In a move that some media outlets are describing as an effort to ban cryptocurrencies, Iran’s Central Bank has directed banks and other financial institutions to avoid all crypto-related transactions. According to Bloomberg, the Islamic Republic News Agency reported that the ban applies to every finance-related institution in the country:
Current San Francisco Federal Reserve president John Williams suggested in a speech on Friday that cryptocurrency is unlikely to replace the current fiat currency system, according to reporting from CNBC. Williams, who has led the San Francisco Fed since 2011, was recently chosen to take over as president of the New York Federal Reserve when William Dudley retires on June 17.
In an interview with Reuters, Monex Group CEO Oki Matsumoto reportedly suggested that Japan should exercise stricter regulatory authority over the nation’s digital currency exchanges. He compared the exchange services to those provided by banking institutions and said that a move toward tighter regulation is just “common sense.”
In a blog post this week, International Monetary Fund (IMF) Managing Director Christine Lagarde called for policymakers around the world to “keep an open mind” about cryptocurrencies and focus on developing what she called an “even-handed regulatory framework.” According to Lagarde, that approach will enable regulators to minimize potential risks in a way that doesn’t stifle creativity and innovation.
Vietnam’s Prime Minister, Nguyễn Xuân Phúc, has issued a new directive that seeks to broaden the country’s efforts to better regulate cryptocurrencies, according to reports from Xinhua and local media outlets. The move was reportedly in response to increasing government concerns about trader vulnerability and the potential damage that digital currencies could do to the nation’s financial markets.
Digital currency exchanges with operations in Australia have been given a deadline of May 14 2018 to register with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The government’s financial intelligence agency has been given the responsibility of regulating those exchanges using new cryptocurrency laws that will ensure that exchanges are subject to the provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act.
A new lawsuit against JP Morgan Chase was filed on Tuesday, accusing the financial giant of violating the Truth in Lending Act by imposing unannounced fees and high interest rates on customers who used the bank’s products to purchase digital currency. The suit alleges that Chase failed to provide the proper notice to its customers before applying significantly higher cash advance costs to those purchases.
Coinbase has announced the formation of a new fund called Coinbase Ventures, which will be focused on providing investment funding to startups in the cryptocurrency space. In a blog post published on Thursday, the company explained that its goal is to help facilitate the growth and development of the digital currency ecosystem:
In recent years, cryptocurrencies have become almost ubiquitous in the mainstream media. Many media outlets now have reporters or entire sections of their websites devoted to covering digital currency, the blockchain, and other FinTech innovations. Despite that increased attention, however, those digital currencies continue to be difficult to use and hard to access for most average citizens – and that’s a problem.
The Reserve Bank of India has announced that regulated financial entities like banks will be barred from providing services to customers who deal with digital currencies. The announcement came in a statement released on Thursday and comes on the heels of several warnings to the public about the potential risks associated with cryptocurrencies.
When most people hear about the 1600 cryptocurrencies and ICO tokens listed on CoinMarketCap, they assume that number includes every one ever launched. This assumption may come after they scroll down to the end and notice hundreds that have no marketcap and/or no volume. The bottom of the list is often referred to the graveyard – a place where abandoned coins go to die. The real graveyard however, is wherever they go after they are removed from the listing. At least while they are on CoinMarketcap, for better or (usually) worse, there is a marker of their demise.
If you’re like most people and you one day plan to retire, then you’ll need to think about saving and investing to replace the earnings that you’ll no longer get from employment. It is natural for humans to look to the future to work out what action they need to take today to ensure a better future, but too often a lack of information about the world around us distorts these calls to action. And while we may sometimes be ignorant of economic reality, economic reality doesn’t ignore us when things go belly-up.
The Chinese central bank is planning to take further action against digital currencies in the coming months, according to media reports. Reuters on Thursday also reported that People’s Bank of China deputy governor Fan Yifei has confirmed that the country will develop its own digital currency.
CBOE Global Markets president Chris Concannon recently sent a letter to the Securities and Exchange Commission (SEC), arguing in favor of regulatory approval for cryptocurrency exchange-traded funds (ETFs). The letter attempted to address concerns raised by the agency earlier this year, when the SEC cited issues of liquidity, investor protections, and the potential for market manipulation as reasons to proceed cautiously with approval of those funds.
Last month, Goldman Sachs attorneys sent legal notice to a Japour-based cryptocurrency exchange, accusing the Indian startup of trademark and intellectual property infringement. The controversy was related to that startup’s name, Bitman Sachs, LLP, as well as its Bitsachs.com website. According to a report in the Hindu Business Line, the Indian company has decided to change its name to negate the controversy.
JPMorgan Chase released its annual report on Tuesday, and for the first time identified digital currency innovation as a potential risk to the bank’s business services. The report suggested that the firm has been working to adapt its service offerings to keep pace with increased competition from tech companies utilizing the new technology.
Though some financial experts have expressed concern that a collapse in the digital currency markets might affect the broader financial sector, a new report from US-based financial ratings firm Standard & Poor’s contends that any impact would be almost negligible at this point. According to S&P’s assessment, the markets would only be impacted if cryptocurrencies became a serious asset class and enjoyed the market confidence that comes from proper regulatory oversight.
Cryptocurrency education platform DNotesEDU has announced a massive upgrade, offering expanded content that provides entry level educational material focusing on cryptocurrency and personal finance. According to DNotesEDU education director Brandon Cheliak, the changes are an effort to address the cryptocurrency market’s current lack of sound information about investor protection and education.
When we created DNotes nearly four years ago, we knew that we wanted it to be a different kind of digital currency. After examining other cryptocurrencies, it was clear to us that none of them were well-positioned to bring the benefits of digital currency to the mainstream. From the beginning, DNotes was designed to fulfill this purpose. With our four-year anniversary on the horizon, it’s important to remember some of the important milestones that we’ve marked along the way. Two of the most significant of those milestones occurred with the creation of the DNotesVault and the CRISP programs. Both represent the type of innovation that today’s consumers want and need.
Bitcoin’s price continued to drop on Monday, sliding below the $7 mark – its lowest level in more than two months. Analysts have attributed the ongoing price weakness to a steady stream of bad news for the cryptocurrency industry, including new regulatory concerns and recent announcements that several big banks will no longer allow their credit cards to be utilized for cryptocurrency purchases.