German Central Bank Director: Crypto Regulations Must Be International
Joachim Wuermeling, a member of the board of Germany's Bundesbank, has suggested that any attempt to regulate cryptocurrencies would require international cooperation. Speaking at an event in Frankfurt on Jan. 15, the director told listeners:
"Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited.”
After the Chinese government banned cryptocurrency exchanges from operating domestically in September, many Chinese crypto traders simply moved their activities to exchanges in Japan, and possibly South Korea, according to some analysts.
Many countries globally have already attempted regulatory control over cryptocurrencies in different ways. China has created the most strict controls, banning crypto exchanges and ICOs and now attempting to close all ‘exchange like services’.
South Korea’s Justice Minister recently proposed a trading ban and the government has put other controls into place in the face of what some see as a “cryptocurrency mania” in the country. Russia has suggested some measure of legality for trading on ‘official exchanges’.
The US is seeing regulation of cryptocurrency both on a federal and state level. The Securities and Exchange Commission (SEC) issued multiple warnings for crypto investors last year, and has already taken action against Blockchain or crypto-related companies. On the state level, regulators in Texas recently issued a cease and desist order to a UK-based crypto company allegedly selling unlicensed securities to Texas residents.
Crypto Market Suffers From Uncertainty in Asia, Losses Up to 40%
Bitcoin and altcoins lost up to 40% of their value the morning of Tuesday, Jan. 16, as regulatory pressure from China and South Korea appears to upset optimism.
Cross-exchange data from CoinMarketCap reveals the extent of bear sentiment arising from the confused situation in Seoul and the news of additional trading sanctions from Beijing.
On Monday, Cointelegraph reported on how Korean authorities would likely stop short of an outright cryptocurrency exchange “shutdown,” but had introduced fines for users unwilling to use personal identification data on crypto exchanges in the country.
At the same time, China is looking to expand the scope of its September crypto exchange ban to “end” centralized trading for Bitcoin and altcoins in all forms, various sources now report.
As of press time, Bitcoin has lost almost 15% on the news, while the majority of major altcoin assets fared considerably worse, dipping between 20% and 30%, some of the top 30 coins even seeing 40% losses.
Bitcoin Cash, which had seen significant price advances in the first part of January, has fallen below $2000. Ripple stood at $1.36 at press time - less than half of its Jan. 4 high over $3.
Reactions to the events show what has become a standard selection in the cryptocurrency sphere and beyond. Traders lick their wounds, pundits suggest the price correction is a ‘healthy’ one, while a flurry of mainstream media articles hints at the bursting of the cryptocurrency ‘bubble’ yet again.
The crypto bubble has just started. 2018 will be a year to remember. @Pray for a mini-crash and remember to buy it.
@Scared money don’t make no money
@REMEMBER:>>>>>Don't invest food money ore rent money<<<<<