Crypto Weekly – February 8, 2018

0
578

Regulatory news, uncertainty, premature  announcements by some government officials, and potential bans across the US, India, and China caused a drop in cryptocurrencies across the board. Prices are back to levels seen in November.

Data source: www.coinmarketcap.com as of February 7, 2018 (UTC, EOD)

Regulation:
  • The US SEC and the Commodities Futures Trading Commission (CFTC) suggested a “do no harm” policy for the registration of distributed ledger and cryptocurrency related companies. In addition, it will not look to ban cryptocurrency trading and ICOs, but will look to weed out the “bad actors” with the appropriate regulation.
  • The People’s Bank of China is planning to institute a ban on cryptocurrency trading altogether be it through domestic or foreign exchanges. It would also look to block access to ICO websites.
  • Singapore’s Deputy Prime Minister and the  Monetary Authority of Singapore do not see a strong case to ban cryptocurrencies at this time.
  • India’s Finance Minister in his budget announcement highlighted that cryptocurrencies are not legal tender and that the government could look to penalise the use of it. A panel set up by the government will be producing their report on March 31.
Adoption:
  • Google, unlike Facebook, is not banning cryptocurrency ads, but is looking to filter out projects that are misleading and deceptive.
  • Agility, a third-party logistics provider has joined the IBM and Maersk’s blockchain project, which digitises trade on the Hyperledger Fabric 1.0.
  • Singapore Airlines is launching its loyalty program wallet on a private blockchain within the next 6 months. This will enable members to spend air miles at other retail partners.
  • The Ontario Securities Commission approved Harvest Portfolios’ blockchain ETF, making it the first.  
Resistance:
  • JP Morgan Chase, Bank of America, Citi and Capital One have reportedly stopped credit card  purchases of cryptocurrencies on Coinbase. However, debit card and bank transfers have not been impacted.
  • Lloyds Banking Group, including its subsidiaries,  Lloyds Bank, Halifax, MBNA, and Bank of Scotland also barred customers from using their credit cards to purchase cryptocurrencies.
  • But, ANZ Bank, National Australia Bank and Westpac are not looking to block any such transactions for their customers. However, ANZ does not offer banking services to cryptocurrency related businesses and National Australia Bank does warn its customers that they may not be protected should the platforms and exchanges face a breach.
Mining for a cause:
  • UNICEF started a charity drive encouraging gamers to use their PCs to mine Ethereum during idle hours  and contribute their earnings to Syrian children
Last 12 months Charts:

Data source: www.coinmarketcap.com

 

 

Contributed by Marvelstone Capital

About the Company

Marvelstone Capital Pte. Ltd. is a data driven Registered Fund Management Company (RFMC) regulated by the Monetary Authority of Singapore (MAS). The principal activities of the company include the management of Hedge Funds and Private Equity Funds. (Biz File No: 201620064C)

DISCLAIMER

Marvelstone Capital Pte. Ltd. distributes content in good faith. The company is not liable to the reader for any implications arising out of the usage of data for any particular purpose. The company makes no representations or warranties for the accuracy or completeness of the data.

Note: The news cycle is Thursday – Wednesday every week.