Central Bank Of Cyprus Does Not Like Bitcoin - MoneyBeat - WSJ

A Blockchain-Based COVID-19 Records App for Cyprus

A Blockchain-Based COVID-19 Records App for Cyprus
[The original article appeared on this website https://fintechnews.ch/blockchain_bitcoin/a-blockchain-based-covid-19-records-app-for-the-citizens-of-cyprus/36956/]
With the pandemic putting healthcare systems under strain worldwide, Electronic Health Record (EHR) systems are also shifting requirements for data security and sharing. The public blockchain platform, VeChain furthers the collaboration with I-Dante to co-develop E-HCert App, which provides an archival solution for COVID-19 RT-PCR (real time-polymerase chain reaction) and antibodies tests (Rapid Test) records.
The success between VeChain and I-Dante previously on blockchain-enabled medical solution has led to the idea for the E-HCert App, which is now adopted by the Mediterranean Hospital of Cyprus. The new EHR system provides a secured method of on-chaining the COVID-19 related tests, giving the result of the health status of the individual, and allowing all concerning parties to access said health information at the discretion of the individual. With this set up, the individual can go about life as usual.
https://preview.redd.it/s8cjhl711m651.jpg?width=768&format=pjpg&auto=webp&s=9133441fe46a2005f634782fe074a64d45281621

Compatible EHRs Should Compare Notes On The Pandemic

In the case of COVID-19, the testing results of citizens can be vital for public welfare and personal rights. Authorities worldwide are calling healthcare institutions to provide secure and legit access to health status information. Citizens themselves would also need trustworthy and reliable proof for their own health condition and full control over their privacy. However, current EHR systems are revealing serious deficiencies in terms of its interoperability, immutability, compliance, and the cost.
There is, therefore, an urgent need for the collection of trustworthy and standardized encrypted medical records that can be safely shared between multi parties. This is where blockchain technology comes in and becomes the de facto choice for such an implementation.

The Most Feasible Choice For EHR reform: The Public Blockchain

This public blockchain-based E-HCert App provides an archival solution for COVID-19 RT-PCR (real time-polymerase chain reaction) and antibodies tests (Rapid Test) records, which will be utilized to enhance the hospital’s COVID-19 management and response at the end of May 2020.
When a Cyprus citizen goes to the hospital and undergoes RT-PCR and antibodies tests, the testing records will be uploaded onto the VeChainThor Blockchain, and the immutably recorded results are then shown in the E-HCert Native App. As E-HCert fully complies with the GDPR, the App enables the owner to have complete control over their profiles, and use it to prove his or her health status when trying to return to work, take a flight abroad, and get authorized for other activities.

Enabling The Next Wave Of Digital Health Reform

COVID-19 has prompted an expansion of industrial power in healthcare. A recent report found that 33 of the 50 US-based hospitals examined were working with Amazon, Google, or Microsoft. The Wall Street Journal said the internet giants are also wrestling for control in health-care markets.
Compared with traditional technologies, blockchain provides better opportunities for companies to review their healthcare data systems, optimize the workflow design, while simultaneously enabling every patient to safely hold their records and share it immediately with any party in the world.
submitted by BlockDotCo to u/BlockDotCo [link] [comments]

From coins to gold

From coins to gold
Cryptocurrency investors gradually began to lose interest in Bitcoin and now are actively buying gold.

https://preview.redd.it/xrp3ai3akjd21.jpg?width=640&format=pjpg&auto=webp&s=2615ff15224f0a5b4c67c6df79775771d6d8619e
According to the VanEck`s head of the company, Bitcoin was able to pull demand from the gold market in 2017 but today the situation has changed dramatically. Also, he added that 4000 bitcoin investors have chosen gold as their priority investment in 2019.

At the same time, founder and chief investment officer of Seymour Asset Management, touched upon the topic of Bitcoin-ETF, stating that Bitcoin’s function as a mean of saving capital is in doubt. Bitcoin has lost all its liquidity as a commodity. It is very difficult today to say that BTC is an effective means of savings. Gold is, and there is no doubt about it. Thus, it is not clear to him the desirability of running Bitcoin ETF.

ITRADER notes that at the end of December the Wall Street Journal edition, citing data from research firm Excalibur Pro Inc. and the CBOE volatility index, reported a clear relationship between the traditional asset market and the bitcoin market. Thus, in the last days of December 2018, the bitcoin-to-gold correlation coefficient was 0.84.

There are also forecasts of a weakening of the American dollar and, as a result, an increase in the investment attractiveness of gold. We note that, in the implementation of such a scenario, there is a high probability that digital gold can go to the rally after the real one.

