A Strong Year for Ripple, a Weak One for Deutsche Bank: Best of the Week

Catch up on last week's top stories.

Australian banks reject cryptocurrency

Customers have been complaining of blocked transactions and frozen accounts, leading one cryptocurrency exchange to restrict transactions in Australian dollars.

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The banks’ responses were varied. National Australia Bank said: “While we don’t support unregulated currencies, NAB does not deny the right of individual customers to buy virtual currencies.”

GDPR and MiFID II

In Europe, MiFID II came into effect on the 3rd of January, and the General Data Protection Regulation will become active on the 25th of May. GDPR sets in stone the right of people to know how their data is being used, and the right to be request that information be deleted.

Both bodies of rules are compulsory, and sometimes contradictory.

The flippening

On Monday we wrote about Ripple, the blockchain-based payment system that is taking the world by storm.

Already in use by financial institutions, the Ripple cryptocurrency XRP has shot up in value, overtaking Ethereum and approaching the value of Bitcoin. Could we be seeing the flippening soon?

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Another brokerage goes crypto

Liteforex became the latest company to jump on the cryptocurrency bandwagon, now offering deposits and withdrawals with six different coins.

Bitcoin, Bitcoin Gold, Bitcoin Cash, Litecoin, Monero, and Ethereum will now be accepted by the brokerage.

Visa cuts off Bitcoin cards

Several Bitcoin debit card issuers suspended their services on Friday as Visa terminated the operations of Gibraltar-based card issuer WaveCrest.

VISA said that it terminated the operations due to non-compliance with membership regulations.

Deutsche Bank tanks

On Saturday, Deutsche Bank released its full year results. Low client activity, tax laws, and extensive criminal investigations have all taken their toll – revenues in 2017 were down by 22% when compared to the previous year.

The bank was originally scheduled to report its results in February, but ‎German regulations require that companies report significant information that ‎could move the stock price as early as possible.‎

 

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