Cryptocurrency Trading to be blocked in Denmark

Danske Bank, one of the biggest banks located in Copenhagen, has warned his customers against purchasing the cryptocurrencies

30 March 2018 624

This bank has got departments in Trondheim (Norway) and Vilnius (Lithuania). According to the announcement on its website, the company does not presently allow any cryptocurrency transaction. Cryptocurrencies are not held by a central bank, so the bank declares about the lack of the investor and consumer defence commonly connected with with traditional investments and currencies.

Also, cryptocurrencies have been strongly volatile and the price formation is non-transparent, as it was said in the message. All these points have formed a very limited position of the investors about the development of the market and what factors do control the price.

The bank accentuated the lack of the framework control and transparency as the most significant reasons for not investing in cryptocurrencies. These problems have made digital money a target money laundering and extortion.

Danske Bank requires that a financial establishment is obliged to assist in the struggle against the crimes. Today cryptocurrencies do not correspond to the optimal level of transparency for the bank to fulfil anti-money laundering (AML) obligations.

Though, as it was said in the notice, the bank might be able to change his decision relatively to cryptocurrency, if the trading market becomes more developed and
limpid.

The cryptocurrency surrounding environment is also will not been supported by the bank. It has refused from the opportunity of buying financial instruments that could influence on the price of cryptocurrencies. Such instruments may also include the exchange trade notes which reflect the price of the cryptocurrency. The exchange trade notes are characterised by volatility and strong risk.

Danske Bank does not forbid using of its bank-issued credit cards connected with cryptocurrency trading. But the customers are recommended to adhere to the current anti-corruption procedures and AML rules.

Mining Bitcoin Blockchain

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable

18 July 2018 92

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.