Summary:
- BTC stays around $5,100, altcoins see no major movements
- France Allows Insurers to Invest in Crypto
- IMF And World Bank Exploring Crypto With In-House Prototype Coin
- Two Bipartisan Crypto Bills Introduced in US Congress
- Second Largest Supermarket Chain in the World Begins Blockchain Pilot
This week has seen a number of encouraging developments in the crypto world, from major international financial institutions starting blockchain projects, to signs of legislative support in the United States and France.
Here are the week’s top crypto news stories.
BTC stays around $5,100, altcoins see no major movements
Bitcoin, the largest cryptocurrency by market cap, has seen little movement over the past week, staying around $5,100. Bitcoin currently seems to be in a consolidation phase, with $5,100 serving as support and $5,200 as resistance, with ongoing sideways movement.
Ethereum and Ripple, the next largest coins by market cap, have similarly experienced little to no growth, currently trading at $166 and $0.32 respectively. Ripple has in fact contracted by 9.5% compared to the previous week, likely due to news about a major Japanese bank ending a Ripple-powered blockchain project..
France Allows Insurers to Invest in Crypto
World governments are beginning to wake up to crypto’s potential, with France being the first country to authorize insurance markets to invest in crypto, meaning that French insurance contracts can now contain cryptocurrencies. The law, adopted April 11th, gives insurers the right to invest without limit. This could mean that French insurers may soon issue policies exposed to Bitcoin and other cryptocurrencies.
IMF And World Bank Exploring Crypto With In-House Prototype Coin
Major financial institutions are also getting into the crypto game, though a bit cautiously. The International Monetary Fund and the World Bank have both created a private blockchain running the ‘Learning Coin’, a purely internal coin to be used as rewards for IMF and World Bank employees. The institutions are planning on using the ‘Learning Coin’ to examine the behavior of cryptocurrencies in a controlled environment, as an IMF spokesman recently stated that there is a ‘growing knowledge gap between the legislators, policymakers, economists and the technology.’
Two Bipartisan Crypto Bills Introduced in US Congress
Not to be left out, lawmakers in the United States are furthering efforts to normalize cryptocurrencies in the country. Two bills, titled ‘Token Taxonomy Act’ and the ‘Digital Taxonomy Act’, submitted by Representative Warren Davidson (R) and Representative Darren Soto (D), are aimed at clarifying the often murky regulatory status of cryptocurrencies in the United States. Supporters of the bills say that by defining terms such as ‘Digital Tokens’ and making them explicitly separate from securities, the United States will now be able to be a leader in cryptocurrency innovation, while also unifying the regulatory standards of the states. Critics state that the bills are only a first step, and more clarifying legislation will be needed before token sales become widely accepted in the US.
Second Largest Supermarket Chain in the World Begins Blockchain Pilot
The regulatory front isn’t the only thing moving ahead for crypto, as major companies are beginning to truly explore the usefulness of blockchain technology. Albertsons Companies, the world’s second largest supermarket chain, has announced that it will be participating in a blockchain pilot projected headed by IBM. The project, known as Food Trust, is intended to make use of the blockchain’s immutable record of custody to track produce shipments.
This chain of custody will allow grocers to quickly identify spoiled or damaged produce and remove it. Albersons is joining well-known UK supermarket chain Carrefour, as well as US giant Walmart, and others, in this endeavor. Walmart has gone a step further, and issued a mandate to its produce suppliers, specifically those who provide leafy greens such as lettuce, to join the blockchain initiative by September 2019.
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. No representation or warranty is given as to the accuracy, timeliness, or completeness of this information. Consequently, any person acting on it does so entirely at their own risk.
