Weekly Updates: Latest Crypto News (March 12–18)
By: Hanna Arepieva
Tags: Cryptocurrency Investment, Cryptocurrency, Bitcoin, Cryptomarket, Crypto

On March 13, the United States Congress issued the annual economic report. The topic of cryptocurrencies covers the whole chapter, and 2017 was called the year of the cryptocurrency. Note that cryptocurrencies are given such attention not in the Silicon Valley or in any IT community, but in the economic report of the US Congress. This means that cryptocurrencies can significantly affect the economic part of society. Also, the report conclusions are surprising. For example, the document encourages politicians and businesses to learn more about blockchain technology and its applicability to society. Regulators are encouraged to work out a coherent and coordinated policy for the cryptocurrency industry. The main emphasis should be placed on the technology development, but with an emphasis on protecting citizens from deception and theft. Everyone is encouraged to think about new ways of using technology to improve the efficiency of public administration, social structure and business processes. Cryptocurrency breaks new ground. We positively assess the conclusions of the document, but it takes time for universal and accurate adoption of this new technology.

Source: https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdf

2) China is to develop national standards for blockchain technology

On March 12, the Ministry of Industry and Information Technology of China announced the need to create a separate committee that will work out the rules for the operation of the new digital economy industry. It should be noted that such an initiative has already come from the Institute of Electronics Standardization in China. The ice broke up. Individuals and even entire ministries now understand that prohibitive measures will impede the development of the country. If ICO and crypto-exchange platforms are now banned, then most likely, soon the bans will be lifted. The only thing, now this sphere will not develop spontaneously, but according to its own rules in line with the developed national standard. This news is very positively evaluated, since China is a very strong player in the cryptocurrency market. The prohibitive measures weakened its position, but careful and consistent regulation can awaken the sleeping dragon and help China occupy a new blockchain of height.

Source: http://www.miit.gov.cn/n1146290/n1146402/n1146440/c6081357/content.html

3) Bank of England does not see a threat from the cryptocurrency for the financial system

The Bank of England claimed that cryptocurrencies do not pose a threat to the country’s financial system. The Bank of England’s Financial Policy Committee conducted a research and found that the cryptocurrencies occupy an insignificant share in the British investment portfolios. Nevertheless, the regulator will continue to monitor the situation. In case of widespread distribution of cryptocurrency as a means of payment and savings, the dependence of the financial system on the new type of assets will also grow. English financial system exist for many years and it is quite conservative. And even such a traditional system does not resort to prohibitive measures, but takes an observant position. Most likely, Great Britain will also follow the path of careful cryptocurrency regulation.

Source: https://www.marketwatch.com/story/boe-no-risk-to-uk-system-from-cryptocurrencies-2018-03-16

In the next 2 days it is necessary to follow the meeting of the G20, where they will cryptocurrencies. The official news website of the summit: https://www.g20.org/en/news

Also, it is possible track the news on Twitter on the G20 hashtags: https://twitter.com/hashtag/g20 and G20Argentina: https://twitter.com/hashtag/G20Argentina

The TOP-10 cryptocurrencies this week

It was a complicated week for cryptocurrencies. The whole top was in the red zone. NEO and Cardano switched places. EOS moved up one position. IOTA ousted Monero from the leaderboard.