Sweden Officially Backs a Cryptocurrency, Establishing It As Their Official Coin

It’s finally happened: a major government has just bestowed a huge vote of confidence and legitimacy onto the world of cryptocurrencies. Sweden, in an unprecedented move, just announced that they are officially adopting a certain cryptocurrency as Sweden’s official coin!

The Swedish government just informed us that they have chosen a preferred firm for the purchase and marketing of their new coin – Kryptonex Research Group. The sales of Sweden’s coin officially started on Saturday, May 19th and currently these coins can be bought only from Kryptonex Research Group.

Industry experts weren’t surprised when Kryptonex was chosen by Sweden as their preferred firm for the release of their official coin. They had all seen for their own eyes the cutting edge insight that Kryptonex had brought to the cryptocurrency markets for their clients.

For CryptoCoinHubs, , Kryptonex Research Group is not an unknown company as we’ve received dozens of e-mails from our readers

This is a firm that is widely known as the best in the industry for getting the information that is only available to a select few that lead them to be able to give their clients calls such as the 1734% rise in VEN, or the 540% rise in ETH, or the crazy 3204% increase in EMC2, and the list goes on and on.

The most astonishing part of this news may just be that a Kryptonex representative also informed us that the starting price for the official coin will be only €0.30 CENTS! That’s right, their coin is incredibly inexpensive in comparison to most other coins out there. Bitcoin for example trades at €9,000 at the time of this writing, and Ethereum, trades at around €700.

In fact we were able to get the famed billionaire investor Michael Soros’s thoughts on Sweden’s new coin and this is what he had to say:

Michael Soros states: “Anytime a major corporation announces even a small partnership with an individual cryptocurrency that coin’s value skyrockets. I can’t wait to see what happens when a government officially adopts a crypto. When the name of Sweden’s coin is released many people will become millionaires practically overnight.”

A few of us at CryptoCoinHubs were curious enough to buy a couple coins just to see how everything looks and what the trading fees are like.

It was fairly easy to get the coins, but I will show you the whole process below for those that are interested.

First step was to fill out all the details. As you can see, nothing complicated so far.

Second step, I was taken to a deposit page to fill out my details.

For €250, I received 757 coins at 0.33 cents each. You can see current value of my coins on the same page.

The whole process was simple and I even received a phone call from one of Kryptonex Research Group’s friendly agents, but I didn’t really need any help as the whole process was easy enough.

To my shock literally after about 4 hours of finishing this article I checked my wallet again to see this:

In only 4 hours, the price increased from €0.33 to €0.68. At this point, I was positively surprised. I may either hold onto the coins or flip them for another coin that the people at Kryptonex told me about which they predict will also increase in price by 4 times in less than 48 hours. Their track record speaks for itself, no wonder Sweden chose them.

Kryptonex Research Group was kind enough to give us a 100% accurate coin movement price counter, so everyone can see the increase directly on this page.

OFFICIAL PRICE CURRENTLY
1 COIN = €0.66 CENTS
(Note – price is being updated every 30 minutes)

With a story of this nature news seems to be breaking every so often, we’ll be sure to update the story as needed.

You can find their promo video as well as direct coin sales by clicking on the picture below.

China Ranks Ethereum as the World’s Best Blockchain Network, Bitcoin at #13

On May 17, China’s Ministry of Industry and Information Technology released its public blockchain ratings, ranking various blockchain projects like Ethereum in the global cryptocurrency sector based on three criteria: technology, application, and innovation.

Bitcoin at #13

As shown in the chart below, the Chinese government ranked Ethereum as the world’s best blockchain network at number 1. The top five included Ethereum, Steem, Lisk, NEO, and Komodo, all of which utilize smart contracts to efficiently and securely process information in a decentralized manner.

cnLedger@cnLedger
Replying to @cnLedger

3/ Full list:
1-5: #ETH, #STEEM, #LSK, #NEO, #KMD
6-10: #XLM, #ADA, #IOTA, #XMR, #STRAT
11-15: #QTUM, #BTS, #BTC, #XVG, #WAVES
16-20: #ETC, #XRP, #DASH, #SC, #BCN
21-25:#LTC, #ARK, #ZEC, #NANO, #BCH
26-28: #DCR, #HSR, #XEM

cnLedger@cnLedger

4/ Detailed scores of the first crypto ratings by CCID Research, China’s Ministry of Industry & Information Technology pic.twitter.com/7LiJIWokge

