Author: Anna Galvez

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Crypto

Cryptocurrencies Market Is Declining As Japanese Regulators Announced Much Stricter Cryptocurrency Regulations

Cryptocurrencies market have generally declined today, May 7th, as concerns about Japan’s cryptocurrencies regulation have offset indications that South Korea could curb its restrictions. At the moment of this writing, in descending order by market capitalization, Bitcoin (BTC) has dropped by 1.94% in the last 24 hours and reached $9.397, according to Bitfinex cryptocurrency exchange, the Ethereum (ETH) has fallen by 5.27% to $745 in the last 24 hours, while the Ripple (XRP) has dropped by 4.64% to the $0.82 level.

Furthermore, the Bitcoin Cash (BCH), the product of a bifurcation of the Bitcoin (BTC) and currently the fourth crypto coin by market capitalization, has recorded a decline of 5.48% in the last 24 hours hitting the to $1,638 level.

At this moment, the single cryptocurrency for top 10 which is appreciating is the EOS (EOS).

Cryptocurrencies market is declining due to the announcement of much stricter cryptocurrency regulations coming from Japan

Japan’s Financial Services Agency will implement strict guidelines for local cryptocurrency exchange platforms to prevent another cyber attack in the crypto-verse, according to reports coming out at the end of the last weekend.

The FSA will present a “five-point plan” to strengthen regulations for cryptocurrencies transactions which will include stricter security standards such as double authentication for coin transfers and a system to ensure that coins are not stored in online wallets as these are prone to piracy.

A more thorough “know your customer” process would also be developed to prevent money laundering, according to reports.

Japan’s implementation of stricter cryptocurrency regulations has shadowed the more encouraging news that the governor of South Korea’s Financial Supervisory Service, Yoon Suk-Heun, is considering lessening up the local cryptocurrency regulations.

“The Financial Supervisory Service (FSS) will collaborate with the Financial Services Committee (FSC) when an inspection of financial policies and institutions has different configurations relating to different areas. FSC inspects policies, while FSS examines and supervises financial institutions but under FSC supervision,” said Yoon.

In short, cryptocurrencies market is in decline today, with all the major cryptocurrencies showing losses, due to the new announcement that much stricter cryptocurrency regulations will be implemented in Japan.

Categories
Crypto

Verge (XVG) Is Now Listed On The Indian Cryptocurrency Exchange Bitbns

Earlier, Verge (XVG) was listed, in the premiere, on one of the most important Indian cryptocurrency exchanges in the world. Bitbns, that posted the listing announcement yesterday, is, now, the only crypto exchange in India in which it is feasible to buy and/or sell XVG.

Bitbns reported that XVG exchange operation would be started at 04:00 EST (or 13:30 Indian time):

Verge (XVG) listing on Bitbns Indian cryptocurrency exchange helps XVG in its recent struggle for worldwide acceptance

The news is noteworthy as an important step in Verge’s worldwide spread.

Whilst the central bank of India, the Reserve Bank of India, has issued an ordinance on April 5th instructing banks to refrain from providing cryptocurrencies payments by any means, it has also given them a three-month deferral period.

Cryptocurrencies trade volumes have been steadily on the rise since the Indian crypto regulation was introduced. This is likely because of two factors.

First, cryptocurrencies investors in India wish to obtain as much as they are able to obtain from the cryptocurrencies market as long as the cryptocurrency exchanges continue to be active (which are usually offering more liquidity and possess lower fees than peer-to-peer OTC exchanges).

In the second place, there is a developing sentiment in India that the government would not ban trading in cryptocurrency and even if the bank decides to ban cryptocurrency exchanges, cryptocurrencies trading will still be possible via peer-to-peer.

While the RBI looks like it’s possessing an extremely negative perception on crypto assets, in general, and on the probable threats these assets present, in special, as reported by The Times of India, the Indian central bank is currently exploring the possibility of introducing its own cryptocurrency.

In the meantime, Verge (XVG) is listed on one of the most important cryptocurrency exchanges in India, Bitbns, and this announcement will most probably help the coin on the long-term. Meanwhile, at the moment of this publication, Verge (XVG) is not doing well today in the cryptocurrencies market as it trades at $0.076, recording a decline of 4.02% in the last 24 hours.

Categories
Crypto

IOTA (MIOTA) And Porsche Work Together On The Stratup Autobahn’s “Program 4”

In the latest update on the IOTA Twitter page, is announced that IOTA (MIOTA) and Porsche Digital Labs partnered to develop “Program 4”, a new project conceived by Startup Autobahn.

Startup Autobahn is an entrepreneurial business that was founded in May 2016. The firm was created by Daimler, Plug and Play, University of Stuttgart, and Arena2036. In the meantime, it has employed 9 new enterprises and has been responsible for numerous projects concerning the renewal and the future of transportation. Startup Autobahn intends to unveil its plans at the forthcoming Expo Day in July 2018.

Even more, Startup Autobahn successfully introduced IOTA (MIOTA), Porsche and several other technology start-ups to create a smart transportation platform for innovation. In February, Porsche began a trial run regarding this new blockchain technology in the vehicles industry. Blockchain technology delivers a safer network and enhances automobiles licensing.

