Weekly Recap (7/23/18 – 7/29/18)

Google’s Play Store Crackdown

(Xanjero Media, 2018)

Google is not playing around with cryptocurrencies. Two months after deciding to remove browser extensions that facilitated mining, the tech giant has decided to remove crypto mining on all fronts. Mirroring their competitor Apple who banned crypto mining apps in May of this year, Google Play updated their user agreement and explicitly stated

“We don’t allow apps that mine cryptocurrency on devices” (Google Inc, 2018).

However BBC reported that the company would allow crypto related apps, but mining must be done on a cloud platform. Following such statements would imply that the current update to user agreements is similar to that of Apple’s recent updated policy on mining with iOS devices. The policy change was put into effect in response to the significant rise in crypto jacking, a form of a cyber attack in which a hacker hijacks a target’s processing power in order to mine cryptocurrency on the hacker’s behalf. With cryptocurrency related crimes making the majority of cyber crimes this year, companies are jumping to protect themselves and their consumers from the unregulated crypto space.

Iran Closer Than Ever to Digital Currency

(EtherWorld, 2018)

US sanctions are closing in and Iran is looking for another route in the form of cryptocurrency. President Obama’s 2015 Iran Deal fell through when current President Donald Trump pulled the United States out, tweeting that the deal is “defective at its core.” With the deal in the dirt, Iran is looking at financial sanctions that have severe consequences to their economic standing. The sanctions will go into effect sometime next month, putting the Iranian government on a limited timeline to strike a new deal or find a way around it. In April of this year the country was reported to be working on an experimental cryptocurrency to replace the Rial. The deputy head in charge of investment affairs for the the department of Science and Technology, Azaread Daliri, was quoted saying

“We are trying to prepare the grounds to use a domestic digital currency in the country” (Zhao, 2018).

The department of Science and Technology is cooperating with the Iranian Central bank to create the state issued digital currency. Bitcoinist.com wrote that

“the cryptocurrency will provide borderless transactions away from mainstream financial regulators” (AVAN-NOMAYO, 2018).

Whether you think it’s a hail mary or ingenious move on Iran’s part, the jump to a government distributed cryptocurrency is a bold move that could have a large pay off.

Nasdaq Holds Private Meeting to Discuss Cryptocurrency Sector

(BitcoinExchangeGuide, 2018)

Bloomberg was a fly on the wall in a closed door meeting with Nasdaq, the world’s second largest stock exchange, as well as various big players in the cryptocurrency market. The website was the first to report with the big scoop that Nasdaq met with various companies including the digital asset exchange, Gemini. The topics covered in the meeting had included regulation and security for future cryptocurrency developments. The meeting held in Chicago followed closely on the heels of a failed attempt by Cameron and Tyler Winklevoss, the owners of Gemini, to secure a spot for Bitcoin on the regulated market with the SEC. President of NASDAQ Adena Friedman has made her thoughts on cryptocurrency clear in recent months staying optimistic, but cautious in regards to the digital currency and its place in the future. In May of this year Bitcoin.com reported on an interview Friedman did with CNN where she stated that

“NASDAQ is open to the idea of becoming a crypto exchange” (Haig, 2018).

That could have been a bit of foreshadowing from the CEO at the time. What we do know now is that with the meeting ending on a positive note, this may be one of many progressive steps taken to bring cryptocurrencies closer to a regulated market.

Author: Jordan Darling

Revisor: Ken TrubaJay Jie


References

[1] Google, lnc. (n.d.). Cryptocurrencies | Financial Instruments | Restricted Content — Developer Policy Center. Retrieved July 30, 2018, from https://play.google.com/about/restricted-content/financial-instruments/cryptocurrencies/

[2] BBC.com. (2018, July 27). Google bans crypto-mining apps from Play Store. Retrieved from https://www.bbc.com/news/technology-44980936

[3] Zhao, W. (2018, July 26). Iran Plans National Cryptocurrency as New US Sanctions Loom. Retrieved from https://www.coindesk.com/iran-plans-national-cryptocurrency-as-new-us-sanctions-loom/

[4] AVAN-NOMAYO, O. (2018, July 27). Iran Considers State-Issued Cryptocurrency Ahead of Imminent US Sanctions. Retrieved from https://bitcoinist.com/iran-considers-state-issued-cryptocurrency-ahead-of-imminent-us-sanctions/

[5] Haig, S. (2018, May 10). Nasdaq CEO Adena Friedman is Bullish on Cryptocurrencies. Retrieved from https://news.bitcoin.com/nasdaq-ceo-adena-friedman-is-bullish-on-cryptocurrencies/

[6] Xanjero Media. (2018, July 30). [Google Play Store logo]. Retrieved from http://www.xanjero.com/wp-content/uploads/2018/03/Google-Play-Store-Android-app-developer-warning.png

[7] EtherWorld. (2018, July 30). Cryptocurrency Is Welcome in Iran [Digital image]. Retrieved from https://etherworld.co/2017/11/28/cryptocurrency-is-welcome-in-iran/

[8] BitcoinExchangeGuide. (2018, July 30). [NASDAQ Crypto Exchange]. Retrieved from https://3mgj4y44nc15fnv8d303d8zb-wpengine.netdna-ssl.com/wp-content/uploads/2018/05/NASDAQ-Crypto-Exchange-696×449.jpg

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