Coinmama’s Week In Review
Everyone’s favorite cryptocurrency Bitcoin has been on a tear once again. The digital asset had come close to top fiat values of $775 a couple of days ago, and everyone's eyes are glued to the charts. Volatility has been up and down in between $10-20 giving plenty of room for traders to scalp and watch for breakouts. Data feeds suggest a bullish trend pattern continues to form as the 4-hours chart and one-week show we may see higher price points. A downside range looking at the 200 simple moving average (SMA) shows a floor at no lower than $750 at press time.
U.S. Office of the Comptroller of the Currency (OCC) Issues Fintech Charters
This week the U.S. Treasury and currency authorities have issued specialized banking charters for fintech companies. The status would allow banking privileges for companies that offer digital currency services such as payments and deposits. The new charters will give fintech startups similar features national banks participate in. “A question raised by technological advances in financial services and evolving customer preferences is whether it would be appropriate for the OCC to consider granting a special purpose national bank charter to a fintech company,” said the OCC.
Russia Holds Off On Regulations
According to the Russian news outlet Lenta the country’s finance ministry will be delaying its cryptocurrency bill. Russia has been known for its authorities disliking Bitcoin use, but some officials have been positive. Deputy Finance Minister Alexei Moiseev detailed some regulatory policy may come concerning cryptocurrencies by Q1 of 2017. There have been all kinds of reports from Russia in regards to the country’s stance on Bitcoin. It will be interesting to see what transpires from Moiseev and the new bill.
German School Accepts Bitcoin For Tuition
ESMT Berlin revealed earlier this week that it will be accepting bitcoins for its services. The accredited business school offers various degrees in business services. Georg Garlichs, CFO of ESMT explains, “Integrating bitcoin as a routine method of payment is a logical consequence of digitalization.” There are less than ten universities that accept the cryptocurrency, but it's a step in the right direction towards the future of money.
Vietnam Officials May Regulate Bitcoin
According to sources, Vietnam’s financial ministries are planning on regulating financial technology and digital currencies. Authorities in the country have noted cryptocurrencies are widely becoming popular. Currently, there is no official regulatory standpoint on digital assets. However, that is due to change shortly as officials plan to regulate to curb illegal activity. Regulators plan to improve “the legal framework to manage and deal with electronic money.”
Three Universities Recognized by Kaspersky Labs For Blockchain Innovation
The Economist reports three universities won a total of $18,000 utilizing blockchain technology in particular market sectors. The winners were New York University, University Of Maryland, and Newcastle University. The projects consisted of blockchain-based voting using various protocols. Eugene Kaspersky, chairman and CEO of Kaspersky Lab said, “there will be plenty of things to work on and securing digital voting systems for national elections is just one example.”
A Blockchain Association Forms In Ireland
An advocacy group for blockchain and digital currency solutions has formed in Ireland called The Blockchain Association of Ireland. The organization wants the country of Ireland to be a fintech leader and believes blockchain innovation is the future. The group plans to officially launch on December 14 to the general public. Reuben Godfrey, co-director of the Blockchain Association of Ireland, explains, The association primarily bridges the gap between informal and formal networks to open the public dialogue and advance Ireland as an innovative hub for technology and the multiple societal and commercial applications of blockchain.
Overall the past week has been quite positive in the cryptocurrency space. The fiat value of Bitcoin has continued to increase drastically over periods of time. The cryptocurrency ecosystem is flourishing and there no doubt about its technological impact on the world. We will continue to follow the hottest trends in the industry to keep you up to date with the latest in crypto.
Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.