Market Review 02/03/2018 2018-04-13T04:47:01+00:00

Market Review 02/03/2018

Project Description

Rakuten will roll its $9B loyalty program into a new blockchain-based cryptocurrency, Rakuten Coin
 
The company is planning a new cryptocurrency called Rakuten Coin — built on blockchain technology and the company’s existing loyalty program, Rakuten Super Points — which it plans to use to encourage loyalty services globally and to help customers to buy goods across different Rakuten services and markets. This will expose a new set of people to cryptocurrency, further increasing widespread adoption.
 
Thailand: Central Bank Asks All Banks to Avoid Crypto, Pending Regulations
 
According to Reuters, the central bank released a circular Monday that bans banks in Thailand from investing and trading in crypto, as well as participating in and creating exchanges and platforms for crypto trading. Banks were also asked not to advise customers on crypto investment or trading, and to ban clients from using credit cards for crypto purchases.
 
Israeli Supreme Court Prohibits Banks from Restricting Crypto Activity in Landmark Decision
 
Israel’s Supreme Court has issued a temporary court order prohibiting Leumi Bank from restricting the banking activity of crypto broker Bits of Gold, Finance Magnates reported yesterday, Feb. 26. The Supreme Court’s decision, that has been described as “precedent-setting,” means that banks in general cannot limit accounts associated with the crypto industry.
 
We can see that countries around the world are starting to take a stance on cryptocurrency, either embracing it to promote innovation and adoption or regulating it heavily to have control over it. It will be interesting to see how other countries position themselves.
 
Cryptos Worming Their Way into California Real Estate
 
Two extremely volatile asset classes – real estate and cryptocurrency – are converging to create the perfect synergy for bold investors chasing high-risk, high-profit opportunities. Industry insiders are already projecting that the trend will catch on and expect crypto-based transactions in the property sector to increase. It’s easy to see the appeal of cryptocurrencies for big purchases like homes or cars, because they allow large sums of money to be transferred almost instantly for a low fee. As mainstream blockchains like Bitcoin, Ethereum and Litecoin increase their scalability, reducing their fees, we could see a fast widespread adoption of cryptos for everyday purchases.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.

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