Saudia Arabia and UAE Financial Institutions to Implement Cross-Border Digital Asset
It has been confirmed that the Saudia Arabian and UAE governments will be working on a cross-border cryptocurrency. The launch date has not been confirmed as of yet, but it is known that the cryptocurrency will only be targeted for use by central banks. The central banks of UAE and Saudi Arabia will jointly issue a cross-border cryptocurrency that will be used by and between both countries. Talks about this have been swirling and in the past, the UAE Central Bank's governor, Mubarak Rashid Al-Mansouri had released a statement that the bank was still looking into the technology needed to create the digital currency. He also informed that this will strictly be used by the Central Banks of both countries and would not be available to the public for retail sale. Stay tuned on a launch date!
Federal Court is in Favor of Digital ICOs that are Against the SEC
Recently, the SEC took legal actions against a blockchain investment company by the name of Blockvest. They claimed that Blockvest was offering ICO securities, therefore the companies assets and all transactions became frozen. However, the SEC was not able to justify that the ICO was in fact a security, and the federal courts refused the SEC's claims. The federal court's decision is not a loss for the SEC, but it is not a win for the digital asset market either. The outcome of the case did set a precedent for the market, but with that comes technicalities for the cryptocurrency market. Investors in ICOs and the SEC need to be more cautious when it comes to filing lawsuits against ICOs, as courts need specific information that describe the nature of the asset being a security. In turn, confirming whether the method the asset was brought into the market makes it unaffected. It is now becoming more difficult to sue an ICO.
Winter Not Slowing Down Nasdaq Launching Bitcoin Futures Market
The globe's second biggest stock exchange will be adding a BTC futures market in the beginning of 2019. Nasdaq has been working closely with the Commodities and Futures Trading Commission also known as (CFTC), to obtain regulatory approval and be compliant as a market operator. The New York exchange dealer has been flirting with this idea since last year. A digital asset exchange called Bakkt that was created by the ICE, whose parent company is the NYSE, will also be releasing their Bitcoin futures market towards the end of January. Bakkt has been taking their time, as they want to make sure their infrastructure has sufficient means to handle the large investor base in the United States. News stated that, "ICE will introduce the Bakkt Bitcoin futures contract on trading, for the date of January 24, 2019. Of course this will all be subject to regulatory approval." Major financial institutions are the only ones that can provide us figures on the demand from institutional investors. By the second quarter of next year, the crypto market could have the world's largest stock exchanges, Nasdaq and NYSE, offer Bitcoin futures. However, we must always take into account that the SEC can always change their minds at any time.
Crypto Update: Ohio Businesses Are Now Able to Make Tax Payments Using BTC!
The first state in the U.S. to accept tax payments in the global market's top cryptocurrency, Bitcoin, will be Ohio. The Wall Street Journal shared that starting this week, businesses that will be making settlements with their taxes, can now pay with Bitcoin. Digital asset payment processing company, BitPay, has teamed up with Ohio's state government to facilitate the payment conversions for the tax office. Josh Mandel who is Ohio's state Treasurer, created this idea and he is a firm believer that this will be a concrete and successful way to rebrand the state and promote tech-forward ideas. A lot of states are nervous in accepting crypto payments because of the market's volatility. Ohio's decision has not really affected current prices in the cryptocurrency market, however it is still a great feat for Bitcoin as it is the first partnership with the U.S. government. This proves a point that Bitcoin can be used by anyone, whether or not people are using it for bad things or if it is being used by the U.S. government.
XRP Price is Staying Steady with News of Major Ripple Partner Arriving to China
XRP's parent company, Ripple, has made its way to Chinese market via local partnerships. The price of XRP did jump slightly after this news.The price went back down to its regular price. This is a huge milestone for Ripple, and comes after the Chinese granted American Express access to the domestic payment markets. Ripple already has formed a partnership with AMEX just last year, in order to streamline payment processing. This hasn't been the only exciting news for Ripple, recently Japan's biggest financial institution MUFG teamed with Brazil's Banco Bradesco to implement Ripple technology for border-to-border payments between two countries. There have also been rumors about Ripple being offered on Coinbase. Exciting news for Ripple! Let's see what else they have in store for us
Bitcoin on its way for a Year-End Rally, Just in Time for the Holidays!
