Daily Roundup 14th August 2018 – Control Bitcoin or Ban it?

Saudi Arabia officials condemned crypto – but it’s not yet banned

Many blogs in the crypto space are currently spreading the rumor that the Saudi Arabian government has banned trading cryptocurrencies. However, that is not true and an exaggeration by different news sites, blogs etc. copying each other without further research. The official statement of the Saudi government only stated that exchanges and other crypto services are not approved by the government and that they do not possess licenses for their financial activities in Saudi Arabia. Therefore, trading cryptocurrencies is only illegal in the sense that persons dealing with cryptocurrencies are moving in a grey area.

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Turks turn to Bitcoin as Lira plummets heavily

Crisis and financial instability are drivers of Bitcoin’s popularity. Bitcoin rallied in its early years in the wake of the Euro crisis and some minor bank runs in Spain, Greece and in Cyprus. The same thing seems to reoccur in Turkey. The site Bitcoin.org recorded a traffic spike of 42% alone. Some days before, Turkish president Erdogan called the Turks to sell their cryptocurrencies for the Lira. However, the statement might have aggravated the recent developments for the Turkish Lira.

Big money participates in Axoni’s $32 Million Funding Round

Goldman Sachs, JPMorgan, Andreessen Horowitz, Citi, JP Morgan and Wells Fargo among other names, have all invested in Axoni’s funding round. Altogether the blockchain startup has gathered a capital of $55mn USD, according to its official statement. The startup focuses on blockchain based services for enterprises in the financial industry. As Goldman Sachs and Nyca partners are involved in the startup it is no surprise that the startup attracts big money right away.

Plans for central bank for cryptocurrencies by Venezuelan government?

According to new legislation, it seems likely that  the Venezuelan National Assembly is planning to create a central bank of Cryptocurrencies. A member of parliament told Reuters that the house will reform the constitution to allow for the creation of the bank. When the central bank is set up, Venezuela will become the first country to have such an institution. The country already has a state-backed Cryptocurrency. However, the Petro has not been a huge success. As the Venezuelan people seem to prefer legitimate currencies over the the world’s first state-issued cryptocurrency.

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