The global nature of digital currencies makes following international news beneficial for investors and interested parties participating in the market. However, due to how fast news travels through the landscape, it can be easy to miss the occasional story now and again. This week, Chilean courts sided with a digital currency exchange, Japanese exchanges united to self-regulate, Iran tried to ban bitcoin, and more. As part of a regular weekly roundup, Coinsquare News compiled the week’s significant international news headlines.
Buda, a major digital currency exchange in Chile, was successful in its bid to persuade courts to reopen its accounts in two of the country’s major banks, according to a Bloomberg report. The news follows Buda’s ongoing lawsuit against several Chilean banks which recently closed the exchange’s accounts.
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Previously, Buda and other select exchanges were informed their state-owned bank accounts would be closed towards the end of March. Buda called the closing of these accounts “unjustified,” and with two of its accounts now restored, it is unclear how courts will proceed from here.
According to Japanese news outlets, a group of 16 digital currency exchanges licensed with Japan’s Financial Services Agency (FSA) are uniting to restore market confidence amidst current uncertainty.Purportedly, these exchanges are joining to create an autonomous organization called the Japanese Cryptocurrency Exchange Association, which will meet regularly and engage in self-regulation. The news follows actions from the FSA, and major currency exchange, Binance, announcing an intent to relocate its headquarters to Malta.
In news from the Philippines, this week the country decided to allow 10 blockchain and digital currency companies to operate in an economic zone, and will allow them to take advantage of tax benefits. Regulators hope the move will generate employment in the region, and are also considering establishing a blockchain and financial technology university. According to Reuters, these companies will be the first digital currency firms to operate in the Philippines, contrasting nearby nations which are yet to permit similar activity.
The week began with strict regulatory action taking place in Iran, as the country’s financial institutions are now prohibited from dealing with bitcoin, ethereum, and all other digital currencies. The news broke from Iran’s national news outlet, which reported the opinion of the country’s central bank (the CBI) that digital currencies could potentially be used for illicit purposes. The publication further mentioned that bitcoin does not abide by governing rules and is not monitored or controlled. Seemingly, digital currency exchanges, banks, and other financial institutions will now be unable to engage in digital currency trading or take action to promote the industry. However, it is unclear how, and if, the CBI intends to enforce this on an individual level.
Located between Hawaii and the Philippines, reports from The Marshall Islands indicate that the island country will launch a digital currency called the Sovereign (SOV). The SOV will be government-supported and circulate as legal tender alongside the U.S. dollar. The country’s minister-in-assistance to the president, David Paul, called digital currencies the “way of the future,” in an interview with Reuters. Like many digital currencies, the SOV will purportedly be issued to the public through an Initial Coin Offering (ICO), and is capped at a supply of 24 million tokens.
While at-times a contentious topic for digital currency advocates, Wall Street involvement with the industry seems like an increasingly possible reality. This week, Goldman Sachs hired a former digital currency trader, reflecting rumours that the investment bank is looking to launch its own digital currency trading desk. Additionally, Nasdaq will allow the digital currency exchange Gemini to monitor trading activity using its technology. Purportedly, this will allow Gemini to detect illicit or manipulative activity within the market. Nasdaq also expressed interest in eventually serving as a digital currency exchange, provided regulation is firmly established. “Certainly Nasdaq would consider becoming a crypto exchange over time,” said Nasdaq CEO, Adena Friedman, in a discussion with CNBC. “If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors.”Check back every Friday to stay up-to-date with international digital currency and blockchain developments, right here on Coinsquare News.Interested in trading digital currencies? Coinsquare is Canada’s most secure platform for buying and selling Bitcoin, Litecoin, and other digital currencies.
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