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Bank of England says Stablecoins Need the Same Ordinance as Banks

The Bank of England has recently stated that stablecoins need to be regulated the same way as the payments are regulated by the banks.

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The Bank of England has recently stated that stablecoins need to be regulated the same way as the payments are regulated by the banks. BoE revealed today that the payments executed through stablecoin should fall under the same mandates that the transactions that are handled by financial institutions.

Bank of England Suggests Stablecoins Regulation

Discussing further on issuing its own Central Bank Digital Currency (CBDC), the Bank of England said that the body has not yet made a solid decision on whether they are going to issue a CBDC or not.

Andrew Bailey, the Governor or BoE recently released a statement regarding the anticipation  of stablecoins as a method of payment that read:

“The prospect of stablecoins as a means of payment and the emerging propositions of CBDCs have generated a host of issues.”

Continuing the statement and mentioning the future of digital money, Andrew said:

“It is essential that we ask the difficult and pertinent questions when it comes to the future of these new forms of digital money.” 

Bailey also referred to the equivalence standards that both the digital currency and bank money should meet and said:

“Stablecoins used as money should meet equivalent standards as those provided by commercial bank money, otherwise known as bank deposits.”

BoE Continues to Stride With Caution with the Latest Digital Money

The United Kingdom Head of Fintech at the law firm Linklaters, Richard Hay said:

“The Bank of England is taking pains to tread carefully. But the more energy the Bank spends on this question, the more likely it is that we will see some form of a digital pound made reality.”

In addition to this, an in-depth discussion paper was published by the Bank of England surrounding the topics ranging from the prospect of CBDC to stablecoins.

READ  Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next?

#Bank of England #Stablecoins

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/bank-of-england-says-stablecoins-need-the-same-ordinance-as-banks

Blockchain

Central Bank of Portugal Grants Allowance to Local Crypto Exchanges 

The Central Bank of Portugal (Banco de Portugal) has recently granted operating licenses to the local crypto exchanges for the very first time.

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The Central Bank of Portugal (Banco de Portugal) has recently granted operating licenses to the local crypto exchanges for the very first time. Mind the Coin and Criptoloja are the two exchanges that have been granted allowances and are now classed as virtual assets service providers.

Central Bank of Portugal Classifies Criptoloja and Mind The Coin as VASPs

Following the recent announcement by the Central Bank of Portugal, Criptoloja and Mind the Coin has been classified as the only two virtual assets service providers issued on their official website.

Well, this is not a sudden decision as the decision of the Central Bank of Portugal has been nine months in the making and Criptoloja has recently made their initial registration back in the month of September of the year 2020.

The license provides permission to Criptoloja and Mind the Coin to execute the exchange services between the fiat currencies and virtual assets. 

As witnessed throughout history, Portugal has been considered one of the most crypto-favoring countries in Europe.

In addition to this, Jean Galea, the investor, and blogger revealed back in the month of May that the nation is on the path of becoming a haven for all the individuals who are involved in the crypto space due to the exemption of VAT and taxes on the capital gains in the country.

Tehran Government Prohibits IBA Following Several Accusations

The Tehran government has reportedly blocked all the activities of the Iran Blockchain Association, IBA, on Sunday following the various accusations including that the association was executing operations against its own articles of association.

Along with this, the IBA was ordered to submit explained reports about how it is doing financially and its activities to the Social Affairs Organization of Iran.

In response to this, the Head of the IBA, Sepehr Mohammadi said that the newly issued notice was neither received by the association nor its board members. He commented:

“Obviously, vested interests will do anything to stop IBA’s efforts. They managed to publicize the notice before IBA was informed.”

READ  Cayman Islands’ Legislative Assembly Gazettes VASP

#Central Bank of Portugal #Crypto-exchanges #Operating License

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/central-bank-of-portugal-grants-allowance-to-local-crypto-exchanges

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Blockchain

REV Technical Analysis: Price Testing $0.0111, Reversal Likely Tomorrow

REV price has tested and fallen below the 23.6% FIB retracement level of $0.0111. The price may soon fall below the 23.6% FIB extension level of $0.0109 as well. If the price retests and breaks out of these levels in a few hours, then probably a price uptrend has set in. In that case, we can expect the price to rise tomorrow as well.

