Day: November 16, 2018

Binance the Latest Exchange to List Goldman Sachs-Backed USDC Stablecoin

boss

Twitter Facebook LinkedIn Leading cryptocurrency firm Binance has become the latest exchange to list the USDC stablecoin. In a statement, the cryptocurrency exchange indicated that trading of the USDC and bitcoin (USDC/BTC) pair, as well as the Binance token and the USDC (USDC/BNB) pair, will commence on November 17. Depositing the stablecoin which is pegged on a one-to-one ratio with the US dollar has, however, already started. https://twitter.com/binance/status/1062902529011281920 USDC, which is an ERC-20 token on the Ethereum network, was launched by cryptocurrency exchange Coinbase and Goldman Sachs-backed crypto firm Circle…

Queries About Cryptocurrencies Steadily Decline, Financial Regulator Reveals

boss

The number of enquiries about cryptocurrencies from Japanese investors has declined in the third quarter of 2018, according to a report published by Japan’s Financial Services Agency (FSA) Friday, Nov. 16. The FSA, which oversees the country’s crypto market, published data on quarter enquiries to late September 2018. The watchdog received 1,231 requests, which is a slight decrease in comparison to 1,602 in Q2. As per the regulator, 34 percent of those enquiries (418 cases) were related to general questions, and 32 percent (398 cases) were about the results of…

CBDCs Would Reduce Risks in Cross-Border Payments

boss

Central bank digital currencies (CDBCs) can help improve counterparty credit risk for cross-border interbank payments and settlements, according to a new in-depth report jointly published by the central banks of Canada, the U.K. and Singapore, Nov. 15. A CBDC is a digital currency issued by a central bank whose legal tender status depends on government regulation or law. The “wholesale” variant of CBDC (W-CBDC) limits its use to financial institutions and markets, as opposed to a “retail CBDC” for the general public. The jointly compiled report looks into how to…

Isle of Man updates crypto policy; to make oversight possible

boss

Tax havens are quite an attraction to cryptocurrency businesses thanks to their less strict regulations. However, the Isle of Man has updated crypto policy to introduce further restrictions on crypto businesses in its jurisdiction. Reportedly, the updates affect businesses operating in the cryptocurrency sector. According to the updated document, the Isle of Man Financial Services Authority (IOMFSA) will register businesses subject to new conditions. In particular, the updated policy cites two conditions that make the new criteria to guide registration of crypto-related businesses. The conditions are that i) the businesses…

Why Did Crypto Market Experience a $27 Billion Wipeout? Experts Discuss Factors

boss

On November 15, within a 24-hour span, the valuation of the crypto market fell from $210 billion to $183 billion, by more than $27 billion on a single day. Source: CoinMarketCap.com Fueled by the 18 percent drop in the price of Bitcoin Cash (BCH), every major cryptocurrency in the global market started to record intense sell-offs. Bitcoin, which maintained a record low level of volatility from August to November, fell by more than 11 percent on the day, accelerating the downtrend of other leading digital assets and small market cap…

Japan Wants to Regulate Crypto Wallets, Breach of User Privacy?

boss

Crypto wallet users in Japan may have to reveal their identities as the country’s top financial watchdog prepares a law for it. The Financial Services Agency (FSA) on Monday revealed its plan to regulate cryptocurrency wallet providers, ItMedia reported. The decision came during a cryptocurrency study group meeting after concerns over money laundering and terrorist financing were raised. The agency also looked into pressing matters related to the protection of crypto wallet users that remain mainly exposed to cyber attack and infrastructure failures. FSA didn’t finalize the details of how and when…

New York Department of Financial Services (DFS) Issues 14th BitLicense to NYDIG Execution LLC

boss

The New York Department of Financial Services (DFS) announced on Wednesday that it has ratified NYDIG Execution LLC’s cryptocurrency license application. Such licenses have been coined “BitLicenses” and this is a landmark moment for NYDIG Execution because it has secured the 14th BitLicense issued by the New York Department of Financial Services. New York state law requires companies or businesses to have a BitLicense if they wish to operate any cryptocurrency-related business. NYDIG Execution LLC has the right to offer virtual currency trade execution services as well as secure custody.…

Central Bank Doesn’t Plan to Issue Its Own Cryptocurrency

boss

The Central Bank of Azerbaijan (CBA) does not plan to issue a state-backed cryptocurrency because of the “great risks,” English-language Azerbaijani news outlet AzerNews reported Nov. 15. Alim Guliyev, the first Chairman at CBA, underlined that since digital currencies “come with great risks,” the CBA is not intending to launch a central bank issued digital currency (CBDC) any time soon. Guliyev, who sees such financial instruments as “risky and dangerous,” added that he believes money laundering is the prime goal of cryptocurrencies. An Israeli independent study group set up by…

Kinesis Money and Allocated Bullion Exchange seek to create a commercial blockchain venture with Jakarta Futures Exchange in Indonesia

boss

ADVERTISEMENTS Jakarta Futures Exchange, the leading futures and derivatives exchange group in Indonesia, announced an expanded Memorandum of Understanding with Kinesis Money and Allocated Bullion Exchange. With the partnership, Jakarta Futures seeks to develop an Indonesian based and regulated blockchain exchange using Kinesis technology. Kinesis is a monetary system which is based on the traditionally stable commodities, gold and silver. The Kinesis Monetary System (JFX) allows participants to mint their precious metals onto the blockchain using a bespoke process developed by Kinesis in partnership with Allocated Bullion Exchange (ABX).  This…

Bitcoin Price Pattern Suggests a Bounce May Be Coming

boss

If past events are a guide, bitcoin (BTC) could in for a recovery rally in the short-term. Following Wednesday’s 10 percent slump, the leading cryptocurrency printed an intraday low of $5,188 on Thursday, before closing largely unchanged on the day (as per UTC) at $5,580. The price swing formed what’s termed a “long-tailed doji” candle on the daily chart, which is usually taken to represent indecision in the marketplace. The fact that the candle appeared at the bottom of the recent sell-off indicates the indecision is predominantly among the sellers and…