EU to create database of Bitcoin owners

The proposal aimed to fight money laundering and financing of terrorism
19 December 2017   752

Members of the European Parliament will consider setting up a central hub of bitcoin owners in Europe who use the online exchanges where bitcoin is bought and sold to fight money laundering and financing of terrorism.

Before this legislation you didn’t have to know who your customers are, it was fantastic for money laundering. We are normalising Bitcoin and other virtual currencies.

 

Judith Sargentini

Member of the European Parliament

The proposal was contained within updates to money laundering regulations agreed on Friday that require the online exchanges to abide by strict customer identity requirements, and to report suspicious activity to the authorities.

It is stated that the EU may set up a "central database registering users' identities and wallet addresses". The database will be considered in a 2019 review of the effectiveness of the new money laundering rules. It would be accessible to financial crime fighters such as the National Crime Agency, as well as asset recovery officers.

Recently, we have reported that Kuwait’s Ministry of Finance said that it does not recognize bitcoin and forbids its trading in the Kuwaiti financial institutions.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   72

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.