The South African Reserve Bank (SARB) has completed a review of the country’s National Payment System Act, and published its findings and recommendations this week, according to a report from Business Insider. The bank is proposing several changes that could eventually allow a digital rand or existing cryptocurrencies to be accepted as recognized payment options and reduce the banking industry’s stranglehold on payment services.
Officials from Japan’s National Policy Agency say that they received about 6,000 cryptocurrency-related money-laundering reports from January to October 2018, according to a December 7 report from Japan Today. The number represents a significant increase over last year’s reported cases:
A commissioner from the U.S Securities and Exchange Commission (SEC) has said that institutionalization of cryptocurrency will happen but ceded that crypto advocates shouldn’t hold their breath when it comes to waiting for the approval of cryptocurrency Exchange Traded Funds (ETF).
South Korean finance minister nominee Hong Nam-ki reportedly suggested that the government will draw up plans to tax digital currencies, according to reports from the Korea Times. The Times quoted recent written remarks Hong submitted as part of his confirmation process:
During remarks at this week’s Consensus: Invest conference, New York Stock Exchange chairman and Intercontinental Exchange (ICE) CEO Jeff Sprecher asserted that digital assets are not going anywhere, despite the current bearishness in the crypto markets. In response to a question about the lower prices, Sprecher chose to address the issue of whether digital assets can survive:
The last 24 hours has been a lot kinder to cryptocurrency markets than the fortnight prior that saw $90 billion wiped from the industry’s market capitalization.
Securities and Exchange Commission Chairman Jay Clayton wants to see some major changes in the cryptocurrency markets before he can be “comfortable” with the idea of approving a Bitcoin ETF, according to a report from CNBC. Speaking at the CoinDesk Consensus invest conference this week, Clayton said that improvements need to be made in areas like market surveillance and cryptocurrency custody.
Overstock shares have soared 26% on the news that the company plans to sell its retail business to make way for a forward-looking bet on blockchain.
DNotesEDU has announced the release of its Global Digital Currency Industry Insight Report, a 45-page examination of the cryptocurrency industry that covers a broad range of blockchain and crypto-related technologies, trends, and potential risks.
“What everyone got really excited about was, hey, I can publish a paper and people will send me money.” — J. R. Willet, the creator of the first ICO.
This is a fascinating and revolutionary concept: pitch your product idea to the community, and if they like it, they’ll send you money to get your private business or decentralized application off the ground.
But an idea itself is worth very little. How an idea works in practice is of much greater importance. Unfortunately, this evaluation paints a story of scams, incompetence, recklessness, and greed.
Bitcoin’s price may have plummeted in recent days, but that crash seems to have done little to quell Fundstrat Global Advisor co-founder Tom Lee’s bullish outlook on the world’s most popular cryptocurrency. During an appearance on CNBC’s Squawk Box on Tuesday, Lee predicted a price recovery and stood by his most recent forecast suggesting a year-end Bitcoin price as high as $15,000.
When the UK government’s cryptocurrency taskforce reported to the government in late October, one of its recommendations advised officials to consider a complete ban on crypto derivatives like CFDs, futures, and options. UK Financial Conduct Authority (FCA) Executive Director of Strategy and Competition Christopher Woolard has confirmed that regulators will consider such a ban, according to Finance Magnates.
The NYSE’s parent company, The International Exchange (ICE) has postponed the launch of its Bitcoin futures product on its upcoming Bakkt platform to Jan. 24, 2019, according to a public notice from the company.
A senior executive from Swiss fintech company X8 AG claims that Islamic scholars have certified the company’s digital currency as Sharia-compliant, according to a Monday report from Reuters.
Tether Ltd, the company responsible for issuing dollar-backed USDT tokens, confirmed on Thursday via the Tether blog that it had established a $1.8 Billion banking relationship with Bahamas-based Deltec Bank & Trust Ltd.
After Coinbase closed a $300m Series E funding round on Wednesday Oct. 29, COO Asiff Hirji told Bloomberg that the company has no immediate plans to go public, confirming that an IPO would happen, but was “not even close to the top of the list of things we’re worried about right now.”
Cryptocurrency exchange Coinbase is now worth over $8 billion after raising $300 million in Series E funding, according to an October 30 post on the company’s blog.
The Taipei Times reported this week that a draft proposal for new ICO standards in Taiwan is expected to be completed by June 2018. According to the Times, Financial Services Commission (FSC) Chairman Wellington Koo made the announcement in remarks to the Legislative Yuan’s Finance Committee earlier in the week.
According to data compiled by Bloomberg, tech stocks are now 45% more volatile than Bitcoin over a ten-day average, with FANG stocks (Facebook, Amazon, Netflix & Google — now Alphabet, Inc.) enduring sustained stock sell-offs on the heels of disappointing earnings results. Elsewhere, Bitcoin Magazine reported on Wednesday that the popular cryptocurrency has been less volatile than the NASDAQ, DOW, and S&P 500 over a thirty-day period ending October 14.
U.S. markets saw tremendous volatility this week, as the Dow Jones ended the week down nearly 3 percent. Meanwhile, Bitcoin markets seemed to find some measure of stability and spent the week trading within a relatively narrow range near $6,500. CNBC took note of that lack of cryptocurrency volatility and suggested that “Bitcoin’s insulation from the market wreckage is relatively new.”