Here’s what’s been happening in the crypto world over the past 7 days.
Cryptocurrency Community and Adoption News
Save the Children Now Accepts Crypto
A global humanitarian organisation Save the Children has actually been accepting Bitcoin donations for the past six years. They actually claim to be “the first global NGO to accept cryptocurrency”. However, just in time for #BitcoinTuesday, the organisation announced this Monday that they are now accepting cryptocurrency donations “in an automated way through its website”. Donors can make contributions in various cryptocurrencies, including BTC, ETH, LTC, and BCH.
Save the Children is also working with Giving Block, organiser of #BitcoinTuesday, the initiative we talked about last week. “When nonprofits accept crypto donations, the world sees crypto as the force for good we know it to be,” said Giving Block co-founder, Pat Duffy, in a press release.
Bitcoin Ad Debuts on French TV
A crypto ad has recently started running on one of the most popular French networks, TF1. According to Fox Business, this commercial from Paris-based financial firm Keplerk, is the first Bitcoin TV ad in France.
German Banks Will Soon Have Approval to Offer and Hold Cryptocurrencies
As soon as the fourth EU Money Laundering Directive comes into effect, which should be in 2020, German banks will be able to offer crypto services, reports BeInCrypto. Some think this is the key to wider crypto adoption. Others, however, believe “it is a bad idea to allow banks to directly sell cryptocurrencies and related services to customers”.
HODLers are Really HODLing
According to a crypto analyst Rhythm, and as reported by Cointelegraph, the majority (64%) of Bitcoin supply has not moved since 2018. As Rhythm points out, 11.58 million bitcoins have not moved in over a year, despite the 85% increase in price during that time.
11,580,00 bitcoin have not moved in over a year.
Even with a 85% increase in price during that time, those millions of bitcoin were not sold or traded.
Hodlers of last resort are insane. pic.twitter.com/KTpeDrLlOO
— Rhythm (@Rhythmtrader) December 1, 2019
Blockchain Scalability Problem Allegedly Solved
A South Korean startup, Bloom Technology, has reportedly found a solution to the blockchain scalability problem. The company worked on its Locus Chain technology, whose structure should bring faster transactions. Even though the company’s solution is still under development, Korea Blockchain Association Vice-Chairman, Moon Young-bae, told UPI that he thinks “it is a real deal”.
Nordea Denmark Bank Allowed to Prevent Its Employees from Investing in Bitcoin
On Tuesday, the Danish Labour Court ruled that Nordea Denmark Bank has the right to set internal rules to prohibit its employees from investing privately in cryptocurrency. According to Bloomberg, last year, the bank “told its staff that ‘the risks were too high’ because the cryptocurrency market isn’t regulated and had been linked to criminal activity, including money laundering.”
Ironically, as the previously mentioned crypto commentator Rhythm reminds, this bank was allegedly laundering $793 million of Russian money.
Nordea Bank will stop their employees from investing in Bitcoin.
They told their staff that “the risks were too high”
This is coming from the same bank that was raided by police for allegedly laundering $793 million of Russian money. 🙃
— Rhythm (@Rhythmtrader) December 3, 2019
Bitcoin Futures Trading on Bakkt Going Up
Even though Bakkt didn’t have an easy start, with many characterising its launch as “underwhelming”, Bitcoin futures trading on the platform has increased from under $1 million to $6.5 million this Monday, reports Decrypt. That means that the open trading interest has, in the past two weeks, gone up almost 600%.
The British Virgin Islands to Develop Stablecoin
In order to grow the fintech sector, the British Virgin Islands has partnered with blockchain startup LifeLabs to develop a stablecoin. The official currency of the British overseas territory is, interestingly, the US dollar. So the stablecoin, called BVI~LIFE, would be pegged 1:1 against it. “The foundation of a digital currency is necessary groundwork for the British Virgin Islands to continue to serve the global economy as it has in the past with the onset of the blockchain revolution,” said LIFELabs CEO, Sanjay Jadhav.
