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Iran Strains Put Bitcoin In The Spotlight; Ernst & Young Wagers On Open Blockchain?

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  • Tip Bones

Here is some of the latest news on Bitcoin, other major cryptocurrencies, and enterprise blockchain adoptions...


CRYPTO MARKETS:


Bitcoin was along for the ride later, as tensions between the U.S. and Iran alternately escalated and deescalated, moving sharply higher, after news reports of Iran’s missile attack on U.S.-led forces in Iraq early this week, then falling back following President Trump's comments downplaying the situation.


Predictably, Bitcoin followed other traditional safe-haven assets, including gold and the Japanese yen. At the beginning of the crisis, it was widely reported that the Bitcoin price in Iran had soared—this was based on a common misunderstanding of exchange rates in Iran.


ERNST & YOUNG BETS ON BLOCKCHAIN:


Last month, the audit and consulting giant, Ernst & Young, announced the release of its new blockchain technology to the public. It’s part of the firm’s effort to get public networks ready for enterprise blockchain adoption, and the new release is another step in its advocacy of public blockchain network infrastructure, as opposed to permissioned, and private networks.


EY blockchain lead, Paul Brody makes a persuasive argument as to why the firm is attempting to fix the shortcomings in public networks, as opposed to getting behind private networks, as its peers, such as IBM, and Accenture have done, pointing to the challenge of adoption, and on-boarding, associated with private networks. Put simply, it’s hard to get organizations to join them.


CRYPTO REGULATION IN:


The blockchain and crypto community is ringing in the new year to a level of legislative and regulatory attention, that would have been hard to predict a year ago.


Since this time last year, launched the Libra project, Fidelity Investments announced a series of new crypto initiatives, and the U.S. Federal Reserve Board revealed that it is working on a crypto-like project, known as “central bank digital currency.” 


More new crypto projects were launched by technologists, both in the U.S. and abroad. And the price of Bitcoin rose off its floor, before settling in at an average price that is still more than double, the late-low. The lesson? We may be in the early innings of crypto, but there is a major league game ahead, and there will certainly be new rules.


ELSEWHERE:


China’s central bank says it has completed the ‘top-level’ design of digital currency, The Block.


North Korean Hackers Now Using Telegram to Steal Crypto: Kaspersky CoinDesk...


Deribit Crypto Exchange Flees Netherlands’ Tight Regulation; Illinois Now Recognizes Blockchain Contracts As Legally Binding PYMNTS.

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