FTX Execs Maxed Out Donations to Rep. George Santos

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Submitted January 27, 2023 at 07:39PM by bingorunner https://ift.tt/lsU7Fgv https://ift.tt/7cuT2Dq

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Paraguayan Bitcoin Mining Companies Hurt by Power Rate Hikes of Over 50%

Paraguayan mining companies are taking a hit to their profitability due to the steep power fee hikes the government has established for cryptocurrency mining activities. According to reports from Braiins Mining business developer Nano Grijalba, after the veto of the crypto law, the change in power fees makes mining hosting an unprofitable business in Paraguay.

Bitcoin Mining Power Fee Hike Hurts Paraguayan Companies

Once seen as a haven for bitcoin and crypto miners, Paraguay has changed. Paraguayan miners now complain due to the price hikes the government has applied specifically for the industry of cryptocurrency mining. According to reports from Nano Grijalba, business developer of Braiins Mining, this price hike of over 50% is discriminating against bitcoin miners directly using the excuse of the low number of jobs the industry creates.

Grijalba criticized the environmental logic of these measures. On this issue, he stated:

Paraguay’s decision to increase fees for bitcoin mining, a clean industry, while attracting high-emissions industries with low fees, is questionable. We must prioritize support for clean industries for a sustainable future.

Hosting Activity Affected

Grijalba raised concerns about the future of the hosting activity in the country, which consists in offering mined logging maintenance services for third parties. He explained that costs and the margins of the international market made offering this service impossible.

The Paraguayan Congress passed a legal framework to regulate cryptocurrency mining and exchange activities in the country, establishing limits to the power fees for mining in July, last year. However, this law was vetoed in August by the current president of Paraguay, Mario Abdo Benitez, who stated the industry was characterized by its “high consumption of electrical energy, with intensive use of capital and little use of labor.”

Abdo Benitez also explained that the growth of the crypto-mining activity might push the country to import energy in the future. Congress attempted to pass the cryptocurrency law project without having presidential support but lacked the necessary votes, and finally shelved it in December.

Grijalba revealed that miners are currently working hand in hand with authorities to reintroduce laws that would lessen the burden that miners are currently facing. About this, Grijalba declared:

A new decree is currently being worked on to make it attractive again, we hope it will address the issue of import taxes, another weak point.

However, no more details were offered on this new decree. Finally, Grijalba called for the normalization of these activities in the country for the benefit of the national economy.

What do you think about the state of bitcoin mining in Paraguay? Tell us in the comments section below.

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Fortune Unicorn Club (FUC), the First DIY-Mint Method NFT Project, Has Won 2 Million in Funding in the ForChain Labs’ Seed Round

PRESS RELEASE. ForChain Labs was founded in April 2022 as a web 3 startup company. Meanwhile, the NFT project, Fortune Unicorn Club, was being developed. ForChain Labs has raised 2 million funds in its seed round and will use the funds to develop and operate Fortune Unicorn Club (FUC), the first NFT project to utilize DIY-minting.

As reported, ForChain Labs currently manages investments in four major segments: industrial, technology, finance, and web 2, with 198 portfolio companies and $9.3 billion in assets. As a result, the venture capital sector is actively exploring opportunities in the Web 3 market, and ForChain Labs has become one of the VC’s first companies to be backed by a Web 3 company. Due to confidentiality agreements, we cannot disclose more information about the venture capital firm at this time.

Fortune Unicorn Club (FUC) allows people to select traits during their mint. It offers 500+ high-quality 3D traits for people to assemble their FUC avatar, so the minter is the one to decide what the metadata is and the one to decide what each unique FUC avatar looks like. Thus, the NFT collection is generated by pure human aesthetics rather than generated by a cold random program or AI. ForChain Labs hopes people can put their personalities and stories into each FUC avatar using the DIY-mint method. In addition, it lets each FUC avatar carry an additional sentiment value, making the FUC collection more meaningful.

Furthermore, FUC has built its Create-to-Earn system. Minter (who decides what the unique FUC avatar looks like) will become Avatar Creator and receive 3% royalties on the avatar they created for life. Minters can claim their royalties anytime in FUC Holder Portal. The team aims to lower the threshold of co-creation and encourage people to co-create an NFT collection through this approach.

Metaverse and AR are also parts of FUC’s roadmap. However, the team claims it will never build its metaverse but will keep adapting for more popular metaverses. The team believes there are more proper ways to bring holders value than creating a metaverse. Instead, they will bring holders eternal value by building its compatibility and adapting FUC avatars into increasingly popular metaverses. Soon, holders can get into metaverses with the FUC avatar they created.

