Weekly Updates: Latest Crypto News (March 12–18)
New decentralized exchanges, blockchain applications, and opinions on cryptocurrency regulation in TEOZ Weekly Updates.
Stay tuned!
1) Cryptocurrency payments become more accessible
The Lightning Network technology allows making cryptocurrency payments more convenient and fast for users. The Lightning Labs team, which is involved in the development of the Lightning Network technology itself, has now developed the LND software. The news of the beta version was released on March 15. According to the developers, their project is a payment infrastructure for decentralized applications, business, and everyday use. The first version of the software can be used by experienced developers. Its purpose is to test the technology. Gradually the project will become more user-friendly. And not far off the day, when even a small online store will be able to put the payment module on its website and accept cryptocurrency payments almost instantly. It is necessary to introduce the daily and applied use of the cryptocurrency for the further development of the industry and the growth of capitalization. The LND software is one more step towards the widespread distribution of cryptocurrency payments.
Source: https://blog.lightning.engineering/announcement/2018/03/15/lnd-beta.html
2) Binance to develop its own blockchain and decentralized exchange
On March 13, the largest crypto exchange platform Binance announced plans to develop its own Binance Chain blockchain. The main purpose of it will be the blockchain assets exchange and trading. The project will focus on efficiency, usability, and liquidity. The company’s management acknowledges that centralized and decentralized exchanges will coexist in the future. Binance has already managed to make a soaring success story of the centralized exchange. In just six months, an unknown exchange platform became the leader and today often ranks first in the daily volume of trading. The center is always vulnerable to technical and regulatory attacks, so Binance starts moving towards decentralization. We are expecting for the project team to repeat the success in a decentralized environment.
Source: https://support.binance.com/hc/en-us/articles/360001668872
3) American Express filed a patent application related to blockchain technology
American Express is an American financial company, which main products are credit cards, payment cards and traveler’s checks. The company is included in the TOP-200 companies by market capitalization and in the TOP-50 by the cost and brand recognition. The company was founded in 1850. On March 15, this serious market player submits an application to the United States Patent Office on the use of blockchain technology for a new payment mechanism. The declared system will work on its own blockchain, without the intervention of third parties (banks). Classic market players now understand that decentralized and automated solutions can improve their business processes. The pioneers will gain a competitive advantage and will be able to win new positions in the market. It is pleasing that these solutions use the technology built in the Bitcoin protocol.
Source: http://appft.uspto.gov/netacgi/nph-Parser
News on the cryptocurrency regulation
1) The US Congress called 2017 the year of cryptocurrencies in its economic report
On March 13, the United States Congress issued the annual economic report. The topic of cryptocurrencies covers the whole chapter, and 2017 was called the year of the cryptocurrency. Note that cryptocurrencies are given such attention not in the Silicon Valley or in any IT community, but in the economic report of the US Congress. This means that cryptocurrencies can significantly affect the economic part of society. Also, the report conclusions are surprising. For example, the document encourages politicians and businesses to learn more about blockchain technology and its applicability to society. Regulators are encouraged to work out a coherent and coordinated policy for the cryptocurrency industry. The main emphasis should be placed on the technology development, but with an emphasis on protecting citizens from deception and theft. Everyone is encouraged to think about new ways of using technology to improve the efficiency of public administration, social structure and business processes. Cryptocurrency breaks new ground. We positively assess the conclusions of the document, but it takes time for universal and accurate adoption of this new technology.
Source: https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdf
2) China is to develop national standards for blockchain technology
On March 12, the Ministry of Industry and Information Technology of China announced the need to create a separate committee that will work out the rules for the operation of the new digital economy industry. It should be noted that such an initiative has already come from the Institute of Electronics Standardization in China. The ice broke up. Individuals and even entire ministries now understand that prohibitive measures will impede the development of the country. If ICO and crypto-exchange platforms are now banned, then most likely, soon the bans will be lifted. The only thing, now this sphere will not develop spontaneously, but according to its own rules in line with the developed national standard. This news is very positively evaluated, since China is a very strong player in the cryptocurrency market. The prohibitive measures weakened its position, but careful and consistent regulation can awaken the sleeping dragon and help China occupy a new blockchain of height.
Source: http://www.miit.gov.cn/n1146290/n1146402/n1146440/c6081357/content.html
3) Bank of England does not see a threat from the cryptocurrency for the financial system
The Bank of England claimed that cryptocurrencies do not pose a threat to the country’s financial system. The Bank of England’s Financial Policy Committee conducted a research and found that the cryptocurrencies occupy an insignificant share in the British investment portfolios. Nevertheless, the regulator will continue to monitor the situation. In case of widespread distribution of cryptocurrency as a means of payment and savings, the dependence of the financial system on the new type of assets will also grow. English financial system exist for many years and it is quite conservative. And even such a traditional system does not resort to prohibitive measures, but takes an observant position. Most likely, Great Britain will also follow the path of careful cryptocurrency regulation.
Source: https://www.marketwatch.com/story/boe-no-risk-to-uk-system-from-cryptocurrencies-2018-03-16
In the next 2 days it is necessary to follow the meeting of the G20, where they will cryptocurrencies. The official news website of the summit: https://www.g20.org/en/news
Also, it is possible track the news on Twitter on the G20 hashtags: https://twitter.com/hashtag/g20 and G20Argentina: https://twitter.com/hashtag/G20Argentina
The TOP-10 cryptocurrencies this week
It was a complicated week for cryptocurrencies. The whole top was in the red zone. NEO and Cardano switched places. EOS moved up one position. IOTA ousted Monero from the leaderboard.
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