JPEX embarked on a series of announcements during the first week of July (3 to 9).
On Monday, July 3, JPEX disclosed that users interested in following the Cage Boxing Final 2023 could stream the bout live.
It followed this up on Wednesday, July 5 with the Cage – First-Ever Smart Contract in Boxing History and another special announcement regarding some disputes around the 2023 Cage Boxing – Finals Smart Contracts.
On Friday, July 7, JPEX finally released its own blockchain called the Decentralized JPC Chain.
The chain will be utilizing JPC as the native token that will be overseeing all the decentralized operations on the technology.
As the exchange published these announcements to its loyal users, regulators in Denmark & South Africa, Bitcoin, and authorities in the United Kingdom (UK) trended online.
Below, JPEX takes an in-depth look into some of the news content that made rounds online over the period.
Blockchain Related Incidents Have Topped $30 Billion
SlowMist, a blockchain security firm that provides services such as red teaming, security consultants, and security audits released a report about the extent of the numerous hacking incidents that have mired the blockchain-powered economy over the past fourteen (14) years. According to the security firm, as of Friday, July 7, 2023, “the total losses from blockchain-related incidents have soared to an astounding $30 billion.”
Security continues to be one of the trilemma of blockchain technology in addition to scalability and decentralization.
Security issues are at the heart of JPEX and we strive to do everything in our capacity to protect the funds of our users on our exchange.
Aside from that, the newly launched Decentralized JPC Chain have all the necessary features to prevent hackers from breaking into the blockchain and compromising the activities on our platforms.
Bitcoin reached a 13-Month High
Bitcoin remains the most popular and largest digital asset by market capitalization, according to data from crypto price tracker CoinMarketCap.
BTC reached a yearly high price of $31,460.05 on Thursday, July 6 after opening the day with a trading price of $30,507.15, testing a price of $29,892.23, and closing the day price of $29,909.34.
The trading volume for the day was around $211 billion and corresponded to a market capitalization of about $580 billion.
This was the first time since June 2022 when BTC exchanged hands for a relatively higher price of $31,693.29 on June 6.
BTC has been forecasted to retest its glorious price patterns in the future. According to Michael Graw at Techopedia, the flagship crypto could reach an average price of $45,200 and the best possible price of $53,000 by the close of 2025.
Denmark ordered Saxo Bank to Wipe out Cryptocurrency Holdings
Many European countries have become crypto-friendly over the past years and the Markets-In Crypto Assets (MiCA) regulations scheduled to take effect in 2024 could see the adoption of digital currencies by many blocs in the region.
Unfortunately, the Danish Financial Supervisory Authority (DFSA) instructed Saxo Bank, a local investment bank to let go of its own crypto holdings.
The DFSA cited a section of the country’s Financial Business Act and disclosed that Saxo Bank lies outside of what they consider the legal business area of financial institutions.
Saxo Bank has been offering its customers the chance to trade many cryptocurrencies on its platform.
Aside from this, it also held cryptocurrencies in its portfolio to serve as a hedge against price fluctuations in the market.
Andrew Griffith Cautions Britain over the Advancement of CBDCs
Central Bank Digital Currencies (CBDCs) have been on the discussion boards of many countries due to the extensive use of cryptocurrencies by millions of people across the globe.
While countries such as China and the Bahamas have introduced national digital currencies, the United Kingdom is still considering the use of what would be the digital pound (e-Pound).
Many people have raised questions about privacy since fiat currency (physical cash) has possessed this attribute for decades.
On Tuesday, July 4, Andrew Griffith, the Financial Services Minister of the UK said the country should be cautious about the issuing of a digital pound due to several issues involved, especially, privacy.
As of 10:00 UTC on Saturday, July 8, countries such as Brazil, Norway, Russia, Turkey, Iran, Japan, and South Korea were at the Proof of Concept stage.
Others such as the United States of America (USA), Chile, Argentina, Peru, Colombia, Australia, South Africa, Portugal, and Spain were at the Research stage, according to CBDC Tracker.
South African Regulators Says Crypto Exchanges Must Be Licensed Before 2023 Ends
Financial Sector Conduct Authority (FSCA), the regulator of South Africa’s financial markets, requires cryptocurrency exchanges offering services to its citizens to secure a license on or before November 30.
Due to the economic crisis being faced by several African countries, many residents have turned to crypto to serve as a hedge against inflation and the consistent currency deprecation they cannot control.
Unathi Kamlana, the commissioner of the regulatory agency said that about twenty (20) firms have applied for the license.
Exchanges that fail to obtain the license but still provide services to South Africans could see their representatives face up to ten (10) years in prison and could also be fined around $540,000.