Bitcoin and Cryptocurrency Monthly News Roundup – June

Catch up on all the latest from the crypto industry.

June 3

Tron founder, Justin Sun, bids $4.6 million to win a charity lunch with dogged cryptocurrency critic, Warren Buffet. Sun hoped he could sway the billionaire on cryptocurrencies and blockchain technology,

“It is very common in investment circles that people will change their minds.”

If Sun has any luck in cajoling and bringing Buffet around on cryptocurrencies, the Buffet’s shit-coin Buffet meme may turn out to be prophetic.

June 5

Portugese football club S.L. Benfica, one of the premier clubs in Europe, becomes the first high-profile football team to accept cryptocurrency payments, after announcing a partnership with Switzerland-based cryptocurrency payment provider, UTRUST. Benfica’s CEO, Domingos Soares de Oliveira, cited tech-savvy fan base as reason for adopting cryptocurrency payments,

“We recognize that many of our supporters are now digital users first so we want to be ahead of the curve when it comes to adopting novel technologies and giving our supporters the best online experience.”

June 6

Ripple sets up a new company in Switzerland, Ripple Switzerland LLC, with the express purpose of selling XRP to institutional investors. Ripple announced in a statement, “The purpose of the company is the sale of digital assets XRP to institutional buyers. The Company may establish branches and subsidiaries in Switzerland and abroad, engage in other business activities in Switzerland and abroad and conduct any business directly or indirectly related to the purpose.”

June 8

Draconian draft bill in India proposes blanket ban on cryptocurrencies. Titled ‘Banning of Cryptocurrency and Regulation of Official Digital Currency’, the bill proposes a 10-year non-bailable prison sentence for those who:

“mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies, directly or indirectly.”

According to India’s Economic Affairs Secretary, Subhash Chandra Garg, Indian government intends to launch its own state-issued digital Rupee after outlawing all cryptocurrency activities.

June 11

Coinbase introduces cryptocurrency debit card in six European countries. First launched for users in the United Kingdom in April of this year, Coinbase card is made available to users in Spain, Germany, France, Italy, Ireland and the Netherlands. The card allows users to spend cryptocurrencies held in their Coinbase wallet with any merchant that accepts Visa debit cards.

June 13

Intercontinental Exchange’s (ICE) institutional Bitcoin Futures trading platform, Bakkt to finally begin testing its physically-delivered bitcoin (BTC) futures on July 22. Bakkt chief operating officer, Adam White, announced in a blog post,

“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.”

He added that Jeff Sprecher, the Chairman and CEO of ICE, described their investment in Bakkt as “a bit of a moonshot bet,” a phrase derived from President John F. Kennedy famous speech in 1962 about America’s mission to land a man on the moon.

June 14

Binance to halt service for US traders from September. As part of its plans to introduce regulatory compliant fiat-to-crypto trading platforms, Binance will be establishing its US platform in partnership with BAM Trading Services, which is approved by the Financial Crimes Enforcement Network (FinCEN). Traders from the US who are not in accordance with Binance’s newly drafted Terms of Use, which requires identity verification, will no longer be able to trade or deposit on the platform.

June 17 Global remittance service provider, Moneygram announces strategic partnership with Ripple. As part of the deal, which will have an initial term of two years, MoneyGram will use Riple’s xRapid solution to effect cross-border transactions in digital assets and Ripple, in return, will make a $30 million equity investment in MoneyGram. In the wake of the news, MoneyGram’s stock (MGI) surged 170% from $1.45, closing the following day at $3.88.

June 18

Facebook releases highly anticipated white paper for its proposed global currency, Libra, and fails to impress. Regulators, central banks and financial watchdogs around the world quickly shout down the idea in unison, demanding disclosure of Facebook’s plans in greater detail. There has been a deluge of negative press regarding the project since, so much so that Facebook may not even be allowed to launch Libra, certainly not on a global scale as it had planned to do.

However, the consequent spotlight on Bitcoin, as the antithesis of a corporate-backed digital currency, is sure to get millions of people thinking and talking. Libra could turn out to be the trojan horse that smuggles Bitcoin into broader public consciousness.

June 21

Ernst and Young report finds that QuadrigaCX founder Gerald Cotton mismanaged and margin traded with customers’ funds:

“Significant volumes of Cryptocurrency were transferred off platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten. It appears that users’ cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten.”

Cotton, apparently the only person with access to customer funds, was reported dead in December 2018 while on a visit to India. In April, the exchange filed for bankruptcy and is the subject of an FBI investigation.

June 25

Deutsche Bank blames ‘aggressive’ central banks for making Bitcoin a more attractive alternative to people. Jim Reid, Research Strategist at Deutsche Bank, cited looming interest rate cut by the US central bank and frequent quantitative easing practices adopted by central banks around the world as reasons for instability of the existing fiat currency system,

“if central banks are going to be this aggressive, then alternative currencies do start to become a bit more attractive.”

Adding that the current monetary system may be on its last legs and could be replaced by more efficient digital currencies in the future.

June 27

Iran’s state television network, the Islamic Republic of Iran Broadcasting (IRIB), reports that authorities have shut down two cryptocurrency mining farms in the country’s central province of Yazd, blaming such operations for an “unusual spike” in electricity consumption. Spokesman for the Iranian Energy Ministry, Mostafa Rajabi, said that a rapid increase in digital-currency mining within the country had made the power grid “unstable” and caused problems for consumers.

June 28

Satoshi impostor, Craig Wright, refuses to comply with court order to provide a list of all his early Bitcoin addresses and claims that he may never be able to access them. United States District Court of the Southern District of Florida issued an order on May 3 requiring Wright to produce a list of his public bitcoin addresses pertaining to an ongoing case against Wright that was filed by the estate of David Kleiman, Wright’s former colleague. Having failed to comply, Wright now faces the very real possibility of losing the $10 billion lawsuit and further civil and criminal sanctions.

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Lamps Toujours
Lamps is a British economist and Bitcoin evangelist with an elusive ken for all things blockchain. A writer by avocation, Lamps' suasive opinions and analyses evince a quenchless passion to promote the integration of blockchain as the new economic and commercial infrastructure on a global scale.

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