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Showing posts from November 25, 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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Uzbekistan Allows Residents to Trade Cryptocurrencies on Local Exchanges

Changes to the rules governing activities of crypto exchanges in Uzbekistan now allow residents to trade coins on licensed platforms. Uzbekistanis could previously only sell their digital assets. The new provisions also regulate the issuance of tokens and their listing. Uzbekistan Loosens Restrictions on Domestic Crypto Trading Uzbekistanis will be able to trade digital currencies on the country’s licensed crypto exchanges. This has become possible after the National Agency for Project Management (NAPM) under President Shavkat Mirziyoyev recently amended the rules pertaining to local cryptocurrency trade. According to the new regulations, residents of Uzbekistan can buy, sell, and exchange crypto assets domestically for their national currency, Forklog reported, quoting a decree issued by the agency’s director. Non-residents are allowed to exchange cryptocurrencies for foreign fiat as well. Uzbekistan legalized crypto trading in 2018 but in late 2019 the government banned local...
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New German government cites crypto in coalition agreement

The new German coalition is aiming to make the “European financial market supervisory law” fit for crypto-assets and businesses. The new German government has cited crypto in its coalition agreement, advocating for an equal playing field between traditional finance and “innovative business models.” Three German political parties agreed to a coalition deal this week that will see left-leaning Social Democrats (SDP), the Green Party and the right-friendly Free Democrats (FDP) take the reins from December this year. According to a rough translation of the 177-page agreement published on Nov 24, the coalition calls for a new “dynamic in relation to the opportunities and risks from new financial innovations” such as crypto assets and blockchain businesses: “We are making European financial market supervisory law fit for digitization and for complex group structures in order to ensure holistic and risk-adequate supervision of new business models.” “We need joint European supervision f...
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South Korean regulator proposes strict new rules for token issuers

The FSC wishes to establish a system that would recover illegally gained funds, dole out criminal punishments, and protect investors from future malfeasance. South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance. The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended for trading, as well as decentralized finance projects among others. The Nov. 23 report by the FSC details items it proposed in the Act on the Protection of Cryptocurrency Users that has been sent to the National Assembly for consideration. It lays down rules for token issuers who wish to have their tokens traded on Korean exchanges and suggested punishments for those the FSC has deemed to be making “undue profit through market manipulation or trading on undisclosed information.” The report first addresses token-is...
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Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India

Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the upcoming session that starts next week, much debate has transpired about whether the government will ban cryptocurrencies, such as bitcoin and ether. Crypto Regulation Is Coming but There Are Conflicting Accounts About What Is In It Indian crypto legislation is drawing near. The Indian government has listed a cryptocurrency bill to be taken up in Lok Sabha, the lower house of India’s parliament, for the winter session which starts on Monday, Nov. 29. The bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” Much debate has transpired about whether the Indian government will ban cryptocurrencies such as bitcoin ( BTC ) and ether ( ETH ). The crypto bill itself has not been made pu...
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Thai lawmakers urged to approve tourism crypto to entice digital nomads

The rollout of the Tourism Authority of Thailand’s TAT Coin is coming closer to fruition, and is now awaiting government approval according to local figures. A push in Thailand to boost gross domestic product (GPD) by targeting crypto digital nomads is coming closer to fruition according to local media. The Tourism Authority of Thailand (TAT) has been looking into launching its own utility token called TAT Coin since September as part of a planned “cryptourism” campaign. The initiative aims to attract crypto wealthy digital nomads and the TAT has been in discussions with the Stock Exchange of Thailand regarding TAT Coin’s issuance. According to a Nov. 24 report from the Bangkok Post, the infrastructure behind the TAT Coin is “ready” to go and is now awaiting the green light from the Thai government. Speaking at the "Transform tourism with cryptourism" conference on Tuesday, Jirayut Srupsrisopa the founder and CEO of local crypto exchange Bitkub urged policymakers to a...
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Report claims each Solana TX uses less energy than 2 Google searches

The report also found that a transaction on the Solana blockchain uses 24 times less energy than charging your phone. A transaction on the Solana network takes less energy than two Google searches, and 24 times less energy than charging your phone, according to a Nov. 25 report by the Solana Foundation. The report states that a single transaction on its network uses 0.00051 kWh, or 1,836 Joules, of energy. According to Google, an average search uses 0.0003 kWh or 1,080 Joules of energy. Perhaps more surprisingly, the report claims the entire Solana network uses an estimated 3,186,000 kWh per year, which is equivalent to the average electricity usage of 986 American households. In May, the Solana Foundation contracted Robert Murphy to write the report in order to “frame the environmental impact” of transactions on the Solana network. Murphy is the founder of Othersphere and was formerly an Energy Specialist at the World Bank. The Solana network is less decentralized than Bitcoin...
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1 million Shiba Inu users can't be wrong... can they?

