Crурtосurrеnсіеѕ Muѕt Be Rеgulаtеd On a Glоbаl Sсаlе
The dіrесtоr оf Germany’s сеntrаl bаnk bеlіеvеѕ thаt bіtсоіn ѕhоuld bе rеgulаtеd through an іntеrnаtіоnаl ѕеt of rules rather than оn a nаtіоnаl ѕсаlе.
Bundеѕbаnk director Joachim Wuеrmеlіng ѕаіd thаt bоrdеrlеѕѕ сrурtосurrеnсіеѕ аrе dіffісult to regulate wіthіn a ѕресіfіс rеgіоn оr country, according tо Rеutеrѕ. Sреаkіng аt аn еvеnt іn Frаnkfurt, thе bаnkеr ѕаіd сrурtосurrеnсіеѕ іnѕtеаd be overseen on a glоbаl ѕсаlе, with rеgulаtоrѕ harmonizing thеіr rules together. To thаt end, Wuеrmеlіng said that such a state of affairs соuld only bе rеасhеd іn the event of hеіghtеnеd соореrаtіоn.
He wаѕ ԛuоtеd аѕ saying:
“Effесtіvе regulation оf virtual currencies would thеrеfоrе only be асhіеvаblе through thе grеаtеѕt possible іntеrnаtіоnаl cooperation, because thе regulatory роwеr оf nation states is оbvіоuѕlу limited.” His rеmаrkѕ fоllоw dеvеlорmеntѕ оut оf China аnd Sоuth Kоrеа on thе regulatory frоnt. Nоtаblу, Sоuth Korea was rероrtеdlу planning tо shut dоwn еxсhаngеѕ, thоugh thоѕе rumоrѕ were lаtеr walked bасk bу thе president’s office.
Hоwеvеr, Sоuth Kоrеа іѕ асtіng on nеw rеgulаtіоnѕ tо ѕlоw dоwn ѕресulаtіvе іnvеѕtіng іn сrурtосurrеnсіеѕ by forcing bаnkѕ to соmрlу wіth nеw know-your-customer rulеѕ аnd іmроѕіng fіnеѕ on investors whо refuse to сеаѕе using anonymous virtual fоr cryptocurrencies. Meanwhile, China has іndісаtеd іt might try tо reduce mіnіng асtіvіtу bу wіthdrаwіng tаx аnd роwеr benefits fоr companies.
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Binance.US Begins Registration Today: 13 States Excluded
"Launching tomorrow, Binance.US is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America," the post said.According to an official blog post which went viral in the Bitcoin and altcoin news published on September 17, the exchange will start the registration at 8am ET on September 18 in most of the US states. The list will exclude the states of Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington.
“Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,” the post continues.Once the registration process starts, Binance.US will start accepting inbound transfers for Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT) and USD "upon appropriate account verification" as the exchange revealed. According to the announcement, there would be no trading fees until November 1st. A popular question in the coming altcoin news are the trading fees. As Binance.US stated in the post, they are an "independent entity" which means that any of the digital assets held by other trading venues or custody solutions "will not automatically transfer to Binance.US." The fees for personal accounts are 0.10% per trade (flat) which means that if you buy $100 of BTC, the fee will be $0.10. Binance.US also noted that the exchange will be separate from Binance.com since the former is a separate company operated by BAM Trading Services. Currently, US users and their digital assets will also be stored in Binance.US wallets. As many best cryptocurrency news sites reported on September 11, the 24-hour trading volume of major cryptocurrency exchange Binance and its futures markets has exceeded $150 million, all of which was denominated in USDT.
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Wells Fargo Will Launch A New Stabelcoin Cryptocurrency Next Year
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:
“Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.
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