Here are the latest most important cryptocurrency news of October 31, 2018:
Vechain, and CREAM Sign Deal to Help Cyprus Develop and Implement Blockchain Technology
Invest Cyprus, has signed a memorandum of understanding (MoU) with the VeChain Foundation and CREAM. The purpose of this MoU will be to collaborate on the development and implementation of blockchain solutions.
VeChain Foundation and CREAM will establish a joint entity in Cyprus. They are also going to advise Cyprus on numerous topics. Some of these include a policy reform that will enable blockchain as an underlying infrastructure for operations and financial services.
The three organizations will work together on several national investment strategies. These strategies will involve the progress of blockchain and explore the merits of blockchain technology in industries such as:
- Financial services
- Economic Reform
In addition to that, VeChain and CREAM operation in Cyprus will support the development of national investment in relation to the blockchain technology. The main idea is to use the power of the technology to help the economy of Cyprus. In fact, financial services in the world are progressing thanks to implementing the blockchain.
The government of Cyprus is also committed to the inclusion of the technology in various other systems. Cyprus is trying to put new policies in place to stay in line with the blockchain era and its numerous advantages.
The main focus of the partnership has been left open to allow for the change of course according to the financial needs in the country. However, the collaboration will take special interest in reforming the sector as well as the compliance of AML and KYC. European laws will also be taken into account regulations and other practices that add value to the economy of Cyprus.
Banks Working With Crypto Exchanges is Now Approved, According to Korea’s Finance Minister
As reported previous by Zerocrypted, Choi Jong-Ku, the commissioner of the Financial Services Commission (FSC) of South Korea, has made an affirmation. He said there are no issues related to banks providing virtual bank accounts to local cryptocurrency exchanges.
Commissioner Choi emphasized that as long as cryptocurrency trading platforms implement the Know Your Customer (KYC) and Anti-Money Laundering (AML) systems, digital asset platforms can obtain banking services from the country’s commercial financial institutions.
“There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there is no problem in issuing virtual bank accounts to exchanges,” commissioner Choi said”
In fact, in South Korea, crypto exchanges employ a unique system called virtual bank accounts. This system enables users to deposit and withdraw the South Korean won instantly so that users can hold KRW on exchanges securely.
Governments have started accepting cryptocurrencies more and more. China, for example, began to name Bitcoin trading as part of the law. With cryptocurrency exchanges becoming more accepted by governments, the crypto industry is undoubtedly growing faster than ever before.
Bitcoin’s 10th Birthday; Experts Predict Crypto Market Grow by 5000% in Next Ten Years
Today is Bitcoin’s 10th birthday, marking the day when Satoshi Nakamoto released its whitepaper.
Since then, more than 2,000 cryptocurrencies have made entry into the market and more keep on coming. But no altcoin has been able to trump Bitcoin.
2018 has proven to be a tough year for the cryptocurrency market. Bitcoin, which was trading around $20,000 mid-December, has now a price of $6,325, according to CoinMarketCap.
However, Iqbal Gandham, eToro U.K.’s managing director, said the next ten years will prove positive for Bitcoin, reports the Independent.
Its price, although volatile at times, will fall in line with other assets as its utility increases and speculation reduces. The next decade could accept Bitcoin as the norm when it comes to money transfer and payments. As with any startup idea, early days are always risky, but I feel these are now few and far between.
Nigel Green, founder and CEO of the deVere Group, an international financial consultancy firm, is also confident about where the combined crypto market is heading. In the next ten years, Green believes that it will increase by 5,000 percent.
If you missed news yesterday, you can check them out here: Daily Cryptocurrency News – 30th October 2018
Image Source: Reddit
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