Aberdeen, Hong Kong, September 16, 2020. More than 10 years after the first cryptocurrency was successfully mined, the mining space is more controversial than ever. The process was created to be democratic; to allow any PC with spare computing resources to contribute the surplus to help maintain the cryptocurrency network and earn rewards in return.

The prospects of the mining prize mentioned here led entrepreneurs to innovate ways to make mining more profitable. In the process, they have fabricated specialized mining devices that do not only do the activity faster, but also improves the profitability of the exercise while at it. The said changes now mean that anyone who wants to earn from Bitcoin and cryptocurrency mining must put in a colossal amount of capital to afford the expensive devices. Besides, the cost of electricity required to sustain the process is extortionate.

The incredible pace of change in the industry, notwithstanding, an innovative entrepreneur and his unique startup are prepping the industry for major changes. The individual, Thomas Norberg, is a Russian-born businessman with a vision to make Bitcoin and cryptocurrency mining more user-friendly and less costly to join.

Thomas was born in Russia. After attaining elementary education in his native country, he set sail for oversees, landing in Sweden where he enrolled for a Masters degree in International Business Management, which he completed successfully.

Upon completing his graduate studies, Thomas joined the corporate world earnestly. It was while here that he stumbled upon the novel blockchain technology. Having been in the industry for more than 8 years, he can now talk authoritatively about the successes of the space as well as the issues and challenges ailing the industry.

Thomas has seen it all, or at least most of it. He started as a crypto trader back when not many people knew about virtual currencies. Between 2016 and 2018, when initial coin offerings (ICOs) were all the rage, Thomas dived in and backed several projects with the proceeds from his trading days.

However, technology is dynamic and there is no space where this statement is truer than the blockchain industry. Watching the comings and goings of the space, it did not take Thomas long to see the folly and lopsided aspect of the industry that crypto mining had become. Baffled by the cost of hardware and the runaway power tariffs, Thomas joined hands with some entrepreneurs he came to know in the industry. Together, they came up with the idea of a cloud mining platform that has a unique yet friendly approach to the undertaking. And, the process gave forth to Miny.cc.

Miny is primarily a cryptocurrency wallet infrastructure. If a user creates an account on the platform, he or she also gets a secure cryptocurrency wallet by default. The multi-coin wallet can store Bitcoin, Ethereum, Litecoin, and MINY tokens.

However, the platforms shining star is its cloud mining plan. The plan is simple and easy to use. All a user needs to do is create an account, deposit crypto into the wallet provided and convert the virtual currency into MINY tokens. Once the platform verifies the deposit, the user will be included in the mining pool where he or she will begin getting a share of the platforms mining proceeds. Overall, the platform pays out between 10% and 19% of the amount a user invests, per month.

Aside from cloud mining, users can make money on the platform through several means. The platforms native token, MINY, for instance, is a revenue earner. The cryptocurrency is made such that for every successful transaction completed on the platform, a portion of it burns. In doing so, the platform ensures that the number of MINY tokens in circulation reduces over time.

Since the demand for the coins is set to increase over time while the amount in circulation reduces, the value of the coin, as such, will appreciate. Users who hold the coins for an extended period can exchange them for other cryptocurrencies or cash them as fiat and enjoy their profits.

Still, users who have extensive following online can cash in on this resource. The platform has an elaborate affiliate program that pays commissions for the referrals a user brings up to the 20th downline.

The above narrative shows that Thomas Norberg is in the game for more than just profits. The Russian entrepreneur and his band of associates want to make Bitcoin mining worth considering again. Besides, they want to see it become an undertaking that is environment friendly and Sustainable. This reason is why Minys mining farm is located in Hong Kong. The regions endeavor to go green makes its power cheap and attractive.

More information about Thomas Norberg and his unique project is available here.

Press Contact Email Addressinfo@miny.cc

Supporting Linkhttps://www.youtube.com/watch?v=zlocB2BEKNg

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Miny.CC Innovation in the Cryptocurrency Mining Sphere | Press release Bitcoin News - Bitcoin News

Knowledge and experience are not enough, however. Regulations are required to ease the burden on companies working in the field, experts say.

Several companies from this area are working on top notch cryptocurrency projects: like in DeFi, second layer protocol solutions for scaling of payment networks, blockchain based protocol for tokenisation of assets, but again it is hard to keep them here, said Kamberi.

We would need proactive, positive regulation in order to ease the burden of such start-ups and IT companies.

