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Bithumb Could Invest $8M In South Korea’s Regulation-Free Zone

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One of the world’s largest cryptocurrency exchanges Bithumb could invest more than $8 million into the South Korean regulatory sandbox, as the latest cryptocurrency news today show. The move could be done through its daughter company GCX Alliance.

As reported before, Bithumb could do this and has shown intent to put $10 billion won ($8 million) into what is known as the South Korean “regulatory free zone” in Busan, according to reporting from Seoul on January 9.

The second largest city in the country, Busan, has been the subject of prior headlines for its status as a deregulated outpost and its desire to create a digital currency which is based on blockchain technology.

As the Bitcoin news before showed, in December 2019 KT (which is South Korea’s most sizeable telecom company) announced the introduction of a blockchain-based currency which is local to Busan.

Bithumb could invest a lot of money in this zone and has shown interest in putting the 10 billion won towards the Tongsan Asset Exchange, which is located in Busan. As the Korean news article said, the country and its Financial Services Commission (FSC) plan to review the endeavor with Bithumb near January’s end.

“The industry expects Bithumb to launch various blockchain-based financial businesses in Busan with this investment,” the article added.

As a new report shows, the Presidential Committee of South Korea recently pushed for the approval of crypto derivatives products in the country. Bithumb could invest a lot based on this decision and shape up the future of this regulatory zone in South Korea.

Meanwhile, the latest news from the market show that Bitcoin is trading at $7,780 and Ethereum is at $137, while Ripple’s XRP token is trading at $0.2031 and Bitcoin Cash (BCH) is at $236. There has been a decrease in the prices and most of the altcoins fell when Bitcoin initiated its decline recently.

The total cryptocurrency market cap is now at $206 billion, which is a lot less compared to the levels from a few days ago. The correction started yesterday when Bitcoin (BTC) went in the $7,000 zone again for another time, dragging the altcoins with it. The dominance of Bitcoin is now at 68.5% which shows that the earlier days are now back in.

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Google Search Volume For Crypto Is Trending Down Despite Surge

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The crypto hype bubble that rocketed Bitcoin and Ethereum into the public eye and made them household names when they reached all-time highs was also accompanied by a surge in search interest of people who were scrambling to find out what the fuss was all about. However, the recent crypto surge on the markets did not come with a change in Google search volume - in fact, the volume has been decreasing.The latest rally has put a lot of cryptocurrencies up by 250% from what they were worth in less than a month. Even Bitcoin surged and the Bitcoin price news now show that BTC is close to $9,000. However, despite the rally and the fact that this downtrend may be over, the rise in prices is not being followed by a rise in Google search volume.Trading volumes also have not seen any uptick which caused a lot of top crypto analysts to wonder what are the actual benefits of this rally. If you have been following our latest cryptocurrencies news for the last few years, you probably know the FOMO effect which swept the mainstream public when Bitcoin rose to $20,000.The more people heard about BTC, the more they bought it which lead to surges everywhere. The Google Search volume for the Bitcoin price also spiked, reaching all-time highs in late 2017.Now, this is not the case. The prices are going up but the search volume is going down. This was also shared on Twitter by an analyst named Haejin who illustrated the unchanged behaviour:https://twitter.com/Haejin_Crypto/status/1217288329382842369So, as the prices are skyrocketing once again, the crypto community is not that convinced that we are beginning to see the start of a larger trend reversal. The Google Search volume has not only started to trend upward - it is actually trending down now and suggesting that even fewer people are interested in Bitcoin (BTC) now.The same attention who called attention to the Google Search volume is also very leery about the entire leary. Haejin claims that lesser rallies over the last few months experienced more volume - suggesting that this is not the crypto reversal we have all been waiting for.https://twitter.com/Haejin_Crypto/status/1217937419158376457
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Australian Reserve Bank Considers Using Central Bank Digital Currency