More Info:

https://fortuneunicorn.club/

https://twitter.com/FortuneUnicornC

https://discord.gg/joinfuc

 

 

---

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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How Did Cryptocurrencies Rise to Such Impressive Heights? Big Eyes Coin, Bitcoin, And ...

Bitcoin is a digital currency that runs without central control or the need for banks or governments. A public ledger makes a note of each bitcoin ...

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IRS revealed to be FTX creditors

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Submitted January 27, 2023 at 12:05AM by nicoznico https://ift.tt/OFfaWp1 https://ift.tt/TM4uBRL

Fortune Unicorn Club (FUC), the First DIY-Mint Method NFT Project, Has Won 2 Million in Funding in the ForChain Labs’ Seed Round

PRESS RELEASE. ForChain Labs was founded in April 2022 as a web 3 startup company. Meanwhile, the NFT project, Fortune Unicorn Club, was being developed. ForChain Labs has raised 2 million funds in its seed round and will use the funds to develop and operate Fortune Unicorn Club (FUC), the first NFT project to utilize DIY-minting.

As reported, ForChain Labs currently manages investments in four major segments: industrial, technology, finance, and web 2, with 198 portfolio companies and $9.3 billion in assets. As a result, the venture capital sector is actively exploring opportunities in the Web 3 market, and ForChain Labs has become one of the VC’s first companies to be backed by a Web 3 company. Due to confidentiality agreements, we cannot disclose more information about the venture capital firm at this time.

Fortune Unicorn Club (FUC) allows people to select traits during their mint. It offers 500+ high-quality 3D traits for people to assemble their FUC avatar, so the minter is the one to decide what the metadata is and the one to decide what each unique FUC avatar looks like. Thus, the NFT collection is generated by pure human aesthetics rather than generated by a cold random program or AI. ForChain Labs hopes people can put their personalities and stories into each FUC avatar using the DIY-mint method. In addition, it lets each FUC avatar carry an additional sentiment value, making the FUC collection more meaningful.

Furthermore, FUC has built its Create-to-Earn system. Minter (who decides what the unique FUC avatar looks like) will become Avatar Creator and receive 3% royalties on the avatar they created for life. Minters can claim their royalties anytime in FUC Holder Portal. The team aims to lower the threshold of co-creation and encourage people to co-create an NFT collection through this approach.

Metaverse and AR are also parts of FUC’s roadmap. However, the team claims it will never build its metaverse but will keep adapting for more popular metaverses. The team believes there are more proper ways to bring holders value than creating a metaverse. Instead, they will bring holders eternal value by building its compatibility and adapting FUC avatars into increasingly popular metaverses. Soon, holders can get into metaverses with the FUC avatar they created.

More Info:

https://fortuneunicorn.club/

https://twitter.com/FortuneUnicornC

https://discord.gg/joinfuc

 

 

---

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU Parliament

Lawmakers in the European Union have backed legislation imposing new capital requirements for financial institutions, including strict rules meant to cover crypto-related risks. The latter concern banks keeping digital assets and are expected to enter into force in January, 2025.

EU Legislators Approve Draft Law Implementing the Basel III Capital Regulations for Banks

Members of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) supported a bill on Tuesday designed to enforce the latest global bank capital rules. Reuters noted in a report that the lawmakers have also incorporated specific requirements addressing risks that stem from crypto assets.

The general rules are part of the Basel III reforms, a set of internationally agreed measures developed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. Their main purpose is to strengthen the supervision and risk management of banks.

Other jurisdictions, including the U.S. and U.K., are also moving in a similar direction. However, ECON is introducing additional regulations with the European draft law, obliging banking institutions to hold enough capital to fully cover crypto asset holdings.

“Banks will be required to hold a euro of their own capital for every euro they hold in crypto,” explained Markus Ferber, a center-right member of the committee from Germany. He elaborated:

Such prohibitive capital requirements will help prevent instability in the crypto world from spilling over into the financial system.

ECON Takes Harder Line Than EU Member States

The changes, which are in line with the recommendations of global banking regulators, represent an interim measure pending further legislation. An earlier version of the bill was already approved by the member states and the European Parliament will have to negotiate the final draft with them.

