CRYPTO INDEX SERIES
CIS Gazette 28/Sep/2020
A summary of the weeks news & events in the Crypto/Blockchain world
New Insights, New Players, New Rules!
Israel, brings a new discussion into cryptocurrency market. The Israeli regulatory body would like to set Bitcoin as a currency and eliminate capital gains tax, 25% percent, from digital currency earnings. The regulatory body of Israel would like to position the financial market as an investment hub for cryptocurrency assets transactions.
In other part of the world, in India, a comprehensive framework was developed which includes community-driven rules, propositions and implementation methods for regulating all the Indian cryptocurrency stakeholders. The framework was developed by a well known company in India, BuyUCoin, which has more than 350,000 users and handles more than billion-dollar transactions. The CEO of the BuyUCoin announced „they aim making cryptocurrencies accessible to the masses. The framework is driven by the inputs from crypto experts and industry insiders and guide the startups and budding entrepreneurs to enter in this booming industry.” The results will be expected eagerly by stakeholders.
As a big bounce for crypto currency market, the Hong Kong Monetary Authority (HKMA) took its first steps for creating a cross-border central bank digital currency (CBDC) for Hong Kong and Thailand. HKMA examined where and how distributed ledger technology (DLT) might enhance cross-border payments between commercial banks and would like to create the best solutions for being the leader of digital assets in its territory.
Also the academicians are working hard to analyse crypto currencies and the overall crypto market. The University of Cambridge examined the digital asset market with an in-depth study for understanding the current growth of the crypto industry, mining, offchain activity, crypto asset user profiling, regulation, and security. It has been seen that the profile of companies is much younger than expected. The growth of the market came from 3-4 year-old companies which represent 49% of whole population. The study also discussed the mining ecosystem and highlighted that mining is steadily reaching an “industrial scale.” The report also shows that Bitcoin (BTC) is the most popular coin with 89% of respondents mining the crypto asset. BTC is followed by ethereum (ETH – 35%) and bitcoin cash (BCH – 30%) respectively. Moreover, the findings also show that the utility cost for the average miner is roughly 79% of the aggregate operational expenditures. But there are differences that arise at the regional level, the study’s authors note.
Last but not least, as a first on crypto currency market, a New-York based crypto exchange company Gemini Trust LLP took an electronic money license from the U.K. financial regulator FCA. The company aims letting U.K. consumers buy products with the leading cryptocurrency Bitcoin using regular debit cards as a funding source. The famous founders of Gemini Trust LLP were known after claiming Mark Zuckerberg who took their idea for a social-networking website to start Facebook Inc.
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