South Korean crypto exchange Bithumb to roll out a new committee in September. The committee will monitor the markets and decide which cryptocurrencies are feasible to trade online
As per the reports, the committee came into motion on Aug. 22. This committee will keep a check on the listings of the exchange every month.
The factors that the committee will consider doing will include daily trading volume, the change in base market and project support and many others.
The currencies that will fail to meet the set standards will be given a time of 60 days to get their performances a notch higher. After this period, the currencies will be delisted.
Bitthumb also opinionated saying,
We will strengthen the check on technology development efforts and utility of cryptocurrency projects. We will take the lead in protecting investors by creating a transparent and safe trading environment.
This step was taken after some unauthentic coins were put in the trading lists that later fell in their performance. Also, there will be stringent measures taken into form with new coins that are being added to the market.
The committee is reported to consist of lawyers and professors who will bring expertise in legal, technology and finance into the exchange’s review of the listing process.
Jeremy Allaire, the CEO of blockchain-based, crypto-inclusive money transfer company Circle, stated that the firm has held that major fiat currencies for quite a while now and would ultimately tokenize it.
In an interview on Aug. 21 on the podcast Global Coin Research, Allaire said that Circle has been pondering for years that sovereign currencies would eventually be digitized.
He pointed out starting with Circle in 2013. Then he said that that he thinks their belief has been about substantial non-sovereign cryptocurrencies, particularly Bitcoin will be an enticing option to people for several reasons. But there has also been a belief that some prime global reserved currencies, the major business currencies of the world, will get to the digital money.