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Cryptocurrency End of Day Recap

Jun 26, 2018

  • Several months after Facebook banned all ads referencing ICOs and cryptocurrencies in general, it is partially lifting this ban.  Facebook will now allow pre-approved cryptocurrency companies to advertise their products and services to its very large market.  These pre-approved companies will most likely be the large legitimate services such as some online wallets and exchanges. Although this advertising will now continue, Facebook will still block those services most associated with scamming, such as binary options and ICOs.
  • The People’s Bank of China’s (PBOC) Digital Currency Research Lab has filed a patent on June 22nd detailing a digital wallet, which would give users the ability to view and track their past transaction histories. So, if someone were to search for a past transaction, they would see results like the type of currency used, how much was used, the source currency, and would also identify the source and destination wallets.  While this is only one patent, China has reportedly filed more blockchain-related patents than any other country within the World Intellectual Property Organization.
  • The US House of Representatives has passed a bill that would approve the study of the roles cryptocurrencies play in sex and drug trafficking. If signed into law, the bill would instruct the director of the Government Accountability Office to research these roles.  This bill would help the US government propose legislation to more effectively fight these crimes.
  • A report from the EU concluded that central bank digital currencies (CBDCs) would one day help create a more stable financial system, especially within oppressed countries.  The report highlighted a detailed analysis of the pros and cons of central banks using cryptocurrencies. While the report cites the well-known risks of volatility associated with cryptocurrencies, it said that this may begin to decline over time since there is a steady growth in cryptocurrency-fiat trading pairs.