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eCoin news

Kenyan Federal Government Tightened Regulations on Virtual Currencies

Kenya has shut down the bank accounts of the Bitcoin startups; therefore, the Minister cannot sell the BitPesa shares at the same time. The Kenyan Ministry of Communications and Information Technology that causes the Minister Joe Mucheru of the incapability to sell his shares right in the BitPesa right after the moment that the federal government had imposed tightened regulations on the virtual currency.

Joe Mucheru was the former Director of BitPesa and also one of the company’s few shareholders that have stated in one of his interviews that the Kenyan financial regulators had forced the financial institutions to finally shut down the bank accounts of the well-known Bitcoin startup such as the BitPesa. The regulatory policies have precluded the shareholders similarly to Joe Mucheru from selling his stake in the company and have also made it harder for the investors to unearth potential buyers. Then Joe Mucheru has mentioned that “I actually cannot find any single buyer. The sale had fallen off the grid, due to the charges filed right in the CBK policy on the digital frequencies was all of the bank accounts were closed and also the business in Kenya closed.”

One of the irresolute factors of Joe Mucheru’s claims is the BitPesa is an international company that fully operates in a variety of African countries and regions onto the outskirts of Kenya. Hence, even if Kenyan regulations forcedly shut down BitPesa in Kenya; and Joe Mucheru should be able to sell his shares as a stakeholder of the company to the other willing buyers right in the regions including Nigeria, Tanzania and also Uganda. Moreover, BitPesa has offices and staff members based in London and San Francisco, California, USA and apart from its primary team in its head office that is located in Kenya’s capital, Nairobi.

Plausible, Joe Mucheru was elected in December of year 2015 to become an information minister for the ICT of the Kenyan government, While the impact of the Central Bank of Kenya or the CBK had a sharp warning against the Bitcoin and the other virtual currencies on the cryptocurrency ecosystem of Kenya was at this very moment not that crystal clear, and Joe Mucheru’s claims can be represented as the local government’s means of strengthening their regulations on the Bitcoin. And the Central Bank of Kenya as well as the other government-supported agencies has tightened their regulations on the Bitcoin right after the BitPesa’s legal battle with the Safaricom. The government feared that the Bitcoin and BitPesa innovative and efficient payment networks would indeed impose threats on the existing regulated financial services such as the M-Pesa and the Airtel.

China: Turning Into Bitcoin as an Alternative Asset?

The strict financial policies that were being imposed onto the local traders and on investors China prohibits on putting their investments into assets outside of the country’s borders. And the high profile traders and also the traditional investors are now switching their paths and turning into the Bitcoin as an alternative asset. Dissimilarly with the most traditional forms of assets and investment approaches in China, the Bitcoin, is one of its kind in a certain way that the investors and the traders can effortlessly and quickly move the cryptocurrency out of the country regarding with no borders and boundaries. And since the smuggling of the Chinese Yuan, gold or any other precious metals is sternly illegal in China, the investors frequently struggles to be able to deal with the issues in moving or transferring their very own wealth out of the country.

More significantly, the instability of the Chinese Stock Market has already run a substantially massive numbers of investors apart and away right from the local investment opportunities, the stocks and also the assets and opening a mammoth opportunity right for the high liquid international asset like the Bitcoin that carries drastically high exchange rates all over around the world. As a direct outcome of the constricted financial regulations in China, the Chinese Yuan has begun to dominate the Bitcoin exchange markets globally together with the accounting summation of 94% of the Bitcoin trading that is being recorded in August. As according with the Bitcoinity’s comparison chart that was created and established by the Quartz’ Joon Ian Wong right between the United States of America’s dollars and the Chinese Yuan in which the two most dominant currencies right in the Bitcoin exchange market these days and the Chinese Yuan has taken the US dollar-to-Bitcoin pair ever in the late moments of the year 2012 and therefore also keeps on dominating the market since the year of 2015.

