Crypto-Markets Build Steam as Significant Trade Volume Picks Up in South East Asia
Both Ethereum and Bitcoin markets had a thrilling week in trading markets, to say the least. Now the digital currency’s are moving upwards in value once again as the spark of cryptocurrency fever doesn’t seem to be slowing down anytime soon. Asian markets are still capturing hefty volumes and paying premium prices for BTC across the region. Large swathes of trade volume are stemming from China, Japan, South Korea, and India. All of these areas have seen vast adoption and government recognition towards these emerging digital assets.
Japan Makes Bitcoin Exempt from Consumption Tax
One region in Asia that has had critical adoption and significantly sized bitcoin trade volume is Japan. This past April Japanese officials legalized bitcoin as a form of payment. Now on July 1, the government has removed the consumption tax previously tied to the currency. This means ordinary users and such will be exempt from utilizing the decentralized currency when tax time comes. The policy may not last long as some authorities who previously wished to increase the tax could deliberate a new consumption tax proposal this winter. Japanese residents will save 8 percent due to the tax removal.
Bitcoin Regulation in India May Take Place This Summer
A lot of people are hoping that the government regulates bitcoin in India this summer recognizing the cryptocurrency like many other countries around the world. Over the past month or so Indian officials allowed the public and even internationals to voice their opinions. Now, this week Finance Minister Arun Jaitley has held a private meeting between fellow constituents and discussed the risks and benefits of bitcoin. Sources familiar with the matter told the press the entire guest list filled with lawmakers and regulators but also revealed no decision was made.
A German Blockchain Association Has Launched
Germany has been quite interested in cryptocurrency solutions and blockchain technology for quite some time. Now a new group has been created in the country which promotes blockchain advocacy. Blockchain Bundesverband is a group consisting of various startups from the region including IOTA, Slock.it, and Jolocom. “The Blockchain Bundesverband is convinced that blockchain and similar, cryptographic-based decentralized technologies are fundamental infrastructural innovations,” explains the new German distributed ledger advocacy group. The think tank also includes parliamentary members of Germany’s top political parties.
Japanese Government is Trialing Blockchain Technology for Tender Processing
According to local sources, Japanese officials are planning to test blockchain technology with the government’s tendering process. This entails administrative agencies to bid on certain contracts from multiple parties. Japanese bureaucrats believe a distributed ledger system could make the government’s e-governance infrastructure more reliable. “The Ministry of Internal Affairs and Communications will test a blockchain-based system for processing government tenders in the fiscal year through March 2018,” explains the regional business publication Nikkei Asian Review. So far there hasn’t been any official announcement on which blockchain they have chosen to trial.
Last Week’s New Ransomware ‘Peyta’ Short Lived
A smaller ransomware fiasco happened last week with a new malicious program called ‘Peyta’ which encrypts an infected computer’s files and holds it for ransom. Ransomware has become a significant problem for everyone worldwide, and hackers have been utilizing bitcoins within these programs. Unlike the most recent ‘Wannacry’ epidemic ‘Peyta’s’ life was short lived. The wallets accumulated just a touch over $10K worth of BTC and the company Posteo.net shut off the attacker’s email server. According to security firm Kaspersky Labs, those who were infected by the ‘Peyta’ malware will have to wait for a decryption key.
China’s Central Bank Comes Closer to Creating its Own Cryptocurrency
The People’s Bank of China (PBoC) has been talking about creating a central bank backed digital asset for quite some time. It seems so far it is one of the only countries that is extremely close to doing so as the bank has reported on vast research and multiple trials. Now the PBoC has launched a cryptocurrency research lab at the Desheng International Center. According to sources familiar with the matter, the PBoC has pursued many prototypes and has been experimenting with multiple implementations of a central bank backed blockchain system.
Cryptocurrency markets, in general, are looking good after last week’s roller coaster ride. Media reports and headlines continue to shine a positive light on blockchain technology and the digital asset solutions emerging today. There’s a lot going on in the land of Bitcoin coming soon this summer and Coinmama will be right there to tell you about the hottest topics in this space.
Coinmama’s weekly review is always on a mission to hunt for the latest topics 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.