TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Digital yen proposal considered by Japanese lawmakers. Blockchain Association launches a new “Market Integrity” group. Exchanges hold more Bitcoin than ever before. Ukraine to block crypto wallets to retrieve illicit funds. World Economic Forum presents an open traceability blockchain platform. Bitcoin Cash moves 3x more value than Ethereum, according to a study.
Digital Yen Proposal in the Works by Japanese Lawmakers
A group of Japanese lawmakers is considering the idea of creating a digital yen as an answer to the recent announcements form the People’s Bank of China and the menace of privately created alternatives such as Libra, the cryptocurrency proposed by Facebook. “China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts,” said Norihiro Nakayama, parliamentary Vice Minister for Foreign Affairs. While Japan is still unable to issue its own central bank digital currency, this could be the start of a movement to change the current laws to allow the creation of a digital yen.
Industry Executives to Lead New “Market Integrity” Group
The Blockchain Association, a group of industry leaders working to educate, advocate and coordinate blockchain efforts in the US, is launching a “Market Integrity” working group with the objective of pushing for more clarity in cryptocurrency regulations, striving for transparency in existing crypto markets. The group will be led by Breanne Madigan, Head of Global Institutional Markets at Ripple, and Rachel Nelson, Senior Director and Associate General Counsel at Coinbase. “Consumers and cryptocurrency exchanges deserve a clear regulatory framework,” the announcement stated.
More Bitcoin is Held in Exchanges Than Ever Before
A new investigative report from LongHash found crypto exchanges hold more bitcoin than ever before, with Coinbase’s cold wallet heading for the 1 million mark very soon. This is very significant because it means people and investors are actively trusting exchanges to hold more and more of their cryptocurrency every day. “Not your keys, not your bitcoin” is a popular saying these days among cryptocurrency enthusiasts, but big-time investors and companies do not seem to be following the popular ethos.
Ukraine to Block Wallets to Retrieve Illicit Funds
The government of Ukraine announced they will be able to block cryptocurrency wallets in order to retrieve illegally obtained funds, according to a notice from the Ministry of Finance. Oksana Markarova, Finance Minister of Ukraine, declared they will be able to determine the origin of the funds in crypto wallets and also how these funds are being spent thanks to an “analytical product.” Markarova also stated they have done a number of exploratory inquiries with success. The Minister did not clarify either the name nor characteristics of this “analytical” product.
World Economic Forum Presents Blockchain-Based Platform for Traceability
The World Economic Forum presented a new platform directed to enhance the traceability of supply chains from all over the world, hoping to improve consumer knowledge of product origins and how they are being produced. The tool will use a blockchain that will let several key producers from all over the world to document their practices and the impact these products have on the environment. The tool is still in its nascent stages, and it calls for more industry leaders to implement it while adjusting the level of information they communicate and the possible privacy and operative issues it might present.
Bitcoin Cash Moving Three Times More Value Than Ethereum
Bitcoin Cash is moving serious amounts of money on its blockchain, according to an article published by Trustnodes. According to the gathered data, Bitcoin Cash surpassed every blockchain network when it comes to moving value, with the exception of BTC. Bitcoin Cash moved $750 million just days ago, three times more than Ethereum in a recent 24 hour period.
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