The EU states have adopted a more accommodative approach to when foreign banks providing services to European customers should open a branch or transform one into a more capitalized subsidiary. The ECON members took a harder line, the report remarks.

Fine-tuning is to be expected. For example, the Association for Financial Markets in Europe (AFME) pointed out that the draft lacks a definition of crypto assets. The industry organization believes it could be applied to tokenized securities eventually.

The AFME also says that the EU should avoid a potential adverse impact of tightening access to international markets and cross-border services while it seeks to consolidate its autonomy in capital markets in the face of competition from the U.K., following Brexit.

Last summer, EU institutions and member states reached agreement on Europe’s new Markets in Crypto Assets (MiCA) legislation. The package is expected to enter into force in 2023 but businesses will have another 12 to 18 months to comply with it.

Do you think the European Parliament will adopt the stricter capital requirements for banks holding crypto assets? Share your expectations in the comments section below.

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Microsoft is shutting down its metaverse

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Submitted January 25, 2023 at 11:05PM by kwestro https://ift.tt/Y6rEMPS https://ift.tt/iohrUMn

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Why Bitcoin Price Breaking Resistance at $23k and $25k Could be Massively Bullish

The bitcoin price is consolidating below the important $23000 level. Can it break resistance and blast past $25k as key US economic data looms?

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Central African Republic Sets Up Committee Tasked With Drafting Crypto Bill

The Central African Republic (CAR) president, Faustin-Archange Touadéra, recently said his government has established a 15-member committee tasked with creating a comprehensive legal framework that governs the use of cryptocurrencies. According to an official document issued by the CAR cabinet, the committee has already started its work and will regularly update the government.

CAR’s Ambitions

The Central African Republic (CAR) leader, Faustin-Archange Touadéra, recently revealed that his country has set up a committee that is expected to draft a bill on the use of cryptocurrencies. The committee, which is comprised of 15 experts drawn from various government ministries, is expected to create a legal framework that helps the CAR achieve its goal of becoming a globally recognized blockchain technology-embracing country.

15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d'élaborer un nouveau projet de loi plus complet sur l'utilisation des crypto-monnaies et d'offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3

— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023

In an update issued via Twitter, President Touadéra, whose country became the first African state to adopt bitcoin, also shared a communique outlining his country’s vision as well as the various government ministries that have seconded experts to the committee.

“15 experts from several ministries of my government make up the committee responsible for drafting a new, more comprehensive bill on the use of cryptocurrencies and offering CAR this unique opportunity for economic & technological development,” President Touadéra said in a recent tweet.

The CAR leader’s latest remarks come just a few weeks after a team promoting his country’s crypto token known as the sango coin announced the postponement of the scheduled listing of the coin. As reported by Bitcoin.com News, the postponement was prompted by what the team called “current market conditions.”

Before being forced to delay the listing of the coin, the Touadéra government’s coin offering suffered a major setback after a constitutional court ruled that the proposal to grant citizenship to sango coin holders was illegal.

However, despite these setbacks, the CAR leader’s government has vowed to proceed with its work. Meanwhile, in the communique, the CAR government said the committee is already at work and will regularly issue progress updates.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

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Bitcoin price eyes $25,000 as Goldman Sachs ranks BTC as the best-performing asset of 2022

Bitcoin price had managed to recover all of its losses from November 2022, when the king coin slipped to trade at $15000.

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Microsoft is shutting down its metaverse

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Submitted January 25, 2023 at 11:05PM by kwestro https://ift.tt/Y6rEMPS https://ift.tt/iohrUMn

Grand Traverse County Woman loses $48000 in Bitcoin Scam - 9&10 News

Bitcoin. The Grand Traverse County Sheriffs Office is seeing more fraud cases involving bitcoin. Deputies say another victim received a call from ...

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Bitcoin at $10,000 or $250,000? Investors are sharply divided in 2023 - CNBC

Bitcoin at $10,000 — or $250,000? Investors are sharply divided on 2023. 2022 was a rollercoaster year for cryptocurrency, with nearly $1.4 ...

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Elon Musk Praises Reports on Latam Common Digital Currency: ‘Probably a Good Idea’

Elon Musk, CEO of Twitter, SpaceX, and Tesla, has given his opinion about the latest reports on the creation of a common currency in Latam, to be initially worked on by Argentina and Brazil. Musk stated that this move would be “probably a good idea,” commenting on the topic on social media.

