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Showing posts from February 26, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Crypto can be lucrative, but make sure you’re ready for the taxman

Investing in digital assets can offer a plethora of opportunities, but when the taxman comes, investors best be prepared. Hindsight is 20/20, but when money is on the line, being prepared can give investors better foresight. Just over a year and a half ago, Investopedia reported on the panic among many crypto investors who’d found themselves on the wrong side of the taxman. The article read, “Online forums like Reddit are abuzz with posts citing possible scenarios by worried investors about pending tax liabilities for their past dealings in cryptocoins, which may now leave them poorer.” As Bitcoin’s ( BTC ) price soars and investors flock to crypto to cash in, legislators and regulators around the world are taking notice. Most recently, the Organisation for Economic Co-operation and Development announced a plan to release a ubiquitous tax standard for its member states, partly intended to curb base erosion and profit shifting. Although announcements like these serve as positive s...
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Investment Firm Launches the First ‘Crypto Hedge Fund’ in Spain- Plans to Expand Across Europe, Latin America

In Spain, an investment company has begun to promote what they called the “first crypto hedge fund.” The product has been registered in Malta by Avenue Investment Crypto, headed by a crypto advocate, Martin Huete. Investments Allocated Mainly in Bitcoin and Ethereum According to Infobae , the hedge fund “exclusively” targets qualified investors whose minimum investment starts at 100,000 euros ($120,600). However, anyone who would like to join the crypto hedge fund should prove to the firm that they hold assets for 750,000 euros ($904,900). Although Avenue Investment Crypto just launched the product, it was created by the firm in 2019. Huete was appointed as the institutional relations manager amid the commercialization phase of the crypto hedge fund. Within the portfolio offered by the firm, the total exposure of the crypto hedge fund ranges between 40% and 100% of the fund with investments in ethereum (ETH) , bitcoin (BTC) , and other undisclosed cryptos. Still, the fiat serving...
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Nigerian Vice President Yemi Osinbajo Contradicts Central Bank, Says Cryptocurrencies Must Regulated and Not Prohibited

In an apparent rebuke of the Central Bank of Nigeria (CBN), the Vice President of Nigeria Yemi Osinbajo says the country’s monetary authorities must consider regulating crypto assets. He adds that instead of “killing the goose that might lay the golden egg”, Nigerian monetary authorities must consider providing a “robust regulatory regime” that addresses their concerns. The Importance of Disruptive Technologies Still, in his address at a Bankers Committee meeting, Osinbajo says “he fully appreciates the position” that has been articulated by the CBN. Since the CBN prohibition went into effect, leaders at both the CBN and the Nigeria Securities and Exchange Commission (SEC) have defended this decision. However, in his speech, the Nigerian Vice President suggests that the country’s regulators must consider embracing emerging and disruptive technologies. Pointing to the past impact of some disruptive innovations, the Vice President said: “As seen in many other sectors, disruption m...
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Chinese Authorities Warn About ‘Sophisticated’ Digital Yuan Scam- Promotes Access to a ‘$186M Secret’ Government Fund

As China keeps paving the way to adopt its central bank digital currency (CBDC), scammers are also actively emerging on the scene. The police in a Chinese province are now warning about a “sophisticated” CBDC-themed scam. Bogus Platform Is Set to Be Launched in March, Say Scammers According to a post from the cybercrime unit of the Weifang police force in Shandong Province, a scam named “Central Bank’s International Wallet” is claiming to be a digital yuan wallet platform. The bogus platform seems to have caught almost 500 users as of press time. The scam operators are advertising that the platform will give members the possibility to access a “secret CBDC promotion fund” worth $186 million. It should be noted that the Weifang police is quoting a previous report first published by local media outlet Sina on the matter. Scammers claim that the platform’s users could get profits of around $24,800. Although the wallet is not “live,” scam operators say the platform will be launched...
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Blockchain and crypto will challenge current finance, Nigeria VP says

Yemi Osinbajo sees potential for crypto and blockchain. Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain.  “There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine,” Osinbajo said on Friday during the Central Bank of Nigeria, or CBN, Bankers’ Committee Economic Summit. "We need to be prepared for that seismic shift, and it may come sooner than later," he said. The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, or DeFi, in the mix. "Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance," he said.  Osinbajo’s speech,...
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FCA releases detailed 5-point plan to make UK a fintech powerhouse