The Over-The-Counter (OTC) Market and the undervaluation is one of the biggest factors that certainly dominate the global market. This inevitably excludes an even and much way more major over-the-counter market in China these days in which was the experts deems that this is even a superior to the exchange market The Civic CEO and the Bitcoin expert Vinny Lingham claims that the OTC market is substantially way bigger than the exchange market where the 9 figure purchases of the Bitcoin ordinary. As he further explains that, “Commonly with this year has badge a record of massive buyers at the percentage of 66 and the sellers in the OTC market makes it at 33% as based on my reliable sources, but since the Brexit moments, there is a mark of a ranging up, and even more and more buyers have entered the OTC market in which is not being reflected in its worth. And my very critical point is that the exchange quantity does not picture the actual market based on the Bitcoin demand and supply.”

And if the Chinese over-the-counter market were to be added right to the exchange market, the Bitcoin trading would be even more and more and much heavily dominated by the Chinese buyers and investors. Also with the statements that have stated above, the Chinese miners in which fully obtain the market’s majority shares of the Bitcoin, and sell their Bitcoin all the way through the brokers in great summations. Consequently, the summation of the over-the-counter- market in China and the Bitcoin exchange market would suggest that the worth of the Bitcoin is radically undervalued as of this moment.

Spread the Bitcoin in Africa, and The United Nations Seeks Volunteers!

The United Nations has been in quest of searching for applications of the volunteers to help spread and increase the Bitcoin adoption and acceptance in Africa. The posted in the advertisement on the OnlineVolunterring.org claims to be the United Nations volunteer portal, the inevitable post calls for the qualified candidates to volunteer their very own time to help educate the youth of the Sierra Leone regarding the Bitcoin.

It calls and reaches out for the two volunteers who are fluent in English language and also proficient in the Information Technology or IT and the telecommunications: “Our organization is seeking and searching out for new sources of revenue and also looking for an alternative ways and methods of raising funds by accepting donations and assistance in Bitcoins and expanding our global support base. We are looking for the two tech geeks to help and assists us with this particular research and training the two staff members on how to uses and utilize the digital currencies in which is the Bitcoin for fundraising. This opportunity and a prospect are available immediately and for the 12 weeks although volunteer has the option to extend. The training and the coaching will be through online and utilizing the email, the hangout, the Skype and the Whatsapp.”


The support for a cryptocurrency-illiterate staff, the volunteering position is intended as a “resident geek” to assist and help staff with the Bitcoin donations through the Coinbase account. None of the current staff has known much regarding the Bitcoin or even how to solicit cryptocurrency donations and assistance. “Our organization has established an account with the Coinbase, in which is a web platform and we are accepting donations and assistance in the form of Bitcoins. None of our team members fully understand the digital currency and how to seek out for donations. The lucky volunteer will be a teacher and a consultant and would not engage in any fundraising. We wanted to join the people outside the current financial systems as supporters and donors to a worthy cause.”

The Bitcoin could solve several of Africa’s problems, the key to lying with the Bitcoin. Africa’s future success may very well lie with the Bitcoin. The hard economic times in nations such as the Nigeria can be solved by an international employment, in which is facilitated by the Bitcoin wages. In additional, smart contacts, such as those made possible by the Ethereum, could prove useful in a fight the corruption, in which is another rampant and out of control problem in Nigeria. Because of these factors, the Bitcoin could experience a soar in adoption and acceptance in Africa much in the very same way that the mobile devices have taken root all over the continent.

The Netflix Executive Desires Bitcoin as Global Currency!

At the Citi Internet, Media and Telecommunications conference, David Wells who’s the Netflix Chief Financial Officer had spoken his sanguinity towards the Bitcoin and also on how it is molding to become the global currency of the most significant industries. And according to Market Realist, a well-known investment research establishment in which had covered the event, David Wells acknowledge that “It definite would be pleasant to have the Bitcoin in requisites of a global currency that you could use internationally.”

