Fortress Offers to Buy Mt. Gox Bitcoin Claims at $900 a Piece

Fortress Investment Group is buying bitcoin (BTC) claims from Mt. Gox creditors, according to a report by CoinDesk on July 8. The Japan-based cryptocurrency exchange Mt. Gox filed for bankruptcy in 2014 after losing $473 million worth of bitcoin at the time due to an apparent hack. Bitcoin reportedly experienced a subsequent decline in value, dropping by 36% over the month when this took place. As per the report, Fortress executive Michael Hourigan has sent out a letter to creditors detailing the buyback offer. According an apparent copy of such…

Blockchain Supply Chain Market to Reach Over $9B by 2025

The global blockchain supply chain market is expected to reach over $9 billion by 2025, according to a study published by market research and consulting firm Allied Market Research (AMR) on July 8. AMR estimates that the global blockchain supply chain market will amount to $9.85 billion by 2025, showing an 80.2% surge of the compound annual growth rate (CAGR) from 2018 to 2025. Among the key driving factors, AMR named the sector’s demand for transparency, and improved security of supply chain transactions blockchain could purportedly ensure. By industry vertical,…

US SEC and FINRA Issue Statement on Crypto Custody Issues

The United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) outlined regulatory compliance issues for cryptocurrency custodians in an announcement on July 8. According to the joint statement, the organizations have yet to discover a set of circumstances in which a crypto custodian could comply with the SEC’s Customer Protection Rule, which is described as follows: “Put simply, the Customer Protection Rule requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets, thus increasing the likelihood that customers’ securities…

Brazil Requires New Diplomats to Know About Blockchain and Crypto

The Brazilian diplomatic academy, the Rio Branco Institute, will now require that candidates have knowledge of cryptocurrencies and blockchain, Cointelegraph Brazil reported on July 8. The Rio Branco Institute — established in 1945 and offering two advancement courses for diplomats — has published the 2019 edict for the selection of new diplomats in Brazil where it included the requirement that candidates know about blockchain and digital currencies. As the publication highlights, the subject is mandatory for the test that is initially delivered in two phases, wherein knowledge about blockchain and…

Indian Authorities Express Concerns Over Facebook’s Libra

India’s authorities have expressed concern over Facebook’s forthcoming stablecoin Libra, Bloomberg reported on July 8. Subhash Garg, Economic Affairs Secretary at India’s Ministry of Finance, told Bloomberg that the “design of the Facebook currency has not been fully explained. But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.” Facebook’s Libra is set to be a stablecoin pegged to a reserve of assets which would purportedly preclude the coin from volatility. In late June, Dovey Wan of Primitive Ventures argued that…

China’s Central Bank Developing Own Digital Currency in Response to Libra

China’s central bank is reportedly developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system, the South China Morning Post reported on July 8. Wang Xin, director of the People’s Bank of China (PBoC) research bureau, argued that “if [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”  Wang said that the…

Tron Issues Official Response to Recent Protest at Beijing Office

The Tron Foundation issued an official response to a recent protest against a ponzi scheme that went under a Tron-like name, today, July 8. As Cointelegraph previously reported, protestors swarmed the Beijing research and development offices of Raybo technology — a partner firm of Tron’s —  to express outrage at a local cryptocurrency scam operating under a Tron-like name that reportedly led to $30 million worth of losses and one suicide. The offices were eventually surrounded by police, who contained and subsequently removed the protestors.  In its official statement, Tron…

Are They Heroes or Villains?

Since the beginning of 2018, rumors and then news about some large players entering the blockchain industry mesmerized the crypto community. Presently, the projects promoted by JPMorgan Chase, Facebook and Telegram are at the testnet level, but the companies have disclosed more accurate information about them. The differences among the three projects are enormous — their aims, business models, technology, etc. Some similarities exist, nevertheless. However, with diversified feelings toward these projects, the community pointed out the challenges that they have introduced to the industry. This time, the proposal for…