August 23rd- August 30th, 2020
Welcome to our 4th weekly recap for August.
The International Monetary Fund (IMF) had recently published a video explaining what cryptocurrency is. Besides suggesting that cryptocurrency could “completely change the way we sell, buy, save, invest, and pay our bills,” IMF went on by saying that it “could be the next step in the evolution of money.”
Police in South Korea on Wednesday raided and seized the offices of Coinbit, the country’s third-largest crypto exchange, over allegations it faked 99% of its trading volume.
The U.S. Securities and Exchange Commission (SEC) has published a new filing for a bitcoin fund, submitted by Fidelity Investments’ head of strategy and planning.
- On Thursday, 17 top Federal Reserve officials explained that the committee plans to let inflation run hotter than usual, or above the benchmark 2% rate for a duration of time. Fed Chair Jerome Powell’s speech was considered a “major policy shift” and a number of economists commented on the central bank’s move. Senior director of policy at Visa, Andy Yee, said Powell’s inflation statements were historical and people should “opt out with bitcoin.”