While lobbying is likely to play an important role in shaping crypto policy, just as it has done in the early days of most industries, Charles Adkins, President of the Hedera Council, believes showcasing the tangible benefits of blockchain technology is a far more sustainable approach. Therefore, instead of relying solely on lobbying efforts or […]
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‘Islamic Coin’s Legitimacy as a Sharia-Compliant Cryptocurrency Is Proven by Its Fatwa’ — Co-Founder
According to Mohammed AlKaff AlHashmi, the co-founder of “Islamic Coin,” Muslim scholars will increasingly view cryptocurrencies as being “Shariah-compliant” if they function as a store of value or are used as a medium of exchange. Alhashmi added that Islam’s “robust” ethical framework already “accommodates modern technological advancements such as the blockchain and cryptocurrencies.” This, he said, may help explain the gradual acceptance of unbacked digital assets by some in the Islamic community.
Crypto Acceptance in the Muslim World
Despite this changed perception towards cryptocurrencies, many Islamic-themed digital tokens that were launched in the past have seemingly failed to emulate the success of pioneering coins like bitcoin (BTC) or ethereum (ETH). In contrast, Alhashmi’s islamic coin appears to have garnered substantial financial support as evidenced by the 0 million in funding recently secured from ABO Digital.
When asked why islamic coin has seemingly done better, AlHashmi pointed to how the project’s multifaceted approach broadens its “reach and enhances our value proposition.” The co-founder also argued that the coin’s apparent success on the funding front can be seen as a testament to the Islamic community’s approval of this approach.
However, critics of AlHashmi’s crypto project assert that the coin is not Sharia-compliant as claimed. They also accuse AlHashmi and his team of attempting to lure devout Muslims with such false claims. In his response, AlHashmi told Bitcoin.com News that such allegations “overlook the fundamental architecture and ethos of our project.” The co-founder also went on to identify aspects of islamic coin which he asserts back the Sharia-compliant claims.
Below are AlHashmi’s written answers to questions sent to him via Linkedin.
Bitcoin.com News (BCN): The islamic coin project appears to have had quite a successful year so far. From securing 0 million from Alpha Blue Ocean’s ABO Digital to working with Republic Crypto on a token sale, it would seem that you have fared better where others have struggled to stay afloat. Can you explain to our readers why the Islamic Coin project has been able to garner the support it has today?
Mohammed AlKaff AlHashmi (MKH): The immense support behind islamic coin can be attributed to the multifaceted approach that sets it apart in the crowded cryptocurrency landscape. First and foremost, our project is not limited to catering to crypto-native individuals. While many projects focus solely on this demographic, islamic coin aims to bridge the gap between crypto-native and non-crypto audiences. This broadens our reach and enhances our value proposition.
Also, we’re not just creating a crypto product; we’re building a comprehensive ecosystem that aligns with Shariah principles. This resonates with a global Muslim population of approximately 1.9 billion people. Our project is designed to be more than just a financial instrument. It aims to integrate seamlessly into various aspects of daily life, from social media interactions to healthcare services.
Investors recognize the enormous potential of a project that not only adheres to ethical guidelines but also serves a large, untapped market. The support we’ve garnered is a testament to our innovative approach and the significant impact we’re poised to make in the digital asset space.
BCN: A few years ago, influential Islamic institutions and governments warned Muslims against buying or selling virtual money. Today, there are several so-called Islamic cryptos listed on crypto exchanges and to some, this can be seen as an endorsement of some kind. Do you agree with this assessment?
MKH: The evolving stance on cryptocurrencies within the Islamic community is a complex issue. People tend to approach every new technology with caution, and that’s exactly what happened. As time goes on, and understanding increases, so does the positive stance on those technologies. That leads to increased awareness, which leads to increased adoption.
In Islamic financial jurisprudence, traditional currency is expected to be backed by tangible assets like gold or silver.
However, many cryptocurrencies function more as digital finance assets rather than traditional currencies. These assets serve as a store of value and a medium for transactions, and their value fluctuates based on community adoption. When viewed through this lens, scholars are increasingly recognizing that digital assets can be Shariah-compliant, provided they are not used for activities that contravene Islamic principles, such as usury or the trade of prohibited substances.
Islam’s ethical framework is robust enough to accommodate modern technological advancements, including blockchain and cryptocurrencies. As awareness grows, resistance often gives way to acceptance, not just within the Islamic landscape but also in broader societal contexts.
