South Korea Awaits Seeing ICOs as Legal and More Regulatory News from Across the Globe

Cryptos not a legal tender in Zambia, South Korea to continue ban of ICOs, SEC calls for a finale of BTC ETFs, Singapore to help crypto startups with bank account opening, new crypto laws in Hong Kong, World Bank sees great potential in blockchain, FinCEN accuses Iran of bypassing economic sanctions

We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.

The Special Committee on the Fourth Industrial Revolution under the National Assembly

  • US Securities Exchange Commission seems to be nearing a final decision on BTC ETFs. SEC has invited parties to put forward their statements for or against the approval of the Bitcoin ETF before 26th of October.

Although the SEC rejected several proposals for Bitcoin ETFs earlier this year, it has softened its stance towards the industry in a series of steps over recent months by having the proposals reviewed again, and by more recently inviting investor opinions about the pros and cons of a Bitcoin-linked ETF.

Trefis, a team comprising MIT engineers and Wall Street analysts

  • Monetary Authority of Singapore to help crypto firms facing problems in setting up bank accounts in the city. Managing director at MAS, Ravi Menon, said that they understand the concerns of the banks and are trying to bring them together with the crypto startups to see if they can reach a level of understanding.
  • Securities and Future Commission of Hong Kong is all set to launch new crypto laws in an attempt to shield users against illicit activities and unfair platforms. Chairman Carlson Tong Ka-Shing expressed that considering the boundless reach of trading over the internet, it wouldn’t be the right thing to completely close the doors for cryptos. He added that proper regulations need to be figured out to keep investors away from unwanted situations.
  • After the success of World Bank’s first Blockchain bond, the president of World Bank said that he sees great potential in the blockchain. According to Jim Yong Kim, blockchain can help the world get rid of generations of bad practices which would be impossible otherwise.
  • FinCEN, the US financial crimes agency, while criticizing Iran’s use of cryptocurrency to bypass economic sanctions has put forward a word for institutions and US-based exchanges to not deal with the nation. It’s clear that the sanction is going to have an adverse effect on the economy and the individuals as well.  


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Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold?

On our recent price analysis, we had discussed the colossal move that was coming up, which should have been the breakout of the wedge pattern that Bitcoin had gone through over the past three weeks. Unfortunately, if you ask the Bulls, Bitcoin broke down violently: The coin had lost $500 from its price on the daily, marking $8010 as its yesterday’s low (Bitstamp). We anticipated this violent move and stated that “if Bitcoin breaks down the wedge around the $8400 support, there is likely to be a quick move towards the $8000.” This is exactly what Bitcoin is up to, as of now. The question is, if the $8K level will hold. The $8000 support is combined with the mid-term ascending trend-line, along with the 78.6% Fibonacci retracement level from the October 26 daily 42% price surge. Total Market Cap: $224 billion Bitcoin Market Cap: $148 billion BTC Dominance Index: 66.1% *Data by CoinGecko Key Levels to Watch – Support/Resistance: Following the breakdown of the wedge pattern, the first level of support is the $8000, which should serve as a secure demand area. In case Bitcoin breaks down further from here, then the next support lies around $7700 – $7800. If the last doesn’t hold, then $7400 is the next target, which is Bitcoin’s lowest prices since the parabolic move of June 2019. From above, in the likely case of a correction, Bitcoin can reach $8300 – $8400 support turned resistance as the first target (for a correction). Further above is the $8500 area – which is the wedge’s descending trend-line, along with the 50-days moving average line (marked pink on the following daily chart). – The RSI Indicator: Looking on the chart, the RSI tried to find support on the mid-term ascending trend-line (which started forming a month ago) but failed to do so. The line got broken and the RSI is on its way to the oversold territories. Stochastic RSI oscillator is pointing on oversold both on the 4-hour and the 1-day chart. This can lead to a possible positive correction in the case of a cross-over. – Trading volume: Despite the recent price action, the heavy traders hadn’t arrived yet, as the trading volume spiked, but just a little. Not something significant as of now. BTC/USD BitStamp 4-Hour Chart BTC/USD BitStamp 1-Day Chart The post Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold? appeared first on CryptoPotato.