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Revain is a blockchain-based review and rating platform where users can voice their opinions, rate and review products, and discover new products as well. Users can receive REV tokens as rewards or incentives for high-quality reviews. This ecosystem is powered by AI technology to filter out low-quality reviews, conduct plagiarism checks, and identify the best reviews eligible for winning rewards. Let us look at the technical analysis for REV as below.

Past Performance

On Jun 14, 2021, REV opened at $0.01. On Jun 20, 2021, REV closed at $0.01. Thus, in the past week, there has been no significant change in the REV price. In the last 24 hours, REV has traded between $0.011-$0.0114.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/rev-technical-analysis-price-testing-0-0111-reversal-likely-tomorrow.png

https://zephyrnet.com/wp-content/uploads/2021/06/rev-technical-analysis-price-testing-0-0111-reversal-likely-tomorrow.png

READ  Bithumb Global Introduces Market Trading Services

Day-Ahead and Tomorrow

Currently, REV is trading at $0.011. The price hasn’t changed much from the day’s opening price of $0.01. Thus, the market seems neutral with equal pressures exerted by the bulls and the bears.

The MACD and signal lines have converged with the zero line and may turn negative soon.  Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 47%. It faced rejection at 50% and fell to the current level. Hence, selling pressures are high. Thus, the RSI indicator is giving further credence to the bearish signals shown by the MACD oscillator.

However, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. High buying activity will exert upward pressure on the REV price. There is bullish divergence here.

READ  Rashida Tlaib Introduces Digital Wallet in the ABC Act

In short, when we look at all three oscillators together, we can say that the overall market momentum is negative. However, we can expect a trend reversal soon as heavy buying volumes are likely to weaken the bearish trend.

REV Technical Analysis

Currently, the price is below the third Fibonacci pivot resistance level of $0.0112. It may soon fall below the Fibonacci pivot point of $0.0108. Thereafter, we have to wait and watch if the price resumes its upward journey or falls further.

The price has tested and fallen below the 23.6% FIB retracement level of $0.0111. The price may soon fall below the 23.6% FIB extension level of $0.0109 as well. If the price retest and breakout of these levels, then probably a price uptrend has set in. In that case, we can expect the price to rise tomorrow as well.

READ  Ethereum Price Analysis: ETH Loses Daily Uptrend as Big Move Imminent

#REV #Revain

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/rev-technical-analysis-price-testing-0-0111-reversal-likely-tomorrow

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Grayscale’s Massive 16K BTC Unlocking Could Enhance Price Volatility

Grayscale, the largest Bitcoin fund is gearing up to release shares equivalent to 16,000 BTC in the market, fuelling fears of enhanced volatility.

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As Bitcoin drops below $34,000 and July draws near, traders believe the flagship cryptocurrency is headed for a bumpy ride, owing in no small part to Grayscale’s substantial BTC unlocking. The largest Bitcoin fund is gearing up to release shares equivalent to 16,000 BTC in the market, fuelling fears of enhanced volatility.

Grayscale BTC Unlocking Could Spike Volatility

The Grayscale Bitcoin Investment Trust was founded in 2013 to enable institutional investors to gain exposure to BTC through its share offering, without caring for the management and storage of these holdings. This means an investor never directly owns a Bitcoin but shares of the fund, each of which represents the ownership of 0.092 BTC.

In exchange for GBTC, investors pay a 2% commission to the fund and agree to its policies, one of which dictates that their investment would be locked up for a minimum of six months. As a result, GBTC holders have to wait for half a year before they can cash out the return on their investments.

The fund’s increasing popularity has drawn many accredited investors to GBTC in the last two years. Subsequently, some of them had their investments unlocked recently. However, the giant unlocking on June 18 will see the fund release more than 16,000 Bitcoins, estimated to be worth $650 million.

