Crypto Highlights 21/04/2018

Coinbase bans WikiLeaks Shop

CoinBase has kicked WikiLeaks Shop from utilising its payment processing service without any real explanation citing that they’ve engaged in prohibited use in violation of its Terms of Service. It seems like PayPal all over again.

Flixxo celebrates +10,000 hours of content

Community based video distribution platform Flixxo has confirmed in a blog post that more than 10,000 hours of content in 15 languages for was committed in June. Most of this content has never been published on YouTube or any online platform.

Read more on Flixxo’s Medium Blog here.

Crypto ban review ordered by The Supreme Court of Russia

Back in 2016 the Vyborgsky District Court of St. Petersburg blocked Bitcoininfo.ru stating the information present on the website undermines Russia’s legal currency. The Supreme Court of Russia has now ordered the court to review the decision, it has already declined to review previously.

Read more at Bitcoin.com.

Robinhood exchange expands to Colorado

Zero-commission cryptocurrency exchange RobinHood expands services to Colorado.

Read more on CCN.

Crypto Trade Group Pressures SEC to Exempt Ethereum From Security Classification

An alliance of lawyers, venture capitalists, and entrepreneurs have recently met with the US SEC to petition for the creation of cryptocurrency “safe harbors” for specific cryptocurrencies and tokens, including Ethereum.

Read more at CryptoSlate.

Taiwan will roll our crypto regulations

According to Taiwan’s Central News Agency the Taiwanese Minister of Justice, Chiu Tai-san, has said the country will roll out regulations for cryptocurrencies to prevent them being used for money laundering, these upcoming changes are rumoured to be targeted at exchanges.

Read more at CoinTelegraph.

EU Parliament Votes for Tighter Crypto AML Regulations

Members of the European Parliament decided to vote in favour of tighter crypto AML regulations. These anti-money laundering reforms will include closer regulation for cryptocurrencies. 574 members voted in favour of this, with only 13 votes against and 60 abstentions, according to an EUP press release.

Read more at Russia Today.

Macau Monetary Authority Issues Warning On Crypto Following Criminal Ties To ICO

In a report by the South China Morning Post, the Monetary Authority of Macau has issued a warning to the public regarding fraudulent activities based around the use of cryptocurrencies.

Read more at South China Morning Post.

Amazon Web Services Releases Blockchain Frameworks For Ethereum And Hyperledger Fabric

Amazon cloud platform service has recently introduced its Blockchain framework for Ethereum (ETH) and Hyperledger Fabric allowing users to build and manage their own Blockchain-powered decentralized applications (DApps).

Emirates NBD bank goes live with cheque blockchain project

Emirates NBD, Dubai’s biggest bank, has become the first to successfully go live at scale with “Cheque Chain”, a blockchain technology project that aims to cut cheque-related fraud.

Read more at Arabian Business.

Thieves use bear spray to rob BTC ATM

Texas police have released CCTV footage of two males who robbed a Bitcoin ATM using capsaicin bear spray to disable the store clerk.

Watch the robbery on Youtube.

Deloitte proves Iconomi’s solvency

Deloitte has verified Iconomis solvency consisting of $133.6M of liabilities and $210.2M of reserves, distributed across 80 digital assets.

Read Iconomi’s Medium Blog here.

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AirChain Network Introduces Mobile Application to Make Air Freight Sector Transparent, Safe and Flexible Like Never Before

AirChain Network , a blockchain powered ecosystem designed especially for the air freight sector, is all set to revolutionize the industry by addressing long standing  problems such as transparency, safety, and flexibility. The platform’s mobile applications are currently available for download via the App Store and Google Play.

Warsaw, Poland April 16, 2018

AirChain Network is pleased to announce the official launch of their mobile application via the App Store and Google Play. The company reveals that the beta version of AirChain Network has also gone live recently. This blockchain powered ecosystem has been built by a team of experienced developers and blockchain experts with the intention of making the air freight sector more efficient by bringing transparency, safety, and flexibility.

