Daily Crypto Digest ! ! !BREAKING! ! ! - Japan's largest bank confirms Yuan backed crypto, South Korea officials hands tied by law, SEC claims crypto isn't ready for regulation, Golds correlation with crypto 1/19

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Photo credit: https://cointelegraph.com

Japan's largest bank plans to adopt Yuan backed crypto

Mitsubishi UFJ Financial Group, the worlds 4th largest bank is set to launch a Yuan backed cryptocurrency by the end of 2018, with alpha testing by financial advisors coming first. This has been in the works since 2016, and many tests have been run, but a recent local publication set a target date and cemented it closer to reality. Not being a decentralized currency, sadly, but in good news a much better transacting method for the population at large. Will be interesting to watch this unfold!

But, in the nature of crypto.. are we okay with just having faster transaction times and cheaper fee's?

Or is this revolution about our freedom from banks?

You decide. Invest accordingly. #decentralized

https://www.investopedia.com/news/japans-biggest-bank-releasing-its-own-cryptocurrency-march/

Photo Credit: news.bitcoin.com

South Korea recognizes impossibility

Let's kick this off with the Korean Federal Trade Commision chairman Kim Sang-Joo's own words..

"We do not have the authority to close virtual currency exchanges…It is a clear reality that there is no proper legal provision related to it."

That's it. They've been scaring people and doing insider trading only to find out, how teetheless they really are. Now this doesn't mean they do not have other methods of acting upon restrictions.. Just, not THIS directly.
Approached on the topic of other ministries banning exchanges, he replied..

"cryotocurrency has recently emerged and other laws do not have the exact legal provisions related to closing exchanges.”

Also- revealed his thoughts on other members against crypto

"I do not agree with the attitude of Justice Minister Park Sang-ki, who said, ‘cryptocurrency investment is gambling’."

They are going to be firing upon exchanges with other illegal activites it seems. So still be cautious of Korean exchanges for this reason. And use caution.

https://news.bitcoin.com/south-korean-regulator-in-reality-impossible-to-close-cryptocurrency-exchanges/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

SEC claims Crypto not ready for regulation

The US Securities and Exchange Commision released a letter to their staff, Jan 18th. Directed at two Wall Street groups interested in opening ETFs and Mutual funds based on BTC. The letter states that BTC isn't ready for regulation yet.

“We appreciate that proponents of cryptocurrencies and related products have identified a range of potential benefits. We are also aware that critics of cryptocurrencies have raised various concerns regarding transparency of information, trading, valuation and other matters related to the nature of the underlying assets.

In light of these considerations, we have, at this time, significant outstanding questions concerning how funds holding substantial amounts of cryptocurrencies and related products would satisfy the requirements of the 1940 Act and its rules.”

The 1940 act is the heart of regulation for all mutual funds, closed-end funds, hedge funds, private equity funds, and holding companies.
1940 act PDF:
https://www.sec.gov/about/laws/ica40.pdf
I agree. SEC would have to implement too many regulations that would most likely hurt both trader, and the market. I'm glad the SEC is taking this slow. And is NOT showing resentment towards the volatility. This is a very, very good sign. But, very bad for institutions and investors. Which is good on some levels, but they can provide a LOT of volume. Some funds could double cryptocurrencies overall market cap over night.
We got a ways to go.
https://cointelegraph.com/news/sec-says-crypto-based-funds-not-ready-for-regulation

Photo Credit: news.bitcoin.com

Golds pump during the crypto crash

Is it showing an inverse crypto relationship?
Daniel Marburger director of Europe-based online gold dealer CoinInvest sold about $1 mln worth of gold on Jan. 17th alone, about 30 kilograms. Goldsales increased 5x on Jan 16th.

" [Tuesday] was a hell of a crazy day,” Marburger said, adding that “emails and phones did not stand still with customers asking how they could turn their crypto into gold.”

Similarly an Ireland company GoldCore LTD director said

“They told us they were concerned that the massive price appreciation was unsustainable and they got nervous about it. We think increasingly people are realizing that these digital assets have much higher risk levels than the traditional safe haven asset [that is gold].”

https://cointelegraph.com/news/gold-sales-spike-during-crypto-market-crash-highlighting-inverse-correlation

I'm Jeff, and I'm @followbtcnews.
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