The Week in Bitcoin – Feb 19

This Week in Bitcoin 02.04.2020

The Week in Bitcoin

 

China Begins To Quarantine…Cash

It’s not just the citizens of China under lock-down at the moment, but also their cash. The Chinese government has cut off all physical transfers of old cash and banknotes between financial institutions in efforts to sanitize them. “Money from key virus-hit areas will be sanitized with ultraviolet rays or heated and locked up for at least 14 days, before it is distributed again.” Most payments at this point in China are already done digitally through various payment apps, so it’s likely of little significance to the people of China. Could you imagine a cash ban in the western world?

US To Announce New Crypto Regulations
Steve Mnuchin, the Treasury Secretary, said last week that the US plans to release new regulations to “improve transparency and prevent cryptocurrencies from being used as ‘secret bank accounts.’” For now, it’s hard to say what exactly this announcement will reveal. Most major retail exchanges already have strong KYC requirements to on-ramp new customers. And as it stands now, there is little privacy in Bitcoin to have your own ‘secret bank account’, though there is more work being done to improve user privacy in the upcoming Taproot upgrade.

Fed Chair Admits Facebook’s Libra ‘Lit A Fire’ 
Jerome Powell, chairman of the Federal Reserve, told the House that the idea of a Central Bank Digital Currency is gaining steam. It seems the Fed is doing its due diligence and not rushing into undertaking a new CBDC project, but the discussion continues. Jerome admitted, “There are many questions that need to be answered around a digital currency for the United States, including issues of, cyber issues, privacy issues, many many operational alternatives present themselves. And so we’re going to be working through all of that and doing that work thoroughly and responsibly.”

Bitcoin In Its Third Best Month Ever…
If Bitcoin closes near the 10k mark, it’ll be the third-highest monthly close in history. Something to keep in mind coming up on the halving. Mainstream news is still very quiet at these price levels, unlike the last time around.

Still Flirting With $10k
Remember, you can visit one of our 3,500+ Bitcoin ATM locations across the country and top up your Coinme wallet instantly. You can also reach out to our Private Client Services Team, who are happy to help you with any transaction over $5,000.

Thanks for reading!

-Your Coinme Private Client Team

P.S. If you haven’t already, subscribe to our weekly newsletter here.