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Showing posts from June 13, 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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Lebanese Economy Crashes to New Lows – In Less Than Two Years Nation’s Currency Lost 90% Against the US Dollar

The Lebanese pound dropped to a new low on Sunday against the greenback trading in the low 1,500s range to the U.S. dollar. Lebanon’s currency has been in a downward spiral since 2019, as the pound has lost 90% of its value since then. Reports note that Lebanese citizens are facing shortfalls on basic goods like food and medicine, as attestations say “shortages have been worsening across the board.” Lebanese Pound Sinks to a New Low Against the Greenback, Country’s Monetary System Is Collapsing On Sunday, June 13, 2021, the Lebanese pound (LPB) dropped to 1,501 against the U.S. dollar or 0.00066 LBP per USD. The country’s economic crisis which started in 2019 has continued to wreak havoc on the Lebanese economy. Essentially, the Lebanese government overspent reserves , leveraged foreign aid, and “balanced its books with tourism receipts” after the civil war. The country’s leaders borrowed to build skyscrapers, eateries and designer boutiques, luxury shopping malls, and more. Repor...
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Tanzanian president urges central bank to prepare for crypto

Tanzania’s president wants the country’s central bank to begin exploring Bitcoin and digital assets. Tanzania appears to be the latest emerging economy poised to embrace Bitcoin and crypto assets. On June 14, Tanzanian president Samia Suluhu Hassan urge d the country’s central bank to begin exploring crypto assets. Hassan emphasized the increasing impact of digital assets on global finance, stating: “We have witnessed the emergence of a new journey through the internet.” She highlighted the lack of crypto adoption and development in the East African region, stating: “Throughout the region, including Tanzania, they have not accepted or started using these routes.” “My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.” Hassan’s comments come on the heels of numerous Latin lawmakers pushing for greater crypto adoption in other emerging economies, including El Salvador — where...
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RNS Solutions & Trustedchain Are Developing Blockchain FinLit Platform for Islamic Development Bank

PRESS RELEASE. Pakistan: RNS Solutions Pte Ltd. , the leading blockchain software development company from Pakistan, Korea, and Singapore this week announced a formidable partnership with the ICD-Islamic Development Bank Group , a multilateral development bank that promotes social and economic development in member countries, and Trustedchain software development & consultancy firm in Saudi Arabia. As part of the partnership, the consortium (RNS Solutions & Trustedchain) will be developing a blockchain and AI-based financial literacy (FinLit) platform, which will feature a crowdfunding lab based on blockchain technology. The platform will also include an interactive financial learning management system and financial AI chatbot support systems. In an effort to provide financial education and information to younger generations that are often ill-prepared for the financial demands of the modern world, FinLit will break down complex financial and investment terms, services, ...
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Reports of Mining Sector Cleanup Put China’s Yunnan Province in the Spotlight

Authorities in Yunnan are launching an investigation to identify and shut down miners that are illegally using electrical power to mint bitcoin, Chinese media reports. Inspections will also focus on potential safety hazards and will be carried out by various government departments. The mining industry cleanup is expected to continue till the end of June. Media: Yunnan Energy Bureau to Pull the Plug on Bitcoin Farms The province of Yunnan is reportedly joining the crackdown on cryptocurrency mining that’s already underway in other Chinese regions. According to the South China Morning Post (SCMP), local authorities have ordered an investigation into the alleged illegal use of electrical power in bitcoin mining. On Sunday, the publication quoted a June 12 report by the China Securities Journal which is published by the Xinhua news agency. The newspaper revealed that the Yunnan Energy Bureau plans to cut the power supply to individuals and companies illegally using electricity in crypt...
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Dutch Official Predicts Crypto Market Crash, Says ‘the Netherlands Must Ban Bitcoin Now’

The director of the Netherlands’ Bureau for Economic Policy Analysis, a part of the country’s Ministry of Economic Affairs and Climate Policy, has predicted “The ultimate collapse of the crypto bubble.” He urges the government to ban bitcoin and other cryptocurrencies immediately. However, the country’s finance minister disagrees that banning cryptocurrency is right for the country. CPB Director Wants Cryptocurrencies Banned Pieter Hasekamp, director of CPB Netherlands Bureau for Economic Policy Analysis (CPB), published an article on the official CPB website Friday titled “The Netherlands must ban bitcoin.” The article was originally written for publication in the daily newspaper Het Financieele Dagblad. The CPB is a part of the Ministry of Economic Affairs and Climate Policy. Its director is appointed by the minister, in consultation with other members of the government. However, the CPB is fully independent as far as the contents of its work are concerned, the bureau’s website s...
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Bitcoin price moves toward $40K as on-chain and technical analysis favor bulls

