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Japanese  IT giant GMO Internet has confirmed that it plans to launch its yen-backed  stablecoin GYEN this year, Cointelegraph Japan ...

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Japanese IT giant GMO Internet has confirmed that it plans to launch its yen-backed stablecoinGYEN this year, Cointelegraph Japan reported today, Feb. 12.
The news was revealed during an earnings presentation to investors held today, after GMO released financial results for the fiscal year ending Dec. 31, 2018.
The firm’s founder and CEO, Masatoshi Kumagai, as well as chief financial officer, Masashi Yasuda, answered questions from attendees. Following a question about the firm’s previously announcedstablecoin, one of the executive answered:
“Regarding the plan to launch GYEN as announced last year, we plan to issue it in overseas this year.”
The company execs also revealed that the firm has set up a subsidiary and appointed a person responsible for GYEN operations to issue the stablecoin in 2019. The company further noted that it will be able to announce where the stablecoin will be issued shortly.
During the presentation, the GMO execs also told attendees that the firm had closed down one of its Northern Europe mining sites, and that the relocation of another site is expected to be completed by the end of 2019. While the new location is kept confidential by the company, the execs claimed that the local electricity cost “is less than half of that in Northern Europe, which is 7-8 cents per kWh including running costs.” They concluded:
“We believe the relocation will impact our earnings this summer.”
As outlined in GMO’s earnings report for last year, in the last quarter of 2018, the firm reported 2.3 billion Japanese yen (about $20.8 million) in revenue for its cryptocurrency-focused segment.
GMO’s crypto-related earnings from that quarter are over 12 percent lower than those reported for Q3 2018 and nearly 14 percent lower than the revenue reported for Q2 2018.
Still, the amount earned by the company through its cryptocurrency activity — comprised of a cryptocurrency exchange and mining operations — in Q4 2018 is nearly 73 percent higher than the 635 million yen (about $5.7 million) reported in Q1 2018.
However, GMO’s financial results report that its “profit attributable to owners of the parent company” for 2018 was 20.7 billion yen in the negative (about $187 million in losses), compared to a profit of 8 billion yen in 2017.
The reason for this performance, according to the document, is attributed to the “extraordinary loss of JPY 35,385 million related to the cryptocurrency mining business restructuring.”
This statement is in line with a recent monthly disclosure concerning GMO’s in-house crypto mining operations, which reported a steep hit in overall mining revenue. However, as the company explained at the time, even as overall revenue from mining tanked, the firm’s Bitcoin mining rewards consistently increased over time.
As Cointelegraph reported in November, GMO’s third-quarter report for 2018 revealed a “historical performance” of its crypto-related sectors, despite “the harsh external environment.”
In a similar initiative to the GMO’s GYEN coin, South Korea-based fintech firm BxB Inc. launchedwhat is reportedly the first stablecoin backed by the Korean won at the end of January.

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Venezuela continues to reach new heights in terms of weekly Bitcoin trading volume. Meanwhile, the country ’s government has issued new...

Venezuela continues to reach new heights in terms of weekly Bitcoin trading volume. Meanwhile, the country’s government has issued new regulations that impose fees on Bitcoin remittance.


According to data from Coin Dance, Venezuelans traded 2,454 BTC via Localbitcoins (the P2P trading platform) for the week ending February 9, 2018. This figure surpasses the 2,004 BTC recorded in the previous week.
Last week’s volume amounts to the highest ever recorded in the country. In terms of VES, the country’s beleaguered fiat currency, 24 billion VES worth of Bitcoin changed hands during the period, an increase of 41 percent from the week ending February 2, 2019.
With the continued political, social, economic turmoil in the Latin American state, citizens continue to rely on Bitcoin and other cryptocurrencies for survival. The current stand-off in the political scene is sure to exacerbate further the already dire issues surrounding forex shortage and hyperinflation.


With Bitcoin trading volume soaring, state officials are getting into the action, introducing exorbitant fees on cryptocurrency remittance payments in the country.
According to the notice published on the Official Gazette 41581 on February 7, 2019, the National Superintendence of Cryptoactives and Related Activities of Venezuela (SUNACRIP) now oversees cryptocurrency-based remittance in the country.

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|| PUBLICADA en Gaceta Oficial Nro 41581, Providencia mediante la cual se establecen los requisitos y trámites para el envío y recepción de remesas en Criptoactivos a personas naturales en el territorio de la República Bolivariana de Venezuela.

