Tag: cryptocurrency study

BEARS ARE WRONG: Why miners are banking on a huge Bitcoin price rise

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This Week in Cryptos: Binance to Support Dogecoin while Cuba Looks towards Cryptos

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Bitcoin Holds Above $11,300, Top Cryptocurrencies See Mixed Results as Market Reacts to Lagarde Appointment

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Bank of England: Cryptoassets Still ‘Too Volatile,’ Not a Good Store of Value By Omar Faridi

David Ramsden, the Deputy Governor of Markets and Banking at the Bank of England (BoE), has argued that cryptocurrencies are “too volatile” to be considered a reliable store-of-value (SoV).

In a brief interview with CNBC on April 30th, 2019, Ramsden said that BoE’s officials have been keeping track of the “emerging developments and then thinking about what they mean” or how they’re relevant to our current economic system.

The Deputy Governor noted that “just over a year ago, the financial policy committee looked at cryptoassets in some detail” – as “supported by” and within the context of the latest developments in FinTech and modern banking services. He confirmed that England’s central bank still believes blockchain-based digital assets are highly volatile, based on their recent price movements.

Cryptoassets Not An Effective SoV Or MoE

Cryptoassets are also not a reliable medium-of-exchange (MoE) because the “cost of transactions” remains quite high, Ramsden claims. Because of these issues, the BoE’s management thinks cryptocurrencies don’t satisfy the basic “principles of being a currency.”

Ramsden also pointed out that “this is why” the BoE considers them to be cryptoassets, and not cryptocurrencies. Ramsden further noted that cryptoassets “did not pose a risk” to the overall stability of the much larger traditional financial system. This, as the current market capitalization of the crypto market, which presently stands at over $174 billion, is relatively small compared to the multi-trillion dollar global financial market.

BoE Continues To Monitor Crypto Markets

Despite not being able to negatively affect the traditional financial system, Ramsden said that the BoE continues to monitor cryptoassets. He revealed that the UK’s Treasury Department, the Financial Conduct Authority (FCA), and the Cryptoassets Task Force carefully examined the crypto industry.

According to the regulators, cryptoassets that “fall within” the current regulatory framework must comply with the European nation’s existing financial policies. However, Ramsden said that UK’s financial regulators “also had to be very mindful of [digital] assets and exchanges that [may be operating] in or outside” the UK’s regulatory guidelines.

“Very Positive” About DLT

Ramsden added that the BoE and other regulatory bodies in the UK “remained very vigilant about cryptoassets.” He continued to note that the BoE is “very positive” about the distributed ledger technology (DLT) that “underlies” cryptoassets. He also noted that part of his role “in embracing FinTech across the BoE” involves looking closely at the potential benefits of blockchain tech.

He also mentioned:

We are looking at the potential of DLT … for example, in the payments space, we’re making sure that our real-time gross settlement system can interface and be interoperable with blockchain/DLT technology.

Source: CryptoGlobe

Armin Hamidian : Helping To Build Our Center Against Crypto Scams

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Bitcoin Cash Price Surpasses $250 Following Monster Bullish Run

Bitcoin Cash Price Surpasses $250 Following Monster Bullish Run: A 39.8% push in USD value brings the current Bitcoin Cash price to $252.96. There is also a 32.3% rise in BCH/BTC, which elevates the ratio to 0.05115 Bitcoin…

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Ripple Just Announced That It Is A Founding Member Of The European Commission’s Association For Blockchain, INATBA

Ripple Just Announced That It Is A Founding Member Of The European Commission’s Association For Blockchain, INATBA: The association has several other notable players in the cryptocurrency space, including IOTA, Cardano, Lisk, ConsenSys, Ledger and R3; and some outside, like payments system SWIFT

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A 5-Star Hotel In Switzerland To Accept Crypto

A 5-Star Hotel In Switzerland To Accept Crypto: Nothing beats a great vacation after a hectic schedule, especially with the use of cryptocurrencies.Dolder bitcoin-friendly hotel is looking forward to be introduced in the world of modern payments and that is one of the Switzerland’s five-star Hotels.

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New $50 Million Fund Makes First Investment in Blockchain ID Startup

New $50 Million Fund Makes First Investment in Blockchain ID Startup: Okta, which provides identity management solutions, announced the Okta Ventures Fund Wednesday, adding that it has made its first investment in blockchain-based identity startup Trusted Key. The investment amount was not disclosed

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SEC Publishes Guideline to Help Clarify XRP Security Status

SEC Publishes Guideline to Help Clarify XRP Security Status and Other ICO Tokens: The ICO Token guidance titled “Framework for “Investment Contract” Analysis of Digital Assets” is the closest the SEC has gotten to clarify xrp security status as well as other ICO tokens.

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