View image on Twitter

The addition of Steem in the top five rankings of the Chinese government’s blockchain network was unexpected by the community because unlike Lisk and NEO, Steem is not a base layer blockchain technology that can be used to create decentralized applications. Steem is a content distribution platform based on the blockchain with a primary purpose of distributing content. Essentially, Steem is like Reddit based on the decentralized blockchain.

Another surprising addition to its top 10 rankings was Monero at number 9, given that several governments including the Japanese government and its financial services agency (FSA) have expressed their concerns towards cryptocurrencies like Monero and Zcash that are capable of processing anonymous payments that could be associated with money laundering and criminal activities.

The cryptocurrency community was taken aback by the ranking of bitcoin at 13, which was co-ranked with privacy-focused cryptocurrency Verge. The bitcoin community was understandably outraged by the ranking of bitcoin at 13, considering that bitcoin has the longest track record as the most secure and dominant cryptocurrency in the global market.

The argument that bitcoin’s application is limited to a form of money and payment is illogical, as the Chinese government ranked Steem, which has a single application on its blockchain network that is a content distribution platform, as the 2nd best blockchain network behind Steem.

More importantly, bitcoin has one of the most active open source development communities in the global cryptocurrency sector and it has developed innovative technologies like Confidential Transactions (CT), Bulletproofs, and Lightning Network, which allows developers to enable private transactions, process micro-payments, and with solutions like RootStock, potentially allow bitcoin to function as an Ethereum-like smart contracts platform.

Exceeded Expectations

The majority of the cryptocurrency community expected the Chinese government to rank private blockchain networks and protocols that can assist the government in surveillance or monitoring transactions at the top. Hence, the ranking of the government which placed cryptocurrencies like Ethereum and Monero demonstrate the intent of the government to remain objective in its assessment.

However, analysts have stated that the Chinese government has overlooked the long track record, hashrate, computing power, and accumulated difficulty of major blockchain networks like bitcoin and prioritized next-generation blockchain networks instead.

Earlier this month, South China Morning Post, a major publication based in Hong Kong, reported that China’s public blockchain rankings were developed by China Center for Information Industry Development (CIID), an institute that works closely with the government to advise on policymaking in technology.

The high ranking of Ethereum and smart contract blockchain networks could influence the government to potentially allow some blockchain networks to operate in China.

Chinese Crypto Giant Huobi Launches Billion-Dollar Blockchain Fund

Huobi Labs, a blockchain incubator that is part of the Huobi exchange, has signed an agreement with Tianya Community to build a “Global Cultural and Creative Blockchain Lab” in Hainan Province, China, alongside the launch of a billion-dollar industry fund that aims to back the blockchain industry globally.

Under the background of the “new era of Chinese socialism characteristics,” the government has given Hainan Special Economic Zone a new mission of economic reformation. President Xi Jiping, personally planned, deployed and promoted the national strategy.

Huobi To Support National Strategy

Huobi China will support the national-level strategy and will use its technology, resources, talents and capital in the global blockchain industry to contribute to Hainan Special Economic Zone development and explore the construction of an international free trade port, the company announced on its website.

This year, the Huobi Group will:

1. Move Huobi China headquarters (Not Huobi Global, Nor Huobi Pro) to Hainan in the Hainan Ecological Software Park.
2. Build 10 global blockchain labs in collaboration with top global industry companies.
3. Build a global blockchain research institute with the world’s top universities.
4. Build a 40,000-square-meter blockchain incubator.
5. Create a billion-dollar global blockchain industry fund.

Huobi Seeks Government Partnership

Huobi was among China’s biggest cryptocurrency trading platforms prior to crippling domestic regulations that effectively curtailed the industry. After closing its Chinese trading platform in October, Huobi founder Leon Li summed up China’s curtain call as a “watershed moment” for the industry before launching Huobi Pro, its international trading platform headquartered in Singapore.

