Crypto Weekend Headlines May.13

Investors Expect Cryptocurrency Market to Recover after UPbit Investigation Woes

The cryptocurrency market has dropped by a large amount after UPbit, South Korea’s largest exchange was raided by police on May 11, 2018. The exchange was raided by ten investigators from the Korean Financial Intelligence Unit and Financial Services Commission, and led to seizures of hard drives and audit records.

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Facebook may launch its own cryptocurrency

Reports have surfaced that Facebook is creating a new Blockchain group. The social networking site is also exploring the launch of its own cryptocurrency. It’s also speculated that Facebook does not have plans to hold an initial coin offering (ICO), according to a report issued last Friday.


‘We are dealing with it,’ says BOV chairman on cryptocurrency developments

Deo Scerri, Bank of Valletta Chairman said that Malta’s most important bank is “dealing with” the developments in the cryptocurrency industry, as well as Distributed Ledger Technology in comments made to the Malta Independent.

Reserve Bank of Zimbabwe [RBZ] bans cryptocurrency – gives a duration of 60 days for all the financial institutions

The Reserve Bank of Zimbabwe has issued a statement which said that “all financial institutions are hereby required to ensure that they do not use, trade, hold and/or transact in any way in virtual currencies.” This means that financial bodies are not permitted to provide any services to any person or entities dealing with cryptocurrencies.

NVIDIA Earned $289 Million from Sale of GPUs to Cryptocurrency Miners in Q1 2018

NVIDIA made $289 million from the sale of GPUs to cryptocurrency miners. The revenue was ahead of analyst predictions, which were expecting $200 million, an almost 50% increase.

Ex Trump Advisor Gary Cohn: “There Will Be a Global Cryptocurrency but It Won’t Be Bitcoin”

Gary Cohn, former economic advisor to the Trump administration stated that the believes cryptocurrencies will lead the way in future, but that Bitcoin will suffer due to its complexity of use and scaling issues.

Supreme Court of India favors RBI restrictions on cryptocurrency by denying interim injunction

The Supreme Court of India stands by its RBI restrictions. The court denied granting an interim injunction appealed by Indian cryptocurrency enthusiasts, as per a circular rolled out by the Reserve Bank of India.

How Japan Is Creating a Template for Cryptocurrency Regulation

Japan was prompted by its desire to protect consumers under the FATFs recommendations, and has revised its Payment Services Act, which went into effect in April 2017. The act defines virtual currencies as a form of payment and requires any virtual currency exchange that does in business Japan to register with the country’s Financial Services Agency (FSA).

China Gov’t Will Publish Cryptocurrency Analysis Amid ‘Lack Of Independent Ratings’

The Chinese government has announced that it will publish an independent analysis of cryptocurrencies and blockchain projects at a conference in Beijing, May 11. The Chinese Ministry of Industry and Information Technology will analyse 28 cryptocurrencies, like Bitcoin, Etheruem, NEO, and Ripples to name a few. The ranking of all 28 projects will be published soon. 

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