The global air transportation industry is a huge sector that plays an important role in people’s lives as well as industries all over the world. However, the constant increase in fuel price in the recent years has led to a situation where the air cargo is often beyond the financial capacity of an average individual, business or enterprise. At present, many companies are also reconsidering the use of air freights because of the rapidly rising security issues. Making things worse, this industry has always lagged behind in terms of transparency and the adoption of innovative technologies.

AirChain Network has built a simple yet comprehensive ecosystem that provides access to the sophisticated tools and techniques of the freight industry without the stress and price. They are creating business opportunities for the investors by providing them free and direct access to a huge range of offers that were previously available only to the institutional investors. The goal of the network is to help the business and logistic companies deliver goods and services efficiently, while the use of blockchain technology removes duplication, ensures distribution and enforces transparency. The investors and businesses using AirChain Network are able to exchange goods and services for fiat or cryptocurrency in a transparent, tamper proof and immutable distributed ledger.

“Let us assume that Tom is flying from Berlin to Seoul and has 5kg of portable luggage available. Maria, living and working in Berlin, wants to send her friend in Seoul a 5kg gift parcel. If Maria sends her parcel by conventional means of transport, the cost will be quite high and the waiting time will be long. AirChain ecosystem allows Maria and Tom to meet and exchange their needs,” explains a senior spokesperson from AirChain Network.  “Maria’s package arrives at his friend’s place for the best cost, safely and quickly. Tom, on the other hand, earns an income without any effort due to the sale of his empty baggage.”

The use of the just launched mobile application from AirChain Network involves the following simple steps.

  • Choose location: Customer selects the arrival and departure of the package.
  • Start a conversation: After selecting the most appropriate traveler, the customers can start a conversation and finalize the deal.
  • Check the package: Traveler receives the package and starts the trip
  • Delivery of the package: The customer receives the package.

Using this mobile application, it is possible to track the parcels, goods and services sent over the network. The users will also be able to add friends, family and others and easily send and receive coins from people on the friend list. The app’s encrypted chat function allows the users to chat with their contacts.  There is also a 100% secure wallet to wallet chat function. The review history of all users can be seen, helping them build credibility on the ecosystem.

The ANK token is the proprietary utility token of AirChain Network that allows the community members to send parcels on the ecosystem and make more income. Using the ANK token, it is possible to pay for parcels fee and exchange parcels and income on a peer to peer level without intermediary or regulatory fees. Before a contract, the sender and receiver are required to go through a KYC/AML process conducted by a reputable third party.  Once the order is accepted, smart contact for both sides is executed by the ANK application and committed by the ANK token. The senders receive the ANK tokens in their wallet after the recipients receive their package and confirm the same.
To find out more about AirChain Network, please visit https://airchain.network/

About AirChain Network: AirChain Network is a designed especially for the air freight sector. Its blockchain powered ecosystem addresses the most critical problems of the industry such as transparency, safety, and flexibility. AirChain Network has recently introduced their mobile application in two different versions for the Android and iOS versions.

Contact:

Marcin Tn
marcin@airchain.network

Website: https://airchain.network/

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Fake news: Binance will not introduce dollar trading

Binance has quashed rumours that it intends to introduce fiat-to-crypto trading pairs.

A spokesperson told Bloomberg, the reports are “fake news”.

Binance only handles trading between cryptocurrencies, not fiat.

Several crypto publications covered the news including the Daily Express, all based of rumours circulating across social media.

In the last 24 hours Binance has handled $2,152,690,811 billion in trading.

Source: Bloomberg

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Crypto Highlights 20/04/2018

Consortium of banks test first transactions on Blockchain

IBM in partnership with the CaixaBank, Bank of Montreal, Commerzbank, Erste Group and UBS have passed the first live pilot transactions on the IBM built Batavia blockchain platform. The trading of cars from German to Spain and textiles between Austria and Spain were carried out on the network. Do you think this challenges Stellar and Ripples blockchain tech?