Huobi’s recent announcement to offer its own token, dubbed “Huobi Token” (HT), is another step in the former Chinese exchange giant’s diversification strategy, which includes an expansion into major cryptocurrency markets in South Korea and Japan.

The utility token is based on the Ethereum blockchain’s ERC-20 standard and will be capped at 500 million tokens. ‘Huobi Token, short for “HT”, is a token system based on Blockchain launching and management,’ the firm explained in a post on its website.

Philippines Legalizes Cryptocurrency in Economic Zone of CEZA

The Philippine government is welcoming nearly a dozen cryptocurrency companies to operate in a special tax-friendly economic zone situated in close proximity to a number of neighboring countries.

According to a Reuters report, the Philippines will legalize the entry of  top 10 blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA), a government-controlled economic zone that is within an hour’s flight away from the likes of Hong Kong, China, and Taiwan.

The government aims to woo cryptocurrency companies to operate out of the economic zone with tax benefits to help generate employment opportunities locally, Cagayan Economic Zone Authority chief Raul Lambino told Reuters.

Notably, the official confirmed that the government will also license – in effect legalize – the cryptocurrency firms in the special zone.

The companies will also be allowed to operate exchanges, offer initial coin offerings (ICOs) and engage in cryptocurrency mining within the zone, he added, stating:

We are about to license 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.

There is a caveat, however. Any exchange of fiat money into cryptocurrencies or vice-versa should be conducted beyond Philippines’ borders to avoid infringing the country’s laws.

To aid in bringing jobs to those companies, the economic zone’s regulator is also considering establishing a new financial technology university in the economic zone with a specific focus on blockchain technology, Lambino added.

The embracive stance follows newly introduced rules by the CEZA in February which allowed cryptocurrency companies to legally establish offices and facilities in the special zone. To gain a license, companies must invest at least $ 1 million in the zone over two years and pay up to $100,000 in licensing fees.

Meanwhile, in the mainland, the Philippines’ central bank was previously known to be reviewing the applications of a dozen operators vying to register and launch cryptocurrency exchanges in the country as recently as December. It remains to be seen if these operators have since switched tact to register in the economic zone instead.

The Philippines became one of the earliest nations in the world to publish regulations for cryptocurrency exchanges in early 2017. The deputy director of the central bank, appearing in a televised interview in October 2017, lauded the ‘pioneering regulation’ and said bitcoin, as a monetary instrument, is “fast, near real-time and convenient”.

Bitcoin Price Moves To $9,000 With Strong Momentum

The bitcoin price has surpassed $8,800 after rising more than 6 percent over the past 24 hours. Volumes across major cryptocurrency exchanges remain strong and the daily trading volume of the market has increased past $26 billion for the first time over the past month.

$9,200

On March 21, the bitcoin price tested the $9,200 support level but failed to sustain momentum for mid-term growth and fell below the $6,500 mark within two weeks after struggling to bounce off $8,200.

At this juncture, it is likely that the bitcoin price tests the $9,200 level it had touched in late March, and a movement past that level would lead the bitcoin price to the $10,000 region by the end of April.

In November 2017, investors described the $10,000 mark as a psychological threshold and a key milestone. At the time, traders predicted the price of bitcoin to surge substantially subsequent to surpassing $10,000. Almost immediately after breaking into the $10,000 region, the bitcoin price surged to $14,000 and eventually to $20,000.

Since the initial correction of bitcoin in February, the market has not been able to demonstrate any sign of stability. The price of most alternative cryptocurrencies (altcoins) and tokens followed the short-term trend of bitcoin and the volume of regional exchanges in Japan and South Korea significantly decreased.

Fundamentally, bitcoin is in an ideal position to initiate a new rally in both the short and mid-term, given that the adoption of cryptocurrency in general has started to increase. Moveover, in late 2017, the majority of speculators who bought into the cryptocurrency market did so out of FOMO, or fear of missing out, without solid knowledge in the structure and fundamentals of cryptocurrencies.

