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Monday, October 9, 2017

Cryptocurrency Startup News: How is the Chinese government's strategy?

Cryptocurrency markets around the world are experiencing good growth in the past week, a trend that sure makes investors and traders happy. Almost all digital currencies such as Bitcoin and Ethereum have increased prices. Some of them even increased by more than ten percent.

What caused the positive trend? And how is the attitude of some Asian governments in this digital currency business? Here is a summary of the cryptocurrency world news for seven days back.

Prices continue to rise

Since last week, the total cryptocurrency market has increased by seventeen percent to US $ 143.8 billion. The figure is not far from the highest point ever achieved by the digital currency market so far, which is US $ 179.5 billion.

Bitcoin is one of the fastest growing digital currencies. On September 22, 2017, they only reached a price of US $ 3,600 (approximately Rp48 million). But on September 29, 2017 yesterday, the price of Bitcoin has risen to US $ 4,160.

This trend continues despite some figures such as Jamie Dimon, John Hathaway, and Jordan Belfort expressing their disagreement with Bitcoin.

How is the Chinese government's strategy?

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An exciting news emerged from an interview conducted by NEO founder Da Hongfei with Dutch media Het Financieele Dagblad. NEO (formerly Antshares) is an open source blockchain platform originating in China.

As the Chinese government announces the ICO ban, investors are skeptical about the future of NEO. They also jointly sell their NEO tokens, to make the price of these tokens fall from $ 50 in August 2017 to just US $ 13.4 (about Rp181 thousand) about two weeks ago.

But in the interview, Hongfei stated that he was actually contacted by the Chinese government before the ban. He is optimistic that in the future there will be cooperation between him and the government to run ICO, while avoiding the possibility of fake transactions.

This is like showing the Chinese government's view of the future of cryptocurrency. They like to regulate blockchain companies, so that Chinese investors can be protected from fraud in the ICO process or Ponzi scheme.

On a separate occasion, Hongfei also stated that it is currently working with several lawyers to establish a legal order for startup in conducting ICO on the NEO platform. This causes the NEO token price to rise by thirty percent.

More important news
  • Jobs in blockchain companies have doubled in the past six months. The large amount of money that goes through the ICO process allows startups in the business to attract new employees, and pay twenty percent more. (Coin Telegraph)
  • About ten blockchain companies in Singapore have closed their company accounts at banks for no apparent reason. (Bloomberg)
  • Japanese banks will launch cryptocurrency services associated with the Yen currency, so users can make payments and transfers via mobile apps. (CNBC)
  • Despite calling cryptocurrency and blockchain the "biggest bubble in history," former investment manager Mike Novogratz has invested $ 500 million to invest in the business. (Bloomberg)
  • Ethereum Founder Vitalik Buterin participated in the manufacture of whitepapers for ICO procedures. (Coindesk)
  • US retailer Overstock has launched a new transaction system to facilitate ICO and digital currency exchange. (Cryptocoin News)
  • The giant gaming company Nexon has acquired a South Korean cryptocurrency exchange company, Korbit, for US $ 80 million (about Rp1 trillion). (Tech in Asia)
  • The financial services supervisory committee (sort of OJK) in South Korea has announced a fund-raising ban with ICO. The companies involved will be subject to severe penalties. (Tech in Asia)
  • The financial services agency (sort of OJK) in Japan has approved the eleven companies' request to run the cryptocurrency exchange business in the sunrise country. They are Bitbank, BitFlyer, BitPoint, BitTrade, BTCBox, Fisco Virtual Currency Exchange, GMO Coin, Money Partners, Quoine, SBI Virtual Currencies, and Tech Bureau. (Tech in Asia)

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