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Regulatory ECHO: Speculation and crime fuel bitcoin scepticism

While the Bitcoin price keeps scratching the all-time high at the moment, regulators around the world remain sceptical. All the while, criminality in the crypto space continues to be highlighted. Prominent suspicions such as that of controversial entrepreneur John McAfee reinforce such prejudices.

"Bitcoin will never replace cash": Bundesbank with the crypto rejection

Bitcoin reserves for the state - for some observers, this makes more than sense in view of rising exchange rates. The German Bundesbank, on the other hand, vehemently disagrees. In an interview on its website, board member Burkhard Balz criticises Bitcoin Code cryptocurrencies as "highly speculative assets". According to him, they are neither suitable as a means of payment nor as a store of value. Balz is more open about the ECB's plans for an e-euro, but emphasises that it will "not be a cryptocurrency".

Regulation - May merchants accept Bitcoin as a means of payment?

Not every merchant is as sceptical as the Bundesbanker. On the contrary, numerous shops in Germany and worldwide have already been accepting cryptocurrencies as a means of exchange for their goods for years. But when, how and under what conditions is this allowed at all? Specialist lawyer Lutz Auffenberg has tackled this question. For BTC-ECHO, he takes a closer look at the legal situation.

Meanwhile, the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) continues to go blow for blow. After the latest request for the termination of the proceedings on the part of the payment service provider, the authorities have now promptly rejected it. Last week, the SEC filed a motion with the competent court to deny such a request. The brief glimmer of hope provided by the change in leadership at the top of the agency has now been replaced by disillusionment.

Fine-tuning: US Congress wants to adapt crypto laws

Meanwhile, US lawmakers and regulators often have to put up with harsh criticism from the crypto industry. The US Congress now wants to react to this. Together with experts from the two major authorities, the SEC and CTFC, a working group is to be set up with members of parliament to fine-tune existing laws. Specifically, it will deal with responsibilities - i.e. the question of when which authority is obliged to act.

Meanwhile, the latest announcement by South Korea's Shinhan Bank testifies to the ambition of state blockchain adoption in Southeast Asia. Last week, the bank announced that it had developed a CBDC pilot for the country's central bank. How and under what circumstances the central bank currency will be used, however, is still open. Meanwhile, in the shadow of such success stories, regulators in the country continue to crack down on crime in the crypto space. In a press release, the Financial Services Commission FSC announced its intention to enforce the current guidelines for crypto exchanges with fines.

To ban or not to ban - Hanging game in India continues

Meanwhile, the standoff in India continues. For some time now, the possibility of a rigorous crypto ban has been on the table. Now the Indian government has announced that it will further consider its position on the issue. Specifically, Finance Minister Anurag Thakur recently announced that the "national security risks" of cryptocurrencies would be considered before a decision was made. Only then will a corresponding law be introduced in the Indian parliament. Meanwhile, more and more voices are advising against a ban. The Internet and Mobile Association of India (IAMAI) recently argued that only prudent regulation can realise the vision of a digital India that Prime Minister Modi has set out to achieve.

IOTA, the crypto-currency that aims to revolutionize the Internet of Things sector, had its heyday in 2017, when it scored a historic high of US$5.69, according to CoinMarketCap. Then, in March of this year, it scored a low of US$0.07.

At the time of writing, IOTA is trading around US$0.39, passing its short and medium term trend to the upside.

In the chart below you can clearly see how IOTA, since its March low, has been steadily rising. Will it maintain this trend for the rest of 2020?

The latest updates in the IOTA 2.0 network

What makes IOTA different?
IOTA was launched to the public in 2016, as an effort of the IOTA Foundation. It is a non-profit organization, based in Germany, dedicated to developing technologies and promoting their adoption.

When launching its crypto currency, IOTA decided to base it on its own Blockchain platform, but with a different operating protocol. This is how Tangle was born, a network whose design allows for no fees when using it, lower network latency, and better scalability prospects.

The main objective of crypto-currency is to serve for the storage and exchange of data related to the Internet of Things.

IOTA projection

In the short term the trend is strongly bullish, with a strong resistance at the US$ 0.40 level. The next target is at US$ 0.56, the highest level recorded in 2019.

IOTA is undoubtedly a "risk" bet, as if it fails to break the immediate resistance at US$ 0.40, the bears may take control of the situation. Conversely, if the bulls win the arm wrestling match, the value can go very high, at least up to US$1.

If we look at its historical graph, we can see that the value of the token would just be taking off.

The information to take into account

According to a June 30th release, the Blockchain project has entered the first phase for its latest updates to the IOTA 2.0 network.

Much of its future will depend on how IOTA 2.0. evolves, which is intended to function as a truly decentralized network by 2021.

In Argentinien organisieren sie von der Bitcoin Billionaire Buenos Aires-Gemeinschaft ein Online-Treffen zum Thema Datenschutz, eingewickelte Marken und DeFI-Zahlungen. Der Termin wird am 28. Mai um 19.30 Uhr (argentinische Zeit) stattfinden.

Zunächst wird Rodrigo Irarrázaval, CEO von Wibson, einen Vortrag mit dem Titel "Why Privacy Matters and How to Control Your Data" halten.

Was der Bitcoin Code besagt

Mit mehr Einschränkungen beim Dollar-Kauf bietet SatoshiTango Alternativen in Argentinien

Dann wird Luciano Orlando, Gründer von DeFi, Latam, einen Vortrag über "Eingepackte Marken: Gut und schlecht" halten.

Drittens werden Douglas Molina und Guillermo Salazar von StablePay über "StablePay: DeFi-Zahlungsplattform" sprechen.

Universidad Católica Argentina bietet einen Postgraduierten-Kurs über Recht und Fintech an

Über die Projekte
Die Teilnehmer gehören Initiativen an, die mit der Blockchain- und DeFi-Welt verbunden sind. Hier ist, was jeder einzelne ist:

- Wibson ist ein Datenmarktplatz, der es Menschen ermöglicht, ihre persönlichen Informationen zu monetarisieren

- DeFI LATAM ist ein Nachrichtenaggregator für das DeFi-Ökosystem auf Spanisch

- StablePay ist eine dezentralisierte Zahlungsplattform, die es den Benutzern erlaubt, verschiedene Token zu versenden und dem Empfänger den Token seiner Wahl zukommen zu lassen (Beispiel: jemand schickt die ETH an einen Freund und der Freund erhält das DAI).

Kryptom-Währungen könnten eine Option im Falle einer möglichen Abwertung einiger Fiat-Währungen sein
NFT-Marken
Während der Veranstaltung werden nach Angaben der Organisatoren POAP NFT-Token ausgegeben, die als "Teilnahmebelege" Sammlerstücke dienen.