Inshorts

A new bitcoin startup in Egypt opens for Egyptian users. As kriptoparahaber.com reports, Bitcoin Egypt is coming alive this month. The co-founders Rami Khalil and Omar Abdelresoul commented that the approximate launch date is the 31st of August and the company will give a try for alfa tests by that time. Khalil also remarked that bitcoin trade is being in blackmarket now in Egypt and their project will be the first in the country to bring official look. On the other hand, the former chairman of Financial Management Supervisory Board of Egypt, Sherif Samy, warned that the government has no control over digital currencies and the users are carrying their own responsibilities.

One of the Swiss banks is now accepting bitcoin, bitcoin cash, ethereum and litecoin. As Cointelegraph mentions, Zurich-based Falcon Private Bank become the first bank in Switzerland to add cryptocurrencies to it offering. The first reaction to this bitcoin services was rather encouraging, as Arthur Vayloyan, global head of products and services, claims. That is why the bank expects that addition of other three new blockchain assets will meet the clients’ future expectations and needs. Already in mid July, the bank in partnership with Bitcoin Suisse AG announced to offer bitcoin for its’ clients. At the same time, a Swiss online bank, Swissquote, announced to offer bitcoin investing for its’ clients too. 

Enterprise Ethereum Alliance (ЕEA) is expanding the boundaries. Ten law firms and four legal institutions united under the umbrella of its legal industry working group. As coindesk states, EEA announced on it’s official site on 14th August, on bringing together global law firms and leading legal minds to explore building enterprise-grade applications on Ethereum blockchain. New members joining the EEA and legal industry working group include Cooley, Debevoise & Plimpton, Goodwin, Hogan Lovells, Holland & Knight, Jones Day, Latham & Watkins, Morrison & Foerster, and so on. Chairman of the EEA board of directors, Julio Faura, told the law firms will be working to ensure that blockchain-based technologies are more than just compliant with the financial system, but also with the power delivery and telecommunications industries.

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The Securities & Exchange Board of India (SEBI) will examine the benefits of blockchain. As cryptocoinsnews cites, SEBI has set a commission to determine the benefits of the blockchain technology for the financial market. The aim of this attempt is to explore fintech developments and to take a strong position in the global arena by adapting the economy to the developing technologies. SEBI officials remarked the technology as revolutionary and also pointed that it is a challenge for the the regulators as well as an opportunity to evolve their function. 

The bitcoin cash price has nearly tripled, reaching a new all-time high of $871. According to cryptocoinsnews, the bitcoin price went down on Saturday, falling to $3,966 on Bitfinex, while the the bitcoin cash price has reached its highest price since its appearance on the market. Bitcoin’s decline is directly correlated with bitcoin cash’s rapid ascension. Bitcoin cash market cap is now nearly $12 billion, while bitcoin’s has slipped to $67 billion. There are several factors that caused these growth. First is bitcoin cash trading volume explosion on Korean exchanges. Another is bitcoin cash is currently 66% more profitable to mine and that number will increase. And the last one is potential dangers of another hard fork of Bitcoin.

The Russian Ministry of Health is taking a blockchain trial in partnership with state-owned bank. According to the news of Russia’s state-owned bank VneshEconomBank, the Ministry of Health launches pilot blockchain projects. The cooperation has been discussed on the meeting with Chairman of VneshEconomBank, Sergey Gorkov and Russian Minister of Health, Veronika Skvortsova. Skvortsova pointed out that the Ministry of Health was giving priority to the adoption of digital technologies. There are plans to introduce a single patient identification and authentication system of the electronic government and to exchange information via a single interdepartmental electronic liaison system.

One of the known Bitcoin trader predicted that the price of Bitcoin will reach $15.000, before the end of this year. According to cointelegraph, the trader, known as Masterluc, commented that Bitcoin’s long-term upper trendline will continues, especially after the barrier of $3500. Masterluk is known for his accurate predictions. He also believes, that Bitcoin will reach a price of $40,000 - $110,000 in the timeframe of 2019. If the Masterluc’s predictions are correct then there are going to be a lot of Bitcoin millionaires by 2019.

A US-based multinational financial service giant will provide a new service for its customers. As Businessinsider states, Fidelity announced that company’s innovation center made partnership with Coinbase, the exchange service with nearly 9 million customers. As the result of the cooperation, Coinbase users will be able to view their bitcoin, ethereum, and litecoin holdings alongside their other accounts in their Fidelity Portfolio. In this regard, the managing director of the company, Hadley Stern, commented that they are trying to create the best customer experience. This integration indicates a significant interest of the company in new technologies.

State Illinois going to cooperate with a private company to use blockchain for development in healthcare. According to the Illinois Blockchain Initiative, the state Illinois will launch a pilot program to explore opportunities of blockchain to improve the efficiency and accuracy of the medical credentialing process. Illinois Department of Financial and Professional Regulation (IDFPR) secretary Bryan Schneider comments that they will look after how distributed ledger technology can help reduce the complexity of interstate licensing processes and also they think that the technology is a secure privacy-enhancing way.