Today marked a new “I’ll survive day” for the crypto realm. We all woke up to indicators plummeting, and setbacks ruling over major cryptos. On the other hand, some exciting news shined like a beacon of hope and a breeze of fresh air. Let’s start with some news.
Robinhood Launches Crypto Services. Can the Waitlist Get Any Bigger?
In a clear sign of growing interest in cryptocurrencies from US investors, more than 1 million people have joined the waitlist for Robinhood Crypto in just four days. The app’s website reads: “Don’t Sleep”. Trading will be 24/7. Like Beyoncé said, “We Be All Night!”
Robinhood prides itself on being a feeless stock-trading app designed with young investors in mind. Thursday, the company announced that commission-free trading in digital currencies, Bitcoin and Ethereum, will start in February.
More Strain from Regulators
In Russia, the Finance Ministry drafted a new bill on cryptocurrencies (coins and tokens) on Friday. Although the bill legalizes the term “digital financial asset” as a security in electronic form, it states that cryptocurrencies are not an authorized means of payment in Russia. It also explains the terms “blockchain” and “mining” in a less geeky way than “distributed ledger” and “encrypted consensus mechanism”. Therefore, cryptocurrency – based on this draft – is not real money. Russia’s government promised legislation to regulate cryptocurrency this year.
In Germany, Financial Supervisory Authority (BaFin) has ordered Berlin-based Crypto.exchange GmbH to immediately stop acting as a financial broker. BaFin published the order after the exchange advertised on its website that it would sell customer’s bitcoins for Euros, traded on stock exchanges.
BaFin’s move shows that crypto regulations are on their way. In fact, it has been speculated that their enforcement will begin within five years.
Across the Atlantic now, and into the US where Texas regulators have issued an unconditional cease and desist order to the self-described ‘cryptocurrency bank’, AriseBank, on Friday, January 26, ordering it to “halt any services to the state’s residents immediately”. As far as regulation is concerned, the US could prove to be a massive challenge to widespread, inclusive crypto adoption.
Shop Using Crypto: Wemakeprice
The Asia Pacific region is key in the crypto world as it strives to make use of blockchain’s disruptive means of value transfer. After Yamada Denki, it’s Gangnam-based Wemakeprice (one of the largest South Korean e-commerce platforms) that is currently teaming up with Bithumb (a crypto-exchange offering financial services like crypto payments) to integrate twelve forms of crypto payment on their website. The list includes BTC, ETH, XRP, BCC, LTC, DASH, and QTUM to name a few.
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