In today’s news, we will discuss the new crypto regulation going on in the world currently. Every local crypto exchange operator based in Mexico now has to acquire a permit from the Bank of Mexico.
This government of Mexico is eagerly rushing to introduce specific crypto regulations claiming that they will only pump the economic growth of the country and will make a stable position for cryptocurrency on the market.
Once the permit is acquired, crypto exchanges will be able to provide fiat liquidity to all customers guaranteed by the Bank of Mexico. In order to acquire one first, every digital currency business has to go through a procedure only to prove the business’ legitimacy and way of work. Each company then has to give a detailed plan to the Bank of Mexico where they will describe all operations and activities. If the companies don’t meet the standards, the bank won’t provide liquidity to them saying that this way they will prevent money laundering.
Companies that are doing crypto business are now facing a lot more scrutiny because every single payout will be a subject to validation and later checked by the government. For now, the permit issuance is closed for new crypto businesses but in March 2019, the Mexican government plans on issuing a new set of fintech regulations.
The reason for the new set of regulations is said to be the increase in trust by the investors. The founder of the local crypto exchange Cubobit says that by introducing strict crypto regulations, the government will strengthen the confidence in digital currencies.
Bitcoin Drops In Rating According To CCID, What’s The Reason Behind It?
“Build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information publishing and search services.”Due to Bitcoin’s hashrate, it is still the most reliable blockchain network on the market. Given the time that bitcoin has been on the market, investors can’t cope with the fact that bitcoin is ranked 15th and cryptocurrencies with two-year experiences are above it. BTC still remains as a cryptocurrency that sees an increase in hashrate despite the prolonged bear market. As for its historical performance, this data is not including in the parameters of the CCID. The CCID usually sees the dApp and scalabilty-focused networks so this could be one of the reasons why Bitcoin is down on their list. The ranking does not provide a good-enough contexts for investors to make decisions and to track the performance of the cryptocurrencies.
Twitch Apparently Removed Bitcoin (BTC) And Bitcoin Cash (BCH) As Payment Options
There are some optimistic comments on Reddit though, just like this one from one user who scratched the surface of a feature which would make paying for subscriptions easier:
"One of BTC's weaknesses, automatic sheduled payments are something either a wallet must do, or been written inside some smart contract which requires ETH or some similar blockchain. BCH doesn't need DAPPS but something along timed payments. Any custodial wallet should offer the feature."
"Feature, not a bug. This allows the consumer full control over automatic payments, not companies which will quickly charge your card with a rate hike with little or no notification leaving the onus on the consumer to recover over charges. Smart contracts will vastly improve automatic payments models."This is interesting because on March 20, another Reddit user claimed that Streamlabs (which is another popular streaming website used by Twitch to receive tips) also removed support for cryptocurrency. As the user said, a new version of the software that has been released no longer contains support for the crypto donations. The comment section also features one comment which states:
"It's sad because it's a vicious circle with companies doing stuff like this. They've probably removed it through the lack of people using it but there's a lack of people using it because they just had no idea about it, like myself, had no clue either."Twitch hasn't responded to the request for comment on this move by press time. As we reported on our site, Twitch previously offered support for Bitcoin as a payment option using Coinbase as the go-to payment processor.
Is The Altcoin Season On Its Way?
“As we’ve been discussing for several weeks now, the crypto market is currently in the throes of altseason. This is a necessary process where a lot of the [cryptos] and garbage ICOs of 2017 are losing their value as investors dump them for tokens with greater potential,” Greenspan wrote in a recent email.So, even though the market is still 80% down (or even 90%) from its all time high, the recent price action signals that investors know that the markets have found a long-term bottom and are ready to start recovering. At the time of writing, there are a couple of altcoins that have surged - including Cardano (ADA) which is one of the best performing cryptocurrencies with a new 11% increase and a current price of $0.064. Other cryptocurrencies with notable growth include Bitcoin Cash (BCH) which climbed over 3% and Tron (TRX) which surged 5%. When considering the price gains that cryptos have experienced over the past month, it appears that the markets may be preparing for the altseason - and a long-term bottom may already have been established for many altcoins.
4% Increase: MakerDAO Vote Will Raise DAI Stablecoin Annual Stabiility Fee To 7.5%
"In February, the Stability Fee was increased twice, each time by 0.5%. The impact of this combined 1% increase was negligible, indicating that neither the target Stability Fee nor the incremental change was appropriate. Based on last week’s governance call, the MakerDAO community is moving forward with a Governance Poll to gauge sentiment for an additional Stability Fee increase. "As the firm announced, users had voted 'Yes' on the proposal which asks them to increase the stability fee by 4% - from 3.5% to 7.5%. When it comes to the actual reasons for this increase, the main ones as seen in the post are that the DAI exchange persists under one dollar, that there are high inventory levels among market makers and prop desk, as well as insufficient impact from the previous fee increase. With this, the MKR token holder could choose whether to raise the fee by zero, two or four percent accordingly. Still, what we can see in the vote page is an explanation on “the absence of any significant volume clearing near $1 indicates that there needs to be stronger incentives in place” than just a 2% increase. The post also admits that a 4% increase is "the largest one-time raise" which runs the risk of overshooting the estimate. The correct Stability Fee, hence, could still be 7.5% or higher. The MakerDAO token MKR is currently ranking as the 16th largest cryptocurrency with a solid increase of 1.12% at press time. As the post concludes in the last "Next Steps" section:
"On Friday, March 22nd there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll. If the results of that Executive Vote is insufficient to manage inventory levels as measured over the following 5 days, another proposal will be put forth for a subsequent increase."MKR token holders already voted to raise the DAI stability fee to 3.5% this month. In other news, one senior advisor for digital assets at the United States Securities and Exchanges Commission Valerie Szczepanik said that stablecoins could experience a lot of issues under current securities laws.
Join us on Facebook
- Bitcoin Drops In Rating According To CCID, What’s The Reason Behind It?
- Key Technical Indicators Show That BTC Could Surge Up To $5,500: Analysis
- Binance Announces Major Changes To Launchpad Token Sale Format
- Central Bank Of France Won’t Be Issuing Its Own Digital Currency: PwC Executive
- Twitch Apparently Removed Bitcoin (BTC) And Bitcoin Cash (BCH) As Payment Options
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Blockchain News3 days ago
Postal Carrier Giant UPS Rolls Out A Blockchain Platform For Merchant Supply Chains
Uncategorized4 days ago
Facebook Is Looking For Senior Lawyer With Blockchain (Payments) Experience
Blockchain News2 days ago
Latin E-Commerce Giant Mercado Livre Bans Cryptocurrency Ads On Their Website
Altcoin News3 days ago
USDT-TRON Stablecoin Is Going To Be Listed On OKEx
Bitcoin News5 days ago
Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores
Blockchain News1 day ago
VISA Is Getting In Crypto And Looking For A Blockchain Developer Hero
Bitcoin News5 days ago
Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
Analysis3 days ago
Bitcoin Goes Below And Above $4,000 Again: What’s Causing This Fluctuation?