HitCoin Hard Fork to Occur in February

HitCoin announced that the hard fork will occur on February 9 of 2018 launching new coin HitCoinSpecial, which should make HitCoin disappear
07 February 2018   235

HitCoin is developed with the goal of leading companies and investors in global financial market to guide global crypto currency market, and it aims to link information, technology and finance as one, based on humanism. Hitcoin will hard fork into HitCoinSpecial ob February 9, 2018.

The reason for the hard fork is that on January 20, 2017, a fatal algorithmic vulnerability in HitCoin was discovered, and it needs a hard fork to upgrade the problem and performance of Hitcoin to secure the corresponding algorithm vulnerability.

There is a block chain network with a HitCoinSpecial [HTS] securing a majority node and a HitCoin [HTC] with a small number of nodes. A HitCoinSpecial [HTS] obtained the majority of the votes has dominated the main block chain. The HitCoin network will gradually disappear.

HitCoin Statement

What is more, HitCoin will be automatically converted into the new block chain HitCoinSpecial [HTS] on the exchange C-CEX, TRADOPIA.

After a hard fork HitCoin will have no value, and the users are recommended to make sure they check the correct tiker of the coin.  

At the moment of press, these are main market parameters of HitCoin:

Average price: $0,000071
Marketcap: $778 935

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   36

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.