Crypto Weekly – December 14, 2017

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The CBOE website could not hold all the  excitement of the first bitcoin futures launched on Dec 10.  ETH, LTC and XRP saw some significant increases, while MIOTA and BTG declined a bit  through the week.

Data source: www.coinmarketcp.com as of December 13, 2017.
Blockchain Adoption:
  • Walmart, JD.com, Tsinghua University National Engineering Laboratory for E-commerce Technologies, and IBM have created Blockchain Food Safety Alliance focused on food safety and traceability
  • UAE and Saudi Arabia central banks are reportedly launching a pilot initiative that will allow the two to test blockchain for cross-border payments.
  • Massive Autonomous Distributed Reconciliation platform (Madrec) a pilot led by UBS and backed Barclays, Credit Suisse, KBC, SIX, and Thomson Reuters is designed to simplify compliance using ethereum.
  • The French government has its  approval on to use blockchain technology to trade unlisted securities. The platform digitises the ownership and capital structure of SMEs.
  • The Indian Tax Department raided bitcoin exchanges across the country to check on the users and their evasion of tax.
  • Huobi, initially one of the top three Chinese bitcoin exchanges, and SBI Group have reportedly partnered to launch a pair of cryptocurrency exchanges – Huobi Japan and SBI Virtual Currency. The exchanges will be denominated in Yen.
Regulation:
  • South Korea’s Financial Services Commision  is evaluating various options including banning cryptocurrencies in order to limit speculative investments. The country is also looking to regulate crypto-currency exchanges and plans to impose fines of up to KRW 500 million or  imprisonment of up to 10 years for those founders and managers that do not comply. Exchanges will have 6 months to comply once the bill is enacted.
    • The South Korean Regulator decided to impose a fine of KRW 60 million ( $55,000) on Bithumb’s operator – BTCKorea.com for personal data leakages of over 38,000 users.
  • The Russian Ministry of Finance  may ban the secondary sale of tokens on exchanges and plans to impose criminal liability for using cryptocurrencies in tax evading.
E-commerce offering crypto payment options:
  • EBay is reportedly toying with the idea of including cryptocurrency as a payment category.  Simon Cutler, senior vice president of eBay Americas also stated that the website is popular secondary market for cryptocurrency mining hardware.
  • Craigslist has added an option allowing people to accept cryptocurrency as a means for payment of listed items. It’s a small tick box that says “cryptocurrency ok” and also allows buyers to restrict their view to sellers who accept cryptocurrency.
Crypto stolen at gunpoint!
  • A man was allegedly held at gunpoint as what turns out to be an event orchestrated by his friend. He was asked to handover his house keys along with some other belongings only to find that when he got home is wallet (hardware) was stolen from his apartment which held worth $1.8 million.
Year-to-date Charts:

Data source: www.coinmarketcap.com

 

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