In the past couple of weeks, reports emerged that Mexico banned cryptocurrencies including Bitcoin which led investors to worry about their investments and the future of the crypto market in the region. In our latest altcoin news, we discuss why that isn’t the case.
The Bitso exchange believes that despite the new rules issued by the Bank of Mexico to govern cryptocurrencies which could decrease the speed of the growth for the industry, it doesn’t stop the operations of the crypto exchanges in any way. A statement of the exchange says:
“Banxico published new rules, represent a stagnation for the sector but do not stop our operation. We will continue to focus on our users; defending your right to access technology.’’
In an official statement, however, the crypto exchange explained that the new regulatory draft release by the Bank of Mexico shows that the central bank aims to utilize cryptocurrencies for international operations for financial institutions and not for clients or custody. Bitso also explains that the draft is not in really in step with the current fintech law of Mexico and that further conversations with the financial authorities are needed in order for better growth of the industry to be achieved.
A roughly translated statement of the exchange says:
“We believe that this circular is not in line with the principles of the Fintech Law, undermining principles of innovation, financial inclusion and competition to provide consumer benefits, which were pillars of this Act.”
Further, in the statement you can read that:
“Among other things, we will continue to build a close dialogue with the authorities to promote the healthy development of the Fintech sector, for the benefit of all Mexicans and with the objective of continuing to position Mexico as a leader in innovation and financial inclusion with the use of new technologies.”
However, another circular issued in 2018, the Bank of Mexico claims that the financial institutions can include crypto exchange but they have to be approved by the central bank. Bitso remains confident that the fintech sector could be in for a healthy development if it cooperates with the authorities.
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“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
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MakerDAO Token Holders Vote On Whether To Lower Stability Fees By 2%
"The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 17.5%. The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote," is what the announcement shared in our latest cryptocurrency news notes.If the decision is approved and the vote comes out positive, the proposal would decrease the stability fee by 2% to 17.5% per year. As the announcement outlined, the need to decrease the fee was discussed by the project's governance and now the MakerDAO token holders need to decide on it. For those of you who don't know, MakerDAO is looking to change the yearly stability fee in an attempt to improve the token's peg to the US dollar - especially after the exchange price has been hovering above the $1 level. The stability fee was a hot topic in the altcoin news and is seen as a charge that is levied by Maker participants when DAI is used for loans. In March, the MakerDAO token holders already decided to raise the stability fee (even twice), first to 3.5% and then to 7.5% per year. In April this year, this fee was further increased by another four percent in the fifth such vote this year which brought it down to 11.5%. The further votes brought the rate up to 19.5% at the beginning of the current month. As we already reported (and many best cryptocurrency news sites did too) at the end of the previous month, DAI has been struggling to maintain its peg. Aside from the MakerDAO token holders and their decisions, the president and chief operating officer claimed that DAI's value had been stabilized as of the beginning of May. On top of this, at the end of April, the chief technology officer at MakerDAO, Andy Milenius, published an open letter dated April 3 to explain his concerns over the project's internal conflicts.
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