The lull in turnover extends as $BTC continues to consolidate towards $7,690. The good news it that it’s a falling wedge formation.
New York has a new advocate for cryptoassets from Assemblyman Ron Kim – a Korean American, naturally. He proposes to launch community cryptocurrencies. Kims’ angle is that this will serve to promote local spending and in turn, spur local growth. (Bill A11018). The attacks against the notorious BitLicense are starting to build up. Will be interesting to see what form of regulation is eventually drafted and whether it’ll be enough to lure back businesses that have set up shop in places like Malta where the government has greeted every crypto operation with open arms.
Indonesia is another market where regulators are at odds. The issue is not whether blockchain and crypto are beneficial for the economy but how to defend the Rupiah in the face of such a formidable competitor. Several lawmakers have spoken out against yesterday’s ruling by Bappebti classifying cryptocurrencies as commodities (thereby paving the way for trading on the futures exchange). The Swiss have an interesting referendum lined up over the weekend (10th) a.k.a. Vollgeld; to vote on a switch back to a sovereign money system. This would effectively ban fractional banking – the bane of fiat currencies globally and by far the biggest cause of booms and busts in the economy. Ironically the advise came from Dong He, the deputy chairman of the IMF. At least someone’s listening.
Germanys Federal Financial Supervisory Authority BaFin is opting yet another way to the light at the end of the tunnel. They just announced that banks will be permitted to offer crypto (BTC & ETH – for now) to Euro exchanges on ATMs while Singapore publishes a digital government blueprint.
The best thing about these initiatives is that it is not a top down cookie-cutter replicate. Each country is free to pursue the way they think is best which means that we will see a wide spectrum of ideas materialising. Very much look forward to how each effort evolves and establishes itself alongside the existing structure.
May trend be your friend… Happy trading!