It’s also worth noting that today, more Islamic scholars and Islamic financial institutions are delving deeper into blockchain technology and its capabilities — smart contracts, transparency, and community governance — and they are finding that it aligns well with the principles of Islamic finance. This has led to a more favourable view of digital assets within the Islamic community, paving the way for greater acceptance and adoption.
So, the shift in perception is not so much an endorsement as it is an evolution of understanding, driven by increased awareness, technological advancements, and the realization that digital assets can coexist with Islamic principles.
BCN: What is your perception of the regulatory environment in the Middle East and North Africa (MENA) region versus Europe, where you are headquartered?
MKH: The regulatory environment in MENA and Europe are distinct, each shaped by its own set of socio-economic, cultural, and political aspects. Many view Europe as the standard in financial innovation, but it’s important to recognize that they also deal with challenges. The 2008 financial crisis reminds us that a system built on interest-based loans can also have economic downturns. High interest rates and overpriced assets created a liquidity gap, which can trigger a crisis with global ramifications.
In contrast, the Islamic financial system, prevalent in the MENA region, has demonstrated resilience through community-centric values. In 2015, Islamic financial entities in Jordan recorded a -0.9% inflation rate while the world grappled with inflation rates exceeding 7.1%. This underscores the inherent stability of an interest-free, balanced financial system that prioritizes community well-being over profit.
However, while the Islamic financial system has proven its efficacy, it has not been adequately served by modern technology. This is a gap we’re trying to bridge with Islamic coin, and we want to inspire more Shariah-oriented fintech ventures to emerge across the market.
BCN: Some claim that islamic coin’s compliance with Islamic law cannot be verified. What makes you say your project is Shariah-compliant and why is this important for the digital currency?
MKH: Islamic coin’s legitimacy as a Sharia-compliant cryptocurrency is proven by its Fatwa, a significant Islamic ruling given to the project by renowned Islamic scholars and professionals in Islamic banking. This Fatwa is not just a stamp of approval; it’s a rigorous validation of our coin’s adherence to the principles of Shariah. Beyond this pivotal endorsement, islamic coin’s design and operational framework are deeply rooted in Islamic financial principles. It operates on a profit-and-loss sharing system, aligning with the prohibition of interest-based lending in Islamic finance.
Every transaction on the HAQQ blockchain is transparently recorded on a decentralized ledger, ensuring further compliance. Our commitment to these principles ensures that the token provides a genuinely Sharia-compliant avenue for the global Muslim community to engage with digital assets, bridging modern finance with ethical financial practice.
BCN: Critics also claim that there is nothing Islamic about your coin and that you are only using this to win over devout Muslims who would otherwise not invest or buy the coins. What would be your response to this?
MKH: Such claims are not only false, but they also overlook the fundamental architecture and ethos of our project. Unlike traditional centralized systems, where transparency might be a concern, blockchain technology allows for unparalleled scrutiny. Every aspect of islamic coin, from its smart contracts to its financial transactions, is open to public verification. This transparency extends to our Sharia compliance as well. Our scholars and issued Fatwa can be easily verified on our website.
Moreover, we’ve gone a step further by implementing the Shariah Oracle, a mechanism designed to verify the decentralized applications (dapps) created on the HAQQ chain. This ensures that applications align with Islamic principles, providing an additional layer of trust and compliance.
It’s important to remember that islamic coin is not just an exclusive crypto product; it’s an inclusive financial instrument built on a foundation of Islamic ethics. From profit and loss sharing to transparency and community contributions, every feature is designed to be in harmony with Islamic principles. A portion of the coin’s proceeds is allocated to Islamic charities and projects, adhering to the principle of zakat, one of the core pillars of Islam.
What are your thoughts on this interview? Let us know what you think in the comments section below.
Experts Say Nigeria’s Blockchain Adoption Strategy Likely to Add Clarity and Legitimacy to Ecosystem
The recent approval of a blockchain adoption strategy by the Nigerian government has been described as a milestone that will “add clarity, trust and confidence in the [blockchain] ecosystem.” The unveiling of the adoption strategy document has also been hailed as a step that will lend “some form of legitimacy” to a technology that many Nigerians still only associate with cryptocurrency.
