Japanese home-grown cryptocurrency Monacoin, tagged as being the country’s first digital currency, has rocketed more than 80% in just 24 hrs, gaining plenty of market attention.
With the equivalent of USD 140 million changing hands just on @bitbank_inc, Japanese crypto traders are enthusiastic, particularly as this recent activity marks a second major spike in the cryptocurrency after a 40% leap last month.
Analysts believe that the surge in price is connected to the news that Monacoin will soon be trading on Japan’s Coincheck exchange although it is still not listed on some of the world’s major exchanges. If exchanges such Binance begin to take an interest, then it is thought this will further leverage the currency.
Buyers are always looking for an opportunity to find an altcoin which can deliver, particularly as the market is beginning to show signs of recovery. Coins like Bitcoin Cash, Litecoin, Monacoin, and others have the perception of being cheaper and, therefore, less risky, hence attracting plenty of attention when they start to move. Litecoin recorded an increase of 13% on Friday whereas Bitcoin recorded only a 1.5% increase on the same day.
With a 24-trade pump such as this, it is only a question of time before more Japanese traders take notice, which could eventually lead to a more widespread trading opportunity for Monacoin across more exchanges, following in the recent footsteps of Litecoin as it eclipsed Bitcoin.
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A report by Cointelegraph Brasil yesterday said that the President of the Chamber of Deputies of Brazil has issued an order to establish a commission that would study cryptocurrency regulation in the country.
A day before the report on 30 May, Deputy Rodrigo Maia requested to create a special commission to deliver its analyses and recommendations on bill 2303/2015, which specifically looks to regulate digital currencies such as Bitcoin in the South American country.
In total, 34 members will make up the commission, as stated by House Rules of Procedure. In the same notice, it also reveals that two projects related to crypto regulation will be presented by Federal Deputy Aureo Ribeiro.
This request follows on from a meeting that took place earlier in the week between the Brazilian Association of Crypto and Blockchain (ABCB) and state authorities from the Attorney General’s Office, the Central Bank of Brazil, the Internal Revenue Service, and the Financial Activities Control Council. At the meeting, ABCB president Fernando Furlan met with state representatives to discuss conditions that would not only recognize cryptocurrency and blockchain in Brazil but also to ensure that applied rules would adhere to the Financial Action Task Force (FATF) guidelines on cryptocurrency.
It is understood that these new FATF rules will be formally presented to G20 leaders in Japan this month, giving a year for companies to adapt to them in 2021.
Last May, the Brazilian Internal Revenue Service put up new tax rules for crypto, which makes it mandatory to report transactions worth over BRL 30,000 (USD 7,600) every month. Details to be reported include the location of transactions, whether they were done domestically, abroad, or peer to peer without the assistance of exchanges.
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Big Four accountancy firm Ernst & Young (EY) has presented research that says that as much as 83% of decentralized applications (Dapps) on the Ethereum network are “not in the most productive uses“.
EY Global Innovation Leader for blockchain Paul Brody had revealed this piece of news during a Fintech Forum hosted by the US Securities and Exchange Commission (SEC) yesterday while talking about blockchain developments and the digital asset industry.
In the opening ‘Capital Formations Considerations’ panel, Brody pointed out that while blockchain tech implementation had seen explosive growth, those that hoped to become disruptors had neglected the early principles of how the tech should be applied to seek solutions to real-world problems rather than mere “money chasing”.
He reminded that capital markets only served to take investments and put it to productive work, which is something the crypto space had not done very well, with most Dapps on Ethereum “maybe not in the most productive uses”.
Citing blockchain analytics company DApp.com’s data from a Q1 2019 report, he said that only 14% of such Dapps were used at crypto exchanges, and the most in gambling (44%) and gaming (13%).
Brody insisted that Dapps should focus on areas such as distributed computing, fractional real estate, new business models, and fractional infrastructure if they truly wanted to create a “tremendous lasting legacy that is positive”.
The forum, organized by the SEC’s Strategic Hub for Innovation and Financial Technology was meant to facilitate the commission’s engagement in the space, and had purposely included blockchain and distributed ledger technology (DLT). Early in May, Bitcoin News had written about the forum, highlighting the fact that many observers had thought this forum to merely be a vanity effort, with some calling it an event “just for show“.