Disclaimer: This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. The past performance is not a guarantee of future results.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 86.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the company Full Risk Disclosure Statement. Legal Information: ITRADER is a trade name of Hoch Capital Ltd., registered as a Cyprus Investment Firm (CIF) and licensed by the Cyprus Securities and Exchange Commission (CySEC) under licence number 198/13 in accordance with the Markets in Financial Instruments Directive (MiFID II).
submitted by Itrader_com to u/Itrader_com [link] [comments]

Bitcoins Come to China

By Chen Huijing (陈慧晶) Issue 618, May 6, 2013 Market, page 17 Translated by Zhu Na Original article: [Chinese] http://www.eeo.com.cn/ens/2013/0509/243777.shtml
Within just one month, the value Cheng Hua’s (程华) Bitcoin holdings had increased nearly sixfold.
Bitcoin, an unofficial virtual currency that’s transferred digitally without an intermediate financial institution, saw its value soar from $46 to $230 between Mar 10 and April 10.
Cheng Hua was one of the first Chinese to trade the currency. In China, Bitcoin lovers like him call themselves “BTCers.”
Li Xiaolai (李笑来), who claims to have the largest collection of Bitcoins in China, describes his obsession saying, “Bitcoin is the most stunning and most subversive social experiment in history.”
Will Bitcoin start to challenge traditional currency? Or is this just a speculative bubble that will become the digital world’s “Tulip Mania”?
A Crisis and an Opportunity
If it weren’t for the banking crisis that hit Cyprus, Cheng Hua may have totally forgotten about the 2,000 Bitcoins that he and his friends bought two years ago.
On Mar 16, the Mediterranean island nation of about 1 million signed on for a 10 billion euro bailout from the EU and IMF. As part of the deal, Cyprus would raise 5.8 billion euro by levying a one-off 6.7 percent tax on bank deposits under 100,000 euro and 9.9 percent on higher deposits. Once the news circulated, people in Cyprus rushed to withdraw their money from banks.
During this time, downloads of online software for trading Bitcoin started to boom. Cypriots were very interested in a virtual currency with no central government control.
Jeff Berwick, founder of StockHouse.com and CEO of TDV Media, announced that he planned to open a Bitcoin ATM in Cyprus. He said that within just a few days, he received many orders for these special ATMs.
With the surge in demand, the price of Bitcoin against the U.S. dollar soared. On Mar 16, it was worth $47. By Apr 9, it broke through $200 and reached its highest point of $230. But it soon fell back to around $100.
“During this month of watching Bitcoin, I hardly got any sleep,” said a “BTCer” who just recently got interested in the field. “Between the time I closed my eyes and opened them again, the price had risen or dropped more than $10. It was very exciting.”
He’s considering selling his house so he can invest all his money in Bitcoin.
Cheng Hua was also shocked by the recent events. He found that the 5,000 yuan he invested in Bitcoin two years ago was now worth 40 times that amount.
Investment
Bitcoin was started in 2008 by an anonymous creator as an alternative to government controlled currency - much like gold. And like gold, Bitcoin is “mined” virtually. According to Wall Street Journal, people can mine Bitcoins with computers and special software by solving complicated mathematical problems. But since the process is so difficult, most just opt to buy it. New Bitcoins are made available to be mined when the network is updated, and the amount of new coins distributed will be halved every year until 2140 when the total number will be capped at 21 million.
In May 2011, Cheng Hua and his colleagues at a software company started to mine Bitcoin online. “At that time there weren’t many people mining, so it was easy,” he said. “In the beginning, we could dig up two or three Bitcoins per day. There were different mines as well as rankings. We joined one of them, and coins were allocated based on the contribution of miners’ calculation ability.”
Like many Bitcoin lovers, Cheng Hua and his team’s mining experience wasn’t very successful. The money they generated from selling Bitcoins was less than what they’d invested in the electronic infrastructure to mine. After half a year, they gave up. Luckily for Cheng, he held on to many of the coins.
Li Xiaolai (李笑来), founder of a major website, invested hundreds of thousands of yuan and suffered major losses, but persisted in the Bitcoin market. He continued to gain more by buying low and selling high. “In the end, I gained 2,100 Bitcoins using this method, which was far beyond my expectations,” Li said.
He says that Bitcoin is valuable because it ensures inviolability of private property through its decentralized peer-to-peer structure. To him, it provides a guarantee of freedom.
The Future Economy?
Bitcoin has come a long way in its short history. As of Mar 30, all Bitcoins that have been issued so far were together worth over $1 billion. And a series of Bitcoin-related industries have developed including Bitcoin exchanges, information websites and third-party payment services.
In the U.S., Bitcoin is already being used in daily life. According to an October 2012 report by BitPay, a company providing payment mediums for Bitcoin, over 1,000 merchants accepted payment with the currency through their system.
Though Bitcoin just started to take off in China this year, there are already more than 10 online stores on Taobao that accept the currency. And after the Ya’an earthquake hit, Bitcoin donations were accepted.
American economist Paul Krugman has come down hard on Bitcoins, saying they “derive their value, if any, purely from self-fulfilling prophecy, the belief that other people will accept them as payment.”
“BTCers” have a different view. Li says that Bitcoin does indeed have some shortcomings currently, but that’s because people dealing with the young currency have a mindset that’s accumulated after thousands of years of using traditional money. Volatility, he says, is natural in the beginning.
“I don’t see Bitcoin as speculation or an investment,” Li said. “For me, it’s a social practice. Gold doesn’t support currency. People’s trust supports currency. Bitcoin is the same. It has no intrinsic value. It’s gained trust from people on the internet voluntarily. This trust is more valuable than the forced trust traditional currency relies on.”
Cheng Hua holds the same view “Bitcoin is based on the principle of trust,” he says. “Maybe it will have bubble stages, but currency must go through these stages during development. The traditional legal currency also went through these stages in its emergence. The future economy in the virtual world is built on the basis of virtual currency. This is the value of Bitcoin.”
submitted by aisen to Bitcoin [link] [comments]