Read more at FinExtra.

Bitcoin must go up for profitable mining

According to Morgan Stanley Equity Analyst Charlie Chan, the price of Bitcoin must reach $8,600 for mining to be profitable based on (US$0.03 kW/h) energy price.

Read more at CNBC.

Chip manufacturer blaming crypto for bleak outlook

The world’s largest semiconductor foundry company, TSMC which has become a major player in the Bitcoin mining industry is allegedly cutting its revenue forecast for the year blaming the uncertainty behind the cryptocurrency mining demand.

Read more at CNBC.

Tezos co-founder slapped with pocket change fine

Tezos co-founder Arthur Breitman has been slapped with a $20,000 fine and a two year trading ban by the Financial Industry Regulatory Authority (FINRA). This seems like pocket change for an ICO that raised $232 million.

Read more at Reuters.

China’s tech giants skirt ban with Blockchain investments

Three of China’s biggest tech firms Alibaba, Baidu and Tencent are battling for Blockchain stardom while steering well clear of the crypto trading crackdown, cool move eh… by investing and developing Blockchain companies, they skirt round the ban.

Baidu recently launched Totem a blockchain-based image right management platform similar to KODAKOne. They also launched a pet rearing game called Laici Gou.

Alibaba has the most Blockchain patents in the world, they recently launched a system for luxury goods sold on its flagship shopping site Tmall.

Tencent founder Pony Ma is optimistic about identity & document verification. Tencent partnered with a Chinese city to test tracking prescriptions on the Blockchain.

Read more at Quartz.

MP Matt Hancock is pro blockchain

MP Matt Hancock delivered a speech at the Blockchain Conference regarding the momental impact he thinks Blockchain technology will have on people’s lives in the future. He mentioned the World Food Programme Ethereum Blockchain aid initiative, which has transferred vouchers based on cryptocurrencies to 10,000 refugees in Syria, enabling them to buy food without “the need for cash, credit cards or paper.”

Syrian blockchain program receives $2.4 million donation

The United Nations World Food Programme has received $2.4 million dollars from Belgium to support a blockchain-based payment system for refugees. Funds will also be used to expand the UAV project to collect data and analysis to cope with natural disasters.

Read more at CoinDesk.

SophiaTX scoops blockchain company of the year

Enterprise blockchain platform SophiaTX has been named company of the year in this months CIOApplications magazine.

Mark Karpelès has a new job and it’s not in crypto

Mark Karpelès, the CEO of bankrupt Bitcoin exchange Mt. Gox has found a new job as the chief technology officer of the world’s largest VPN service, London Trust Media based in Denver. His new boss is more than happy with his past role, stating he skills unarguably continue to exist. Although the CEO of London Trust Media was one of the co-founders of Mt. Gox, friends with benefits? We think so.

Read more at Fortune.

Bitcoin is booming in Venezuela

According to research by VeneBloc, cryptocurrency trading in Venezuela has reached a new record surpassing $1 million dollars of Bolivar currency to Bitcoin in April.

Read more at CNN.

Cryptos back, will it stick?

Buy orders now make up for 90% of the cryptocurrency market for the first time since March 2017.

Read more at TurtleBTC.

$1.5 million dollars gone in a click.

Watch the CEO if Binance burn $1.5 million in just 3 seconds.

Eligma joins Enterprise Ethereum Alliance and Decentralized Identity Foundation

Blockchain firm Enigma announced their membership in the Enterprise Ethereum Alliance as well as the Decentralized Identity Foundation.

Read more at Eligma.

Poland crypto tax protest

After Poland’s finance ministry introduced a a %1 tax on all crypto trades, angry enthusiasts are demonstrated outside the tax ministory on Friday 19th.

Read more at WYKOP.