With over one million token holders, Shiba Inu looks set for great things ahead, despite trading more than 50% below its all time high. Shiba Inu (SHIB) has reached an adoption milestone by surpassing the 1 million holders mark — even though the memecoin is trading 50% below its all-time high.  News of the milestone and daily price increase has energized the Shiba Inu community since the official Shiba Inu Twitter account tweeted a shoutout late on Nov. 25. Such a proud, and amazing milestone for the #ShibArmy ! $SHIB reaches 1,000,000 holders. Today we all cheer, and celebrate this great moment in SHIB's history. #1MFRIENDSHIBS #SHIB pic.twitter.com/T1UtMRdQ7r — Shib (@Shibtoken) November 25, 2021 Since the project reached this milestone, the price has jumped up 11.4% over the past 24 hours, with SHIB now trading at $0.00004237 according to Coingecko . There are 1,002,021 SHIB holders according to data from Etherscan . Despite the recent price increase, SHIB is stil...
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Mexico’s Third Richest Man Advises Buy Bitcoin Now — Says US Looking Increasingly Like Third World Country

Mexico’s third-richest billionaire, Ricardo Salinas Pliego, has advised investors to “buy bitcoin right now.” He explained that the U.S. is “looking more and more like any other irresponsible third world country.” Ricardo Salinas Pliego on US Economy and Bitcoin Mexican billionaire Ricardo Salinas Pliego commented on the U.S. economy and bitcoin Wednesday. He is the founder and chairman of Grupo Salinas, a group of companies with interests in telecommunications, media, financial services, and retail stores. According to Forbes’ list of billionaires, his net worth is currently $14.2 billion. Salinas tweeted a weekly chart of the total value of the Federal Reserve’s assets (less eliminations from consolidation), which was updated on Nov. 18. It shows total assets of more than 8.67 trillion dollars. The billionaire tweeted: Good old USA is looking more and more like any other irresponsible third world country…wow…look at the scale of fake money creation. Buy bitcoin right now. The...
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JPMorgan CEO Jamie Dimon Warns People to Be Careful When Investing in Crypto Citing ‘No Intrinsic Value’

The CEO of global investment bank JPMorgan has warned investors about investing in cryptocurrency. “Cryptocurrency has no intrinsic value. You are basically buying a token,” he said. “I would be very careful.” JPMorgan Boss Jamie Dimon Warns About Investing in Crypto JPMorgan Chase and Co’s (JPM.N) chief executive officer, Jamie Dimon, shared his thoughts on the U.S. economy, inflation, China, and cryptocurrency in an interview with CBS Boston, published Wednesday. He was asked whether young people should invest in crypto in reference to several commercials encouraging investors to put money in cryptocurrencies, such as a commercial featuring Tom Brady and his wife Gisele Bundchen. “I’m a skeptic,” Dimon replied. “I mean blockchain is real if we use it for certain things. Parts of defi (decentralized finance) are real.” However, the JPMorgan boss emphasized: Cryptocurrency has no intrinsic value. You are basically buying a token. Why it has a lot of that I don’t know, and I thi...
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Australian Tax Office says it can't rely on crypto users' own records

“Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars,” said the ATO commissioner. The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits — even though most investors try their best. Speaking at the 14th International ATAX Conference on Tax Administration conference on Nov. 23, ATO commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations : “In a sector that is growing rapidly with new investors, we can’t rely on taxpayers knowing they need to keep records of their investment income and capital gains and disclose it on their tax returns.” “Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars,” he added. Jordan explained that the...
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Bitcoin overtakes Paypal on value transferred, sets sights on Mastercard: Report

Blockdata’s report suggests that the Bitcoin network could potentially match the dollar value transferred on Mastercard’s network as early as 2026, or as late as 2060. The Bitcoin network already processes more volume by dollar value than Paypal and the largest decentralized cryptocurrency network in the world by market cap could outstrip Mastercard by as early as 2026. A Nov. 25 report from market intelligence platform Blockdata titled When might the Bitcoin network process volumes like Mastercard and Visa? points out that the Bitcoin network processed about $489 billion per quarter in 2021, which is greater than Paypal’s $302 billion. After just 12 years in existence, Bitcoin processes about 27% of Mastercard’s $1.8 trillion per quarter, and 15% of Visa’s $3.2 trillion. Three factors could see the Bitcoin network to rise to the level of the two credit card giants in terms of total volume processed: the total number of transactions , the average amount of Bitcoin sent per transa...
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US Senator Asks Coinbase, Gemini, Binance, Tether How They’re Protecting Consumers

