US-China Trade War Pushes Up BTC Price, India Urged to Regulate Crypto

Asia Blockchain Review
June 3, 2019

The recent rise in the value of Bitcoin (BTC) may have been indirectly caused by the US-China trade war.

According to BitcoinNews, the BTC price index has risen over 25% since US President Donald Trump announced higher tariffs on Chinese goods, with signs of further increases with the intensification of trade tensions.

On the other hand, the renminbi is currently at its lowest in six months, reinforcing the inverse trend between the BTC and the Chinese yuan.

Over to South Asia, lobbyists in India are collaborating with developers and investors in the tech industry to launch crypto regulations that will drive the development of crypto firms. The latest initiatives have been to include crypto startups in the central bank’s regulatory sandbox for fintech businesses. Experts say that with more crypto firms in the sandbox, the more the Indian government will recognize the crypto industry and the more legitimacy will be established within the sector.

Facebook India will also be testing its stablecoin project in the country with the highest number of users of the social media platform in the world. However, Facebook has yet to reveal how it will be carrying out the project.

Meanwhile, in Australia, the Commonwealth Bank of Australia (Commbank) and the World Bank have successfully completed their first blockchain bond bank transactions, in which the financial institutions succeeded in recording a secondary transaction for the World Bank-issued bond-i, a blockchain debt instrument.


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