This week the world of bitcoin and cryptocurrencies was exciting, as usual, as there typically is never a dull day in this environment. A vast majority of bitcoiners focused in on the statements of JP Morgan’s chief executive Jamie Dimon when he called bitcoin a “fraud.” Following this, some bitcoin proponents figured out JP Morgan Securities Ltd. purchased a bunch of bitcoin-based exchange-traded notes for clients. After that, a company filed a complaint with Swedish financial regulators saying that JP Morgan and boss Jamie Dimon manipulated the market.
Coinmama’s Weekly Roundup
Ethereum Pushes Back Byzantium Hard Fork
The Ethereum network plans on doing a hard fork in the near future which will be the first installment to its overall roadmap called “metropolis.” This hard fork will be called “Byzantium,” and is slated to happen this October. The fork was expected to take place during the first week of the month but has been pushed back by developers. Lead Ethereum developer, Vitalik Buterin, explained the fork is not an “emergency.” Currently, the fork is now scheduled to take place roughly around October 17 or block height #437000000.
The Proposed 2018 European Union’s Budget Plan Seeks Millions for Blockchain Technology
According to public records, the European Union's 2018 budget is asking for millions for blockchain research and development. One of the project includes a Wi-Fi initiative that would enable free Wi-Fi across the EU for residents. The report goes on to state, "As a starting point, the project will aim at underpinning the voucher scheme of the Wifi4EU project with blockchain technology, allowing for transparent and traceable payment of EU funds to the private companies, which install the Wifi4EU infrastructure. It will also provide the citizens with the tools to examine the transactions registered in the ledger.” The European Union alongside many other countries worldwide have been very interested in blockchain technology lately.
Canadian Company Evolve Applies for Canada’s First Bitcoin ETF
Reports detail that the Toronto based startup Evolve funds plans on creating a bitcoin-based exchange-traded fund (ETF) in Canada and hopes it will be approved to be listed on the Toronto Stock Exchange (TSX). The new ETF will be called “BITS, ” and the company hopes it can provide mainstream market shares of bitcoin to ordinary investors. Raj Lala, the founder of Evolve Funds, explains, “accessing bitcoin is not easy for many and it’s is a very complicated and expensive process as investors are currently unable to trade them in a regular brokerage account.” Canada is one of many countries that may see a cryptocurrency exchange-traded fund in the near future.
Russia’s Central Bank is Hesitant Towards Cryptocurrencies
Recently it seemed Russia is getting more friendly towards bitcoin and cryptocurrencies, well everyone except the head of the central bank, Elvira Nabiullina, appears to think it will hurt the bank. Russian President Vladimir Putin attended the meeting alongside other government officials concerned with the development of cryptocurrency legislation in the country. Nabiullina detailed the bank does not favor digital currencies because it will make them lose control with “money flows from abroad.” Later that week Nabiullina stated, “The use of cryptocurrency as a monetary surrogate is actively proposed for the calculation of goods and services, in our view, this has the risk of undermining monetary circulation and, of course, we will not allow the use of cryptocurrency as a money substitute.” It’s uncertain how the meeting will affect upcoming decisions towards bitcoin and other virtual currencies.
Mega Credit Card Giant Mastercard Looks to Blockchain Technology
The credit card processing firm Mastercard is looking into the prospects of distributed ledger technology and may integrate it into its global payments system. According to public records obtained from the U.S. Patent and Trademark Office (USPTO), Mastercard wants to create a “uniform settlement system" based off of Blockchain technology. “In some embodiments, the ledger may be a blockchain configured to store the associated data. ... In the system, the data values may include the purchase orders, invoices, transaction data, and other data stored in the ledger as discussed herein,” explains Mastercard’s patent with the USPTO.
Overall cryptocurrency proponents are optimistic about the future of the technology beyond regulatory hurdles and statements from traditional bankers like Jamie Dimon. September is coming to an end, and we have one more month until November’s planned Segwit2x hard fork in which there is still opposition. Even with Core developers not giving the project their blessing Segwit2x developers like lead programmer Jeff Garzik state the plan is still scheduled. At the moment the Segwit2x working group has over 90% of the hashrate willing to fork the network and a long list of businesses as well.
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.