World’s first IOTA smart charging station released

IOTA have announced the world’s first smart charging station where users can pay with IOTA to charge their vehicle.

Read more AMBcrypto.

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Is the Tide TURNING for Bitcoin? Author of Amazon Best-Selling Blockchain Book Reveals New Intel that BTC Is Poised to “Moon” Again

DALLAS, TX – Richard Jacobs is the best-selling author of Bitcoin, Ethereum, and Blockchain, and organizer of the Future Tech Expo, which takes place in September 2018. As a sneak preview of what is to come at this conference, he has just published a free podcast that reveals brand-new intelligence which strongly suggests that Bitcoin could be returning to $10-15k+ territory by summer.

“Almost all the ‘smart-money’ blockchain investors I know agree that Bitcoin is undervalued, and are loading up right now while its price is relatively low”, said Mr. Jacobs. He adds: “Why are they so confident? It’s because there are three specific developments in the pipeline – game-changers that are going to fundamentally alter the economics of Bitcoin and generate a lot of positive news flow.”

Since Monday, Mr. Jacobs has been sending out daily “Future Tech Gold Rush” podcasts – i.e. insider briefs on seven technologies, including Bitcoin and blockchain, that are set to provide early investors with the chance to get behind the next major tech disruption – and he is sending them to everyone who is registered on the email notification list for his Future Tech Expo in September.

If you sign up now (it’s 100% complimentary), you can still listen to and download every episode, including the Bitcoin episode that reveals the three game-changer developments that are set to send Bitcoin soaring by summer. (You’ll get the download links in an email as soon as you sign up.)

NOTE: This special podcast series is only available until April 30th, when all seven of the “Future Tech Gold Rush” intelligence briefs will be deleted from the internet and no longer available.

Do you want to get these crypto and future tech intelligence briefs too – before they are taken down?

If so, follow the link below and sign up to the Future Tech Expo notification list. Not only will you receive all seven of these “Future Tech Gold Rush” briefs, you’ll also benefit from a special discount on tickets to the conference itself – which takes place in September at Dallas.

Subscribe to the “Future Tech Gold Rush” free podcast series:

https://www.thefuturetechexpo.com/notification-list/

###

Press contact:

Richard Jacobs

organizer@thefuturetechexpo.com

(888) 448-4590

About the Future Tech Expo:

The Future Tech Expo is the only conference in North America that’s bringing all the top players from the domains of blockchain tech, artificial intelligence, 3D printing, virtual/augmented reality, drone technology, and even quantum computing – so you can get informed, get connected, and get exclusive access to investment opportunities that are “off-limits” to normal folks.

This three-day conference will be held at the Dallas Convention Center, close to Dallas/Fort Worth International Airport, in September. We are expecting more than 2,000 attendees, 100 headline speakers, and 150 exhibitors – with talks from developers, entrepreneurs, venture capitalists, and other “smart money” investors who are out to find the next Bitcoin and get behind it early.

More information is available at:

https://www.thefuturetechexpo.com/register/

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Crypto Highlights 19/04/2018

Kraken CEO we will not answer NYC AG’s enquiry

Jesse Powell, the CEO of cryptocurrency exchange Kraken, has made it clear the firm does not plan to answer the New York Attorney General’s inquiry into cryptocurrency exchanges.

Powell added “Why don’t you try extracting this information from those businesses actually operating in your state?”

Read more on CoinDesk.

Chinese police smash ‘Pyramid-Scheme’

An investigation by the Public Security Bureau Economic Investigation Detachment in China’s Xi’an district cracked a cryptocurrency pyramid scheme wide open, the team behind Da Tang Coin (DTC) allegedly defrauded investors of $13 million dollars selling he useless coin for $0.50. They made wild claims of guaranteed profits and hired a western chairman to appear more like a “high-tech multinational corporation” said police.

Read more on HSW.

