Cryptocurrencies in July – Month in Review
Below you can find an overview of what happened in July in the world of cryptocurrencies – brought to you by SimpleFX CFDs trading platform. Whether you took some time off following the news and you’d like to catch up, or you just want to go over last month’s highlights, this article is for you.
One of the events that attracted a lot of attention was the launch of Augur, a platform for making predictions for real-life events. Its token holders had to actually wait three years since the initial sale for it to go live. Shortly thereafter, the platform even ranked fifth among the most popular ethereum-based dapps, which caused concerns about the network getting clogged. Interesting as it is, there is also a dark side to Augur: some users started posting prediction markets for famous people’s deaths by assassination. Time will tell how the community will react to such posts.
Taking a look at the regulatory climate, if we are wondering where to set up our FinTech business, Malta is definitely the place to watch closely. The country’s parliament passed several progressive laws in June, which create a supportive climate for cryptocurrency and DLT initiatives. One of those already set up there is the world’s first decentralized bank, dubbed the Founders Bank. And although the Malta Financial Services Authority has released a statement that one of the bills has not come into force yet, the outlook is still very promising.
In relation to its March meeting, G20 moved beyond just talking about the need for cryptocurrencies regulation and oversight – but actually not too far beyond. It got the Financial Stability Board, its advisory body to publish a set of metrics against which the digital assets and their implications for financial stability will be measured. It also urged the Financial Action Task Force to present in October how its standards can be used for this sector. With this pace of work, one cannot help but wonder if this area is really their priority.
Also in July, Mastercard was granted a patent for a method to increase the speed of processing crypto transactions. Additional advantages will include increased security and fraud detection. In a similar vein, Barclays filed a patent for a blockchain to transfer funds. Since both are mainstream financial institutions, this could herald an easier interface between the crypto and fiat realm.