Egypt Lays Out Path for a Crypto Future With Draft Law

In the end of May 2019, the Central Bank of Egypt (CBE) announced that it is working on a draft law for crypto-related activities. When introduced, it will oblige financial institutions in the country to obtain licenses in advance for creating, advertising or operating platforms that issue or facilitate trading of cryptocurrencies. Licenses will be issued by the CBE’s board of directors. This marked the first step the Egyptian government made toward the legalization of activities related to cryptocurrencies. Is Egypt defining its stance on crypto? The state’s attitude toward the…

Major Coins See Red Following Reports That FOMO Fueled May’s Rally

Thursday, June 6 — Bitcoin (BTC) and ether (ETH) are trending down slightly following the slump from the recent rally. Top cryptocurrencies are seeing a mix of ups and downs, according to data from Coin360. Market visualization courtesy of Coin360 After its surge to $9,000 last week, BTC is down by 1.67% on the day, and is trading at just $7,676 according to CoinMarketCap. The leading cryptocurrency has fallen in market capitalization by about $10 billion since May 30, with a market cap of approximately $136 billion at press time.…

Other Market Protections Needed Before Bitcoin ETF Approval

United States Securities and Exchange Commission (SEC) Chairman Jay Clayton said that the regulator needs to feel comfortable with cryptocurrency custody and ensure no market manipulation can take place before approving a crypto exchange-traded fund (ETF). Clayton made his remarks during an interview with CNBC on June 6. When Clayton was asked whether an ETF based on a bundle of cryptocurrencies could be released in the U.S., Clayton said that the SEC is currently working on making that possible. Still, he also noted that various issues have to be resolved…

IBM and World’s Leading Nickel Smelter Form Blockchain Education Center

Global tech giant IBM has entered a partnership a Russian metal producer to launch an educational program in blockchain, local news agency TASS reports June 6. Nornickel, a Moscow-based globally leading producer of nickel and palladium, has signed an agreement with IBM and the Moscow Institute of Physics and Technology (MIPT) to set up a study and training center for specialists to develop digital technologies for the mining and metals industry. According to the report, the agreement was signed on June 6 at the Saint Petersburg International Economic Forum by…

Reddit Crypto-Related Discussion Volume Strongly Correlated to Price

The University of Notre Dame and the Pacific Northwest National Laboratory (PNNL) released a study on the speed and scale of cryptocurrency discussions on Reddit on May 13. The paper claims to be “the first to qualitatively measure and contrast discussion growth about three popular cryptocurrencies with key distinctions in motivation, usage, and implementation – Bitcoin (BTC), Ethereum (ETH), and Monero (XMR) on Reddit.” The study covered Reddit threads created in the official subreddits and the broader cryptocurrencies subs between January 2015 and January 2018. This period of time “includes…

MIT Professor Claims Blockchain Technology Is Not as Secure as Claimed

A professor at the Massachusetts Institute of Technology (MIT) says that blockchains are not as secure as they are purported to be in an editorial in the Wall Street Journal (WSJ) on June 6. Stuart Madnick — the John Norris Maguire Professor of Information Technologies at the MIT Sloan School of Management and the Founding Director of the Cybersecurity at MIT Sloan research consortium — highlighted a forthcoming study on blockchain, stating that the technology is not as secure as many purport it to be. The MIT study analyzed 72…

US Congressman Seeks Tax Clarity for Cryptocurrencies

United States Congressman (R-N.C.) Ted Budd testified to the House of Representatives Ways and Means Committee on purported issues with current tax laws on cryptocurrencies, as per a video of the testimony released on June 4. Congressman Budd argued that cryptocurrencies should have a de minimis tax exemption like foreign currencies. Budd commented that he cosponsored bill H.R.3708, or the “Cryptocurrency Tax Fairness Act,” which would extend the Internal Revenue Code of 1986 to treat personal cryptocurrency purchases like personal transactions in foreign currency, which are not taxed. Budd highlighted…

Nearly $10 Million in XRP Stolen in GateHub Hack

Hackers have reportedly compromised nearly 100 XRP Ledger wallets on cryptocurrency wallet service GateHub. The incident was announced by GateHub in a preliminary statement on June 6. In the statement, GateHub reveals that it was notified by some of its customers and community members that funds on their wallets had been stolen. The company estimates that hackers managed to compromise around 100 XRP Ledger wallets. Although the company did not initially identify any nefarious activities on its platform, it began an investigation on the matter, wherein it discovered increased application…

Medici Ventures Leads Funding Round for Blockchain-Based E-Voting Platform

Medici Ventures, the blockchain-based subsidiary of Overstock.com, has led a $7 million funding round for a blockchain-based voting platform, according to a press release on June 6. The blockchain-based voting platform, Voatz, is reportedly designed to allow citizens to participate in official elections and similar events via mobile devices, such as smartphones or tablet computers. The platform is reportedly based on blockchain tech, encryption, and biometrics, and purports to provide better convenience, security, and auditability for voters and vote collectors. Voatz says that the proceeds of their $7 million Series…

Global Pharma Giant Develops DLT-Based Care Network for Diabetes Patients

А leading pharmaceutical firm Boehringer Ingelheim has teamed up with blockchain-based healthcare platform Solve.Care, according to a press release shared with Cointelegraph on June 6. Germany-based Boehringer, one of the world’s 20 largest pharma companies, and Solve.Care are planning to build a blockchain and digital asset-powered network for trusted sharing of data about patients with diabetes. Based on Solve.Care’s blockchain platform, the new healthcare system is known as the Diabetes Care Administration Network. The network intends to provide assistance in coordinating care for patients, as well as to share information…