In a recent interview with Bloomberg at the Players Technology Summit in San Francisco, Coinbase CEO Brian Armstrong said that Bitcoin adoption and use is growing every year. However, he suggested that real mass adoption of Bitcoin as a payment solution is going to take time. Armstrong compared the industry’s growth with that of the internet nearly two decades ago:
In an August 12 announcement, Saudi Arabia’s Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market declared digital currency trading to be illegal “inside the Kingdom of Saudi Arabia.” The committee statement cited issues with security, regulatory concerns, and market risks as reasons for its warning:
In an op-ed published this week, noted economist and American Institute for Economic Research Editorial Director Jeffrey A. Tucker suggested that governments and central banks should maintain a hands-off approach to cryptocurrency and other innovations.
Golden Gate Ventures has announced that it plans to launch a $10 million cryptocurrency and blockchain startup investment fund, according to TechCrunch and other media outlets. The Singapore company’s new fund will be called LuneX Ventures and will focus investments on “early-stage” cryptocurrency exchanges, security firms, and similar digital currency and blockchain-related projects.
Canada’s government is failing the people. According to www.debtclock.ca the Canadian Government is in debt to taxpayers to the tune of 657 billion dollars. This begs the question: how can they still pay the people after they have already liquidated the rest of their gold reserves? They seem single-mindedly intent on seeing how long they can run deficits before taxpayers notice. Canada’s treasuries are empty, yet the government continues to pay workers in the unbacked currency. Unbeknownst to most taxpayers, they are willingly handing over their labor and selling their products for a currency that is essentially worthless.
How long this charade can go on is anyone’s guess, but the clock is ticking; it’s time for cryptocurrencies to start making headway in Canada and for the people of Canada to get prepared for what’s about to come. Irrespective of party in power or leader, if the Canadian Government pushes their luck much further they will find themselves on the receiving end of a mass uprising, as even the docile, meek, and timid, become fearlessly enraged.
During an appearance on CNBC’s Fast Money on Wednesday, Pantera Capital CEO Dan Morehead suggested that Bitcoin investors have been too focused on attempts to gain approval for a Bitcoin ETF. Morehead said that those investors have been overreacting to news that the SEC has postponed a decision on the proposed VanEck and SolidX ETF. He also predicted that it may be a “long time until an ETF is approved.”
Swiss private bank Maerki Baumann is now offering banking services to blockchain and digital currency companies, according to International Investment. The decision comes as a number of cryptocurrency firms have moved to jurisdictions outside Switzerland, sparking concern from Swiss regulators.
For many years, our view of the governance model for information was based on the centralized approach. Even now, in the 21st century when most information is already stored in databases, we have gotten used to the idea that data that belongs to us… is not managed by us. Instead, it is managed by certain trusted parties such as governments (national registers), banks (financial databases), private companies (social networks) and so on. However, the rise of Bitcoin has sparked a new debate about the need for those controlling third-parties. Now that we’ve managed to build a transparent, auditable, independent financial system that requires no intervening third-parties, blockchain advocates naturally wonder why we can’t apply these properties – or at least some of them – to other systems. After all, the blockchain has opened the door to a fundamentally new way of managing data – one that belongs to the community. This is the primary question that we’ve decided to cover in this article.
The Securities and Exchange Commission is reportedly looking into cryptocurrency deals at brokerages, according to a report from Bloomberg. The regulatory agency is seeking answers to questions about brokerage business practices involving trading fees, financing, and ICOs.
Coinbase customers in the UK will now be allowed to purchase digital currency on the exchange using the British Pound, instead of being forced to rely on the euro for those transactions. The change was announced by Coinbase in a blog post on Wednesday.
Investment banking firm UBS may not be completely dismissing Bitcoin’s potential to eventually become a viable form of payment, but it clearly believes that the world’s most well-known digital currency is not yet ready to play a mainstream role as real money.
Cryptocurrency exchange Blocktrade.com is now open for beta testing, becoming the first fully-regulated digital currency exchange, according to Forbes. The new exchange will offer trading for Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple, with plans to list “Crypto Traded Indices™. Security Tokens, and Tokenised Assets” later in the year.
Nasdaq reportedly hosted a meeting in Chicago several days ago to facilitate efforts to bring new legitimacy to the cryptocurrency industry. The closed-door gathering brought together representatives from Wall Street and cryptocurrency exchanges, including the Winklevoss Twins’ Gemini exchange. Nasdaq has acknowledged that the meeting took place but provided no other official statement on the gathering.
The U.S. Securities and Exchange Commission’s Thursday rejection of the Winklevoss Bitcoin ETF drew a sharp dissent from Commissioner Hester Peirce, who suggested that her fellow regulators erred in their decision. Peirce commented immediately on Twitter and made her case against the SEC denial in a post published on the SEC website.
Based on the findings of leading news outlets that have historically acted as an early warning mechanism for the public, global nuclear tensions appear to be at an all-time high and people are woefully underprepared. All-out nuclear war would instantly set civilization back 100 years. The initial blasts could kill billions. Those who survived would face food shortages, famine, infertile crops, and billions of tons of dusty smoke that would block out the sun. When coupled with an irradiated, uninhabitable environment, this recipe for chaos will all but entirely halt productivity. No productivity means no goods are produced, eliminating the need for any currency, let alone a digital one. The systems that support society would crumble, leaving only the arduous task of rebuilding while simultaneously tending to victims and trying to provide basic survival for oneself.
In a recent interview with the Innovation Show, DNotes Global Inc. CEO Alan Yong stressed the important role that trust plays within the digital currency industry. During a discussion that covered a wide range of cryptocurrency-related issues, he addressed everything from digital currency’s original promise to the current state of the industry and the challenges it confronts as it continues to grow and mature.
Finance Ministers representing the member states of the Group of Twenty (G20) gathered in Argentina this last weekend to discuss issues ranging from financial inclusion and the global tax system to the impact of technology on the world’s financial system. The group later issued a communique that downplayed cryptocurrency’s risk to global financial stability and set an October deadline for the Financial Action Task Force (FATF) to explain how its standards apply to cryptocurrency assets.
A new report from the Financial Stability Board (FSB) suggests that the financial watchdog doesn’t believe that cryptocurrencies “pose a material risk to global financial stability at this time.” That assessment conforms to a similar claim made by FSB head Mark Carney earlier in 2018 when he told G20 central bankers and finance ministers that Bitcoin was not a “systemic risk” to that financial system.
The Hong Kong Monetary Authority is preparing to launch a blockchain-based trade finance platform, according to a report from Financial Times. The project is a joint effort between the HKMA and Chinese firm Ping An Group’s financial technology subsidiary OneConnect, which designed the platform. 21 banks are expected to be involved, including HSBC.
U.S. Representatives serving on the Subcommittee on Monetary Policy and Trade will be conducting a hearing entitled “The Future of Money: Digital Currency” on Wednesday, July 18, according to a memorandum from the Financial Services Committee. The Committee memo announcing the hearing and scheduled witnesses suggested that testimony is expected to encompass a broad range of crypto-related topics: