Here’s what happened this week in Bitcoin in 99 seconds.
The cryptocurrency market as a whole has been seeing major drops in price this week as a lot of investors are affected by continued regulation and bad press and are fleeing the market.
The Russian Ministry of Finance proposed to criminalize ‘money surrogates’ in what has been dubbed the ‘Money Surrogate Bill’. Penalties are outlined for using a medium posing as a currency to purchase goods or services in Russia. The bill states that a cryptocurrency which acts as a private money is a money surrogate. This is the first significant push by a large government to ‘outlaw’ cryptocurrency.
The email marketing platform MailChimp has joined social media giants Twitter, Facebook, and Google in banning cryptocurrency advertising, citing the need to prevent “scams, fraud, phishing, and potentially misleading business practices”.
Messaging app provider Telegram has successfully raised another $850 million through its initial coin offering (ICO) private sale. The company has now exceeded its initial target of $1.2 billion and has accumulated a total of $1.7 billion. The funds will be used to develop the Telegram Open Network (TON), a blockchain meant to decentralize digital communication.
South Korean cryptocurrency exchange Bithumb is partnering with digital payment service provider Korea Pay Services to accelerate cryptocurrency adoption in the country. Both companies are working to give over 6,000 of the country’s retail outlets the option of accepting cryptocurrency payments.
That’s what happened this week in Bitcoin. See you next week.