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South Korea to Examine Altcoin Listings on Exchanges Due to High Risks

In order to reduce the potential risks for investors, South Korea’s officials will look into the listing processes of altcoins on exchanges.

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The significant rise of the altcoins in price and popularity has raised concerns among South Korean officials. The nation’s bank association has advised its members to investigate the rapidly growing number of alternative coins available for trading on crypto exchanges.

South Korea Warning for Altcoins

Although bitcoin is well in green since the start of the year, 2021 is so far going towards the altcoins. Multiple coins have skyrocketed in value in recent months, leading to consecutive all-time highs – just for reference, five out of the top ten marked new records in the past 24 hours alone.

Furthermore, others that seemingly have little-to-no value behind them, like Dogecoin and copycats such as SHIBA INU, have blossomed after reaching the main stage. Double- and even triple-digit returns have become the “new normal,” which attracts the masses.

Taking advantage of these trends, crypto exchanges are rushing to list the new hot coin. This seems to have become a real issue in South Korea, though, according to a local report.

It informed that the bank association believes the rapidly growing number of altcoins on local exchanges is increasing the risks for investors. Consequently, it advised its members to examine the listing processes to “gauge the trading capacity of an exchange, in an apparent move to reduce exposure to risks.”


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“One of the criteria that we recommend is the safety of digital assets, and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on more risks.” – commented an official of Korea Federation of Banks.

The coverage outlined the rapidly growing trading volume of alts compared to bitcoin. The largest local crypto exchange – Upbit – saw a BTC trading volume of just 4.26%, while the altcoins were responsible for the remaining more than 95%.

Regulations in South Korea

The East Asian country has been quite active in terms of establishing a legislative framework around the cryptocurrency industry lately.

Back in March, the authorities implemented a new rule suggesting hefty penalty standards and fines for all virtual asset services providers (VASPs), including exchanges, that fail to report suspicious transactions and keep relevant data.

As a result, some trading venues halted their South Korean branches, including OKEx Korea and Binance Korea.

Separately, the country plans to implement a 20% capital tax on profits made by crypto trading.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/south-korea-to-examine-altcoin-listings-on-exchanges-due-to-high-risks/

Blockchain

The President of Tanzania Urges Central Bank to Start Exploring Bitcoin and Other Digital Assets

It has been recently revealed that the president of Tanzania wants the Central Bank of the country to start exploring Bitcoin and other digital assets.

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It has been recently revealed that the President of Tanzania Samia Sukuhu Hassan wants the Central Bank of the country to start exploring Bitcoin and other digital assets. With this, it can be assured that Tanzania is appearing to be the latest emerging economy poised to embrace Bitcoin and other crypto assets.

President Samia Sukuhu Hassan Urges Central Bank to Get Ready for Bitcoin

The Tanzanian President Samia Suluhu Hassan has recently urged the Central Bank of the country on June 14, 2021, to start exploring adapting to cryptocurrency assets and Bitcoin.

She laid an emphasis on the growing impact of these crypto-assets on global finance and stated:

“We have witnessed the emergence of a new journey through the internet.”

In addition to this, she highlighted the lack of crypto acceptance and development in the East African region and said:

“Throughout the region, including Tanzania, they have not accepted or started using these routes. My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”

South Africa Also Planning to Regulate Digital Assets Trading

As it has been recently revealed, South Africa has laid the foundation for finance watchdogs to set crypto-asset controls, as the country is looking forward to restraint surging cases of fraud and improve the management of cross-border flows.

The Intergovernmental Fintech Working Group of the nation said:

“Crypto-assets will be brought into the South African regulatory purview in a phased and structured manner. It is, however, reiterated that with or without regulation, crypto-assets remain inherently risky and volatile.”

In addition to this, the IFWG stated:

“The dynamic development of the crypto market must continue to be pro-actively monitored, including maintaining knowledge on emerging international best practices through standard-setting bodies.” 