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SUNACRIP now has the power to set limits on cryptocurrency payments. An excerpt of the decree published by local crypto news media Criptonoticias, reads as follows:
The ruling defines commissions that range from 0.25 euros ($0.28) as the minimum rate per transaction, to 15% of the funds transferred in cryptocurrencies [sic]. In addition, it limits the sending of remittances to a monthly amount equivalent to 10 Petros (PTR), a cryptocurrency [sic] created by the Venezuelan Government.
The notice also establishes an upper limit for the cryptocurrency payments pegged at $3,000.
The reaction from many commentators on the matter has been unanimously negative. Imposing fees on cryptocurrency remittance is counterproductive to the essence of international payments via cryptocurrency which is the removal of exorbitant fees charged by mainstream services.
According to the World Bank, the global average remittance fees range between 5.2 percent and 9.4 percent. The SUNACRIP fee structure effectively renders crypto remittance more expensive than fiat.

This new directive comes on the heels of an earlier law that seeks to punish what the state considers unauthorized cryptocurrency use.

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About AWS Mining  AWS MINING is headquartered in Sydney, Australia, with mining farms across China, Paraguay and Russia. Our goal i...

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Three MIT students in their early 20s created a technology that could draft predictive responses to emails. In May 2018, they proceeded...

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Three MIT students in their early 20s created a technology that could draft predictive responses to emails. In May 2018, they proceeded to raise funds for their startup – EasyEmail. Around the same time, Google held its annual conference in which it announced a feature similar to that of EasyEmail. The startup’s founder, Filip Twarowski, expressed his shock, fearing that competing with Google would scare off venture capitalists.
The history of entrepreneurship is full of stories in which more prominent corporations try to squash young companies by copying them. Or, they acquire them completely to eliminate a threat.
In the case of JP Morgan, it is the former.


Multinational banking giant JP Morgan took an idea made famous by Ripple Labs (and other public crypto projects) – that blockchain can conduct cross-border transactions more swiftly than traditional interbank settlement system SWIFT – and rebranded it. To that end, the firm replaced Ripple’s distributed ledger with an Ethereum-inspired Quorum blockchain and XRP token with its new stablecoin, JPM Coin.
In theory, JP Morgan’s JPM Coin – which probably shouldn’t even be called a cryptocurrency – combines the best of both mainstream finance and crypto world. The project borrows blockchain technology to conduct global transactions faster while protecting its users from volatility attached with cryptocurrencies like XRP. Because JPM Coin is transferrable between the accounts of JP Morgan’s clients, who would purchase and redeem them for the US dollars based on a 1:1 peg, the digital token appears more attractive than the volatile XRP.
“Exchanging value, such as money, between different parties over a blockchain requires a digital currency, so we created the JPM Coin,” JP Morgan wrote in its FAQ.
In short, a corporate giant imitated a young startup and managed to project its venture as better. Such situations have not played out well for young companies. But, according to Ripple CEO Brad Garlinghouse, their firm isn’t scared of squaring off against such Wall Street behemoths.


Garlinghouse said in a tweet that JP Morgan’s latest attempt to launch a cryptocurrency missed the point. The former Yahoo executive explained that the JPM Coin relies on a “closed network,” which had nothing innovative about it.
“As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO,” Garlinghouse said in a tweet.
Garlinghouse directed followers to an article he penned on LinkedIn two years ago. The title read “The Case Against BankCoin.” It discusses how so-called “bank tokens” are no better than independent coins like XRP.
“We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP is best positioned for that role,” Garlinghouse wrote. “It goes back to the fundamentals of what makes digital assets unique and special – they’re universal currencies, meaning anyone can use them as units of value anywhere in the world. That universality gives digital assets global reach and the ability to settle much faster than traditional assets.”
The situation leads to an important question: are XRP users on-and-off customers, speculators, or both? To explain further, an on-and-off user would purchase/sell XRP for what it does. She would buy the token only to conduct an online transaction cheaper and faster. And the receiver would also exchange the XRP for local currency the moment he receives it.
Meanwhile, a speculator would hold the XRP cryptocurrency with an aim to trade it for a higher value in the future. The same cannot be said about a bank coin like JPM Coin, whose only purpose is to settle transactions in real time.
JP Morgan could end up taking customers who primarily use XRP for remittance. Ripple, on the other hand, will need to set its priorities straight. A stablecoin to settle payments between different banks could be the right answer.