Staying updated on the ever-changing cryptocurrency market doesn’t have to be as tough as keeping up with the Kardashians. I’ve rounded up the latest set of news to help y’all stay in the loop.
Reuters survey: 1 in 5 big financial institutions prepping to trade crypto
A survey conducted by Thomson Reuters revealed that at least 56 financial firms are gearing up to trade cryptocurrencies within the next six months. A study of the 400 businesses included in the survey also revealed that one in every five have plans to involve cryptocurrencies in their operations in the next 12 months.
This serves as a strong follow-through to reports that large hedge fund families are looking to invest in the space or have already gotten started on it.
A huge influx of funds from these big market players could further support the legitimacy of the industry, as well as bring in stronger volumes and liquidity. This could also boost investor sentiment, especially as analysts’ predictions range from $25,000 to as high as $100,000 by the end of the year.
Iran to ban bitcoin use by banks
Regulatory efforts are still in play, particularly with the Central Bank of Iran recently declaring that financial firms should not deal in bitcoin or other cryptocurrencies.
To be specific, the circular stated that banks, credit institutions and currency exchanges must now avoid the sale or purchase of cryptocurrencies, on top of refraining from promoting them. It warned:
“Virtual currencies have the option to be used for money laundering, supporting terrorism, and exchange of sums between wrongdoers.”
Keep in mind that Iran is in a tough spot right now, what with all the haterade from Trump’s remarks and financial jitters weighing heavily on the local currency.
Japan creates self-regulatory body for crypto exchanges
On the subject of regulation, Japan formed the first self-regulatory body for cryptocurrency exchanges known as the Japanese Cryptocurrency Exchange Association (JCEA).
This agency is intended to create best practices and compliance standards for licensed members, as well as establishing a system that enables punished companies to file complaints.
It also plans on addressing problems from unlicensed exchanges, such as the $500 million loss involved in the hacking of Coincheck recently.