Tag: cryptocurrency exchange

Bitcoin fever reaches Honduras with first cryptocurrency ATM, BFSI News, ET BFSI

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The first cryptocurrency ATM in Honduras opened this week as bitcoin backers sought to spur demand for virtual assets after neighboring El Salvador became the first country to establish bitcoin as legal tender.

The machine, locally dubbed “la bitcoinera,” allows users to acquire bitcoin and ethereum using the local lempira currency and was installed in an office tower in the capital of Tegucigalpa by Honduran firm TGU Consulting Group.

Juan Mayen, 28, chief executive of TGU, led the effort to bring the ATM to Honduras in hopes of educating people about virtual assets through first-hand experience.

Until now, there was no automated way to buy crypto-currencies, he said.

“You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras,” he said.

On Friday, one ethereum was trading at $3,237, and bitcoin; $48,140. If the service is popular, Mayen said he hoped to install more units.

To make a purchase, users have to scan official identification and input personal data such as a phone number.

Many software developers in Honduras are already paid in cryptocurrencies, Mayen said, adding that it will also be a cheaper option to send remittances.

In 2020, Hondurans living abroad – mainly the United States – sent $5.7 billion, about 20% of the country’s gross domestic product (GDP), in remittances.

The Congress of El Salvador approved in June a proposal by President Nayib Bukele to make the country the first in the world to adopt Bitcoin as legal tender.

Elsewhere in the region, lawmakers presented draft bills in Panama that regulate the use of bitcoin and its status as a legal tender.



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Bitcoin fever reaches Honduras with first cryptocurrency ATM, BFSI News, ET BFSI

Personal Finance

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Read More/Less


The first cryptocurrency ATM in Honduras opened this week as bitcoin backers sought to spur demand for virtual assets after neighboring El Salvador became the first country to establish bitcoin as legal tender.

The machine, locally dubbed “la bitcoinera,” allows users to acquire bitcoin and ethereum using the local lempira currency and was installed in an office tower in the capital of Tegucigalpa by Honduran firm TGU Consulting Group.

Juan Mayen, 28, chief executive of TGU, led the effort to bring the ATM to Honduras in hopes of educating people about virtual assets through first-hand experience.

Until now, there was no automated way to buy crypto-currencies, he said.

“You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras,” he said.

On Friday, one ethereum was trading at $3,237, and bitcoin; $48,140. If the service is popular, Mayen said he hoped to install more units.

To make a purchase, users have to scan official identification and input personal data such as a phone number.

Many software developers in Honduras are already paid in cryptocurrencies, Mayen said, adding that it will also be a cheaper option to send remittances.

In 2020, Hondurans living abroad – mainly the United States – sent $5.7 billion, about 20% of the country’s gross domestic product (GDP), in remittances.

The Congress of El Salvador approved in June a proposal by President Nayib Bukele to make the country the first in the world to adopt Bitcoin as legal tender.

Elsewhere in the region, lawmakers presented draft bills in Panama that regulate the use of bitcoin and its status as a legal tender.

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Over 60 South Korean crypto exchanges set to suspend services next week, BFSI News, ET BFSI

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SEOUL: More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or full suspension of trading by Friday midnight, a week before a new regulation comes into effect.

To continue operating, exchanges must register with the Financial Intelligence Unit by Sept. 24, providing a security certificate from the internet security agency. They must also partner with banks to ensure real-name accounts.

Exchanges that have not registered must shut down services after Sept. 24, while those that have registered but failed to secure partnerships with banks will be prohibited from trading in won.

“Should some or all services need to be closed, (exchanges) should notify customers of the expected closing date and procedures to withdraw money by at least seven days before the closure,” the Financial Services Commision said earlier this week. It said this should be completed no later than Sept. 17.

Of all exchanges, nearly 40 are set to suspend all services. A further 28 have security certificates but have not secured bank partnerships.

Just four – Upbit, Bithumb, Coinone and Korbit – have registered and secured partnerships and so will be allowed to make won settlements.

Some smaller exchanges including ProBit, Cashierest and Flybit have already said they will end won trading, and that they will continue operations involving only digital coin trading until securing partnerships with banks.



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Fast growing crypto business creates 10,000 jobs, BFSI News, ET BFSI

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BENGALURU: There are more than 10,000 active job openings currently in the cryptocurrency segment in India, according to data obtained from specialist staffing firm Xpheno. Mumbai, Bengaluru and Gurgaon are the hotspots for such jobs, accounting collectively for 60% of the openings.

