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India, Coincheck, & Know-Your-Customer Laws

India, Coincheck, & Know-Your-Customer Laws

By Gaurav S. Iyer, IFC Published : February 14, 2018

iStock.com/ByoungJoo

Ethereum News Update

There’s lots happening in Ethereum information this month.

India is outwardly exploring methods to crack down on digital currencies, that means that we may see extra volatility in ETH costs over the following few weeks. (Source: “India to bar cryptocurrencies from its payments system: finance ministry official,” Reuters, February 5, 2018.)

But we haven’t gotten to that bridge simply but.

There are some indications that India’s method received’t be as extreme as China’s. For instance, it’ll reportedly appoint a brand new regulator for overseeing crypto exchanges. This suggests a full-scale ban will not be on the desk.

Rather, I’m anticipating some type of discover saying that digital currencies will not be—and by no means might be—accepted as authorized tender. But that’s not precisely a shock. India’s finance minister already made that clear in 2017 and once more final month.

In different information, Coincheck opened its doorways for the primary time because it was hacked…and traders withdrew $373.zero million. (Source: “Notice of Japanese yen transfer,” Coincheck, February 13, 2018.)

Clearly, the Japanese crypto trade is low on belief. The indisputable fact that it hasn’t obtained a license to function in Japan will not be going to assist issues.

Ethereum Price Chart

ethereum price chart for 14 feb

However, this explicit hack doesn’t expose different cryptocurrency exchanges to related threat. Only one kind of cryptocurrency was stolen from Coincheck (it was NEM), and the trade had didn’t activate all security measures supplied by that crypto.

It’s a straightforward repair, in different phrases.

Last on at the moment’s docket of Ethereum information is South Korea, which most likely sounds extra ominous than it ought to. South Korea is continuous to insist that exchanges abide by know-your-customer (KYC) laws. (Source: “Korean Government Remains Firm on Crypto KYC Mandate,” CoinDesk, February 14, 2018.)

This enforcement would successfully outlaw nameless crypto buying and selling.

I personally consider that is going to change into a world development. There are worldwide requirements about cash laundering that may change into unimaginable to implement with out KYC guidelines in place. As such, nationwide governments may observe South Korea down this regulatory path.

Fortunately, ETH costs shouldn’t be harmed in the long term. In reality, traders are already shrugging off the impression of Korea’s ruling. Prices are up 5.6% towards the U.S. greenback at the moment, bringing the Ethereum to USD trade price to $894.59.

Analyst Take

We stay assured about our $1,500 Ethereum value forecast for the second quarter of 2018.

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