Over the past five months, the awareness of cryptocurrency has increased drastically and a substantially large number of individuals have started to understand the basics of decentralized financial networks and cryptocurrencies.

As such, fintech company Smart Valor CEO Olga Feldmeier stated that in the next two years, the bitcoin price will reach a value of $100,000, and within 2018, the bitcoin price will surpass its previous high at $20,000.

“I believe that we will see a comeback to the height achieved at the end of 2017 this year. Over the next two years I still predict we could see it reach a value of $100,000,” Olga told The Independent.

Rise of Altcoins

Throughout this week, CCN reported that the altcoin season may have started with strong consistent performances of small cryptocurrencies and tokens. Today, several tokens like STORM have recorded a gain of above 30 percent against bitcoin and about 40 percent against the US dollar.

Investors have gained more confidence in the cryptocurrency market and are now willing to take more risks by investing in cryptocurrencies with higher volatility and lower liquidity.

Still, in an interview with FT, Ethereum creator Vitalik Buterin stated that the valuation of most altcoins or tokens cannot be justified and are overblown. “There’s projects that never had a soul, that are just like, ra-ra, price go up. Lambo, vrromm, buybuybuy now!” Buterin said.

Israel: Steps Toward Cryptocurrency Support

In terms of technological innovation, Israel has been labeled by some as “The Startup Nation”with Israeli ventures raising over $5 billion in capital in 2017. This is almost 10% of China’s yearly fundraising total. While there’s a number of popular applications, platforms, and products including USB flash drives, the Waze navigation app, SodaStream carbonation machines, the country has set its foot in the crypto industry as well.

Back in 2017, Hapoalim, Israel’s largest bank, partnered with Microsoft to create a Blockchain-powered platform to “make the process of signing up guarantors simple and quicker.” And in February 2018, the Israeli Tax Authority (ITA) stated that cryptocurrencies will be taxed by the capital gains as properties.

On February 26, 2018, the country took it even further, when the Israeli Supreme Court handed down a decision that would temporarily block Leumi Bank, limiting a local broker, Bits of Gold, from facilitating the sale of cryptocurrency.

Though many were quick to laud the temporary ruling as ‘precedent-setting,’ it still leaves ample room for further developments. The judge ruling the case, Anat Baron, said that her decision was “not intended to harm the bank’s rights to analyze with specificity every transaction that takes place with the bank account or to take any actions that are related to minimizing risks.” This likely means cryptocurrency brokers and exchanges putting transparency first will be regarded as lawful—for now

Founder and CEO of Bits of Gold Yuval Roash sees this decision as justified, saying,

“Regulation is one of the things that has been important to us since the beginning. From the very beginning, we saw the problem with Bitcoin in terms of its anonymous characteristics, and we wanted to receive a currency service certificate—and we received it in August 2013.”

This is significant progress from December of last year, when a Tel Aviv district court ruled in favor of Leumi Bank, who had refused service to Bits of Gold because of Bitcoin’s inability to meet anti-money laundering standards. Bank Leumi had also been piggybacking on the Bank of Israel’s June labeling of exchanges as “websites that facilitate gambling transactions”, which is a sore spot for Israel especially. The country proved to be careful about upsetting the balance within its borders, and even blocked popular ride-sharing application Uber from an Israeli debut.

After examining the last five years of Bits of Golds’ operations, Judge Baron determined Leumi’s previous assumption that violations of the law would occur if Bitcoin were left unchecked were false.

In relation to the ruling, Yair Geva, head of the Hi-Tech Department of Israeli law firm Herzog, Fox & Ne’eman, remarked:

“It should be emphasized that the Court did not rule on the fundamental question—which has not yet been decided—whether Bank Leumi is entitled to refuse banking services for cryptocurrency trading. Although the final decision is still pending, it seems that this recent verdict of the Supreme Court will continue to give tailwinds to the tremendous growth of the crypto industry in Israel particularly, and to hi-tech as well as the financial industry in general. One of the reasons for this is that the Supreme Court clarified that Bits of Gold operated transparently and did not violate any statutory provision. In other words, the Supreme Court determined that currently there is no direct legal prohibition on cryptocurrency trading in Israel. It remains to be seen how regulators in Israel will respond to this landmark decision.”

