Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.
Government to tighten Bitcoin regulation through central bank-issued payments: The Bank of Mexico is tightening up Bitcoin regulations by releasing a circular that says Bitcoin exchanges and other businesses dealing in cryptocurrencies will have to require a government permit to do so.
The circular was published in the government’s official daily channel and shows that the country is working to tighten trading laws in the country in an effort to stop any misuse of the digital currencies.
Canada home to first Bitcoin-linked mutual fund trust: Canadian investors are going to get a taste of something new as a company called First Block Capital Ltd was allowed by the government regulators to operate as a mutual fund trust.
The move means that Canadians can now save their money in Registered Retirement Savings Plan (RRSP) that is essentially a tax-free savings account in the country. This will boost the application of crypto and let people save money in the form of cryptocurrencies for retirement.
Crypto industry starts lobbying group in Washington: A new lobbying group has been established by the Blockchain Association of the USA to represent entrepreneurs and investors in the sector and lobby for the right response from the government.
The group will also assist the government in implementing crypto specific laws including Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) measures.
Department of Defense building to become crypto mining facility: A Nevada-based building of the US Department of Defense is being taken over and converted into a cryptocurrency mining facility by a private mining company.
The Wuhan General Group of China has used the opportunity to use the vacated building and install a total of 1,300 mining rigs in the building. With competition tough around the world, companies are finding it difficult to locate suitable buildings for cryptocurrency mining operations because they take a lot of space and need a former factory floor for installation of equipment.
SEC stops only Bitcoin ETN operating in US: The Securities and Exchange Commission (SEC) has stopped the trading of the only Bitcoin Exchange Traded Note (ETN) being offered in the country. The ETN in question had only been trading in the country since mid-August.
The banned ETN is named Bitcoin Tracker One and according to the SEC, there is a lack of consistent, accurate information about the ETN that confuses investors. While the statement from the SEC says that the ETN has been banned only till 20 September, its overall attitude probably means that the ETN will be banned for a long time.
New York approves Gemini stablecoin: A New York State regulator has allowed two-dollar linked digital tokens including one belonging to the Winklevoss twins’ exchange Gemini.
The Winklevoss brothers made big money settlements with Mark Zuckerberg during their infamous trial in which they accused Zuckerberg of stealing their idea. They also jumped on the cryptocurrency bandwagon early on and profited a lot from it.
While the twins have been trying to get ETFs legalized for some time, they are also experimenting with stablecoins, digital coins linked to recognized assets such as the US dollar that gives them stability.
IMF puts pressure on government after plans for a national crypto: The tiny Pacific nation of Marshall Islands’ plans to shift to a national cryptocurrency have suffered a setback after the IMF warned against the idea and suggested that the banks will refuse to work with it if the government goes ahead with its plans.
The new token being considered by the tiny island nation was called Sovereign and could have displaced the US dollar as the national currency in the near future. But, the IMF which heavily relies on the current fiat system for survival has come out and warned the country against doing so.
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