Welcome to the daily cryptocurrency news of October 15th 2018:
Ripple Reveals XRP Discussions With the Trump Administration, Says White House Is Thinking on Crypto
In an interview, Ripple’s prominent marketer Cory Johnson said Ripple had discussed XRP with the Trump administration.
Responding a question about the administration’s take on Ripple, Johnson told Breaker the White House is doing exciting research on crypto at large.
According to Johnson, there’s a lot of homework going on. He noted that The White House, in particular, seems to be very interested in cryptocurrency. Especially when it means to have 80 percent of Bitcoin mining and a majority of Ether mining taking place in China.
Johnson said that when you look at XRP, there is no mining, so from a foreign-control aspect or an environmental aspect, XRP is a very different beast. He notes that the administration seems to get that and think that might matter.
Johnson declined to reveal precisely which officials Ripple has engaged with:
“I’m Episcopalian, and the joke is we don’t talk about God or money, but we have lots of both. So we haven’t said who we’ve spoken to.”
However, he noted that Ripple involves in regular talks through Washington, and they met regulators as well as politicians. Moreover, he said that he has a whole team involved in that purpose, not only in the US but worldwide. “Our regulatory team, they jump on planes like their pants are on fire.”
As for whether the US Securities and Exchange Commission will decide to classify XRP as a security, Johnson says judgment day may never come at all.
For the full interview, you can visit this link.
Coinbase Says Welcome to Stricter Cryptocurrency Laws in Japan
Coinbase says it isn’t worried by Japan working to strengthen the country’s cryptocurrency regulations. The platform also believes that it would soon get approval from Japan’s Financial Services Authority (FSA).
Coinbase chief policy officer, Mike Lempres commented on the FSA’s efforts to sanitize the national cryptocurrency scene. You can find more info in the full interview.
Lempres says the company isn’t afraid of increased regulatory scrutiny and believes its business won’t be affected either way. Lempres also highlighted Coinbase’s commitment to the safety and security of depositor funds.
He even said that the focus on security from Japan could benefit Coinbase.
He also expressed confidence that Coinbase would get FSA approval. According to him, the company is engaged in high-level talks with regulators to ensure approval for the platform in 2019.
Coinbase announced its foray to Japan in June 2018, appointing Nao Kitazawa to head operations in the country. The platform is one of the over 160 companies seeking regulatory green light from the FSA. A green light that has not been granted to any such companies since December 2017.
The FSA has since the start of 2018 adopted a more hands-on approach to its oversight of the country’s cryptocurrency exchange arena. After the Coincheck hack in January 2018, the FDA demanded that platforms upgrade their security structure.
Will Coinbase get approved by the FDA? We might see the answer anytime soon.
Bitcoin Cash Developers Working On Tools for Better BCH Fungibility
Members of the Bitcoin Cash (BCH) development community have been working towards a new goal. On Friday, Oct. 12, the programmer Chris Troutner published a new concept called Tokenshuffle. Tokenshuffle is an intended light wallet that utilizes two types of crypto mixing protocols. Troutner has published his gist on Github. Moreover, he also explains that after some significant community review an open source application will be built.
“Tokenshuffle is a protocol for anonymizing Bitcoin Cash and improving its fungibility,” explained Troutner on Github. “This protocol has similarity to the ideas in Coinjoin and Coinshuffle. The main goal is to implement it as a light-weight web app that people can anonymously interact with.”
China Threatens Overseas Tax Havens; Investors Could Move to Crypto
Since 2018, the government of China has tightened policies targeting big investors in the country. Especially because they were holding their wealth overseas to avoid massive taxes. These policies may lead local investors to alternative assets like crypto.
Chinese investors rely on many areas such as:
- Swiss offshore banking industry.
- Hong Kong real estate market.
- Foreign stock markets.
This with the purpose of hoarding millions of dollars worth of properties, assets, and cash outside of mainland China.
However, authorities have started to crack down on investors holding a lot of wealth in overseas markets.
What is China doing with the investors?
The Chinese government has begun to cooperate with agencies in 83 countries. These are agencies that follow the CRS established by the OECD. (Common Reporting Standards and Organization for Economic Cooperation and Development )
The involvement of the China with the OECD and CRS can lead to direct communication and cooperation with the following locations:
- Virgin Islands
- The Bahamas
All these being five regions that investors often depend on to save massive amounts of capital in the offshore banking sector.
China disclosed that all 83 countries under CRS and OECD would share data related to financial accounts from Chinese citizens. This will allow the government to target high profile millionaire investors. It will become possible for the government to track individual investors. These include investors holding large amounts of foreign assets and cash in offshore savings accounts.
Cryptocurrencies like BTC and ETC remain as the only alternative outside of the stock market for these local investors. The lack of correlation between crypto and the financial market could appeal to investors as a haven against the global economy.
Will Chinese investors start moving to crypto soon?
Cardano Updates Their Roadmap: What Will Come Next In Q4 2018
Cardano is making tremendous progress regarding both development and community.
September was busy with launches and releases, and on October 4, Cardano updated their roadmap to account for what they have achieved.
The Cardano roadmap is not like the typical roadmap that lists one milestone after the other in a flowchart format. Instead, they have different phases of development named after five historical artists.
For example, they are currently 55% of the way through developing a testnet (Byron stage). They are also now working on multisignature transactions for HD wallets (Shelley stage).
In Q4, the Cardano v1.3.1 update will launch. This version contains some prep work for the future testnet. Several bugs were also fixed in this version. Moreover, the IELE testnet will also launch soon. Developers will have a safe environment for testing their smart contracts before launching them on the main net.
Cardano will also be releasing a paper on Ouroboros, their proof-of-stake algorithm which lets companies build their own side chains on Cardano. The paper will explain the process for developers who want custom solutions.
Finally, the Cardano team is excited to announce that soon ADA will be supported by the Trezor hardware wallet, which will go far in recommending ADA as a cryptocurrency for investors.
For more info, you can check on a youtube video here.
If you missed yesterday news, you can check them out here: Daily Cryptocurrency News – 14th October 2018
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