Good morning and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation, and financial crime.
Bitcoin took a slight loss this morning as the European Union discusses tightening regulations placed on how people use cryptocurrency.
Bitcoin fell 0.85 percent to trade at $7,001.44
Ripple lost 2.11 percent to trade for $0.338768.
Litecoin also lost 2.10 percent to go for $60.69.
The charts are still on a slight bull run, with prices climbing in the last week, but future EU scrutiny may cause prices to drop further.
8am UPDATE: Who is the richest person in cryptocurrency?
According to Forbes’ list of the richest people in cryptocurrency, Chris Larsen, an angel investor and co-founder of altcoin Ripple, tops the list, with n estimated wealth between $7.5-$8.5 billon.
In 2012, Mr Larsen cofounded Ripple with Jed McCaleb to facilitate international payments for banks using blockchain technology.
His company now controls 61 billon of the 100 billion XRP in supply, according to Forbes.
7am UPDATE: EU to take a look at how cryptocurrencies are used in crime
Finance Ministers in the European Union’s member states are taking a closer look at cryptocurrencies and the regulatory challenges they pose.
They will be discussing whether or not regulations on the industry should be tightened and will be looking at issues including the lack of industry transparency, and the misuse of cryptocurrency for illicit purposes, like money laundering, tax evasion, and terrorism financing.
The meeting will be taking place in Vienna on September 7th, according to a draft note obtained by Bloomberg.
According to the document, European regulators notably view Initial Coin Offerings as an “efficient way to raise capital” and are interested in looking at
how cryptocurrencies can modernise current economic systems, meaning that the meeting will not be entirely negative.
The meeting comes as global regulators are taking a closer look at the cryptocurrency industry and how to best regulate the relatively young markets.
It is unclear whether any harsh stances will be taken that affect the cryptocurrency markets.
Bitcoin took a slight loss this morning as the European […]