Cryptocurrency Daily News Bulletin, February 7February 7, 2018 1:00 pm
Please note: Information on this post should not be construed as personal investment advice. Prices were correct at the time of writing.
U.S. Regulators. Investors appear to have been buoyed by yesterday’s Senate Banking Hearing on cryptocurrencies, which featured the heads of the SEC and CFTC. In their prepared statements and responses to questions, both men offered criticisms of cryptocurrency regulations, but neither outlined clear, imminent plans for new measures and both offered some support for cryptocurrency innovation. The regulators stated that they may return to Congress to ask for legislative action after further research and consultations with the Fed and the Treasury. In the Q&A session, Jay Clayton, the SEC chairman, indicated that Bitcoin ETF could be allowed at some point in the future if certain conditions are met. The hearing has been reported quite differently within and without the crypto sphere. Cointelegraph (https://goo.gl/i2ZVSn – this article has been viewed more than 90,000 times) focused on the positive elements, while organs such as the Wall Street Journal (https://goo.gl/EExpC1) placed more emphasis on the regulators’ statements regarding significant shortcomings in the current regulatory infrastructure.
India. Following India’s finance minister Arun Jaitley’s budget statement last week, secretary of economic affairs SC Garg said that the government will set up a panel to examine trading of crypto assets in unregulated exchanges. The panel is expected to submit its findings in a report by the end of March 2018. https://goo.gl/GCaFKg See also Feb. 1 bulletin.
The Indian income tax department is now aggressively pursuing investors who profited from cryptocurrencies but failed to pay taxes. Up to 100,000 such investors have been issued notices, according to Sushil Chandra, chairman of the Central Board of Direct Taxes. Chandra made this announcement on Feb. 6. https://goo.gl/1VSxpw
China. Central banks should consider using digital currencies in cross-border payments that could cut transaction time and costs, researchers at the Chinese Academy of Social Sciences, a top government think tank, said in a report. China’s central bank has been exploring the issuance of a sovereign digital currency, even as it ratchets up a crackdown on privately issued digital currencies. https://goo.gl/b3qeUH
Singapore. Feb. 6, Singapore’s deputy prime minister has said that there is ‘no strong case to ban cryptocurrency trading,’ in response to questions posed by members of parliament. https://goo.gl/hcmBhu
Bank for International Settlements. The head of the Bank for International Settlements, which is the umbrella organization of 60-member central banks around the world, called Bitcoin “a combination of a bubble, a Ponzi scheme and an environmental disaster” in a speech yesterday. https://goo.gl/8ziJTJ
(Positive) Today, NEO released a monthly report summarizing recent developments and future plans. https://goo.gl/sY8xQK
(Unclear) According to a Bloomberg report yesterday, Bitcoin mining has become more difficult in the past months, as more mining operations have been launched. At the same time, mining has become less profitable because of Bitcoin’s price drop. However, 67% of all mining is completed by just 4 pools and they appear to be insulated by their access to wholesale energy prices. https://goo.gl/ovFWyJ
(Positive) Coinbase, the world’s largest cryptocurrency brokerage, wallet, and exchange, which also operates GDAX, has officially announced that it will complete the integration of Segregated Witness (SegWit) for Bitcoin in the coming weeks. News outlets appear to have picked up this news on Feb. 6. https://goo.gl/rdG7Kp
(Positive) Japan Net Bank, the country’s first online bank, has teamed with FinTech firm Tech Bureau to test blockchain technology integrations using Mijin and Hyperledger Fabric. Developed by Tech Bureau, mijin’s blockchain uses the NEM.io Foundation’s NEM protocol. https://goo.gl/JvJ2XZ
(Positive) Today, AdEx’s CEO released an update on the progress of the AdEX prototype. https://goo.gl/vPABps
(Positive) UNICEF has launched a unique cryptocurrencies-for-charity venture – a blockchain fundraising project which invites gamers to use their graphics cards to generate funds for Syrian children by mining Ethereum. https://goo.gl/v2DpUw
(Positive) After a high high-profile news story about a man who is trying to sue T-Mobile after the ported his number to thieves who stole his cryptocurrency, Rivetz have emphasized that they offer a solution to “exactly” this kind of problem. https://goo.gl/L4xb7J
(Positive) Tron announced today that that it has completed the successful integration of TRX and the Peiwo App. Peiwo APP is the largest audio content community in China, with over 10 million global registered users and more than one million monthly active users. https://goo.gl/p25TPq
– WN.com, Robert Maxwell