Bitcoin. JP Morgan. Circle. Poloniex. South America. Africa. Australia.

sobuka (49)in #bitcon • 7 years ago

Hello everyone. This is Brian. It has been a long time and I hope everything has been going well and okay on your end. I will start with some important headlines for today and then work towards the southern hemisphere.

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JP Morgan Bans Buying Cryptocurrencies With Credit Cards

Let us begin by getting the bad news out the way first by starting with JP Morgan. JP Morgan is now banning purchases of cryptocurrencies with credit cards. This news just came from CoinTelegraph where the article states that this action will include Bank of America and Citigroup. J.P. Morgan Chase’s policy has seen a quick reversal from the recent past weeks as a spokesperson from the bank told CNBC today the following: "At this time, we are not processing cryptocurrency purchases using credit cards due to the volatility and risk involved. We will review the issue as the market evolves." So there it is guys! Let us know what you think. It seems that certain banks and card companies do not want people purchasing these cryptocurrencies. Maybe the banks feel threatened? I don’t know. But we have seen credit card companies now change their policy to start charging cryptocurrencies as cash advances which could boost their bottom line revenue by as much as 20%! We will see how this plays out but keep a watch for what is going on in this space. Other circulating news right now includes the price of Bitcoin breaking past $9k and the overall cryptocurrency market in the green as the market gets past its overreaction from the turbulent few weeks.

Circle Plans to Buy Poloniex

And in other news, there is an unconfirmed rumor that Circle might acquire Poloniex. If anyone does not know, well Circle is a payment platform with millions of active users allowing people to send money back and forth. Poloniex on the other hand is a cryptocurrency exchange that allows people to buy and sell cryptocurrencies. Poloniex has processed multi-million dollars amounts of trades each year with hundreds of thousands of customers using its decentralized platform. If this rumor is true, it would give further legitimacy to the cryptocurrency market in general and also expose its existing user base into the cryptocurrency market. Obviously this deal is huge guys as both platforms is used by many people around the world. I will see how this news will develop in the next few weeks and will keep you guys posted.

Australia, Africa, and South America Cryptocurrency News

Now as for other international news that I want to cover quickly on this channel, I will start with Australia where the headline from The Australian reads, “Federal Government Keen to Tax Cryptocurrencies”. I think this is not a surprise as more governments obviously want to make money from the market. We currently see across the world where countries start to impose taxes and regulations. And while we are still on the subject of internationally news, African countries are also dipping their toes into cryptocurrencies more and more each day. For example, Isaac Muthui, a computer science graduate, has invested 15 million Kenyan shilling into the development of the first African cryptocurrency. Now relative to the US dollar, this probably is not that much money, but with blockchain technology having less barrier of entry, I bet this year that we will see a lot of innovation coming from Africa. As for Isaac, the cryptocurrency that he will develop is suppose to allow fluid trade between African countries. The cryptocurrency will be built on the Ethereum blockchain. And lastly as for South America and the Caribbean as a whole, I personally expect massive signs of cryptocurrency adoption given inflation scenarios from huge countries like Venezuela, Argentina, and Brazil increase this year. South America this year should see record cryptocurrency growth with respect to businesses and trade. Other honorable mention as far as news is concerned for today is the following: Canada to approve first blockchain ETF and Quantum launches first ever blockchain node is space.

Alright guys. That is all for today. As always sources are below. See you tomorrow.

Nick is a content creator for Sobuka with a background in programming, information technology, finance and digital forensics. He shares interest in cryptocurrencies by reporting on International Affairs. You can find myself, B, and Laura here from time to time.

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Relevant Sources

1.https://cointelegraph.com/news/jp-morgan-chase-bans-buying-cryptocurrency-with-credit-cards. By Molly Jane Zuckerman

2.https://cointelegraph.com/news/unconfirmed-circle-in-talks-to-acquire-crypto-exchange-poloniex. By Molly Jane Zuckerman

3.https://www.theaustralian.com.au/business/federal-government-keen-to-tax-bitcoin/news-story/b17903677b4557921143388bb3f0bafb. By The Australian.

4.https://www.express.co.uk/finance/city/913853/africa-nurucoin-ethereum-Isaac-Muthui-Venezuelan-President-Nicolas-Maduro. By Darius McQuaid.

Disclaimer
The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.