This past week a lot has happened in China as the country’s central bank and government bodies ordered every major domestic cryptocurrency exchange to halt trading operations. The first exchange to announce closure was BTCChina followed by Viabtc, Yobit, Huobi, and Okcoin the next day. Speculators believe this news is what caused bitcoin’s price to drop from the $4,200 range down below $3K per BTC. After most of the exchanges announced they would be closing markets seemed to shrug the news off, and bitcoin’s price spiked back up to the $3,600-3,800 territory the very same day. So far at the time of writing bitcoin’s price is holding strong at $3,735. Individuals from China and other regions believe the trading platforms need to get licensed before reopening the virtual currency exchange business again.
Coinmama’s Weekly Roundup
The Government of India Researches Creating its Own Rupee-Backed Cryptocurrency
The Reserve Bank of India (RBI) wants to create its own cryptocurrency standard for a digital Rupee. The Indian cryptocurrency is rumored to be called “Lakshmi,” and development of the project is being kept confidential so far. According to the Business Standard’s sources “the proposal was discussed by a committee of government officials…Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI), and some Acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process.” India has been very interested in cryptocurrencies and blockchain adoption this year, and a nation-state issued digital asset is not surprising.
Decentralized Marketplace Openbazaar Releases 2.0 Beta
Bitcoin enthusiasts were pleased to hear about the launched version of Openbazaar (OB) beta 2.0. The new revamped software includes a working bitcoin wallet, new vendor applications, Tor and IPFS integration. Openbazaar 2.0 has new changes for vendors that go offline and an improved search engine. “This new version of Openbazaar includes lots of added features for vendors, including inventory management, expanded shipping options, variants, and more,” explains the OB development team.
Canada Follows U.S. Deems ICO Tokens as Securities
After the U.S. Securities and Exchange Commission (SEC) stated that Initial Coin Offerings (ICO) were deemed securities, and China shut down some exchanges because of these crowdfunds as well; Canada follows suit. The Canadian Securities Administrators (CSA) which is a similar agency to the U.S. SEC, explained on August 24 that ICOs would likely be considered as securities. This means startups and venture projects working from Canada who initialized an ICO project must follow more stricter regulatory framework. Governments all around the world have been very cautious towards the token sale phenomenon that has raised billions in 2017, and most of these tokens were created by the Ethereum network.
Kiss Frontman Gene Simmons Likes Bitcoin
The world-famous rock band Kiss singer and bass player Gene Simmons revealed he has bitcoin in his portfolio. The infamous Kiss band member told the publication TheStreet that he would even be interested in creating a ‘Kisscoin.’ “Kiss coins? Sure, you can talk me into it," explained Simmons in his interview. As far as the singer's portfolio is concerned Simmons invests in bitcoin and other investments as well. “I am interested in bitcoin, but only as a piece of the [investment] puzzle," he said, according to the publication,” the rock legend details. The Kiss frontman follows the many celebrities like Paris Hilton, Floyd ‘Money’ Mayweather, Mike Tyson, the Game, and others who have been bolstering cryptocurrencies.
Following China's Temporary Exchange Departure Japan Takes the Lead Globally in Bitcoin Volume
After the regulatory crackdown in China and all the exchanges closing trading operations, Japan has taken the lead by 51 percent of the global bitcoin trade. While analyzing data this week from trading APIs China now only captures 7 percent of the global Bitcoin trade right now. Following this multiple Japanese exchanges did an intense amount of bitcoin volume throughout September 14 through the 17. Japan has been a huge hotspot for bitcoin since the country legalized BTC back in April of this year.
Overall spirits are still high as many bitcoin proponents know the ‘Internet of Money’ truly cannot be held back. Chinese exchanges have already had to stop certain operations back in January which shook BTC markets temporarily and came back shortly after. Rumor has it that after Chinese exchanges register and get approved licenses, they will be able to re-enter the virtual currency exchange business after following the regulatory framework. Further, it’s been over six times already since the beginning of 2017 where bitcoin has corrected 30 percent or more and climbed higher than the previous all-time high. As the day contiues bitcoin’s price is showing it may just do that as the currency surpassed the $4K zone on September 18.
Coinmama’s weekly review is always on a mission to find the very best topics of interest being discussed within the digital currency space. Follow us here every week to keep up-to-date with current events concerning Bitcoin, Ethereum, and blockchain technology innovation.