Bears Have Been Proved Wrong, Bitcoin is Still Strong

The fiscal salvage of recent years has openly proved wide of the mark the doomsday economists. Several parties will more probably be just as off beam about cryptocurrency including Bitcoin (BTC). As per now, the economic projection seems amazingly positive, however, a few months ago, some economists forecasted differently.
Coin Idol

Crypto Analsyt Predicts Bitcoin’s Inflation Rate Post-Halving in 2020

The bitcoin vs USD debate is never-ending with both currencies having their own share or pros and cons. When it comes to inflation rate, bitcoin seems to fare better than USD, having a lower inflation rate than the latter. Crypto analyst and founder of Standpoint Research Ronnie Moas is of the opinion that Bitcoin’s inflation rate will dip further after reward halving in 2020, therefore, establishing it as a more stable store of value than the US dollar. Bitcoin’s Inflation Rate is 4% at Present Popular crypto influencer Ronnie Moas recently took to Twitter to share that Bitcoin’s inflation rate at present was 4%, and it was going to dip below 2% after Bitcoin’s reward halving in May 2020. He also predicted that it was going to reduce to less than 1% in 2024. He compared the inflation rate with that of the fiat currencies of other countries, 70% of which have an inflation rate of greater than 4%. The USD dollar also belongs to this league of countries since the US dollar has depreciated 50% in the last 20 years as per Moas’ tweet. Current #bitcoin inflation rate 730,000/18,150,000 = 4%. More than 70 countries in the World are above 4% w/ many >6%. BTC rate will drop <2.0% in May 2020 #halving, & drop <1.0% by 2024 … US$ has lost 50% of its value since 1989 … & the 'BTC Bears' ask what is backing $BTC? — Ronnie Moas (@RonnieMoas) November 19, 2019 If Moas’ prediction is proven correct, then it would imply that Bitcoin is a healthier store of value than fiat because it has a low and stable rate of inflation over an extended period of time. People in countries with high inflation rate, like Venezuela and Argentina are already flocking to Bitcoin. In May 2019, Bitcoin was trading above 3,50,000 “peso Argentino” or $20,000 in US dollar terms, owing to fears of extreme inflation. Earlier in November, Ray Dalio, leading economist and founder of the world’s largest hedge fund, Bridgewater Associates, had also raised concerns about the viability of the three major world reserve currencies – dollar, euro and yen as viable stores of wealth. Portfolio Managers Ignoring Bitcoin Are Not Fulfilling Their Fiduciary Responsibility Ronnie Moas is also of the view that portfolio managers who have not yet diversified their clients into bitcoin are not fulfilling their fiduciary responsibility. He predicts that the US stocks might double in the next 5-7 years. But, before that, the growth will be interrupted by a spell of recession which is likely to occur in 2020-2021. Bitcoin, however, will most probably double in the next 5-7 months, says Moas. Portfolio Mangers who haven't diversified their clients into #bitcoin are failing in their fiduciary responsibility. US #stockmarket Might double in the next 5-7 Years … Interrupted by a recession … probably in 2020-2021. $BTC will probably double in the next 5-7 Months. — Ronnie Moas (@RonnieMoas) November 18, 2019 His prediction for Bitcoin echoes with the predictions of many other analysts who believe that Bitcoin price will soar and hit a new all-time high upon reward halving. A technical analyst had predicted earlier in the month that Bitcoin will shoot up to $1,41,000 after halving. Given the current bearish mood of the market, and the halving just half a year away, it will be interesting to see how Bitcoin behaves in the coming months. The post Crypto Analsyt Predicts Bitcoin’s Inflation Rate Post-Halving in 2020 appeared first on Coingape.

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