In an interview with Channel News Asia, Sopnendu Mohanty – chief of financial technology at the Monetary Authority of Singapore, the country’s central bank, opined bitcoin will not cause a global financial crisis in the event of a price collapse. The central bank official insisted global regulators are “getting serious about this whole cryptocurrency market”, suggesting authorities would step in with regulations when bitcoin markets continue to grow globally.
In October, the head of Singapore’s central bank insisted that bitcoin itself didn’t need any oversight as a cryptocurrency. Instead, MAS chief Ravi Menon insisted a regulator’s focus ought to be on the abuse of cryptocurrencies for illicit financing and other illegal activities. “So, those [regulatory] requirements apply to the activity around cryptocurrency, rather than the cryptocurrency itself,” Menon said at the time.
According to an announcement from the organisation the transparency of the distributed ledger will prevent consumers from purchasing tuna from illegal, unreported, and unregulated fishing in the Pacific Islands. Additionally, it will help to eradicate human rights abuses. This is just another example of how the blockchain is being widely applied to different industries and not just the financial sector.
As part of the innovative initiative, WWF-Australia, WWF-Fiji, and WWF-New Zealand have teamed up with global tech innovator ConsenSys, information and communications technology implementer TraSeable, and tuna fishing and processing company Sea Quest Fiji Ltd. to deliver the project.
Cryptocurrency prices went south on Monday after Japan’s Financial Services Agency (FSA) announced that it may conduct on-site inspections of domestic cryptocurrency exchanges in response to Coincheck’s $530 million hack. The Bitcoin price led the retreat with a five percent decline, and most other top-tier coins followed suit.
As a rule, Japan has been very welcoming to the nascent cryptocurrency industry, and favorable regulatory policies have enabled the country to become one of the ecosystem’s central hubs.
According to a report in The Mail on Sunday, four men wearing balaclavas kicked down the couple’s door and took the couple’s baby outside while they forced Aston and Jay to transfer their cryptocurrency holdings. Aston, 30, had reportedly executed more than 100,000 trades under the pseudonym “Goldiath,” and he and Jay, 31, jointly owned Aston Digital Currencies, a company they operated out of their home. “No one was seriously injured during the incident,” the publication cites a Thames Valley Police spokesman as saying.
Colas is not the first analyst to make the connection, with ARK Invest’s Chris Burniske previously pointing to a BTC/USD exchange rate that clearly reflected Google search trends. Burniske referred to it as “a virtuous Satoshi cycle,” evidence for which traces back to at least August 2017. Incidentally, today, a Google search of “bitcoin” yielded me 341 million results.
Fewer people have been searching bitcoin, and that waning interest is being reflected in the bitcoin price, which is currently trading in the $10,000 – $12,000 range compared to nearly a $20,000 bitcoin price in December. Colas concludes that interest levels as determined by Google searches show definite support for bitcoin’s “breakouts” and “pullbacks.”