Roundup – New Crypto Regulations in Effect in Norway & more

New crypto regulations in effect in Norway

New Financial regulations have gone into effect in Norway today. The Finanstilsynet, the financial authority in Norway, has announced that companies are able to comply with the new regulations until January 15th. The new regulations concern companies that issue ICOs, exchanges and other financial sevice providers that deal with crypto. That includes also wallet providers which offer to store the private keys of their customers. Under the new regulations customers must identify themselves. In addition to that, they need to answer questions regarding the origin of funds and the purpose of transactions if demanded.

IMF: crypto will have negative impact on economy

A recent report by International Monetary Fund (IMF) indicates that the rapid growth of Bitcoin and other cryptocurrencies will have a major impact on the international financial system. The report dubbed “World Economic Outlook: Challenges to Steady Growth” in part stated that Cybersecurity attacks on this critical and fundamental financial infrastructure present an additional risk to the economy. The risks undermine cross-border payment system by disrupting provision of services and flow of goods from one country to another.

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IBM relies on Blockchain in food logistics industry

IBM Food Trust has unveiled a Blockchain platform for the food industry. The tech giant hopes to bring transparency to the food chain and enhance foods safety measures. The primary service of the network will be to monitor the food chain to transform the tracking in the supply chain. The launching of the network comes after 18 months of intense trials and tests. The Blockchain will be cloud-based and accessible to the public. The main users will be farmers, suppliers, and retailers. Additionally, health inspectors can use the platform to trace food-caused diseases directly to the point zero.

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Tether at 18-month low

Tether sinks to 18-month low. The price of Tether is curiously unstable for a stablecoin. At its lowest point the currency sunk to $0.925284 USD. As of now, it is trading at $0.973633 USD. Reasons for this price decline seem to be the general distrust in Tether. The stablecoin has lost around $375 million in market capitalization in under a week. Tether holders seem to sell off into other assets. Lately, many exchanges have launched their own stablecoins. Interestingly other stablecoins like TrueUSD are trading above their nominal value at $1.06.