Russia’s largest bank, Sberbank CIB and the National Settlement Depository (NRD) will be piloting the country’s first ever official Initial Coin Offering (ICO). This pilot will be conducted in the Bank of Russia’s regulatory sandbox.
Cryptocurrency Market Updates
The UNOPS (United Nations Office for Project Services) is partnering with the IOTA Foundation to assess how it can use its distributed ledger technology to help the UN streamline its work flow. The announcement was made by the UN on Tuesday, when the organization stated that IOTA was going to help them increase operational efficiency using its tangle tech.
Bitfinex is working actively with the British Virgin Islands government to alleviate suspicious of the exchange being used for tax evasion purposes. Criminals have been using cryptocurrency exchanges to convert their cryptocurrencies into fiat currencies for some time now and that is why Bitfinex has taken the decision to work with its government.
The Bank of England has released staff working papers outlining multiple scenarios related to risks as well as stability issues with regard to Central Bank Digital Currencies (CBDCs). The papers have constructed three different models of how CBDCs could be utilized and what impact they would have.
Coincheck, the Japanese cryptocurrency exchange that was the victim of the massive $532 million cryptocurrency hack in January, announced that it was ending trading in four anonymity focused tokens – Augur (REP), Dash (DASH), Monero (XMR) and Zcash (ZEC). The removal will be in effect from June 18.
Apparently, the entire cryptocurrency market is flashing red as this month’s third week comes to a close. The total market capitalization has significantly dropped to 14.48 percent, which is basically $366 billion in the last 7 days. This only means that the month-to–date losses are close to at least 30 percent.
Despite the fact that the overall cryptocurrency market is in the grip of a bearish sentiment, smaller cryptocurrencies such as Zcash (ZEC), Binance Coin (BNB) and Lisk (LSK) have managed to swim against the tide.
The Wall Street Journal released the results of its research into about 1,500 Initial Coin Offerings (ICOs) and reported that about 18.6% were red flagged as possible scams.
The Securities and Exchange Commission’s (SEC’s) Office of Investor Education and Advocacy has launched a fake ICO website to increase awareness about what a typical ICO scam could look like. This effort also is hoping to help with cryptocurrency investor education.
Project Jasper, a collaborative venture between Payments Canada, TMX Group, the Bank of Canada and Accenture, has just proved that it is possible to instantly settle as well as clear securities on-ledger. The project showed that both central bank cash as well as assets could be tokenized to fulfil instant settlements on stocks using distributed ledger technology (DLT).