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| COIN | PRICE | 24H |
|
| BTC | $6,114.59 | -1.41% |
|
| ETH | $434.296 | -3.19% |
|
| XRP | $0.462982 | -2.82% |
|
| BCH | $706.751 | -4.29% |
|
| EOS | $7.69461 | -3.77% |
|
*Information as of 9:30 AM EST
Facebook Lifts Cryptocurrency Blanket Ban
UNBANNED
- In January, Facebook banned all ads dealing with cryptocurrencies on its platform
- The primary motive for the ban was to improve internal review processes so crypto scam ads or highly lucrative crypto ads would be banned because they have the ability to harm Facebook's users
- However, it seems the possible crypto ad revenue the platform was missing out on was too great because yesterday, Facebook has reversed its blanket cryptocurrency ban and now offers limited advertising for the crypto industry
LIMITED ADS
- Though, the blanket ban on crypto ads has been lifted, ads promoting binary options or initial coin offerings are still not allowed by Facebook
- Instead, crypto advertisers who would like to promote through Facebook must apply here to be granted the option
- To ensure quality of applicants, many services will need to provide "any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business" for Facebook to review
FACEBOOK'S INTEREST
- Though the cryptocurrency craze has largely died down as Bitcoin has dropped almost 50% since January, Facebook seems to have growing interest in them
- Earlier this year, the tech giant started its own internal blockchain team to study the idea of cryptocurrencies and their use case in Facebook's business model
In addition, in January, CEO of Facebook Mark Zuckerberg explained his intentions to study cryptocurrencies in 2018:
"There are important counter-trends to this - encryption and cryptocurrency - that take power from centralized systems and put it back into people's hands."
Patent Filings Uncover China’s Plans for a National Digital Currency
PBOC & CRYPTO
- China’s central bank, the People’s Bank of China, has been taking an in depth look into blockchain technologies and cryptocurrency trading, even as the country has a blanket ban on cryptocurrency trading in place
- About a year ago, PBoC established a Digital Currency Research Lab to study and experiment with blockchain technologies
- New data from China's State Intellectual Property Office revealed that the PBoC has applied for two new patents, for a total of 41 patent applications since the Digital Currency Research Lab was established
CRYPTO PLAN
- When analyzing the 41 patents altogether, it seems that the PBoC is planning the launch of a national digital currency
- The patents describe a digital currency along with a wallet that would handle “end-to-end” transactions
- The PBoC hopes to "break the silo between blockchain-based cryptocurrency and the existing monetary system"
- The digital currency would be a hybrid between centralization and decentralization, China wants to maintain control over the country’s currency while benefiting from the efficiencies of Blockchain
The PBoC previously commented on its opinion of the flaws of a decentralized currency:
"The virtual currencies issued by private entities are fundamental flaws given their volatility, low public trust, and limited useable scope. ... Therefore, it's inevitable for the central bank to launch its own digital currency to upscale the existing circulation of the fiat currency."
Florida Announces Plan for State ‘Cryptocurrency Chief’
CRYPTO CHIEF
- On Tuesday, Florida’s chief financial officer, Jimmy Patronis, released a statement discussing the current standing of the state’s cryptocurrency regulations and called for the appointment of a cryptocurrency chief
- Florida’s cryptocurrency chief will be tasked with overseeing the cryptocurrency industry and relevant regulations
Patronis explained his motivations for establishing the new position:
“We cannot allow the cryptocurrency industry to expand in Florida unfettered and unchecked with the potential for so many, including our large population of seniors, to be exploited. By taking an active, comprehensive and balanced approach, our state will provide an appropriate level of scrutiny for emerging digital asset technologies. It is absolutely essential that Florida create safeguards to protect our consumers from fraud.”
- No specifics of who will fill the position or when they will start were announced in the statement
- Florida has history cracking down on cryptocurrency scams, filing several lawsuits against BitConnect in the past year
TAKEAWAY
- Much to the frustrations of those involved in cryptocurrency, the US Federal government has been slow and unclear in its regulation of cryptocurrencies
- Because of this, states have started to take the matter into their own hands, it won’t be surprising to see other states following in Florida’s footsteps
- This sort of regulation may be a good sign for the market, regulators are stepping in to protect investors, not ban crypto, this may result in more people being comfortable putting their money into crypto
Nasdaq Report Shows Only 5% of IT Providers Have Deployed Blockchain
SLOW ADOPTION
- According to a new report commissioned by Nasdaq, only 5% of market infrastructure providers have implemented blockchain in some form
- Though implementation takes time, 5% seems low compared to the fact that 40% of respondents are already using cloud computing, 70% are utilizing robotic process automation, and 35% are offering artificial intelligence (AI) solutions
- Though blockchain technology has been around since 2009, this report shows enterprises are still in the early stages of exploring distributed ledger technology (DLT)
- This could be because market infrastructure providers need to be sure of security, speed, scalability, and regulatory compliance before they fully embrace blockchain technology
GROWING INTEREST
- Though actual implementation of blockchain in infrastructure providers surveyed is low, 70% responded that they are developing trial blockchain projects
- Earlier this year, International Data Corp. Distribution forecasted that corporate spending on blockchain technology is expected to reach $2.1 billion in 2018, up over double from $945 million in 2017
- The blockchain trend is likely to continue growing as businesses unlock new synergies and efficiencies within their industry
- Huobi Pro is Suspending Cryptocurrency Trading for Users in Japan
- Korean Watchdog Tightens Rules on Crypto Exchange Bank Accounts
- ING Bank Survey Reveals Interest in Crypto Will Double in Near Future
NEO (NEO)
"The snapshots of NEO holdings will be taken on June 27th after the completion of NNS contract testing and no security loopholes are found."
TRON (TRX)
"Due to popular demand, we will be listing the BitMEX TRON / Bitcoin 28 September 2018 futures contract, TRXU18, at 27 June 2018 08:30 UTC."
Fusion (FSN)
"All FUSIONites nearby will be more than welcome to join us for networking, drinks, and meeting with DJ after the London Blockchain Summit."
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