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Crypto currencies go down, as Thailand demands more regulations
On Thursday, crypto assets went down, reacting to the Deputy Prime Minister of Thailand Wissanu Krea-ngam’s shocking remark. The statesman called for greater control on crypto assets.
As a matter of fact, on the Bitifinex exchange, Bitcoin headed south by 0.7% demonstrating a result of $6,516.
As for Ethereum, this digital coin slumped by nearly 1.7% being worth $215.53. Litecoin went down by 3.9% trading at $53.607. Besides this, XRP declined by 3.6% trading at $0.51532.
The Bangkok Post informed that Krea-ngam was assured that new measures are urgently required both internationally and domestically to protect consumer security.
On Wednesday, the Thai Revenue Department disclosed its plan to track tax payments by means of the cutting-edge blockchain technology as well as machine learning.
The given technology will be employed to verify the validity of taxes paid and also to accelerate the tax refund process. Moreover, the move would enable the department to spot tax fraud more effectively.
Earlier this year, Thailand came up with a regulatory framework for crypto assets.
Krea-ngam told that in the future the laws should be amended, so that the financial world could better keep up with fast technological changes.
In addition to this, on Tuesday, Poloniex, run by Goldman Sachs-backed startup Circle, told that it would start offering customers the option to purchase Bitcoin cash ABC as well as Bitcoin cash SV tokens.
Apparently, it would appear to be the first exchange to provide such trading services against the backdrop of an everlasting debate over the technology's roadmap, as CoinDesk informed.
The exchange told that they’re doing it to empower clients to show their support for one crypto asset over the other via trading activity. Additionally, Poloniex is going to back trading markets for both tokens right after the hard fork.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.