Bank of England Head Doesn't Consider Cryptos as a Thread

The statement of Bank of England head had a big impact onto the cryptocurrency market
19 March 2018   1063

Head of Bank of England at G20 Summit

The Financial Stability Board (FSB), which supervises banks and financial networks, refused to create new rules for regulating bitcoin in favor of revising existing ones. According to Reuters, the statement was made in the framework of preparatory meetings before the G20 summit.

According to the chairman of the FSB, the head of the Bank of England, Mark Carney, the authorities need to focus their efforts on filling the gaps in the data exchange that can help to regulate the rapidly developing but still "insignificant" cryptual currency against the global financial market system.

The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms. 
 

Mark Carney

Head, Bank of England

The chairman of the FSB also expressed his belief that his department, even if the leadership was changed, would not develop new standards for regulating crypto-currencies, but would improve existing ones.

As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.
 

Mark Carney

Head, Bank of England

Market Reaction

Meanwhile, the market reacted positively to this statement

Top Ten Cryptocurrencies
Top Ten Cryptocurrencies

In a short time the BTC jumped by $ 1000. Altcoins followed, most of which came out into the green zone.

Total Market Cap
Total Market Cap

Overall marketcap had also jumped from $274B to $318B in a short time.

VeriBlock to Report on Mainnet Launch

VeriBlock believes their technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”
21 March 2019   79

Using the bitcoin blockchain to ensure the safety of altcoins, the VeriBlock project announced the launch of the main network. This is reported in a press release.

According to the developers, the VeriBlock technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”. The project is confident that this approach not only ensures the security of less popular networks, but also allows their developers to focus on innovation and functionality.

According to analysts of The Block, 25–45% of bitcoin transactions fall on VeriBlock. The VeriBlock network uses a consensus algorithm called Proof-of-Proof (PoP). The project seeks to ensure the safety of other blockchains by loading a snapshot of the altcoin registry into the BTC blockchain, using the OP_RETURN function and other methods to embed network state data.

The project’s website states that PoP allows altcoin networks to use the most protected Bitcoin blockchain with its Proof-of-Work algorithm.