01/02/2018: Biggest Stories in the Cryptosphere

Written by BlockEx | Published 2018/02/01
Tech Story Tags: bitcoin | cryptocurrency | blockchain | regulation | india

TLDRvia the TL;DR App

  1. India Was Misunderstood Over Cryptocurrency

Earlier this morning many sources reported that the Indian government would actively try to prevent people from using cryptocurrencies such as Bitcoin. This was due to India not recognising them as a legal tender, despite being willing to adopt blockchain technology for its payment system. Many interpreted these words as a warning about the country making cryptocurrencies illegal. Many argue this caused, at least in part, today’s decrease in Bitcoin’s value. However, Ajeet Khurana, Indian Blockchain Committee Head, has stated that the government’s words have been misinterpreted. Khurana agrees cryptocurrencies are not legal tender, but does not believe the government will outlaw them. He actually said that the fact the government discussed the matter shows how relevant the subject is becoming.

2. Lithuania, the Potential European Centre for Blockchain and Cryptocurrency

The first international Blockchain Centre has been opened in the Lithuanian capital Vilnius, the only one in Europe. The initiative will build a bridge with fellow Blockchain Centres in countries such as in Australia, China, Canada, the UK, Georgia, and Gibraltar. The inauguration was on January 27th. The main topics of the event were regulation for the crypto market and other potential discoveries which could disrupt the world but needed regulation. In addition, a couple of days later, Lithuania’s Finance Minister Vilius Šapoka discussed the country’s openness to FinTech as well as cryptocurrency regulations. Šapoka believes that blockchain, the technology behind it, could help revolutionise various services as well as the public sector.

3. Illinois Contemplating The Use Of Blockchain

Yesterday, the Illinois Blockchain Task Force to the General Assembly published a report stating that the use of blockchain was under consideration. The technology would be used to manage residents’ IDs, as well as improving the public sector’s assets. Examples of assets would be tax credits, social benefits and municipal bonds. This would make the process more transparent and efficient. The ID information would be decentralised, enabling citizens to share this information with different government agencies. Furthermore, a database to track countries’ initiatives to investigate blockchain and DLT use in the public sector has been established.

4. Bitcoin Is Overvalued By 15%, According To Cryptocurrency Hedge Fund Manager

Today, Bitcoin has fallen below $10,000 again. This was due to several factors and was the second time this has happened in 2 weeks. However, Brian Kelly, Founder and CEO of BKCM LLC, believes that Bitcoin is overvalued by approximately 15%. The cryptocurrency hedge fund manager estimated an intrinsic value based on transactions and gave $8,000 as an ideal price. Therefore, Kelly believes that the price will decrease even further. However, because it is still a young technology, he advises against shorting, or betting against, Bitcoin.

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Published by HackerNoon on 2018/02/01