Crypto Daily News – February 6, 2018

Your One Stop Source for Daily Cryptocurrency News and Commentary

Whew! Finally a day without massive sell-offs! I’m glad I’m finally able write that. This last month was something else for the cryptocurrency world, but I think it was a necessary evil. Cryptocurrency is still so in its beginning stages and I see it entering a new era of regulation and transparency. I know a couple of reasons people like cryptocurrency are the decentralization and anonymity it provides, but it will need to evolve if it’s going to gain mainstream acceptance.

Here are today’s events:

US Regulators

Source: Cointelegraph

SEC Chairman John Clayton and CFTC Chairman Christopher Giancarlo, in a Q&A hearing with the Senate today, had harsh words ICO’s being conducted illegally. But both acknowledged the potential benefits of cryptocurrency and blockchain. The Q&A session also showed that both are still new to cryptocurrency and still need to process it before making any policy decision.

India’s Stance Corrected

A finance ministry official clarified their misinterpreted stance today. S.C. Garg, Economic Affairs Secretary, explains that while India is planning steps to make cryptocurrencies to be illegal within the payment system, exchanging cryptocurrencies is not illegal, they simply plan on regulating it. A panel is expected to submit a report relating to cryptocurrencies on March 31st.

Australian Banks
Major banks in Australia have confirmed that they will not prevent their customers from buying and selling cryptocurrencies using credit cards, unlike their counterparts in the United States and the United Kingdom.

U.S., Venezuela & Petro
U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that any persons involving themselves in the Venezuelan government’s ICO of the Petro could run afoul of US sanctions against the Venezuelan government.

Disclaimer: I’m a self-proclaimed crypto-noob and trying to learn every day. While I hope my information and commentary are helpful, please always rely on your own research before making any investment decisions.