Tanzania could remove its ban on cryptocurrencies after El Salvador announced its Bitcoin Law. The financial regulator of Japan warned Binance that it needs a license, but Changpeng said that his team is working on it.
In recent days, JPMorgan spoke about the fair value between USD 23,000 and USD 35,000 that Bitcoin could achieve in the medium term. The institution explained that the cryptocurrency could take time to recover from the recent fall that its price suffered. The banking giant said that institutions are not buying Bitcoin on the cheap.
JPMorgan previously envisioned a USD 140,000 road map if Bitcoin matched the gold allocation and the volatility profile. However, the institution predicted that full convergence or volatility equalization is unlikely in the foreseeable future.
They also said that the repression by China against Bitcoin mining on the territory would have a positive impact in the medium term. That would help accelerate the reduction of China’s high share of the Bitcoin hash rate.
According to the bank, the recent drop in the price is just a continuation of weak flows and price dynamics. The weak flows suggest that institutions are not buying during the slump of Bitcoin to current levels.
The financial institution considers that another factor preventing a possible bullish run is the end of the six-month lockdown of the Grayscale Bitcoin Trust fund. In December and January, that company posted a revenue sum of nearly USD 4 billion.
Central Bank of Tanzania May Remove the Ban on Bitcoin
The Bank of Tanzania is reportedly working to remove its November 2019 cryptocurrency ban. That comes amid favorable comments on Bitcoin and other cryptocurrencies from the president of the African country.
According to Reuters, the federal government has given the Tanzanian central bank guidelines to lift the ban. Hassan instructed them to stay current as cryptocurrencies have grown in popularity.
The announcement of the approval of the Bitcoin Law in El Salvador gave rise to those favorable comments on cryptocurrencies in Tanzania. Additionally, there was a wave of positive sentiment about BTC in other Latin American countries such as Paraguay, Panama, Honduras, Guatemala, and Costa Rica.
Twitter user @CRIPTOBOI said that Paraguayan banks are mounting a powerful anti-cryptocurrency lobby. However, he reported that the community wants to receive crypto cards to buy with cryptocurrencies.
Japanese Financial Regulator Warns Binance about Its License
Japan’s Financial Services Agency recently confirmed that it was about to warn the Binance exchange about a problem. That financial control body explained that the company did not have any record with them.
The regulator’s statement does not imply weighing criminal charges against the exchange, as Nikkei indicated in its previous report. According to Bloomberg, earlier this year, the firm said it worked alongside Japanese regulators to obtain a license.
Regarding the statement of the Financial Services Agency, Zhao Changpeng confirmed that he had received the warning. He said that the legal team of his company is in talks with the regulatory agency.