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The Australian Reserve Bank (RBA) revealed recently that it is considering using the central bank digital currencies in its payment system based on the Ethereum network as we are reading in today’s altcoin news.The Australian Reserve Bank revealed that it has decided to stimulate using CBDC in the wholesale payments system and the plan was to see whether the system will be a good one for banks settles customer payments between themselves and whether they will be able to operate on a permissioned Ethereum-based network. A number of central banks have already started experimenting with digital currencies hoping to create a working system that will soften the impact of Facebook’s Libra. Libra faced regulatory issues and the central banks are advancing their own plans. The bank is still not convicted that cryptocurrencies offer a real alternative to traditional money but they appear to see the value in opting for digital money.For example, the central banks of China, Turkey, Sweden, and other countries are working on developing their CBDCs and the Australian Reserve Bank revealed that it will also conduct trials and test to see how the CBDC might affect modern payment settlement systems. The recent reports show that the bank has a goal to stimulate the role and the impact of the central bank digital currency by creating a system that will allow the financial institutions to settle the customer payments. The bank wanted to see how the CBDC will perform when given to commercial banks as well.The banks will be able to exchange tokens and to settle various obligations and redeem them through the central bank, and if the system functions well, it could secure the role of the banks in the cashless society. The banks are still unconvinced that there’s a real need for the use of these crypto-assets but if they are going to be used, they will bring a lot of advantages because they will mainly reduce the cost of the payments and improve their speed.  The financial institutions now are required to exchange instructions with each other all of the time which consumes a lot of time and increases the cost. Going with CBDC will make the transaction time faster but it will also mean that these systems will execute all parts or none of them.
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Gemini Launches An Insurance Company To Cover Up For $200M Of Its Branch

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The Winklevoss' brothers Gemini has launched an insurance company which will cover up for up to $200 million for Gemini Custody which is reportedly the largest amount for any crypto custody service in the world. As Gemini launches an insurance company, the head of risk at the exchange named Yusuf Hussain shared the news and said that the captive insurance company is called Nakamoto, Ltd. and will secure the custodial business of the exchange for up to $200 million.Aiding Nakamoto Ltd. and its launch, there have been a lot of traditional insurance brokers joining this new journey. Aon and Marsh were among them - and the custodial clients of Gemini will also reportedly be able to purchase additional insurance from Nakamoto Ltd. in order to secure their own holdings beyond the general $200 million.According to Hussain, Gemini launches an insurance company as an advancement in its coverage - allowing the institutional clients to continue to meet their own regulatory requirements. He explained that the move “is consistent with Gemini’s approach of being a security-first, compliance-first, and regulatory friendly exchange and custodian.”As a reminder, Gemini initially launched their custody wing in September, when it was in the crypto news for being one of the most impressive exchanges for custodial services.Meanwhile, insurance is still a major barrier to crypto investment services looking to court more risk-averse traditional financial players. The legendary insurance firm Lloyd's of London has gotten involved, securing hot wallet holdings for Coinbase and the Kingdom Trust custody business.As Gemini launches an insurance company, we can definitely relate to the exchange's history with advancing insurance into crypto investments - and specifically the 2018 move to insure hot wallet holdings as further evidence of their desire to provide more security in the industry.
“Obtaining meaningful insurance in the crypto industry remains a challenge, and our captive will help to increase our insurance capacity and move the industry forward," the president of Gemini Cameron Winklevoss added.
In the end, Gemini is not the first to launch an insurance option. Before this, Ledger Vault which is the custody arm of the hardware manufacturer Ledger did the same and acquired a crime insurance policy which supports them with a coverage of up to $150 million in crime losses.
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Venezuela’s Maduro Forces Airlines To Use Petro For Fuel

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Venezuela’s Maduro, the controversial president announced that he plans to revive the economy of the country and his oil-backed cryptocurrency Petro which never attracted any users as per the reports in the altcoin news.The past few years have brought a lot of economic difficulties for the country of Venezuela whose native currency, bolivar crashed and suffered a loss of value because of the extreme inflation. In the meantime, the cryptocurrencies were entering the markets and became a huge trend around the world which is why the country decided to create its own, national cryptocurrency that was backed by the oil supplies of Venezuela.The coin was supposed to be a safe haven from the worthless bolivar but it also aimed to avoid the US sanctions. Petro was launched in 2018 but it failed to attract users as the people were more interested in Bitcoin and other assets. Venezuela’s Maduro announced that he plans to bring the Petro back. Maduro published a decree that says that the airline flying from Caracas now have to pay for Venezuela’s fuel via Petro:
‘’I decree the sale of all fuel sold by the PDVSA for planes operating international routes be made in petros from now on.’’
He ordered that the coin has to be more widely used throughout the country since the US banned the use of the coin and marked it as a scam which only crashed the popularity of the coin.  Another one of his decrees states that the coin has to be used for paying the state document services such as passports but the people of Venezuela avoid Petro as much as possible since many do not know how to use it. For the tourists and foreigners, they also don’t use it because it was marked as a scam and labeled as a risk. Venezuela showed that it is open to the idea of crypto by using decentralized coins to battle the hyperinflation.Venezuela even attempted to discuss trades in Petro with Russia and both countries had issues with the US and discussed they were discussing methods of getting rid of the use of USD in their trade deals. Maduro approved bonuses for the public employees and pensioners but insisted they should be paid in Petro. The coins were later exchanged for bolivars and used to purchase other currencies. The country banned the possibility of exchanging petro for bolivars.
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