1) Price: Cryto pain continues as Bitcoin price plummets to 15 month low. Bitcoin has fallen 11% to a low of $3,230. Bloomberg Intelligence analyst said “The hard fork was a key trigger that signalled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ‘It might be best if we stay away from this for a while.”
2) Startups – Innovative by nature but without funds the industry can turn into exnovation. Because of “Dark winter” many start-ups are finding it difficult to raise capital and many are closing down as investors grow sceptical. ETCDEV, Ethereum classic development team has been the biggest victim. Founder of ETCDEV tweeted “As is publicly known, we have struggled with funding our operation in the last few weeks,”. “Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities”.
3) Money Laundering: Cryptocurrencies has always been linked to money laundering and the dark web but recent study conducted by Japan Times has pointed out that only 2% of Japan’s 340,000 money laundering cases this year had anything to do with cryptocurrencies. Japan has always been at the forefront of the cryto revolution, from the days of MTGox to simplifying tax treatments and not taxing hodlers.
4) EU: Malta Government leads six other EU member states (France, Italy, Cyprus, Portugal, Spain and Greece) to joint declaration on cooperation of blockchain technology. Malta is called the “Blockchain Island” and the govt has been pro bitcoin since inception and many businesses and exchanges including Binance moved their headquarters there.
5) Thailand VAT: Thailand Revenue Department confirmed that they are conducting a blockchain trial to explore its use case in tracking VAT payments. Spokesperson said “The blockchain is expected to help verify VAT invoices which would help root out fake invoices for VAT claims,” “For example, when a company buys products from a second company, the former will issue VAT invoices to the latter, and both firms can use blockchain to confirm the transactions.” And Expert in KPMG recognises this aspect of technology and said “Blockchain has come a long way in the last few years: no longer a bombshell concept, it has proven itself workable and is already in use for securing transactions on securities, exchanging money, voting, confirming supply chains, and many other cases. Preventing VAT fraud should be its next application.”