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The second-largest stock exchange of Germany, Börse Stuttgart is going to launch a crypto trading app by the end of this year. Sowa Labs, which is a subsidiary of Börse Stuttgart revealed the application on Friday, and said, the app would be available for use from September; also, the app will provide trading support for the following cryptocurrencies:

  • Bitcoin
  • Ether
  • Litecoin
  • XRP

The official website of the app also says that more assets will be coming soon. The app is called “Bison,” and users will be allowed to download it for free. According to the developers of the app, Binson will not charge additional trading fees. Plus, the app’s prototype will be demoed in Stuttgart during a trade-show this week.

Crypto Trading App

The app is initially designed to offer easy means for investors so that they can gain exposure to the crypto markets. According to the Sowa Labs, the Bison app is going to be the first cryptocurrency trading app that is being supported by a stock exchange and will be the first one to be released by a German company as cryptocurrency stock exchange.

The managing director of Sowa Labs, Ulli Spankowski, said in a statement:

“Bison makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.”

Last year, the exchange developed Sowa Labs, in the month of December and took 100% of its interest in the Ulm-based startup. Even though the accurate figure hasn’t been known, some reports say that the price of the acquisition was in the millions of euros. The progress also shows the current instance of a traditional stock exchange going into the cryptocurrency trading game via subsidiary.

The operator of TMX (Canadian stock exchange company), announced last month that its very-own subsidiary had ‘struck a deal’ for setting up a cryptocurrency brokerage. The brokerage will focus on; bitcoin and ether and will be set to launch in the middle of 2018. The prototype for Bison was unveiled at Invest, which is a German finance and investment trade fair. Reports say, the German version of Bison is scheduled for release in autumn, and after it gets lauched, Börse Stuttgart will announce an English version of it.

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Pakistan Bans Crypto and ICO Transactions

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The central bank of Pakistan has told financial service providers and banks that it won’t be supporting virtual currency transactions. In a statement on its website, the State Bank of Pakistan (SBP) suggested the general public that it controls both international and domestic payment as well as money transfer services.

Prosecution Against Transferring Funds

According to this cryptocurrency ban news, the State Bank of Pakistan will take action against those who use virtual currencies for transferring funds outside Pakistan. If they found anyone using virtual currencies, tokens or coins for transferring money outside Pakistan, he/she will be subject to prosecution according to applicable laws. The State Bank of Pakistan also asked microfinance and commercial banks, as well as payment service providers/operators to restrict those account holders, who are looking forward to carry out transactions in the form cryptocurrencies and ICO tokens.

The State Bank of Pakistan also noted that it doesn’t recognize cryptocurrencies as legitimate tender and hasn’t sanctioned or licensed anyone for the sale-purchase, exchange-investment or even issuance of any tokens or currencies.

Risks

The State Bank of Pakistan took the action of the following risks:

  • The closure and fiasco of virtual currency exchanges as well as businesses for any purpose, like action by law enforcement agencies.
  • The number of security negotiations of virtual currency exchanges and wallets all-inclusive, in which huge amount of funds was lost.
  • Virtual currencies are extremely erratic, volatile and the prices are mostly based on assumptions.

Furthermore, fraudsters have started to offer “pyramid style investment schemes” as well and have promised high returns to the general public of Pakistan. The State Bank of Pakistan has also warned that such schemes similar to cryptocurrency Ponzi schemes, can cause some hefty losses to the general public.

RBI

The Reserve Bank of India (RBI) stated that all controlled entities that already offer virtual currency services are required to cut off all ties within three-months. These services include:

  • Maintaining accounts
  • Registering
  • Trading
  • Settling/Clearing
  • Giving loans against virtual tokens
  • Accepting the loans as collateral
  • Opening accounts of exchanges that manage them and transfer funds in accounts including the sale and purchase of virtual currencies.

The Reserve Bank Of India (RBI) believed that blockchain technology has a lot of positive applications however, it contends that cryptocurrencies increase several concerns related to the:

  • Protection of customers
  • Market integrity

Preventing financial crimes

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Cryptocurrencies in Russia: Government Is Settling Up Conflict on Draft Crypto-Law

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The Russia Federation is getting closer to decide the law, covering the trading of crypto-tokens and ICOs (initial coin offerings) within the country, Russia.

