as informed in By Ana Alexandre ING Bank Survey Reveals Interest in Crypto Will Double in Near Future25804 Total views 608 Total sharesNewsResearch company Ipsos on behalf of ING Bank B.V. has conducted a study on how cryptocurrencies are perceived across Europe, Australia and the U.S., which reveals that interest in the technology is expected to double in the future. While only 9 percent of respondents own crypto, 25 percent said they will own some in the future. The highest percent (18 percent) of crypto ownership is reported in Turkey, while the lowest (4 percent) is in Luxembourg. The latest study, which was carried out between March 26 and April 6, 2018, compared 15 countries, with about 1,000 respondents surveyed in each. The study revealed that most respondents recognize crypto as a riskier investment than cash, real estate, government bonds, or the stock market.
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Central Bank of the Philippines Accredits Two New Crypto Exchanges
By Ana Alexandre Central Bank of the Philippines Accredits Two New Crypto Exchanges26678 Total views 473 Total sharesNewsThe Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has approved applications filed by two new cryptocurrency exchanges, news outlet Business World reported July 6. With this move, the two exchanges joined already operating exchanges Rebittance, Inc., Betur, Inc. and BloomSolutions. The central bank has recognized digital currencies for their potential to provide faster and cheaper transactions, but remains cautious of the potential risks of crypto volatility, criminal involvement, and cybersecurity. According to Business World, over the past several years conversions from the peso to digital currencies have grown significantly. In November last year, the Philippines' Securities and Exchange Commission said it was considering legalizing the use of digital currencies in the country by classifying them as securities.Bank of Korea Says Crypto Investment Poses 'Insignificant' Risk to Local Financial Market
as declared in By Marie Huillet Bank of Korea Says Crypto Investment Poses 'Insignificant' Risk to Local Financial Market23350 Total views 386 Total sharesNewsAccording to South Korean central bank the Bank of Korea (BOK), the outstanding balance of virtual currency accounts in domestic banks totalled $1.79 billion as of Dec. 2017, local news outlet Yonhap reported Friday, July 5. Against this backdrop, we expect crypto-assets to have a limited impact on the South Korean financial market." Notably, the BOK's data set covered the height of the cryptocurrency markets' unprecedented growth in late 2017 –– when Bitcoin (BTC) famously hit the $20,000 price point. Important positive news has been forthcoming from the government throughout spring, notably including plans to lift the country's blanket ban on domestic Initial Coin Offerings (ICOs). Just last week, in a major legitimizing move, three Korean government ministries revealed a draft version of new blockchain industry classification standards, which notably recognized crypto exchanges as regulated financial institutions for the first time.Bank of Finland Releases Scathing Crypto Report, Calls Digital Currency a "Fallacy"
By Molly Jane Zuckerman Bank of Finland Releases Scathing Crypto Report, Calls Digital Currency a "Fallacy"27571 Total views 326 Total sharesNewsThe Bank of Finland released a paper on June 21 titled "The Great Illusion of Cryptocurrencies," explaining why they think the concept of a digital currency is a "fallacy."The paper, written by Aleksi Grym, Adviser on Digitalization and Head of the Digital Central Bank process in the Financial Stability and Statistics Department. It aims to explain how cryptocurrencies' fundamental nature "shows how poorly understood the concept of money itself still is today" and how the Internet and social media have "muddled our sense of fact and fiction."In Grym's words, cryptocurrencies are not real currencies but instead "accounting systems for non-existent assets." He makes the argument that digital ledger technologies, like blockchain, are actually the same as other record keeping systems, but that their implementation for crypto is "unrelated to the fundamental characteristics of money:""For all intents and purposes, that ledger is a centralised ledger. The article notes that money, presumingly referring to crypto, is not created "out of thin air," but comes from liquidity transformation. According to the article, the main impetus for buying cryptocurrencies are either for criminal activities, creating a sense of community, security against "real or imagined" state oppression, and the thrill of trading. Grym then compares buying Bitcoin to the "intangible value" for some customers that buy "toys, fashion, art, club memberships, or firearms."Last week, Cointelegraph published an overview of all of the "FUD" (Fear, Uncertainty, Doubt) in the crypto sphere since Bitcoin's inception, detailing the many comparisons to the Dutch "tulip mania" as well as the multiple Bitcoin "deaths" reported in the media.collected by :Irax John