The crypto markets continue to move along, with government interest, institutional interest, development, and of course a little SEC action thrown in. Here is today’s action:
India evaluating creation of government-backed cryptocurrency
India is yet another country looking into building its own backed cryptocurrency, according to a review panel in India by India’s finance ministry. “We are evaluating the government-backed cryptocurrency and crypto-token,”…“ and we are looking to develop and encourage our own research and development of blockchain technology”, explained one of the government officials. Oddly enough, there is also talk of banning cryptocurrency use, outside of the potential government-approved options.
Latin America is also seeing significant government interest in the cryptocurrency as well.
Crypto Hedge Fund Launches Are Soaring To Record Levels This Year
It’s no surprise that 2018 has been mostly a bear market. The surprising part is that institutional interest continues to grow in spite of negativity. CoinDesk states: “According to a new report from Crypto Fund Research, 90 crypto hedge funds launched in the first three quarters of this year, and the total is expected to reach as high as 120 for the financial year”. This expected 120 hedge funds equal 20% of the general total of 600 hedge funds that will have launched this year (expectedly), showing significant mainstream interest.
SEC Asks Court To Enforce Subpoena In ICO Inquiry
More criminal allegations today as the Securities and Exchange Commission (SEC) looks to carry out a subpoena, looking into pump and dump activity in reference to the Initial Coin Offering (ICO) markets.
The subpoena involves Jeffre James (Saint James Holding and Investment Company Trust Trustee), and his dealings with SJTCoin, which was accused used to pump the stock price of affiliated penny-stock company Cherubim. The company is also being accused of possibly dumping their stock after the pump.
Crypto Assets Pose No Risks To Financial Stability, International Bankers Claim
Positive news came today, via claims that there are no substantial dangers in crypto. Claims were made by an international agency called the FSB, which is composed of 68 institutions including of ministries of finance, central banks, and the like.
However, the FSB did mention that there are several risks in crypto: “Illiquidity, concentrated ownership, fragmented market structure, and other issues also make crypto assets potentially susceptible to price manipulation”.
Blockstream’s Liquid Sidechain Solution For Bitcoin Network Goes Live
Blockstream’s Samson Mow announced today that Blockstream’s sidechain “Liquid Network” for Bitcoin launched on September 27, as part of Bitcoin’s continued path toward scalability and mainstream application. Bitfinex, OKCoin, and Bitmex were among the first 23 crypto entities to use the new technology on September 27.
Sidechains are important for Bitcoin to see greater mainstream use. Last December, Bitcoin’s network became so congested that it was nearly unusable, with fees of $28 per transaction, as well as slow transactions.