16.06.[News of the day] • South Korean crypto exchanges compete to adhere to new strict rules and other articles
5 min readTable of Contents
Welcome to today’s overview of crypto news:
MARKETS
The last few days have been relatively favorable for the primary cryptocurrency. It started last week with positive news from El Salvador, after which the BTC rose sharply. In the following days, BTC continued to grow. It ended up breaking the $ 40,000 mark for the first time since the end of May. In the last 24 hours, the bulls have stepped up their game again, shifting their assets to $ 41,375. Although BTC failed to continue north and retreated by more than a thousand dollars, it is still just over $ 40,000 at this time (at the time of writing).
The Altcoins have imitated their leader with significant gains in recent days, but most of them have stopped or corrected since yesterday. ETH climbed above $ 2,600 yesterday, but a 3% drop pushed it to just above $ 2,500. [1]
Market overview: A key week of growth awaits us ?!
Cryptocurrencies
The Salvadoran minister says it is too early to apply the BTC to wages
The Salvadoran Minister of Labor and Social Affairs stated that the country is not yet ready to accept BTC (BTC) for the payment of wages. In a Wednesday tweet, Rolando Castro denied local reports that his ministry began analyzing the possibility of paying wages at the BTC on Monday with officials from the Ministry of Finance and the Ministry of Economy.
Castro emphasized that he was merely answering a question, saying that it was “too premature to talk about wages.” The official added that he is now focusing on finding more and better jobs for Salvadorans.
The minister’s remarks came a week after El Salvador approved a bill by President Nayib Bukele to make BTC legal tender in the country. Since then, influential cryptocurrencies have gathered in a small Central American country to meet with Bukel.
Chinese miners focused on Texas
The outflow of BTC miners from China is increasing as the regime continues to limit their activities throughout the country. Beijing is still issuing orders to close mining operations, and many are now looking for a friendlier climate overseas where they can operate.
In what crypto industry observers call “major mining migration,” according to a CNBC report, many of these companies are looking at North America, specifically Texas, where they could launch their mining facilities.
Banks, crypto exchanges, companies
South Korean crypto exchanges are competing to adhere to new strict rules
Fifty South Korean crypto echanges have applied for certification under the information security management system, which, according to a government press release, is the first step towards meeting the new strict regulations for exchanges, which will enter into force on September 24.
ISMS certification is the first requirement of the Financial Services Commission that domestic crypto exchanges must meet in order to continue operating after September 24 in accordance with the Act on the Notification and Use of Certain Financial Transaction Information – better known as the Cryptobore Exchange Act.
The government did not initially quantify the number of cryptocurrency exchanges in the country, making it difficult to determine how many were closed as a result of the new regulations. However, it is suspected that it is the strictness of the new rules that is behind the suspension of a significant number of exchanges, including Coinfinit, Trebit, Bitkina and Coinnest.
CBDC, Regulation
The Central Bank of Indonesia will ban cryptocurrencies as a payment instrument
The governor of the Central Bank of Indonesia will ban the use of cryptocurrencies as a payment instrument, which is another step the country is trying to reduce the cryptocurrency market.
According to Governor Perry Warjiyo, the Central Bank of Indonesia, Bank Indonesia, will ban the use of cryptocurrencies as a payment instrument. He announced this on June 15 during a virtual seminar. He also said that cryptoactivity would not be allowed for “other financial services instruments”, although it was not explicitly stated which instruments they were.
Governor Warjiyo said the assets were not recognized as a means of payment by the constitution or central bank law, and expected financial institutions to comply with the policy. To this end, the central bank will mobilize teams to ensure that institutions comply with the ban.
The court allowed the CEO and co-founder of Ripple to seek international legal assistance
James K. Filan, a prominent member of the XRP community and a lawyer who is closely following the Ripple vs. The SEC has shared new information with the community regarding this legal battle.
According to his tweet, the court granted Brad Garlinghouse (CEO of Ripple) and Christopher Larsen (co-founder of Ripple) permission to issue letters requesting international legal assistance.
Filan, who often shared news about the legal case with the XRP community, explained that the above letters are also known as letters rogatory, a formal request from another country’s court for some kind of legal assistance.
R3 and the ASEAN network are collaborating on a CBDC sandbox for banks and fintech companies
According to today’s announcement, the ASEAN Financial Innovation Network (AFIN) is working with R3, a global enterprise software company, on the Central Bank’s Digital Currency (CBDC) sandbox, which will allow banks and fintech companies to build and test CBDC applications.
AFIN will launch a new digital currency sandbox on APIX – the cross-border exchange of application programming interfaces (APIs) with an open architecture – and R3 will provide selected APIs for creating applications using digital currencies. The cooperation will provide financial institutions and fintech with tools to create CBDC applications for new payment tracks and multi-currency payment systems, the statement said.
The R3 sandbox APIs for digital currencies, CBDC experimentation platforms for regulators and financial institutions, will be listed on the APIX API from August.