One success story that others might try to emulate is Slovenia.

Slovenia implemented crypto friendly regulations and this boosted the industry and the use of cryptocurrencies, said Kamberi. The country now has more than a thousand places in which you can spend cryptocurrencies including major retailers like Tu or Burger King Slovenia.

Serbia also seems ready and willing to adopt a set of crypto-regulations which would address cryptocurrency trading.

Belgrade-based Electronic Currency District, ECD, is a Bitcoin exchange that launched in 2012. Since then, their service has evolved and also opened branches across the region, the company told BIRN.

We have added five new cryptocurrencies, we set up a network of Crypto ATMs in Serbia, developed application for bitcoin payments and opened branches in [North] Macedonia and Montenegro, said co-founder and CEO Aleksandar Matanovic.

Currently the greatest potential in is remittances, Matanovic told BIRN.

Remittances are probably the biggest chance for crypto to be used as money. The Balkans is a huge remittance market and sending money internationally is both faster and cheaper if you use crypto.

With a supportive regulatory framework, I really believe this industry could flourish, beneffiting not only those directly involved but also society as a whole.

Unlike Slovenia, Croatia, or Bulgaria, countries like North Macedonia are lagging behind, mostly due to the lack of any regulations whatsoever. And for those in the country looking to do business in cryptocurrency, its not straightforward.

Trading mainly works through several crypto exchanges, most often Binance, and there are no obstacles here. Profit and exchange in denars usually goes through intermediaries, EU or Bulgarian residents, said Petar Grujoski, a Skopje-based cryptocurrency enthusiast.

Until recently, Macedonian citizens were not allowed to have accounts abroad, and we still do not have PayPal and Amazon for the same reason, Grujoski told BIRN.

Cryptocurrency mining, on the other hand, can prove highly profitable in North Macedonia, not least because of cheap electricity supplies. The same applies to the rest of the region. But sometimes, when it comes to cryptocurrency mining and the rest of the infrastructure that can support the use of this technology, there are still some doubts.

Regarding the infrastructure, if we look at the mining industry, electricity is in abundance and still quite cheap in some areas, Kamberi said. But mining can be a real environmental threat and the focus should be moved away from incentivising such an industry.

Regarding the use and payments infrastructure, the Internet coverage is still an issue in some areas. Anyhow, the ability to access the cryptocurrency payment networks using mobile devices and 3G connection makes it easier for users even in the most remote parts of the region.

See original here:
Ditching Dinars: Will the Balkans Take to Cryptocurrency? - Balkan Insight

A study from the team at Kisspatent shows that Alibaba Group is the largest blockchain patent holder in 2020 capturing 10x the number of patents held by IBM. The report notes that blockchain patents are skyrocketing this year and so far in 2020, theres been more distributed ledger technology and cryptocurrency patents published than all of 2019.

It seems distributed ledger technology and cryptocurrency solution patents are becoming a thing again in 2020. A few years ago various reports said that Bank of America (BoA) and the firm Nchain were gobbling up all the patents applied to digital assets and blockchain technology.

Times have changed in 2020, and both companies have slid down the ranks as far as top blockchain holders are concerned this year.

Kisspatents latest study shows that Alibaba Group was the top company this year with successful blockchain patent filing and IBM jumped significantly. Alibaba Group is the top blockchain patent holder while the Chinese multinational technology company is followed by the financial institution BoA.

While Alibaba and IBM were the top two blockchain patent filing contenders in 2020, Alibaba outpaced IBM by 10x the number of patents. Moreover, this year has already seen 3 times more blockchain patents published than in 2018.

Behind IBM, is Mastercard, Nchain, and Walmart respectively in terms of blockchain patents held. The Kisspatent research noted that the list of top blockchain patent holders was not really represented by distributed ledger-specific firms.

Blockchain-only companies are not filing for patents, Fortune500 companies are, Kisspatent researcher Dr. Dvorah Graeser notes. Interestingly, the firm Nchain, the infamous company that the self-proclaimed Bitcoin inventor Craig Wright works for, is a the only pure blockchain company.

Kisspatent highlights that Nchains claims are based on numbers said in a press release, but [the number] could include many that havent published yet, plus they may be counting international applications filed in multiple countries as separate patent application filings, Graeser says.

Graesers list seems incomplete as it does not include firms like Reechain, Webank, and Tencent. Chinadaily.com shows that these three Chinese firms are top blockchain patent holders.

