Back to the list

Image Of The Week, 27-31 Of August: CNBC, Independent, Bloomberg And Others

Oleg Koldayev

We're presenting “image of the week”. Bitnewstoday.com has chosen only the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories in most indicative quotes are below!

27 Of August

ONE TO RULE THEM ALL (Business Insider)

Fintech could be bigger than ATMs, PayPal, and Bitcoin combined

Fintech broke onto the scene as a disruptive force following the 2008 crisis, but the industry's influence on the broader financial services system is changing. Industry no longer stands clearly apart from financial services proper, and is increasingly growing embedded in mainstream finance. We're now seeing the initial stages of this transformation.

For instance, funding is growing more internationally distributed, and startups are making necessary adjustments to prove sustainability and secure a seat at the table. Most fintech segments in the ascendant a year ago have continued to rise and grow more valuable to the broader financial system. Meanwhile, several fintech categories have had to make adjustments to stay on top. New subsegments are also appearing on the scene — such as digital identity verification fintechs — as new opportunities for innovation are discovered.


'Wolf of Wall Street' warns investors of the next big trap: Bitcoin

Former penny-stock broker Jordan Belfort spent nearly two years in prison for scamming investors. Bitcoin, he has no doubt, is the next trap that could leave some retail investors penniless.

"I was a scammer. I had it down to science, and it's exactly what's happening with bitcoin," he told CNBC in a documentary airing Monday. "The whole thing is so stupid, these kids have gotten themselves so brainwashed." Belfort ran an over-the-counter brokerage house on Long Island called Stratton Oakmont, and pleaded guilty in 1999 to manipulating investors into buying stocks that eventually turned out to be worthless. The former broker's story was depicted by Leonardo DiCaprio in Martin Scorsese's "Wolf of Wall Street."

28 of August


BRICs sign blockchain agreement

Five major banking institutions from the emerging economies of Brazil, Russia, India, China and South Africa signed a Memorandum of Understanding (MoU) on the development of distributed ledger technology (DLT).

The Brazilian National Bank for Economic and Social Development (BNDES), the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), the Export-Import Bank of India, the China Development Bank, and the Development Bank of Southern Africa (DBSA) will all participate in the study of DLT technology like blockchain, "in the interests of the development of the digital economy."

NORTH KOREA IS DOING IT (Business insider)

Norks are still planning to host its own blockchain and cryptocurrency conference

In an attempt to showcase their supposed technological prowess, North Korea will be holding a blockchain and cryptocurrency conference later this year. North Korea plans to host leading blockchain experts from around the globe during a two-day conference called, the "Korean International Blockchain Conference."

The event will take place October and last two days, according to Singaporean outlet The Straits Times. The conference itself will close with a meet and greet between North Korean industry leaders and the experts in attendance. There has been no mention if Kim Jong-Un will be in attendance.

29 of August


Italian football club makes history after becoming first to be purchased in cryptocurrency

Italian Serie C football club Rimini FC 1912 has become the first team in history to be purchased in the cryptocurrency. Quantocoin, which uses the blockchain technology to provide an alternative crypto payment method for investors, now owns 25% of the side. The Gibraltar-based firm made the purchase in its cryptocurrency of the same name.

According to Pablo Dana, a partner at Quantocoin, the purchase will be the first of many that his firm wants to make in the industry. He believes the cryptocurrency offers a unique opportunity to fight corruption in a sport which has been rocked by a number of high-profile scandals involving cash, such as the accusation that Qatar bought votes as they won the right to host the World Cup in 2022.

CHINESE COPY (Bloomberg)

How Chinese Technology Grew to Rival Silicon Valley

Despite starting years behind the U.S. in developing a technology industry, China now boasts some of the world’s biggest companies in the field. There’s Alibaba Group Holding Ltd. with its mammoth e-commerce operations, Tencent Holdings Ltd. and its WeChat social network with 1 billion users, and Baidu Inc. with its stranglehold on the Internet search. As those companies look beyond the domestic market for their next leg of growth, China’s government is eyeing a leading global role in industries such as artificial intelligence.

The country’s political hierarchy has set its sights on becoming a world leader in a number of key technological industries through its “Made in China 2025” program. As a part of that plan, the government is putting in billions of dollars’ worth of investment to build up its semiconductor industry and reduce its reliance on foreign supplies. China’s leaders said last year that artificial intelligence would be a vital driver of expansion that would generate more than 400 billion yuan ($48 billion) to the economy by 2025.

30 of August


India’s central bank is worried that its crypto crackdown may backfire

The Reserve bank of India (RBI) fears it may be pushing cryptocurrencies into the shadows.There is a need to keep track of trade in virtual currencies turning opaque, the RBI has said in its annual report released on Aug. 29.

“Developments on this front need to be monitored as some trading may shift from exchanges to peer-to-peer mode, which may also involve increased usage of cash,” the report said. “Possibilities of migration of crypto exchange houses to dark pools/cash and to offshore locations, thus raising concerns on AML/CFT (anti-money laundering/combating the financing of terrorism) and taxation issues, require close watch.”


Bitcoin is on its way to becoming a mainstream currency, study suggests

Bitcoin is following the same path towards mass adoption as other technologies like the internet and social media, a comprehensive cryptocurrency study suggests. Using university students as a bellwether for future growth of emerging technologies, crypto exchange Coinbase teamed up with ad-tech firm Qriously to measure interest in cryptocurrency and blockchain.

Benedikt Bunz, a doctoral student at Stanford focussing on cryptocurrencies, said there was "tremendous excitement" among students in cryptocurrency, adding that, "if you're an expert in cryptocurrencies and cryptography you'll have a difficult time not finding a job."

31 of August


Iran again announces plans for state cryptocurrency, still no sign

An Iranian politician has once again taken to state-owned media to promise the release of a government cryptocurrency to help Iran sidestep sanctions and participate freely in the global economy, Press TV reports via ISNA.

The latest comments were made by the Deputy for Management and Investment Affairs, Alireza Daliri, on behalf of the Directorate for Scientific and Technological Affairs of the Presidential Office of Iran. Mr. Daliri told ISNA student reporters that there are numerous Iranian tech companies with sufficient expertise to develop a state-backed digital currency now, but said the companies, who are collaborating with the Central Bank of Iran, are still working out the bugs.

DOORS TO JAPAN (Bitcoin News)

160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Japan’s top financial regulator has revealed exclusively to news.Bitcoin.com the number of crypto exchanges seeking to enter the Japanese market. The agency also confirms the number of existing exchanges that have exited the industry, leaving only three applications currently being reviewed.

The FSA revealed in July that about 100 companies were interested in applying for a license to operate a crypto exchange. Among them are Line Corp and Yahoo! Japan. Line recently launched an exchange, Bitbox, that serves customers globally except those in Japan and the U.S. The company is waiting for the FSA’s approval before beginning operations in Japan.

Back to the list