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Paxtradings Crypto Minute: June 24, 2018

PAX Trading > Blog > Crypto Minute > Paxtradings Crypto Minute: June 24, 2018

Cambodian Authorities Issue Several Formal Warnings To Investors

Authorities in Cambodia have formally warned domestic investors must get a license before buying, selling, or trading cryptocurrencies. According to CCN, Cambodia’s central bank(the National Bank of Cambodia), police services, and securities regulators all warned that those trading without a license risk receiving a monetary penalty. In addition, the General-Commissariat of National Police, the Securities and Exchange Commission of Cambodia, and the National Bank of Cambodia suggested that Forex Coin, K Coin, Suncoin, KH Coin, and OneCoin are all Ponzi schemes — and advised investors to avoid them.

Bank of England Is Rebuilding RTGS System To Incorporate Blockchain Technology

The Bank of England is planning to rebuild its Real Time Gross Settlement (RTGS) system to enable interfacing with private business and platforms using blockchain technology. According to CoinTelegraph, the bank’s Governor Mark Carney claimed that the bank’s RTGS system is the backbone of every payment in the U.K. Carney also claimed the bank has started to collaborate with the Bank of Canada, the Monetary Authority of Singapore, and some private-sector organizations to upgrade inter-bank cross-border payments.

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Swiss Officials Reiterates Government’s Stance Against Creating a National Cryptocurrency

At the Crypto Valley Conference in Zug, Switzerland, Schweizerische Nationalbank board director, Thomas Moser, reiterated the government opposition to creating a national cryptocurrency. According to Cryptovest, Moser asserted that blockchain is comparable to the “useless innovation” of compact discs — suggesting it is temporary improvement over current technologies. Similarly, he speculated that Bitcoin will lose its dominance over the cryptocurrency market.

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