According to the regional publications estimates, IBM has 240 blockchain patents, Rechain 279, Webank 282, and Nchain has 402 patents total. Chinadaily.coms list shows Tencent has a significant number of distributed ledger patents with 724 to-date. Alibaba Group is still king with a whopping 1,505 blockchain patent filings.

What do you think about the top blockchain patent holders in 2020? Let us know what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Kisspatent

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Report: Blockchain Patents 'Skyrocket' in 2020, Alibaba Owns the Most Crypto Patents - Bitcoin News

@StealthEX.ioStealthEX.io

Crypto exchange platform. No need to register or enter personal data. More than 250 coins to swap.

Over the past decade, cryptocurrency has become a breaker of old approaches in monetary policy, finance, economics, and e-commerce. The speed at which the crypto industry is growing today is very impressive. The global cryptocurrency market volume is predicted to reach $1,758 million by 2027 with a compound annual growth rate of 11.2%.

More and more people are getting faced with the digital currency so the questions on the future of cryptocurrencies are becoming especially relevant today.So what is the future of cryptocurrency? In this article, well try to figure this out.

Predicting the crypto worlds future is impossible without knowing the current situation on the cryptocurrencies market.

What trends can we observe today?

The growth of digital currencies around the world allows making some predictions about the future of crypto market. Lets look ahead to the future and try to forecast the prospective trends in the crypto world development.

Bitcoins reign will not end

The first thing that worries many crypto holders is What will happen to Bitcoin?

The ups and downs of Bitcoins rate, rumors about the next hard fork, legalization in some countries, and prohibition in others all these kinds of news makes people guess what will come up with the most popular coin. Experts have different opinions from a complete drop in price to the status of the only currency in the world.

Most experts are leaning towards that Bitcoin will maintain its current positions and even strengthen them. For example, John McAfee, businessman and computer programmer, says:

You cant stop things like Bitcoin. Its like trying to stop gunpowder.

He also made a bet that if Bitcoin will not cost $500,000 by the end of December 2020 he will eat his ownwell, you know.

James Altucher, Americanhedge-fund manager,author,podcasterand entrepreneur, is not sure that BTC price will reach 1000000 USD:

Will it be a million dollars in 2020? Maybe. Will it be 2021? 2022? Who knows.

He also predicted that:

At least one countrys currency is likely to fail soon likely Argentina or Venezuela. This will lead to mass adoption of Bitcoin among that populace. That will in turn lead to Bitcoin rising by more than $50,000 when it happens.

And just a few days after this forecast, the Venezuelan President announced that they are planning to release national crypto called El Petro. Right now a lot of countries like China, Tunisia, Senegal, Sweden, Singapore, Uruguay, Thailand, Turkey, and Iran are also working on the creation of national cryptocurrency.

So what will happen to Bitcoin? No one knows. The only thing in which many experts agree is that Bitcoin will stay as a gold standard in the crypto world for a long time.

Cryptocurrencies will be mainstream

Cryptocurrencies is a fashionable investment and a sign of belonging to the special community this idea is actively promoted by various sports organizations, popular performers, public figures that release their own altcoins.

According to CoinMarketCap, there are already more than six thousand cryptocurrencies, and their total capitalization is $353 billion. A couple of years ago, the digital currency was almost unknown to anyone except geek developers and crypto enthusiasts. However, things are changing:prospects for businesses, rising prices, and strong community support will step by step make cryptocurrencies mainstream around the world.

Market volatility will not disappear

Cryptocurrencies are unstable by their nature, and their volatility is one of the reasons why someone becomes a millionaire and the others lose fortunes.

The strong volatility of crypto is caused by the fact that they are still at an early stage of development. Cryptocurrencies have huge growth potential if they can enter the mass market.

But every news about cryptocurrencies either hints at the possibility of markets going down or rising up. The volatility in the cryptocurrency markets will continue to be felt as the news affects the market, and it is only at the stage of rapid development.

The future of tradingdecentralized exchanges

In the near future, we will see a prime of decentralized exchanges. Many believe that DEXes is not yet ready for mass adoption. But there are factors for a favorable development of events.

First of all, centralized exchanges dont fit the purpose of cryptocurrencies cause the key advantage of digital coins is decentralization. In decentralized exchanges, transactions can be made directly between users (peer-to-peer) without the need for a trusted intermediary, which means there are no transaction fees for users.