Brazil investment firm to open OTC exchange

Bitcoin’s booming in Brazil according to local media, the countries biggest investment firm XP Investimentos is planning to open an over-the counter (OTC) cryptocurrency exchange.

Read more at Finder.

Riot Blockchain received SEX subpoena

Earlier this week Riot Blockchain received a subpoena from the SEC seeking “certain information from the company”. This comes as no surprise as Riot have long raised many red flags with worried investors citing canceled board meetings at the last minute, with insiders dumping right after the firm changed their name from Bioptix.

Read more at CNBC.

Pound backed currency would not be popular

Research has revealed 60% of British people surveyed would not support a Bank of England-backed cryptocurrency linked to the pound.

Read more at the Daily Express.

Crypto hacks rely on human error

A report carried out by security firm Proofpoint has found that human error is the biggest factor in crypto attacks being successful from fake domains to dodgy plugins they all rely on the user making a mistake.

Read more at Cryptovest.

Huobi to open London office

Singapore-based crypto exchange Huobi has announced plans to set up shop in London as it seeks to continue its expansion outside of Asia.

Read more at NEWSBTC.

Reserve Bank of India orders the shut down crypto

India’s central bank has started a crack down on the trading and purchase of cryptocurrencies in India, announced at there bi-monthly monetary policy press conference. The order gives institutions currently working with cryptocurrencies three months, this has not gone unchallenged by many exchanges and businesses operating in india who are starting joint legal proceedings.

Read more at Forbes.

Amazon might build crypto snooping tool

Amazon has filed and won a patent described as a “streaming data marketplace” which will allow authorities such as the police and government agencies to match cryptocurrency addresses to actual users based on multiple data points from 3rd party sources. This data could come from an exchange for example where a user would supply their identity documents, ip address, bank account information which could tie you to addresses used to fund and withdraw assets. Spooky, eh!

Read more at Motherboard Vice.

Dow jones Media Group partners with Brave Browser

Through partnering with web browser Brave, Dow Jones Media Group will test ways to distribute content and advertising as part of a promotion that offers readers free subscription-based content. The firm owns MarketWatch, Barron’s and Financial News. Brave Browser used BAT tokens which incentivises users to engage with the ads by paying them the currency.

Read more at Tech Crunch.

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Barclays Plc considering crypto trading desk

If you don’t believe that cryptocurrencies are having an effect on mainstream society, then you should really check out the latest information coming from Barclays Plc.

One would think a bank like Barclays would be as traditional as they come, but that is no longer the case. It has been reported that they are now gauging interest on a potential cryptocurrency trading desk.

Bloomberg has reported that Barclays are well into the preliminary assessment of the trading desk. Although no concrete plans are yet in place, this would represent a massive step into the future for the British bank.

If they were going to go down this road, they would become the only big European investment bank to do so. The likes of investment chief Tim Throsby and CEO Jess Staley may need to give it the go-ahead, as this isn’t in line with what other continental banks are doing.

Staley and Throsby are no strangers to showing innovation in leadership; for instance, Throsby authorised the transfer of huge sums of capital to high-risk trading from safer corporate lending already.

There is an existing demand for the services, with the likes of bitcoin hedge funds eager to find banks that can look after their transactions. Crypto hasn’t found its home within the banking sector just yet, but once it does, it could be a lucrative partnership for all involved.

This is especially true if you consider that the amount of hedge funds focusing on crypto grew significantly from in the year ranging from February 2017 to February 2018.

Goldman Sachs haven’t been shy in expressing their ambition around digital currencies. The American organisation has set up a trading desk, which it hopes will begin trading this summer.

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Crypto Highlights 17/04/18

Indian police extorted builder for Bitcoin

Nine Indian police officers felt the full force of the law after being arrested for extorting nearly $50,000 in cash and 200 Bitcoins from Surat-based builder, Shailesh Bhatt, who claims he was kidnapped in a local hotel by the crime branch cops last February.

