XRP Flash Crash, Digital Yen, and more
Coronavirus outbreak in China doesn’t seem to affect the crypto industry significantly, as the majority of mining pools are performing as usual. News of the week of February 10-16 reported by BTCMEX.
Ripple Flash Crash: Traders suffered Losses
One of the biggest crypto exchanges in the world fell under criticism as many users suffered losses during mass leveraged trading liquidations caused by Ripple (XRP) flash crash.
The price crash occurred on February 13 and is believed to be an action of whales and internal manipulations on the platform. Traders complained that the Stop Loss mechanism, designed to prevent the liquidation, didn’t trigger at that time. The company issued a statement that the software was functioning properly, but the trust is lost.
Will we see Digital Yen soon?
Japan is taking steps to compete with the Chinese national cryptocurrency initiative. The Japanese government has called for including crypto in the 2020 G7 agenda. According to the latest reports from the Japanese lawmakers, the development of digital Yen can take from two to three years.
Russia to lead the Blockchain Race
The President of the Russian Federation, Vladimir Putin, is believed to be one of the most influential people in the blockchain industry. He was the first to propose a multinational cryptocurrency along with the Eurasian Economic Union (EAEU).
The Russian government announced that it will fully support the initiative of EAEU to establish a multinational stable coin backed by commodities, and connect the countries’ national payment systems. Russia, India, and China announced earlier that they are planning to link their national payment messaging systems via mobile app.
Oil Industry embracing Blockchain
Oil Industry – one of the most important in maintaining today’s world economic stability – is currently experiencing hard times with outdated technology. Governments around the world are struggling to come to terms with the consequences of climate change, and the extraction of fossil fuels does nothing to help reduce emissions.
Implementing blockchain in post-trading oil industry processing can contribute a lot, according to Saudi Aramco, the world’s most profitable company and largest producer of oil. “According to some researches, more than 40% of executives in the oil and gas sector are considering blockchain as a technology for their companies”, stated Pavel Pokrovsky, blockchain security team lead at Kaspersky. It can minimize costs and increase transparency in their supply chains.
Read more about industries enhanced with decentralization in BTCMEX Blog.
Steem is moving to Tron
Tron blockchain has just partnered with Steemit – a major tokenized blogging social network, powered by Steem cryptocurrency.
Justin Sun – the Tron founder and CEO – expressed his beliefs in a long-term partnership. He expects to move towards mass adoption together with Steemit 2.0.