On top of this, decentralized exchanges are much more secure against hackers as there no single point of failure like in centralized exchanges. Everyone knows the cases with Mt.Gox, Bitfinex, Coincheck when people lost millions and millions. The need for more security will lead users to decentralized exchanges.

The rise of crypto loans

Cryptocurrency is convenient to take on credit not long ago this idea seemed like a wild ride since the digital currency has high volatility. But today the popularity of lending in digital currencies is increasing and here are the main reasons:

Nowadays, the entire crypto loaning industry is estimated at $4.7 billion and the number of crypto loan platforms will continue growing.

Regulators gonna regulate

In the early days of cryptocurrencies history, traditional financial institutions sharply criticized crypto enthusiasts. The crypto market, however, has proven that it is sturdy against these kinds of attacks. Nowadays traditional institutions opinion regarding cryptocurrency is changing. In the future, stakeholders can have an increase in the flow of funds from Wall Street to cryptocurrencies.

There is no doubt that this will require more transparency and regulation in the crypto market. Today government and regulatory agencies around the world, including the U.S. Securities and Exchange Commission, Federal Bureau of Investigation, United States Department of Homeland Security, and the Financial Crimes Enforcement Network (and this is only within the US borders) are giving more and more attention to cryptocurrencies. The regulation of the crypto in different states is realizing in diverse ways: in some countries, it is legally recognized as a means of payment, in others its use is prohibited.

The G20 summit participants, following the discussions on cryptocurrencies, came to the conclusion that a complete prohibition of crypto will not solve anything as nowadays the digital currency plays a significant role in the economy. And if the digital currency cannot be prohibited, it must be regulated:

Technological innovations can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we are closely monitoring developments and remain vigilant to existing and emerging risks.

As we can see the world is changing very quickly. The speed with which cryptocurrencies are integrating into the global financial system is a clear indicator that traditional financial institutions can no longer have a monopoly on the management of financial flows.

The year 2020 is the start of a new decade for the cryptocurrency industry. The next ten years will bring us key changes in traditional finance when blockchain and cryptocurrencies will become a daily thing in most countries of the world.

What are your thoughts on the future of cryptocurrencies? Tell us your ideas in the comments below.

The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Previously published at https://stealthex.io/blog/2020/09/15/is-cryptocurrency-really-the-future/

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Extrapolating The Future of Cryptocurrency - hackernoon.com

Cryptocurrency Market

A recent report published by QMI on cryptocurrency market is a detailed assessment of the most important market dynamics. After carrying out a thorough research of cryptocurrency market historical as well as current growth parameters, business expectations for growth are obtained with utmost precision. The study identifies specific and important factors affecting the market for cryptocurrency during the forecast period. It can enable manufacturers of cryptocurrency to change their production and marketing strategies in order to envisage maximum growth.

Get Sample Copy of This Report @https://www.quincemarketinsights.com/request-sample-58594?utm_source=DC&utm_medium=Santosh

According to the report, the availability of the decentralized system and the absence of fees on transactions is expected to drive the growth of cryptocurrency market during the forecast period.

Cryptocurrency can be termed as a virtual currency that is used as a medium of exchange and transaction which is secured and has gained much popularity in todays economic world. Most of the important transactions have now shifted to the use of cryptocurrency and a huge segment of the market is now shared by these currencies.

Growth in the number of digital transactions and the availability of a much-secured transaction through cryptocurrencies are the key factors for the growth of Global Cryptocurrency Market. The absence of interest rates or exchange rates on transactions has enabled it to gain worldwide recognition and has led many people to invest in this market. Many other benefits like protection from fraud, low fees, quick international transfers and non-regulation of transactions have led to the growth of the global cryptocurrency market.

Make An Inquiry For Purchasing This Report @https://www.quincemarketinsights.com/enquiry-before-buying/enquiry-before-buying-58594?utm_source=DC&utm_medium=Santosh

Some of the key Impact Factors:o Secured transaction facilitieso Availability of decentralized system and absence of fees on transactionso Unavailability of Government regulations

Insights about the regional distribution of market:

The market has been segmented in major regions to understand the global development and demand patterns of this market.For cryptocurrency market, the segments by region are for North America, Asia Pacific, Western Europe, Eastern Europe, Middle East, and Rest of the World. During the forecast period, North America, Asia Pacific, and Western Europe are expected to be major regions on the cryptocurrency market.