READ  Bitcoin and Ethereum Indexes Launched by the S&P Dow Jones Indices

#Bitcoin #Digital Assets #Samia Sukuhu Hassan #South Africa #Tanzania

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/the-president-of-tanzania-urges-central-bank-to-start-exploring-bitcoin-and-other-digital-assets

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Blockchain

The President of Tanzania Urges Central Bank to Start Exploring Bitcoin and Other Digital Assets

It has been recently revealed that the president of Tanzania wants the Central Bank of the country to start exploring Bitcoin and other digital assets.

Published

on

Table of Contents

Rate this post

It has been recently revealed that the President of Tanzania Samia Sukuhu Hassan wants the Central Bank of the country to start exploring Bitcoin and other digital assets. With this, it can be assured that Tanzania is appearing to be the latest emerging economy poised to embrace Bitcoin and other crypto assets.

President Samia Sukuhu Hassan Urges Central Bank to Get Ready for Bitcoin

The Tanzanian President Samia Suluhu Hassan has recently urged the Central Bank of the country on June 14, 2021, to start exploring adapting to cryptocurrency assets and Bitcoin.

She laid an emphasis on the growing impact of these crypto-assets on global finance and stated:

“We have witnessed the emergence of a new journey through the internet.”

In addition to this, she highlighted the lack of crypto acceptance and development in the East African region and said:

“Throughout the region, including Tanzania, they have not accepted or started using these routes. My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”

South Africa Also Planning to Regulate Digital Assets Trading

As it has been recently revealed, South Africa has laid the foundation for finance watchdogs to set crypto-asset controls, as the country is looking forward to restraint surging cases of fraud and improve the management of cross-border flows.

The Intergovernmental Fintech Working Group of the nation said:

“Crypto-assets will be brought into the South African regulatory purview in a phased and structured manner. It is, however, reiterated that with or without regulation, crypto-assets remain inherently risky and volatile.”

In addition to this, the IFWG stated:

“The dynamic development of the crypto market must continue to be pro-actively monitored, including maintaining knowledge on emerging international best practices through standard-setting bodies.” 

READ  SandBox Price Prediction 2021-2025: SAND Token Can Hit $1 by 2025

#Bitcoin #Digital Assets #Samia Sukuhu Hassan #South Africa #Tanzania

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/the-president-of-tanzania-urges-central-bank-to-start-exploring-bitcoin-and-other-digital-assets

Continue Reading

Blockchain

The President of Tanzania Urges Central Bank to Start Exploring Bitcoin and Other Digital Assets

It has been recently revealed that the president of Tanzania wants the Central Bank of the country to start exploring Bitcoin and other digital assets.

Published

on

Table of Contents

Rate this post

It has been recently revealed that the President of Tanzania Samia Sukuhu Hassan wants the Central Bank of the country to start exploring Bitcoin and other digital assets. With this, it can be assured that Tanzania is appearing to be the latest emerging economy poised to embrace Bitcoin and other crypto assets.

President Samia Sukuhu Hassan Urges Central Bank to Get Ready for Bitcoin

The Tanzanian President Samia Suluhu Hassan has recently urged the Central Bank of the country on June 14, 2021, to start exploring adapting to cryptocurrency assets and Bitcoin.

She laid an emphasis on the growing impact of these crypto-assets on global finance and stated:

“We have witnessed the emergence of a new journey through the internet.”

In addition to this, she highlighted the lack of crypto acceptance and development in the East African region and said:

“Throughout the region, including Tanzania, they have not accepted or started using these routes. My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”

South Africa Also Planning to Regulate Digital Assets Trading

As it has been recently revealed, South Africa has laid the foundation for finance watchdogs to set crypto-asset controls, as the country is looking forward to restraint surging cases of fraud and improve the management of cross-border flows.

