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Monday, July 15, 2019

#CryptoCorner: Market Takes a Dive Over Weekend, Japan Sets Up Working Group for Libra Ahead of G7, UK Crackdown On “Dirty Money” and Korean Credit Card Giant Wins #Blockchain Patent


#CryptoCorner: Market Takes a Dive Over Weekend, Japan Sets Up Working Group for Libra Ahead of G7, UK Crackdown On “Dirty Money” and Korean Credit Card Giant Wins #Blockchain Patent



Point Roberts, WA, Delta BC July 15, 2019 -  Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s  (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and  the Genesis Exchange and Wallet  App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .




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Stocks discussed: (NasdaqGS:FB)

The crypto market took a considerable dive over the weekend as total market capitalization slid from $320 billion on Friday to about $286 billion at press time, according to data from CoinMarketCap. After hovering around $11,700 on Friday, Bitcoin (BTC) dropped as low as about $10,000 yesterday, but has climbed back up to around $10,600 at press time.

Reuters reports that Japan has set up a working group to determine the effect Facebook’s (NasdaqGS:FB) Libra could have on the country’s monetary policy and regulation. The group comprises the Bank of Japan, the Ministry of Finance and the Financial Services Agency, and started meeting last week. This comes ahead of a G7 meeting, where Libra will be one of the central topics of discussion among world leaders.

In the U.K., the government has announced a new initiative to combat “dirty money”, which will include “action on cryptoassets to ensure these are not being used for money laundering and other illicit activity”. One of the aims of the initiative is “establishing a new cryptoassets regime with the Financial Conduct Authority, going beyond international standards to create one of the most comprehensive global responses to the use of cryptoassets in illicit activity”. Chairman of UK Finance, Bob Wigley, said:

“Tackling economic crime in partnership with government and law enforcement is a top priority for the finance and banking sector. This plan provides a vital blueprint for how the public and private sector will work together to crack down on the criminals responsible and make this country the cleanest and most transparent for financial business in the world.”

The Korea Times reports that Shinhan Card – Korea’s biggest credit card company – has obtained a patent for a blockchain-powered credit transaction process. The technology enables setting maximum spending limits, payments in monthly installments and executing payments between merchants and consumers. An unnamed Shinhan Card official said:

"Services using those key functions of credit cards will be extended to the blockchain-based system, a notable advancement from the status quo whereby most blockchain-based services available are limited to cash wiring or user identification for online transactions.”

"We obtained the patent about a year and a half after we initiated a feasibility study including technology reviews. We are seeking measures to make the patent valid in European countries, the U.S., Japan, China, Vietnam and Indonesia.”


Sam Mowers, Investorideas

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