Blockstream CEO: "Nothing is above Bitcoin" / BitBay to delist Monero / Thailand's SEC to change crypto rules

Inside Bitcoin.

Subscribe | View in browser Hello everyone! I hope you're all well and enjoying the Bitcoin newsletter. If there's anything you'd like to see more/less of don't hesitate to reach out to me at Rebecca@inside.com. As we get closer to Thanksgiving, I thought I'd give you a heads up on what's happening with the Bitcoin newsletter for the rest of this week. Today will be the last newsletter you'll receive from me, and then I'll be back to publishing as usual starting December 2. Until then, I wish you all a happy Thanksgiving!       Market Watch: Bitcoin is hovering above the $7,000 mark after dropping below the $8,000 level last week. However, elsewhere in the market, lesser-known altcoin Storeum has jumped in value by 265 percent. Bitcoin: $7,130 (⬇️ 0.48%) // $128.8 billion market cap. Ethereum: $145 (⬇️ 0.91%) // $15.8 billion market cap. XRP: $0.217 (⬇️ 1.56%) // $ 9.4 billion market cap. Tether: $1.01 (⬆️ 0.73%) // $4.1 billion market cap. Top 100 Winner: Storeum: $2.26 (⬆️ 265.55%) // $298 million market cap. Top 100 Loser: Centrality: $0.138 (⬇️ 11.15%) // $147.7 million market cap. Prices are as of 1:45 p.m. ET.       1. Blockstream CEO Adam Back has said in an interview that nothing is above Bitcoin, including central bank digital currencies (CBDC) or stablecoins. Back, who invented the hashcash proof of work system, was responding to a question about China's developments of a CBDC and the use of the blockchain by private companies. In his opinion, neither of these are as important as the need for "uncensored money." He went on to say that while it was useful and possible for some cases to have stablecoins, "they fall short of Bitcoin as they have custody risk." Turning his attention to Facebook's Libra stablecoin, Back stated that it won't have anything to do with cryptocurrency and is simply a "banking app with a modern feel." –COINTELEGRAPH       2. Cryptocurrency exchange BitBay will delist Monero due to concerns over money laundering. According to an announcement from the platform yesterday, the move will take place on February 19, 2020. BitBay will end accepting deposits in XMR by Nov. 29, and all Monero holders are asked to withdraw by May 20, 2020 at the latest. In its decision to remove Monero, BitBay said that it can "selectively utilize anonymity features among projects...The decision was made to block the possibility of money laundering and inflow from external networks." The company went on to note that Monero has already been removed from other fiat-crypto exchanges for the same reason. –BITBAY       3. Matrixport, a Singapore-based crypto startup backed by former Bitmain CEO Jihan Wu, is expanding its services from Asia as it opens a new office in Zurich. Registered under the name of Chaintech in Switzerland, Matrixport is planning to recruit up to 10 staff within the next two years. Hui Wang, chief operating officer, said that they want to start on a modest scale as they establish their name in Europe and a pool of clients. The move comes five months after Wu launched Matrixport to provide over-the-counter trading, lending, and custody services for crypto. –SWISSINFO.CH       4. Thailand's financial regulator, the Securities and Exchange Commission (SEC), plans to change its rules regarding cryptocurrency in a bid to boost its growth. The country originally adopted cryptocurrency rules in May 2018 through a royal decree. The decree covers four types of crypto business: brokers, dealers, exchanges, and initial coin offerings (ICOs). The first three require a license from the Finance Ministry, while ICO operators must receive approval by the SEC. According to Ruenvadee Suwanmongkol, secretary-general of the SEC, Thailand is trying to remain "competitive" in the global market. –BANGKOK POST       5. The Red Cross societies in Denmark, Kenya, and Norway are backing a blockchain-based currency to aid delivery and boost local economies in rural villages. The two-year plan will replace cash and vouchers, and it's hoped that it will improve the use of $1 billion sent each year in money and vouchers to meet needs before and after a disaster. The program will grow in Kenya before moving to Cameroon, Papua New Guinea, Malawi, Myanmar, and Zimbabwe. The organization is hoping to reach 320,000 people in the next two years. –THOMSON REUTERS FOUNDATION       6. European Central Bank (ECB) board member Benoit Coeure has said that global stablecoins pose "risks across a broad range of policy domains." Giving a speech at the Joint Conference of the ECB and National Bank of Belgium today, Coeure stated that Europe was "at risk of losing its economic edge" but that the bar will be set "very high" for stablecoins to operate. –COINTELEGRAPH       7. According to the digital asset director at investment management firm VanEck, Gabor Gurbacs, Bitcoin may have dropped to $6,500 for four different reasons. In a tweet, Gurbacs says the number one reason has to do with China and its central bank, the People's Bank of China (PBoC), which scared investors to enter at lower prices. Other reasons include general lower liquidity on Bitcoin trading platforms.  –@GABORGURBACS/TWITTER       8. Jon Holmquist, the creator of the Bitcoin Black Friday events, has said that he will no longer continue running them, claiming that the "initial mission" has been accomplished. Holmquist writes that after seven years and six successful events, he has "fallen out of love with using Bitcoin as a means of consumer payment." He goes on to note that Bitcoin Black Friday was created as a way of "demystifying" the use of crypto, which has now been done, he said, given the fact that the awareness of them are more widespread and "almost common knowledge." –BITCOIN BLACK FRIDAY       9. Omni Rentals, a startup backed by Ripple, is reportedly shutting down its operations. By the end of the year, Omni Rentals is expected to close its doors; however, 10 of its engineers will be hired by the crypto platform, Coinbase. The number of people thought to have worked at Omni Rentals peaked at around 70. It's believed to be shutting down because it was struggling to make money from equipment rentals and on-demand storage. –TECH CRUNCH       10. PlanB, a crypto Twitter analyst, has said that "it wouldn't surprise me if BTC closes 2019 at $10+" The comments come at a time when Bitcoin is currently trading just over $7,000 following a drop from $8,000 last week. He added that opportunities where Bitcoin is below the Stock-to-Flow (S2F) model value six months before the next halving event takes place are rare. –@100TRILLIONUSD/TWITTER       This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

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