Cubans are turning to cryptocurrencies to access global economy. View in browser

“Believe it or not, the cryptocurrency is more stable than actual fiat currency. Nothing backs the dollar. The U.S. doesn’t have natural resources that back the dollar. What they do have is the military.” ~  Akon, Grammy award-winning music artist

Market State

Over the last week the cryptocurrency market bounced within a range of  $260 billion and $267 billion. The price of Bitcoin is still holding above $10000. Currently it’s trading around $10221 which is pretty much where we were last week. According to a new research, every Bitcoin holders make a profit of 100% within 1335 days regardless of what price they bought. This corresponds to three years and 8 months. Investors would need to hold their position for 23 years in order to achieve the same profit with S&P 500.  Profiting from Bitcoin seems to be correlating to its block reward halving cycle which occurs every 4 year. 

Demand for the Ethereum network is growing. Ethereum total daily gas use is currently at all time highs. Though the increased gas usage is a good sign, this also means that the transaction fees will go up until Ethereum 2.0 comes out. The price of Ether is up by 9% to $198 since last week. 

Airdrops are back. Several projects have announced airdrops. The Stellar Development Foundation has announced to give away 2 billion XLM tokens to users of privacy-focused chat app Keybase over the next 20 months. Also Bancor, cross-chain token converter has announced that it will airdrop its entire ETH reserve which is worth approximately $2.4 million to the BNT (Bancor Network Token) holders.

Check the latest Bitcoin Price
Quiz of the week

What does “airdrop” mean in the cryptocurrency market?

  1. File sharing system
  2. Free tokens or coins
  3. Block reward

Scroll down to see the answer at the end of the newsletter.

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Top stories of the week
France and Germany Agree to Block Facebook's Libra Coin

Last week Bertrand Perez, managing director of the Libra Association said the company is committed to launch the Libra stablecoin in the second half of 2020. Regulators and politicians from around the world have already expressed their concerns toward Libra. French Finance Minister Bruno Le Maire and his German counterpart Olaf Scholz said Facebook’s new cryptocurrency should not be allowed to operate in Europe as it threatens the “monetary sovereignty” of governments. In a joint statement Paris and Berlin wrote: "We believe that no private entity can claim monetary power, which is inherent to the sovereignty of Nations.” Yet, Perez is optimistic that Libra will launch as scheduled and will clear regulatory issues. According to Perez, Libra's reserves will include the US dollar, euro, Japanese yen, British pound and Singapore dollar.

Crypto-to-Crypto Trades Are Tax Free in France

French Finance Minister Bruno Le Maire stated that the country will not impose taxes on crypto-to-crypto transactions. However, France will continue to tax cryptocurrency gains when they are converted into traditional currencies. France has already given cryptocurrencies official recognition and adopted cryptocurrency regulations in April, 2019 and has been encouraging EU countries to do the same. Bruno Le Maire noted that “We believe that the moment the gains are converted into traditional money is the right time to assess tax”. He explained that the value-added tax (VAT) will only be assessed when a cryptocurrency is to purchase a good or service. Other countries have also began making clarifications on cryptocurrency taxes. The recent one is Portugal, where all cryptocurrency trades and purchases are tax exempt.

NASDAQ Lists a New Decentralized Finance Index For Blockchain Markets

New York-based stock exchange Nasdaq, has added a new crypto-related price index for decentralized finance (DeFi). Nasdaq has partnered up with a London-based brokerage firm EXANTE to offer the new index. DeFix is the first altcoin index that tracks the leading assets in the decentralized finance sector including stablecoin project MakerDAO, prediction market protocol Augur, decentralized exchange 0x, DeFi solution Amoveo, prediction platform Gnosis, and predictions market Numerai. The DeFix index is available on the Nasdaq Global Index Data ServiceSM (GIDS) and is refreshed every 60 seconds. Users can also view the DeFix index on Tradingview and Google, as well as Yahoo Finance in the future. Previously Nasdaq has also partnered up with New Zealand-based blockchain data and research firm Brave New Coin to provide indices for Bitcoin, Ether and Ripple.

Cubans are Turning to Cryptocurrencies to Access Global Economy

Citizens of communist led country Cuba are turning to cryptocurrencies to get around US sanctions. The US sanctions prohibit Cubans to get credit or debit cards for international use. In an interview with U.S. News, Jason Sanchez, who owns a mobile phone repair shop in Havana said “Cryptocurrencies are opening new doors for Cubans.” Jason uses Bitcoin to purchase mobile phone parts from an online Chinese store. Ha also added “We are using cryptocurrencies to top up our phones to make purchases online, and there are even people reserving hotel rooms with it”. Cuba’s first cryptocurrency exchange Fusyona has about 1300 users currently. The founder of Fusyona,  Adrian C. Leon told U.S. News "For foreigners, cryptocurrencies is just another option. But for Cubans, it is a necessity and can be a solution to their exclusion from the global financial community."

Deutsche Bank Joins JPMorgan’s Blockchain Network

Deutsche Bank is joining JPMorgan’s Interbank Information Network (IIN), an Ethereum blockchain based cross-border payment messaging system. The Interbank Information Network (IIN) aims to tackle the inefficiencies in the SWIFT payment system, which has 11000 member banks. IIN enables banks exchange data on international payments using blockchain technology. Banks can view the status of the transaction and address queries seamlessly, while legacy systems require manual intervention. There are currently 320 IIN member banks which have agreed to swap information on global payments over blockchain. IIN will allow banks to offer better services with lower cost. JPMorgan aims to reach 400 agreements with banks by the end of 2019 and is also expecting to announce other large banks in the near future.

India’s ‘Who Wants to Be a Millionaire? Show Gives Crypto a Boost

Cryptocurrencies were introduced to hundreds of millions of viewers on one of the most popular quizshows. Himanshu Dhuria, a 19-year old contestant was asked “What is Libra, proposed by Facebook?” in Indian version of “Who Wants to Be a Millionaire”. He had to choose between four options: artificial intelligence camera, instant messenger app, short video platform, and cryptocurrency. Dhuria correctly answered that Libra was a cryptocurrency. Then the host of the show, Amitabh Bachchan previous Bollywood star briefly explained what cryptocurrencies were: “Cryptocurrency is a form of digital and global money system and currency. Bitcoin, Litecoin, and Ripple are some existing cryptocurrencies.” Indian crypto community was thrilled that millions of viewers had now been exposed to cryptocurrency.

Tweet of the week
Meme of the week
Quiz answer

What does “airdrop” mean in the cryptocurrency market?

The correct answer is “B”.

Thank you for reading :) 

Have a great day!



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