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Paxtradings Crypto Minute: February 27, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: February 27, 2018

Russian President, Vladimir Putin, Stresses the Need for Russia to Be Early Adopter of Blockchain

Russian president, Vladimir Putin, recently expressed the need for Russia to increase its involvement in and adoption of blockchain technology. According to Cryptovest.com, Putin stated while Russia may have “oil, gas, coal, metals of all kinds”, it was still in need of further advancement via blockchain technology. Putin went on to say countries who are not early adopters of blockchain will be dependent on those who were.

European Commission Publishes Six Key Takeaways from Roundtable Discussion on Cryptocurrencies

European Commission Vice President Dombrovskis published a memosummarizing a roundtable discussion on cryptocurrencies that occurred yesterday. The roundtable reached six key takeaways for the European Union and its adoption plans for blockchain technology and cryptocurrencies:

  • “First, the blockchain technology holds strong promise for financial markets. To remain competitive, Europe must embrace this innovation.”
  • “Second, cryptocurrencies… expose consumers and investors to substantial risk including the risk to lose their investment.”
  • Third, “warnings about these risks to consumers and investors are important: these must be clear, frequent, and across all jurisdictions.”
  • Fourth, ICOs “have become a way for innovative firms… to raise substantial amounts of funding… but there are also problems that expose investors to substantial risk.”
  • Fifth, the European Commission needs “to assess further under what circumstances cryptocurrencies and related services are covered by existing regulation.”
  • Sixth, the European Commission is proposing that “virtual currency exchanges and wallet providers should be subject to the Anti-Money Laundering Directive.”

BnkToTheFuture Closes USD 33 Million STO and Will Launch a Secondary Security Token Market for Non-Accredited Investors

A U.K.-based digital investment firm, BnkToTheFuture, has officially closed a USD 33 million security token offering (STO). According to CoinDesk, BnkToTheFuture attracted over 60,000 accredited investors. BnkToTheFuture plans to “launch a secondary securities token market for customers, not just accredited investors — one that will allow them trade coins purchased during other ICOs.”

Thai Digital Asset Exchange Postpones Registration and Trading for Two Weeks to Await Clearer SEC Regulations

According to the Bangkok Post, the Thai Digital Asset Exchange (TDAX) is postponing registration and trading of new ICOs by two weeks to get a clearer regulatory framework from the SEC. TDAX recently completed an ICO of its own for 100 million Jfin Coins at USD 0.20 per token. Poramin Insom, TDAX’s founder and chief executive, claims that the Jfin Coin will not be affected by this postponement.

Power Block Coin LLC to Build USD 251 Million Cryptocurrency Mining Farm in Montana

Power Block Coin LLC has announced plans to build a USD 251 million cryptocurrency mining farm outside of Butte, Montana. As reported by Investopedia, the Butte-Silver Bow Council of Commissioners has already granted approval for the company to build its mining farm in a special tax district outside of Butte. The mining farm is estimated to take three years to build.

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