Today’s Highlights: The world is cracking down on Bitcoin – except Japan, Jack Ma embraces blockchain but also warns about BTC, SK prepares an $230M investment in blockchain development, BTC Struggles at $6,000 and the Chief Strategy Officer of Bitfinex and Tether, Phil Potter, is departing.
Editors’ thoughts today:
Editor-in-chief Florin Adrian Oprea (FAO) – This is my first day @StartupCrypto School 2018, a summer school jointly organized by The Frankfurt School Blockchain Center and the German Tech Entrepreneurship Center. Interesting discussions on the panels today covering, among others: the concept of blockchain and a holistic overview of the crypto and ICO markets. Enjoying the cool campus of the Frankfurt School of Finance and Management too!
Editor Decebal Nicolaie Todarita (DNT): While the entire world is cracking down on BTC, Japan is still standing and continues its crypto-friendly policies… Is it? It seems so. But, let’s not forget that, at the end of the last week, Japanese regulators hit six of the country’s biggest cryptocurrency trading venues with business-improvement orders. But “business improvements” doesn’t mean banning and this approach sounds proactive not reactive.
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Yuji Nakamura & Aki Ito – Bloomberg (subscription)
Over the last few months, governments around the world have cracked down on bitcoin and other cryptocurrencies. But one country is sticking to its crypto-friendly policies: Japan.
Lulu Yilun Chen – Bloomberg (subscription)
Billionaire Jack Ma has declared Bitcoin a potential bubble, reiterating his caution over the volatile cryptocurrency as his Ant Financial launched blockchain-based money transfers between Hong Kong and the Philippines.
The founder and chairman of Alibaba extolled the possibilities of the decentralized ledger on which Bitcoin is based but warned that the digital currency itself may be driven by torrid speculation.
Georgi Georgiev – Bitcoinist
The Ministry of Science and ICT of South Korea revealed a Blockchain Technology Development Strategy earmarking a total of 230 billion Won (over of $200M USD) for the development of blockchain-based technology. The Government announced (Ed. note – link in Korean) )that it plans to finish the fundraising by 2022. In an attempt to further the development and advancement of blockchain-based technology, the Korean government plans to nurture over 10,000 industry professionals and 100 companies.
Frank Chaparro – Business Insider (subscription))
Famed hedge funder-turned-crypto enthusiast Mike Novogratz launched merchant bank Galaxy Digital earlier this year and its venture capital arm is already hard at work.
Wolfie Zhao – Coindesk
BTCC Pool the mining pool business of cryptocurrency exchange BTCC, has provisionally agreed to sell 49% of its equity. According to a memorandum of understanding published by BTCC Pool and its potential buyer, Value Convergence a Hong Kong-based financial service firm – the deal would raise 147 million Hong Kong dollars (US$17 million) if finalized.
Bitcoin wallet and exchange platform Zebpay, one of India’s largest crypto firms, has warned its customers that their fiat rupee withdrawals could stop altogether in the near future, a consequence of the Reserve Bank of India’s recent ban.
Lily Katz – Bloomberg
The Mt.Gox debacle, originating from the devastating 800,000 Bitcoin hack in 2014, continues, with recent court documents showing that creditors may finally get the money and Bitcoin they deserve.
Marie Huillet – Cointelegraph
The second round of China’s state-backed monthly ratings of cryptocurrencies and blockchain projects has been released, Cena News reported. (Ed. note – link in chinese) )Dubbed the “Global Public Chain Technology Evaluation Index,” this latest round was announced at the Shanghai Science Hall on June 20, and ranks EOS 1st, Ethereum 2nd, and Bitcoin 17th, out of a total of 30 analyzed cryptocurrencies.
Eric Lam – Bloomberg (subscription)
Bitcoin bulls are seeking support at the $6,000 price level after the battered digital currency dropped below that threshold for the first time since February over the weekend.
Nathan DiCamillo – American Banker
Nyca Partners, the third most active venture capital firm in fintech globally, is invested in enterprise blockchain efforts, such as the digital remittance service Abra.But in 2014, Nyca passed on some now valuable blockchain firms, including Coinbase, Ripple and Blockchain.io.There’s no wistfulness about not buying into those opportunities, said Hans Morris, the former president of Visa and a longtime Citigroup banker who heads Nyca.
Kylie Baird · Bitcoinist
Bitcoin Mining giant Bitmain has mined 42% of all Bitcoin blocks this past week, steadily moving closer to controlling a majority 51% of th network hash rate.
Via Bloomberg – Phil Potter, Chief Strategy Officer of Bitfinex and Tether Is Departing
DNT: In an emailed statement, Phil Potter,said “As Bitfinex pivots away from the U.S., I felt that, as a U.S. person, it was time for me to rethink my position as a member of the executive team,” we learn from the story.
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Times of Malta
Maltese company Ledger Projects has signed a partnership with the Bitfury Group to build innovative blockchain solutions in Malta.
The Bitfury Group, a leading full-service blockchain technology company, has expanded its global operations into the UAE, opening a Dubai office aiming to build blockchain-based solutions for governments and institutions across the region.
Veronika Rinecker – Cointelegraph
Adrian Hasler, the Prime Minister of Liechtenstein, is certain that blockchain technology will have an impact on a variety of areas and is preparing a new blockchain law to provide essential requirements in order to establish a regulatory base for blockchain businesses.
Huw Jones – Reuters
European Union rules are needed after Brexit to regulate and supervise foreign stock and bond trading venues that want to serve EU investors, the bloc’s markets watchdog said.
Adelle Geronimo – Tadawul Tech.
ConsenSys Ventures has announced that it will be accepting applications for the Tachyon accelerator.Inspired by a tachyon particle travels faster than the speed of light, ConsenSys Ventures aims to slingshot early stage projects from idea to viable MVP in an 8-week comprehensive accelerator programme.
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Erich Reimer – Seeking Alpha
Once cryptos achieve stability in regulation, technology, and general use, they will likely then be “re-released” and see a resurgence in market interest, as well as increased asset-based valuations rather than just currency-like market price action.
Robinhood, a major stock trading app based in the US, whose valuation surged from $1.5 billion to $6 billion after integrating cryptocurrency, said that the company does not expect to generate large profits in the near future, and the company is fine with it.
Lucas Mearian – Computerworld
The Internet of Things is in search of a secure method for automating processes and exchanging data in real time to speed transactions; blockchain could be a perfect fit.
Noelle Acheson – Coindesk
With a plethora of business blockchains vying for prominence, banks are under increasing pressure to pick a winner – after all, without network effects, surely the benefits would be lost?While that might be conventional wisdom, Commerzbank one of Germany’s largest financial institutions, is taking a different tack. Rather than choose one protocol on which to build proofs-of-concept, it’s chosen five.
McKinsey report claims that long-term, private ‘permissioned’ blockchain networks will be more successful than public decentralized ones like Bitcoin. The report claims that, despite a huge amount of interest and investment in blockchain, the technology is still three to five years away from widespread commercial adoption.
BIS – The “Central Bank of Central Banks” recently released a 24-page report taking a hard stance against the cryptocurrency movement and the mainstream application of the technology.
DNT: We covered at the beginning of last week the stories about BIS report but it looks like it is still causes analyzes and reactions.You can find here the 24-page article of The Bank for International Settlements.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News