It remains unclear whether investors will dump their assets in response to the upcoming BTC release, but the rise in the asset’s liquidity has the potential to trigger price volatility.

Bitcoin Mining Hash Rate Declines To Its Lowest In 180 Days

China’s crackdown on crypto mining operations within its territory is making a dent in the industry. Large-scale bans have resulted in a steep fall in the Bitcoin network’s tera hashes per second(TH/s). In the last 24 hours, the network performed 127.65M TH/s compared to its all-time high of 180.66M TH/s on May 14.

The Chinese authorities have been steadily tightening their grip around mining companies. Several provinces such Xinjiang, Qinghai, and most recently Sichuan have been directed to discontinue power supply to operations associated with mining. The country has also prohibited financial institutions from offering services related to crypto trading.

Mining operations for AntPool, Foundry USA, SlushPool, and OKKONG, were impacted heavily by the recent moves. Meanwhile, the Huobi mining pool managed to attain an exceptional 10.74% growth in its computing power.

With work on the Central Bank Digital Currency(CBDC) underway, China aims to be at the forefront of blockchain technology by 2025. At the moment, China is offering CBDC to its citizens via digital yuan lotteries. A total of 200,000 red packets are up for grabs, with each packet containing 200 yuan. The country has also updated 3,000 ATMs in Beijing to accept digital yuan, along with two banks that are already providing exchange services.

READ  Bitcoin Could Reach $100,000 Despite Recent Correction: Peter Brandt

#Bitcoin #Bitcoin hash rate #GBTC Unlock #Grayscale Bitcoin Trust (GBTC)

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/grayscales-massive-16k-btc-unlocking-could-enhance-price-volatility

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Coinbase-backed Crypto Financial Startup Amber Group Raises $1B Investment Round

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Coinbase-backed cryptocurrency financial services company Amber Group raise worth $1 billion in funds, aiming at providing investors with many different cryptocurrency products for investment.

The latest funding round continues a flurry of funding activity in the cryptocurrency sector. The financing was led by the well-known investment China Renaissance. In addition to Coinbase, other investors include Tiger Global Management, headquartered in New York. Amber Group has raised $100 million before this round of financing as investors rush to back companies in the industry. 

This Hong Kong-based cryptocurrency financial services startup company stated that the new funds raised this time will be used for strategic acquisitions, such as cybersecurity. In order to fulfil regulatory safety and compliance, acquisition targets mainly focus on companies with regulatory licenses in certain jurisdictions.

Michael Wu, CEO of Amber Group, said:

“I think regulation is always a challenge for this industry because it’s a very global industry. It’s always about staying ahead or at least staying aware of the different regulations. We always take a very conservative approach to that.”

The CEO also said the fresh capital raised would be used to “hire even more aggressively” and to make strategic acquisitions in areas such as cybersecurity.

According to PitchBook data, in Q2 of this year, the total amount of venture capital investment in cryptocurrency and blockchain startups was approximately $14 billion, compared to $600 million in the same period last year.

With the participation of institutional investors and large companies, both ordinary investors and institutional investors have increased their interest in cryptocurrencies, especially Bitcoin, this year.

Amber Group’s revenue mainly comes from the so-called net interest margin, a measure of lending profitability, to make profits, which takes 70%~80%. The main model is to accept customer deposits and provide deposit interest rates and then lend funds to other entities with a higher interest rate. About 15% of revenue comes from transaction fees.

Amber Group CEO Michael Wu said the company is bringing a “private banking experience to everyday customer.”

The group’s current main service targets are primarily institutional investors and wealthy people, providing products, including services such as algorithmic trading and lending products. In addition, the company is striving to gain individual investor customers. And it is expected to achieve $500 million in revenue by the end of this year.

Wu stated that:

“We don’t advocate heavy speculation or high use of leverage, rather we want our customers to be more long term, focus on risk management and get stable and attractive yield.” 

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/coinbase-backed-crypto-financial-services-startup-amber-group-raises-1b-investment-round

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