In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
1. Bank of America Is Trying To Patent A Crypto Storage System
In recognition of the future of cryptocurrencies, Bank of America has been positioning itself over the last four years by developing multiple patents. They envision a future where cryptocurrencies achieve mainstream adoption and users still leave their funds and private keys in the bank’s possession. While many users would never allow another person to control their private keys, some people like and want that convenience.
“Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to securely store cryptocurrency.”
You can read more about VeChain and its price surge here: Bank of America Is Trying To Patent A Crypto Storage System
2. U.S. Cryptocurrency Exchanges Plan to Meet And Discuss Self-Regulation
In September 2018, the Gemini Crypto Exchange has decided on hosting a working group on a self-regulatory organization (SRO) in the U.S. cryptocurrency trading marketplaces. By having a properly implemented SRO, it could potentially allow regulators to allow the crypto space to mature with less government regulation. It could also allow an easier route for exchange-traded products (ETPs). A SRO would be a good step for the cryptocurrency space.
You can read more about VeChain and its price surge here: U.S. Cryptocurrency Exchanges Plan to Meet And Discuss Self-Regulation
3. China Bans Crypto….Again
There was a lot of FUD coming from China this week, preventing commercial crypto and blockchain events in the Financial District of Beijing, WeChat banning some crypto related accounts, and China banning access to over 100 notable cryptocurrency trading platforms (Binance, OKEx, Bitfinex). Well for all of that FUD, the market cap hasn’t moved, so the markets don’t seem to care much.
You can read more about VeChain and its price surge here: China Bans Crypto….Again
4. Canada Utilizes The Ethereum Blockchain For The Public Good
The National Research Council of Canada (NRC), is launching a blockchain explorer built on top of the Ethereum Blockchain. They will be storing published grants and contribution data. This is an important step, having government/public records being stored on a public blockchain.
You can read more about VeChain and its price surge here: Canada Utilizes The Ethereum Blockchain For The Public Good
“This was the NEWS” summary!
For all of the news this past week (good and bad), the markets haven’t moved at all. Bitcoin is slightly up on the week, however, up $300 since last Sunday. There are important infrastructure moves in regards to the storage of cryptocurrencies. Bank of America is trying to compete with Coinbase for custody of crypto-assets and envision a future where cryptocurrencies see mainstream adoption.
The Gemini Crypto Exchange wants to create a self-regulated organization (SRO) in the U.S. while Canada is already utilizing the Ethereum Blockchain for storage of some public records.
While China took some serious steps towards trying to ban cryptocurrency (again), the markets didn’t seem to care. Remember last year when China banned crypto (the first time), the markets pushed the price of Bitcoin and most other cryptocurrencies to all-time highs in the following few months.