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Global Regulators Divided over Initial Coin Offerings

In our post last week, we saw two countries pressing ahead with crytpocurrency plans.   Estonia is planning to hold it’s own Initial Coin Offering while Russia announced it’s goal of a digital currency on the blockchain platform.

But not all countries are jumping on the ICO bandwagon.

According to financial magazine Caixin, Chinese regulators are working on new regulations to govern coin offerings and may issue an outright ban on them until the new regulations are finalized.

This more closely tracks the approach that Singapore regulators and the US Securities and Exchange Commission has taken. In July the SEC concluded that certain tokens would constitute securities and therefore be subject to the onerous securities laws requirements.

The battle lines are being drawn.  With so much at stake it will fascinating to see how this struggle develop

 

 

European Governments Look To Cryptocurrencies

It’s been busy for nationally-sponsored cryptocurrencies.

Earlier in the week we saw the news that Estonia is considering holding it’s own Initial Coin Offering and launching a digital currency called “Estcoins”.

Now it’s Russia’s turn.

According to First Deputy Prime Minister Igor Shuvalov, Russia is planning its own digital currency on the blockchain platform.   Shuvalov noted that Russia “is actively working at the international level and wants to ensure that security issues are solved from the very beginning,” and that digital currencies should no longer be “locked in a chest and hidden”.

It seems that Russia just can’t get enough of crypto.   Remember that Burger King’s Russian division just announced it’s “Whoppercoin”, a digital token that local customers can earn on a special digital wallet after buying BK’s signature Whopper burger.  Do you want “Crypto” with that?

 

What Is It With Floyd Mayweather and ICO’s?

It seems like Floyd Mayweather just can’t get enough of ICO’s.

His latest Facebook post sees him promoting the Hubii Network.

floyd mayweather ico crypto

It seems like only yesterday that he was all-in on the Stox ICO.  Oh how time flies.

floyd mayweather stox ico

“Money” Mayweather is securing his place as one of earliest adopting sports stars.  Does he see a future for himself outside the ring in the Ethereum or Smart Contract space?  Or is it all about the short-term money?

Fed Task Force Gives Ripple Vote of Confidence

There was good news coming out of Washington for Ripple (XRP) fans. After two years of work, the Federal Reserve’s Faster Payments Task Force has released its report on bringing faster payments to the United States.

The Report, authored after input by a group of over 300 stakeholders representing a wide range of participants in the payments eco-system, had praise for Ripple’s potential.

The key parts of the Report for Ripple were:

“Ripple enables FIs the ability to operate cross-border payments faster than the 2-4 days common today.”

“The solution bolsters the certainty of the cross-border payment experience by providing end-to-end transaction visibility to banks, as well as settlement confirmation.”

“Ripple enables more transparency in the total cost of a payment to the payee prior to authorization, if participating banks are willing to provide this transparency.”

The Report sets out ten action items to move the market forward, including a deeper focus on emerging technology, a work stream on cross-border payments and the formation of a governance group to support interoperability.

Ripple hopes to further contribute to these action items.

You can read a copy of the full report (part 1 and part 2).

US Regulators Approve LedgerX for Derivatives on Digital Currencies

On July 24, 2017 the US Commodity Futures Trading Commission granted LedgerX the first license to clear and settle derivative contracts for digital currencies.

ledgerx gets regulatory approval

New York based LedgerX becomes the first regulated bitcoin options exchange and is permitted to clear fully collateralized digital currency swaps.  This follows the exchange’s recent authorization by the CFTC as a swap execution facility.

This is big news for digital currency traders who will now be able to hedge the often volatile price movements in the underlying assets.

It also represents the next step in the journey towards regulatory acceptance of digital currencies.

LedgerX’s chief executive, Paul Chou, described it as “an important milestone” for the wider digital currency market.  We agree.

You can read more coverage of LedgerX’s approval here and here.

 

 

This Tech Millionaire Bets Bitcoin’s Price Will Hit $500,000 – And You Won’t Believe What He’s Willing to Do If He’s Wrong

John McAfee, the controversial founder of the McAfee antivirus software company, has made a bold bet on the future of Bitcoin.

Following the dip in Bitcoin’s price in July 2017, McAfee confidently predicted a $500,000 price by 2020.

How confident is he?

We’ll let McAfee himself explain – straight from the horse’s mouth (excuse the pun):

McAfee Bitcoin Quote

Source:  Marketwatch

 

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