Study Claims Blockchain Can Reduce Supply Chain Costs by $450 Billion
According to a new Cointelegraph Consulting’s and Insolar’s study, using blockchain for supply chain management could significantly reduce the costs in Western Europe. Businesses could save between 0.4% and 0.8%, which translates to about $450 billion.
Blockchain an Ally to Sexual Abuse Survivors in India
A recently launched app, called Smashboard, is offering an online blockchain-based solution to survivors of sexual abuse for a “less traumatic” experience of reporting the sexual crime. “When reporting sexual abuse, survivors often go through a process that is retraumatising and that further victimises them,” says Noopur Tiwari, Smashboards’s founder. For this reason, she picked blockchain as this technology offers pseudo-anonymity.
World Trade Forum Focuses on the Tech Behind Bitcoin
World Trade Organization’s (WTO) largest annual event held in Geneva focuses on discussing the latest developments in world trade as well as ways to enhance the multilateral trading system. This year, the forum took place on December 2 and 3, and its theme was global trade and blockchain technology. WTO’s forum aimed to present blockhcain use cases in various industries – “from trade finance, to transportation and logistics, border procedures, and agriculture.”
As one of the WTO forum speaker’s pointed out, blockchain can facilitate trade and “address costly inefficient border procedures”.
Global trade dynamics are changing and trade hubs are pressured to find ways to attract and facilitate trade. #Blockchain provides the opportunity to see trade facilitation in action and to address costly inefficient border procedures, says Khalil Haddadi of @dubaichamber. pic.twitter.com/RpM54qag15
— WTO (@wto) December 2, 2019
Japan Got 21st Legally Operating Crypto Exchange
Since April 2017, Japanese crypto exchanges have been regulated by the Payment Services Act. In accordance with the act, cryptocurrency exchange businesses must keep accounting records of crypto transactions and report annually to the Financial Services Agency (FSA). Recently, FSA approved one more cryptocurrency exchange. There are now 21 exchanges legally operating in Japan.
South African Reserve Bank to Introduce New Crypto Rules, Local Banks Closing Accounts
In order to “stop them from being used to evade currency controls”, the central bank of South Africa plans to bring new rules regarding the use of digital currency. Those new regulations can be expected in the first quarter of 2020. However, some local banks have already started closing accounts of crypto businesses.
According to South African IOL News, blockchain community SA Crypto has already reached out to the central bank. They warned them of the negative effects of the potential conservative crypto regulations.
Russian Central Bank Not a Fan Of Crypto Either
Last Friday, The Central Bank of the Russian Federation announced that it “supports the idea to prohibit paying with bitcoins”. As BeInCrypto reports, the bank holds the view that “the ruble should be the nation’s only legal tender”.
OneCoin Website Is Down
Claimed by many to be a Ponzi scheme, OneCoin’s website is now under investigation. The company, though, is still the owner of the domain.
However, the website of OneLife, the offshore company behind OneCoin, also founded by Ruja Ignatova, is actually still up.
Fake Bitcoin Website Encouraging Singaporeans to Invest
As we mentioned last week, a Bitcoin scam site is using “endorsements” of Singapore’s elite to scam potential victims. First, it was the Temasek Holdings CEO and spouse of the Prime Minister of Singapore, Ho Ching, who “talks about the new secret investment”. This time, Singapore’s central bank chairman, Tharman Shanmugaratnam, is the one unknowingly “promoting” this scam website.
For the past seven days, the price of Bitcoin ranged between around US$7,187 and US$7,821.
As far as the predictions go, some analysts believe that there are bullish indicators that the Bitcoin bear cycle is over. There is also some speculation that the rally may even happen before the end of the year.
And while experts can’t agree on whether next year’s halving will have a positive impact or no impact on the price, most agree that investors should be looking forward to next year as Bitcoin will “start to form a positive trend heading into 2020”.
We closed the day, December 4 AEST time, at a price of US$7,236 (~ AU$10,574 / £5,525).
See you next Thursday!
Tamara is a marketing and PR professional, enthusiastic about crypto, blockchain and technology in general. She’s the editor at Bitcoin Australia.