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25/07/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Indian Law Commission Defines Cryptocurrencies As Electronic Money

Despite reports that India might not ban crypto, after all, there is still big uncertainty surrounding the matter. However, the Indian Law Commission has now released a report for the month of July titled “Legal Framework: Gambling and Sports Betting including Cricket in India”. The report was published due to regulators considering the legalisation of the ‘multi-million dollar sports betting industry’. If that was the case, cryptocurrencies would be put in the same category as credit and debit cards, in terms of payment methods allowed. Considering the issue crypto exchanges faced in the country, for the Indian Law Commission to define Bitcoin as electronic money, is a big step forward. However, people are still waiting for regulatory clarity to be given.

2. Cryptocurrency Gift Cards To Be Launched On Limited Basis

Coinbase is set to launch cryptocurrency gift cards on a limited quantity. Users will be able to receive brand e-certificates by trading coins in. The project is being carried out in collaboration with UK-based startup WeGift. Examples of brands included in the service are Nike, Tesco, Uber, Google Play, Ticketmaster, and Zalando. As of now, citizens from the EU and Australia will be able to benefit from the new system. More specifically, Coinbase will start with the UK, Spain, France, Italy, the Netherlands, and Australia. However, there are plans for expansion for the next months, both in terms of retailers partnering and in terms of countries involved.

3. “Big Four” PwC To Audit Tezos

The Switzerland branch of “Big Four” PwC will audit the Tezos Foundation, after being hired by the crypto-ledger. The announcement was made through a press release published by the Foundation. PwC will conduct an external audit along with an examination of the entity’s finances and operations. This is the first case of a ‘large-scale’ blockchain company being accepted as a client by PwC. However, this is not the first experience with blockchain for the latter. In fact, PwC has been actively engaged with blockchain for many years, even providing services to companies interested in integrating distributed ledger technology (DLT) in their businesses. Tezos Foundation believes that involving a leading company will help clients perceiving the company as trustworthy and transparent.

4. US Asset Manager Wants To List Crypto Index Fund

Bitwise Asset Management Inc filed a patent with the U.S. Securities and Exchange Commission. It wants to create a ‘first-of-its-kind’ U.S.-listed ETF able to track an index including 10 cryptocurrencies, one of whom Bitcoin. With a total market capitalisation of $300 billion, cryptocurrencies represent an alternative system for currencies payment and exchange. The move would allow anyone with a brokerage account, especially retail and institutional investors, to invest. The news seems to bring hope to people who thought that ‘the listing of a bitcoin-linked investment in the US’ wasn’t going to happen anymore.

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