Top 5 news of the blockchain industry

Read today’s digest and stay up to date with the latest news.

Hello everyone! In today’s digest – transactions without Internet, banned Bitcoin donations, enforcement against illegal ICOs and much more. 

Tim Draper maintains $250k Bitcoin price prediction

Tim Draper, a venture capitalist and well-known cryptocurrency proponent, said that Bitcoin could reach $250,000 a piece by 2022! In interview he told about his first experience holding crypto assets. Speaking more on blockchain in a broad sense, Draper also pointed out that this newfangled technology will revolutionize finance, most importantly, along with a variety of other industries that hold importance in the day-to-day lives of humans.

This is going to be so big so if you see a dip, jump in. Maybe it will dip further but boy, I made that prediction and I’m sticking to it. $250,000 by 2022 for Bitcoin.

Venezuelan digital currency will be used for international transactions

Venezuelan President Nicolas Maduro announced that the government-backed digital currency “Petro” will be used for international transactions from October 1st, becoming a means of global commodity exchange, purchase and exchange of currency.

Venezuela has become the first country to launch an oil-backed cryptocurrency.

Transactions without Internet

Dash Text, a wallet service enabling Dash transactions via SMS message, is currently in public beta and is available to be used by customers of Movistar, one of the three major telecommunications companies in Venezuela. The service operates Dash wallets by SMS-based commands. This enables anyone with a cell phone of any kind to transact in Dash without an internet connection.

“I saw how many people wanted to use Dash but couldn’t due to poor signal or bad cellphones, but the idea came from a similar service in Venezuela that uses SMS for payments in bolivars. I started to look if there was something similar already in crypto and found Cointext. tried to contact them but got no response, and decided to develop it on my own.”

‘More substantial’ enforcement against illegal ICOs

U.S. Securities and Exchange Commission (SEC) co-director of enforcement Stephanie Avakian mentioned that the regulatory agency is going to recommend “more substantial remedies” against those who fail to follow proper initial coin offering (ICO) registration requirements in the future. The regulatory agency also said that they are starting a formal review process for the bitcoin ETF proposed by VanEck and SolidX.

According to Avarkian, the SEC has tried to be cognizant about how to deal with ICOs registration cases that are not fraudulent. The agency wants to affirm valid ways to raise money while still making sure investors can enjoy the legal protections already in place.

Bitcoin donations are banned 

Political candidates in California will no longer be allowed to accept donations from supporters that have been made in cryptocurrencies as a result of new rules set out by the states political watchdog, the Fair Political Practices Commission (FPPC). The decision was made as the FPPC believe that cryptocurrency donations make it very difficult for authorities to trace who the donations came from and where they came from, reducing political transparency and leaving the candidates open to bribery. The FPPC will be watching and analysing the cryptocurrency industry to see if there’s a way they can re-open up crypto donations for candidates in California.

There was extensive research by staff, input from stakeholders that was publicly displayed on our website and public debate among the Commission today and that is the decision rendered. As was publicly stated by many if not all of the Commissioners, there will be further debate and analysis in the coming months and years.

Thank you for attention! See you in the next digests.

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