The crypto world continues to evolve at a rapid pace, here is a brief rundown of the week’s most notable events. India is now considering allowing foreign exchanges to resume operations under stricter anti-money laundering regulations. Meanwhile, Japanese banking giants are joining a project to develop a cross-border payments platform based on stablecoins.
In the political arena, Venezuelan opposition leader Maria Corina Machado has expressed her support for Bitcoin as a tool to rebuild her country’s economy. However, the outlook is not entirely bullish, with Arthur Hayes anticipating a Bitcoin price drop to $50,000. In addition, WisdomTree has requested to withdraw its application to launch an Ethereum ETF.
Change of course: India softens its stance on foreign crypto exchanges
India’s Financial Intelligence Unit (FIU) is reviewing four overseas crypto exchanges for potential approval to resume operations by March 2025, following the lifting of bans on Binance and KuCoin.
The focus is really on ensuring compliance with anti-money laundering regulations, including transparency of transactions and reporting of suspicious activities.
According to the source, quoted by local media: “This would be after undergoing a thorough review of transaction visibility, suspicious transaction reporting and other related issues.”
Japanese banks are betting on stablecoins for international trade
Japan’s three largest banks, Mitsubishi UFJ, Mizuho and SMBC, have joined Project Pax, which aims to develop a platform for cross-border payments using stablecoins, enabling fast, cost-effective and 24/7 transfers.
Indeed, the “Project Pax” pilot test will soon begin with a prototype, with the aim of expanding the collaboration to more countries and financial institutions. The goal is to commercialize the platform by 2025.
Maria Corina Machado, recognized Bitcoin as a lifeline for Venezuela
In an interview with Alex Gladstein, Director of Strategy at the Human Rights Foundation, opposition activist Maria Corina Machado revealed her plan to use Bitcoin as a national reserve asset. She stated that it is time for Venezuela to turn to modern solutions to rebuild its economy, and Bitcoin is the key.
BREAKING: 🇻🇪 Leader of Venezuelan Opposition María Corina Machado proposes using #Bitcoin as a national reserve asset.
Bitcoin is a “lifeline” and “vital means of resistance” 🙌 pic.twitter.com/5R1q7zVHyy
— Bitcoin Magazine (@BitcoinMagazine) September 5, 2024
Machado sees Bitcoin adoption as a means to build a “new Venezuelan democracy.” He explains that the cryptoasset, being incorruptible, can protect citizens’ property rights and ensure that external donations or investments are not confiscated.
As a result, after declaring her support for the use of Bitcoin, María Corina Machado promotes fundraising in BTC: «Donate Bitcoin today to help María Corina Machado and the Venezuelan opposition in their fight for democracy in Venezuela».
Arthur Hayes says Bitcoin is heading to $50,000
In his article titled “Boom Times… Delayed,” Arthur Hayes, Bitcoin advocate entrepreneur and co-founder of BitMEX, presented a bearish view for Bitcoin, he believes it will fall to $50,000. “BTC is heavy, I’m targeting sub-$50k this weekend. I took a blatant short position. Pray for my soul, because I’m a degenerate.”
$BTC It’s heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.
— Arthur Hayes (@CryptoHayes) September 6, 2024
Their bearish outlook is based on the broader macroeconomic environment, particularly the actions of the Federal Reserve and the dynamics of the US Treasury bond market.
Despite this bearish outlook, however, Hayes remains long-term in his bid for BTC. He anticipates that significant intervention, likely in the form of liquidity injections, could begin as early as late September of this year, which could stabilize markets and potentially boost Bitcoin’s price.
SEC considering WisdomTree’s petition to delist ETFs
Asset manager WisdomTree, requested the Securities and Exchange Commission (SEC) to give its consent to withdraw the registration statement for the Ethereum ETF.
Therefore, it stated: “The Registration Statement was originally filed on May 27, 2021. The Company confirms that no securities have been or will be issued pursuant to the Registration Statement.”
In fact, WisdomTree acknowledged that it would not receive a refund for the fees paid to the SEC for filing its registration statement, but requested that the amount be credited “for future use.”
I close with this quote from Jack Dorsey: “Blockchain technology can bring transparency and trust in sectors such as finance, supply chain and governance.”
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