Fiat trading, weakened regulations, and new bans. Read TEOZ Weekly Updates for more information.
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- Weiss Ratings published a list of 93 cryptocurrency ratings
The rating is based on a complex algorithm, the formula of which they keep secret. The user sees the final score from A (highest score) to E (lowest score). No cryptocurrency asset received an A score this time. Also, you can see four columns that are given a score: investment risk, profit potential, technology, distribution.
“Developers need an assessment based on what their cryptocurrency project has achieved in the context of technology and distribution, regardless of market fluctuations. Investors are interested in how much money they can earn or lose. Weiss Ratings is the golden mean of these two parameters, “explained the founder of the agency Martin Weiss.
Let’s compare the Teoz Fund portfolio and the Weiss agency rating (including the rated coins)
No coin has the lowest rating. We also believe that the rating should be expanded, as there are no assets: obviously good projects (for example, 0x and Binance, which are in our portfolio).
Source: https://weisscryptocurrencyratings.com/reports/WCY/pdf/Weiss-Cryptocurrency-Ratings-20180525.pdf
2. The Chinese President endorses blockchain as an economic breakthrough
The President of the People’s Republic of China Xi Jinping appreciated the potential of blockchain technology. This opinion was expressed by the leader of China at the annual scientific conference organized by the Chinese Academy of Sciences.
“Ever since the start of the 21st century, a new generation of the industrial revolution is substantially reshaping the global economic structure … with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.”
We can expect that China will resort to the soft regulation of cryptocurrency and ICO’s. If such speeches are pronounced from the highest tribunes, then the scale vector of development is already chosen. And its direction coincides with the direction of the cryptocurrency.
Source: https://www.coindesk.com/chinas-xi-endorses-blockchain-breakthrough-economic-reform/
3. Bittrex launches the US dollar (fiat) trading
Bittrex is included in the TOP-20 exchanges in terms of trading volume and allows trading of almost 300 currency pairs. The exchange signed an agreement with Signature Bank, which will store the platform funds. The management of the exchange claims to pass all the careful checks by the bank.
At first, trading to the USD will be available only to corporate users from Washington, California, New York and Montana. However, the exchange reassures its users and says that soon individual investors will be able to start trading. Perhaps they will need to undergo some additional procedures.
We are witnessing classical players are cautiously starting their penetration into the cryptocurrency arena. And this is only the beginning.
News on cryptocurrency regulation
- South Korea’s National Assembly recommends allowing ICO
The ban on ICO in South Korea has been in effect since September 2017. The working group analyzed that, as a result, South Korean projects legalize their activities mainly in Singapore and Switzerland. As a result, the country loses its technological advantages. The National Assembly recommends that the regulation is revised soon.
The special committee on the fourth industrial revolution said, “We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”
Source: http://www.businesskorea.co.kr/news/articleView.html?idxno=22613
2. Japan introduces a ban on anonymous cryptocurrencies
Since June 18, the company has introduced a ban on anonymous cryptocurrencies. Japanese exchanges have already started delisting Zcash, Monero, Dash, and Augur. The main argument for the prohibition of anonymous cryptocurrency is their use for criminal purposes. Crypto community is now afraid that other countries may follow after the cryptocurrency pioneer (Japan was the first to legalize cryptocurrencies). In the network, there is already a crypto-enthusiasts activity with different texts to support the original ideas of cryptocurrencies: confidentiality, decentralization, and immutability. Most likely, other countries will repeat after Japan. Anonymous cryptocurrencies will leave the popular centralized exchanges and will be exchanged on decentralized platforms. A complete ban on anonymous cryptocurrency cannot be achieved.
Source: https://www.coindesk.com/japan-wake-call-get-ready-defend-privacy-coins/
The TOP-10 cryptocurrencies this week
9 cryptocurrencies showed growth, and only the Tron is in the red zone. The composition of TOP-10 remained unchanged, there was castling only in the second part of the top.
The Teoz fund’s Token increased from $ 1.94 to $2.1 (+ 8,25%).
TEOZ fund is an index fund created by financial market professionals with an in-depth understanding of the crypto industry and an underlying blockchain technology.
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