Elon Musk Gives His Take on Latam Common Currency

The latest reports that Brazil and Argentina will start to study the issuance of a common currency for Latam have already caused reactions all over the world. Elon Musk, CEO of Twitter and Tesla, has recently given his appreciation when it comes to the issuance of such a currency, that would come to create a common economic area for the countries of Latam.

Answering a tweet that stated other nations in Latam would be invited to join the plan to create the second-largest currency union behind the European Union, Musk stated:

Probably a good idea.

Minister of economy of Argentina, Sergio Massa, warned that this discussion would be just one of the first steps in the construction of the currency that is being preliminarily called “sur,” and that it might take some time for this initiative to be completed. The purpose of this currency would be to undermine the strength of the U.S. dollar in the region.

Distrust in the Dollar

There have been several personalities that have been predicting the fall of the U.S. dollar as a personal and world reserve currency, calling individuals to abandon fiat money and invest in more sound alternatives. Robert Kiyosaki, the author of the book Rich Dad Poor Dad, has been alerting his followers about this since some time ago, stating that the U.S. dollar was “toast,” as Saudi Arabia manifested its intention of joining BRICS in October. Also, Kiyosaki recommended buying bitcoin to avoid the crash of the dollar, that according to his opinion, would occur by January 2023.

In March, Musk made recommendations on social media for his followers on inflation rates and how he believes in dumping dollars to acquire physical assets.

Musk explained:

As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.

Furthermore, Musk clarified that he would not sell his bitcoin or dogecoin at that moment.

What do you think about Elon Musk’s take on the reports about the issuance of a Latam common currency? Tell us in the comments section below.

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The coming AI-based Cryptocurrencies are Just Another Hype Cycle, BTC and ETH remain the safe bet.

As someone who has been in the crypto game since 2017, I've seen my fair share of hype cycles come and go. The ICO craze, the DeFi boom, and now the NFT mania - they all had their moment in the spotlight. And while they may have brought in some quick profits for early adopters, in the long run, most of these projects are just as worthless as the next.

But with that said, my prediction for the next big craze in crypto is "AI-based" coins. Just like all the other trends before it, they are being hyped up as the next big thing. But in reality, they're no different than any other crypto project - they have their own set of challenges and limitations.

That's why my advice to anyone looking to invest in crypto is to stick with the tried and true: BTC and ETH. These are the two most established and widely-adopted cryptocurrencies in the market, and they have stood the test of time. While you may not make a quick fortune from them, they are a much safer bet in the long run. So, don't get caught up in the hype of the latest trend, stick with what has proven to be a solid investment.

Submitted January 24, 2023 at 11:59PM by PsychedelicHell https://ift.tt/d7fXK2M https://ift.tt/qurTAy3

Markets: Bitcoin, Ether dip as investors take profits; earnings reports, economic data rattle equities

Bitcoin and Ether fell in Wednesday morning trading in Asia, along with the other top 10 non-stablecoin cryptocurrencies as investors seemed to be ...

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Bitcoin Whale Moves 1,082 BTC Off Coinbase

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Submitted January 24, 2023 at 10:06PM by coinsRus-2021 https://ift.tt/uyEbRkK https://ift.tt/qurTAy3

[SERIOUS] What kind of crypto user are you?

There are now 6 million members in this sub, generally between 4k-8k members online throughout the day currently. As we're in the bear market (possibly exiting it?) it would be interesting to know the demographics of this sub in terms of usage and custody of Cryptocurrency, maybe do another poll at the peak of the bull market and see what the difference is. While the options may not be mutually exclusive and not cover all use cases, please choose one that fits the most (I couldn't add more than 6 options).

In this poll I'd like to find out how people are holding their crypto and whether they actively trade or are hodlers. After the year of exchange bank runs and busts has this changed people's behaviour? Do people use defi? Are their devs in this community? Are there haters in this community? For me, these are quite interesting metrics to find out, especially at a time when it is likely only the most crypto/anti crypto committed people are still around.

Thanks for partaking in this poll and please do not comment on the results until the end of the poll closing to avoid bias.

View Poll

Submitted January 24, 2023 at 12:41AM by techsupport261 https://ift.tt/6nla0P2 https://ift.tt/jMtpaDu

Microsoft Layoffs Reportedly Hit Key VR and Metaverse Teams

The latest round of layoffs at Microsoft, which announced it will cut 10,000 jobs this year, has hit key teams for its VR (virtual reality) and metaverse efforts, according to reports. The company will close two projects in these areas, Altspacevr and the Mixed Reality Tool Kit, potentially affecting the progress of Microsoft in these areas.