A 108-page report details how the United Kingdom can retain its status as one of the global centers for fintech innovation and business. Upon the announcement of the United Kingdom Budget for 2020, chancellor Rishi Sunak commissioned Ron Kalifa OBE to conduct an independent review of the U.K. fintech sector. On Feb. 26, eight months later, the FCA published the 108-page report, and it contains multiple clear guidelines aimed at cementing the UK’s position as a fintech powerhouse. Over $95 billion was spent by U.K. fintech firms in 2019, and with 10% of the global market share, the U.K. is already ahead of the curve when it comes to fintech adoption and business. Investments in U.K. fintech firms totaled $4.1 billion in 2020, notes the report — more than the next five European countries combined. Kalifa still identified areas where the U.K. could improve its approach to creating a welcoming environment for the next generation of fintech players. “However, the trajectory of UK fint...
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Why is Bitcoin $86K in Nigeria? Here's why the BTC premium is huge in some countries

Traders are accustomed to slight price differences between exchanges, but is a 70% gap sustainable? Since the start of 2021, Bitcoin ( BTC ) price has been chasing new highs on a weekly and daily basis . On Feb. 21, BTC reached a new all-time high at $58,300. However, an interesting phenomenon is that even with many global cryptocurrency exchanges in existence, BTC's price can still vary greatly depending on geography. This raises an intriguing question. How can Bitcoin price simultaneously trade at $53,047 in Malaysia, $49,727 in Singapore, $51,133 in India, and over $86,000 in Nigeria ? Is the reason simply a temporary imbalance between buyers and sellers, taxes, regulations? Or is there something else at play? As shown in the chart below, there really isn't a set price for BTC as nearly every country has its own digital asset valuation. Bitcoin price premiums. Source: bitcoinpricemap.com At any given time, cryptocurrency prices will differ between countries, even af...
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Elon Musk unfazed by rumored possibility of SEC probe into Dogecoin tweets

The Tesla CEO avowedly loves "dogs and memes" and is greeting the alleged possibility of federal scrutiny of his Dogecoin tweets with a consistently droll attitude. Rumors of a possible investigation by the United States Securities and Exchange Commission into Tesla CEO Elon Musk's alleged impact on Dogecoin's price moves have been circulating on social media over the past day — a phenomenon that one Twitterer has quipped is "peak 2021."  I hope they do! It would be awesome — Elon Musk (@elonmusk) February 25, 2021 Musk's previous show-downs with the SEC notwithstanding, the CEO appears to be nonplussed about the possibility of an all-too-real legal fallout sparked by his penchant for the meme cryptocurrency. Musk's professed love for " dogs & memes " has spurred him to repeatedly post jocular memes about Dogecoin ( DOGE ), most recently one showing the Doge mascot " on the actual moon ."  Literally pic.twitter.com/X...
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Belarus government explores potential move into crypto mining

The Ministry of Energy of the Republic of Belarus has launched an investigation into the potential pros and cons of crypto mining. The Belarus state is studying the cryptocurrency industry for a potential move into mining digital coins like Bitcoin ( BTC ). The Ministry of Energy of the Republic of Belarus officially announced Friday that it is actively exploring the pros and cons of cryptocurrency mining. Minister Viktor Karankevich said that the crypto mining industry is rapidly growing all over the world in countries like China, the United States, Canada and Russia. The minister went on to say that the government is considering tapping into the mining industry following an investigation of the potential risks and other factors: “This is a new direction for us now. It is interesting but in order to get started with it, we have to conduct a detailed study of this issue, including an assessment of possible risks associated with this kind of activity. We’re on this.” The Belarusi...
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Bitcoin price 'macro top'? Not so fast — data shows the real FOMO isn't even here

If this bull cycle is like 2017 or even 2019, then the majority of investor "FOMO" and associated price gains lie ahead. Bitcoin ( BTC ) bears thinking that $58,000 was this cycle's top will be sorely disappointed, fresh investment data from past bull markets shows. Compiled by on-chain analytics resource Whalemap , statistics covering BTC buys of between $5 million and $7 million conclude that even at recent all-time highs, Bitcoin was far from a "macro top." "No FOMO in sight" for BTC During the 2017 and shorter 2019 bull market, Bitcoin saw mass buy-ins of a similar size — $5-7 million.  When investments of that amount hit a peak, price action began to reverse, signalling the start of consolidation or a heavier retracement.  According to Whalemap, cash injections in that area have been far from their previous peaks this year, indicating that the current correction will likely be temporary and on par with BTC's typical corrections during a...
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Bitcoin needs clear regulations to be less volatile, Bridgewater analyst says

