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Russian bankers released a statement May 26, saying that cryptocurrency should be legalized for circulation. This message comes from German Gref, who is head of the Russian Sberbank. Gref said there needs to be an honest and intelligible conversation about cryptocurrencies, because attempts to ban it have only caused problems in the past.
A Russian news article mentioned Greff’s commentary: “Gref stressed that they now engage in a constructive dialogue about cryptocurrency, the Central Bank are trying to understand – what is it and what to do next. ‘Attempts to introduce bans will only lead to the loss of existing competitors,’ said the head of the financial institution.”
Cryptocurrency May Become “Digital Product” in Russia
In another article by the same Russian news outlet, the Russian government’s Deputy Chairman Regulator of the Central Bank, Olga Skorobogatova, said government is preparing amendments regarding cryptocurrencies and the tax code. Skorobogatova went on to admit that government cannot control how many cryptocurrencies can be created. The Russian news page said,
Skorobogatov noted that virtual assets continue to be emitted, no gold reserves, they are not provided, there is no control over their number.
The Russian news outlet went on to say that government or the “financial market” does not necessarily see cryptocurrency as a threat, because government considers it a “digital product.” This is likely why government is seeking to create amendments for it in their tax code.
The article said, “Therefore, financial market electronic money does not consider it a threat. But, if you do not begin to deal with this issue, you can skip a significant risk increase.”
Russian Officials Want to Understand and Accept Cryptocurrency
Between bankers and government officials changing their perspective, it appears there could be a movement toward more political acceptance of cryptocurrency in Russia. This information comes as bitcoin’s popularity has surged over recent weeks and Japan has classified bitcoin as a payment method along others.
It looks like some governments and bankers are trying to understand cryptocurrency rather than react against it.
The Deputy Governor of the Central Bank of Russia, Olga Skorobogatova, revealed on Thursday that the bank has proposed to classify cryptocurrencies, incbuy bitcoin with paypal no idluding bitcoin, as digital goods for tax purposes. Sputnik International reported her saying:
Two months ago we held a meeting with ministries and organizations… on how to classify non-state cryptocurrencies, which are de facto used in Russia. We propose to treat them as digital goods, use the digital goods legislation, with certain amendments on taxes, control and record-keeping.
According to Skorobogatova, the proposal was supported by all ministries, and the central bank is planning to deliver the first draft of the regulations in a month. This proposal follows her promise in February for the central bank to decide whether digital currencies are considered assets, cash or securities by mid-2017.
The Central Bank’s Need to Control Bitcoin
According to RBC, a leading Russian media group headquartered in Moscow, the central bank claims that they need to start controlling cryptocurrencies in Russia or they can quickly become a threat.
Since digital currencies are not backed by gold reserves and are not state controlled, the deputy governor said that they can lead to instability in the financial markets sooner or later.
She then noted that cryptocurrency trading volumes in Russia have increased since last year, and said (loosely translated):
If people are engaged in this, they have to pay money for it. And we must understand how to control these activities.
Russia’s Struggle to Control Cryptocurrencies
The official government stance on cryptocurrencies has been under constant debate for years. Starting with a very strict stance favoring criminalization, Russian lawmakers have become more lenient over time as the benefits of blockchain technology became apparent in the country.
In December 2016, Vadim Kaluhov, the Director of Financial Technology, Projects and Process Management at the Bank of Russia, warned the government against using excessive measures. He conveyed that if the regulations are too strict, then cryptocurrency transactions will move outside of Russia. “By pushing the process of exchange out of the country, we actually lower the level of security and stability,” he detailed.
In January, Deputy Finance Minister Alexey Moiseev told reporters that the central bank and the Federal Financial Monitoring Service had been watching bitcoin. They did not find it to be a threat. In April, he announced that the country was considering recognizing the digital currency in 2018 to fight money laundering.
This month, the largest online retailer in Russia, Ulmart, announced that it will start accepting bitcoin payments in September.
Meanwhile, trading volume has grown steadily. Localbitcoins, the most popular trading platform in Russia, shows that the country has the second largest trading volume, behind only China. Russia has seen over 400 million rubles worth of trading, or over $7 million USD in weekly volumes for three weeks in a row.
What do you think of Russia classifying bitcoin as digital goods? Let us know in the comments section below.