Microsoft VR and Metaverse Teams Hit by Layoffs

The latest round of layoffs announced by Microsoft on Jan. 18, has reportedly hit metaverse and VR (virtual reality) initiatives of the company, potentially affecting progress in these areas. Among the 10,000 jobs to be cut this year, representing 5% of Microsoft’s global workforce, teams behind initiatives like Altspacevr and the Mixed Reality Tool Kit are being axed as part of this reorganization process.

Altspacevr, which was acquired by Microsoft in 2017, has already announced it will sunset its platform on March 10. The platform, which was aimed at providing services to facilitate the creation of virtual environments for events with the participation of artists, creators, brands, and businesses, will migrate to Mesh, a more work-focused platform that has integration with Microsoft Teams.

The Mixed Reality Tool Kit, an open-source set of tools to build user interfaces for the metaverse will also ostensibly be abandoned, as there are no announcements of new teams dedicated to its development at the time of writing.

Metaverse and VR Slowdown

While the company justified these layoffs as a measure to align its cost structure with revenue and customer demand, some believe that these localized layoffs in the metaverse and VR sector signal the slowdown of the advancements of the company in this area.

The reported layoffs at Microsoft affect initiatives focused on the consumer metaverse primarily, following the course that Meta has taken by laying off 13% of its workforce, shedding 11,000 jobs.

However, the higher-ups at Microsoft are believers in the metaverse and other disruptive technologies, and the progress these will bring in the future. Recently, Satya Nadella, CEO of the company, stated that the sense of presence that metaverse tech can bring is game-changing.

Microsoft is also involved in the creation of the Global Collaboration Village — the metaverse world of the World Economic Forum (WEF) — and has shown interest in investing in AI (artificial intelligence) projects such as Openai, creators of AI bot Chatgpt.

What do you think about the layoffs affecting metaverse and VR-focused teams at Microsoft? Tell us in the comments section below.

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Institutions Fade Crypto Rally, Go Short on Bitcoin (BTC) As Markets Bounce: Coinshares

In the latest Digital Asset Fund Flows Weekly Report, CoinShares finds evidence of bearishness among North American investors as short Bitcoin ...

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FBI Confirms Lazarus Group, APT38 Cyber Actors Responsible for Harmony's Horizon Bridge Currency Theft

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Submitted January 23, 2023 at 04:30PM by Set1Less https://ift.tt/e6xw5Iy https://ift.tt/jMtpaDu

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What would be the reason for Coinbase and Circle sending $230 million USDC back and forth?

It started about 8 hours ago.

https://i.imgur.com/DgWoWhp.png

1. Coinbase sends $230 million USDC to Circle's deposit wallet:

https://etherscan.io/tx/0x2b9130c4b4949fa0b86a5c302557b0547e199454e67489fc6db16092d1056477

1. Circle moves the $230 million to another Circle wallet:

https://etherscan.io/tx/0x75f3b2e9931c3d28775364dc6f0a42dc56bb0ec3d225dc782905d505813b4c26

1. Circle then sends the $230 million to a null address:

https://etherscan.io/tx/0xa27f9e785297115d9e0cafc90da7ec0f73abbb1a8136ab1ef63d06cee77a386c

1. The null address sends $230 million USDC back to Circle:

https://etherscan.io/tx/0x625cbc9bc6361499d9fbdc04f5fd4684e371b25d86c2c86e535c64026a82893e

1. Circle then sends that $230 million USDC to Coinbase's USDC hot wallet:

https://etherscan.io/tx/0xeea161e6181fcacfe8c80fdf25ef9b9445933936b936abebd435571c0f00de48

This cycle repeats 4 times. Are they testing stuff?

Submitted January 23, 2023 at 07:02PM by zoomercoomer9000 https://ift.tt/1q2oCuV https://ift.tt/jMtpaDu

Institutions Fade Crypto Rally, Go Short on Bitcoin (BTC) As Markets Bounce: Coinshares

In the latest Digital Asset Fund Flows Weekly Report, CoinShares finds evidence of bearishness among North American investors as short Bitcoin ...

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FBI Confirms Lazarus Group, APT38 Cyber Actors Responsible for Harmony's Horizon Bridge Currency Theft

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Submitted January 23, 2023 at 04:30PM by Set1Less https://ift.tt/e6xw5Iy https://ift.tt/jMtpaDu

Cryptocurrency Ransomware Revenue Falls as Victims Decline to Pay

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Submitted January 23, 2023 at 01:26AM by Simplejack9500 https://ift.tt/PhrYlLm https://ift.tt/jMtpaDu

Check this out!

