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Home Analysis & Opinion Weekly Roundup (March 2nd-8th)

Weekly Roundup (March 2nd-8th)

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This week has seen Bitcoin price fall yet again, this time under the $9,000 mark. However it was not all bad news, India had some reason to cheer this past week as did Asian exchange giants Huobi. Here are our top five stories of the past week:

India RBI Decision Unconstitutional

On Wednesday three Indian Supreme Court justices ruled in favour of the cryptocurrency industry in their battle with the Reserve Bank of India (RBI) who had banned banking services for those holding crypto in April 2018. The decision lead to many exchanges reopening in India and was regarded as a historic moment. 

However, the RBI is looking to appeal the Supreme Court decision so another nervous trial may be ahead. There is also the looming crypto ban bill, which proposed harsh sentences for those holding cryptocurrencies, that could be another fatal blow for the Indian crypto community. 

Bitcoin falls below $9,000

As the Coronavirus problem continues to spread around the world, the stocks have taken a big hit. After missing out in the price fall, Bitcoin has now joined the trend with its price falling under $9,000 for three days in a row. There could be a ray of sunshine in sight with the advance of block rewards being halved in May. 

Japanese Federation of Economic Affairs Advises National Blockchain plan

A Japanese national blockchain plan has been suggested by the Federation of Economic Affairs and the Japan Blockchain Association to internet technology, economy, trade, and industry ministers. 

The plan outlined various use cases for blockchain “in the next era of the internet”. They suggested the creation of a council who would research how to build some blockchains for public and private partnerships. Japan is also planning a national cryptocurrency. 

Walmart partners with Hyperledger

Walmart and 7 other companies have joined the open-source blockchain consortium Hyperledger. Announced at the Hyperledger Global Forum 2020, Walmart and others will now be under their open blockchain umbrella which is hosted by the Linux Foundation.

Joining retail giants Walmart in the list of the new additions are Aiou Technology, Clear, Conduent, Joisto Group, Tangem, Tokenation. An associate member was also added that being the Directorate of Information Technology (DIT) of Maharashtra, India.

Huobi Thailand Launches

Huobi has opened a Thailand branch of its operations this past week. The Singaporean exchange has offices and exchanges around the world and now Thailand is the latest addition. The exchange will initially allow for a fiat gateway to BTC, ETH, HT, and USDT. 

Ciara Sun, VP of Global Business at Huobi Group sees this step as another in Huobi’s global goal, which is “to help create an equitable world where wealth is more inclusive and attainable to anyone, anywhere.” Sun added that “the launch of Huobi Thailand brings us one step closer to our goal and marks a new milestone in our global expansion.”

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