Crypto Weekly – March 8, 2018

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Monero is the only cryptocurrency that gained this week reportedly due to the hard fork expected to take place on March 14. All holders of XMR will receive 10 of  XMV (MoneroV).

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

Regulation:
  • Japan’s Financial Services Agency (FSA) has shut down two cryptocurrency exchanges, Bitstation and FSHO, for a month. An official at the former exchange misappropriated funds, while the latter exchange did not have adequately trained staff and internal processes in place. In addition to these two exchanges, 5 other exchanges, including Coincheck have been asked by the FSA to improve internal controls and then report back.
  • The US SEC is conducting an investigation into companies and professionals involved in ICOs.
Adoption:
  • Marshall Islands becomes the first country/island to develop its own cryptocurrency which will be backed by the government and considered legal tender. The country would initially price things in USD, but has since moved to its own medium of exchange. Israeli startup, Neema suggested the idea and then worked with the central bank to develop the cryptocurrency.
  • Bank Frick, a Liechtenstein-based family bank is the first to provide direct investments into cryptocurrencies – bitcoin, bitcoin cash,  litecoin, ether, and ripple using USD, EUR and CHF. The bank is targeting institutional clients and HNIs.
  • Japan’s SBI Net Sumishin Bank, Suruga Bank and Resona Bank will lreportedly aunch a smartphone application this year, called MoneyTap, that will be powered by Ripple’s distributed ledger technology.
  • Workforce and Fleetcor Technologies have joined on to try Ripple’s xRapid product
  • Paypal filed a bitcoin related patent, which could reportedly speed by bitcoin transactions and be anonymous.
  • Taiwanese airline, Far Eastern Air Transport, announced that it will accept crypto payments for tickets.
  • South Korean exchange, Bithumb and Seoul-based Innovation Corp signed a business partnership that now enables customers to pay for over 50,000 accomodation facilities, including hotels, motels, and even campers using cryptocurrencies.
  • Kakao, South Korean Internet company, is reportedly planning to launch a subsidiary which will focus on developing blockchain applications.
Some concerns:
  • Venezuelan Lawmakers from the opposition have stated that the Petro, the cryptocurrency spearheaded by the President as illegal under domestic law.
  • Indian exchanges – BTCXIndia and ETHEXIndia stopped processing transactions on March 5, and is changing the business model to consulting and advisory for corporate clients. However,  the Indian government has not passed any laws banning exchanges.
Last 12 months Charts:

Data source: www.coinmarketcap.com

 

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