#CryptoCorner: Market Loses $17 Billion, #PBoC Opens Research Centre in Nanking, #EU Meets to Discuss #ICO Standard and Bahraini Minister Praises #Blockchain as ‘A True Mark of Progress’

#CryptoCorner: Market Loses $17 Billion, #PBoC Opens Research Centre in Nanking, #EU Meets to Discuss #ICO Standard and Bahraini Minister Praises #Blockchain as ‘A True Mark of Progress’

September 5th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App

Point Roberts, WA, Delta BC September 5, 2018 - Investorideas.com, a leader in crypto and blockchain investing news reports on what’s driving the cryptocurrency markets with today’s edition of Crypto Corner, now available in podcast.

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September 5, 2018 Crypto Corner

Market Loses $17 Billion, PBoC Opens Research Centre in Nanking, EU Meets to Discuss ICO Standard and Bahraini Minister Praises Blockchain as ‘A True Mark of Progress’

Since yesterday’s Crypto Corner, the market has lost some $17 billion USD, with total market capitalization at $223 billion USD, according to CoinMarketCap. Just about all of the top 100 altcoins listed are in the red with Bitcoin (BTC) down about 5 percent. Though it lost its $7000 USD support for a bit, Bitcoin is trading at $7012 USD at press time. Other major coins were hit harder, with Ethereum (ETH) and XRP (XRP) down 10 percent, and Bitcoin Cash (BCH) and EOS (EOS) down 12 percent.

The People’s Bank of China (PBoC)’s Digital Currency Lab has launched a research centre in the Eastern city of Nanking, according to local outlet CNStock. This follows a similar expansion seen in the southern city of Shenzhen, where big data, artificial intelligence and fintech are being developed. Perhaps most notably, the Shenzhen project is expected to be the first to test the central bank’s planned legal digital currency. According to the piece, there is no timetable for the legal digital currency, but the application for patents has been accelerated, with ones focused on digital wallets being emphasized.

CoinDesk reports that EU lawmakers met yesterday to discuss regulation of ICOs. Specifically, the All-Party Innovation Group within the European Parliament convened to discuss a proposal from MEP Ashley Fox, which put forward an €8 million EUR cap on token sale proceeds in addition to anti-money laundering safeguards. If such a proposal were accepted, it would create a standard in the EU, which would enable projects to raise funds and conduct business in all 28 member states. The article quotes France Digitale’s managing director Nicolas Brien from the meeting:

"Having the certainty, but also having that legitimization, I actually welcome having a European-wide proposal because it gives people the certainty to know. I think we need to be clear whether this is a utility token or a transferable security, or how the regulator regime looks at that, but I think this can be done because an ICO is another form of crowdfunding. It's different, but it is a form of crowdfunding."

Speaking at the SmartSec Cyber Security and Blockchain Conference yesterday in Bahrain, a Bahraini minister extolled blockchain as a technology of the future and encouraged companies to pursue it, according to local outlet The Daily Tribune. The Minister of Electricity and Water Affairs, Dr Abdulhussain Mirza who is also part of the Supreme Committee for Information and Communication Technology, said:

“Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions. Blockchain’s ability to protect user’s data is a true mark of progress, especially due to the fact that it can be applied in different companies from different industries including cyber security.”
“This is the kind of initiative that we would like Bahraini companies to have so that innovation can arise amongst the great minds of this community.”

Sam Mowers, Investorideas

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