Crypto Corner: Ripple drops, Chinese regulator skeptical of decentralization and SBI continues to expand into Crypto
Point Roberts, WA and Delta, BC - March 6, 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 6, 2018
By Samuel Mowers at Investorideas.com
Ripple drops, Chinese regulator skeptical of decentralization and SBI continues to expand into Crypto
After reaching up to $1.08 USD on Monday, the price of Ripple (XRP) has dropped about 11 percent to $0.93 USD. Monday's higher price was possibly influenced by rumours that cryptocurrency exchange Coinbase was planning on adding Ripple soon. However, this rumour was dashed when Coinbase tweeted yesterday:
"Our January 4th, 2018 statement continues to stand: we have made no decision to add additional assets to either GDAX or Coinbase.
Any statement to the contrary is untrue and not authorized by the company."
The price of Ripple started to drop rapidly shortly thereafter.
According to a roughly translated interview with China's Securities Times, Chinese regulator Zhang Ye, director of China Securities Regulatory Commission's information center, said that blockchain is promising but may not work as a decentralized technology.
"Both the technical concept and technical means deserve great attention," he said. "However, there are still some issues that need further clarification. First of all, from a technical point of view, the absolute de-centralization of the blockchain is not valid because the blockchain itself is a software and the software must be centralized. As another example, an indispensable part of the blockchain is identity authentication, and the authentication technology is PKI (Public Key Infrastructure), which is also centralized. Therefore, how to build a decentralized system based on a centralized structure needs further study. In addition, the development of blockchain technology up to now, there is a fundamental problem has not been resolved."
Japanese financial group SBI has invested in a Taiwan-based CoolBitX Ltd., which makes cryptocurrency hardware wallets. The financial services division of SBI, SBI Holdings, will have a 40 percent stake in CoolBitX as a result of this investment.
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