Mati Greenspan, Senior Market Analyst at FX broker eToro, has provided his daily commentary on traditional and crypto markets for May 15, 2019. The text below is an excerpt and does not contain the full analysis. Today's Highlights Weak Chinese Data; Strong Stocks Tokenizing Metals Please note: All data, figures & graphs are valid as…
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The leading messaging app in China, WeChat, has banned all of its merchants from engaging in crypto-related transactions. WeChat, owned by giant Tencent, introduced the new ban on April 30th, 2019. The update to the Payment Service Protocol states that all merchants using the app’s services cannot be involved in any virtual currency trading transactions…
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Despite China’s anathema for all things crypto, Donald Tapscott, chairman of the Blockchain Research Institute and noted author on blockchain matters, believes that, over time, Chinese officials will get over their fears and embrace cryptocurrencies. In an interview with Bloomberg, he noted: In 20 years, we’re not going to be using bitcoin in China. The…
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The Chinese company Grand Shores Technology Group is reportedly developing a stablecoin that will hit the Chinese market in February of 2019. The company is backed up by the Chinese government of Hangzhou, which is the capital of the Zhejiang Province. Grand Shores Group is a company engaged in blockchain and construction services. According to…
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Countries around the world are still struggling to classify cryptocurrencies. The SEC even created a special office to deal with fintech and new digital assets. China has come out to classify cryptocurrencies as legal properties, and not legal currencies. The Shenzhen Court of International Arbitration (SCIA) has ruled out that digital coins, especially Bitcoin, are…
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The blockchain and cryptocurrency market are constantly facing regulatory backlash from around the world. The SEC in the US has just launched a special fintech office to better understand, and eventually, help regulate the ever growing market. Now, China has stepped up and has proposed certain blockchain-related regulations that may help the rest of the…
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China has outdid every country in the world when it comes to cryptocurrency regulation and control. However, the country is taking the crypto craze in its own hands and is now working to create its very own government-backed alt coin. While the project is yet to be implemented and the launch of an actual coin…
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Food quality and blockchain are teaming up to provide a modern blockchain-based food quality control e-place, designed by the Chinese company, Wangjiahuan, an agricultural startup firm. The company has raised $58 million in a Series A round, which was managed by Global Logistic Properties. Global Logistic Properties is a leading logistics solution company based in…
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Nanjing City, one of China’s most historic cities, is launching a $1.5 billion blockchain fund with the aim of boosting the digital currency economy and support public projects based on blockchain. China was one of the first countries to ban domestic cryptocurrency exchanges back in the summer of 2017. As a global player in almost…
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Russia: Russia is moving forward with cryptocurrencies and their “legalization”. According to press, digital currencies in Russia will be categorized as “digital rights”. The new term will serve as differentiation to terms like “digital money” and “digital currency”. The whole change in name will be made mainly for tax purposes, as explained by Anatoly Aksakov,…
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