14 JUN

The Bitcoin and Ethereum Phenomenon Continues to Surprise Us All

Since our last weekly update, a lot has changed as at the time bitcoin was roughly showing averages of $2300-2400. Following this, the price of both bitcoin and ethereum jumped drastically upwards in value smashing new all-time high records. Both are markets are showing over $2 billion USD worth of trades per day and are also averaging roughly 300,000 daily transactions as well. Even though there's been a 10 percent correction, the community seems optimistic we can once again spring back into higher price territories.

Coinmama’s Weekly News Roundup

People Will Soon Be Able to Use Bitcoin at 1400 Hotels Across Japan

According to the Japanese bitcoin business Bitpoint the company has committed to a relationship with the popular Japanese online travel agency Evolable Asia. Bitcoin in Japan has been a hot phenomenon as the company legalized the cryptocurrency as a form of payment this past April. “The aim is to enable customers to exchange bitcoin to Japanese yen at hotels and inns across Japan, including at Airtrip Exchange stores and 1400 contract facilities in the Evolable Asia Group — This service will begin this summer,” explains Bitpoint. Much like Expedia the travel agency Evolable Asia is the largest online agent within Japan.

Russia Looks to Apply Know Your Customer Rules to Bitcoin Purchases

Russia is opening up to bitcoin use in the country, but strict regulations are also coming. According to the local Russian news outlet TASS, cryptocurrency regulatory guidelines are being prepared. Russia’s deputy finance minister has also told the press those purchasing cryptocurrencies will face AML/KYC regulations. "If you want to buy any financial product, you need to show a passport, fill out a contract, write that you are not an American taxpayer. The same should apply here," explained Alexei Moiseev. The news is in stark contrast to the years prior when Russian officials contemplated making bitcoin illegal.

U.S. Officials Want Foreign Bitcoin Exchanges to Comply With Regulations

This week U.S. bureaucrats discussed taking action against offshore bitcoin trading platforms that were not licensed by any government. The subcommittee hearing at the House of Representatives was called “Virtual Currency: Financial Innovation and National Security Implications.” Government officials from the U.S. want countries to better regulate these offshore exchanges and implement AML/KYC policies. This is due to those using cryptocurrencies for tax evasion, ransomware attacks, and terrorist financing. At the moment lawmakers are researching the issue at hand.

Bitcoin Trade Volumes Rise Exponentially In Sweden

Just recently the Swedish representative Mathias Sundin declared he would be accepting bitcoin donations 'only' for his political campaigns. The announcement has brought significant bitcoin trade volumes to the country over the past week. Furthermore, Sundin will join the bitcoin-focused company BTCX as Chairman of The Board at Sweden’s most dominant trading platform. Exchanges within Sweden and on the streets with Localbitcoins has seen bitcoin trade volumes spike significantly and doesn't seem to be slowing up anytime soon. Furthermore, Swedish representatives have been researching trials with blockchain based energy transfers.  

The Dubai Government Plans to Issue Blockchain-Based Passports

This week the government of Dubai announced its partnership with the emirate's airport and the blockchain startup ObjectTech. According to the company, the plan is to issue digital passports through the Dubai Immigration and Visas Office that is enforced via blockchain technology and biometrics. The project is just one part of the Dubai Princes’ vision of having nearly every government document placed on blockchain technology. Sheikh Mohammed bin Rashid Al Maktoum wants all the documents ‘blockchained’ by the year 2020. Saif Al Aleeli, CEO of the Dubai Future Foundation says “When Dubai does things, we tend to do it right.”

Conclusion

Even though there was a 10 percent decline in Bitcoin price and a 5 percent decline for Ethereum markets are pushing bigger volumes than ever before. Many economists and traders would assume the price correction was healthy and bitcoin’s upward trajectory is far from over. This week should be an interesting watch price wise for both popular cryptocurrency markets, and Coinmama will be following very closely. Tune in next week as we report on the exciting turn of events taking place every week in the world of cryptocurrency.

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.

 
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