The cryptocurrency market remains slightly bullish, but Bitcoin (BTC) has fallen below the crucial $10,000 level. After hitting $10,167, the cryptocurrency with a dominance factor of 64.4% fell to $9,485, but has rebounded to $9.678 in the past 24 hours, reflecting a gain of 1.9%. Ether (ETH) has gained 4.1% to trade at $246.32. XRP has gained 1.3% to trade at $0.2043. Other major altcoins which have gained in the past 24 hours include ChainLink (LINK-$4.49, 3.4%), Cardano (ADA-$0.0874, 11.8%), OKB (OKB-$5.23, 1.2%), Stellar (XLM-$0.0848, 9.6%), Bitcoin Cash (BCH-$259.13, 4.4%), LEO (LEO-$1.21, 1.3%), Ethereum Classic (ETC-$7.0, 1.1%), Dsh (DASH-$78.47, 1.1%), Tezos (XTZ-3.05, 6.7%), Binance Coin (BNB-$17.57, 2.5%), EOS (EOS-$2.72, 2.1%), IOTA (IOTA-$0.2544, 7.8%), Tron (TRX-$0.0171, 5.5%), Huobi (HT-$4.10, 1.2%), Litecoin (LTC-$47.81, 4.4%), Monero (XMR-$67.54, 1.4%) and Cosmos (ATOM, $2.96, 7.4%).
Government level initiatives
Canada legalizes crypto exchanges and payment processing, providers
Canada has legalized cryptocurrency exchanges and payment processing service, providers. It can be remembered that the government had amended the Proceeds of Crime (Money Laundering) and Terrorist Financing Act last June. The amended law was enforced on 1st June 2020. The amendments were made to plug the loopholes in the framework.
From here on, Canadian cryptocurrency companies have to notify all trades surpassing C$10,000 (~$7,400), in addition to registering and complying with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Francis Pouliot, CEO of Canadian crypto-asset exchange BullBitcoin, had played a huge part in the regulation of cryptocurrencies. Pouliot said: “I’ve been closely involved with the process, starting in 2014, collaborating particularly with the Ministry of Finance and FINTRAC. Our stance never changed: Bitcoin is money, it should be regulated like other money, no more no less.”
Pouliot has pointed out that the latest regulations will primarily affect cash-based firms such as Bitcoin ATM operators, further stating that “most Bitcoin businesses already had KYC measures in place […] because they were required to do so by their banking or payment processing partners.”
Private sector initiatives
IWA is launched to establish global norms for a token-based environment
Ron Resnick, Enterprise Ethereum Alliance’s former executive director, and Marley Gray, Microsoft’s principal architect, have launched the InterWork Alliance (IWA), a non-profit association intended at establishing global norms for the token-based environment. Initially, the IWA included over 28 blockchain, technology, and financial organizations from all over the world, including Microsoft, Accenture, Hyperledger, Nasdaq, Chainlink, and IBM.
The IWA pointed out that startups currently working on tokenized environments are primarily concentrating on their standalone solutions while marketing their platforms to other companies. According to the organization, the establishment of global standards will result in broader innovation that will have a significant impact on business.
Resnick, IWA’s president, argued: “For this approach to work, standards are urgently needed around defining what a token is and how its contractual behaviors will work.”
InterWork Alliance intends to create three kinds of global standards for tokenized ecosystems. Initially, the Token Taxonomy Framework will offer common tools and language so that several parties can arrive at an agreement on the definition of a token and its use.
Fire blocks unveil its Asset Transfer Network
Fire blocks, the institutional level digital asset security specialist, has unveiled its Asset Transfer Network. The un-permission (open) network facilitates institutions to safely identify and link with their peers and move assets on-chain while simplifying settlement and post-trade processes.
More than 55 organizations and 26 cryptocurrency exchanges have become a member of the network at the time of launch. For more than a year, Fireblocks has been utilizing multiparty computation (MPC) technology in its Secure Asset Transfer Environment, offering requisite tools to institutional investors for transferring digital assets between wallets, exchanges, and counterparties.
Volumes rose quickly as institutions joined to benefit from the security offered by the platform, including an insurance policy covering the value of assets during storage and transfer. The company also built a new MPC algo, 800% faster than industry norms, and offered it for free use by vendors and custodians.
OOC Oil and Gas Blockchain Consortium trial a blockchain-based automotive payment system
A blockchain platform intended to automate payments for oilfield water-management was trialed by the OOC Oil & Gas Blockchain Consortium. The oilfield water management process requires the administration of a huge quantity of water pumped out and infused during oil and gas extraction procedures.
The blockchain platform used for trial enabled the elimination of nine steps in the workflow process, ultimately slashing the time of completion to a matter of one week, rather than the usual 120 days. Furthermore, the group indicated that during the trial, the blockchain solution mechanically verified 85% of all volume measurements.
The OOC Oil & Gas Blockchain Consortium is a decade-old institution made up of companies such as Equinor, Dutch Shell, and Conoco Phillips. The blockchain platform for the trial was built by Data Gumbo Corporation; a Saudi Aramco-backed Blockchain-as-a-Service firm.
The trial was carried in collaboration with Nuverra Environmental Solutions, which managed the water discharge of oil wells owned and operated by Equinor. Following the successful completion of the trial across five Equinor wells in North Dakota, the association now intends to incorporate blockchain solutions on production sites.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
