Headlines for the world of Cryptocurrencies - July 14, 2018
Binance CEO's Response To Ethereum Founder's Statement About Centralized Exchanges
In an interview, Vitalik Buterin has expressed his dislike on centralized exchanges, telling the interviewer that he hopes they 'burn in hell'.
Due to his influence, his statement echoed throughout the crypto community and have reached Changpeng Zhao (CZ), the CEO of Binance, one of the largest crypto exchanges in the world.
Zhao pointed out that in reality there is no absolute decentralization as there will always be a team or person that can influence events and outcomes in the crypto space.
He also added that decentralization is not always safer by default. However with his rebuttal he says that he is also for blockchain, decentralization and freedom as centralized and decentralization will continue to co-exist and will complement each other.
President Trump Forms Task Force For Cryptocurrency Investigations
The President of the United States, Donald Trump, has created a task force that will help in developing guildelines for cryptocurrency fraud and investigations.
The executive order called” Task Force on Market Integrity and Consumer Fraud” will be focusing on consumer fraud and cryptocurrencies are listed as one of the areas the task force will be looking at.
This was in response to findings that some illegal activities in the financial system in one way or the other have involved cryptocurrencies.
Cryptocurrencies do not pass through the traditional financial system that is regulated by governments which make them harder to track and investigate.
With this initiative and the intensifying effort of other government entities, the government of US wants to curb out illegal activities in the space such as market manipulations, money laundering and terrorism financing.
India May Avoid Crypto Ban
An anonymous official from the government of India has access to the ongoing talks on how to regulate cryptocurrencies.
He/she expresses optimism that the new asset class will not be banned all together.
This is despite the Reserve Ban of India issued a circular that will ban all regulated financial institution in the country from processing cryptocurrency transactions of their customers.
The senior official reveals that they are looking into how to regulate the new asset class properly in order to protect consumers.
He reveals that the working group might classify cryptocurrencies as commodities which will enable them to regulate trade more effectively.
The statement comes in a timely manner to soothe widespread fear of crypto consumers, investors and proponents.
New York Trying To Attract Crypto Miners
Due to the abundance of cheap electricity in New York, the state uses this opportunity to attract more crypto miners to setup their companies int he state.
State regulators have approved a new rate structure that will enable crypto miners take advantage of lower rates.
The municipal utility of Massena will review that rate structure to protect existing customer from any rate hikes as a result of crypto miners operations in the area.
New York is trying to strike a balance between attracting new business and protecting residents from rising energy cost.
New York State Department Public Service Chair John Rhodes states that they will ensure that business owners will pay fair share of electricity.
More of the news can be found here: [Bloomberg]
Law Makers Will Discuss If Crypto Is The Future of Money
The U.S. House of Representatives Financial Services Committee has announced that they will host a hearing that is centered on cryptocurrencies.
The hearing will be called as “The Future of Money: Digital Currency” and will be held on July 18, 2018. The proceeding will be streamed live in its website.
The full list of particpants is yet to be release at press time but the Committee chair has been known to be Jeb Hensarling.
Most of the previous hearing about cryptocurrencies were focused on terrorism financing and fraudulent investments but this time around, the hearing will focus on the merits of cryptocurrencies as a utility that can be use as a form of money.
This comes in a timely manner as there is a surging interest on cryptocurrencies as a form of financial mechanism.
More of the news can be found here: Coindesk
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@cryptowarrior88 Indian crypto community is under the threat of RBI and Government. Indian govt is playing with the emotions of citizens and clearly not announcing anything about crypto. Sometimes they talk about regulations, sometimes they don't allow banks to continue relation with crypto exchanges. But crypto is still working in India and will continue to work. Bitcoin and crypto is not limited to India and its a global one. So Indian govt won't be able to ban it.
@lets-steemit I definitely agree with you. The news outlets are in fact making it worse. It is good to have fellow crypto enthusiasts like you who is also following on the situation in India. Most likely, in the near future they will not make the grave mistake of blanket banning cryptos like China did. I won't even be surprised if the Chinese government changes its viewpoint against cryptos in the next 1-2 years.
Wow..you got some news from India as well. Thanks. Indian Exchanges are working as normal so really no effect of crypto ban.
Great to hear that from you my friend! I hope we can both spread word with regards to the real status of cryptocurrencies in India.
That last part about US lawmakers bringing attention to crypto is going to be very important. The more that US regulators and lawmakers examine Bitcoin and other related technologies the better off the space will be long term.
I definitely agree. It is better this time since they would be focusing on the positive things crypto can bring to the current financial systems. I think everyone should already mature from the "money laundering, terrorism financing" viewpoint against bitcoin and cryptos.