Cryptocurrency Developments – A Run-Down by IronX
There have been several developments in the Crypto world which have had an effect on significant digital assets, particularly Bitcoin. In this article, IronX offers a run-down of the most compelling highlights.
Tighter EU Laws
Tighter EU laws have passed which include anti-money-laundering regulations, strict border controls, firmer rules on fraud, terrorism and various other criminal activities that have been in talks for two years due to incidents in Malta, Latvia, and Estonia.
With regards to the cryptocurrency sector, the new laws will help clarify the identities of users behind crypto transactions as well as the true owners of various businesses.
IronX points out, however, will these legislations suffice for criminal masterminds that move cash across international borders using updated methods? Nevertheless, the new centralized banking system being introduced provides a positive outlook for national security. In terms of the financial world, security and stability are being adequately promoted by banking organizations, however, in order to meet the updated laws, they will need to corporate more efficiently with centralized institutions.
Blockchain Wallets Have Hope
It’s believed that blockchain wallets could be our future ‘personal banks’ according to the co-founder of Ethereum. They are at the forefront of the industry at the moment and if they can decentralize data, they provide very little chance of fraudulent activities, IronX reports.
Bitcoin Yuan Trading Drops
Chinese Yuan now has below 1% of the total Bitcoin trading volume while Japan accounts for over 44% of trading in the world. Numbers have dropped in China considerably since the country abolished cryptocurrencies earlier this year. Perhaps this was a right move, especially considering the rising number of cyber thefts in Asia lately. Just to add to that, cryptocurrencies have lost a whopping 65% in value!
The Future of ICOs
A study of over 2000 ICOs unveiled that more than 50% of coins lose value within 4 months. The first few days of trading have proven to be more profitable as investors are more enticed at the start of a project. The study showed that perhaps ICOs aren’t as reliable in the long-run and sales do not last as long as expected. IronX maintains though that not all ICO projects produce the same results and some do turn out to be profitable – it’s just that investors should be wary before deciding to invest.