KPMG Reports A Very Bullish Case For Cryptocurrencies
KPMG, one of the Big Four auditors along with Ernst & Young, Deloitte and PricewaterhouseCoopers, have released a recent report that lays out an incredibly bullish case for cryptocurrencies.
The opening section was entitled as "Cryptoassets are a big deal" and it explains that even though the market is still at its early stage, the continuous increase of interest from the public have led to their parabolic upward rise over the past several years, and their growth is something we cannot deny.
One of the key developments mentioned was the release of multiple stablecoins which are backed by major financial institutions and the entrance of some major traditional financial service companies into the crypto markets, such as Fidelity.
The next section was entitled "The case for crypto and institutionalization", which discusses a bullish look at the future of cryptocurrencies citing the problems that they are trying to solve such as issues with traditional means of wealth storage, currency transfers, fundraising and the non-digital nature of assets in a digital world.
KPMG also notes the future success of cryptocurrencies as both an asset and a tool based on whether or not it can efficiently lessen the friction and inefficiencies that exist in the current financial ecosystem on a large scale.
Also, another section offers readers how cryptocurrencies can increase the transparency and accessibility of the world's financial system but in order for the nascent industry to reach this state, the nascent industry needs to be institutionalized, which will eventually increase their liquidity, utility and accessibility.
Global regulators also has a big role for crypto to play in the future financial system.
Crypto Mining Contribution Now Allowed According to US Election Board
The US Federal Election Commission (FEC) have recently announced that political campaign contribution using mining equipment is allowed but will be limited only to $2,700 worth of cryptocurrency per person as mandated in its election campaign rules.
However a company from Delaware sought to bypass this rule by stating that Crypto currency mining contributions can be classified as volunteering instead of contributions.
OsiaNetwork, who is trying to monetize the political fundraising activity made the request to FEC asking if it can be considered volunteering instead of contributions which has the limits mentioned earlier.
While the motion was denied and contributions made through the platform are all considered contributions.
This move caught the attention of the Center for Public Integrity, a liberal party watchdog.
It reveals that allowing crypto mining in political fundraising raises transparency issues.
The group also feels that the agency does not have the technical sophistication needed to effectively address crypto related problems with it arises.
EToro Sees Increase In Bitcoin Purchases
According Social Trading Platform eToro, the ongoing market crash of crypto market has not dampen the enthusiasm of bitcoin buyers as more people are buying the said digital asset.
Traders of major platform like the aforementioned company have doubled down on their positions buying more Bitcoin than selling.
Mati Greespan, Analyst from the EToro notice an uptick on crypto holdings of BTC by its 10 million plus customers. The trend is not only limited to BTC other cryptocurrencies are also experiencing the same phenomenon as EOS holdings increase as well. The dip has not subsided as crypto markets continue to bleed.
Entrepreneur Alistair Milne reveals that BTC’s 3-day relative strength index (RSI) was at its lowest point since 2015 which during the time is considered capitulation following the local all-time high last year. Only time will tell if the onslaught will subside.
The Catalan Government Exploring The Blockchain For E-Voting
It has been reported that the Catalan Government is considering the use of blockchain for the community’s voting system.
The initiative started last October when the Generalitat of Catalonia approved a preliminary bill to establish an e-voting system for residents abroad in major elections as well has for other voting processes for the autonomous community.
The director of Citizen Participation of the Government of Catalonia, Ismael Pena-Lopez said that the government hopes to introduce an external e-voting system by the year 2020 and extend the e-voting system to all voters.
The director reveals interest in the emerging technology however has not made a clear commitment to use the said technology that can be used to make the e-voting a reality and make it as secure as possible.
Peal-Lopez also reveals that whether or not to use the blockchain technology, the new e-voting platform should instill trust, giving the people confidence that the new e-voting platform is accurate and reliable.
Based on past usage of the Government of Catalonia is more likely to use blockchain technology to secure the new e-voting system.
Back in July the government reveals plan of using blockchain for public administration services.
Moreover, Its former President also asked for crypto donations in the past in order to hide financial support to politician of the Catalan Government.
Ripple Partners With 5th Largest Bank in Southeast Asia
It has been reported that Malaysia’s CIMB Group is joining the growing list of RippleNet partners for instant cross border payments.
CIMB is the 5th largest bank in the whole of ASEAN. With this partnership the RippleNet’s customer base now constitute well over than a hundred global financial institution which CIMB will be able to partner with facilitating global payments.
CIMB is one of the fist ASEAN Bank to use blockchain for easier, faster and more cost effective cross-border payments.
According to the World Bank, remittances in the said region is a whopping $120 billion in 2018 and cross-border payments are even larger with as estimated annual volume of $27 trillion based on data shared by Boston Consulting Group.
The bank will use the RippleNet to improve its existing remittance service dubbed as SpeedSend.
However by integrating itself with the blockchain network, its SpeedSend will not only be limited to Malaysia but to other ASEAN countries as well.
Headlines for the world of Cryptocurrencies - November 20, 2018Estonia Issued Almost 1000 Crypto-Related Licenses In Less Than Year / Canada Regulator Recommends Crypto Regulations To Counter Money Laundering / Crypto Enabled Visa Debit Card / Huobi Expands To Russia / Kucoin Raises $20 Million Investment |
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Headlines for the world of Cryptocurrencies - November 19, 2018The Word’s First Electronic Traded Product Starts Trading Next Week In Switzerland / Tom Lee Lowers His Year End Target to $15,000 / Stellar The Only Real Competition To Ripple / Increasing Number Of Exchanges In Thailand / New BitLicense Issuance in New York |
Headlines for the world of Cryptocurrencies - November 18, 2018MInitial Release of Azure’s Blockchain Development Kit / Accelerator Program for TRON DApp Developers / Ripple Now Supported In Coinbase Custody / Blocrice: Blockchain Platform That Empowers Farmers / Billions Of People Will Use Bitcoin According To Pantera Capital CEO |
