Cryptocurrency news overview: July

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News overview: July

 

At Hodl, every month we create an overview of the most important news in the cryptocurrency industry. Below you will find the most important news items from the previous month:
 

Germany lays legal base for cryptocurrency investment

 

At the beginning of July, a new law was passed in Germany that allows Spezialfonds to invest up to 20% of their assets in cryptocurrency. Spezialfonds are the dominant institutional investment vehicle in Germany. A sizable allocation could come toward the cryptocurrency at the beginning of August as the new legislation will go into effect.

 

Binance under regulatory scrutiny

 

More than half a dozen national regulators have given official warnings and started investigations into leading cryptocurrency exchange Binance. Fiat transactions to and from Binance have been stopped and several UK banks have issued official warnings concerning the large cryptocurrency exchange. Binance has already announced that they will double their compliance team and their CEO Chanpeng Zhao has stated he would be willing to step down in his role as CEO.

 

81 countries exploring central bank digital currencies

 

Central bank digital currency (CBDC) is probably not top of mind for most global consumers. But we may soon have no choice but to think about it — since 81 countries, representing over 90% of global GDP, are now exploring the development of one. It shows that digital currency is the future.

 

“The B-word” conference

 

In a conversation led by Cathie Wood, two tech giants had the chance to talk about Bitcoin in the “B-word conference”. Elon Musk, CEO of Tesla and Jack Dorsey, CEO of Twitter chatted about Bitcoin and its impact on the world. After the previous negative sentiment of Elon Musk around Bitcoin, he appeared quite positive about the changes regarding the mining. The environmental impact of mining has become less due to the move of Chinese miners. In the end, all three parties appeared in agreement that Bitcoin has a bright future.

 

JP Morgan geeft vermogensbeheerklanten toegang tot Bitcoin

 

JPMorgan became the first big U.S. bank to give retail clients access to Bitcoin. Under its new directive, JPMorgan financial advisors will be able to execute Bitcoin trades at a client’s request. Advisors still can’t recommend the investment themselves but once a client requests cryptocurrency exposure, their advisor can now purchase shares of Grayscale’s trusts or Osprey Fund’s Bitcoin Trust on their behalf. A big step for a bank whose CEO was a big opposer of Bitcoin in previous years

 

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