This week Japan’s Consumer Affairs Agency (CAA) published its 2019 consumer affairs report which touches upon inquiries and complaints surrounding the digital asset industry. The report details that crypto-related inquiries have spiked in Japan by 70%. However, a recent study from Larry Cermak detailed that despite an increase in crypto regulation, digital assets continue to trend in Japan.
In other news, a report released Wednesday revealed that QuadrigaCX’s late founder and CEO used customers’ funds to trade for his own account on other cryptocurrency exchanges and stole more than $200 million USD from his customers. They are cooperating with local authorities in their jurisdiction and filed for protection from creditors in January, owing customers $190 million worth of crypto and fiat. The report also detailed rampant mismanagement and poor practices, noting that Quadriga did not keep administrative logs and had no contingency plan for the loss of funds or its leader. Overall, it appears that there isn’t much for customers to recover, and the primary source of the recovery will be the fiat and the frozen assets.
Libra, the new facebook cryptocurrency is set to launch next year. But how will it affect Bitcoin Prices and what is its future? Members of Congress wish to slow down the development of Libra. However, the power of Facebook will make it difficult to stop. It is forecasted that Libra will continue as planned. Many speculate that Libra will affect Bitcoin in a positive way, and might increase the appeal and value of cryptocurrency.
Elsewhere, Coinbase is introducing a new push notification feature to alert mobile app users of price swings and market fluctuations. The intent is to assist investors and Coinbase clietns of real-time market performance. It is to be combined with in-app news and asset pages. They also expect to expand these price alerts to include assets that are not currently tradable on the exchange.
To sign off this newsletter, aXpire is continually developing its products and broadening its footprint on the crypto space and the FinTech space as a whole. Thank you for tuning in today and we hope to see you next week for further newsletters, product announcements, and so on.