Huobi announced Wednesday that it is partnering with Global Digital Finance (GDF) to “develop best practices and standards within the digital asset community.” The move comes amid increased attention from policymakers around the globe, and continuing concerns about the industry’s lack of regulatory oversight.
Blockchain announced today that is has launched a new cryptocurrency exchange, The PIT, Reuters reports. According to the company, the new exchange relies on a matching engine called “Mercury” to provide trading at speeds faster than other exchanges in the industry today.
Circle co-founder and CEO Jeremy Allaire will be testifying in a hearing before the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday. Allaire’s role in the “Examining Regulatory Frameworks for Digital Currencies and Blockchain” hearing will be as a representative for the Blockchain Association advocacy group.
The United States filed a complaint this week against the BTC-e cryptocurrency exchange and its alleged operator Alexander Vinnik, seeking to recover civil monetary penalties assessed by the Financial Crimes Enforcement Network (FinCEN) in July 2017.
Chinese alcohol wholesaler Oranco announced Friday that its newly-developed blockchain-based anti-counterfeiting technology is now ready for testing. The technology was developed in partnership with blockchain tech solution firm Guangzhou Silicon Technology Co., Ltd.
The United States Internal Revenue Service announced today that it is now in the process of sending warning letters to more than 10,000 U.S. taxpayers who trade cryptocurrency. The agency revealed that it began sending those letters last week and plans to complete the process by the end of next month, Yahoo Finance reports.
A new survey from digital currency asset management firm Greyscale Investments found that 36% of retail investors in the United States expressed interest in Bitcoin as an investment. The Bitcoin: 2019 Investment Study was conducted by the Q8 financial market research firm and offered insight into the “profiles and demographics of investors interested in the digital currency.”
California-based tech e-retailer Newegg announced on Wednesday that it will now accept Bitcoin as a payment option in 73 nations. According to the press release announcing the news, customers in “nearly all of the countries the company serves worldwide” can now use Bitcoin in Newegg’s online stores.
A new report from a government panel in India recommends that the country ban all private digital currencies, Reuters reports. If adopted into law, the panel’s recommendations would not only make such cryptocurrencies illegal in India but would also fine and jail Indians who are caught dealing with them.
Since announcing its Project Libra cryptocurrency plans, Facebook has experienced a growing amount of resistance from policymakers around the globe. Recent data from messaging app Viber indicates that consumers may not be too excited about the prospect of a Facebook digital currency either, with 49% of respondents in the United States and UK reporting a lack of trust in the company’s planned cryptocurrency.
The United States Commodity Futures Trading Commission has been investigating the BitMEX cryptocurrency exchange for several months, Bloomberg reported Friday. According to the media outlet’s unnamed sources, the regulatory agency has been trying to determine whether the exchange violated rules that prevent Americans from trading on its platform:
U.S Representative Patrick McHenry (R-NC) told his fellow lawmakers this week that innovations like cryptocurrency are why the United States has such a vibrant economy. McHenry’s remarks came during a hearing on July 17, in which the Congressman referred to the innovative technology as an “unstoppable force.”
Japanese officials reportedly want to develop an international payment system for digital currencies that would be similar to the global SWIFT network currently used by the world’s financial institutions, Reuters reported on Thursday.
French regulators are getting closer to approving the first group of cryptocurrency companies in accordance with new rules slated to go into effect in late July, Reuters reported on Tuesday. Those new rules will provide regulatory approval for digital asset companies that voluntarily comply with the country’s standards for consumer protections, capital requirements, and payment of French taxes.
Facebook executive David Marcus faced questioning from Senate lawmakers on Tuesday, during a Banking Committee hearing on the company’s Project Libra cryptocurrency. The hearing highlighted the skepticism many public officials have expressed about the company, its trustworthiness, and the potential risk Libra could pose to the world’s financial system.
Reuters: House Dems Circulate Draft Bill That Would Prevent Tech Giants from Issuing Cryptocurrencies
Even as Facebook officials testify before Congress this week, House Democrats have apparently been circulating a draft legislative proposal that would bar big technology firms from creating their own digital currencies or offering financial services without a bank license. Reuters reportedly reviewed a copy of the bill and notes that it proposes a $1 million per day fine for companies that violate the prohibitions.
A group of seven South Korean companies are partnering in an effort to create a blockchain-based mobile identification system, the Korea Times reports. According to the Times’ industry sources, the plan is to launch the new mobile ID next year.
The Senate Commerce, Science and Transportation Committee approved the Blockchain Promotion Act this week. If it becomes law, the Act would direct the U.S. Department of Commerce to create a working group to establish a consensus definition for the technology and make recommendations to study its potential for improving government efficiency.
While some cryptocurrency fans may have been dismayed to see U.S. President Donald Trump criticize Bitcoin and other cryptocurrencies yesterday, leading advocates like Coinbase CEO Brian Armstrong and Fundstrat’s Tom Lee appear to disagree. Both men highlighted the benefits of having one of the world’s most high-profile personalities talking about the technology.
In a Tuesday interview with CNBC, Cameron and Tyler Winklevoss predicted that Facebook won’t be the only technology giant to launch a cryptocurrency project. In fact, they believe that a number of major tech firms will be involved with their own cryptocurrencies soon. According to Tyler: