4C Newsflash of July 19

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Market Cap at 1:47 (UTC) – $280,581,314,056 billion 

Bitcoin dominance: 65.9% 

BTC $10,365.30 (+7.61%

ETH $216.97 (+1.88%

XRP $0.31528 (+1.37%

CFTC examining Bitmex for allowing US traders 

Bloomberg recently reported that Bitmex is under CFTC’s scrutiny for letting Americans to trade on the exchange. The investigation is in progress to examine whether Bitmex intentionally allowed US citizens to trade on the platform. Furthermore, the spoke persons from both parties have declined to comment about the investigation. 

Bitcoin is deemed to be a legal asset in China 

According to Dovey Wan, a dispute on Bitcoin case has been finalized. In 2013, an investor bought approximately 3 BTCs and it was in the custody of the seller. After sometime, the business closed down without delivering the custodial Bitcoins. The buyers then sued the sellers. Six years after the case, the Chinese court finally released the document about the case. According to the document, Bitcoin is recognized as virtual property with value. Furthermore, Dovey affirms that the General Civil Law also recognizes Bitcoin as a property which is valuable, scarce and disposable. 

India takes action on Bitcoin 

According to a comment by the India’s Minister of State for Finance & Corporate Affairs, the government of India hasn’t banned crypto from the country. However, crypto trading remains lawless as the Indian government is currently examining by an Inter-Ministerial Committee. Additionally, due to having no separate laws in dealing with crypto, various departments and law enforcement agencies will have to take action based on the current laws. 

Japan creates a SWIFT network for crypto 

Reuters recently told by a spoke person that Japan is setting up an international network for crypto payments, similar to SWIFT and the network was approved by the Financial Action Task Force (FATF) in June. The person also said that the country is expecting to have the network released in the next few years. Additionally, a team related to the inter-governmental FATF will monitor and cooperate with other countries. 


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