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Cryptocurrency Daily Roundup - March 11

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A summary of some of the widely followed stories on cryptocurrency and blockchain during the past 24 hours.

Marshall Islands Passes Bill To Adopt SOV As State Digital Currency

The Marshall Islands passed a bill to adopt the Sovereign (SOV) as the island nation's national digital currency. Only two countries in the world have adopted cryptocurrency officially. The first one is Venezuela, which last year launched its own cryptocurrency - Petro - backed by crude oil reserves. IMF warned that US banks will refuse to work with Marshall Islands businesses if the national crypto is adopted, thus cutting off banking services to the islands' residents.

Financial Watchdog Suspends Registration Of Two Crypto Exchanges

Australian Financial watchdog has suspended the registrations of two digital currency exchange (DCE) businesses, without revealing the names. The action came after the Australian Federal Police (AFP) arrested a 27-year-old man, who is associated with the DCE's, for his involvement with an organized crime syndicate. Australian Transaction Reports and Analysis Centre (AUSTRAC) suspended the two DCE's, where the man was a key member, and removed their ability to continue to lawfully operate their businesses.

Binance Labs To Invest In Blockchain, Cryptocurrency Projects In Argentina

Binance Labs, the venture arm of cryptocurrency exchange Binance, will invest in blockchain and cryptocurrency related projects in Argentina, with the Argentine government partnering it in investments being made in blockchain-related projects in the country over four years. Argentina's Ministry of Production and Labor will begin supporting Binance Labs, with its Accelerator Program offering a grant of up to $50,000 on every project that Binance Labs invests in.

Bumble Bee Foods To Use Blockchain To Track Tuna From Ocean To Table

Shelf-stable seafood company Bumble Bee Foods LLC is teaming with German software giant SAP SE to create blockchain-based system to track fresh fish as more and more consumers demand to know their food is safe and sustainably sourced. In a statement, SAP said San Diego-based Bumble Bee Foods is using the SAP Cloud Platform Blockchain service to trace the journey of yellowfin tuna from the Indonesian ocean to the dinner table. SAP noted that Bumble Bee is the first food company to incorporate SAP block-chain technology into its production.

Current Prices

As of this writing, Bitcoin is down 1.44 percent or $56.29 to $3841.40 on Coinbase. Ethereum is declining 2.77 percent or $3.74 at $131.48.

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