Bitcoin’s rising value continues to pick up steam this week by breaking a new all-time price high nearly every day. Currently, the global average is US$2400 per BTC, but the price is also trading at a premium of $2700 in Japan, $3050 in India, and $3150 in South Korea. End of year bitcoin price will be around 5000 $
Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Since our last price post just four days ago, bitcoin’s fiat value has climbed $400 higher to an all-time high average of $2405 across most global exchanges. The bull run is showing unstoppable momentum with a few pit stops along the way as bitcoin’s market cap is just a few dollars shy of reaching $40 billion. Alongside bitcoin, many altcoins are also gaining in value at an unprecedented level not seen since 2013.
Additionally, there has been significant demand coming from many countries globally, but in specific regions, the price is going through the roof. For instance, at the Japanese exchange Bitflyer, the price per bitcoin is trading at an average of $2700 at the time of writing. Moreover, most BTC/JPY exchanges are trading at this level. Another country that is pushing bitcoin demand higher is South Korea as prices are significantly above even Japan. The Korean trading platform Bithumb is trading BTC at a value of $3150 at press time. In India, bitcoin is trading at a premium for the past 48-hours as well, reaching $3050 on exchanges like Unocoin.
Weekly View Analysis
Weekly technical indicators suggest the rally may test ranges between $2500-2600 over the course of the next two weeks. As usual, the 100 Simple Moving Average (SMA) is continuing to stay well above the 200-term SMA which means buyers are still in control. Over the course of the week, there have been sharp downswings intermittently ranging from $50-150 drops at times.
Fibonacci retracement trend lines show some fluctuations as bitcoin’s current trajectory could slow up and may stabilize in the $2350-$2400 range temporarily. Both Relative Strength Index (RSI) and Stochastic oscillators show some bear traps could come at any moment in the short term. However, most technical indicators and rule books can be thrown out the window these days, as bitcoin’s rising price has surprised even the most experienced traders.
The Altcoin Fiesta Continues
Just as bitcoin has been performing phenomenally, there have been many altcoins doing just as well. The entire market is now valued at over $90 billion dollars, and most of the money piled up in just a few short weeks. The smart contract token Ethereum (ETH) is now commanding a $20 billion market cap as each ether is worth $220. Ripple (XRP) has stabilized and even dropped in value a touch at 34 cents per XRP and a 13 billion market cap.
Alongside the top three many other coins throughout the top 20 list are catching waves of fresh new money. The cryptocurrency NEM is ($0.25), and Ethereum Classic (ETC) jumped considerably ($20.85). Meanwhile, Litecoin is back on the uptrend ($33) and so is Dash as the token has hit an all-time high of $150 per coin. Others such as Monero, Stellar, and Bytecoin have all made considerable advances as well. Furthermore, one notable surprise comes from Dogecoin markets which now hold the 11th position. The meme token is trying to enter the top ten list, and some hope Dogecoin will one day be worth a penny.
In general most of the cryptocurrency community has been very positive over the past few weeks. A lot of announcements happened this week during Consensus 2017 from startups like Bitpay, RSK, and Shapeshift. Additionally, Barry Silbert introduced a compromise that seems to have a lot of backing from both bitcoin-based businesses and the mining sector. It’s not certain whether or not the agreement will mean anything or even happen, but there are many who are hoping for some kind of solution before bitcoin grows too popular. Lastly, the demand coming from places like China, Japan, India, and South Korea doesn’t seem to be slowing anytime soon.
Bear Scenario: Seemingly there is a strong floor in the $2100 range at the moment but the price swings over the past three weeks show that floor could easily break. Over the course of the week, there is sure to be a bunch of volatility, so those making profits from intra-range and day trading will be in heaven. As said above swings have been ranging from $50-150 at times, so bears are undoubtedly playing their hands.
Bull Scenario: Bitcoin has roared a few dollars past the $2400 mark and seems to be taking a rest after all that hard work. Bulls can definitely recharge their engines as they have done multiple times over the past two weeks breaking higher price barriers. Short term technical indicators have been at odds as bulls have held the reigns for a long time. $2500 to $2600 per BTC or an even higher exchange rate is not out of the question at the current rate of growth.
What do you think about the price of bitcoin breaking $2400? Do you think bitcoin will continue to rise to higher levels? Or do you expect a deeper correction soon? Let us know in the comments below.
news by bitcoins.com