In August of last year, Bitcoin Cash forked from the bitcoin blockchain. This process basically splits bitcoin into two separate coins: bitcoin (“BTC”) and Bitcoin Cash (“BCH”). When this occurred, everyone who held bitcoin in a compatible wallet or exchange became entitled to claim an equivalent amount of Bitcoin Cash.
Strange news from Japan and further rumblings of regulators sent bitcoin back down to the $8,400 level at mid-morning. The cryptocurrency had rallied as high as the $9,100 level, but retreated as questions arose on Binance’s status with Japanese regulators.
Downward momentum carried over to the rest of the digital currency markets,
A report that Japanese financial regulators are set to crack down on Binance, the world’s largest exchange by volume, has roiled the cryptocurrency markets.
A Nikkei report indicated Binance has been operating in Japan without a license, and that regulators were ready to take unspecified action against the company.
The People’s Bank of China (PBoC), the country’s central bank, has appointed Guo Shuqing as the new regulations head for the banking and insurance sectors.
Guo was the head of the China Banking Regulatory Commission, which was merged last week with the China Insurance Regulatory Commission in a Parliament approved government realignment.
The Information Technology and Innovation Foundation (ITIF), a think tank for science and technology policy, has applauded the Trump administration’s efforts to curb China’s alleged “pattern” of abusing economic and trade policy to gain unfair advantage in key industries. But ITIF cautioned the administration against imposing tariffs on producer goods that support US productivity growth.
The Congressional Subcommittee on Capital Markets, Securities, and Investment (Committee on Financial Services) hearing titled Examining the Cryptocurrencies and ICO Markets is now online.
Watch the full committee hearing:
The US Treasury Department is considering adding cryptocurrency wallet addresses to its sanctions list if it’s able to link the wallet addresses with people who are blacklisted.
In a March 19 update to its FAQ on sanctions compliance, the department said that its Office of Foreign Assets Control (OFAC) may add digital currency addresses to the sanctions list “to alert the public” to specific property associated with a blacklisted person.
Philip Hammond, UK Chancellor of the Exchequer and Second Lord of the Treasury, is expected to announce a task force that will examine both the risks and benefits of cryptocurrencies.
Hammond will be delivering a major speech on financial technology at the Treasury’s second annual International FinTech Conference in London on Thursday.
The Chelan County Public Utility District (PUD) in Washington state has stopped processing applications for electric service for cryptocurrency mining.
At their regular commissioners meeting, PUD board members voted unanimously to imposed a moratorium on applications after reviewing the impacts on existing loads and applications for service.
Jack Dorsey, CEO of Twitter and payments platform Square, believes bitcoin will overtake the world’s supply of fiat currency within ten years.
In an interview with The Times of London, Dorsey said that the “father of cryptocurrencies” will become the world’s single currency within a decade.