North America and Western Europe have been one of the key regions with technological advancements in ICT, electronics & semiconductor sector. Factors like the use of advanced technology and the presence of global companies to cater to the potential end-users are favorable for the growth of cryptocurrency market. Also, most of the leading companies have headquarters in these regions.

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The Asia Pacific is estimated to be one of the fastest-growing markets for cryptocurrency market. Major countries in the Asia Pacific region are China, Japan, South Korea, India, and Australia. These economies in the APAC region are major contributors in the ICT, electronics & semiconductor sector. In addition to this, government initiatives to promote technological advancement in this region are also one of the key factors to the growth of cryptocurrency market. The Middle East and rest of the World are estimated to be emerging regions for cryptocurrency market.

By Application:RemittanceTradingE-commerceRetailPaymentOthers

By Process:TransactionMining

By Offering:HardwareGPUASICFPGAWalletSoftwareOthers

By Region:North AmericaBy Country (US, Canada, Mexico)By ApplicationBy ProcessBy Offering

Western EuropeBy Country (Germany, UK, France, Italy, Spain, Rest of Europe)By ApplicationBy ProcessBy Offering

Eastern EuropeBy Country (Russia, Turkey, Rest of Eastern Europe)By ApplicationBy ProcessBy Offering

Asia PacificBy Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)By ApplicationBy ProcessBy Offering

Middle EastBy Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)By ApplicationBy ProcessBy Offering

Rest of the WorldBy Region (South America, Africa)By ApplicationBy ProcessBy Offering

Companies:Bitmain, NVIDIA, Xilinx, Intel, Advanced Micro Devices, Ripple, Bitfury, Ethereum Foundation, CoinBase, BitGo, and Binance

Reasons to buy this report:Market size estimation of the cryptocurrency market on a regional and global basisThe unique research design for market size estimation and forecastsProfiling of the major companies operating in the market with key developmentsBroad scope to cover all the possible segments helping every stakeholder in the market

Customization:We provide customization of the study to meet the specific requirements:By segmentBy sub-segmentBy region/ country

Contact:Quince Market InsightsAjay D. (Knowledge Partner)Office No- A109Pune, Maharashtra 411028Phone: +91 706 672 4848 +1 208 405 2835 +44 1444 39 0986 /Email: [emailprotected]Web:www.quincemarketinsights.com

ABOUT US:QMI has the most comprehensive collection of market research products and services available on the web. We deliver reports from virtually all major publications and refresh our list regularly to provide you with immediate online access to the worlds most extensive and up-to-date archive of professional insights into global markets, companies, goods, and patterns.

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Latest News On The Cryptocurrency Market | Intel, CoinBase, BitGo, and Binance - The Daily Chronicle

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In a new video, Charles Hoskinson talked about Cardano s governance model and revealed future plans for it. According to the CEO of IOHK, the Shelley Incentivized Testnet (ITN) was a first test run with training wheels to test community participation. Since then, a number of initiatives have been taken to further expand the participation of the Cardano community or to create opportunities for it.

Hoskinson also pointed out that 30% of all blocks are now produced by the communitys stake pools, with the figure rising to 50% by early November. But this is only the beginning. With Voltaire, the final phase of development, the Cardano network will become a self-sustaining system.

The upgrade will introduce a voting and treasury system that will enable network participants to influence the future development of the network with their shares and voting rights. But before it gets that far, it will need training wheels, as was already the case with the ITN, Hoskinson said.

This is what the DC Fund and the Catalyst project is for. At the first vote in October, ADA holders will be able to decide on relatively small treasury funds of USD 250,000. However, the amount will continue to rise. To develop the governance model, IOHK will use a partner, Hoskinson explained:

That innovation management partner is called Idenscale what they do is that they take what you propose [] and work with the community [] and thats what we started doing with fund #1 as a prototype with a focus group and they get you to a better ballot, ballot #2. [] and iterate it further.

Every 6 to 8 weeks there will be votes at the Cardano Blockchain where ADA owners can vote whether or not to support a proposal. Hoskinson discussed this further:

According to Hoskinson, this will further promote participation in the Cardano ecosystem and further improve and decentralize the system. Ultimately, it will also create a feedback loop that will further improve the voting system.

Just like the ITN, it was an evolutionary mechanic, it will take month and months [] to evolve[]. Eventually we get to a point where it is not only about funding things, but it is deciding about CIPs, Cardano Improvement Proposals. So when we talking about hard forking the protocol and evolving Cardano, we can either talk about parameters or we can talk about design. []

The community will be in total control of the parameters and the design of the system [] The beautiful thing is that we will have an enormous amount of evidence in data about whether the system is stable or not and by definition of stable, the system can converge reliably to decisions and the community accepts those decisions, meaning that we dont have a Cardano Classic or a Cardano Cash.