On Monday, a report was released by RIA, which is a Russian news agency that according to Alexei Moiseev (Russian deputy finance), the jurisdictional conflict amid the Finance Ministry and Bank of Russia associated with the subject of draft crypto law to rule cryptocurrency-related activities in Russia has been settled.

Alexei Moiseev has told the journalists that the final word about this conflict of cryptocurrency trading is linked to the Central Bank, which means it belongs to it. At this time, it seems like the Ministry has chosen to relinquish this issue to the core financial regulator.

Alexei Moiseev’s Statement

Alexei Moiseev stated:

“Yes, the disagreement with the CB has been resolved and this issue has been entrusted to the CB. The CB will make decisions [on this matter]”

The new Russian draft law on cryptocurrencies will permit coin trading after proper verification. The Central Bank, also sometimes referred as CB has shown some serious uncertainties earlier and expressed that the digital currencies have to be legal in Russia and suggested to do this only with the ICO tokens. However, the Finance Ministry opposed this, telling that the whole ban of Russian cryptocurrencies would just make a shadow market.

Well, this issue deserves to be mentioned that how digital currencies reemerged just after the local presidential elections, as they’ve remained in the background for the past few months. Seemingly, now that the President has managed to secure his position again, local issues and draft laws are once again getting back on the agenda.

Reports

It’s been reported before that a draft has been filed by the Finance Ministry, which would execute a threshold for ICO and its activities related to it in Russia as an exertion to let the token sales under a delimited environment. The law must let these token offerings to be traded with Russian rubles as further assets drew differing sentiments from the Bank of Russia, and the Central Bank of the Company. These two government bodies have achieved a consensus according to Moiseev, as he said:

“Yes. The central bank will make a decision”

What RIA has to say about it?

According to RIA, the Bank of Russia may now consider the option of permitting investors to exchange tokens distributed under the proposed ICO framework with fiat money. Though, “crypto to crypto” trading might not be allowed there.

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Bitcoin Mining – Is It Illegal?

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Before discussing the legality, we’d like you to know exactly what is Bitcoin mining is and how does it work.

Bitcoin mining illegal refers to the process of adding transaction records to a public ledger called Blockchain. In this ledger, every single Bitcoin transaction is recorded, and the record is always open for the public access. The record of these transactions is organized into blocks.

The creation of these blocks is what Bitcoin mining is based on. Every time a new block is created, it is added to the Blockchain for public to see it. However, it does not reveal the identity of parties involved in the transaction.

The block creation is done through solving mathematical algorithms using powerful computers.

So Why Would It Ever Be Considered Illegal?

There may be several reasons as to why people consider it illegal. More than often Bitcoin mining is confused with counterfeiting the money, which is completely false.

You are not counterfeiting your national currency, but rather creating a completely new currency.

Another reason behind some governments opposing Bitcoin is due to it being decentralized. Due to the fact that Bitcoin cannot be regulated or controlled, several governments view it as a threat to their national currencies. Some governments also believe that Bitcoin is actually undermining the government itself by offering non-state currency.

Moreover, the Bitcoin cryptocurrency can be mined illegally. One of the most common examples is the miners hacking your PCs through malware and using their processors to mine coins.

In Which Countries Is Bitcoin Mining Illegal?

The governments all around the globe have a mixed stance on this subject. For example, in Russia, the possession, as well as the use of Bitcoin is illegal. In fact, Russia is considered to be one of the biggest anti-Bitcoin countries out there. Presumably because of the current financial crisis brought about by low oil prices and the sanctions instituted as a result of Russian activities in Ukraine.

Ecuador is another country to oppose Bitcoin, but interestingly enough, has launched its own digital currency. The currency is designed to lower the government’s reliance on fiat currency.

Another country to outlaw Bitcoin is Iceland. Then there are other governments such as Indian government that have made negative comments against Bitcoin but haven’t launched any official bans on the mining/ownership of the currency.

Legal Bitcoin Mining:

The majority of governments seem to be okay with Bitcoin and have not made any negative remarks or launched an official ban as of yet. US, China, South Korea are few to name.

In these countries, you can legally mine the coins by using your own Bitcoin mining hardware and electricity resources. However, stealing the said resources may still result in prosecution.

For more information on mining hardware, Read our guide on how to set up a bitcoin miner.

Conclusion:

In all, Bitcoin mining is completely legal and safe for the users. Although there are some countries that have outlawed the currency, many countries remain to be silent on the issue and have passed no legislation for or against the most widely used cryptocurrency.

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