Innovation in the Cryptocurrency Industry Is Progressing From the Smaller StartupsApril 17, 2019
The market was calm overall; however, Bitcoin touched upon record highs at $5,271. Ethereum, Bitcoin Cash, and Ripple were on the red. Bitcoin continues to dominate the market.
Alexander Zaidelson, CEO of Beam stated, “We all believe in that a currency should be confidential.” He further added, “If we need something to be used as a monetary instrument, confidentiality is of paramount importance, as it is known that nobody likes their finances to be exposed – not private people, nor the businesses.” Someday more and more people will be using cryptocurrency.
Companies like Facebook Google and IBM are working on stable crypto assets. Facebook has been on the news for targeting the remittance market. Google has been on the news for developing and running blockchain-based applications on Google’s Cloud Platform. IBM makes use of Stellar Protocol as an intermediary currency to enable financial offices to be able to settle cross border payments within a few seconds.
It is seen that innovation in the cryptocurrency industry is progressing from smaller startups. The promising progression in the cryptocurrency industry is attributed to governments, banks, and major companies. Startups are trying to push their boundaries while remaining within regulatory boundaries. There have been several stable coin startups which have been shut up due to regulatory constraints.
Tokens tend to show wild “up and down” movements. With an increase in the demands for tokens, companies are focusing on keeping the volatility.
Cryptocurrencies have been under the spotlight within a short span of time. There was a point in time when the price of Bitcoin increased every day, and it was considered to be foolish to part with even a small fraction of Bitcoin. However, those golden days are over and what is left with cryptocurrencies are investment and speculation. Investors are looking at improved functionality and stability. Moving forward if cryptocurrencies are to be considered as a currency, their volatility should be quashed.
Meanwhile, Bruno Le Maire, Finance Minister of France spoke at the Paris Blockchain Week Summit, where he stated, “I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience. Our model is the right one.”
France has already passed licensing and tax regulations requiring everyone in the industry to pay taxes on cryptocurrency profits.
While a unified cryptocurrency has been called for, not much of progress is made in this regard. A unified cryptocurrency regulatory code is important to prevent regulatory arbitration with the European states.