Digital Money Weekly Report: August 20 - August 26

Global Market Overview

The digital money market remained stable overall this week. As of 9 PM on August 26, the total market value of global digital money was $215.2 billion, down only 0.5% from last week. The market value of Bitcoin saw a slight increase of 2%, reaching $115.7 billion.

Bitcoin's price has experienced significant fluctuations this week. It started rising from below $6500 at the beginning of the week, briefly breaking the $6800 barrier on the morning of the 22nd, before retreating to around $6700.

Policy and Regulatory Dynamics

The Central Bank of Iran will officially announce its stance on Digital Money in late September. It is reported that Iran has completed the draft of the state-supported Digital Money project.

The Russian Ministry of Internal Affairs is drafting a bill that aims to classify unregistered cryptocurrency activities as a criminal offense. The bill requires individuals or entities to register with the financial and tax regulatory authorities before they can engage in legal Digital Money transactions.

The United States Securities and Exchange Commission ( SEC ) stated that it will re-examine the nine previously rejected Bitcoin ETF applications, but no completion date has been determined.

The Central Bank of Kenya pointed out in a report that blockchain technology poses significant risks and requires stronger regulation. The central bank also stated that it does not recognize digital money, considering its anonymity to be too strong.

The Bank of Thailand announced the launch of the first phase of the central bank's digital currency project (CBDC), which is expected to be completed in the first quarter of 2019. This phase will involve 8 commercial banks participating in testing the application of CBDC in interbank fund transfers.

The China Banking and Insurance Regulatory Commission and four other departments have jointly issued a risk warning, alerting the public to guard against illegal fundraising activities conducted in the name of "virtual currency" and "blockchain".

Beijing Chaoyang District issued a document prohibiting hotels and other venues from holding virtual currency promotion activities.

Multiple blockchain media public accounts have been permanently banned by WeChat for allegedly promoting ICO speculation.

Industry Dynamics

Japanese internet giant GMO is shifting all its mining power from Bitcoin Cash (BCH) to Bitcoin (BTC).

Bitmain CEO Wu Jihan responded to rumors of an IPO, stating that most of the related news is false.

North Korea will hold a two-day international blockchain conference in Pyongyang in October, aimed at showcasing its advanced cryptocurrency and blockchain technology development capabilities.

The World Bank successfully issued blockchain bonds for the first time, raising $81 million, exceeding the original target.

The cryptocurrency exchange Mt. Gox has launched a claim application for Bitcoin creditors, with a deadline of October 22, 2018.

South Korea's largest cryptocurrency exchange, UPbit, posted a profit of approximately $100 million in the third quarter of 2018, nearly three times that of the second-largest exchange, Bithumb, during the same period.

Industry Insider Perspectives

Alibaba founder Jack Ma stated that he does not support Bitcoin, but believes that blockchain is one of the core technologies of the future.

The CEO of a certain trading platform, Zhao Changpeng, believes that blockchain and cryptocurrencies will not disappear, and the number of participants in this field will continue to grow.

Former Vice President of the Bank of China, Wang Yongli, suggested paying close attention to blockchain but to view it rationally and cautiously grasp the so-called digital money.

Bobby Lee, a board member of the Bitcoin Foundation, predicts that if mining costs exceed $54 million per day, the price of Bitcoin will break $60,000.