Bitcoin Trade Volume on Coinbase Hit a 14-Month High in May
Bitcoin trading volume on the largest US-based cryptocurrency exchange, Coinbase, hit the highest amount seen in 14 months in May.
During the month of May, Coinbase facilitated the trade of 738,959.42 BTC — worth approximately $5.9 billion at current market prices — according to data from Bitcoinity.
This development marks the exchange’s highest level of bitcoin trade volume since March of 2018. Additionally, it also represents the sixth-most voluminous month for bitcoin trading on the exchange to date. Perhaps not surprisingly, the rise in volume was accompanied by a 60 percent price increase for the cryptocurrency itself.
Vancouver Saw the First-Ever Bitcoin ATM. Now Its Mayor Wants to Ban Them
Bitcoin ATMs have become “an ideal money-laundering vehicle,” according to the Vancouver Police Department, prompting a proposed city-wide ban by the mayor, and potential federal legislation, The Star reports.
The 76 machines within the city limits have come under police fire twice already this past year due to perceived regulatory issues. Though, most recently in February 2019, Sergeant Alvin Shum took aim not only at Bitcoin ATMs, but also the ideological underpinnings of blockchain generally.
Reserve Bank of India Denies Involvement in Draft Bill to Ban Cryptocurrencies
The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.
Varun Sethi, a lawyer specializing in blockchain, filed the inquiry into the RBI’s involvement with “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ draft, following a report from the Economic Times. The legislation would ban the sale, purchase, and issuance of all types of cryptocurrencies.
Bank officials said that the RBI was not in communication with governmental agencies during the legislative process and had not received a copy of the bill. The bank forwarded several of Sethi’s questions to the Department for Economic Affairs as well as the Ministry of Finance — including, “What are ‘official digital currencies’ as per the RBI?”