Asian Archives -
Governments in emerging markets have typically paid more to borrow in their local currencies than in dollars. Last year, the picture reversed, but Asian domestic yields are at best even with hard-currency yields.
WSJ.com: What’s News Asia
It isn’t just the Federal Reserve. Central bankers across Asia are biding their time while they monitor global growth, and some economists even expect interest-rate cuts later this year.
WSJ.com: What’s News Asia
A report published by Mosaic has found the Asian region to be exerting a leading influence within the cryptosphere, despite China’s ongoing crackdown on digital asset platforms. The study finds Asian news events to have a significant effect upon BTC price volatility and highlights the increasing number of cryptocurrency exchanges targeting Asian traders.
Also Read: Bitcoin ATMs Double in Number This Year
Asian News Events Exert Significant Influence on Price
The report asserts that major Asian news events have a significant effect on BTC price fluctuations, estimating that since 2013, “11 major headlines from the Asian region have been responsible for [BTC] price movements.”
The price moves that occurred within 10 calendar days of said news events ranged between 0.5 percent and 57.5 percent, with the average price swing found to be approximately 18.5 percent. As of this writing, the average daily volatility for BTC has been roughly 5.5 percent over the last 30 days, and 3.5 percent over the last 252 days.
The report also emphasizes the influence of Asian countries on the mining sector, asserting that Asia is home to approximately two-thirds of the world’s BTC hashrate and 11 of the 17 largest mining pools by hashrate.
A Third of New Exchanges in 2018 Are Based in Asia
According to the report, of the 37 exchanges that launched during 2017, 20 were found to have registered in Asian countries. The most sought-after jurisdiction was Singapore with eight new crypto exchanges, followed by Hong Kong with four, and South Korea and mainland China with two each.
However, the Mosaic notes that the proliferation of new exchanges in the Asian region may have been boosted by China’s crackdown on virtual currency trading platforms, highlighting a slowing in the number of new Asian exchanges during the first half of 2018. Of the nine exchanges identified by the report to have launched during 2018, only three registered in Asia, with mainland China, Hong Kong, and Singapore hosting a single new exchange each.
Mandarin is Second Most Supported Language Across Crypto Exchanges
The report asserts that as of late July 2018, there were 86 cryptocurrency exchanges hosting live BTC pairings. They were found to support 24 different languages, nine of which are Asian – including Mandarin, Korean, Japanese, Cantonese, Vietnamese, Thai, Hindi, Indonesian and Malay.
Mandarin was found to be the second-most supported language, with 65 percent of the exchanges supporting Mandarin as the default or secondary language on their platform. English was the most commonly supported language among the exchanges, with 97 percent. Korean was the third-most supported with 33 percent, followed by Russian with 30 percent, and Japanese with 23 percent.
Do you think Asia is the region with the greatest influence and impact on cryptocurrency? Share your thoughts in the comments section below!
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Today’s edition of The Daily covers everything from hardware wallets to fake volume on cryptocurrency exchanges. But to kick-start proceedings, we’ve got the first report on a survey in which a surprising proportion of freelancers express an interest in being paid in cryptocurrency.
US Freelancers Express Interest in Crypto Payments
P2P platform Humans.net has commissioned a survey into the payment preferences of American freelancers. It quizzed 1,100 U.S. citizens to determine their amenability to being paid in bitcoin or other cryptocurrencies, with 18 percent expressing a clear preference for digital currency payments over fiat currency. Among those questioned were self-employed professionals such as tutors, designers and developers.
Given that the respondents were drawn from across the gig economy and were not prescreened for cryptocurrency interest, the 18 percent statistic can be taken as evidence of growing interest in bitcoin. An additional 11 percent of those surveyed stated that they would like to receive partial payments in cryptocurrency, making a total of 29 percent of freelancers who would be happy to receive crypto.
Ellipal and Ledger Wallets Get an Upgrade
The software that powers cryptocurrency hardware wallets is regularly updated to incorporate new features and coin additions. Ellipal, whose wallet we reviewed a few weeks back, has just had its firmware refreshed. “The Cold Wallet 2.0,” which ships from Hong Kong, now supports XRP, DGB, LTC, DASH, ETC, USDT and CMT, in addition to existing cryptos BTC, BCH and ETH. The accompanying Ellipal smartphone app has also been upgraded, with an improved UI and a new digital assets overview page. Meanwhile, Ledger has updated its Nano S wallet to support monero (XMR).
Storecoin Launches Governance Peer Review
It’s not uncommon for cryptocurrency projects to seek peer review of their technical papers. Zero-fee payment protocol Storecoin has narrowed in on a highly specific facet of its forthcoming blockchain however — governance. In addition to establishing a Governance Peer Review & Working Group, the project is soliciting community feedback on the trade-offs it has proposed in order to settle upon a workable system of governance.
“We believe that the only governance model that can function at global enterprise scale without returning to centralization or descending into the volatility of mob rule is a checks-and-balances based system,” concludes its public peer review document.
Coinbit and GDAC Accused of Manipulating Volume
Coinbit and GDAC, two South Korean exchanges that launched during the summer, have joined the growing list of Asian platforms that Crypto Exchange Ranks (CER) accuses of fake volume. Inflating trading figures is a way that some exchanges game the system, placing them higher in Coinmarketcap’s top 100 exchanges by reported volume. Coinbit currently places fourth, with around $ 600 million of cryptocurrency supposedly traded in the past 24 hours, while GDAC occupies the 53rd spot.
