Crypto Corner - July 6, 2018
South Korean Government Legitimizes Crypto Sector, Swiss Stock Exchange Operator to Launch Crypto Exchange, Huobi Opens in Australia and India's Ruling Party Accused of 'Mega Bitcoin Scam'
The total market cap for crypto is $266 billion USD at press time, having fallen roughly $5 billion USD in the last 24 hours, according to data from CoinMarketCap. Bitcoin (BTC), the flagship cryptocurrency, still accounts for about 42 percent of market dominance and is trading just slightly lower than yesterday at $6600 USD.
The government of South Korea is taking steps to legitimize the crypto sector with the introduction of new classification standards for the industry, according to a report on Cointelegraph. The report is based off news from South Korean outlet The BChain, and details the classification system as "a basis for policy making, notably aimed towards "blockchain promotion and regulatory frameworks," and covers areas including blockchain systems construction, decentralized applications (DApps) development, and cryptocurrency exchanges and transactions." Perhaps most notably, the draft redefines crypto exchanges as regulated financial institutions and reflects a more legitimate estimation from the government.
The owner of Switzerland's stock exchange, SIX, is launching a crypto exchange called the SIX Digital Exchange (SDX), which will be regulated by the Swiss National Bank and the country's financial regulator. A company press release quotes SIX CEO Jos Dijsselhof:
"This is the beginning of a new era for capital markets infrastructures. For us it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry. The financial industry now needs to bridge the gap between traditional financial services and digital communities. This is the role that we at SIX can play."
Crypto exchange giant Huobi began operations in Australia with the launch of its platform yesterday. Ten pairs are currently on offer for exchange with the Australian Dollar (AUD) including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum Classic (ETC).
India's Indian National Congress party (INC) alleged a "mega bitcoin scam" on the part of the country's ruling Bharatiya Janta Party (BJP) and requested a Supreme Court-monitored judicial probe, according to the Hindustan Times yesterday. Party leader Shaktisinh Gohil accused the BJP of blackmail and extortion.
"There were reports of the state police blackmailing some businessmen in Surat for extortion and named a former BJP legislator as one of the kingpins."
The INC claims that the BJP were converting "black money through bitcoin transactions" amounting to more than $727 million USD.
Sam Mowers, Investorideas
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