PAXG Approved in NY!!! The first gold-backed cryptocurrency in New York!
In this daily series, we have found some very hot topics to discuss. Now here’s a quick overview of the four awesome pieces we have for today. First up, great news for XRP fans. It looks like Line; a Japanese messaging app is launching BITMAX, a virtual currency trading service. The best part of this news is probably the fact that BITMAX can be accessed from the Line wallet, meaning exposure of XRP to more than 81 million people monthly in Japan. Second up, Craig Wright has submitted a letter to ask for another 30-day extension to delay the 500K Bitcoin payout. Next up, we have more information on BUSD – the Binance and Paxos stablecoin and how they are the latest stablecoin to get US regulator consent. And finally, the German government has put through a new strategy aiming at stopping stablecoins, including the Libra token. If you want to know all about the news, then please stay here with me until the very end of this video.
The Market Today
As you can see, the major coins are adjusting from their bullish jump yesterday. Bitcoin is gradually decreasing with a 1.05% decrease. Likewise, Ethereum and XRP are decreasing by 2.54% and 1.08% respectively.
XRP is now available on Line
According to an article on The XRP daily, XRP is now accessible by 81M people in Japan. Now, this was first announced by XRP Research Centre, a group dedicated to the XRP ecosystem and the Internet of Value. They tweeted:
“September 17, 2019.@BITMAX_JP, virtual currency trading service that can be accessed from the “Line Wallet” tab on @LINEjp_official (used by more than 81M people monthly in Japan) launched services today, including support for #XRP.”
To give you guys a bit of context, Line is a very popular messaging app in Japan and has similar functions to Facebook’s Messenger. Line is launching Bitmax, a global digital asset trading platform, which supports a couple of cryptocurrencies, including XRP. It is though Line that 64% of Japan’s population now has direct access to a cryptocurrency trading platform via the Line App. Definitely a huge development for the crypto and blockchain space!
Craig Wright asks for an extension for 500K BTC payout
Next up, we have more information on the infamous Craig Wright and David Kleiman case. As you guys remember, we spoke of the Wright and Kleiman case earlier. News broke in late August that Craig Wright lost the Kleiman case. The judges ordered Wright to part with half of his pre-2014 Bitcoin – worth over $5 billion – to the Kleiman estate, alongside with the considerable intellectual property. Now the self-claimed Bitcoin creator is asking for a 30-day deadline extension, citing the need to facilitate the ongoing discussions with Dave Kleiman’s estate as the parties have entered “extensive settlement negotiations.”
As per the document he provided, his lawyers have agreed on a non-binding agreement to settle the matter with Kleiman’s estate, moving on to negotiate and finalize all relevant terms and conditions. The article does not mention the response from the court, so we still have to wait and see.
BUSD and PAXG to get US regulator consent
For the third news segment, looks like BUSD, the Binance and Paxos stablecoin are the latest to get US Regulator Consent. In the past few weeks, it looks like the cryptocurrency community saw two major announcements related to stablecoins. Aside from Libra, Paxos launches their gold-baked Ethereum token Pax Gold (PAXG), and Binance releases their stablecoin backed by the US dollars. Both tokens have gained the regulatory green light of approval from the NYDFS. According to Dorothy Chang, Paxos’ vice president of marketing and communications,
“Paxos will be the issuer and custodian of all BUSD tokens. With BUSD, there will be monthly audits, and every customer acquiring BUSD through Paxos or Binance will go throughout the KYC/AML compliance process. We believe that with Binance’s network reach and out trusted, regulated service, we will be able to make a huge impact on crypto market. This is an exciting step towards bringing more stability to crypto.”
Germany will block stablecoins
Germany’s government has agreed on a blockchain strategy, which will prevent all stablecoins from becoming an alternative currency and threatening national sovereignty. Reuters reported yesterday that Chancellor Angela Merkel, the Chancellor of Germany since 2005, passed the proposed strategy today in an effort to mitigate the so-called threat posed by the forthcoming Libra token from Facebook. It’s worth mentioning that Germany positions itself to be a leading technology location and foster blockchain innovation. However, when it comes to state sovereignty, Finance Minister Olaf Scholz stated that Germany would remain cautious about prospective digital currency issuance from the private sector. In his words:
“We must protect consumers and state sovereignty. A core element of state sovereignty is the issuing of a currency, we will not leave this task to private companies.”
With the new strategy, Germany will closely work with European and other nations to stop digital currencies from becoming alternatives. In addition, they will also explore the potential benefits and risks of digital central bank currencies as well.
What are you thinking regarding all of these different situations?
First up, are you excited to see the potential mass adoption of XRP in Japan?
Do you think the judges will accept Craig Wright’s 30-day extension?
Are the world’s regulators changing their mindset and opinion about cryptocurrencies?
Is it the best strategy to block and prevent stablecoins issued from private companies?
Please leave a comment right below to let me know what you guys are thinking.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.