“Since GDAC’s trade fees are 0 percent the exchange redistributes its tokens ‘based on contribution for buy orders’ and calls it a ‘Purchase Contribution Air Drop,’ but the principle is the same as trans-fee mining,” explains CER. It also notes that in mid-November, Coinbit claimed the top spot on Coinmarketcap by reported volume, placing it ahead of Binance and Bitmex. Transaction fee mining exchanges remain highly controversial, with CER having previously taken platforms like Bitforex and Fcoin to task for similar practices. When Coinmarketcap’s exchanges are ranked by adjusted volume rather than reported volume, it’s no surprise that Coinbit and GDAC fall out of the top 100.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
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A wave of selling slammed Asian stocks Thursday following steep declines in the U.S., threatening to send South Korea’s technology-heavy benchmark into bear-market territory.
WSJ.com: What’s News Asia
Share prices in Asia rebounded Friday on a report that President Trump and his Chinese counterpart, Xi Jinping, may meet at the Group of 20 summit in Argentina in late November.
In the U.S., Wall Street was set for an optimistic open. S&P 500 futures rebounded 1.3% to 2,781.50. Dow futures were…
Asian markets were broadly lower Thursday after Wall Street slumped on a heavy selling of technology and internet stocks.
Japan’s benchmark fell by an unusually wide margin of 3.9 percent, and China’s main index lost 4.3 percent. Markets in Hong Kong, South Korea, Australia and Southeast Asia recorded…
The number of jobs and job seekers in the Asian crypto space is growing, according to leading recruiters in the region. Also in The Daily, Colombia may soon become a crypto-friendly nation, California and Russia want to use blockchain tech for insurance and pensions, and Malaysians remain bullish on cryptocurrencies, despite market trends this year.
More Jobs and Job Seekers in the Asian Crypto Space
Jobs in the crypto and blockchain industry in Asia are enjoying increasing popularity among job-seekers from other, traditional sectors. Data from job search engine Indeed’s platforms in the region, including India, Singapore, Malaysia, and Australia, confirm the strong interest in roles in the space. Also, there’s been a 50 percent increase in the number of openings in the field since 2017, according to recruitment firm Robert Walters.
Many of the candidates, however, come from a different professional background, as the sector is still in its infancy. “We hardly ever hire from inside of crypto because most people are very inexperienced. You have very, very few experienced people who get into the crypto industry,” says Julian Hosp, co-founder of Singapore-based crypto wallet and card provider Tenx, quoted by CNBC. He also notes that the number of applicants depends on market trends.
“Not many people have the actual skill sets”, adds John Mullally, director of financial services at Robert Walters in Hong Kong. Professionals that are currently entering the sector come from a wide range of backgrounds, not only tech and financial. Many of them have prior experience in marketing, public relations and operations, the recruiting specialists point out. The findings come after earlier this week Hong Kong, a major Asian economic and financial hub, announced it’s updating its policies to facilitate the immigration of fintech professionals.
Colombia to Cut Taxes for Crypto Firms to Create Jobs
Colombia may become the next jurisdiction to create a favorable business climate for companies in the crypto and blockchain space. In an opening speech at an annual information and communication tech congress, the country’s new president, Ivan Duque, revealed his administration’s commitment to cutting down rent taxes for crypto startups for a period of up to five years. The main motivation behind the proposal is to stimulate the creation of new jobs in the industry.
According to a report by the Colombian newspaper El Tiempo, the president also declared his support for exploring the implementation of blockchain technologies in order to improve key sectors such as security, health and also curb corruption by tracking the use of public funds. “If we want to overcome corruption, technology can be instrumental. The government must start by setting an example. We take it seriously, we want a modern Colombia,” Duque stated.
The president’s remarks come just weeks after Ivan Duque took office as a head of state of the South American country. He is an acknowledged financial expert in Colombia, also known as a technology enthusiast. Representatives of the local crypto community have expressed optimism as Duque’s administration is replacing a government that was not really crypto friendly.
Blockchain Bill in California, Blockchain Pensions in Russia
The California legislature has passed a draft amending the state’s Insurance Code to lay down the basis for implementing blockchain technology, electronic signatures and smart contracts. The updated legal framework will allow the introduction of electronic records and signatures secured with blockchain. Assembly Bill 2658 also adds the term “smart contract” to the legal definition of contract which legalizes the use of blockchain-based electronic signatures in contractual relations. Lawmakers have also amended the Californian Civil Code to incorporate a legal definition of blockchain technology.
In another blockchain-related development, the Russian state pension fund has announced plans to implement the technology to monitor and track employment contract data. The management of the Pension Fund of the Russian Federation (PFR) hopes to minimize its expenses for maintaining large volumes of data. PFR is currently working on proposals to consolidate all its information systems into a single digital platform that will be based on the distributed ledger technology. Another idea under development is to introduce smart contracts and electronic signatures in labor relations.
Malaysians Still Interested in Buying Cryptocurrency
Despite the bearish trend in crypto markets this year, Malaysians seem to be more interested in acquiring cryptos, mainly for speculative purposes, than selling the digital coins. The prices of most cryptocurrencies have fallen significantly since last year’s all-time highs but demand for cryptocurrencies in the country remains strong and encouraging, according to Yusho Liu, co-founder of crypto exchange Coinhako.
“The buy side is still very robust. Generally, there have been more buyers than sellers over the years. The more people know about it, the more they will be interested in buying into the future,” he told the local outlet Sun Biz. The entrepreneur shared his observations that most clients of his platform buy and hold digital assets and the participation of mainstream traders has increased in the past six to nine months. “In the long run, we’re still bullish on cryptocurrencies,” Yusho Liu stated.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
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