Weekly Recap (6/25/18 – 7/1/18)

Facebook’s “Updating” Their Status

(EasyTechTools.com, 2018)

The popular social media platform Facebook has announced they will be lifting their current ban on cryptocurrency advertisements. The company banned cryptocurrency related ads this past January under pressure, releasing a public statement that they wanted to prevent  “financial products and services frequently associated with misleading or deceptive promotional practices” (Facebook, Inc., 2018). Facebook will be adding their own specifications for ads including a full application process in order to protect the company and consumers from questionable business deals. The popular website states that any advertisement for ICOs will still be banned as a precaution against scams. Investors are hopeful that the lifted ban will cause positive spikes in the current market. Many are also interested in rumors that the company is planning to buy into the popular digital currency wallet Coinbase. Speculations have been made about whether or not the lifted ban is in lieu of the alleged buyout. Neither company has made any statements about the subject choosing not to comment. In the meantime, cryptocurrency projects will be able to advertise on the social media platform once again.

Kings Give Their Community Royal Outreach

The professional basketball team Sacramento Kings are making major points in their profession by being the first team to work with cryptocurrency. The Kings broke the ice by being the first to accept the currency back in 2014. They allowed the controversial currency to be used in their team store by using BitPay as the payment processor. Now four years later, they are using the digital currency to promote community outreach. With the goal to install mining machines in the Golden 1 center, the Kings is partnering up with MiningStore, an online company specialized in cryptocurrency mining and hosting. Being the home court for the Sacramento Kings team, the Golden 1 center brings the community together making it the perfect placement.

Also partnering up with the Kings on a project is the Sacramento based group Build. Black. Coalition. With a focus to build up the black community by providing opportunities for the youths, the group was formed shortly after the controversial police shooting of Stephon Clark. This new project is set to use bitcoin to fund a scholarship program named MiningforGood, which funds job development and technical education improvements in the local community. Kings’ owner Vivek Ranadive showed support for the project stating, “Opportunity begins when technology allows the world to find innovative solutions to complex problems” (Wilson, 2018), “Through MiningForGood, we aim to inspire the next generation of tinkers and thinkers to create change in their own community and around the globe” (Wilson, 2018). All in all, the Sacramento Kings team is making points where it counts by giving back to the community in an innovative way.

Germany Sees No Threat In “Crypto Tokens”

(iholding.io, 2018)

In a recently issued report from the Financial Stability Committee (AFS) of Germany, the cryptocurrency sector was mentioned to not having any immediate threats on the country’s financial stability. This is in light of the fact that the committee does not see cryptocurrency as an actual currency. In fact, in the report the AFS describes cryptocurrencies as “crypto-tokens”. The AFS has also stated that cryptocurrency does not fulfill the values of a real currency due to lacking true store of value and applicable uses for retail payments. The report goes on to discuss more issues the cryptocurrency market is currently facing such as high volatility and lack of significant volume in transactions. As the market grows, the committee will continue to monitor the development within the cryptocurrency sector. For the time being, we expect to see no significant regulations on “crypto-tokens” made by the AFS.

 

Author: Jordan Darling

Co-author: Ken Truba, Jay Jie


References

[1] Facebook, Inc. (2018, June 26). New Ads Policy: Improving Integrity and Security of Financial Product and Services Ads. Retrieved from https://www.facebook.com/business/news/new-ads-policy-improving-integrity-and-security-of-financial-product-and-services-ads

[2] Wilson, D. (2018, June 28). The Kings are the world’s first team to mine cryptocurrency. Here’s why they’re doing it. Retrieved from https://www.sacbee.com/sports/nba/sacramento-kings/article214029504.html

[3] Rinecker, V. (2018, July 04). Crypto Sector Too Small to Affect German Financial Stability, Says Gov’t Committee. Retrieved from https://cointelegraph.com/news/crypto-sector-too-small-to-affect-german-financial-stability-says-gov-t-committee

[4] EasyTechTools.com. (n.d.). [Digital image]. Retrieved July 4, 2018, from http://easytechtools.com/wp-content/uploads/2018/01/Why-Facebook-Is-Banning-All-Ads-Promoting-Crypto-Currencies-—-including-Bitcoins.png

[5] Iholding.io. (2018, June 29). [Digital image]. Retrieved from https://img.iholding.io/img/w600/fill!iholding.io/29-06-2018/thien-jpg0.jpg

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