Bitcoin Breaches 9K, Reserve Bank of India Regulation Issues and Amazon Launches Blockchain Templates

Another positive 24 hours sees Bitcoin finally break through the $9k mark to $9,264 whilst Ethereum continues its upward trajectory to $682. The top 100 altcoins all in the green with Verge being the only exception. With the global crypto market cap now above $400 billion after sustained consecutive daily gains, the bears appear to have had their day for the time being at least.

The Reserve Bank of India comes under pressure over its regulatory ruling as the Dehli High Court issues a notice against the institution challenging the ban on financial entities conducting business with cryptocurrency exchanges. The high court petition was filed by Kali Digital Eco-Systems who planned to launch their own exchange later this year, claiming the RBI ban conflicts with India’s constitution and a lack of guidance regarding goods and service taxation where crypto is concerned. The RBI has been criticized for “being heavy-handed” with its approach to the sector – this case highlights the rather odd situation where they have essentially regulated themselves into a corner with little option but to rethink the moves.

The Marshall Islands is the latest country to announce its intent to enter the cryptocurrency space with a novel twist - government influence. The Marshall Islands has no central bank authority making financial regulatory control a governmental responsibility. As a result the “Declaration and Issuance of the Sovereign Currency Act” was passed, essentially paving the way for the intended “Sovereign” (SOV) currency to be created and serve as legal tender for citizens and local businesses.

Amazon Web Services (AWS) have launched blockchain templates for developers with 2 flavours to choose from – Ethereum and Hyperledger Fabric – enabling the ability to create and deploy secure blockchain networks utilising open source frameworks. The launch brings Amazon in line with competitors IBM and Oracle also offering similar services. With Amazon finally joining the blockchain party as it were, the adoption and integration of blockchain in general looks set to continue with hints of more blockchain products and services centered around the financial sector on the cards.

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Mobee (MBE)

 

Created: Tuesday, April 24, 2018

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