex has taken in the last week, a further twist. The crypto-Exchange was able to win the first a stage victory: The judge ruled that she was not obliged to reveal to the prosecution of their balance sheets – at least until the court issues a decision terminating the procedure has taken. Thus, the court followed the Argumentation of the defence that a disclosure of the books would constitute a “jurisdictional Incursion”.
Venezuela: On the Bitcoin rate to avoid sanctions? [Display] buy Bitcoin with the Bitwala account. Why have a Bank account with Bitwala? A Bank account is “Made in Germany” with protection of deposits up to 100,000 euros; 24/7 Bitcoin trading with faster liquidity; trading only ‘real’ Bitcoin has no financial derivatives such as CFDs; Secure users of lift-off control of the Bitcoin Wallet and the private key; With the contactless Debit Mastercard worldwide, and pay.
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That Venezuela with crypto currencies against the US economy would immunize sanctions, at the latest since the introduction of the ominous Oil-Coins “Petro” is known. New, however, is that the state-owned Oil company PDVSA is apparently flirting with Bitcoin. The U.S. news portal Bloomberg reported, citing insider information. After that PDVSA is considering to bypass the Boycott by major international banks, if you want to pay suppliers and creditors by the Venezuelan Central Bank locked Bitcoin and Ether. Specific information on the amount and origin of the alleged crypto-deposits from PDSVA are not yet available, however. In any case, the Initiative provides censorship resistance by Kryptowähr– sorry, intangible Assets, and neither money nor financial products.
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