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October 2009

Crypto Adoption | Russia Testing and Finland Regulating

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crypto adoption

crypto adoption

The crypto world has continued to grow each passing day, and the industry is closer to global crypto adoption judging from the events and developments of the last week of April.

Crypto Adoption: Russia Opens Four Regions

The Russian Federation has indicated that it is opening four regions in the country to test cryptocurrency. This is a significant milestone towards crypto adoption around the world. The Federation will test crypto innovations in regions that are not under the purview of the current regulations.

A bill drafted by the Economy Ministry of Russia indicates that the Federation will allow regulatory sandboxes to establish a base in these areas. Firms and companies will now experiment with cryptos in the four regions without violating any federal legislation even though crypto assets are yet to be regulated in the country.

An advisor to the Russian President, Kirill Kabanov, stated that for years cryptos have been circulating unregulated in most countries, including Russia. He added that the use of regulatory sandboxes will be vital as test grounds for standards that can be applied in the industry.

Crypto Adoption: Finland Joins the List

Besides Russia, the President of Finland has also approved legislation proposed by the finance ministry that aims to regulate crypto service providers. The proposal puts all crypto services, including issuers, exchanges, and custodian wallet providers, under one law. The Fin-FSA stated that all crypto service providers in the country are required to register with the Financial Supervisory Authority of Finland in line with the legal requirements of the legislation.

>> Here’s What We Know ABout the Bitfinex and Tether Issue

The proposed Act on Virtual Currency Providers is expected to be effective from May 1, 2019. In accordance with the new act, the Finnish Financial Supervisory Authority will now act as both the registration and regulatory authority for crypto service providers.

Beginning May 1, only crypto providers that comply with the statutory requirements of the Act will be allowed to continue activities in the country.

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Bakkt’s Bitcoin Futures Goes Live

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Bitcoin futures

Bitcoin futures

Over the past few years, the Bitcoin futures ecosystem has grown at a remarkable pace, and it is something that is surely going to stay for years to come. Initially, these futures contracts had been launched by a handful of exchanges, but over the past year or so, the number has increased considerably.

Futures Trade

In a development that will come as another massive boost to the Bitcoin and cryptocurrency ecosystem, the New York Stock Exchange’s owners, ICE, through its crypto exchange Bakkt has decided to launch futures contracts that will pay out traders in Bitcoins. The launch has gone through, and trading has already started in this new security. The very first trade was completed on Sunday.

Over the years, it has been noted by many experts that mainstream investors are often hesitant about investing in cryptocurrencies despite having an interest in them. The NYSE launched the new Bitcoin futures contract with the sole purpose of tapping into such investors. Intercontinental Exchange (ICE), which is the owner of the NYSE, introduced the security in its futures exchange on Sunday. The firm launch through its crypto exchange Bakkt, which is currently one of the best known and innovative cryptocurrency exchanges in the world.

>> Analyst Predicts Bakkt Will Build Trust in Crypto Markets

The ultimate aim of many individuals in the crypto space is to ensure that retail investors and institutional investors find it worthwhile to invest in Bitcoin. Trading in cryptocurrencies and paying with them is perhaps the best place to start when it comes to attracting them. According to reports, this was the primary motivation behind the introduction of this product.

Over the past months, it has become abundantly clear that institutions are becoming more and more interested in Bitcoin as well as in the larger crypto space. If that is the case, then it is only natural that products are being introduced that could help bring them in and the introduction of Bitcoin futures is a step in the right direction.

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Ethereum (ETH) Slumps to 3-Month Low on Renewed Pessimism

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Ethereum

Ethereum

Ethereum may be the second-biggest cryptocurrency in the world by market capitalization, but it has been on a losing streak for quite some time, and there is a genuine fear that the token might eventually lose its preeminence in the crypto sphere.

Sell-Off in the Broader Market

The current slump in the crypto market seems to have hit Ethereum particularly hard, and as of Wednesday, the token plunged down to record lows. The price of the token dived to its lowest levels since the month of May, and it goes without saying that the Ethereum token is suffering quite badly in the middle of this downturn in the crypto space.

In Thursday’s session, Ethereum dropped by as much as 11% at $169 after hitting a low of $164, but at the same time, it is necessary to keep in mind that there have been market-wide declines across the board. Yesterday, Bitcoin (BTC) experienced a slump of 7% to below $9,500, while Litecoin (LTC) went down by as much as 11% at $64.

Some analysts have stated that Tether may have had a role to play in the whole thing that has come to pass with Ethereum. The Ethereum blockchain network has also been totally bogged down for a long time due to the high frequency of transaction that has been brought about by Tether.

>> Blockchain Technology Revenue Expected to Hit $10 Billion in 2023

However, according to reports, in addition to the smart contracts from Tether, another set of smart contracts from More Gold Token also raised doubts among many in the community. It is believed that these two factors resulted in the overloading of the Ethereum network and has had an effect on the price.

Ethereum has lost over 54% over the past couple of months from its June peak price of $362. Nevertheless, ETH is still up about 10% year-to-date. Considering the increased selling pressure over the past few sessions, it would be interesting to see traders react in Septemeber.

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TRON (TRX) | Is it the Right Time to Buy Ahead of Key Catalysts?

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TRON

TRON

Over the past year or so, TRON (TRX) has grown into one of the most promising cryptocurrencies in the world, and experts believe that it has not yet reached its full potential. In addition to that, the fact that TRON separated from Ethereum completely has also been regarded as a monumental step in the development of the project.

For those who have watched the growth of TRON closely, the decoupling from Ethereum was regarded as the cryptocurrency’s ‘Independence Day,’ and there was optimism that it was going to go on a sustained bull run.

Justin Sun is Bullish

Although the bull run did not happen, there is a lot of optimism among those who have invested in TRX and, more importantly, TRON founder Justin Sun has stated that the cryptocurrency is on course for significant breakthroughs. Sun is known for making bullish comments quite frequently, and his comments are usually taken with a grain of salt.

However, this time, experts believe that he may actually be on the right track. In this regard, it needs to be stated that the acquisition of BitTorrent was one of the most significant deals that had been done by the company and BitTorrent could play an important role in TRON’s growth in the future.

>> Ripple Announces Notable Investment in XRP Projects

BitTorrent: A Key Catalyst?

According to Justin Sun, the official launch of BitTorrent Speed is going to be the most significant event in the company’s recent history, and so, July is all set to be a big month for TRON. Moreover, the Power of One Lunch in collaboration with eBay and Warren Buffett is going to be another event that could have a major effect on TRON. BitTorrent Speed will see the first major use case for cryptocurrencies at a significant level, while the Power of One Lunch will see Warren Buffett turning into a backer of crypto from his historical quite critical standpoint on cryptocurrency.

In addition to these events, TRON has also recently backed developers to use its blockchain to build apps, and recently crossed eight million users. Once the 100 million users on BitTorrent are added to the existing pool, the potential of TRON could get unlocked pretty fast. Other than that, the partnerships with LATOKEN, a multi-asset trading platform, and Certik, which is engaged in blockchain audit, could prove to be other important factors in TRON’s rise too.

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