Central Bank Expected to Eventually Change Its Position on Crypto
The Nigerian government’s recent approval of a blockchain adoption strategy has been hailed by advocates of the technology as “a significant milestone for the blockchain industry in Nigeria.” The advocates have also argued that the unveiling of the strategy document by the government helps to lend “some form of legitimacy” to a technology that many still confuse with cryptocurrency.
As recently reported by Bitcoin.com News, the approval of the blockchain strategy followed what Isa Pantami, the country’s minister of communications and digital economy, characterized as widespread consultations with some 56 Nigerian institutions and personalities. However, despite the positive step taken by the government of outgoing president Muhammadu Buhari, some in Nigeria’s crypto space have insisted that this will not result in the Central Bank of Nigeria (CBN) reversing its position on cryptocurrencies.
However, according to Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the Nigerian central bank will eventually change its stance and start regulating cryptocurrencies just as countries like Saudi Arabia have done. Ophi also hinted that the incoming government of Bola Tinubu might result in changed fortunes for Nigeria’s crypto industry.
“A few players in the space think the policy is just an academic exercise but I think with time there will be a balance just like the Markets in Crypto Asset [that has] just [been] approved by the European parliament. The new [Bola Tinubu] administration might just do something different from the outgoing administration,” Ophi said.
Nigeria’s ‘All-Encompassing Approach’ Hailed
Meanwhile, Binance’s director for West and East Africa, Nadeem Anjarwalla, said the approval of the adoption strategy means that Nigeria is “positioning itself as a nation significantly ahead of the curve – supporting further blockchain innovation, user protection, security and economic competitiveness in the long term.”
The adoption strategy will also “add clarity, trust and confidence in the ecosystem” which is still in its very early stages of development. Anjarwalla also commended what she described as the Nigerian government’s “all-encompassing approach” which is laid out in the policy document.
As stated in the National Blockchain Adoption Strategy, the government of outgoing Nigerian president Muhammadu Buhari believes the unveiling of the strategy document will likely bolster efforts aimed at “creating and fostering an efficient, safe, and economically viable digital Nigeria using blockchain technology.” The Nigerian government said it is also confident that the blockchain will not only facilitate the development of Nigeria’s digital economy but will also “enable citizens to have more confidence in digital platforms.”
At its conclusion, the strategy document said while the blockchain is said to pose challenges to governments, Nigeria’s focus will be “on the application of blockchain to resolve business and governance process inefficiencies.”
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What are your thoughts on this story? Let us know what you think in the comments section below.
Why Growing Legitimacy Will Help to Sustain The Next Bitcoin Bull Run
Bitcoin’s incredible performance over the past four weeks sees it reach just shy of k. While the market has since regrouped for a breather, the show of strength from the number one cryptocurrency has many wondering if we are on the cusp of a major bull run.
Source: BTCUSDT on TradingView.com
The last time this happened, coming on to three years ago, it caught most by surprise. In just 33 days, Bitcoin jumped from .5k to k.
That alone was primarily responsible for changing the narrative surrounding Bitcoin as “magical internet money.” From that point onwards, people were forced to consider it a serious contender in finance.
As game-changing as that was, what followed in the brutal crypto winter was just as meaningful. But for all of the wrong reasons.
The crypto winter eventually bottomed when Bitcoin had sunk to k, a year after its historical all-time high. By this time, the only ones left were the believers in what crypto was trying to achieve.
Nonetheless, history shows that the last mania phase was brief and a long and drawn-out bear cycle followed.
And with the FOMO starting to rear its head once again, attention is turning towards Bitcoin price targets. Can Bitcoin can exceed its all-time high? And if so, by how much?
Just as important as that is whether the incoming bull phase will have the legs to print a sustained run.
To do so would herald another, more significant, narrative change about the crypto industry.
Will The Bitcoin Bull Run Different This Time Around?
Bitcoin’s recent performance is in spite of the deteriorating macro picture. It seems like U.S. election drama, fears of economic collapse, and the on-going panic situation are powerless to bring it down.
Some would argue Bitcoin was designed with such conditions in mind. However, such confidence was not as forthcoming during Black Thursday, or indeed throughout crypto winter.
All the same, with Bitcoin seemingly on a tear at the present time, talk of a sustained golden bull run is doing the rounds.
It’s impossible to know if that will be the case this time. But in defense of that view, it should be noted that things are much better now compared to 2017.
The 2017 bull run was largely the result of speculation, and few institutions were on the scene at that time. Now, the fundamentals and infrastructure are as strong as they have ever been.