Regardless of how regulators will respond, it’s already clear that progress on Israeli blockchain innovations hasn’t slowed.

“As with any new and promising technology, jurisdictions that instate well-balanced policies to promote innovation and adoption, will find themselves attracting talent and business to their ecosystems on grand scales. The best frameworks will be the ones that take a learning approach, allowing entrepreneurs and institutions to deeply understand how these technologies affect all stakeholders and develop the policies which are beneficial to most while educating the public on tradeoffs and accountability. Israel has always seen the advancement of technology as a strength and opportunity, and is well positioned to lead in Blockchain development and applications,” said Galia Benartzi, Co-founder of Bancor.

Itay Nagler, Israeli citizen and CEO of blockchain-driven travel startup Cool Cousin, says that Israelis, as a default, undercut the perception that things can’t or shouldn’t change.

“We are almost raised to believe that there is always a better, more efficient way to do things. That is one of the main reasons such a small country is home to many great innovative companies and individuals. This is also an explanation to why Israelis were among the firsts to adopt blockchain technology and crypto. A lot of us see it as a wonderful solution to many problems and our mentality of “no fear” to change, and relatively easy access to quality human resources and funding allows us to act on it. This, I believe, helped us during the past decades to position ourselves as pioneers and experts in many industries.”

Even though there were no concrete regulations of the industry before, it didn’t stop entrepreneurs from launching blockchain projects of their own. Bancor was one of the first major ICOs, raising over $150 million in mere minutes, and has its origins in Israel. IOTA , an IoT-focused Blockchain solution, recently opened an office in Tel Aviv, noting that the city is “a well-established tech hub, always ranking in the top 10 of start-up reports.”

These positive changes, however, go contrary to the recent decision by the Israeli regulators of not including companies involved in the crypto industry in the TASE, Tel Aviv Stock Exchange indices, due to its ‘trading volatility.’

Israel appears to be setting itself in the Blockchain ecosystem, along with the rest of the world, but tries first guarantee that the market’s grey areas be limited while its most useful attributes allowed to flourish

Traditional Liechtenstein Bank Launches Cryptocurrency Investment Platform

Citizens of Liechtenstein, a country that has become rather famous for its cryptocurrency acceptance, will soon be able to purchase digital currencies directly from a bank. Given the royal family’s demonstrated interest in the asset class and the general willingness to embrace cryptocurrency development, the move is perhaps not too surprising.

According to a press release issued by Bank Frick on February 28, 2018, it will be offering a wide variety of cryptocurrencies on its trading platform effective immediately. The initial set of digital currencies available for purchase will include BitcoinEthereumLitecoin, Ripple and Bitcoin Cash.

The target audience of the bank likely comprises of high net worth individuals and institutional investors, or rather, the type of individuals that already have a sizeable amount of funds in various banking instruments.

For any cryptocurrency exchange or broker, especially those, security is an important consideration. As is traditional for any cryptocurrency exchange, Bank Frick has stated that it will store all of its customers’ cryptocurrency assets in cold wallets, or rather, on computers air-gapped from the internet for the most part. Other security features, however, were not detailed in the press release.

The financial institution in question is already a fully-regulated bank that complies with all know-your-customer related laws at the country and EU level. Thus, it is safe to conclude that the same identification requirements will be carried over for any investor looking to purchase any amount of cryptocurrency from Bank Frick.

The bank also confirms regulatory compliance in its statement,

“At Bank Frick, cryptocurrency investments are subject to the same strict statutory measures as traditional financial transactions,” and “Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin of the money used to invest in them.”

Even though Bank Frick is a financial institution that primarily caters to Liechtenstein citizens, it has announced that the platform will be available to any European entity interested in it. The Chief Client Officer, Huber Büchel, said,

“Our services are in demand from companies across the whole of Europe. This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework.”

Furthermore, the bank has announced that it will be accepting foreign currencies in exchange for cryptocurrency assets. At this time, investors can transact in US Dollars, Euros or Swiss Francs.

