19.08.[News of the day] • The rate of cryptocurrency adoption in India and Vietnam is rising • and other articles5 min read
Welcome to today’s overview of crypto news:
The problems of the primary cryptocurrency continued for the past 24 hours. Until a few days ago, the asset affected $ 48,000, but its inability to break further north knocked it down hard. Within hours, BTC first fell below $ 46,000 and then lost another piece of value, dropping to $ 45,000.
The bulls made a brief recovery attempt, which resulted in a re-testing of $ 46,000. However, the Bears re-entered the game and a few hours ago pushed BTC to a six-day low of just under $ 44,000 with the mark. BTC is still below $ 45,000.
The movements of the Etherea price in recent days have been similar to the movements of the BTC. The ETH fell by a similar percentage on a 24-hour scale to around $ 3,000.
BTC analysis – where can the end of the correction leg occur?
The rate of cryptocurrency adoption in India and Vietnam is rising
According to the Chainalysis report, the acceptance of cryptocurrencies by individual investors is recording the fastest growth in India and Vietnam.
The adoption of cryptocurrencies in communities around the world has increased sharply in the last year. The rise of highly accessible digital trends, such as nonfungible tokens (NFT), has accompanied a new wave of investors in this area.
Chainalysis used information from the volume of trades on peer-to-peer exchanges and the value received and found that the acceptance of cryptocurrencies had risen sharply by more than 881% over the past year. The data analysis company noted that both professional and institutional investors are crucial for the market, however, the greatest acceptance of cryptocurrencies comes from individual retail investors.
Banks, crypto exchanges, companies
Japan’s cryptobourse Liquid Global admits it was hacked
Japan’s digital asset platform admitted it on Twitter on August 19 to warn of security breaches in its systems. Said some of her hot wallets were at risk, and assured that the team was moving the remaining assets to cold addresses.
Although the company has not yet announced how many perpetrators have been stolen, estimates show that the amount is somewhere around $ 80 million in various cryptocurrencies, such as BTC, ETH, XRP and others, based on movements in the two wallets on which the funds were placed. transferred.
Coinbase launches in Japan, working with MUFG
Coinbase has announced that it has started operations in Japan, according to a blog post published on August 19. This is Coinbase’s next move to reach a more global audience it needs to take to compete with companies like Binance.
The exchange states that the launch is in line with its global expansion and that it will be fully in line with regulation. In support of it, it also established a partnership with Mitsubishi UFJ Financial Group (MUFG), one of the largest Japanese banks. This could provide Coinbase with real support, as the bank serves more than 40 million customers.
Japan is a country whose citizens are extremely enthusiastic about the cryptocurrency market, as Coinbase rightly notes when he says it was among the first to adopt a crypto. As a result, the government has regulated it in the last few years.
The Netherlands warns that Binance offers crypto services illegally
The Dutch central bank has issued a warning that Binance operates illegally in the country. According to the regulator, Binance provides crypto services in the Netherlands without the required legal registration with De Nederlandsche Bank (DNB). Binance therefore does not comply with the law against money laundering and terrorist financing and illegally offers exchange services between virtual and fiduciary currencies and illegally offers wallets.
A spokesman for Binance said that the company is aware of the DNB notification and that even if Binance is not properly registered, it has a robust system of regulations that it follows.
In response to growing regulatory pressure, Binance has strengthened its staff, tightened compliance measures and reduced its product offerings, including ending stock token support, reducing leverage, and tightening daily limits for withdrawals from accounts that have undergone only basic account verification.
The Central Bank of Thailand has outlined guarantees for future retail CBDCs
The Central Bank of Thailand has published the results of a new study on how to manage the consequences of the issuance of the retail Central Bank’s Digital Currency (CDBC) for the country’s financial sector.
Unlike wholesale CBDC, which can only be used by financial institutions and intermediaries, retail CBDC is widely available for use by the general public. The Thai Central Bank, like many other central banks in the world, is involved in CBDC research and development and now plans to start testing the CBDC next year. Unlike the BoT, not all of these central banks have committed to testing retail CBDCs in particular.
Based on its latest study, the BoT published three key conclusions it reached to ensure that CBDC retail issues do not pose risks to financial stability. These are that the CBDC must be in the form of cash and must not bear interest, the distributors of the CBDC to the general public must be intermediaries such as financial institutions, and the conditions or limits for the conversion of the CBDC must be set.
Publication of draft banking regulations for Bitcoin in El Salvador
On August 17, the Banco Central de Reserva (BCR) of El Salvador published draft regulations on how banks should handle bitcoins.
The first, entitled “Guidelines for Authorizing the Operation of the Digital Wallet Platform for BTC and Dollars”, defines BTC as legal tender in accordance with the recently drafted BTC Act, approved by the Salvadoran legislature on June 9, according to which the country formally accepts the digital asset. September 7.
The second document, entitled “Technical standards to facilitate the application of the Bitcoins Act”, is a longer and more detailed version of the first document.
Financial entities must ask the central bank to offer digital wallets, according to the guidelines. Applications must detail the type of product offered and provide details of the target market, risk assessment, customer charges, customer training provisions and complaint procedures.