The IOTA (MIOTA) partnership with Porsche in the development of blockchain technology for smart transportation will help the crypto in the long-run

IOTA is a pioneering organization that runs an open source ledger that allows secure transactions and data transfers between the technologies within the Internet of Things (IoT). IOTA is renowned for cleverly using DAG instead of the blockchain that causes it to be exponential. IOTA provides free transactions no matter how large the data and transaction are.

The IOTA (MIOTA) cryptocurrency is, at the moment, the 9th crypto coin in the world. IOTA (MIOTA) holds a market capitalization of $6.4 billion with an outstanding supply volume of $113 million. At the moment of this publication, the IOTA (MIOTA) trades at $2.28, as the coin dropped by about 2.6% in the last 24 hours.

Just 3 day ago, on May 3rd, IOTA (MIOTA) soared to $2.65, its maximum level reached in the last 4 months. During that day, MIOTA’s market capitalization had hit the $7.3 billion level.

Now, that IOTA (MIOTA) works with Porsche to the “Program 4” blockchain technology for smart transportation, within Startup Autobahn, MIOTA value might increase in the long-run.

Categories
Crypto

Cryptocurrencies Market In India Is Bullish Despite The Approach Of New Regulations

India’s crypto investors and cryptocurrency exchanges continue to lead a struggle to keep the domestic cryptocurrencies market active which could be affected by the new regulations and bans imposed on cryptocurrencies transactions within India, announced last month by the Reserve Bank of India (RBI).

Sources point out that Indian crypto investors remain optimistic about the market outlook for the coming months after banks and lenders begin to abide by the ban on facilitating any transaction with cryptos within  India, as they believe that peer-to-peer negotiations will be able to survive the new regulations and elevate the decentralized cryptocurrencies market. Nowadays it is even possible to buy bitcoin with credit card at P2P platforms.

This vision has allowed cryptocurrency exchanges trading volumes to skyrocket in India, reaching daily trading volumes of $75 million, according to data from the Indian cryptocurrencies stock exchange, Coindelta. In this way, the domestic cryptocurrencies market would have recovered to the levels prior to the regulatory measures and is positioning itself to begin a new trading season in the beliefs of the old cryptocurrencies investors.

Despite Indian regulatory targeting crypto investors and cryptocurrency exchanges, Indian cryptocurrencies market investments are on the rise

Today, Bitcoin (BTC) prices have also been recovering in the market, trading again at $10,000 but dropped back to a little above $9,500US. Despite all these, Indian crypto investors decided to put more money on BTC, in comparison to early April when the sentiment was bearish. Therefore, Indian cryptocurrencies market is surrounded by a bullish sentiment.

Shivam Thakral, CEO at BuyUcoin, one of the most reliable cryptocurrency exchanges an crypto asset Indian origin, noted that exchange operators, cryptocurrencies investors and analysts are taking advantage of the 3-month delay in the application of the government ban on trading Rupees for cryptocurrencies, a phenomenon that has also helped the rise of the local cryptocurrencies market.

Thus, India’s cryptocurrencies market traders and the crypto investors are having a bullish attitude as the Indian traders don’t believe regulations will negatively influence cryptos unless they are completely outlawed in India.

Categories
Crypto Markets News

Cryptocurrencies Market And FinTech Companies Are Increasingly Attracted By Luxembourg

According to Luxembourg’s Finance Minister, Pierre Gramegna, the world’s economies do have room to incorporate cryptocurrencies market, which, in his opinion, can coexist with fiat money. Also, Luxembourg is more and more attractive for cryptocurrencies and FinTech companies.

In an interview published on the Luxembourg government’s website, the official added that he does not believe that cryptocurrencies will ever replace traditional currencies due to the volatility that characterizes them and since many people will prefer to continue using fiat money.

He, therefore, predicted the coexistence of both types of currencies, a fact that would depend, in his opinion, on the cryptocurrencies regulations that would be implemented in the coming years.

In this regard, the minister recalled that in order to control the emerging market, Luxembourg was one of the first European countries to apply the same regulatory regime to cryptocurrencies exchanges as to any other classic payment companies, following the guidelines of the European Banking Authority.

Regarding the tax issue, Gramegna supports the idea of waiting for the initiatives that will be presented for the creation of a general legal and legislative framework for cryptocurrencies, both to be debated during the G20 and the Organization for Cooperation and Development (OECD) and the European Union.

Luxembourg is more and more attractive for cryptocurrencies and FinTech companies

The Minister of Finance has also highlighted the attractiveness Luxembourg has for many companies in the cryptocurrencies market and FinTech companies, which have established themselves in the European small country, that is Luxembourg, due to its strategic position and friendly legal framework.

He explained that everything is due to a process of financial diversification initiated by the government in 2013, in which crypto coins are only one of the key elements for attracting investors.

Blockchain technology and FinTech companies have also been a government priority, which is why initiatives are being taken to promote them, including the launch of the Luxembourg House of Financial Technology, which has attracted many cryptocurrencies market and FinTech investors and entrepreneurs to the country.

In this way, Luxembourg joins the list of European countries that are becoming centers of innovation, due to their policy of opening up to the emerging ecosystem, that is cryptocurrencies market and FinTech companies, as has happened in Malta, where many cryptocurrency exchange houses and blockchain technology startups have also been legally accepted.

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