Crypto is ‘rat poison’ (but there’s a but …)

Reuters report on a survey conducted at JPMorgan’s Macro, Quantitative and Derivatives conference

  • attendees from around 1,500 institutions
  • 10% of institutional investment firms in the survey trade cryptocurrencies
  • nearly 50% said crypto is either “rat poison” or forecast that it is just a transitory fad
On the other hand, 40% said they were personally trading crypto!
They secretly love it!

BTC update:

Reuters report on a survey conducted at JPMorgan's Macro, Quantitative and Derivatives conference

JBS paid an $11 million ransom in bitcoin re cyber attack

Wall Street Journal carry the news that meat supplier JBS paid a cyber ransom.

  • ransom payment in bitcoin,
  • made to stop further disruption at JBS meat plants
Andre Nogueira, chief executive of Brazilian meat company JBS SA’s U.S. division comment:
  • “It was very painful to pay the criminals, but we did the right thing for our customers”
Link (may be gated)
Meanwhile BTC making a new high on the session:

jbs Bitcoin chart

US President Biden to discuss crypto’s role in ransomware attacks at G7

Biden’s national security adviser, Jake Sullivan speaking in a White House press briefing

  • US officials would like an action plan regarding ransomware attacks
  • Will bring up the matter at the G7 summit this weekend approaching
Sullivan seemingly including Biden as bringing up the crypto questionBiden's national security adviser Sullivan bitcoin

Banks shouldn’t cite April 2018 circular for denying crypto services: RBI

The Reserve Bank of India (RBI) on Monday clarified that banks can no longer cite its circular on cryptocurrencies for not offering such products to customers, but said the lenders must adhere to local rules, which are quite exclusionary.

The central bank, in its circular dated April 6, 2018, had prohibited banks from dealing in cryptocurrencies or offering any service to customers on them.

The circular was challenged in the Supreme Court, which set aside the rules on 4 March, 2020.

However, the RBI said, banks continue to cite the 2018 circular by the RBI in order to justify why they are not offering any services on cryptocurrencies.

“In view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” the RBI said in a clarification on its website.

However, the central bank also cautioned banks that they must still continue to carry out customer due diligence processes “in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.” Continue reading »

Chinese traders bypass government control on crypto trading – OTC, P2P trades

China’s Communist Party government has tightened its control of crypto trading.

Bloomberg with a piece on the greater use of over-the-counter platforms and peer-to-peer networks since domestic exchanges were banned in 2017

  • OTC platforms operated by firms including Huobi and OKEx are used to arrange trades
  • separate payments platform are used to send yuan to the seller
  • digital coins usually held in escrow by the OTC platform until the yuan payment clears, are then transferred to the buyer

Says Bloomberg:

  • Chinese regulators often have no way to connect one step of the transaction to the other.
BTC update:
China's Communist Party government has tightened its control of crypto trading.

‘Time to buy’ bitcoin adverts have been banned in the UK

The UK’s Advertising Standards Authority has banned commercials for BTC advertising:

“If you’re seeing bitcoin on the underground, it’s time to buy”.
The UK's Advertising Standards Authority has banned commercials for BTC advertising:
The advertising watchdog said the ads were irresponsible and misleading.

Complaints said:
  • the ads failed to illustrate the risks involved with investing and trading in bitcoin, which is unegulated in the UK, and was therefore misleading.
  • and that the ads “took advantage of consumers’ inexperience or credulity”.
Info via UK media, link here for more