Read more here from NDTV.

Cardano scores with its launch on Huobi

Yesterday Huobi Pro announced that Cardano (ADA) will start trading on the 17th April at 14:00 GMT +8. Huobi is one of China’s largest cryptocurrency exchanges with a daily trading volume exceeding a billion dollars. The listing of the coin has already pushed the price up by 9.30% in the last 24 hours and is expected to significantly increase as more trading starts.

Coinbase acquires Earn.com for $100 million

Coinbase has acquired Earn.com for a cool $100 million. The firm was one of the most funded startups attracting $116 million over several rounds. CEO & Co-founder of Earn, Balaji Srinivasan, will become Coinbase’s first chief technology officer.

Read more here from Recode.

Tax day passing could help cryptos surge

Tax-selling has undoubtedly been a huge contributor to recent price dips but this could quickly reverse with the US tax deadline on the 17th of April predicted to be a day that cryptos increase.

Read more here from CNBC.

IMF boss says crypto could make finance safer

The head of the International Monetary Fund (IMF) – Christine Lagarde, believes digital currencies and blockchain technology could make the global finance system safer by increasing the speed, cost and safety of transactions.

That level of diversity could build a “financial ecosystem that is more efficient and potentially more robust in resisting threats”, she said.

Read more here from the Guardian.

Is your country a Bitcoin revolutionary?

Crypto enthusiasts across reddit are competing with each other in a challenge to prove which country is the most Bitcoin friendly. Users have posted Bitcoin signs spotted in stores across Romania, Saigon, Bali, Toronto and many more locations.

Read more here at The Next Web.

Honesty is the best policy?

An increasing numbers of ICO’s are promising all kinds of weird and wacky things from Bananas on the Blockchain (so ap-peel-ing) to AI that can predict the future. This week we seen the launch of Honest Coin “The Most Honest Cryptocurrency Ever Invented”. The project aims to be completely honest with their goals from day one.

Find out more here

Your ticket to the moon

No… we are not talking about psychedelics or bull markets however you can still ride yourself to the moon with CryptoRider, a mobile game developed to virtually ride those price charts. Now you can experience the highs and the lows again and again and again. Sounds like fun right? Download here.

Worlds first DNA on the Blockchain

A Los Angeles-bases cryptocurrency/ genetic firm has performed the worlds finda DNA sequence transfer on the Ethereum Blockchain. The Enterobacteria phage phiX174 sensu lato virus was transferred.

World’s first DNA sequence stored on the Blockchain

Is Monero the new tax haven?

Forget the Cayman Islands, Monero could be the next big tax shelter. With 8 months left of 2018 its time to become “tax efficient” by simply getting your boss to pay you in the pro privacy currency says hacked.com.

Indian crypto exchange offers bounty for information

Indian-based cryptocurrency exchange Coinsecure has offered a 10% bounty ($356,000) for information leading to the recovery of the $3(+) million funds stolen last week.

Read more here from India Times.

John Mcafee is Bullish on Bitcoin

Crypto personality John Mcafee believes that the Bitcoin price prediction of $20,000 in 2018 for Bitcoin is “absurdly low”. Agree or disagree we don’t recommend putting any body parts on the line.

Crypto-enthusiasts seek supportive Thai tax policy

In a bid to help domestic funding fro ICO’s and Cryptocurrency businesses in Thailand, enthusiasts have petitioned the Finance Ministry hoping the Revenue Department will reconsider its tax policy.

Read more here, the Bangkok Post.

Shipping on the Blockchain?

ShipChain is launching a pilot program this summer with CaseStack solving supply chain, tracking and tracing issues in the shipping industry. CaseStack works with Amazon, Target, Duracell and many other Fortune 50 companies in the world.

Read more here from Influencive.

Mastercard will tackle fraud with Blockchain technology

A patent has been filed by Mastercard that will use Blockchain technology to verify and store identity data to combat fraud.