In an instance why the Netflix is fascinated in the Bitcoin? Shirley Pelts, an MR researcher elucidated in a 5-part series in which has been entitled “Tools in Netflix’s Wheelhouse to Meet International Challenges,” at this moment Netflix is actively looking into the Bitcoin payments due to increasing cases of fraud and also criminal activity revolving around the gift and the prepaid card payments. In disparity to several streaming and digital content distribution networks, Netflix has even provided both its users and content creators with a broad spectrum range of payment choices and beyond the traditional field of banking and credit card payments.

For a case in point, the users right from the under-banked countries such as Argentina and India or the users under the age of 18 that indecipherable for any single bank and credit card applications can certainly purchase a variety of gift cards right from the physical locations such as the gasoline stations and also convenient stores to pay for the Netflix services.

In the year 2015, month of June, Libran Research and Consulting and prepaid commerce solution provider CashStar co-released a study in which entitled “Gift Cards Through the Eyes of Consumer,” to explore and analyze the ecosystem and also the industry in which surrounding it cards distributions. Right in its research, there are two research in which that stated that the gift card sales had surpassed the $129 billion margin in the year same year of the previous research, in which showcases its hasty growth and development as evaluated with the other conventional payment means in which includes the credit and debit card services and providers.

On the other hand, compared to several other financial tools, a rapid augment in growth also relates to a mounting quantity of fraud cases, due to the surfacing of hackers and criminals in which are trying to bypass the system. Tony Martin-Vegue in which is a security veteran and a cryptography expert who wrote in a study that bypassing gift card security and fundamentally double spending its balance is not that complicated operation and can also be accomplished with practically superficial knowledge of security. And Tony Martin-Vegue uttered that, “This particular type of fraud is comparatively a low-level and does not result in a massive loss right to a merchant, but also it is quite a shock to the consumer when the receiver of a gift card tries to redeem it and finds that the balance of it was zero.”

As a response to these scenarios, the Netflix team and CFO David Wells are looking into the Bitcoin in which can also be considered as a more convenient and cost-efficient alternative to gift cards.

The Live Streaming Video Platform “Twitch” Brings Back the Bitcoin Payments Together with Coinbase!

The Amazon-owned live streaming video platform the Twitch in which is an integrated Bitcoin back in August year 2014 has started to offer and serve the Bitcoin as a payment option in their choices of payments using the Coinbase payment processing gateway since the 21st of August year 2016.

It was already two years ago when the Twitch made a joint venture with the gaming payments giant the Xsolla to offer and successfully provide various payment options right to its users and gamers. Even if the Xsolla network users were able to support and yet also assists their favorite gamers and streamers with the utilization of the Bitcoin, in which requisites them a significantly small transaction cost of fees and the processing time was quick and much easier being compared with the traditional forms of payments. Nevertheless, as the Xsolla development team had eliminated the Bitcoin right from its payment network, the Twitch users were also being disallowed right from using the Bitcoin at the exact and same time. The certain incident of turning down and exclusion of the Bitcoin as payments had brought exasperation with several users and gamers on the network; significantly the patricians of the live streaming video platform in which was the Twitch, who had no accessibility within the conventional forms of payments such as the credit and the debit cards.

The regular address deposits has been enabled; and for the past 24 months and counting both of the gaming as well with the Bitcoin communities and societies grasp a tight grip of pressure that eventually set an urge right with the Twitch to bring back and integrate the Bitcoin payments to be assists and at the same time help the gamers and the streamers get a better practice on monetizing their digital content. With this certain contempt of the requests right from the two communities and societies has been thornier for the Twitch to be able to pull out and execute such integration due to the fact of involvement with the respected website in which is the Amazon that right at this very moment serves as its parent company. And finally, the Twitch had reintegrated the Bitcoin payments back right into their system in which successfully been delivered and slated on the last 21st of August with this very same year of 2016; all the way through with the Coinbase. And more interestingly and captivating, the platform has also enabled the average address deposits in which allocating and gives the users the rights to sent the Bitcoin transactions directly right from their very own wallet en route to the Twitch platform in exclusive of dealing together with the third-party payment platforms and the processors.


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