India and South Korea made steps to regulate crypto. Steem network experienced takeover by Justin Sun. The world speculates on coronavirus. This week in the digest by BTCMEX.
Break’N Crypto — Fintech news by BTCMEX
A week after Steem announced its partnership with Tron blockchain, the community suffered the entire governance system disruption. The CEO and founder of Tron, Justin Sun, has successfully executed the network takeover. As a result, he took the control not only of tokens on the network, but also those held on several major exchanges, including Binance exchange.
The Supreme Court of India and the country’s central bank entered the legislative fight for and against the cryptocurrency right. Earlier this week, the Supreme Court has lifted the cryptocurrency-related businesses ban proposal. The crypto believers enthusiastically reacted to the news, anticipating India to become a new crypto trading Mecca, while The Reserve Bank of India is currently planning to appeal the court’s decision, arguing that cryptocurrency trading might put the banking system at risk.
Read more about the crypto regulations in India on BTCMEX.
In order to balance the negative impact on the economy, caused by the coronavirus, the US Federal Reserve has cut interest rates. The announcement was made on Tuesday, March 3, by the Fed Chair Jerome Powell.
“The virus and the measures that are being taken to contain it will surely weigh on economic activity, both here and abroad, for some time,” Powell said in a news conference shortly after policymakers unanimously decided to cut rates by a half percentage point to a target range of 1.00% to 1.25%.
Industries and stock markets have suffered significantly due to the outbreak. Read the coronavirus special in BTCMEX Blog.
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