Crypto Corner: Bitcoin Possibly Recovering, Thailand Moves Toward Regulation and EU Still Safe for Mining
Point Roberts, WA and Delta, BC - March 12, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what’s driving the cryptocurrency markets with today’s edition of Crypto Corner.
Crypto Corner - March 12, 2018
By Samuel Mowers at Investorideas.com
Bitcoin Possibly Recovering, Thailand Moves Toward Regulation and EU Still Safe for Mining
Bitcoin (BTC), at about $9300 at time of writing, appears to be slowly recovering from its low of $8300 USD on March 9. Today it has already reached a high of about $9885 USD, making for a strong opening for the week.
This all comes after a hectic week that saw the price fall from a peak of $11,700 USD. Many attribute the drops in price to a Mt. Gox trustee selling off over $400 million USD of BTC and BCH on cryptocurrency exchanges, which may have deterred investors.
According to a piece in the Bangkok Post:
"Bank of Thailand governor Veerathai Santiprabhob said Wednesday's meeting of state agencies and financial regulators resulted in an agreement to enact a new law to comprehensively regulate digital currencies."
The piece states that Thailand's Securities and Exchange Commission (SEC) is being supported by financial experts and former Thai finance minister and Thai FinTech Association (TFA) chairman Korn Chatikavanij, in its pursuit of regulation cryptocurrencies and ICOs.
Bitcoin mining in the European Union will remain legal, according to Mariya Gabriel, European Commissioner for Digital Economy and Society.
While recognizing the considerable energy consumption associated with bitcoin mining, Gabriel concluded that miners would only be restricted by current EU laws governing energy.
"These systems where mining is required to build a consensus and establish trust between the users of the blockchain increasingly require significant electricity-consuming computing power. This issue is particularly acute for the bitcoin, as the Honourable Member pointed out. Mining activity seems to be currently concentrated in China (two thirds according to certain estimations.
Nevertheless, it cannot be excluded that some part of the mining is done in the EU.
If this is the case, and if the energy consumed for this activity is produced according to law, there is no legal basis to forbid or even limit it. However, as an electricity consuming economic activity within the EU, it is subject to EU rules and policies with respect to energy efficiency, the power sector and greenhouse gases emissions, with the greenhouse gas emission of the power sector as such largely covered by the EU emission trading system."
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