Here you can find an overview of the most important events that took place during the last day in the cryptoworld.
Cryptomarkets experienced a sharp fall yesterday, but this morning slowed down. Bitcoin is currently just below the $ 8,000. According to some analysts, Bitcoin and other cryptocurrencies now behave more like risky assets, such as tech companies stocks.
You can monitor the current cryptocurrency prices – here.
- Kraken wants to expand its activities to India after lifting the ban on cryptocurrencies
- Bittrex announced credit card support
- Beijing will test the blockchain in the fight against counterfeit invoices
- Canada finances blockchain startups to track the origin of steel
Coronavirus is a black swan-type event that also affects cryptofirms
In 2007, Lebanese-American essayist, statistician and risk analyst Nassim Nicholas Taleb introduced the world to the notion of a “black swan.” A black swan is Taleb’s metaphor for large, unexpected events that wreak havoc across finance, science and technology. Thirteen years on, the world is reeling from its latest black swan in the form of coronavirus, with London Blockchain Week as the latest event in crypto to feel the effects.
With public events being canceled around the world and with many people reluctant to travel until the Covid-19 scare blows over, event organizers at the summit must adapt to keep the show on the road. WeWork Blockchain Labs was set to host an evening event at their Canary Wharf site on March 9, but has now shifted to live streaming the event online in lieu of a physical meetup.
Kraken wants to expand its activities to India after lifting the ban on cryptocurrencies
The U.S. based crypto exchange Kraken will start to increase its operations in the Indian market following the recent ruling of the country’s Supreme Court to lift banks’ banning to do business with crypto companies, according to a March 9th announcement.
According to Kraken, its growth in India was hampered by the ban on the Reserve Bank of India (RBI). However, they did not give further details regarding the plans for this large market.
Bittrex announced credit card support
Bittrex global has announced the introduction of new features on its platform, including credit card support, a referral program, and upgrades to its mobile app. Credit card support will see an initial roll-out to Bittrex Global users in the United Kingdom, Germany, France, and the Netherlands. The exchange intends to launch credit card support for all international users in the future.
Users of Bittrex Global’s mobile app will soon be able to place conditional trade orders, such as stop-limit orders for risk management. Despite revealing a forthcoming referral program that will share trading fees, the program’s commission price structure has not been disclosed.
Beijing will test the blockchain in the fight against counterfeit invoices
Following a successful rollout in Shenzhen last year, China’s blockchain invoicing system is being introduced to the capital. On March 2, the Beijing Municipal Office of the State Administration of Taxation announced its decision to launch a city pilot for the blockchain-based system, with immediate activation for taxpayers in selected industries.
The platform is a tool for the Chinese tax bureau to tackle the underground “fapaio” market, where fraudulent receipts have been used to evade taxes, defraud employers, or claim falsified expenditures for reimbursement. In China, “fapiao” is a term for official invoices issued by the Chinese Tax Bureau for goods and services purchased in the country.
Canada finances blockchain startups to track the origin of steel
Canadian authorities have approved funding of two blockchain firms, Peer Ledger and Mavennet, to create a platform that enables steel traceability. The Innovation, Science, and Financial Development Canada (ISED), a government initiative in charge of promoting the research and development of Canadian small and medium-sized enterprises, adopted the measure, granting both companies CAD $150,000.
Peer Ledger (Halifax-based) and Mavennet (Toronto-based) will be working on a proof-of-concept (PoC) prototype for digital traceability of the entire steel supply chain process by using blockchain technology and artificial intelligence.
US Congressman introduced a new law for cryptocurrencies
A United States congressman is the latest working to clarify and determine which U.S. regulator is responsible for which digital assets. On March 9, Representative Paul Gosar (R-AZ) introduced the “Crypto-Currency Act of 2020,” a bill that looks to choreograph a wide range of digital assets to answer to the appropriate regulator.
Gosar’s proposal divides digital assets into three categories: crypto-commodity, crypto-currency and crypto-security. Respectively, the three categories would be governed by the Commodity Futures Trading Commission (CFTC), the Secretary of the Treasury via the Financial Crimes Enforcement Network (FinCEN), and the Securities and Exchange Commission (SEC). Interestingly, the language of the bill would seem to cement the status of digital assets like Bitcoin as crypto-commodities rather than crypto-currencies. The classification of “crypto-currency” reads “representations of United States currency or synthetic derivatives” — more reminiscent of stablecoins like Tether (USDT).
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