China is proving why we need crypto
China's Search Giant Baidu to Censor Crypto Discussion
BAIDU BANHAMMER
- Following the WeChat and Alibaba moves to crackdown on cryptocurrencies, China's online search giant Baidu will begin to censor crypto-related discussions on its online forum platform Baidu Tieba
- Baidu Tieba, which hosts over 300 million monthly active users, will allegedly be banning sub-forums that contain crypto-related discussions due to relevant rules and regulations
- So far, a quick search for "digital currency" and "virtual currency" shows that the sub-forums are unavailable with a statement that reads: "Sorry, this is not open according to relevant laws, regulations, and policies."
INSIDER INFO
- According to a Baidu representative who spoke with CoinDesk, Baidu is monitoring and censoring crypto "the same with why WeChat did it"
- If true, Baidu would only focus on censoring speculative crypto trading schemes and ICOs
- A Baidu representative hinted that the reason for banning the sub-forums "digital currency" and "virtual currency" was that they were distributing information about ICOs
- At the time of this writing, sub-forums like "bitcoin" and "ethereum" continue to remain active
CRYPTO VS. CENSORSHIP
- Since Bitcoin's inception, censorship has been an enemy of the crypto community
- Specifically, in China, the government's strict internet regulations call for strong censorship
- In one case earlier this year, Chinese activists who were part of the #MeToo movement were unable to voice their opinions online so they turned to the Ethereum blockchain to encode their message free of censorship
- If anything, China's continued attempt to ban cryptocurrencies only reiterates the need for crypto
Lack of Regulation is the Biggest Problem Facing Cryptocurrency Says Coinbase UK CEO
COINBASE IN THE UK
- In March of 2017, Coinbase began its operations in the United Kingdom, opening an office in London
- The United Kingdom is Coinbase's fastest-growing geographic region
UK CEO INTERVIEW
- Zeeshan Feroz, who has served as the CEO of Coinbase UK since February 2017, recently spoke with CCN to talk about the state of the cryptocurrency industry
- Feroz recognized that customers are requesting more assets to be added to the platform and shared that new assets will be added to the platform in the "near future"
- The CEO also talked about increasing competitive pressures and assured that Coinbase is the easiest and safest way to purchase cryptocurrency
Feroz was asked about cryptocurrencies being classified as securities and responded:
“Some tokens maybe considered securities and classifying them as such brings them within scope of regulation. This is the best way to provide individuals and institutions a safe environment to invest in them. The main challenge facing the crypto space at the moment in the lack of regulation, which leads to risk. We see the value in having some form of regulation for crypto exchanges as a means of ensuring due diligence and transparency in the crypto space.”
Bitcoin Bull Tom Lee Reiterates $20,000 EOY Price Target
TOM LEE
- Tom Lee is a is a Managing Partner and the Head of Research at Fundstrat Global Advisors with over 25 years of experience in equity research
- Lee has been top-ranked by Institutional Investor every year since 1998
DOUBLING DOWN ON PT
- Lee appeared on CNBC's Fast Money to talk about cryptocurrencies and reiterated his price target of $20,000 a BTC for the end of the year
- We are just four months away from the end of the year and Bitcoin seems stuck in the $6000s but it has shown the ability in the past to make some pretty quick price movements upwards
- Lee is confident in his prediction and says that hedge funds are playing a role right now trading the cryptocurrency
- He also talked about how Bitcoin has been correlated to emerging markets, which have also suffered during this calendar year as investors are looking to derisk
CRYPTO HAS ITS CHALLENGES
- Lee is very bullish on Bitcoin but did also recognize that cryptocurrency faces some challenges
- According to Lee, the biggest challenge facing crypto right now is the custody of Bitcoin, it is hard for institutions to store cryptocurrencies
- He did mention that Bakkt will be crucial in allowing institutional investors to be able to join the game
India's Central Bank Created a New Team to Focus on Blockchain
NEW TEAM
- According to the Economic Times, the Reserve Bank of India (RBI) formed a team to study emerging technologies like blockchain and artificial intelligence
- This new unit will likely be involved in drafting rules and regulations to help supervise the new technologies
- Though no formal announcement has been made about the new team, a source close to the matter said that the team has been researching for about a month now
ANALYST CHIMES IN
- Analysts seem to like the new team after the RBI had banned banks from dealing with cryptocurrency-related businesses in April
Piyush Singh, a managing director-financial services at Accenture, commented on the importance of regulator involvement:
"Unless regulators are part of the ecosystem, they understand and have a clear indication of what is accepted and what is not, it can neither protect the industry it regulates nor the consumers who use it."
INDIA'S OUTLOOK
- India's government has been hesitant with cryptocurrencies and has issued multiple warnings to its citizens about the dangers of trading cryptocurrencies
- In addition, the RBI's order to stop banks from dealing with cryptocurrency-related businesses has halted the entire domestic crypto ecosystem
- In September, India's supreme court will review the RBI's bank ban to determine if it will be upheld
- As for classification, India's government is likely to treat cryptocurrencies as commodities rather than currencies according to an anonymous source
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- Venezuela's central bank officially released a new app that allows citizens to convert Bolivars to the country's new petro-pegged currency.
- John McAfee announced he would join Chinese social media platform Weibo to reach domestic cryptocurrency investors.
- Russia's largest airline tested a blockchain-based system that tracks the process for refueling planes.
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