Weekly Crypto News Digest: Bitcoin Prices Stabilize After Crash, Major South Korean Bank Set to Launch Crypto Custody Service, CFTC’s Christopher Giancarlo Announces Digital Dollar Whitepaper Release
By SwapSpace on The Capital
Bitcoin prices finally stable after Black Thursday, court order forces Quadriga to disclose user data to the CRA, Binance releases crypto-friendly debit card and more in our weekly roundup.
Bitcoin Prices Stable While Markets Drop to 2017 Levels
The latest stock market crash has eradicated any gains that S&P 500 and Dow had made since Donald Trump took office in January 2017 with the unrelenting downturn continuing almost daily despite the administration’s attempts to calm the public down. VIX, TVIX and UVXY volatility indexes rose to new highs not seen since the 2008 crisis.
Bitcoin prices, on the contrary, seem to have found solid ground after falling 50.8% two weeks prior. The price has hovered around $6,000, never dropping lower during the previous week. Experts suggest that this stagnation can signal a larger move in the near future.
CoinDesk’s latest investigation shows that miners sold more than they mined in March, even with Bitcoin recovering over 81% of its loss within a matter of weeks. Miners selling more coins during the price recovery may be a sign of potential market strength: the price rally looks to have potential.
Nevertheless, Bitcoin remains vulnerable against the onset of the coronavirus outbreak. The pandemic shows no sign of slowing down and the damage to markets can be far worse than previously predicted.
Ernst & Young Ordered to Disclose Quadriga Users’ Data to CRA
A court docket issued by the Ontario Superior Court of Justice on March 24 authorized Ernst & Young — the trustee of Quadriga — to disclose private information on over 115,000 clients of the now-bankrupt cryptocurrency exchange.
The “private information” in question includes monetary statements, an inventory of accounts and pockets addresses, an evaluation of every user’s operations, and a register of their funds in fiat and cryptocurrency.
A former member of Quadriga’s person engagement group has made a statement that the unprecedented move violates numerous privacy measures and may set precedent for further intervention into the Canadian crypto scene from the CRA. Further interference from the tax authorities may alter the way crypto companies operate in Canada.
South Korean Bank KB Kookmin Will Launch a Custody Service for Crypto
South Korea’s largest bank — KB Kookmin — announced plans to launch a custody service for several cryptocurrencies, including Bitcoin and Ethereum. The bank has already gone through with step one: filing a trademark application for KB Digital Asset Custody with the country’s Intellectual Property Office.
Applying for a trademark requires an entity to provide evidence that most of the development work for the product has been completed.
Providing crypto custody services usually includes investment advisory, consulting, trading, and asset management. KB Kookmin’s involvement with crypto can be a catalyst for other major Korean banks to get into the industry. This, in turn, can revolutionize the country’s entire financial sector.
CFTC Former Chief Christopher Giancarlo Will Release Digital Dollar Whitepaper in 2 Months
Christopher Giancarlo — ex-CFTC head and executive of the Digital Dollar Project — announced that their project is set to release a white paper in the next two months. The Digital Dollar Foundation that was founded just three months prior will advocate for the creation of a fully digital and portable dollar while encouraging research and conversation about its potential benefits.
The idea of a “digital dollar” — or CBDC — is meant to help solve problems in scalability, safety, and privacy in all transactions while increasing financial stability and integrating with the currently-existing financial systems.
According to the non-profit’s latest statement, the company has attracted a total of 25 advisory members, including big names like Lawrence Rufrano, the former regulator of the Federal Reserve Board; Valerie Abend, managing director at Accenture; and Daniel Gorfine, CEO of Gattaca Horizons LLC. The upcoming white paper will shed more light on Digital Dollar’s value proposition, agenda, and structural elements.
Binance Releases a Debit Card for BTC and BNB
After Coinbase first introduced the option to pay with crypto on the go through Google Pay users have been waiting for an even more universal and easy alternative to the more traditional methods of paying in crypto.
Binance’s announcement to release the first-ever crypto debit card caused an uproar on social media. The long-awaited innovation is meant to take crypto adoption one step further: users can top-up their Binance Card through the company’s official app and pay on the go. The app will withdraw funds from an attached wallet every time a payment is made.
A physical card will be available to users in Malaysia and Vietnam within the next few weeks and will cost $15 to issue. Users from other countries can put their names on a waiting list to receive a notification once the card becomes available in their region.
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