Crypto Corner: #ETH Becomes Top #Altcoin Again, Philippines Postpone Final #ICO Regulation, India's Central Bank Shelves CBDC Plans and South Africa Forms 'Crypto Assets Regulatory Working Group'
January 2nd #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch
Point Roberts, WA and Delta, BC - January 2, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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ETH Becomes Top Altcoin Again, Philippines Postpone Final ICO Regulation, India's Central Bank Shelves CBDC Plans and South Africa Forms 'Crypto Assets Regulatory Working Group'
Things are looking very green in the crypto market as we enter 2019. Data from CoinMarketCap indicates that total market capitalization is sitting at about $132 billion after having dipped a bit on Sunday night. Bitcoin (BTC) is currently trading for $3866 and Ether (ETH) has reclaimed its position as the top altcoin after exhibiting 11 percent growth in the last 24 hours and trading for $150 at press time.
The Philippine Star reports that the Philippines' Securities and Exchange Commission (SEC) has postponed the issuance of final regulations on ICOs. This follows a request from shareholders to have more time to examine the draft rules that have already been issued. Attributed to the protection of investors, the current draft rules require prospective ICO issuers to register with the SEC 45 days before the pre-sale date, and companies must submit records of all members involved in the startup.
The Reserve Bank of India (RBI), India's central bank, has shelved plans to issue a central bank digital currency (CBDC), according to a report from the Hindu Business Line. The RBI had also set up an interdepartmental group to study cryptocurrencies, but the findings have not been made public. The article quotes Kunal Nadwani, blockchain expert and CEO of uTrade Solutions:
"Crypto-currencies will be mainstream and ubiquitous, and governments all over the world will launch fiat cryptocurrencies, whether out of compulsion or choice. Since governments have the power of taxation, and they can declare any digital token as legal tender for payment of taxes, they can have fiat tokens. But it will take time before central banks are able to make this transition because the economic effects of crypto are sizeable and largely unknown."
Business Live reports that South Africa's government has established a crypto assets regulatory working group to investigate all aspects of cryptocurrencies and related blockchain concepts. The country's finance minister, Tito Mboweni, said
"It is anticipated that, following broad industry comment and participation, the crypto assets regulatory working group will be ready to release a final research paper on the subject during the course of 2019."
Sam Mowers, Investorideas
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