Cryptocurrencies Thriving In South Africa

South Africa’s interest on cryptocurrencies has not decreased even the following dismal performance of the new asset class for most part of the year.

In fact the second-largest economy in Africa is experiencing cryptocurrency boom with statistics showing a continued interest of internet search for Bitcoin and other cryptocurrency in the country.

One of the reasons for this might be attributed to the gradual decline of its fiat currency, Rand, which has hit a six-month low in June.

This might have shifted the focus of South Africans to cryptocurrencies especially Bitcoin.

To this effect crypto exchanges like Luno and Paxful are experiencing record level of patronage.

Currently the banking sectors view cryptocurrencies as not recognized by law however there are new regulatory frameworks being worked on to regulate and to legitimize more the space.

Two Crypto Exchanges Approved In The Philippines

The Philippine Central Bank (BSP) have announced that it has approved two new cryptocurrency exchanges in the Philippine enabling Philippine Peso-to-Crypto conversion.

The Deputy Governor of BSP, Chuchi G. Fonacier has approved the applications filed by Virtual Currency Philippines Inc. and Etranss.

This two new approval indicates that there will be a total of about 5 cryptocurrency exchanges now operating in the Philippines which includes Betur Inc. (Coins.ph), Rebittance Inc. and BloomSolutions.

There is said to be about 29 pending applications for cryptocurrency exchanges.

It was also revealed by the Agency head that they are refining the application process, as it will no longer be required for crypto exchanges to secure electronic money issuer (EMI) licenses, thus it will ease the application process.

Japanese Crypto Miners Move to Countryside For Cheaper Electricity

Cryptocurrency firms as seen moving to Japan’s rural areas to leverage cheap energy brought about by renewable energy resources and subsidizes from the government.

These rural areas are under-populated and has an abundance of unused factory spaces where local government issues 50% subsidy for the rent of them.

It is said that the conditions Japan’s countryside offers makes them competitive compared to the likes of Iceland, Norway and Sweden, which are very attractive.

Thanks to their low temperatures and an abundance of renewable energy resources that translates to low operating cost.

This enticing environment has convinced one of the country’s cryptocurrency mining firm to move to Fukui, a city with about 250,000 people to leverage its cheap electricity and setup cost.

It also receives subsidy to pay off its rent in the said locality.

NYSE Executive Hired By Gemini Exchange

Top talents from traditional finance are leaning towards digital economy.

With a continuous interest in blockchain and cryptocurrencies one must not be surprise to see global talents migrating to the nascent industry.

Following this trend, Gemini has hired former NYSE executive Robert Cornish as the exchange’s first Chief Technology Officer.

Mr. Cornish is said to head Gemini’s technology team, architecture and strategy for new Gemini Auction and Nasdaq SMARTS Surveillance system.

This will enable Gemini to monitor the prices of cryptocurrencies for Bitcoin Futures Trading on Cboe Future Exchange.

It seems that Gemini’s latest hire will not be the last one as it tries to comply with the slowly developing regulatory requirements and more talent will be needed.

New regulations will usher in a more safe and stable cryptocurrency investing environment which institutional investors are looking for.

Switzerland’s Stock Exchange Will Offer Crypto Service In 2019

As the cryptocurrencies gain more traction worldwide, more and more institution coming from the traditional financial industry has shown interest in burgeoning sector.

Now it appears that Switzerland has taking it to the next level as the Swiss Stock exchange is looking to expand its existing offering to include crypto related services.

SIX Swiss Exchange Chief Executive Jos Dijsselhof, is confident that cryptocurrencies are here to stay although it is hugely unregulated in Europe, its power to disrupt existing financial industry should not be underestimated.

It is interesting to know what will the reaction of FINMA which has shown leniency towards cryptocurrencies and blockchain ventures but having a local exchange is something else entirely.

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