Tether released a law firm report on Wednesday that it hopes will allay ongoing concerns about whether the company’s USD reserves are sufficient to back the Tether cryptocurrency. The report from law firm Freeh, Sporkin & Sullivan LLP (FSS) cites information provided by Tether’s banking partners confirming that the company had roughly $2.55 billion in U.S. dollar reserves on June 1 – more than enough to back every Tether currently in circulation.
Japan’s cryptocurrency self-regulatory body, the Japan Virtual Currency Exchange Association (JVCEA), has agreed to a set of new regulations for the industry, according to a report from Nikkei Asian Review. The association plans to hold a vote on its proposed rules on June 27. The rules are designed to ban insider trading and prevent trades involving cryptocurrencies that are designed to be difficult to track.
Banking giant Wells Fargo has confirmed that its customers will not be allowed to use their credit cards to purchase cryptocurrency, according to a report from CBS News. A bank spokesperson suggested that the bank made the decision after reviewing the “risks associated with this volatile investment.”
DNotes started in 2014 as a blockchain-supported cryptocurrency, and on the surface seemed to share much in common with other such coins. Of course, anyone who is familiar with the DNotes project understands that there is one major difference that separates DNotes from most other coins: it is backed by a partner company, DNotes Global Inc. That company is focused on developing the technology and generating the profits that will allow it to aggressively grow, further support the DNotes network, and return the confidence shown by its investors.
The provincial government of Quebec has announced that it is temporarily halting all energy approvals for cryptocurrency mining operations, according to a report from Reuters. The decision was made in response to a request from state-run energy company Hydro Quebec that asked regulators to reassess energy fees and place limits on the amount of power miners can access.
San Francisco-based Coinbase has announced that it is opening an office in Japan as part of its ongoing expansion effort, according to a company blog post published on Monday. The exchange giant also announced that former Morgan Stanley investment banker Nao Kitazawa has been selected to serve as the new branch’s CEO.
US-based cryptocurrency exchange Bittrex will allow its customers to use US dollars to purchase altcoins on its exchange, according to reporting from CNBC. On Friday’s Fast Money, Bittrex CEO Bill Shihara suggested that the move is part of Bittrex’s broader goal of expanding its market reach in a way that allows all its customers to “have access to U.S. dollar trading.”
India’s government has announced that the country cannot use the Petro cryptocurrency to purchase Venezuelan oil, according to reports from CrowdFund Insider and other media outlets. The decision represents yet another blow to Venezuela’s attempt to generate more demand for the Maduro government’s state-issued digital currency.
Polish cryptocurrency exchange BitBay is preparing to close down operations in Poland and take their business to Malta, according to a company announcement published earlier this week. The company has confirmed that the move was due to a lack of cooperation from Poland’s banking institutions.
South African financial services group Sygnia has revealed plans to introduce its own domestic digital currency exchange later this year, according to a report from Bloomberg. The plans were included within the company’s recent interim financial report, which suggested that the exchange is one of Sygnia’s top priorities for 2018 and 2019.
Cryptocurrency exchange CryptalDash, which describes itself as “the world’s first integrated cryptocurrency exchange,” announced on Wednesday that its platform will soon list the DNotes (NOTE) digital currency. The company has confirmed that its customers will be able to begin trading DNotes on the exchange on June 19, 2018.
While many crypto investors are keeping an anxious eye on the blockchain bubble, there is another area of concern that they should also be watching: the regulatory front. Even now, state and national governments around the world are stepping up their efforts to bring some sense of regulatory order to the cryptocurrency ecosystem. And while it’s true that digital currencies were originally developed as a way of getting around invasive financial controls, there should be little doubt that the industry must eventually make peace with the idea of sound regulation if it wants to ever achieve true mass acceptance and adoption.
The Wall Street Journal reported on Friday that Coinbase met with regulatory officials early in 2018 to discuss possible acquisition of a banking license. The meeting was reportedly conducted with the U.S. Office of the Comptroller of the Currency, according to an unnamed “person familiar with the matter.”
Cryptocurrency is about more than just fundamental value, it’s about consumer trends too.
In a recent Fox Business interview, Warren Buffet was critical of Bitcoin, describing it as ‘rat poison squared’ in reference to the cryptocurrency’s rocketing growth in the last five years.
Microsoft Advertiser Policy Manager Melissa Alsoszatei-Petheo has announced that cryptocurrency-related advertising will no longer be welcome on the company’s Bing search engine. Bing Ads plans to enact the policy on a global basis next month and will begin to enforce the ban later in June or July.
Coinbase announced on Tuesday that it plans to launch a new suite of institutional product offerings to facilitate their cryptocurrency investment and trading needs. In a press release announcing the news, the company also confirmed the addition of a new Chicago office tasked with enhancing the development of the Coinbase Markets product offering.
There is a blockchain “solution” for everything these days — from value exchange to asset registration. There are even coins devoted to praising garlic bread or paying tribute to Vladimir Putin. Even the porn industry, where privacy and anonymity are at a premium, has produced a range of crypto tokens. An enormous diversity of blockchain businesses and startups have risen on the coattails of Bitcoin and Ethereum.
Mobile handset maker Huawei Technologies Co. will soon offer access to Bitcoin wallets through its AppGallery, according to a report from Bloomberg. The move will reportedly allow users to download the BTC.com Bitcoin wallet on all new Huawei phones, and the company plans to roll out access to older phones in the near future.
Swiss-based startup Tangent has launched pilot sales of its new physical Bitcoin banknotes, according to a company press release published on May 3. The product will be made available at Singapore’s Megafash Suntec City store, with plans to deliver an initial supply of 10,000 notes to the company’s partners throughout the world.
Goldman Sachs announced this week that the bank plans to launch its own Bitcoin trading operations, using the firm’s funds to trade Bitcoin futures contracts for its clients. In addition, Goldman has plans to develop a more flexible product, the non-deliverable forward. On Thursday, Blockchain Capital partner Spencer Bogart said that he expects other banks will follow the Goldman Sachs lead.