The most important skills required in the segment are blockchain specialists, machine learning specialists, security engineer, RippleX developer, and front- and back-end developers. RippleX is a global payment platform that enables developers and users to send and receive payments across any currency and network.

The cryptocurrency job market has surged alongside investments in the digital asset, which has started to capture the attention of larger companies including Amazon and Apple. In India, a number of crypto exchanges are doing well, with millions of people investing in crypto currencies through them.

CoinDCX, India’s first crypto unicorn, said it is hiring people in the technology space who can strengthen its product, enhance security and build platforms. “The skills which we focus on are Node.js, cyber security, blockchain, AWS, Java, PHP, Python and data structures,” said Mudita Chauhan, head of human resources.

Prasadh M S, technology specialist at Xpheno, said the average salary packages for some of the niche and specialist skills are witnessing handsome hikes as the war for talent is heating up. The biggest hirers are banking and financial services firms, digital wallets & payment gateway companies, the MNC captive centres, and the traditional software services companies.



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ED issues show cause notice to WazirX, directors under FEMA

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The Enforcement Directorate has issued a show cause notice to cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its Directors Nischal Shetty and Sameer Hanuman Mhatre under the Foreign Exchange Management Act, 1999 for transactions involving cryptocurrencies worth ₹2,790.74 crore.

In a statement, the ED said it has initiated FEMA investigation on the basis of the ongoing money laundering investigation into Chinese-owned illegal online betting applications.

Also read: Leading crypto exchanges scout entry into India despite potential ban

During the course of the investigation, it was seen that the accused Chinese nationals had laundered proceeds of crime amounting to about ₹57 crore by converting INR deposits into cryptocurrency Tether (USDT) and then transferring the same to Binance (exchange registered in Cayman Islands) Wallets based on instructions received from abroad.

“WazirX allows wide range of transactions with cryptocurrencies including their exchange into Indian rupees and vice-versa; exchange of cryptocurrencies; Person to Person (P2P) transactions; and even transfer and receipt of cryptocurrency held in its pool accounts to wallets of other exchanges which could be held by foreigners in foreign locations,” ED said.

WazirX does not collect the requisite documents in clear violation of the basic mandatory Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT) precaution norms and FEMA guidelines, it further said.

In the period under investigation, users of WazirX, through its pool account, received incoming cryptocurrency worth ₹880 crore from Binance accounts and transferred out cryptocurrency worth ₹1,400 crore to Binance accounts.

None of these transactions are available on the blockchain for any audit or investigation, the ED said, adding that it was also found that customers of WazirX could transfer ‘valuable’ crypto-currencies to any person irrespective of its location and nationality without any proper documentation whatsoever, making it a safe haven for users looking for money laundering or other illegitimate activities.

Nischal Shetty, CEO and Founder, WazirX, however, said the company is yet to receive any show cause notice from the Enforcement Directorate.

“WazirX is in compliance with all applicable laws. We go beyond our legal obligations by following Know Your Customer (KYC) and Anti-Money Laundering (AML) processes and have always provided information to law enforcement authorities whenever required. We are able to trace all users on our platform with official identity information. Should we receive a formal communication or notice from the ED, we will fully cooperate in the investigation,” he said in a statement.

Concerns over KYC and money laundering have been raised with regard to cryptocurrencies globally. The circular by the Reserve Bank of India on May 31 had also asked banks to continue to carry out customer due diligence processes in line with regulations governing standards for KYC, AML, CFT and obligations of regulated entities under Prevention of Money Laundering Act, 2002.

Most cryptocurrency exchanges in the country say that they follow due diligence for KYC and AML.

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Coinbase to allow users to use card via Apple, Google wallets

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Coinbase Global Inc launched a tie-up with Apple and Alphabet Inc’s Google on Tuesday that will allow users to add cards from their accounts to the payment apps run by the two tech giants.

The Coinbase card added to the wallets can be used to buy everyday goods with digital currencies, the biggest US cryptocurrency exchange said in a blog post. (https://bit.ly/3wN2wNN)

Also read: Investors cheer after RBI clarifies crypto trading isn’t banned

The company said it will automatically convert all cryptocurrency to US dollars and transfer the funds to a customer’s Coinbase Card for use in purchases and ATM withdrawals.

It also said users can earn crypto rewards on their shopping when a Coinbase Card is used with Apple Pay or Google Pay.

Coinbase’s move comes after PayPal Holdings Inc said it would allow US consumers to use their cryptocurrency holdings to pay millions of its online merchants globally, significantly boosting use of digital assets in everyday commerce.

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