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Photo credit: https://cointelegraph.com
Japan's largest bank plans to adopt Yuan backed crypto
Mitsubishi UFJ Financial Group, the worlds 4th largest bank is set to launch a Yuan backed cryptocurrency by the end of 2018, with alpha testing by financial advisors coming first. This has been in the works since 2016, and many tests have been run, but a recent local publication set a target date and cemented it closer to reality. Not being a decentralized currency, sadly, but in good news a much better transacting method for the population at large. Will be interesting to watch this unfold!
But, in the nature of crypto.. are we okay with just having faster transaction times and cheaper fee's?
Or is this revolution about our freedom from banks?
You decide. Invest accordingly. #decentralized
https://www.investopedia.com/news/japans-biggest-bank-releasing-its-own-cryptocurrency-march/
Photo Credit: news.bitcoin.com
South Korea recognizes impossibility
Let's kick this off with the Korean Federal Trade Commision chairman Kim Sang-Joo's own words..
"We do not have the authority to close virtual currency exchanges…It is a clear reality that there is no proper legal provision related to it."
That's it. They've been scaring people and doing insider trading only to find out, how teetheless they really are. Now this doesn't mean they do not have other methods of acting upon restrictions.. Just, not THIS directly.
Approached on the topic of other ministries banning exchanges, he replied..
"cryotocurrency has recently emerged and other laws do not have the exact legal provisions related to closing exchanges.”
Also- revealed his thoughts on other members against crypto
"I do not agree with the attitude of Justice Minister Park Sang-ki, who said, ‘cryptocurrency investment is gambling’."
They are going to be firing upon exchanges with other illegal activites it seems. So still be cautious of Korean exchanges for this reason. And use caution.
SEC claims Crypto not ready for regulation
The US Securities and Exchange Commision released a letter to their staff, Jan 18th. Directed at two Wall Street groups interested in opening ETFs and Mutual funds based on BTC. The letter states that BTC isn't ready for regulation yet.
“We appreciate that proponents of cryptocurrencies and related products have identified a range of potential benefits. We are also aware that critics of cryptocurrencies have raised various concerns regarding transparency of information, trading, valuation and other matters related to the nature of the underlying assets.
In light of these considerations, we have, at this time, significant outstanding questions concerning how funds holding substantial amounts of cryptocurrencies and related products would satisfy the requirements of the 1940 Act and its rules.”
The 1940 act is the heart of regulation for all mutual funds, closed-end funds, hedge funds, private equity funds, and holding companies.
1940 act PDF:
https://www.sec.gov/about/laws/ica40.pdf
I agree. SEC would have to implement too many regulations that would most likely hurt both trader, and the market. I'm glad the SEC is taking this slow. And is NOT showing resentment towards the volatility. This is a very, very good sign. But, very bad for institutions and investors. Which is good on some levels, but they can provide a LOT of volume. Some funds could double cryptocurrencies overall market cap over night.
We got a ways to go.
https://cointelegraph.com/news/sec-says-crypto-based-funds-not-ready-for-regulation
Photo Credit: news.bitcoin.com
Golds pump during the crypto crash
Is it showing an inverse crypto relationship?
Daniel Marburger director of Europe-based online gold dealer CoinInvest sold about $1 mln worth of gold on Jan. 17th alone, about 30 kilograms. Goldsales increased 5x on Jan 16th.
" [Tuesday] was a hell of a crazy day,” Marburger said, adding that “emails and phones did not stand still with customers asking how they could turn their crypto into gold.”
Similarly an Ireland company GoldCore LTD director said
“They told us they were concerned that the massive price appreciation was unsustainable and they got nervous about it. We think increasingly people are realizing that these digital assets have much higher risk levels than the traditional safe haven asset [that is gold].”
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Ah some good positive news, like I have been saying we the people control our governments they are their to serve us not the other way around and crypto is changing this!
Nice wrap up, thanks.
So if Japan comes out with their state-run cryptocurrency by the end of the year, will they be the first? I thought Russia had talked about doing their own.
Who's going to be first?
Probably. Looks like it's tied to the Yen, not the Yuan, was implied in this post. That confused me for a second lol. China and Russia have talked about their own currencies, but they're probably ironing out details and questions about interoperability of the chains considering they're some of the players behind a new gold exchange. Looks like they're strengthening ties a lot, we'll see how much interest Russia's offering of Yuan bonds gets, and how much of a benefit China will give them in return.
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Beginning to see some light at the end of the Tunnel.
Yuan really? not the Yen?!?
Estonia is planning a crypto and I think it will be launched in Q3