Crypto Daily: Brexit and April Fool’s Joke Possible Catalysts for Crypto Rally; Chinese Regulator Approves First 197 Blockchain Firms, Including BAT.
Chinese Regulator Approves First 197 Blockchain Firms, Including BAT
【cointelegraph】China’s cyberspace administration has released the first list- 197 companies long- of registered blockchain service providers, according to their March 30 notice.
Chinese initiatives by internet giants such as Baidu Blockchain Engine, Alibaba Cloud Blockchain-as-a-Service (BaaS), Tencent BaaS (TBaaS) and the BaaS platform owned by e-commerce giant JD.com appear on the list. Financial institutions such as the China Zheshang Bank and Ping An Insurance Company are also included.
Some less-known companies such as blockchain-enabled supply chain management service VeChain and parcel delivery service ParcelX are present on the list as well. The article also notes that no institution or individual is permitted to use blockchain for any commercial purpose.
The Chinese cyberspace administration will reportedly search for other services that should register and “relevant institutions and individuals who have not fulfilled the filing procedures should apply for filing as soon as possible.”
As Cointelegraph reported earlier this week, China is reportedly leading the world in the number of blockchain projects currently underway in the country.
In October last year, Alibaba Cloud, the cloud computing arm of China’s Alibaba Group, announced that it is enhancing its BaaS offering outside China.
World Economy Forum: 40 Central Banks Are Considering Digital Currencies, Blockchain Tech
【cointelegraph】Dozens of central banks around the world are currently or soon will be experimenting with central bank digital currencies (CBDCs), according to a recent report from the World Economic Forum.
Citing a January 2019 report by the Bank for International Settlements (BIS), the WEF states that at least 40 central banks across globally are conducting research projects and pilots with blockchain technology that aim to address such issues as financial inclusion, payments efficiency and cybersecurity.
The report states that CBDCs, which are issued on distributed ledgers and can be transacted in a peer-to-peer manner, will purportedly enable faster and more cost-efficient transactions.
Among the most noteworthy benefits of CBDC, the report lists the potential to improve Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures procedures, reduce tax evasion, corruption and illicit activities, challenge commercial bank monopoly power of retail deposits, and potentially provide alternatives to private sector payments technologies. The report reads:
“Moreover, CBDC can potentially play an important role in a future where cash usage dramatically declines. If the use and availability of cash within a country becomes extremely low or non-existent, whether by policy or consumer preferences, then CBDC could potentially aid citizens.”
Brexit and April Fool’s Joke Possible Catalysts for Crypto Rally
【cointelegraph】On Tuesday, April 2, shortly after the Asian markets opened, the price Bitcoin (BTC) unexpectedly rallied by 20 percent. Today the world’s top currency hit $5,000 for the first time since November 2018, while major altcoins have seen double-digit gains.
Lam has ironically linked the uprising to a crypto-related April Fool’s Day story, which claimed that the U.S. Securities and Exchange Commission (SEC) finally approved a Bitcoin exchange-traded fund (ETF). CNBC also mentioned this joke as a possible catalyst behind BTC rally. ¯\_(ツ)_/¯
The reporter also suggested that crypto investors might start buying coins as the market started showing signs of recovery, forcing the prices to grow further.
Moreover, Lam agrees with an earlier theory which claimed that some investors are changing pounds to Bitcoin ahead of Brexit, which is scheduled to happen in mid-April.
Lam also thinks that the surge can be related to algorithmic trading. As Bloomberg explained in another article dedicated to the so-called crypto Renaissance, the computer mechanisms were allegedly triggered by a mysterious 20,000 BTC order (around $100 million at the press time) that was spread around U.S.-based crypto exchanges Coinbase and Kraken and Luxembourg’s Bitstamp.
As of press time, Bitcoin is still making gains, trading at $5,238 according to CoinMarketCap.
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