Read the patent here filed at the United States Patent and Trademark Office.

Ethereum will power deep space exploration

The The University of Akron’s (UA) and NASA will work together to help spacecraft avoid floating debris, the assistant professor Dr. Jin Wei Kocsis has received $330,000 in the form of a grant from NASA.

Read more here from The University of Akron College of Engineering.

Not so illegal

The Foundation for Defense of Democracies released a report which found less then 1% of Bitcoin is used for illegal purposes.

Read more here from NewsBTC.

Insurance on the Blockchain

Marsh, ACORD Corporation and ISN Software Corp are working with IBM to develop insurance verification on the open-source hyperledger fabric technology and IBM blockchain platform. With the soft launch expected later this year. It will be used to speed up hiring contractors, transferring risk and coverage certainty.

Read more here from Seeking Alpha.

 

That all folks, until next time.

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World’s first DNA sequence stored on the Blockchain

Los Angeles-based DNAtix, also known as the ‘genetic blockchain company’ has successfully performed the world’s first DNA sequence transfer on the Ethereum Blockchain.

The complete genome sequence of the Enterobacteria phage phiX174 sensu lato virus was transferred in a proof of concept test on the Ethereum blockchain and is believed to be the world’s first single-stranded DNA (ssDNA) virus to ever be stored in this manner.

The human genome contains 3 billion base pairs which is approximately 100 gigabytes in raw data. This amount of data is too large to be supported by any current blockchain technologies however the team at DNAtix have developed specialised compression algorithms which reduce the size by 75%, resulting in an impressive 700 megabytes. The team is also confident that this can be improved even further with a total 99% size reduction in the future.

“For the purpose of the POC we uploaded the virus sequence which is ~5400 ‘letters’ that equals about 1348 bytes,” explains Ofer Lidsky, DNAtix’s CEO and co-founder.

This transfer of DNA on the blockchain opens up many doors for medical services and applications like DNAtix who wish to develop autonomous, distributed and redundant global ecosystems.

The firm also hopes that by placing DNA on the blockchain it will open up data access and research for 3rd parties to push forward developments, advancements in treatments and preventative medicine for the benefit of humankind.

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Chilean banks shut down crypto exchange accounts

Three Chilean-based cryptocurrency exchanges – CryptoMarket, Buda and Orionx –are seeking new banking partners after having their accounts shut down.

With little to no explanation, Banco del Estado de Chile, Itau Corpbanca and Bank of Nova Scotia have ceased providing their banking services for the exchanges, with some pointing the finger at the government secretly forcing the banks to do so. But as yet this is unclear.

South Americans are concerned that the ban is mimicking the cryptocurrency bans of other countries, such as China and the UK, whose banks have notoriously formed a cartel to block any cryptocurrency businesses gaining access to a bank account.

Speaking to Bloomberg, Guillermo Torrealba, Buda’s co-founder and chief executive officer, said: “They’re killing an entire industry. It won’t be possible to buy and sell crypto in a safe business in Chile. We’ll have to go back five years and trade in person. It seems very arbitrary.”

Chile’s cryptocurrency market is small but burgeoning. Entrepreneurs created digital coins Chaucha and Luka, whose names play off local slang used for money, while locally-based exchanges like Buda and CryptoMarket operate across Latin America. Buda traded about $1 million per day before losing its bank account, compared with about $2 billion for the world’s biggest exchanges.

Chile’s cryptocurrency industry is still small but rapidly growing with the Buda exchange trading around $1 million per day in digital assets.

The shutdown exchanges have said they follow stringent know-your-customer and anti-money-laundering practices by running checks with authorities and agencies.

Thousands of Chileans and crypto supporters around the world have taken to social media to support the exchanges with the tag #ChileQuiereCryptos.

The exchanges have formed a joint case at the appeals court, which has already agreed to hear their case; but the bank accounts remain shut until further notice.

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