TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. PayPal leaves Libra Association. Liechtenstein passes Blockchain Act. Tether issuance makes bitcoin prices go up. ICO crowdfunding model pronounced dead. Apple sued for turning a man gay with crypto, and Olives and Burgers now accepts bitcoin cash (BCH).
PayPal Abandons Facebook Libra Association
PayPal, the famous payment processor linked to eBay, abandoned the Libra Association according to a statement. “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future,” PayPal declared, stating it would strengthen its core business. Libra has been received with negativity by lawmakers around the world, and it was reported last month other members were reconsidering their participation due to an increase in regulatory awareness around them.
Liechtenstein Passes Blockchain Act
Liechtenstein approved and passed a new DLT regulation, called the Blockchain Act. Revered by Phillip Sandner, a German economist as “best-in-class on a world wide level,” the Act introduced the concept of a token, and defines it as a container capable of holding representations of any kind. With this, a token can hold virtually anything in Liechtenstein, creating an economy for securities and tokenized goods. The Act makes no distinction between public or private blockchain companies, and only focuses on the role of each as service providers.
Tether Issuance Makes Bitcoin Price Rise
The issuance of new tether tokens is helping Bitcoin prices rise, according to new research by TokenAnalyst. The company found up to 70% of the time there is an issuance of Tether, the price of bitcoin also rises, a significant discovery when we’re remind there was more than 2 million tether minted this year. The numbers also change depending on which kind of Tether is gonna be minted. It rises 70% of the time there is tether being issued as an ERC20 token, and 50% of the time it is issued on their native Omni chain.
The ICO Model Pronounced Dead
ICOs, the cryptocurrency investing model that was wildly popular years ago, seems to be shrinking now, according to data from LongHash. The number of ICOs being launched has faced a staggering drop, along with money being funneled into ICO development. ICOs received investment amounts of US$7.6 billion in 2018, and now the scene is looking at receiving a measly $338 million, 95% less. This could be the result of an increased push for regulations that has prevented ICOs from happening due to compliance issues.
Apple Sued for Making a Russian Man Gay with Crypto
Apple is being sued by a Russian man who claims a cryptocurrency app made him turn homosexual. According to the complaint, the man received a cryptocurrency called “GayToken” while using an iPhone app. The cryptocurrency came with a clear message, “Don’t judge until you try.” Apparently, the man found this message enticing. He stated, “I thought, in truth, how can I judge something without trying? I decided to try same-sex relationships.” A Russian court will hear the case October 17.
Olives and Burgers Accepts Bitcoin Cash
— Olives and Burgers (@OlivesBurgers) October 4, 2019
Olives and Burgers, a healthy lifestyle cafe in Greece, is now accepting bitcoin cash and BTC as payment. The restaurant offers smoothies and juices to detox the body, and was featured in one of the latest videos posted by Roger Ver, where he pays for his lunch using bitcoin cash. If you are in Cyprus, and want to enjoy a healthy meal or even a burger, you can also order online paying with cryptocurrency and take it away yourself.
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