BlockShow Asia took place in Singapore this week. It left observers and analysts of the industry with a lot to talk about. One item of interest was Binance's Changpeng Zhao, who spoke at the event. He predicted that the central bank digital currency in development by China would be based on a blockchain. In his reasoning, he said that Beijing wants to push its influence on the global market and be more competitive with the United States dollar. He added that when it comes to cryptocurrency, having one is better than not having one.
Also at the event, the regulation of cryptocurrency was a hot topic. Proof of Capital's managing partner, Edith Yeung, criticized American regulators. She said that blockchain-based ventures have been left in the dark. This has caused some of them to leave the United States because they don't know what the status will be in the short-term future. A few other speakers at the event were more cautious, noting that regulation has to be done carefully given the constant evolution of the digital currency industry.
VeChain founder Sunny Lu claimed that more than 99 percent of a digital coin's value is directly linked to speculation. He added that it causes startups to waste their time and fail to develop solutions for what the coin was originally intended. Others backed this up to some extent.
In a few other noteworthy items, the Indian parliament will not enact a total cryptocurrency ban for the winter season. Most in India welcomed the delay. Konstantin Ignatov, who is the co-founder of OneCon, pleaded guilty to participation in a multi-billion dollar fraud. He faces up to 90 years in prison. He may have additional tax violation charges. The firm was based in Bulgaria. Investigators found it to be a Ponzi scheme.
Bitcoin ended the week at $8,602.00, and Ether ended it at $185.44. XRP was at $0.27. The total digital coin market cap is at $235,793,356,657. The coins with the most growth were MMOCoin, eosBLACK and Sparkster. The biggest losers of the week for the altcoins were Monoeci, USDX and Bitcoin God.