India and South Korea made steps to regulate crypto. Steem network experienced takeover by Justin Sun. The world speculates on coronavirus. The week of March 2-8 in the digest by BTCMEX.

Steem Takeover

A week after Steem announced its partnership with Tron blockchain, the community suffered the entire governance system disruption. The CEO and founder of Tron, Justin Sun, has successfully executed the network takeover. As a result, he took the control not only of tokens on the network, but also those held on several major exchanges, including Binance exchange.

The Steem community instantly blamed Justin and CEO of Binance, Changpeng Zhao, known as CZ, in organized network manipulations. On Feb. 24, worried that Tron might upend the security of the Steem blockchain, Steem operators had to implement a soft fork. Experts say that the incident outlined the vulnerability of all proof-of-stake consensus system.

India is fighting for crypto

The Supreme Court of India and the country’s central bank entered the legislative fight for and against the cryptocurrency right. Earlier this week, the Supreme Court has lifted the cryptocurrency-related businesses ban proposal. The crypto believers enthusiastically reacted to the news, anticipating India to become a new crypto trading Mecca, while The Reserve Bank of India is currently planning to appeal the court’s decision, arguing that cryptocurrency trading might put the banking system at risk.

South Korea to legalize crypto trading

South Korea’s National Assembly introduced a permit system for cryptocurrency exchanges. The revised bill was passed on March 5. According to the new regulations, virtual asset operators such as cryptocurrency exchanges would have to report their operations to the Financial Intelligence Unit. Every business will have to obtain the “real name-confirmed accounts” from a commercial bank. Not following the new legislative instructions will result in up to five years in prison or 50 million won ($42,000) in fines. The law will be reportedly active by March next year.

Tokenizing coronavirus?

#coronavirus going viral on social media has hit the blockchain technology, as a group of crypto activists has introduced the CoronaCoin (NCOV) – the coronavirus-backed ERC-20 token. “Bet on the coronavirus pandemic by investing in CoronaCoin, the more the virus spreads the more valuable the token becomes”, says the initial Reddit post.

According to its developers, the purpose of the coin is to raise the health-awareness across the globe. The total supply is based on the world population (7,604,953,650 NCOV) and the token will be burnt once every 48 hours depending on the number of infected people and fatalities.

COVID-19 hits the biggest economies

In order to balance the negative impact on the economy, caused by the coronavirus, the US Federal Reserve has cut interest rates. The announcement was made on Tuesday, March 3, by the Fed Chair Jerome Powell.

The virus and the measures that are being taken to contain it will surely weigh on economic activity, both here and abroad, for some time

Jerome Powell

Powell said in a news conference shortly after policymakers unanimously decided to cut rates by a half percentage point to a target range of 1.00% to 1.25%.