Crypto Weekly – January 11, 2018

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With the change in CoinMarketCap’s sourcing of pricing information, the changes in the prices of cryptocurrencies over the week, month, and YTD might not be on an apples to apples basis. On January 7,  Coinmarketcap delisted Korean exchanges as it reportedly misrepresented the pricing in the rest of the world.

Data source: www.coinmarketcap.com as of January 10, 2018 (UTC, EOD)

Regulation:
  • Vietnam’s government is rushing the Ministry of Justice and the State Bank to have a cryptocurrency investment legal framework in place, including amendments to the taxation laws,  by the end of January.
  • China is reportedly looking to close cryptocurrency operations, including cryptocurrency mining, driving concern, which led to some sell offs.
  • The Venezuelan government’s opposition congress declared that Petro, the new national cryptocurrency, is illegal since it indicates a borrowing on the country’s oil reserves.
    • On a separate note, 860,000 citizens have reportedly registered to start mining Petro.
  • South Korean authorities will inspect six Korean banks for money laundering in relation to potential virtual accounts linked to cryptocurrencies.
    • The regulators in South Korea are reportedly looking to cooperate with China and Japan on authorities on rules of cryptocurrency trading.
  • The Swiss government is backing a Task Force Blockchain led by Swiss Finance Minister Ueli Maurer and Economics and Education Minister Johann Schneider-Ammann. The group will reportedly also consist of  federal and local officials, blockchain startups, and legal representatives with the aim to cement the regulatory framework for blockchain startups and ICOs.
A slight bump in the road of market adoption:
  • VISA terminated its services with WaveCrest on operating non-compliance issues which resulted in an indirect stop in services for cryptocurrency backed cards provided by BitPay, Cryptopay Bitwala, TenX and Xapo, who use WaveCrest’s service.
  • Microsoft temporarily stopped accepting bitcoin as the currency proved to be fairly volatile. The company worked with their provider to allow for smaller redeemable amounts by customers.
Newer cryptocurrencies that will emerge:
  • Kodak didn’t want to miss the boat this time around and is planning an ICO. The company will issue KODAKCoin -a medium of exchange for the platform  – “an encrypted, digital ledger of rights ownerships for photographers.”
  • Telegram which has been the chat platform for many ICOs is planning to launch its own ICO to power payments along with other functionalities on its Telegram Open Network blockchain technology.
Bitcoin futures  trading:
  • Phillip Securities Thailand Limited will now offer services to clients interested in investing in bitcoin futures listed on CBOE and CME.
Last 12 months Charts:

Data source: www.coinmarketcap.com

 

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