Cryptocurrencies spend weekend in the red as G20 countries debate regulation
Dec 03, 2018
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Crypto Market Recap
- Cryptocurrency prices fell lower this weekend while Bitcoin (BTC) tested the USD$4,000 support level as the benchmark cryptocurrency is down 6.19% since Friday, 11/30/2018, to USD$4,034.29. Among major cryptocurrencies, Bitcoin Cash (BCH) fell the most, down 9.37% since Friday to USD$167.13. Ripple (XRP) and Ethereum (ETH) are down 4.95% and 4.47% since Friday’s close to USD$0.360871 and USD$113.62, respectively. Since Friday, total cryptocurrency market capitalization shed USD$9bn and currently sits at about USD$130.9bn.
Crypto Developments in Financial Services
- Calastone, a London-based global funds network, will switch its entire system for fund trade clearing services to be blockchain-based, according to a Reuters report on Monday. Currently, Calastone processes trades for more than 1,700 financial companies’ mutual funds, including giants like JP Morgan Asset Management, Invesco, and Schroders. The decision to switch to blockchain will see roughly GBP 170bn (USD$217bn) of monthly mutual fund trades by Calastone processed on a blockchain network.
- Saudi Arabia’s Islamic Development Bank Group (IsDB) is partnering with Tunisian startup iFinTech Solutions to develop a suite of interbank blockchain tools, as per a press release last week. The joint project will be conducted through the IsDB’s private sector arm, the Islamic Corporation for the Development of Private Sector (ICD) in order to increase Islamic financial institution's liquidity management capabilities and to improve overall efficiencies. IFinTech Solutions defines itself as an, “investment advisory firm focused on alternative financial solutions based on Islamic principles.”
Crypto Regulatory Environment
- Japan’s Financial Services Agency (FSA) will introduce new regulations pertaining to Initial Coin Offerings (ICOs) that are meant to protect investors from fraud, as per a report this weekend by Japanese news outlet JiJi.com. The report by JiJi.com cites “informed” sources who claim that firms conducting ICOs will be required to register with Japan’s FSA. Draft regulations are expected to be submitted in time for the Japanese parliamentary session that begins in January.
- This weekend’s G20 Summit in Buenos Aires, Argentina saw financial superpowers from across the globe call for the international taxation of cryptocurrency, in addition to coordinated regulation in order to combat money laundering, according to Japanese news outlet JiJi.com. A joint document released by G20 countries following this weekend’s summit calls for, “a taxation system for cross-border electronic payment services.” While G20 countries, “will consider the issue during 2019 when Japan will be the president of the summit,” a final draft of regulation is expected to be proposed and voted on in 2020.
General Crypto News
- EOS (EOS) rekindled conversations regarding centralization in the world’s sixth-largest cryptocurrency by market capitalization after one of its 21 nodes appeared to offer its token holders financial rewards in return for voting as its proxy. In a Medium Post last week, EOS node Starteos said that, “after delegating Starteos.io as proxy , you could get continuous and stable EOS revenue.” A report by Finance Magnates discusses that this system essentially pays users for strengthening Starteos ’ node, representing heavy centralization on the EOS network.
- The Synaptic Health Alliance group, a healthcare consortium including giants Humana, UnitedHealthcare, and Quest Dianostics has announced a plan to trial blockchain solutions to improve data quality and reduce overall costs in the healthcare industry, as per a report by US news outlet Modern Healthcare. The blockchain trial will aim to leverage decentralized storage in order to maintain system security and to track healthcare information real-time with a goal of maintaining patient information accuracy. A research study by the Centers for Medicare & Medicaid Services, which analyzed data between September 2016 and August 2017, found that at least half of all information on Medicare Advantage Organizations contained mistakes.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio