The Bitcoin Network Continues to Remain Resilient
Everyone’s favorite cryptocurrency Bitcoin continues to grow relentlessly stronger. This past week has been filled with lots of news regarding Chinese Bitcoin exchanges. The Peoples Bank of China (PBOC) has been conducting inspections across twelve of the country’s regional trading platforms. This includes exchanges such as Chbtc, BTCC, Btctrade, Haobtc, Yunbi, Yuanbao, Huobi, BTC100, Jubi, Bitbay, Okcoin, and Dahonghuo. So far the dynamic of these exchange inspections have extended regulatory guidelines across most of these businesses. Some exchanges have halted their BTC withdrawals for one month, others have ceased offering margin lending, and most all of them have added fees to every facilitated trade. Its well known a significant amount of Bitcoin trading volume has come from China, but lately, trading volumes have dropped considerably.
Coinmama’s Week in Review
Virtual Currency Regulatory Guidelines are Coming to the Philippines
This past week the Philippines central bank Bangko Sentral ng Pilipinas (BSP) Deputy Governor, Nestor Espenilla initiated the beginning of Bitcoin regulation in the region. Espenilla revealed circular (BSP Circular №944) that focuses on regulating the digital currency to protect consumers. Furthermore, the document states the government also aims to curb money laundering and the funding of criminal activities with regards to virtual currency use. There are some within the Bitcoin community who favor the circular, but there are also other who believe the BSP’s definitions towards Bitcoin businesses are too broad.
The Bitcoin Community Patiently Waits for the Approval of the Three U.S. Bitcoin ETFs
Three Bitcoin exchange-traded funds (ETFs) are awaiting approval by the U.S. Securities and Exchange Commission (SEC) in March. A lot of people hope the ETFs get approved as they could push the price up exponentially by adding more liquidity to mainstream investors. Just recently the financial asset management firm Needham & Company gave its opinion of the situation within its latest report. “The other major group of concerns that the SEC has published revolve around market dynamics,” said Needham & Company measuring some of the questions the SEC may be raising.
Government Officials in Hawaii Believe Bitcoin is Great for Tourism
This past week it was revealed that politicians from Hawaii really like Bitcoin. Hawaiian House Representatives Chris Lee and Mark Nakashima have sponsored House Bill 1481. The new cryptocurrency and blockchain legislative Bill states, “Digital currencies such as Bitcoin have broad benefits for Hawaii. A large portion of Hawaii’s tourism market comes from Asia where the use of Bitcoin as a virtual currency is expanding. Hawaii has the unique opportunity to explore the use of blockchain technology to make it easier for visitors to consume local goods and services and to drive the tourism economy.”
A New Blockchain Ethereum Group Emerges
A new organization is in the works focused on Ethereum with many firms consisting of JP Morgan, Microsoft, Banco Santander, CME Group and more. According to Coindesk, the initiative will also involve groups like the Ethereum Foundation, BlockApps, Brainbot Technologies, ConsenSys, and more Ethereum-based camps. "There will be an announcement in the near future," BlockApps' James Moreau told Coindesk. This new establishment may bolster the Ethereum market once again in the future.
DARPA Goes Blockchain
The Defense Advanced Research Projects Agency is also known as DARPA is focused on exploring distributed ledger technology. The agency believes blockchain tech may enhance security systems and cease cyber breaches in the future. Furthermore, DARPA project manager Tim Booher believes it will eliminate these types of cyber attacks. As far as the benefits blockchain adds, “There are whole categories of attacks that would be no longer valid,” said Tim Booher, a project manager at DARPA in Arlington, Virginia. “It would be like a warehouse where the guard checks every file cabinet every second.”
Conclusion
Throughout the next week, the Bitcoin community is sure to be focused on watching China’s moves with Bitcoin. So far there have been significant changes as far as trading is concerned, but Bitcoin’s fiat value has remained unscathed and trucks on. The resilience of the Bitcoin network has been astounding for the past eight years and this year will be no different. Tune in next week!
Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.