And with the nod of approval from the likes of MicroStrategy, Grayscale, and PayPal, to name but a few, it looks as though the stars are lining up for Bitcoin to fulfill Nakamoto’s vision.
The coming months will reveal whether a maturing market, as well as the added legitimacy that institutional money brings, have what it takes to launch a sustained bull run.
With all of these factors converging, only a fool would bet against Bitcoin.
Matic Dump Leads To Questions Over IEO Crypto Legitimacy
The crypto community is reeling after Matic dumped 70% of its USD value in an hour. And as a Binance Launchpad project, the circumstances around the event have left many wondering whether IEOs are any different to ICOs.
Matic Crashes Back Down To Earth
Only yesterday, Matic was riding high off the back of strong price performance. This saw an astonishing 220% gain since the tail end of November.
And, when tied in with a solid use case, Ethereum off-chain scaling solution utilizing the Plasma framework, as well as timely roadmap completions, Matic is an unlikely candidate for a pump and dump.
This is especially so, considering that as a Binance IEO, it has the backing of the world’s largest exchange and all of the credibility that comes with that.
And in fairness, others have taken a more rational view of the event. For example, trader, Scott Melker claims illiquidity combined with high leverage trading was responsible for the price dump. Whereby an initial dip set off a domino of drops, as stop-losses triggered on the way down.
The dump we just saw on $MATIC is likely an example of what happens when you allow high leverage trading of illiquid assets. This can cause a cascade of liquidations and stop losses fueling an epic drop.
— The Wolf Of All Streets (@scottmelker) December 10, 2019
However, it’s still unclear what exactly happened. Research from Validity founder, Samuel JJ Gosling shows 1.5 billion Matic left the Matic Foundation’s wallet for Binance in the last 50 days. Naturally, this gives rise to accusations of the Matic team dumping tokens.
Just did some snooping around to find that the #Matic Network Foundation has transferred 1,495,322,715 $MATIC (15% of the supply, approximately ,314,942 at ATH) in the past 50 days, of which from seems to have been sent for liquidation at #Binance. https://t.co/FLPl4HyfiO pic.twitter.com/dpYG8rMoHX
— Samuel JJ Gosling (@xGozzy) December 10, 2019
But Matic co-founder and COO, Sandeep Nailwal was quick to address these accusations by saying:
“Just woke up to this nightmare due to a distress call by someone It will be clear very shortly that we are not behind this, as some FUD accounts are trying to insinuate We will post a detailed analysis and we will come out stronger than ever from this evident manipulation.”
A Matic blog post in October 2019 mentioned that all unlocked tokens would be used for staking activities.
Are IEOs Worse Than ICOs?
Since ICOs dropped off the face of the Earth, IEOs have stepped in to take their place. And at face value, things look to be a win-win situation for all involved. Investors benefit from potential projects being screened. While projects receive technological assistance and benefit from tapping into the exchange’s existing user base.
However, given the circumstances of what happened to Matic, might IEOs be just as bad as ICOs? CEO and founder of Kick Ecosystem, Anti Danilevski certainly seems to think so.
In a recent Medium post, he calls IEOs a dangerous scam enterprise and instead points to STOs as the way to go. He wrote:
“As a matter of fact, I say IEOs are bad news now, and yet worse news in the days to come. This time everyone will be affected: not only projects and investors will suffer, but also exchanges who sold their reputation for raised fees. IEOs are a bigger and more elaborate scam than ICOs ever were, and they spell an all round disaster.”
Danilewski goes on to predict that the fallout from IEOs will be worse than the collapse of the ICO market. And will be responsible for the next crypto crisis.
“Soon, the IEO deposit periods will end, so will push demand marketing, and the prices of IEO tokens will go down the drain. And this is what will most likely trigger the next crypto crisis.”
With this in mind, all eyes are now on IEOs, in particular, those under the Binance Launchpad network.
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With Code of Conduct, Trade Group ADAM Seeks Legitimacy for Crypto
One year afterits formation, the Association of Digital Asset Markets ADAM has drafted a code of conduct for its now 15 members.
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Retirees Do Not See Legitimacy In Bitcoin, Will Mainstream Adoption Happen?
Following a tough 18-month bear market, it finally seems as though the good times are right around the corner. With this, talk of cryptocurrency, within family and social circles, is also returning.
