This whole month has proved to be of a total excitement for the crypto community.The market price fluctuations, Bitcoin ETF proposal, Exchange Traded Funds, Bitcoin ETF rejection etc. The SEC’s rejection for the Winklevoss Brother’s Bitcoin ETF proposal for the second time hit the crypto market very drastically. There are a lot more exciting things in brief that happened in this week so that you can stay updated.
South Korea and the investigation Bureau
The Top financial regulators named FSC, in South Korea is planning for a special investigation bureau for the crypto regulation implementations. In addition, a deed with the regulatory authorities in China is also to made as per this plan related to the crypto and ICO’s more strict regulations.As per an FSC official :
“This new investigation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as Digital Currencies.”
The Annual G20 Meet In Alaska
Twenty representatives of the global economy met in Argentina this weekend. Cryptocurrencies was also a topic of this discussion in which the G20 members stated that digital currencies do not pose a threat to the stability of the financial economy.
During the G20 discussion held at Argentina, the Finance ministers along with the central bankers from the G-20 states reiterated their hold on the belief that digital currencies does not risk the economic stability of the country and if it does, the Financial Action Task Force is to clarify by October that how these Illicit standards apply to crypto currencies in detail.
Current cryptocurrencies status in India
On the last hearing on July 20th, the IAMAI petition against the RBI’s ban was represented by Advocate ‘Gopal Subramanium’ while Advocate Shyam Divan appeared for RBI. As per Divan statement in court, allowing dealings in cryptocurrencies will encourage increased illicit activities in the country.
The supreme court of India was supposed to hear all of the petitions relating to cryptocurrencies on July 20 and give a final decision. However, due to some reports required by the court were not made available by the other government bodies, and hence a further final disposal date of Sep. 11 was issued.
Microsoft to enter into the blockchain technology world
Singapore airlines in partnership with the tech giant company microsoft corporation and KPMG has developed a blockchain based walled named ‘KrisPay’.
The airlines in a press release stated that the customers who sign up with the loyalty program will be able to download an app to a mobile phone. These customers will then be able to convert their miles into KrisPay units and then further user these KrisPay units at various retailers end for a wide range of things by simply scanning and paying via a QR code.
Crypto Market Downfall and Bitcoin ETF rejection
The U.S Securities and Exchange Commission ‘SEC’ in a press release on 26th July, has second time rejected the Bitcoin ETF proposal application filed by Tyler and Cameron Winklevoss also known by the name of Winklevoss brothers. The SEC made its decision to deny Bitcoin trade shares as an ETF due to various security issues involved with the cryptocurrency.. This decision by SEC was important to the investors and traders waiting impatiently for a long time to get more regulatory clarity about its global acceptance.This decision by SEC led the market downfall.
Cryptocurrencies Price Update For Today
The two major cryptocurrencies ‘Bitcoin and Ethereum’ are down today since yesterday. However, the market seems to be stabilizing for now. The price of Bitcoin for today is $8,189.7 USD which is 0.06% lower than yesterday while Ethereum at a price of $465.12 USD with 0.85% lower than yesterday.