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Seven members of the US Congress have written to the Director of the National Economic Council (NEC) requesting the Trump administration for the inclusion of blockchain technology in new initiatives on emerging technologies.
The government and the blockchain community have been at odds for years. The most obvious pain point is the US Securities and Exchange Commission (SEC), which has been delaying a clear answer on whether some cryptos are securities, among other decisions holding back the technology behind them.
As the NEC advises the president’s office on domestic economic policy and is part of the Executive Office of the President, it is seen as one possible inroad for blockchain advocates.
In the letter, Congressman Darren Soto wrote:
“Blockchain has the profound potential to benefit society and be a driver of economic growth. It is crucial we continue to be informed on new initiatives and educate Congress and other government agencies on the impact of these emerging technologies. I’m proud to take bipartisan action in promoting blockchain.”
Congressman Trey Hollingsworth, Bill Foster, Tom Emmer, Ted Budd, Josh Gottheimer and David Schweikert are the other names on the letter and form part of the Congressional Blockchain Caucus who supported this letter.
The letter also asks NEC Director Lawrence Kudlow for a blockchain forum, decrying the lack of attention for crypto and blockchain technology from the authorities, and urging for better support, instead of delaying and leaving the industry in the dark:
“As such, we strongly urge the Administration and the National Economic Council to convene a forum for stakeholder input and support this emerging technology through its inclusion in its efforts to promote ‘investments in the cutting-edge industries of the future’.”
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After a surprising breach of USD 9,000, followed by an almost immediate plunge down by over 10% yesterday, Bitcoin has survived the pressure from sellers to start Saturday strong, climbing back up slowly towards USD 8,500, which is beginning to look like a strong support level.
It was a temporary victory for the bears, however, since touching a 24-hour low of USD 8,212, Bitcoin is now trading at BTC 8,577 ( 11:30 am UTC, CoinDesk) and looking like it’s about to embark on another strong recovery, as has been the tune of the past few weekends.
Bulls will take a lot of comfort from the quick recovery but they know that they will first have to test resistance at USD 8,600 before they can make another push towards the current 2019 high just above USD 9,000. However, a strong and sustained break above this and they can expect to see more gains in the near term. At least, most speculators are still feeling the good vibes.
$BTC #Bitcoin 12 hour – So far so good on this latest pullback to the EMA 34 pic.twitter.com/aUreFJVo2W
— Big Cheds (@BigCheds) June 1, 2019
The near and medium-term charts are showing positive zones and the bulls will likely wait for another Sunday push from Asian markets before taking charge once more. India Bitcoin trader Aditya Singh certainly believes that the bulls are taking the bears for a ride.
Bears taken for a ride by BULLS
#bitcoin #india pic.twitter.com/rQfRX0TcIy
— Aditya Singh (@CryptooAdy) June 1, 2019
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With Cuba’s announcement that it will be legalizing private Wi-Fi networks, this could spell some major changes for a country whose cryptocurrency profile is currently akin to the dark ages.
Even without private Wi-Fi, Cuba is starting from ground zero, and the only way is up in terms of formulating some kind of environment to attract cryptocurrency trading in the future.
The government’s announcement that for the first time routers will be permitted to be imported in from elsewhere is a significant change from having to smuggle equipment into the country. However, the state censors will still be vigilant and when it comes to crypto, a marathon lies ahead for ICOs and new startups.
With a Bitcoin analysis tool setting Cuba on number 236 out of 249 countries by crypto-related activity safety, they emerge with a frightening 0.8/10 safety rank, clearly indicating the distance traveled; not very far.
Under these new plans the state’s telecommunications company, ETECSA will still be requiring citizens wanting to plug into the state infrastructure using Wi-Fi to have a permit to do so. Cuba is so far behind countries like the US that until 2013, the internet was only available at hot spots for tourists, although this is gradually improving at least allowing some access to mobile internet, possibly to aid tourism, which is still a necessary cross to bear for the state due to much-needed revenue.
Unlike many South American nations which have been able to grab on to cryptocurrency and make it work for them in some difficult economic circumstances, tight controls in Cuba have not afforded this luxury.
Cuba has a very long way to go on the crypto march but the new legislation may just be the beginning.
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