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All plus and minus in cryptoworld, worldwide.

All plus and minus in cryptoworld, worldwide.

January 29, 2018 7:35 am,

What is happening in the cryptoworld currently? As on writing (25th January 2018), the followings positives and negatives are noted-

Positives:

  • Cryptocurrency signs its first sponsorship deal with Team Arsenal: Arsenal has signed a sponsorship deal with the US cryptocurrency CashBet. It which plans to raise between $40 million and $70 million from the sale of CashBet Coins tokens in its ICO, uses Arsenal’s crest and player’s images on its website and the club describes CashBet as its “first official cryptocurrency partner”.

 

  • Cryptocurrencies received its first credit rating: The Weiss Ratings agency, one of the oldest professional and financial grading services in the US, released its much-anticipated cryptocurrency ratings today. The securities rating firm is the first to give a rating to cryptocurrencies. Weiss Rating has ranked Ethereum as “better” than bitcoin, as well as the EOS coin, in its first cryptocurrency ratings. Bitcoin received a C+ rating from the firm, while Ethereum’s B rating was received due to the fact it benefits from more readily upgradeable technology, with a development team moving fast on it, as well as better speeds. The third-largest cryptocurrency Ripple only managed to receive a rating of C, despite its partnerships with big global financial institutions.

 

  • South Korea proposes to start real-name trading of cryptocurrency: South Korea plans to require local banks to launch a real-name system for cryptocurrency trading that will require the up-to-now anonymous transactions be traceable as the country seeks to curb speculation and criminal activities.

Negatives:

  • US charges cryptocurrency creators over $6 million scam: US regulators are making good on their promise to get tough on crypto fraud. The Commodity Futures Trading Commission has filed complaints charging My Big Coin Pay and two of its operators, Randall Crater and Mark Gillespie, with using the company’s My Big Coin cryptocurrency as part of an ongoing, not-so-subtle Ponzi scheme. Continued crackdowns like this might deter some perpetrators, but it may be hard to completely eliminate as long as cryptocurrency values are through the roof.

 

  • South Africa banning crypto trading accounts of foreigners: South Korea’s financial regulators set the pace for sweeping cryptocurrency regulations to curb speculative overheating and illegal activity on Tuesday, including banning foreigners and minors from opening new cryptocurrency accounts.

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