If IOHKs assumptions are true, Hoskinson says, this system will allow Cardano to become the most valuable cryptocurrency:

If we can accomplish this, we will be the most valuable cryptocurrency in the world because we can absorb all other innovations of all other cryptocurrencies, we wont lose community, but we are always gaining community [] It may take 10 years, 20 or 30 years.

Originally posted here:
Cardanos voting system will make it the most valuable cryptocurrency - Crypto News Flash

Following a relatively quiet trading day on Saturday, major cryptocurrencies edged lower on Sunday. However, key resistance and support levels remain intact for the top-three cryptos, Bitcoin, Ripple and Ethereum.

Bitcoin rose above $11,000 on Saturday but lost its momentum after closing in on $11,200 (Fibonacci 38.2% retracement of July 21-August 18 uptrend) resistance. At the moment, BTC/USD is losing 2% on a daily basis at $10.863. On the down side, $10,800 (Fibonacci 50% retracement) aligns as the immediatesupport ahead of the 100-day SMA at $10,400. Unless Bitcoin recaptures $11,200, the modest bearish pressure is likely to remain intact in the near-term.

Bitcoin Price Analysis: BTC/USD erases Saturday's gains, returns to $11,000 area.

Ethereum is down nearly 4% on Sunday but remains on track to finish the week with small gains. The near-term outlook stays neutral-to-bearish with key$400 (psychological level/Fibonacci 50% retracement of early September drop) proving to be a tough resistance to break.$350 (Fibonacci 23.6% retracement) could be seen as the next target on the downside.

Ethereum Price Analysis: ETH/USD pares majority of weekly gains, trades near $370.

Ripple (XRP/USD) showed some signs of live on Saturday but failed to break above$0.2550 (Fibonacci 50% retracement of July-August rally). As of writing, XRP/USD was down 1.9% on the day at $0.2470. Although the recent price action doesn't reveal a significant buildup in bearish momentum, buyers are not likely to show interest unless the pair registers a daily close above $0.2550. Technical supports could be seen at $0.2400 (Fibonacci %61.8 retracement) and $0.2360 (100-day SMA).

Ripple Price Analysis: XRP/USD struggles to hold above $0.25.

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Cryptocurrency market update: Major cryptos turn south toward the end of the week - FXStreet

Not so long ago, most nations did not completely regulate cryptocurrencies. However, a recently leaked European Commission draft suggests that the EU will soon have laws and regulations that will monitor the capital gained from these digital assets.

Do read: What is a cryptocurrency and how to use it?

According to the leaked draft, the new set of rules would be issued by the end of this month. Markets in Crypto Assets (MiCA) in Europe proposed that every cryptocurrency should be treated as per any other regulated monetary instrument.

The newly proposed regulation will have a straight-to-the-point set of rules, with cryptocurrency to be considered as every other investment or capital.

Also read: Types of Cryptocurrency- Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin And Ripple

While cryptocurrency regulation might seem to make investors more confident about crypto investments, some experts argue that it might do the complete opposite obstruct its growth and value.

Unlike Markets in Financial Instruments Directive (MiFD, the European institution that is making sure European financial markets are transparent), MiCA recommends that a definition should be made about what crypto assets really are, followed by how they should be regulated for those showing interest in crypto investments.

The legislation will apply to all cryptocurrencies, people who in some way deal with them, as well as to exchange markets, cryptocurrency platforms and service providers. The principles for service providers may appear similar to the cryptocurrency definition of the Financial Action Task Force (FATF).

The new legislation is designed to maintain the cryptocurrency technology growth, while regulating it at the same time.

European Central Banks President Christine Lagarde in an online conference with the Deutsche Bundesbank stated that people have changed their opinions during the pandemic, regarding new ways of payments due to hygienic reason. People have shown more interest in contactless payments, which are likely to get even more popular.

Interesting read: Bitcoin The Direction It Will Take In 2020 And Beyond

She added that Europe is still not as advanced when it comes to using more digital currencies.

Chinas Central Bank has already started trials on implementing the digital currency as a way of regular payments and is currently testing the approach in richer cities in the country.

Link:
How is cryptocurrency going to be regulated in the EU? - Kalkine Media