Crypto and Blockchain News Roundup 3rd June to 9th June, 2019

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

North America

United States

US Consultancy firm believes banks sluggish to adopt blockchain technology: In a recent interview with Bloomberg American consultancy Mckinsey & Company has said that the banks are slow in adopting blockchain technology because of restrictive regulations and conventional consumer attitude towards the new tech.

According to the firm, retail banks are often cautious and nervous when it comes to implementing blockchain technology. The firm also said that an estimated 5 million USD can be saved by every bank annually by adopting blockchain solutions for cross-border payments.

Apple announces crypto kit for new iPhones: Apple has announced the release of a new iPhone Cryptokit for its new iOS 13 that may signal the mainstreaming of cryptocurrency users by the company. Although not much is known about the futures of the new phone, it is clear that the new feature will probably not be a crypto wallet, something Apple’s competitor Samsung has already announced in its new phone.

The new iOS 13 will replace the previous iOS framework and was announced in its developers’ conference earlier this week.

US-China trade war may result in increased bitcoin prices: The recently increasing intensity of the US-China trade war might result in higher bitcoin prices according to some analysts. With the announcement of a ban on Huawei by the US government, the Chinese government is looking to see how it can reciprocate and hurt the US economy.

With bitcoin offering a borderless alternative to both the Chinese Yuan and the American Dollar, it is clear that it will outlast both of these countries and their trade squabbles.

Securities and Exchange Commission ( SEC ) appears well informed at blockchain forum: The Securities and Exchange Commission (SEC) held the first fintech forum in Washington DC on 31st of May last week and appears to be increasing its competency on the matter. While critics have named SEC’s lack of understanding of the technology as one of the primary reasons why it has been unable to pursue meaningful legislation for the cryptocurrency industry, the latest move shows much better know-how of the new industry from the federal agency.

The better know-how was appreciated by the crypto community during the conference and it is hoping for a better approach by the SEC once it is well versed with the industry.

Canada

Vancouver Mayor Suggest ban on Bitcoin ATMs: Kennedy Stewart, the mayor of Vancouver, Canada has suggested a ban on Bitcoin ATMs in the city as he cites increasing occurrence of money laundering activities through the new monetary system.

Over 840 reports of illegal activities using digital currencies have been received by the authorities this year and the mayor is using this number to try and enforce a ban on Bitcoin ATMs. This ban would be unfruitful because most of the illegal use of digital currencies is done through illegal channels and not regulated ones like Bitcoin ATMs.

Marshall Islands

Marshall Islands Government Defies IMF with National Crypto Development Fund: The tiny Pacific nation of Marshall Islands is once again defying IMF as it plans to go ahead with its Sovereign Digital Currency Initiative in the country.

Despite veiled threats from the premier financial authority in the world the IMF, the country is planning to go ahead with its own national cryptocurrency that once put its president under extreme pressure and she was forced to face a no-confidence vote in the legislature. This would mean further fighting with the IMF as it has repeatedly warned the government against such moves.

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