But despite the development of infrastructure and acknowledgment from both public and private authorities, Bitcoin still lingers as a dirty word. Especially amongst the older generation, who see fit to “lecture” friends and family over the pitfalls of investing in cryptocurrency.
Retirees Are Bitcoin Averse
As a volatile investment, it’s no surprise that Bitcoin ranks lowly with the risk-averse. Of which, those approaching retirement tend to struggle the most in “seeing the light.” A survey by Gold IRA Guide asked 1,000 US participants aged 50+ their thoughts on investing in Bitcoin.
The results show more than half (56.7%) are aware of Bitcoin but have no interest in investing. David Crowder, the author of the article for Gold IRA Guide, concluded this was due to a lack of education around cryptocurrencies. Yet, an equally likely reason and one not mentioned in his piece relates to the scam reputation that blights cryptocurrency.
And it’s understandable why “outsiders” would hold negative sentiment towards cryptocurrency. Tom Robinson, a co-founder of blockchain intelligence company Elliptic, spoke about the notoriety of cryptocurrency:
“It is true the reputation at the moment is that cryptocurrency is the payment means of choice for scammers, terrorists and criminals.”
Moreover, for mainstream acceptance to happen, trust needs to be established within the crypto space. And most see this as a problem with (lack of) regulation, and to some extent it is. However, a deeper level of change needs to happen concerning ingrained beliefs about what money is.
Attitude Towards Bitcoin Are Unfavorable
Lou Kerner, CEO of crypto events company Crypto Oracle, wrote an article about people’s aversion to cryptocurrency. He mentioned ten reasons why people do not believe in cryptocurrencies. One of which is the perpetuation of the idea that only governments issue currency. He wrote:
“It’s hard to get people to appreciate that they are better off believing in an algorithm, like the one that runs Bitcoin, than their own government. Even Wikipedia says “Currencies in this sense are defined by governments.”
And it is this conditioning, which stops people, especially those of the older generation, from accepting that Bitcoin has validity. As well as that, an overriding (misplaced) trust in legacy systems makes the task of legitimizing cryptocurrency difficult.
For those of you who think #bitcoin is a scam: everything sounds like a scam if you don't understand it.
— jgettbtc (@jgettbtc) May 28, 2019
One Reddit user shared his experience of discussing cryptocurrency with this father. Needless to say, the father was horrified with his son for dabbling in Bitcoin. The Redditor wrote:
“He went on a tirade about how I “never listen to him” and that I should have bought out a long time ago after he told me about some FUD article he read 2 years ago about how Bitcoin was a massive scam. He said if I want to give him and Mom peace of mind, I should sell now, invest all of the money into a Roth IRA, and never look back.”
Cryptocurrencies Remain Niche
As much as the crypto space has come on in terms of legitimacy, both from an institutional and regulatory standpoint, cryptocurrency remains a niche offering. With that comes misunderstandings, from the wider public, regarding the core concept of Bitcoin. Which is, building a fairer society.
For things to change, a collective “letting go” of the old world needs to happen. Sadly, this is too much to ask of those who find comfort in familiarity. With that in mind, Bitcoin will remain a dirty word until such time as the consensus attitude, on what constitutes money, changes.
1/2 People from the old world of traditional finance like to hate on our crypto community. Still, we’re here building things for each other, educating people, helping, and working together. We believe in a future where banks don’t decide for you.
— Age of Rust (@SpacePirate_io) June 23, 2018
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Bitcoin Suffers Severe Blow to Legitimacy, but It’s Based on “Fake News”
Larry Shover, the chief financial officer at SFG Alternatives, has stated that he feels the news circulating yesterday about Goldman Sachs’ shelving of plans to launch their own cryptocurrency trading desk has dealt the leading digital asset’s legitimacy a “severe blow.”
The main issue with Shover’s analysis is that it is based on a journalistic error.
Goldman Sachs’ Interest in Crypto Growing, Not Shrinking
In an interview with Bloomberg that aired yesterday, Larry Shover stated that the Bitcoin market is currently “dominated by speculators” and these speculators are hungry for legitimacy from established financial players like Goldman Sachs:
“It’s a market that’s so desperate for legitimacy, and the news about Goldman Sachs – although they are in the business, they’re not actively trading it… yesterday was a severe blow.”
Shover’s words are based on the circulation of a story picked up by several publications. Reports stated that Goldman Sachs are not going forward with their plans to launch a cryptocurrency trading desk as reported last year.
