#CryptoCorner: Indian Central Bank Denies #Blockchain Unit, #Malta's PM Tells UN that #Crypto "Inevitable Future of Money"
October 1st #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 1, 2018 (Investorideas.com Newswire) 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.
#Crypto Corner: Indian Central Bank Denies #Blockchain Unit, China's Oldest Tech Magazine Offers Subscription Payments in BTC, Shanghai Court Rules Ether as Property "In the Legal Sense" and Malta's PM Tells UN that Crypto "Inevitable Future of Money"
Stable Weekend, Indian Central Bank Denies Blockchain Unit, China's Oldest Tech Magazine Offers Subscription Payments in BTC, Shanghai Court Rules Ether as Property "In the Legal Sense" and Malta's PM Tells UN that Crypto "Inevitable Future of Money"
As we open the week the crypto market hasn't seen too much movement in terms of total market capitalization in the past couple days. Data from CoinMarketCap tells us that Bitcoin (BTC) is trading for $6568 USD, a number it hasn't strayed too far from in the last few weeks. XRP, though in the red about eight percent since yesterday, still poses a threat to Ethereum's (ETH) second biggest market cap status. The total market cap is clocking in at $220 billion USD at press time.
Coin Crunch India reports that the Reserve Bank of India, the country's central bank, has denied the existence of a crypto and blockchain research unit. India's Economic Times reported the formation of the unit on August 27, citing two anonymous sources which claimed that the unit had existed for a month already. Subsequently, several other publications picked up the story. Responding to a Right to Information (RTI) request from Naimish Sanghvi, the writer of the Coin Crunch piece, RBI said:
"There is no new unit created formally in RBI for the purpose (Cryptocurrency, Blockchain and Artificial Intelligence) mentioned in RTI query. Therefore there is no information to furnish in the matter".
In a bid to demonstrate the use and practicality of cryptocurrencies, China's oldest tech magazine, Beijing Sci-Tech Report (BSTR), recently enabled readers to subscribe using Bitcoin, according to local outlet Guangming. The yearly subscription will be 0.01 BTC, which works out to 450 yuan ($65 USD). Additionally, should the price of Bitcoin increase in the course of a subscription year, BSTR will pay the difference out to the subscriber.
Elsewhere in China, the Shanghai Hongkou District People's Court has ruled that Ethereum is protected by the law as property "in the legal sense", according to a recent statement. The ruling is the culmination of case involving a tech company that had used tokens to raise Bitcoin and Ether, and the subsequent confusion resulting from the country's crypto transaction ban. A loosely translated excerpt from the statement reads:
Although the state does not recognize the monetary attributes of so-called "virtual currency" such as the Taikoo currency, it does not deny that the Ethereum is generally protected by the law as a property in the general legal sense.
At the 73rd session of the U.N.'s General Assembly on Sept 27, Malta's prime minister Joseph Muscat called cryptocurrency the 'inevitable future of money". Known informally as 'Blockchain Island', Malta is home to many blockchain and crypto companies, including giants like Binance, and is known for its favourable legal and economic framework that promotes growth and innovation in the space. Making the case for more liberal policies in the space, Muscat said:
"I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island. By being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies inevitable future of money. More transparent it helps filter good business from bad business."
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