The Intergovernmental Fintech Working Group of the nation said:

“Crypto-assets will be brought into the South African regulatory purview in a phased and structured manner. It is, however, reiterated that with or without regulation, crypto-assets remain inherently risky and volatile.”

In addition to this, the IFWG stated:

“The dynamic development of the crypto market must continue to be pro-actively monitored, including maintaining knowledge on emerging international best practices through standard-setting bodies.” 

READ  Bitcoin May Lose Its Struggle to be Adopted as the World’s Reserve Currency

#Bitcoin #Digital Assets #Samia Sukuhu Hassan #South Africa #Tanzania

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/the-president-of-tanzania-urges-central-bank-to-start-exploring-bitcoin-and-other-digital-assets

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Blockchain

MATIC, DOGE & ADA Price Jumps High, Is this A Bull Run Or A Fake Breakout!

crypto price today

The post MATIC, DOGE & ADA Price Jumps High, Is this A Bull Run Or A Fake Breakout! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Polygon(MATIC) Price Jumps More Than 12% Polygon price in recent times adopted a silent trend and steep plunges. However, it sustained above $1 levels, showcasing a huge tendency to jump towards the lost positions above $2. However, the recovery path may not be much easier, yet a steady rally may accomplish the mission soon. The …

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Polygon(MATIC) Price Jumps More Than 12%

Polygon price in recent times adopted a silent trend and steep plunges. However, it sustained above $1 levels, showcasing a huge tendency to jump towards the lost positions above $2. However, the recovery path may not be much easier, yet a steady rally may accomplish the mission soon.

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matic chart

The price bounced above the strong trend line and climbed high above $1.5. The currency appears to have inculcated a strong bullish momentum and hence regain the lost positions is imminent. 

At the time of writing, the MATIC price is $1.53 with a massive jump of 11.64% since the previous trading day. The price after the mammoth recovery from the mid-may crash was expected to smash levels above ATH. Woefully, the price slides towards the north rejecting the bullish trend. 

Technical Specifications

  • The resistance levels are at $1.875
  • The support levels are at $1.32
  • The indicators point out at a buy signal

Also Read: Polygon Rise to the Top, Is $3 on Cards For MATIC Price?

Dogecoin Price Gaining Bullish Momentum

Dogecoin price since Elon Musk’s SNL snub incorporated a narrow trend and hardly surged above $0.34. Each time it attempts hard to rise above $0.35, a notable drain drags the price below $0.326 regions. 

However, the recent plunge slashed the price below $0.3 levels, however, a remarkable retrace uplifted the price above $0.32 levels. The jump in the trading volume with more of the green candles called out for a healthy rally. 

doge chart

The constant surge from the past couple of days helped the asset to build some bullish momentum. And therefore, an uptrend appeared to be on the cards where-in the targets were set a little far from the current levels around $0.3282.

Technical Specifications

  • The resistance levels are at $0.3487
  • The support levels are at $0.3063
  • The indicators point out towards a sell signal

Also Read: The Last Buy At The Dip For Dogecoin Price, Pile Up Before It Propels

Cardano Price Poised To Hit New Highs Soon

Cardano price despite a steep market plunge sustained above $1.3 levels and showcased a form of stability. However, it also experienced a drain but failed to revisit the lower levels as the volume remained considerably high. 

ada chart

The price in the hourly chart has formed a tiny bullish flag where-in an uptrend may be following shortly. Interestingly, the RSI levels also touched the upper and the lower levels but maintained within the average zone.

The steady trading volume signifies the maintained user’s interest within the Cardano ecosystem that helped to stabilize the price to some extent. At the press time, the ADA price is $1.56 with a jump of 5.06% very close to recovering the previous week’s losses.

Technical Specifications

  • The resistance levels are at $1.7
  • The support levels are at $1.48
  • The technical indicators are currently neutral

Also Read: Cardano Price Poised to Hit $3 By July End! Here are the Crucial Support levels

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/price-analysis/matic-doge-ada-price-swell-high/

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