The Bank of Zambia (BoZ) is finally making a stand on the increasingly popular activity of cryptocurrency trading—cryptocurrencies are not legal tender in the country.
In a statement, the central bank of Zambia said it has received an increasing number of inquiries about cryptocurrency-related activities in Zambia, specifically trading in the crypto coins.
BoZ, however, noted that despite having “some monetary characteristics,” cryptocurrencies are not legal tender in Zambia.
“Section 30 of the Bank of Zambia Act vests the right to issue notes and coins exclusively in the BoZ. To date, BoZ has not issued any form of cryptocurrency. Cryptocurrencies are not legal tender in the Republic of Zambia,” according to the central bank.
And since the bank has yet to regulate the cryptocurrency landscape, investors taking part in the crypto trade are doing so at their own risk. BoZ urged investors to be very careful while trading in crypto to avoid losing their funds to possible scammers and illegal traders in the cryptocurrency market.
“Some of [the] risks include money laundering, financing activities of terrorism and general consumer protection risks such as fraud and hacking, to which in most cases, no legal recourse would be available to customers due to the unregulated nature of cryptocurrency-related transactions,” BoZ stated.
The central bank, however, isn’t closing its doors on the cryptocurrency sector. According to BoZ, it “will continue to actively monitor all developments” in line with its “position that regulation should not constrain but enable innovation.”
Lawmakers in the African country are reportedly seeking to create a legal framework that will allow the crypto market in Zambia to grow. Currently, the country does not make much contribution to the global cryptocurrency market. Also, Zambia does not have a local cryptocurrency exchange forcing local crypto trades to rely on foreign exchanges through peer-to-peer transactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Spanish cryptocurrency trading platform Bitnovo has added support for Bitcoin Cash (BCH), effective September 27. Users of Bitnovo’s Bitcard and N26 bank-free products can now top up their accounts with Bitcoin BCH, alongside LTC or ZCash. Payments using the cryptocurrency are also supported, according to the trading platform.
Bitcard is a crypto-based debit card that allows for easy and fast conversion of cryptocurrency like Bitcoin BCH to fiat currency—the Euro, for now—without users having to go through the bank. N26, meanwhile, is a mobile-based banking service that allows its users to buy and sell cryptocurrencies, among other related functions.
— Bitnovo (@bitnovo) September 27, 2018
In an interview with news.bitcoin.com, Bitnovo Chief Marketing Officer Roberta Quintillano said, “From today, holders of Bitcard and a N26 account can now top them up easily in Bitnovo platform with Bitcoin Cash. Furthermore, it will be possible to use Bitcoin Cash as payment methods to purchase all the Bitnovo services.”
Bitnovo’s move to integrate Bitcoin BCH follows the footsteps of an increasing number of merchants that have started to accept the cryptocurrency as payment. In the U.S. for example, residents are now able to pay for their TV subscriptions with satellite television provider DISH TV in BCH following the company’s integration with cryptocurrency payment service BitPay.
The partnership with BitPay allows DISH customers to utilize their Bitcoin BCH to pay for monthly subscriptions as well as pay-per-view movies. The company says as a push transaction, customers must send the exact amount of BCH needed to make a one-time payment.
John Swieringa, DISH executive VP and COO, said onboarding Bitcoin BCH—which continues to rise in prominence—allows that company to continue to serve those paying in cryptocurrency.
According to Swieringa, DISH has “a steady volume of customers paying with cryptocurrency each month, and BitPay will allow us to continue offering more choices and convenience to our customers.”
To find out how easy it can be to accept Bitcoin BCH payments with BitPay, read here.
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Cryptocurrency exchange Coinbase has released a new update, the Coinbase Bundle, which aims to simplify crypto trading.
In a blog post, the San Francisco-based company said the Bundle is a market-weighted selection of five cryptocurrencies—Bitcoin Cash (BCH), along with BTC, ETH, LTC and ETC—which are available to buy and sell on Coinbase for as low as $25.
Customers will be able to choose how much cryptocurrency they want to own. Using the current market cap at the time of purchase, Coinbase will calculate a diversified portfolio of available cryptocurrencies that will be purchased with just a few taps. According to the company, it will be easy for anyone to own as much (or as little) of a stake in cryptocurrency as they see fit.
— Coinbase (@coinbase) September 28, 2018
Once a bundle is purchased, the cryptocurrencies will be stored in their respective wallets and can be traded just like separate cryptocurrencies in one’s Coinbase account. One will be able to buy, sell, send and receive each cryptocurrency as an individual asset. Coinbase Bundles will be available to customers in the U.S. and Europe over the coming weeks.
Incidentally, the crypto exchange also announced that all of its UK customers can now access GBP payments and new GBP trading pairs on their Coinbase, Coinbase Pro or Coinbase Prime accounts.
As of today, all UK customers now have the ability to deposit and withdraw GBP on Coinbase, Coinbase Pro and Coinbase Prime. If you’re a customer in the UK and don’t see your GBP wallet, check your account settings and make sure your country is set to UK. https://t.co/FrwTQARgPf
— Coinbase (@coinbase) September 28, 2018
Along with the Coinbase Bundle, the exchange will now host informational asset pages about the top 50 digital currencies in terms of market capitalization, in addition to a “Coinbase Learn” section aimed at educating newcomers to cryptocurrency trading.
The rollout will now allow users to submit their applications for virtual currencies to be traded in the platform via Coinbase Listing. The listing requests will be allowed “in a jurisdiction-by-jurisdiction manner,” depending on local laws. “In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time,” according to the company.
Nasdaq is set to acquire Sweden-based trading solutions provider Cinnober, in a deal that could see the stock exchange move into helping institutional investors gain access to new opportunities around cryptocurrency.
The move, announced last week, involves a $190 million all cash recommended public offer to Cinnober shareholders and warrant holders from Nasdaq. It plans to fund the acquisition with cash on hand or liquidity available under existing credit facilities.
It comes as the latest indication of Nasdaq’s growing interest in cryptocurrency trading and related services. Following the U.S. Securities and Exchange Commission’s (SEC) rejection of the latest Winklevoss crypto exchange traded fund (ETF) proposals, Nasdaq reportedly met with a panel of cryptocurrency experts to discuss ways of legitimising the sector, and of finding ways to placate the requirements of the SEC.
The acquisition will see Nasdaq take control of Cinnober, a firm with a reputation for bullishness around digital assets. Cinnober’s strategic partnership with cryptocurrency custodian BitGo also looks to be of interest to Nasdaq, for its appeal to institutional investors.
Custodianship has become an increasingly prominent issue amongst institutional investors, who are wary of deploying capital without solid security and custodial services in place.
With recent high profile hacks, including the Bancor exchange attack in June, some analysts have suggested these fears might be well placed. With its cryptocurrency custody service ready to go for institutional investors, the Cinnober acquisition therefore eliminates this barrier to market for Nasdaq in attracting institutional clients to invest in digital assets.
Nasdaq CEO and President Adena Friedman said the acquisition would allow the group to capitalise on new opportunities around cryptocurrencies and other digital assets.
“The combined intellectual capital, technology competence and capabilities of Cinnober and our Market Technology business will expand the breadth and depth of our fastest growing division at Nasdaq,” Friedman said in a statement. “This acquisition will enhance our ability to serve market infrastructure operators worldwide, and will accelerate our ability to expand into new growth segments.”
The acquisition comes at a time when large financial institutions are increasingly developing their custody services, with Bank of America and Citigroup announcing similar plans in recent months. Purchasing Cinnober will likely help position Nasdaq in this market, as well as marking their progress towards offering a more comprehensive lineup of crypto services.
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