Neo meets w/ Parliament of Cyprus (English translation).

Thank you Zambetis!
[–]zambetis 1 point 1 hour ago
A slightly more polished translation:
The House Commerce Committee reviewed the issue of bitcoin, which in recent months has drawn the attention of the entire planet with respect to its role, the regulation that will need to be considered and the dangers that exist for anyone who deals with the currency. Institutional representatives, the Central Bank, the SEC and representatives from NEO, the company that brought bitcoin to Cyprus, were present.
Central Bank: Stelios Giorgakis of the Central Bank stated before the Commerce Committee that it is not under the CBC's authority to regulate bitcoin. "Since we're not talking about a currency, it is not something that concerns us. In legal terms, bitcoin is not a currency and therefore it is not something we are considering. Neither is it electronic money, so even in that respect we are not considering it. But it should be reviewed as a payments system. Therefore we must wait from the European authorities to see what is bitcoin exactly and who should regulate it. We might eventually conclude that bitcoin is an asset such as oil or gold."
University of Nicosia: On behalf of the university which accepts bitcoin, Christos Vlachos said: "We have many students from abroad studying online. Many foreign students have asked us to pay their fees in bitcoin. This made ​​us review and ultimately decide to adopt bitcoin at our university." Moreover, the representative of the University of Nicosia said: "We are the first university worldwide that accepts payments with bitcoin, we are the first to offer a post-graduate degree for digital currencies and submitted concrete proposals for the role bitcoin can play in Cyprus." "Bitcoin is a decentralized global asset. At times various attempts were made to create something similar, but only bitcoin managed to evolve so much. Many have adopted it, but it is still nascent and has not reached the general public. Just as Google and Yahoo tried to bring the internet to the masses, several companies are trying to bring bitcoin to the world", said the representative of the University of Nicosia. Additionally, Mr Vlachos said: "Think of two people who do not know each other and do not trust each other. Bitcoin brings the two sides together without intermediaries from anywhere in the world. As a university we accept it as payment. As a means of payment, one of bitcoin's many applications, it has many advantages: it is cheaper, faster and easier for transactions." "The university does not express any position on bitcoin as an investment. There are risks as with all investments," the representative of the University of Nicosia noted. Indeed, it was reported that three months ago the University of Nicosia filed a complete proposal to the government to create an industry with many jobs and revenue for Cyprus, with minimal investment by the state.
Kostas Kosta of AKEL (Communist Party) asked the representative of the University of Nicosia: "How come so many universities in the world do not adopt bitcoin and only in Cyprus there is such a move?". Christos Vlachos of the University of Nicosia said: "You can see many articles in renowned media such as the Wall Street Journal, Bloomberg and Reuters. We studied and read about bitcoin and took our decision to adopt the currency as payment at our university. Within the next years there will be big changes and research on the subject from universities and companies around the world."
SEC: SEC President Demetra Kalogirou, taking the floor, said: "It will take a long time before we can decide how much the virtual currency should concern us. As a means of investment it concerns us but not as a means of payment. As a means of payments it mainly concerns the Central Bank. For the SEC and at a European level it is something that concerns us because bitcoin is already used as an investment. Since it is not classified as a currency or other security, the SEC can not give permission to companies to make derivatives with bitcoin. It is premature for us to take a position. Nevertheless, we have issued some warnings for investors to know what risks exist from trading and investing in bitcoin. There are also large fluctuations in the price of bitcoin and this is a risk. For example, it was worth over $1,000 at some time and then the value fell to 400, and therefore someone suddenly lost a lot of money. We are also concerned with the potential problem of money laundering. For example, if someone goes to a bitcoin exchange with a black bag full of euros and gets bitcoins and then buys cars in another country, no one knows where the money came from. Anonymity is a big issue regarding the bitcoin».
Angelos Votsis of the Democratic Party asked the President of the SEC "Who determines how many bitcoins are in the market? Until now there is a specific number of the product so if someone creates more of them, will the price of the existing number drop sharply?" Ms. Kalogirou replied that this is a matter of the university that accepts these payments, but they should probably convert their bitcoins directly into euros in order to avoid risk. The representative of the University of Nicosia agreed with this, explaining how the payment process works, saying that the institution simply uses bitcoin as a means of payment.
A representative of NEO at the Commerce Committee said: "If you came to our store with the knowledge that you now have, I would say that you should spend two weeks reading about bitcoin and then come back again. In our store we talk about all parameters and all the risks associated with bitcoin. We do not give investment advice, we only suggest an alternative payment system. Bitcoin has no issuing authority and is merely a contract between the persons dealing with bitcoin». Ever since the NEO store opened in Nicosia, about 100 people have expressed an interest in bitcoin, the NEO representative said, adding that: "There is great interest from companies and we are in contact with them to resolve the questions regarding bitcoin».
On behalf of the Hotel and Tourism Industry , Zacharias Ioannides said: "Change always frightens and worries people. We see something new in the world market. As a sector we operate in a global economy and would like to have this payment option available to our Customers. Already there are requests from people who want to book hotel rooms for the summer with bitcoins. We want the institutions of Cyprus to give us answers so we can use safeguards that will protect both businesses and consumers. We want protection from wallet thefts."
The Association of Cyprus Travel Agents said: "We are concernced about bitcoin because there is demand for it as a payment option. At the same time, we see competition from foreign platforms that already accept payments with bitcoin». A representative of the Ministry of Finance had this to say about bitcoin: «The MOF is in contact with European authorities and other ministries of the EU to adopt any European level decision on bitcoin»
A VAT representative stated that there is no taxation and that is something that troubles the European countries. The Banks Association stated: "We do not offer this product but we are concerned about it, because a client of ours could be a provider or user of bitcoin. However, we need to know where a certain deposit comes from and so there is interest in the issue. When there is a deposit in excess of 10,000, we as banks monitor the deposit." Furthermore, an explanation was given on how deposits from customers are monitored. "If I know that a client of mine makes a 10,000 deposit and suddenly makes a 30,000 deposit, then we look into where the money came from. Moreover, the anonymity of digital currencies concerns us and we are looking ways out of such situations."
The general manager of the Cyprus Stock Exchange Nodas Metaxas said: "By definition, these electronic products are not currencies. However, they are something we will come across and will have to study and decide upon soon. We need to institutionalize a dialogue to see how we move forward".
submitted by throwup3 to Bitcoin [link] [comments]

