Cryptocurrency Markets Heat Back Up Heading Into the Spring Months of 2018

5th March 2018

The first few weeks of the new year cryptocurrencies usually take a dive in value as investors are preparing to pay taxes and have cashed out gains at the end of the year. The digital asset ecosystem has been far less busy, and bitcoin users are noticing network fees and confirmation waiting periods have subsided. Talks of strict regulatory action from governments have also lightened up over the past three weeks, and there is more of a confident air throughout the cryptocurrency economy as the innovative technology, and it’s markets heads into the spring months.

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Coinmama’s Weekly Roundup

French Video Game Giant Ubisoft Plans to Use Blockchain

The well-known gaming software publisher Ubisoft plans to research and develop applications using distributed ledger technology. Ubisoft’s Lidwine Sauer told the gaming publication IGN that the company sees potential in blockchain ownership with game collectibles. “Thanks to the blockchain, we can now have the equivalent of a digital Picasso, with the advantage that it’s a lot more difficult to steal something on the blockchain than to steal a Picasso,” explains Sauer during the interview. “Finally we can have real digital collectibles that cannot be replicated by anyone and can be 100 percent owned by you,” the Ubisoft spokeswoman detailed.

U.S. State of Georgia Plans to Implement Bitcoin Payments for Tax Obligations

This week two senators from the state of Georgia introduced a bill that proposes Georgian residents can pay taxes and licenses with bitcoin. The Bill GA SB464 was introduced by senators Michael Williams and Joshua McKoon on February 21. The proposed law states, “The commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to bitcoin, which uses an electronic peer-to-peer system.” Further, the amendment goes on to say, “The commissioner shall convert payments made in cryptocurrency to United States dollars at the prevailing rate within 24 hours of his or her receipt of such a payment and shall credit the payor’s account with such converted dollar amount.” Which means the government tax agency will convert the cryptos to USD within a days time.

Uzbekistan Plans to Legalize Cryptocurrencies

The country of Uzbekistan plans to legalize bitcoin and other digital currencies by the end of the summer. The local Vzglyad reports that  President Shavkat Mirziyoyev has endorsed a new decree that bitcoin and digital currencies shall be legalized and regulated with existing codified laws. The region is home to some cryptocurrency miners as the area hosts an abundant amount of cheap electricity. President Mirziyoyev also plans to encourage contactless payments systems within the country and hopes many of these proposals can be enacted by this June.

The Venezuelan Government Will Introduce Cryptocurrency Courses to Citizens

This week the Venezuelan government has introduced a new “Crypto-School” in the capital city after launching the state issued cryptocurrency the Petro. President Nicolas Maduro wants the entire country to be involved with the digital asset revolution, and the Petro is one of the first nation-state issued cryptocurrency in history. The “Crypto-School” is located in Caracas aims to teach people about the background and history of this emerging technology. “The cryptocurrency training school offers courses on the Petro to Venezuelans for free,” explains the local Telesur television station.

High School In New Jersey Plans to Offer Cryptocurrency Course

Due to increased interest in bitcoin and other cryptocurrencies the Union Catholic High School in Scotch Plains, New Jersey has a class that will study digital assets. The school’s Business and Personal Finance teacher, Mr. Tim Breza has decided to add cryptocurrency history and blockchain technology in his elective course for juniors and seniors. “I am very excited that the students and Union Catholic are being exposed to this… and that the UC administration supported teaching this to our students,” explains Mr. Breza. “If one student’s talking about it, many of them are talking about it,” Breza said. “So I figured we needed to include it,” he emphasizes.

Coinmama’s Conclusion

Overall cryptocurrency enthusiasts and investors are excited about the future of bitcoin and ethereum this year and know 2018 will undoubtedly be filled with lots of news. BTC/USD prices are holding steady, and many traders are awaiting the next big market mover. Many speculators believe there will be more all-time price highs this year. So far even after the mid-winter decline in value crypto-proponents are still extremely optimistic.

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