Bitcoin price is still 38% away from its all-time high but a handful of technical indicators suggest bulls are gathering strength. Bitcoin ( BTC ) price saw a bullish turn of events on June 13 as the price broke out to $39,252 but many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend.  To date, the crypto market remains on edge and is two months removed from Bitcoin’s all-time high near $65,000. A market analysis from Delphi Digital identified a “major head and shoulders pattern” that could “spell more short term pain if BTC dives below $30,000.” With that in mind, now is a good time to review some key data points to gain a greater perspective on where Bitcoin price could go next. Short-term holders suffer losses A 50% decrease in price over the past two months may seem extreme to those unfamiliar with the volatility of the cryptocurrency market, but it comes as no surprise to the long-term hodlers wh...
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Christine Lagarde Reaffirms ECB’s Crypto Policy as Bitcoin Becomes Legal Tender in El Salvador

The president of the European Central Bank (ECB), Christine Lagarde, has shared her view on El Salvador making bitcoin legal tender. She confirmed that the central bank’s policy on bitcoin and other cryptocurrencies has not changed. ECB’s Lagarde Comments on El Salvador Making Bitcoin Legal Tender ECB President Christine Lagarde has shared her view last week on El Salvador’s move to make bitcoin legal tender. The country passed a bill last week making bitcoin legal tender alongside the U.S. dollar. Lagarde first admitted that since she left the International Monetary Fund (IMF), she is “no longer familiar with the situation in El Salvador.” The ECB chief noted, “I know that it is a country that is under the IMF program.” While pointing out that “the issue of having dual tender in a particular economy is a difficult one,” Lagarde confirmed: That certainly does not change our approach to crypto assets and to regulations, supervision, and proper classification that they should be ...
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JPMorgan Warns of Incoming Bitcoin Bear Market Citing ‘Unusual Development’ in Futures

Investment bank JPMorgan Chase has warned of a further bitcoin price decline, expecting an incoming bear market. The bank’s analysts look at the trend in bitcoin futures and see “an unusual development and a reflection of how weak bitcoin demand is at the moment from institutional investors.” However, a number of people disagree with this analysis. JPMorgan Warns of Incoming Bear Market JPMorgan Chase analysts, led by Nikolaos Panigirtzoglou, warned of an incoming bitcoin bear market in a note to investors last week. The analysts looked at bitcoin futures which have been trading at a discount to the spot price, known as backwardation. “We believe that the return to backwardation in recent weeks has been a negative signal pointing to a bear market,” they wrote, adding: This is an unusual development and a reflection of how weak bitcoin demand is at the moment from institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin. JPMorgan’s ana...
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Elon Musk Says Tesla Will Resume Accepting Bitcoin When Miners Confirm 50% Clean Energy Usage

Tesla CEO Elon Musk has announced that when there is “confirmation of reasonable (about 50%) clean energy usage by miners with positive future trend,” his electric car company will start accepting bitcoin for payments again. Elon Musk Reveals When Tesla Will Resume Accepting Bitcoin Tesla CEO Elon Musk talked about when Tesla will resume accepting bitcoin for payments Sunday. He wrote : When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions. Tesla began accepting bitcoin for car payments in March. Musk confirmed at the time that any BTC received will not be converted into fiat currencies. This followed the company’s filing with the U.S. Securities and Exchange Commission (SEC) declaring that it had purchased bitcoin worth $1.5 billion. In April, its bitcoin stash was worth $2.5 billion . However, Tesla suspended accepting bitcoin as a payment option in May, citing environmental i...
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Silk Road Founder Ross Ulbricht Speaks Publicly for the First Time Since 2013

