Soros investing in Crypto, Spain wants exchange records, Korean banks Pro-Crypto

Three big pieces of news today for the Cryto world.

One is that George Soros and his investment fund are getting ready to invest in the cryptocurrency market. Soros had been bearish on Cryptocurrencies calling them a “bubble” in January(he wasn’t wrong here) but now since cryptocurrencies have undergone a correction, he has turned somewhat Bullish and is preparing to take a dip into the cryptocurrency market. This represents possibly hundreds of million of dollars worth flowing back into the Cryptocurrency market from traditional money and could lead to a price increase when it does happen. Also, it represents another one of the “old guard” switching over to the new market of Cryptocurrencies. Make no mistake, these old guys aren’t worried about the safety of other people’s money, they’re only concerned with making more money and they smell opportunity now that the market has corrected itself.

Second, Spain wants its crypto exchanges to hand over user data so they can collect proper taxes on crypto earnings. This is sort of like what the IRS forced Coinbase to do late last year as Coinbase turned over the records of those trading over $20,000 in 2017 to the IRS for tax purposes. I do not think this should have a large impact on the Market as I do not think most people in Spain are into cryptocurrency for money laundering or tax evasion purposes and I personally agree with paying your taxes if you made money via trading.

Third, Korea’s largest banks have continued to be pro-crypto(unlike Chile and India) and OmiseGo, an Ethereum based startup, has secured a partnership with Shinhan. This should be refreshing news as traditional banking institutions and old money are partnering with Cryptocurrencies giving them both financial backing and legitimacy in people’s eyes. Korea’s regulations were one of the main drivers to the Crypto crash earlier this year and as Korea starts to outline guidelines to make ICOs legal and its financial institutions start to become more friendly towards Crypto, hopefully it will be the catalyst to the Crypto Market’s recovery.

That the important news roundup for today.


Facebook ICO, Google Bans Crypto Mining extensions from Chrome, Korea to offering its own Cryptocurrency

Three big pieces of news this week starting with that Facebook is planning to ICO its own cryptocurrency to use on its platform. I do not know how this will be used but my guess is that it will be integrated into some of Facebook’s games and apps and will be able to be used for virtual money on a large social platform. I do expect the value of this currency to rise at first because it has actual use and being Facebook, it will have a lot of hype surrounding it.
However, this does raise the question if Facebook simply banned crypto ads from its platform just to kill competition instead of actually doing it for people’s protection. I would not be surprised if Google announced its own cryptocurrency in the coming days and that would seal the deal that these two giants simply banned the Crypto ads from their platform to clear competition for their own offerings — a scumbag thing to do.
Google has also banned Cryptomining apps from its chrome store. I actually don’t mind this because browser-based mining sucked anyways and it just hogged up system resources while offering very little returns on the CPU power. But this news probably will cause a slight dip in prices because it is yet another hurdle for Cryptocurrency.
Korea is planning to offer its own cryptocurrency but I still do not see the point and national cryptocurrency. The whole point of cryptos is decentralization so that no one entity controls the coin so if you want a national monetary unit, you already have that. In the United States, its called the dollar, in Japan, its called the Yen, and in Korea, its called the won. Why do you need a national crypto if you already have a national currency? It doesn’t make any sense.

That’s the roundup for news today.