However, in the time since Shover made the claims that Bitcoin’s legitimacy was in question, it has emerged that there has been no change in the billion investment bank’s plans to create such a trading venue.
The revelation comes courtesy of Goldman Sachs’ chief financial officer. Marty Chavez, speaking at the TechCrunch Disrupt 2018 conference, stated:
“I think one of the wonderful things about us is that we get written about a lot. I never thought I would hear myself use this term but I really have to describe that news as fake news.”
On the contrary, Goldman appears to be trying to secure itself a strong position in the emerging digital asset industry. Not only is it continuing with plans for a trading desk, the multi-national investment bank is also exploring how to offer a custody solution for cryptocurrency.
How this can be construed as a “severe blow” to Bitcoin’s legitimacy is a mystery. If anything, such an established name guaranteeing institutional investors a secure solution to store their crypto investments can only be bullish for the space in general.
That said, bitcoin has survived well enough for almost ten years without the involvement of massive financial institutions. The fact that so many are now exploring offering various products highlights a change to the previous narrative of discrediting the financial innovation – a rationale akin to “if you can’t beat them, join them”.
Now Goldman Sachs and other established players are pouring into the space, the narrative looks a lot more like: “Bitcoin doesn’t need Goldman Sachs. Goldman Sachs needs bitcoin.”
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US Federal Economic Database Adds Crypto Data, Brings More Legitimacy to the Market
The Federal Reserve Economic Data (FRED) database, a governmental database, is reported to have added four cryptocurrencies to it.
FRED Introduces Coinbase Data to Its Database
On June 19th, a FRED publication noted that cryptocurrency data compiled from Coinbase, with data originating from 2014 to the current day, will be added to the U.S-based database, reports Quartz.
The announcement from FRED noted that data will be updated daily, specifically for the prices of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, or the four cryptocurrencies which Coinbase currently offers. It is likely that the operators of the database will add more cryptocurrencies in the future, in direct correlation with additions of other cryptocurrencies on Coinbase’s exchange service.
Although this is nothing significant in terms of widespread cryptocurrency adoption, this little nod by an important governmental organization shows how the cryptocurrency industry has gained some form of legitimacy.
The FRED database, maintained by the St. Louis Fed, has become a resource for economists and journalists worldwide, providing unique data points on a variety of geoeconomic topics. The information contained on the database includes gross domestic product (GDP). exchange rates, and everything in between.
Jared Bernstein, chief economist to Joe Biden, acknowledged his love for the resources which FRED offers, stating:
“To say ‘I love FRED’ is too weak, too glib. I depend on FRED. I count on FRED to help provide a better future for economic policy.”
The addition of cryptocurrency data, albeit rather limited, shows how the industry has evolved from underground assets to an important (and growing) factor in the overall economy.
This isn’t the first time that FRED has acknowledged cryptocurrencies, as researchers published five cryptocurrency and blockchain-based articles earlier this year. These topics, seemingly aimed at ‘no-coiners’ included an intro to Bitcoin, blockchain, and cryptocurrencies as a whole.
Cryptocurrency Gains Traction with Worldwide Governments
Despite declining prices, cryptocurrencies have still been gaining traction, finding occasional common ground with certain governments and organizations, based on traditional systems.
Coinbase recently opened up a custody service directly targeted for institutional investors, specifically for cryptocurrency balances worth a minimum of million. With this new program, Coinbase hopes to entice institutional money to invest in the market, providing extremely secure cold storage for crypto assets.
Brian Armstrong, figurehead and the CEO of Coinbase said:
“Over 100 hedge funds have been created in the past year exclusively to trade digital currency. By some estimates there is b of institutional money waiting on the sidelines to invest in digital currency today…”
It is likely that institutional investors would use a service like Coinbase Custody to secure their crypto assets, providing layers of nearly impenetrable protection through the use of unique verification techniques.
The common ground doesn’t end there, as governments have begun acknowledging this growing industry, by implementing rules and regulations on cryptocurrencies.
Governments, like those in South Korea and Japan, have recently implemented cryptocurrency exchange rules that are reminiscent of regulations seen with banks. Although regulation has traditionally been viewed as a negative action, it still shows how cryptocurrencies are beginning to seep into classic financial systems, with cryptocurrencies intrusion on these systems causing regulatory bodies to treat cryptocurrencies as a legitimate asset.
Featured image from Shutterstock.
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