Cryptocurrency News by Bitcoin Romania, June 2021

Thu | 15.07.2021

FX & Currency

In this cryptocurrency era, things are moving faster than ever, so you'd better keep one eye constantly on the market changes. Find out what are the top performance leaders in the past 5 days.

BANK OF AMERICA ESTABLISHES CRYPTOCURRENCY RESEARCH TEAM

Bank of America has become the latest major bank to make a foray into the cryptocurrency sector. According to an internal memo, the bank has created a team dedicated to researching cryptocurrencies. Bank of America believes that it is “uniquely positioned to provide thought leadership” on cryptocurrencies and the technology behind them.

  • Bank of America (BOFA) has created a new team dedicated to researching cryptocurrencies, according to an internal memo seen by Bloomberg. A spokeswoman for the bank confirmed the contents of the memo.
  • The new crypto team will be led by Alkesh Shah, a founding member of the Data & Innovation Strategy Group at Bank of America. It will report to Michael Maras, who leads the bank’s global fixed income, currencies, and commodities research. Besides cryptocurrencies, the team will also cover technologies tied to digital currencies.
  • Candace Browning, head of Bank of America’s global research, said in the memo:

Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems. We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform and our blockchain expertise.

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11% OF CENTRAL BANKERS CONSIDER 'CRYPTOCURRENCIES LIKE BITCOIN' GOLD ALTERNATIVES

The 27th Annual Reserve Management Seminar Survey by UBS explores the prospects of cryptocurrencies as investments for central banks. This survey, conducted between April and June, questioned central bankers from close to 30 central banks in all regions globally, UBS explained. According to Switzerland’s largest bank, this survey “is among the most authoritative depictions of official reserve management activities available.”

Central bankers were asked what the motivation for central banks to invest in cryptocurrencies like bitcoin would be. The most popular answer was “Learning/ building up knowledge about crypto investing process and investment management.” UBS described, “83% of participants believe that the learning process itself of investing and managing this new asset class would be valuable for their institution.”

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SQUARE WILL BUILD A BITCOIN HARDWARE WALLET

Square has decided to go ahead with building a bitcoin hardware wallet and service, a month after company CEO Jack Dorsey announced that it's considering the move. Jesse Dorogusker, Square's Hardware Lead, has revealed on Twitter that the company came upon the decision "to make bitcoin custody more mainstream." He didn't exactly have any concrete details or a timeline to share, but he did talk about the company's general plan for the project.

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SHOULD CRYPTOCURRENCY EXCHANGES SELF-REGULATE?

The ever-increasing list of hacks and scandals at bitcoin exchanges has garnered an infamous reputation for the cryptocurrency. Regulation might offer a way out for exchanges to clean up their act. But it will take time as governments around the world grapple with understanding and accommodating crypto behavior within existing legal frameworks. 

Meanwhile, CFTC Commissioner Brian Quintenz has called for cryptocurrency exchanges to regulate themselves.1

 The concept is not new, and there are already self-regulating industry associations for other markets. Organizations like the National Futures Association, for commodities traders, or the Financial Industry Regulatory Authority, for securities, have helped spur growth in their respective markets.

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This article is provided by our Cryptocurrency Partner, Bitcoin Romania.  

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