Bitcoin will become more stable and liquid when regulatory certainty is in place, Bridgewater’s director of investment research argued. A senior analyst at asset management firm Bridgewater believes that regulation could potentially make Bitcoin ( BTC ) a good asset for institutional investors. Bridgewater director of investment research Rebecca Patterson claimed that regulatory certainty around Bitcoin would solve some of the cryptocurrency’s biggest problems associated with high volatility and low liquidity. In a Feb. 24 interview with Bloomberg, Patterson said that issues like volatility and liquidity remain the main hurdles for Bridgewater’s potential move into Bitcoin. “Right now Bitcoin can move 10% on a tweet, that’s not exactly a store of wealth for most institutional investors. So the volatility of Bitcoin is about 10 times that of your dollar, it’s still double that of the Venezuelan bolivar,” the executive said. Patterson went on to say that both the volatility proble...
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FATF updates guidance on crypto service providers, calls for public comments

The Financial Action Task Force is looking to adapt its guidance standards for stablecoins and crypto peer-to-peer transactions. The Financial Action Task Force says it is set to publish an update to its guidelines on cryptocurrencies and virtual asset service providers; a catch-all term including exchanges, wallet providers, and custody platforms, among others. This updated document will also be made available for public consultation from key stakeholders. According to a circular issued by the FATF on Thursday, the decision to update its guidance on VASPs was the result of the organization’s three-day plenary session. As part of its announcement, the intergovernmental that focuses on policies aimed at combating money laundering and terrorist financing revealed that the updated guidelines will be published in the first week of March. The new guideline will be an update to the June 2019 document that introduced the travel rule compliance for VASPs. The FATF travel rule requires ...
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Chicken and greens: $97B retail firm uses IBM blockchain to track food supply

Multinational retail giant Carrefour will use IBM's blockchain tech to track two major food categories as part of a growing reorganization of global supply lines. IBM’s food-tracking blockchain technology will be used by the Carrefour multinational retail firm to track food supply lines from the farm to the store. An agreement between Majid Al Futtaim — the firm that operates Carrefour in the Middle East — and IBM will see the retail giant use the IBM Food Trust initially to track two food categories: chicken and microgreens. The IBM Food Trust is a blockchain-specific platform designed for the food industry, hosted on the IBM Cloud. Carrefour, which recorded $97 billion in revenue in 2019, will enable customers to scan QR codes on the products in question, and receive extensive information about their entire production process, according to a report by Gulf Business. Relevant information will include product origin, date of production, transportation data, ingredients, health...
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Philippine Crypto Exchange Demands Users Return Bitcoin Bought at $6,000 Following System Error

Philippin e crypto exchange Pdax recently suffered a costly technical failure – one that led to bitcoin trading at 300,000 Philippine pesos (around $6,000) – a discount of 88% to its current price. In the melee, some users managed to buy at these ridiculously low prices and quickly moved the bitcoin ( BTC ) away from their exchange wallets before the error was detected, local news outlet Bitpinas reported . The actual amount of BTC hoarded at the $6,000 give-away price is not clear. However, the Philippine Digital Asset Exchange, or Pdax, is now demanding that users return the bitcoin or face legal action. The exchange has since locked out several of its clients from their accounts for this reason. But the traders are having none of it. “After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC , or they ‘may’ be compelled to take legal actions against me.” said one trader who bought at the low price and is convinced he did not violate any...
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Bitcoin price nears $44K as large Coinbase outflows fail to stop the sell-off

It seems weak hands are not done selling, and data hints that institutions, as ever, are reaping the benefits. Bitcoin ( BTC ) hit fresh local lows on Feb. 26 despite what appear to be ongoing largescal institutional buy-ins. New lows despite bullish signs Data from Cointelegraph Markets and TradingView  showed BTC/USD $44,150 during Friday trading — last seen two weeks ago — after a rebound to $50,000 fizzled overnight. Bitcoin had seen good news in the form of asset manager Stone Ridge planning to become the first Bitcoin mutual fund, along with major corporate purchases from MicroStrategy and Square. These, however, failed to stem the bearish mood, with 24-hour losses standing at near 10% at the time of writing. "Everyone wants 42k, so we probably just go up now or drop to 38k on a savage wick. Crowd rarely gets what it wants," popular trader Scott Melker summarized on Twitter. Cointelegraph Markets analyst Michaël van de Poppe had prevously forecast ultimate ...
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