At the Bitcoin 2021 conference in Miami, attendees listened to the first phone interview with the Silk Road’s Ross Ulbricht from the depths of the maximum-security prison in Tucson, Arizona. During the interview, Ulbricht spoke about bitcoin and how the decentralized crypto asset is “transforming the global economy.” Following the phone call, Ulbricht was placed in the hole according to the official Free Ross Twitter account. Ross Ulbricht Speaks About Bitcoin in His First Interview from Prison Ross Ulbricht’s voice was heard by the attendees who went to the Bitcoin 2021 conference in Miami this year. The recent interview was recorded by Bitcoin Magazine and is the first recorded phone conversation with Ulbricht after his arrest. Ulbricht touched upon the loss of his freedom and noted that from his confinement he’s “spent the last eight years watching Bitcoin grow up from in here.” During the phone call, Ulbricht noted that he was around during the Bitcoin network’s nascent days a...
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Top 5 cryptocurrencies to watch this week: BTC, AAVE, KSM, ALGO, TFUEL

AAVE, KSM, ALGO and TFUEL are showing signs of strength while Bitcoin bulls attempt to push BTC price over $38,000. Bitcoin’s ( BTC ) price continues to be range-bound between $30,000 and $40,000 level for the past few days, which is not necessarily a bearish sign. Generally, after a sharp fall, the price tends to consolidate as the asset transfers from weaker hands to stronger hands. After the transition is complete, the asset breaks out and starts a new uptrend. Usually, the longer the price consolidates in a range, the stronger the next trending move will be. Bloomberg Intelligence senior commodity strategist Mike McGlone said on Saturday that Bitcoin’s declining supply was a positive sign, which could act as a “bullish ace” for its move higher “if past patterns hold.” Crypto market data daily view. Source: Coin360 Yoni Assia, CEO of eToro, also told Cointelegraph that Bitcoin could see a sharp rise “over the next three to five years, as there are still 5 billion people i...
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Elon Musks lays out when Tesla will begin accepting Bitcoin payments

Musk responded to a Cointelegraph tweet about Sygnia CEO Magda Wierzycka calling for the SEC to investigate him over alleged Bitcoin price manipulation. Tesla CEO Elon Musk says his electric-vehicle company will start accepting Bitcoin ( BTC ) payments once there’s confirmation that miners are utilizing clean energy, offering a glimmer of hope that the FUD surrounding digital assets could soon subside.  Musk responded to a Cointelegraph tweet about recent accusations from Sygnia CEO Magda Wierzycka, who called on the United States Securities and Exchange Commission to investigate the billionaire for allegedly manipulating Bitcoin’s price. This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market. When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions. — Elon Musk (@elonmusk) June 13, 2021 According to Wierzycka, M...
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Cuba’s Central Bank Suspends US Dollar Deposits Nationwide – Officials Cite Embargo ‘Obstacles’

The Republic of Cuba is suspending the use of U.S. dollars due to embargo restrictions with U.S. and foreign banks. The central bank of Cuba’s restrictions stems from the “obstacles that the U.S. embargo creates for the national bank system.” Cuba Bans USD Deposits, BCC Tells Tourists to ‘Arrive With a Currency Other Than the Dollar’ Cuba, the island country located where the Caribbean Sea, Gulf of Mexico, and the Atlantic Ocean meet, said this week U.S. dollars will be suspended in the country. The mandate comes from the country’s central bank and foreign tourists have been told to leave U.S. dollars at home when visiting. The announcement was invoked at a roundtable discussion that was aired on state-sponsored Cuban television. “In view of the obstacles that the U.S. embargo creates for the national bank system to deposit abroad the U.S. dollars that are collected in the country, a decision was made to temporarily suspend deposits in U.S. banknotes in Cuba’s bank and financial s...
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US Senator Urges Treasury Secretary to ‘Make Significant Revisions’ to FinCEN’s Crypto Proposal

U.S. Senator Pat Toomey has urged Treasury Secretary Janet Yellen to “make significant revisions” to the proposed crypto regulation by the Financial Crimes Enforcement Network (FinCEN) and the planned adoption of the guidance issued by the Financial Action Task Force (FATF). Senator Asks Janet Yellen to Revise Proposed US Crypto Regulation U.S. Senator Pat Toomey wrote a letter to Treasury Secretary Janet Yellen Thursday regarding the U.S. approach to cryptocurrency regulation. “I write to raise concerns with two proposals involving the Department of the Treasury related to the regulation and oversight of cryptocurrencies,” he began. The first concern relates to FinCEN’s proposed rule for cryptocurrency transactions and the second relates to the FATF guidance on cryptocurrencies and virtual asset service providers (VASPs). The senator described: While I recognize that FinCEN and FATF’s proposals are seeking to address the misuse of cryptocurrencies for illicit activity, if adopt...
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