Bank Frick joins a rather exclusive list of banks willing to not only adopt, but also facilitate the buying and selling of cryptocurrencies. With most financial institutions around the world heading in the exact opposite direction, it is clear that Liechtenstein’s banks have other intentions.

Bittrex Will Remove 82 Tokens Due to Lack of Liquidity in Small Cryptocurrencies

Bittrex, one of the largest cryptocurrency exchanges which also powers UpBit, South Korea’s second biggest exchange operated by Kakao subsidiary Dunamoo, has stated that it will remove 82 tokens from its trading platform.

Token Removal

“Occasionally, there are circumstances that lead Bittrex to remove a coin’s wallet or market from the Bittrex Exchange,” said the Bittrex team. “We will be removing the wallets included in the list below on March 30, 2018. Once these wallets are removed, we will no longer be able to recover these coins. Users must withdrawal their coins before March 30, 2018, in order to keep them.”

The Bittrex team also stated that several cryptocurrencies have broken blockchains that have disabled users from withdrawing their balances.

“The coins marked with an asterisk (*) have broken blockchains or wallets that will not allow withdrawals,” said Bittrex, referring to cryptocurrencies like CRYPT.

On leading trading platforms, it is difficult for exchanges to sustain a stable order book if a cryptocurrencies does not have enough liquidity and demand from users of the platform. Lack of liquidity leads to price manipulation, which can be initiated with funds as little as $50,000, as shown in the recent study done by cryptocurrency trader Sylvain Ribes.

By using a method called slippage–a process of selling $50,000 worth of a particular cryptocurrency on a trading platform to measure its impact on the price–, Ribes evaluated the liquidity of digital assets on major exchanges like OKEx and GDAX. While GDAX had a slippage of less than 1 percent, on OKEx and other cryptocurrency-only exchanges with low market cap or volume cryptocurrencies, each sale of $50,000 led to a 2 to 10 percent drop in the market value of cryptocurrencies.

“A bit of wash trading and artificial volume inflation is to be expected in a thoroughly unregulated market. What I did not expect was the magnitude of the fraud,” said Ribes. “Many pairs, albeit boasting up to $5 million volumes, would cost you more than 10% in slippage, should you want to liquidate a mere $50k in assets,” he added.

Wash trading and price manipulation is common on major trading platforms with small cryptocurrencies or low-volume cryptocurrency pairs. The US Securities and Exchange Commission (SEC) recently warned investors against pump and dump schemes that are often seen in the cryptocurrency market.

“Fraudsters often try to use the lure of new and emerging technologies to convince potential victims to invest their money in scams. These frauds include ‘pump-and-dump’ and market manipulation schemes involving publicly traded companies that claim to provide exposure to these new technologies,” SEC’s statement read.

SEC’s Involvement

Earlier this month, the SEC requested cryptocurrency exchanges to either de-list ICO tokens or register with the agency in order to continue providing support for tokens. For US-based cryptocurrency exchanges like Bittrex, it is mandatory to register with the SEC before processing trades involving tokens.

Throughout next few months, many major exchanges will likely de-list or remove small cryptocurrencies that are prone to pump and dump schemes, and market manipulation.

Could Ripple, Bitcoin and Ethereum return to previous high?

CRYPTOCURRENCIES such as Bitcoin, Ripple and Ethereum are all in the green today after a turbulent start to the year. But could all three top tokens return to their previous record highs? Here are the latest price predictions.

Bitcoin had a good weekend after a poor start to 2018, dropping to under $6,000 at the start of February.

As of Marsh 17, CryptoCoinHubs  highlights a peak up to $8,150  at the time of writing.

Ethereum is up at $600  with Ripple  at $0,66. While LiteCoin , a Litecoin is currently worth $160

The rises come after a damaging month for cryptocurrencies as a whole. After peaking at about $834billion on January 7, the market plunged an eye-watering 66 percent, wiping out some $553billion, according to CoinMarketCap.

But with Bitcoin, Ripple and Ethereum all back in the green today, many crypto experts are confident that the market can reach new heights this year.

Could Ripple, Bitcoin and Ethereum return to previous high?

Thomas Glucksmann of GateCoin told CNBC: “Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year.”