Everything You Need to Know About Investing in Bitcoin Wall Street Week - Full Show (03/06/20) - YouTube Wall Street Journal - YouTube Cryptocurrency - YouTube Wall Street Journal - YouTube

Bitcoin is on the rise toward $12,000 but may face a stiff challenge to cross the price hurdle. The leading cryptocurrency by market value is currently trading near $11,900, a 1.2% gain on the day. Breaking news and analysis from the U.S. and around the world at WSJ.com. Politics, Economics, Markets, Life & Arts, and in-depth reporting. Bitcoin also is attracting attention from traditional Wall Street firms, where analysts have begun to issue research reports that assess its impact on global currencies and payment systems. It's been a hyperkinetic week for bitcoin. The virtual currency's value shot through the digital roof amid a Senate hearing on crypto currencies that was generally supportive. On some exchanges ... Central Bank Of Cyprus Does Not Like Bitcoin. By. Matina Stevis. Matina Stevis. The Wall Street Journal. Biography Matina Stevis @MatinaStevis; Google+; [email protected]; Feb 7, 2014 12:41 pm ...

[index] [41167] [4206] [46163] [30295] [41319] [14532] [16291] [29659] [36888] [2016]

Everything You Need to Know About Investing in Bitcoin

Wences Casares, co-founder and CEO of Bitcoin firm Xapo, sits down with WSJ's Evelyn Rusli to talk about Bitcoin's potential for investment growth and soluti... bitcoin article wall street journal bitcoin and wall street journal BitCoin Futures Gone Mainstream: To Be Publicly Traded By Wall Street Stock Market Investors/Bankers: Michael Casey, Columnist Wall Street Journal about Bitcoin's Potential Torsten Hoffmann. Loading... Unsubscribe from Torsten Hoffmann? Cancel Unsubscribe. Working... Subscribe Subscribed ... The new WSJ Video takes you inside carefully selected stories and events in a visually captivating way so you can dig deeper into the news that matters to yo... Features and interviews from The Wall Street Journal's sports, food, travel and arts & entertainment coverage. ... poured it into bitcoin and moved his family into a trailer park. In this episode ...

#