Summary:
- CFTC is going to pay money for exposing ’pump and dump’ cryptocurrency scams
- Polish financial authorities paid influential youtubers for a campaign aimed at discouraging people from trading digital currencies
- The government of Malta seeks to set up a special agency to clarify obscure cryptocurrency topics
Over the course of the past hours Bitcoin managed to close above a $11k mark for the first time this month, which seems to bode well for buyers going forward. There were no concrete reasons behind a rally, so one may suspect that a technical analysis is still playing a major role. As far as the newest revelations are concerned one needs to mention the CFTC story. Namely, the US Commodity Futures Trading Commission has purportedly created a bounty to encourage whistle-blowers coming forward in exposing so-called ’pump and dump’ schemes.
The organization warned that customers should not purchase virtual currencies, digital coins and suchlike instruments just due to social media tips or sudden price spikes. It also suggested that everybody being interested in investing in cryptocurrencies, tokens has to carry out thorough research of companies and entities behind those instruments. In order to fight off any illegal activities the CFTC informed that “if you have original information that leads to a successful enforcement action that leads to monetary sanctions of $1 million or more, you could be eligible for a monetary award of between 10% and 30%”.
A technical view suggests that Bitcoin could continue increasing after it broke $11k yesterday. The nearest target may be localized at $12550 which coincides with a 50% retracement of the latest huge upward move therefore some issues may be anticipated. Source: xStation5
Polish authorities campaigned against crypto investments via influential YouTube users
In some areas virtual currencies have already gained acceptance, however, there are still some places where authorities are trying to get rid of virtual currencies from their countries. Poland appears to be among them given the latest step taken by the local financial authorities. The Central Bank of Poland (NBP) and the Financial Supervision Authority (KNF) paid over 90k PLN for an online campaign against cryptocurrency investments. YouTube, among others, was the channel they used involving popular young local content creators.
Malta seeks to set up a special agency to help people better understand blockchain
The government of Malta has released a new policy document suggesting it’s going to seek to set up a special agency which will clarify the blockchain technology and verify cryptocurrency transactions at the same time. The major goal is to help companies using these technologies. Officials believe that firms will benefit from the new regulation as they are expected to cut out intermediaries such as banks for example in cross-border payments. When a new agency is established, the Malta’s government will be implementing subsequent regulatory steps. For one it plans to create the framework for initial coin offerings (ICOs) or to impose regulations on services directly related to digital currencies.