He added bitcoin, the biggest and best-known cryptocurrency, could be “pushing $50,000 by December”.

Jamie Burke, CEO at Outlier Ventures, is bullish about the cryptocurrency market, insisting it has the potential to reach $1trillion.

He told CNBC: “We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”

And Panos Mourdoukoutas, writing for Forbes, suggested that after “ being in a deep correction for a few weeks, Bitcoin, Ethereum, Ripple, and Litecoin have been coming back nicely over the last week, gaining 19.87%, 10.48%, 30.57%, and 53.90% respectively”.

He added the crypto turnaround after the recent crash comes as equity markets rebounded from the sell-off early in the month.

And he also wrote the cryptocurrency “technicals” remain strong, saying “83 cryptocurrencies [are] advancing and only 17 declining among the top 100 listed currencies.”

Dennis de Jong, managing director of UFX, says he believes cryptocurrencies remain strong and will not plummet for good in 2018.

He told Express.co.uk: “It may not capture the headlines like the volatility of bitcoin has in recent months, but there have been considerable advances in the underlying technology of the blockchain.

“Many industries are already live with, or in the process of testing, blockchain use cases that have potentially huge knock-ons for data management and security advancements.

“The relationship between crypto usage and investment in the space underpins bitcoin’s value to an extent, and for this reason I can’t see it going anywhere soon.”

But as central banks attempt to kickstart regulation – Citibank India being the latest financial authority this week to ban cryptocurrency payments on debit or credit card – some investors believe the market slump could be an indicator of an overall crash in all financial markets.

Bleakley Financial Group CIO Peter Boockvar said: “If bitcoin resumes its decline here, I think that equity investors should pay attention.”

Vladivostok as Russia’s New ”Crypto Hub”

Bankers and government officials have discussed the possible creation of a crypto valley on Russia’s Pacific coast. Representatives of the Central Bank and the executive power in Moscow have taken part in the consultations initiated by the Fund for Development of the Far East. The city of Vladivostok, where local authorities want to allow cryptocurrency trade, may become a crypto hub.  

Test Site for Crypto Regulations

The Fund for Development of the Far East has proposed the creation of a crypto valley, centered on the Russian city of Vladivostok, its general director Alexei Chekunov told RNS. The FDFE, along with the digital platform “Voshod” [sunrise], are currently discussing the idea with representatives of the Central Bank of Russia and government officials. The necessary regulatory framework and the risks associated with the project are under examination, as well.

“From around $2 billion dollars raised though crypto assets offerings, Russian projects account for about 5%, or approximately $100 million. It is obvious that the potential of our country in this new and perspective field has not been fully realized”, Chekunov said. He noted that the FDFE had been tasked by President Putin to explore the possibility of setting up a financial center in Vladivostok. “We have proposed to combine these two initiatives”, he added.

Chekunov called the experiment a “Russian Crypto Valley” and described it as a “test site for technical and regulatory approaches”. This week a local representative of the Russian Association of Cryptocurrencies and Blockchain told lawmakers in the Duma that Crimea’s jurisdiction can also be used to test the crypto “phenomenon”. A couple of days ago the head of the Russian republic of Udmurtia urged deputies to quickly adopt regulations and offered its territory for pilot projects. Other regions want to set up large mining facilities.

FDFE has also announced intentions to turn Vladivostok into Russia’s first crypto hub, taking advantage of the special economic ecosphere in its Free Port. The Deputy Finance Minister of Russia recently said that authorities in the administrative center of Primorsky Krai were interested in hosting cryptocurrency trade. The nearby Russky Island has been mentioned as a zone of free crypto interactions.

“At the moment we are focused on finalizing the regulatory rules and analyzing the possible risks. The Voshod platform is ready to start operations with crypto assets. We are working with all interested parties to begin trading after the adoption of the legal framework in mid-2018”, FDFE director Alexei Chekunov said. The Fund for Development of the Far East was created by Vnesheconombank, the government owned Russian development bank.

Do you think Moscow authorities will create a crypto valley in the Far East to experiment with crypto technologies and regulations? Tell us in the comments section below.