The German government delivered another blow to Libra - according to its new strategy the cabinet in Berlin stated that while the block chain technology holds great potential, it should not be used to develop private forms of money.

“A core element of state sovereignty is the issuance of a currency, we will not allow private companies to do it,” German Finance Minister Olaf Scholz commented on the government's decision.

The German stance reflects similar concerns expressed by France and the skepticism in Washington.

siavash82ir wrote: Wed Sep 25, 2019 11:39 pm Bitcoin $ 8000
How do you think it will go down?

Will go back up a tiny bit then just dump and fall lower.
So far, $600 million worth of positions liquidated

What do you reckon will happen?

It's certainly very bearish. Let's see whether it drops to $6,000 again.

The worst crypto week since November 2018

Do you think it will continue depreciating?

mlawson71 wrote: Thu Oct 03, 2019 1:26 am Do you think it will continue depreciating?

Yep. For sure man. Check this out too!

Bitcoin may be soon classed as gambling


According to an article by the Economist, the Financial Conduct Authority may be looking into regulating the Bitcoin trading market as gambling.

"Now the Financial Conduct Authority (FCA), a British watchdog, is proposing a blanket ban on selling crypto-derivatives to retail investors. A consultation ended on October 3rd. Its decision is expected in early 2020." (The Economist)

Interestingly, the Economist says that unlike traditional currencies cryptocurrencies are not legally treated as money as they have no store of value. So when trading crypto derivative you cannot claim they are for hedging purposes like you can with FX forwards, futures and options.

It has been said by the FCA these amateurs fail due to the fact that they may not understand financial derivatives. They also estimate that investors/traders in Britain made total losses of £371m on crypto-derivatives from mid-2017 to the end of 2018 and the net profit was around £25.5m but was mostly captured by the largest investors.

So if you trade on exchanges like BitMex and you are based in the UK there could be a law change on the way. The same kind of thing happened with Binary options recently after there were many complaints about losses. The EU authorities banned people from trading Binary option and many firms closed or stopped offering them. This could be something similar or the trading of Bitcoin could be passed over to the gambling commission.

Source: https://www.fxstreet.com/cryptocurrenci ... 1910031546

Its quite surprising that the FCA is going to adopt regulation like this. For sure, the Authority is well-known for its strict regulations against Forex and CFD trading, but its position regarding digital assets was nearly neutral. It has already banned crypto CFDs in the course of customer protection requirements.
At the same time, regulating authorities of the most of the EU countries classify cryptocurrencies either as commodities or as securities.
Classification of crypto trading as gamling is quite unfavorable for all market participants, both for institutional and retail ones. Individuals would be subject to severe customer protection rules regulating gambling sphere while it would be difficult to institutions to operate with digital assets.
Anyway, this position is very strange. Hope they would change thier position in future

4xdev0 wrote: Fri Oct 04, 2019 2:43 am Hope they would change thier position in future

yeah.......... weird huh............. wonder wat will happen if they class it as gambling

That refers to cryptoderivatives though, not to actual cryptocurrencies?

Earlier this year, Facebook announced the launch of its very own cryptocurrency, and unveiled a surprisingly long list of endorsers who had joined the non-profit Libra Association – the company in charge of operations – among which were PayPal, Visa, Mastercard, Spotify, eBay and other global businesses.

Now part of those same advocates, namely Visa and PayPal,, are reconsidering their early, seemingly irrational, decision to back the new crypto coin. The list of reluctant names grows ever higher, as uncertainties pile up. Apparently concerns started arising over “maintaining positive relationships with regulators who have reservations about the project,” and that Facebook and the Libra Association had mislead them into thinking that regulators were fully on board with the project.