The cryptocurrency market remains bullish, with Bitcoin (BTC) hitting $12,000 levels earlier this week. At the time of writing this article, Bitcoin was trading at $11,653.59, reflecting a gain of 4.3% in 24 hours. Ether (ETH) was trading at $396.97, up 2.6% in the same period. XRP was trading at $0.3013, an increase of 1.8% in a day.
Other major altcoins which have recorded gains in the past 24 hours include Dash (DASH-$91.67, 6%), IOTA (IOTA-$0.3046, 0.3%), Tron (TRX-$0.0203, 0.2%), ChainLink (LINK-$9.81, 0.9%), Tezos (XTZ-3.18 -0.1%), Cardano (ADA-$0.1421, -1.1%), Monero (XMR-$90.13, 4.1%), Huobi (HT-$4.87, 0.1%), Binance Coin (BNB-$23, 3.5%), Litecoin (LTC-$58.47, 1.9%), EOS (EOS-$3.04, 0.6%), Bitcoin SV (BSV-$229.83, 2.4%), Bitcoin Cash (BCH-$290.71, 1.1%), OKB (OKB-$6.06, 1.5%), Cosmos (ATOM, $4.17, 4.7%) and Ethereum Classic (ETC-$7.20, 1.0%). Major (top 20 in terms of market cap) altcoins which have lost ground in the past 24 hours are LEO (LEO-$1.27, -0.1%) and Stellar (XLM-$0.1073, -0.9%).
Government level initiatives
Swiss Bank BKB to launch crypto services
The Swiss government-owned commercial bank BKB or Basler Kantonalbank, intends to roll out cryptocurrency services via its banking subsidiary. Bank Cler, BKB’s affiliate and a national banking group, are creating facilities that will permit clients to hold, buy, and sell cryptos. BKB holds a significant share in Cler even though the affiliate owns a banking license of its own, distinct from BKB.
BKB affirmed that the bank intends to roll out these products due to an increase in demand for cryptocurrency-related services.
The spokesperson of BKB issued the following statement: “In the BKB Group, we are working to offer our clients a solution for the trading and deposit of selected cryptocurrencies. As an established regional (Basler Kantonalbank) and indeed national (Bank Cler) banking group, we wish to give our clients secure access to these new financial products.”
The spokesperson did not provide the list of cryptos that will be supported by BKB. The work is going on and no timetable has been set for the launch. With this initiative, Basler Kantonalbank becomes the first government-backed bank in Switzerland to enter the crypto domain.
Sberbank investigating the possibility of issues a crypto token
The Russian government-owned Sberbank is looking at the feasibility of issuing a crypto token. According to the director of commercial transactions, Sergey Popov, the largest bank in Russia, is looking at the possibility of issuing a stablecoin pegged to the Russian ruble on a 1:1 ratio.
The bank intends to use the stablecoin for carrying out settlements related to other digital financial instruments. Popov opined that Sberbank would not face any problem in issuing a stabletoken in compliance with the recently approved cryptocurrency law named “On Digital Financial Assets (DFA).”
The bank’s management executive stated: “We probably may issue a stablecoin on the basis of the law that has been adopted recently. As we can peg this stablecoin to the ruble, this token could become a basis or an instrument for settlements involving other digital financial assets.”
Private sector initiatives
Dash signs contract with crypt exchange Taurus.io
Dash blockchain has inked an agreement with Mexican cryptocurrency exchange Taurus.io to introduce a cryptocurrency supporting Visa debit cards in Latin America. Starting off, the card is offered only to Taurus clients in Mexico.
The card can be used at millions of vendor locations in Mexico by exchanging the cryptos to pesos using the Taurus mobile app. Even online transactions can be carried out.
Ernesto Contreras, Head of Business Development at Dash Core Group, elaborated on the card, the first of its kind in the region: “The Tauros card is a first in Mexico and the region, and it will also allow for a very easy way in and out of the Tauros ecosystem, which is very important as it adds massive usability to Dash users in the country. The fact that we are giving the opportunity for people to earn DashBack rewards with their card will also give a boost to the crypto ecosystem in Mexico as now anyone can use their pesos, and Hodl Dash.”
Miscellaneous
Russia implements a ban on anonymous deposits to e-wallets
The Russian government has issued a blanket ban on making anonymous deposits to online wallets, a decision that will impact over 10 million wallet users in the country. The initiative is intended to restrict unlawful activities such as terrorism funding and drug dealings.
In Russia, online wallets are offered by digital payment processors such as WebMoney, Yandex, Kiwi, and PayPal. Users add funds to these wallets in an anonymous manner. Many of them have started using these wallets to anonymously purchase cryptocurrencies. There are no exact figures regarding the number of people who use these anonymous wallets to buy cryptocurrencies, but the number is believed to be significant.
Economist Antonina Levashenko believes that the steps taken by the Russian government will have little impact on the blockchain sector. As Russia continues to enforce stringent measures to plug loopholes used by money launderers, crypto enthusiasts believe that the ban could be extended to cover cryptos in the near future.
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