Hello everyone. Welcome to the Bitcoin Flash Report . I know it has been a while, but we have been super busy. I hope everything is going very well on your end! This is the segment where I will cover quick news pertaining to the rest of the world with respect to cryptocurrencies. So let us begin...
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Quick Market Recap For Today: Zimbabwe Bans Cryptocurrency.
First off I will start with Zimbabwe where their central bank has banded their financial institutions from all crypto dealings just like India did. Now just to let you guys know Zimbabwe has no impact at all in the volatility that we are seeing in the crypto market. So according to the report, the Reserve Bank of Zimbabwe's director and registrar of banking institution Norman Mataruka ordered all financial institutions to terminate servicing crypto currency exchanges within 60 days and begin liquidating existing crypto-related accounts. Their central bank issued this statement due to concern of the threat that crypto currencies have with their traditional fiat financial system. Though the banks will be banned soon, the people of Zimbabwe can still transact but at the own risk. Further statement from the authorities point out that there would be no recourse at all to the reserve bank or any regulatory authority in the country if locals end up losing everything in crypto currencies. So yes folks that's the government's disclaimer right there.[1]
Quick Market Recap For Today: India Supreme Court Denies Interim Injunction Against Reserve Banks Of India.
Quick Market Recap For Today: China's Government Will Publish Cryptocurrency Analysis Amid Lack of Independent Ratings.
And the last news for today comes from China. An article posted by Coin Telegraph on May 11th stated that the Chinese government will come out with their own analysis on 28 crypto currencies already out there. Some of the currencies will include the most popular ones being Bitcoin, Litecoin, Ethereum, and even Ripple. The Chinese governments plan is to rate these currencies in terms of understanding their technology, novelty, use, and other factors. The recent press release coming from China states that the ranking information for all 28 projects will be published in the next few days so we will wait and see how this one will look guys. In this research that will happen soon, it is also stated on Coin Telegraph that first-rate domestic experts and scholars will contribute to the project, which creators have dubbed the 'Global Public Chain Assessment Index.' According to the release I am seeing, the goal of the index as I had just stated is to evaluate the technological capability, the usefulness of the application and the innovative-ness of the project as well as the development level of the projects to understand the trend of blockchain technology innovation. My caution for the Chinese government is that if they do not act fast, they may miss this new wave of financial and technological opportunities.[3]
Well guys I know all this in mixed news so take it for what it is worth. India and Zimbabwe do not really have much of an impact to the crypto currency market anyway. But with China it is good news to see them finally start to take a peak once again into crypto currencies through this evaluation process. Alright guys that is all for today. Sources are below. See you tomorrow.
Nick is a content creator for Sobuka with a background in programming, information technology, finance and digital forensics. He shares interest in cryptocurrencies by reporting on International Affairs. You can find myself, B, and Laura here from time to time.
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Relevant Sources
1.Zimbabwe News: https://cointelegraph.com/news/zimbabwes-central-bank-bans-financial-institutions-from-all-crypto-dealings
2.India News: https://cointelegraph.com/news/india-supreme-court-denies-interim-injunction-against-reserve-bank-of-india-restrictions
3.China News: https://cointelegraph.com/news/china-govt-will-publish-cryptocurrency-analysis-amid-lack-of-independent-ratings
Disclaimer
The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.