Blockchain Wallet faced database error

The huge amount of users are facing the problem of using Blockchain Wallet not being able to log in and seeing Cluster Failure error
20 November 2017   498

The members of the crypto community who hold their crypto assets in Blockchain Wallet had some problems while using the application, most of them tried to log in on a browser or iOs app and failed, and some users saw their balance showing zero and the account showing loading sign for a long time and not displaying any detalis. 

reddit.com users comments towards blockchain wallet errorReddi.com users comments towards Blockchain Wallet error

Some users stated that the application started to work but when it did, there appeared a message that the error happened and then the application force closed before the users had a chance to read the error message itself.

Blockchain Wallet error screenshotBlockchain Wallet error screenshot

The Blockchain company commented upon the issue stating that they are aware of the issue, which is an outage of Blockchain Wallet internal database, impacting the site and services, and are currently working to resolve it. The users were offered to monitor the status of the products and services on Blockchain Status page.

At present time Blockchain Wallet representatives claim that they do not have an ETA as to when the problem will be resolved.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   55

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.