Singapore Prime Minister Against Banning Cryptocurrency

There is no strong case to ban cryptocurrency trading here, said Deputy Prime Minister of Singapore
06 February 2018   325

Singapore’s central bank has been studying the potential risks posed by cryptocurrencies, but there is as yet no strong case to ban trading of the digital coins in the city-state, Deputy Prime Minister Tharman Shanmugaratnam said.

Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies are growing internationally. It is too early to say if they will succeed. If some do succeed, their full implications will also not be known for some time.

 

Tharman Shanmugaratnam

Deputy Prime Minister of Singapore

Shanmugaratnam said that they will impose anti-money laundering and the financing of terrorism (AML/CFT) requirements on the intermediaries that buy, sell or exchange virtual currencies. The scheme was first set out last year in the public consultation for the proposed Payment Services Bill. He added that their enforcement agencies are always on the lookout should there be illegal activities on cryptocurrency trading.  

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   58

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.