U.S. Senator Sherrod Brown has sent letters to cryptocurrency exchanges and stablecoin issuers, including Coinbase, Gemini, Binance, and Tether, asking how they are protecting consumers and investors. “I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins,” the senator said. US Senator Raises Concerns Regarding Stablecoins U.S. Senator Sherrod Brown (D-Ohio), chair of the U.S. Senate Committee on Banking, Housing, and Urban, announced Tuesday that he has sent letters to a number of crypto exchanges and stablecoin issuers. Among the recipients of his letters are Coinbase, Gemini, Paxos, Trusttoken, Binance.us, Centre, and Tether. The senator asked these crypto companies how they “are protecting consumers and investors amid the risks highlighted in the recent report by the President’s Working Group on Financial Markets.” The announcement adds: “Senator Brown emphasized the difficulties consumers and investors may face in unde...
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GAIMIN Releases Platform to Create a Global Data Processing Network With “Supercomputer” Performance

PRESS RELEASE . Manchester, UK, 25 November 2021: GAIMIN releases platform to create a global data processing network with “supercomputer” performance UK and Swiss based gaming and blockchain company, GAIMIN ․ IO Ltd releases a PC-based platform to create a global, decentralised data processing network with “supercomputer” level performance and also announces Nicky Butt, ex-Manchester United, Newcastle and England Team Player as Company Ambassador. A new UK-based technology platform designed to boost the world’s processing power using high-end gaming PCs has opened its platform to users. GAIMIN utilises the unused processing power available from the GPUs of high-end gaming PCs to boost global processing power virtually, effectively creating a huge global supercomputer. GAIMIN’s platform harnesses the “spare” processing capacity from gaming PCs creating a virtual source of interconnected, networked, data processing power that businesses and institutions can tap into. GAIMIN curren...
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Seventh-Largest NFT Platform Rarible Launches Messaging Application

Following the non-fungible token (NFT) platform supporting Flow-based NFT collectibles, NFT marketplace Rarible has launched a direct messaging feature that gives creators the ability to connect with fans via the user’s wallet address. Rarible Reveals Messenger Tool via Internal NFT Marketplace, Standalone Rarible Messenger to Follow The NFT marketplace Rarible is the seventh-largest NFT platform in terms of all-time sales with $273.06 million in sales to date. Statistics from dappradar.com indicate that Rarible has roughly 86,489 traders using the marketplace. Rarible is an Ethereum ( ETH )-based NFT market but during the second week of November 2021, the platform revealed that users can now create, list, and trade Flow blockchain-based NFT collectibles on the Rarible platform. The NFT marketplace announced the launch of the Rarible Messenger feature on November 23 and the firm explains that it aims to connect NFT creators with the community. At the time of writing, Rarible Me...
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The future is Bitcoin according to South Park creators

“It’s the future — we’ve all decided centralized banking is rigged so we trust more in fly-by-night Ponzi schemes,” said the motel clerk accepting Bitcoin as payment. South Park, the animated TV series which often tackles topical issues with a comedic twist, showed Bitcoin being used as a mainstream means of payment in the not too distant future. In the “Post COVID” episode of its 24th season which aired today, South Park depicted one of the show’s protagonists, Stan Marsh, paying for a stay in a cheap motel using Bitcoin ( BTC ) roughly 40 years from now, when the pandemic is jokingly about to end for good. The fictional Super 12 Motel Plus — in a future where nearly all brand names have “plus” and “maxx” included — only accepts “Bitcoin and other cryptocurrency,” with the show having Marsh pay using a plastic card with the BTC logo and a QR code. “It’s the future — we’ve all decided centralized banking is rigged so we trust more in fly-by-night Ponzi schemes,” said the motel cle...
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Jury to Decide Fate of Billion-Dollar Bitcoin Lawsuit Involving Craig Wright

On Tuesday, November 23, the closing arguments for both sides of the Kleiman v. Wright trial finished and now ten jurors will decide the fate of the billion-dollar bitcoin lawsuit. While Craig Wright claims he’s Satoshi Nakamoto, he also insists the now-deceased Dave Kleiman did not help with the creation of Bitcoin. The plaintiffs are hoping to win an incredibly large sum of money and intellectual property (IP) estimated to be worth billions of dollars. Kleiman v. Wright Trial Nears the End The infamous Kleiman v. Wright trial is nearing its end and the cryptocurrency community is about to witness the long-awaited decision stemming from a jury in Miami, Florida. The plaintiffs’ attorney representing the Kleiman estate, Vel Freedman, tweeted about the case when the closing arguments were finished and the jury left to make a decision. “Kleiman v Wright update: Case submitted to the jury. Closings done. Now we wait,” Freedman explained on Tuesday afternoon (EST). Freedman further t...
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UK Law Commission affirms English and Welsh laws apply to smart contracts

