Facebook Reverses Ban On Cryptocurrency

Facebook announced that it is revising its policy on its blanket ban on cryptocurrencies.

Last January of this year Facebook banned all cryptocurrency related advertisement on its social website.

This took effect during the January 2017 run-up and ICO craze and scams were rampant. It states that they are doing so to protect users from fraud and theft.

During the same time it has revealed that Facebook was also looking into blockchain technology to fix Facebook.

The banning faced with a lot of criticism from pundits and speculators alike, that it was part of a bigger plan to push out competitors if Facebook will launch its own blockchain.

With this recent announcement of the revision of policy, they will be allowing cryptocurrency-related services and businesses so long as they are not ICO or Binary Options related.

US Federal Legitimizes Crypto By Including It To Economic Database

The Federal Reserve Economic Data (FRED) government database has added cryptocurrencies into their system.

This was revealed last June 19, 2018 in an announcement published by FRED.

Data was compiled from Coinbase dating back as far as 2014 up to this day.

The data will be updated daily and will include the prices from Bitcoin, Ethereum, Litecoin, and Bitcoin Cash which Coinbase currently offers.

More cryptocurrencies will be added in the future as more currencies get supported in Coinbase.

This may not have significant impact on mass adoption but this simple addition legitimizes cryptocurrencies as a new form of asset class that truly holds value.

Interest On Cryptocurrency To Double At Least According To ING's Survey

A Dutch multinational baking and financial services giant ING has done a research indicating that the interest for cryptocurrency is expected to double.

The 6th annual ING international Survey Mobil Banking that spans almost 15,000 people across 13 European countries, in addition to the United States and Australia.

The survey reveals that 66% have heard of cryptocurrencies but only around 9% own it.

16% of the respondents expects to own some crypto in the future that indicated an uptake of more than 200%.

Given the fact that the 34% have not heard of cryptocurrencies the growth potential could be even higher.

In addition to this it was revealed that 35% of the people in Europe also believe that cryptocurrencies like Bitcoin are the future of online spending and 30% in the same territory are interested in using cryptocurrencies for international online purchases.

Creation of Working Group To Help Blockchain Companies Open Bank Account In Switzerland

Heinz Tannler, the Financial Director of Zug, Switzerland called on the Swiss Bankers Association (SBA) to create a working group to help blockchain companies open bank accounts.

The difficulty of opening accounts of cryptocurrency and blockchain companies in Switzerland prompted Mr. Tannler and the Financial Director of Zurich Ernst Stocker to bring the issue to the attention of the Federal Council Ueli Maurer.

Mr Tannler is reported concerned that that Switzerland will lose out in other countries that have more cryptocurrency friendly regulations.

The said working group is in charged to develop recommendations for banks on how to deal with local blockchain companies in order to open an account. The recommendation will then be consolidated with FINMA.

It was revealed by the Tax Directorate of the Canton of Zug that the reason for lack of legal certainty from banks lies in the necessity of compliance with all financial market regulations, especially with money laundering.

It seems that existing financial regulation in the country are not tailored to accommodate blockchain-based companies.

Crypto-to-Fiat Transactions In The Philippines Grows to $40M Per Month Despite Bear Market

The Central Bank of the Philippines (BSP) has revealed that digital conversion in the Philippines where cryptocurrencies is considered legal tender has hit about $40 million in recent months.

The real number is likely much larger as this only reflects the report of two exchanges that are registered with the central bank.

BSP effectively legalized cryptocurrencies in the Philippines by regulating businesses that convert fiat currencies to digital ones.

BSP recognizes the benefits of using digital currencies to initiate faster and cheaper remittance transactions but however warned of rapid fluctuating values and the potential use for crime and other cyber security risk.

Furthermore BSP is looking at whether exchanges will need to acquire licenses as electronic money issuers on top of the digital currency licenses.

Headlines for the world of Cryptocurrencies - June 27, 2018 Transaction Numbers Is What Matters Most / Another Bitcoin Mining Firm To Go Public In Hong Kong Exchange / Crypto Is A Rebellious Teenager Maturing: Ajit Tripathi Of ConsenSys / 30% More Institutional Investors For Circle Despite Bear Market In May / Bitcoin ETF and Institutional Buyers Are Seen As Catalyst To Cryptos
Headlines for the world of Cryptocurrencies - June 26, 2018 Silicon Valley Whales Buy Millions Worth Of Diamond Using Bitcoin / John Mcafee: Bitcoin Keeps Growing / German TV Channel Set To Disrupt 500 Billion Euro Media Industry / Japan Blockchain Conference 2018 / Japan To Stop Cryptocurrency Criminal Activities
Headlines for the world of Cryptocurrencies - June 25, 2018 Incent Loyalty’s “Bitcoin Pizza” Moment / Bitmain Mining Hashrate At Almost 51 Percent / South Korea Investing Multimillion In Blockchain Technology Development / Blockchain University By Tron Opens Enrollment This Fall 2018