More acceptance for Bitcoin and its peers as a popular English language dictionary has added “cryptocurrency”, “blockchain” and “ICO” to its list of new words. In Asia, regulation for cryptocurrencies has been introduced and there is a surge in interest on cryptocurrencies and blockchain in Kazakhstan.
Here is a wrap up of the main news from the cryptocurrency world over the last 24 hours.
Merriam-Webster Adds ‘Cryptocurrency,’ ‘Blockchain,’ ‘ICO’ To Dictionary
Merriam-Webster, one of America’s most popular dictionaries, has added 850 new words and definitions to Merriam-Webster.com , including cryptocurrency, blockchain, and Initial Coin Offering, which have become highly popular in the financial world. The dictionary defines cryptocurrency as “Any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units.” Blockchain: “A digital database containing information, such as records of financial transactions, that can be simultaneously used and shared within a large decentralized, publicly accessible network. It is also the technology used to create such a database.”
Malaysia Introduces Cryptocurrency Regulation
Malaysia’s central bank has introduced a set of guidelines to regulate Bitcoin and other cryptocurrencies. Under the new policy issued by Bank Negara Malaysia (BNM), digital currency exchanges will be subject to the Anti-Money-Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act of 2001. Exchanges will be required to verify their customer’s identity, monitor trades and report suspicious activity to regulators. Cryptocurrency exchanges will be required to publish prices and the methodology used to determine them.
Kazakhstan Witnesses Rising Interest In Cryptocurrency: Study
Kazakhstanis are highly interested in cryptocurrencies and blockchain as they have increasingly searched for these and related terms in recent months, local media reported, citing a study by the internet services company Yandex. Thus far this year, searches of the word “cryptocurrency” by Kazakhstanis were nearly 15 times more than in 2017, the study on search queries found, the local news outlet Zakon reported. Interest in cryptocurrencies surged in June and September last year. Users asked the Yandex browser about cryptocurrencies, crypto exchanges, where to buy them, how to mine them and initial coin offerings, among others.
US Marshals To Auction Seized Bitcoins
The U.S. Marshals announced the auction of approximately 2,170 bitcoins worth around $25 million, which were seized in connection with various federal criminal, civil, and administrative cases. The sealed bid auction will be held on March 19 from 8 a.m. to 2 p.m. EDT. The bid must be an all cash offer in U.S. dollars, and the winning bidder will be notified on the same day, the agency said. Potential bidders must complete all registration requirements by March 14, with a $200,000 deposit. Non-winning bidders will get back the deposits.
Ukraine’s Skarbnitsa Launching Crypto-Secured Loans
Ukrainian pawnshop chain Skarbnitsa is launching cryptocurrency-secured loans that will provide loans in fiat currency against collaterals in bitcoin and other cryptocurrencies through their nearly 300 across Ukraine. The customers can apply for a loan secured by cryptocurrency on the site of the crypotrading system. Choose the type of cryptocurrency that is possible for a deposit, as well as one of the parameters: the desired loan amount or the amount of your existing cryptocurrency. A calculator will be offered to help customers determine the type and volume of cryptos for the collateral, the maturity and the amount of the loan.
US City Plattsburgh Mulls Ban On Bitcoin Mining
Excessive consumption of electricity by Bitcoin miners has prompted a city in the US state of New York to consider imposing a temporary ban on cryptocurrency mining, reports said. Plattsburgh is planning a moratorium on new commercial Bitcoin mining operations, the Watertown Daily Times reported, citing Mayor Colin Read. The temporary ban could be for 18 months, the blockchain news website Coindesk reported.
Class Action Lawsuit Against Coinbase For ‘Insider Trading On Bitcoin Cash’
Two class action lawsuits have been filed against major cryptocurrency exchange Coinbase on successive days last week. In the first lawsuit, filed on March 1, the plaintiffs accuse that the employees of the California-based exchange illegally profited by “insider trading” of the Bitcoin Cash (BCH) launched in December. The complaint was filed by Coinbase user and Arizona citizen Jeffrey Berk on behalf of himself and a group of Coinbase customers in the US District Court for the Northern District of California. Coinbase has been accused of artificially inflating prices by means of disclosing buy and sell orders shortly after the exchange rolled out Bitcoin Cash support on December 19.
As of 6.55 am ET on Tuesday, Bitcoin was down 4.85 percent at $10,942.30 and Ethereum was lower by 3.66 percent at $833.30 on Coinbase.