“The Law Commission’s analysis demonstrates the flexibility of the common law to accommodate technological developments, particularly in the context of smart legal contracts,” said the announcement. The U.K. Law Commission, tasked with monitoring the laws in the United Kingdom and recommending reforms, has said England and Wales do not need statutory law reform for smart legal contracts in the digital asset space. In a Thursday announcement, the commission said smart contracts built using distributed ledger technology are permissible within England’s and Wales’ current legal framework. The Law Commission recommended only “an incremental development of the common law” as needed for existing frameworks, but also encouraged any parties to smart contracts to explain risks relating to “the performance of the code” and any other necessary terms. The commission said the conclusions built on those reached by the U.K. Jurisdiction Taskforce, which in 2019 recognized smart contracts as enfo...
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Spanish regulator raises alarm on Binance promo by soccer star Iniesta

A Binance promotion post by soccer legend Andrés Iniesta has so far amassed over 270,000 likes on Instagram. A major financial regulator in Spain has put out a warning regarding soccer star Andrés Iniesta for promoting major cryptocurrency exchange Binance. Iniesta, a prolific midfielder who has played for Barcelona and the Spanish national team, was promoting Binance on his social media profiles on Instagram and Twitter. On Wednesday, Iniesta posted several pictures of him next to a laptop showing the Binance website on the screen as well as holding a smartphone reflecting several major crypto markets, including Bitcoin ( BTC ) and Binance Coin ( BNB ). Hola, @andresiniesta8 , los criptoactivos, al ser productos no regulados, tienen algunos riesgos relevantes. Es recomendable leer el comunicado de @CNMV_MEDIOS del 9/2/2021 https://t.co/SWRF73xEJj e informarse a fondo antes de invertir en ellos o de recomendar a otros que lo hagan — CNMV (@CNMV_MEDIOS) November 24, 2021 At...
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Crypto poses no big risk to economy so far, Bank of Canada official says

Canada is one of the first countries to approve a Bitcoin ETF and is the fourth-largest nation in terms of hash rate. Cryptocurrencies like Bitcoin ( BTC ) do not pose any significant risk to the financial system at their current level of adoption, according to Bank of Canada’s Deputy Governor Paul Beaudry. Beaudry spoke about the risks to the stability of the Canadian financial system at the Ontario Securities Commission Dialogue 2021 on Nov. 23. When asked whether cryptocurrencies are a risk, the deputy governor responded that the Bank of Canada doesn’t think that crypto is “developing in a way that creates a systemic type of risk for a financial system” up to now. This is because cryptocurrencies are “quite removed from a financial system,” Beaudry noted. But as the crypto market grows bigger with more people investing in it, crypto becomes more of a risk, which could mean a certain level of vulnerability, the official said: “We’re not at the point yet of thinking this a big ...
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EY Survey Finds 1 in 4 Hedge Funds to Increase Crypto Exposure Next Year

EY, one of the big four consulting and auditing firms in the world, found that one in four hedge funds are expecting to increase their crypto exposure for the next year. The 2021 EY Global Alternative Fund Survey describes that alternative fund managers are slowly taking a stable place in the portfolios of investors, with digital assets being present, albeit in a small way. EY Survey Finds Hedge Funds Hungry of Crypto Exposure The 2021 Global Alternative Fund Survey, a survey compiled by EY, one of the big four companies , shows the performance and popularity of alternative fund managers among investors during the year. The survey has found that hedge funds are one of the most open platforms to include crypto assets in their structures. According to the survey, one in four hedge funds is studying to increase their exposure to cryptocurrencies in the next year. Due to the coronavirus pandemic, investors had to go through an interesting year with many challenges, and navigating thro...
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Finnish regulators tighten the screw on virtual currency marketing

The Finnish Financial Supervisory Authority published stricter rulings regarding crypto marketing. Hot on the heels of the rising cryptocurrency hype, Finnish regulators have dropped a formal notice. On Nov. 24th, the Financial Supervisory Authority (FIN-FSA) stated: “Only registered virtual currency providers can market virtual currencies and related services in Finland. The marketing of virtual currencies in Finnish and in Finland is only allowed for entities registered as virtual currency providers in Finland.” Finland is a highly economically free country, ranking 17th in the Index for Economic Freedom . However, as LocalBitcoins CEO Sebastian Sonntag told Cointelegraph upon receiving their FSA license in 2019: “The controls in the financial sector are of particularly high quality and the position of the clients is well protected.” It appears that the FSA is keen to protect investors — particularly retail — who are more likely to be influenced by marketing activities. If the...
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