It has been almost one year since Bitcoin has taken a large dip in the crypto global market. However, many are predicting that Bitcoin will be prospering toward the end of the year. Analysts are calling it a "Santa Claus rally". In traditional stocks, it is very common to see that stocks increase in value towards the end of the fiscal year, mainly because of a lot of activity in the private sector around the holidays. It is also very possible that BTC will be experiencing this as well. Market analyst at eToro, Mati Greenspan, believes that the cryptocurrency will need a strong breakout in comparison to its 200-day moving average. Bitcoin has been in high spirits lately and we are hoping that analysts predictions are true and they end the year off in a bullish manner.
Bank of America Acquires Patent for Digital Asset Storage System
Would you like to know what interests large organizations? Acquiring and filing for large patents definitely tell us what interests organizations, regardless of what field it is. Recently the market's second biggest financial institution, Bank of America, has attained its latest blockchain and crypto patent that involves storage. The patent includes functionality in remote storage of private keys and it was initially filed about 2 years ago. The current issue with storage methods for crypto keys is that the responses are not in real-time. Bank of America's main goal is to a safe deposit box for these keys. Bank of America also wants the responses to be transparent and allow for the customers to know in real-time if their keys are being messed with. Security and storage of private keys has always been a major topic in the crypto market, and it will be interesting to see how Bank of America makes its impact on this.
Goldman Sachs-backed Circle and Coinbase Join Forces to Introduce Digital Dollar ‘USDC’
The crypto market's biggest exchange, Coinbase, has recently approved one of the several new USD cryptocurrencies aka "stablecoins". Beginning Tuesday, the exchange will allow their community to sell, buy, and collect USD Coins that were launched by another crypto firm, Circle. Coinbase users around the world can send and accept the token, which is also backed by U.S. dollars. USDC is not currently listed on Coinbase Pro, but it will be added to the platform in the next few weeks. Coinbase believes that this decision will promote a more open financial system, and will further involve companies using decentralized applications.
Analyst States that BTC Needs Publicity from SEC
An analyst by the name of Naeem Aslam who also works at Think Markets UK, believes that Bitcoin needs a strong backing from the US Securities and Exchange Commission (SEC). This will then allow Bitcoin to bounce back in price. Aslam also feels that the approval of the first Bitcoin ETF, is another major step in the revitalization of Bitcoin. The market's dominating digital asset, will need some sort of catalyst to boost up its price in the upcoming future. Aslam also has strong belief that the SEC will not deny the BTC ETF, because the requirements are transparent and the demand from the public is high which makes it justifiable. A majority of market players are in agreement that the market has a high chance of recovering because of the various benefits Bitcoin ETFs have on the market. All in all, the crypto market needs a strong force to get it out of its slump.
Yale University invests in Crypto Funds
One of the world's biggest universities has invested in digital asset funds. The Ivy League school is second when it comes to endowments and higher education. They have invested in Paradigm, which is a digital asset fund that was launched by Coinbase co-founder Fred Ehrsam. With Yale's investment, Paradigm has so far raised a whopping $400 million, which makes it one of the largest investment funds. Yale's endowment is at $29.4 billion, which is a high record. Last year, Yale had a return of 12.3 % for the fiscal year, which ended at the at the close of June. During the last few years, the university typically has an average return of 7.4%, which is higher than the usual university endowment return. Universities have begun to invest in crypto funds due to strategic reasons. Nobody is sure on the exact figure that was donated to Paradigm by Yale, as the endowment was not on public news.