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Paxtradings Crypto Minute: March 2, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: March 2, 2018

Marshall Islands World’s First Nation to Create a Cryptocurrency Accepted as Legal Tender

The Marshall Islands is becoming the world’s first nation to create a cryptocurrency accepted as legal tender. According to The Telegraph, the parliament declared that its new currency, Sovereign (SOV), will be distributed and exchanged as a digital coin. The President of the Republic of the Marshall Islands, Dr. Hilda C. Heine, stated:

“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty”

Fusion Concludes ICO After Raising 126,000 ETH ($109 Million)

Fusion has completed its ICO after raising more than 126,000 ETH, which is currently worth approximately USD 109 million. According to Forbes, Fusion’s ICO hit its cap in the first 24 hours and concluded the ICO with “an oversubscription of 2.5 times of its hard cap.” The funds raised come from more than 7,000 unique addresses, while 13,000 people from over 130 countries registered for the ICO.

Overstock.com Confirms Its ICO, tZero, Has Been Under SEC Review Since Last Month

Overstock.com has confirmed that it has been under review by the SEC since last month for its ongoing USD 250 million ICO, tZero. tZero is an alternative trading system. However, according to CoinDesk, “Overstock is not aware of any legal proceedings that could have an ‘adverse impact,’ on the company.” The SEC is requesting that Overstock “voluntarily provide certain documents related to the Offering and the Tokens in connection with its investigation.”

Bank of England Governor Calls for Regulation of Cryptocurrencies

The Bank of England governor, Mark Carney, stated that cryptocurrencies should be regulated to protect the financial system — although he admitted that they do not pose a risk to the system yet. According to the BBC, Carney believes continued investment into cryptocurrencies will eventually threaten the stability of the financial system. Carney made clear that regulation would be a better approach than prohibition.

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