Chinese government impacts the price of bitcoin. Such a conclusion was made by Julia Lee, an analyst from Bell Direct broking company, at ASX Investor day that took place in Sydney on the twenty-eighth of March. It was noted that China is trying hold up the outflow of capital from the country what results in spikes of bitcoin price. She presumed that bitcoin is becoming an alternative for investors. But in her opinion, it will hardly replace fiat money. Additionally, she commented that governments of many countries are apprehensive about cryptocurrencies because they cannot entirely control them.
Hong Kong became closer to FinTech leadership. The Hong Kong Monetary Authority introduced a blockchain platform for the financial trading industry. The initiative was supported by the audit company Deloitte and five largest banks in the region. The objective of the project is to increase productivity and efficiency in the sphere of financial trade, and also reduce the risk of fraud. Joshua Kroeker, senior product manager at HSBC bank noted: «This development puts Hong Kong at the heart of a global effort to digitize trade, making it easier, faster and cheaper for businesses».
Seminar on blockchain technology. Blockchain Technology and Digital Currency National Institute will be held in New York University School of Law on the tenth of April. This event is dedicated to thorough analysis of new legal points and interaction between legislation and digital currencies. Beside innovations of blockchain technology and mechanism of its operation, the seminar will cover such topics as new issues of intellectual properties and application of law. Michael LEmpres, General Counsel of Coinbase, Valerie SzczepAnik, Head of SEC’S Distributed Ledger Technology Working Group and NEha NarUla, Research director at Digital Currency Initiative at the Massachusetts Institute of Technology will give speeches on this event.
New development on Emercoin's blockchain. An innovative electronic document management solution called DocSensus was presented by the audit company Deloitte at the BlockchainUA conference on March 17 in Kyiv. The project was developed on the Emercoin's blockchain and can protect documents from unauthorized changes, fakes and losses. Dmitry Pavlenko, director of the Tax and Legal Department of Deloitte commented: “At present, we are ready to discuss and test solutions with our customers who work with a large volume of important paper documents”.
Bitcoin community of India encourages government to legalize cryptocurrency. The Indian Foundation Digital Asset and Blockchain filed a petition to recognize the legality of bitcoin and other cryptocurrencies in the country. Collection of signatures against the backdrop of a resonance in media about bitcoin's illegality. The petition is addressed to the leadership of the Ministry of Finance and the Central Bank of India. The application has already been signed by more than 6 thousand people, however, the government needs at least 100,000 signatures to consider the petition.
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Ever since the birth of money, economies have controlled nearly every aspect of human life. Money is power, and escaping that principle is nearly impossible unless you want to live in the wild. Honorable, civil-based economies have historically forged the backbone of the most powerful nations on Earth. Without this willing deception to believe money has value—just like any physical product or service—there would be no complex markets to foster innovation.
Bitcoin is the most popular cryptocurrency today with millions of transaction taking place every day. It is created by solving complex algorithms with sophisticated computers in an energy-intensive process termed bitcoin mining. However, there are only 21 million bitcoins that can ever mined.\
These days, the banking industry is calling on their users to use digital banking payments instead of cash. According to research, some of the more economically developed countries, like Sweden and UK, will move to a cashless society by 2020. However, why are banks so eager to call on their customers to stop using cash?