IMF Urges Marshall Islands to Reconsider Adopting Digital Currency as Second Legal Tender

The International Monetary Fund (IMF) has warned the Republic of the Marshall Islands (RMI) about the risks of adopting a cryptocurrency as a second legal tender, according to an official press release published on September 10. In the report, the U.S.-based agency backed by the United Nations addresses the government of the Republic of the Marshall Islands, stating that the introduction of digital currency as an official form of legal tender will pose risks to the country’s financial integrity, as well as relationships with foreign banks. By adopting digital currency…

Bitcoin Dominance Eyes 60% as Ethereum Price Flounders

The recent fallout in altcoin prices, particularly ethereum, has boosted bitcoin’s dominance of the crypto market, now commanding nearly 60% of market share. As of today, bitcoin holds 56.72% of the market compared to ethereum’s 12.62%, according to CoinMarketCap. The orange line presents bitcoin’s crypto market share while the dark blue line shows Ethereum’s. Source: coinmarketcap.com Bitcoin’s price woes of the past month have not been enough to compromise its market dominance, largely because ethereum’s struggles have been disproportionately fiercer. None of the other altcoins have been a factor in the…

Equal Beneficiaries in the Fight to Hit the Mainstream

Cryptocurrency caught mainstream attention when the industry’s total market cap hit $600 billion at the end of last year. The highly anticipated cannabis industry in the United States is similarly being pushed into the spotlight by a “green rush” of investors flooding Wall Street, who expect the industry to be worth $75 billion by 2030. Aside from attracting high volumes of bold new investors, the cannabis and cryptocurrency industries in the U.S. also share some major issues: Both are high-risk, legally uncertain and have government regulators breathing down their neck. The potential uses…

Cryptic Labs Adds Nobel Prize Laureate Economists to Board to Boost Blockchain Education

Blockchain-focused research lab Cryptic Labs has appointed two Nobel Prize economics laureates to its board in order to expand its blockchain expertise, the company announced in a press release Monday, September 10. Cryptic Labs, which says its mission is “solving fundamental security problems to advance the growth of blockchain technology,” appointed Dr. Eric S. Maskin and Sir Christopher Pissarides to its Economics Advisory Board. Together, the press release notes, they will add expertise in macroeconomics among other fields to address the current state of knowledge of blockchain’s potential and inner…

Crypto Price Gap Between Local, Foreign Exchanges Could Widen Again

South Korea’s central bank, the Bank of Korea (BoK), has cautioned of another possible widening of the gap in crypto prices between local and foreign exchanges, local news agency No Cut News reported September 11. In the report, the bank warned the public about another possible emergence of the so-called “kimchi premium,” a phenomenon consisting of the difference between the prices of crypto at South Korea’s exchanges and crypto exchanges abroad. The kimchi premium is reportedly mainly seen in terms of Bitcoin (BTC) price. Kim Dong-sup, the official behind the…

Nasdaq Exploring Adding Crypto Data Sets to its Analytics Tool, Sources Say

New York-headquartered stock market giant Nasdaq is exploring adding crypto datasets to its market analytics tool, a Nasdaq source told Cointelegraph September 11. Speaking to Cointelegraph, Nasdaq’s Head of Alternative Data Bill Dague said that “given [an] abundance of interest, we are exploring cryptocurrency related datasets. Whether or not we launch a crypto-related product remains to be seen.” Crypto datasets would potentially be integrated into Nasdaq’s data Analytics Hub, which launched in 2017 with the aim to make unstructured data more intelligible for the benefit of investors. The spectrum of…

Malta Stock Exchange Signs MOU with Binance to Launch Security Tokens Trading Platform

The Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, has signed a Memorandum of Understanding (MOU) with crypto exchange Binance to jointly launch a new security token digital exchange, according to a press release shared with Cointelegraph September 11. The press release pitches the forthcoming trading platform as being poised to benefit from the Malta Stock Exchange’s “26-year track record of operating as a regulated stock exchange,” with the dynamism and international scope of Binance’s business model. As previously reported, Binance has steadily been expanding its business presence…

Saudi British Bank Joins Consortium R3’s Global Blockchain Ecosystem

The Saudi British Bank (SABB) has become the first Saudi bank to join enterprise software firm and global banking consortium R3’s blockchain ecosystem, local news outlet Trade Arabia reports today, September 11. SABB enjoys a strong reputation, having reportedly been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for the 10th consecutive year, “Best Supply Chain Finance Bank” in the Middle East for 2018, as well as Saudi’s “2018 Best Trade Finance Bank” for the 2nd year running. The bank joins R3’s efforts to…

Chinese Government to Use Blockchain for Tracking Charity Donations by 2019

China plans to implement blockchain as part of an overhaul of its charity tracking system, the country’s Ministry of Civil Affairs (MCA) revealed in its action plan Monday, September 10. As part of the latest initiative involving the use of blockchain tech at a state level, the MCA’s four-year plan through 2022 pledges to “explore the use of blockchain technology in charitable donations, charity tracking, transparent management” and elsewhere. Officials will also “build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information…