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Golden Plated Bitcoin Coin Creative Souvenir Collectible Great Gift For Art Collection ... - Temu

Find golden plated bitcoin coin creative souvenir collectible great gift for art collection golden commemorative coin with shell at Temu, ...

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Solo Bitcoin Miner Solves a Block With Hash Rate of 10 TH/s - The Crypto Times

A lucky solo Bitcoin miner with a hashing rate of only 10 TH/s was the first to add block 772793 to the Bitcoin blockchain.

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Bank of Spain Greenlights Euro-Backed Stablecoin Token Pilot Program

The Bank of Spain has given approval for the launch of a pilot program involving the issuance and usage of euro-pegged stablecoins. The program, which MONEI, a fintech institution, is launching, will allow users to issue digital euros with fiat deposits in order to experiment with these in payment applications, increasing their transparency.

Bank of Spain Authorizes Digital Euro Token Tests

Europe is becoming a hotspot for stablecoins and CBDC (central bank digital currency) experimentation. On Jan. 19, the Bank of Spain greenlighted a pilot program that involves the issuance of euro-pegged digital tokens. The project, which is being spearheaded by MONEI, a regulated fintech payments company, will allow users to issue their own euro stablecoins for different purposes.

Using Ethereum and Polygon blockchain technology, the eurm token will be issued with deposits coming from users, with each token being backed by real euros. The test, inscribed as part of the actions in the financial Sandbox of the bank of Sain, only allows the issuance of ten eurm maximum by each user registered in MONEI’s platform.

The test encompasses the issuance of up to 570 million eurm because Spain has 57 million phone lines subscribed. These funds will be held in two accounts in two financial institutions, BBVA and Caixabank, managed by MONEI.

Digital Euro Use Cases

MONEI is profiling its digital euro stablecoin as part of its modernization take on the payments in the Eurozone, increasing the speed of payments while cutting operational costs linked to them. On this, MONEI CEO and founder Alex Saiz Verdaguer stated:

The future of payments is digital. This is our chance to show the rest of Europe and the world that we are at the forefront. Eurm is the ultimate pan-European solution that will allow citizens and businesses on the continent to send and receive money instantly.

MONEI aims for this stablecoin project to be approved by regulators after this test, to tackle automatic and periodic payments that would benefit from programmable fiat equivalent money. As an example, a company could program payments to providers based on the sales executed on any given day, or allow workers to program their allowance payments on a daily, weekly, or monthly basis automatically.

This project is a private-led initiative and has no relationship with the digital euro initiative led by the European Central Bank, which is currently still in its investigative phases to decide if it will be issued.

What do you think about the euro-pegged token project approved by the Bank of Spain? Tell us in the comments section below.

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Golden Plated Bitcoin Coin Creative Souvenir Collectible Great Gift For Art Collection ... - Temu

Find golden plated bitcoin coin creative souvenir collectible great gift for art collection golden commemorative coin with shell at Temu, ...

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CoinGape Media on Binance Feed: Miami Mayor Gets Salary in Bitcoin, Know More

Speaking to CNBC on a Squawk Box, President of the United States Conference of Mayors said he still purchases Bitcoin every two weeks despite the ...

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Bitcoin and Ethereum Prices On Cusp of Igniting Sustainable Crypto Bull Run

Bitcoin's current price is $23,240.65 and the daily trading volume is $35 billion. Bitcoin has increased by 7% in the last 24 hours, with a market cap ...

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Binance's SWIFT banking partner set to ban USD transfers below $100K

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Submitted January 21, 2023 at 06:16PM by Harold838383 https://ift.tt/nNRPLcf https://ift.tt/6OkQMUF

ChatGPT’s First Blockchain Whitepaper

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Submitted January 21, 2023 at 11:42PM by AsianAmericanAffairs https://ift.tt/VL12K3m https://ift.tt/6OkQMUF

Darknet Market Solaris Hacked by Competitor, Elliptic Reveals

A leading marketplace on the dark web, Solaris, has been hit by a rival, according to crypto analytics company Elliptic. The Russia-linked platform, which tried to occupy space vacated by the busted Hydra, is believed to have conquered up to a fifth of the illicit market before the hack.

Solaris Allegedly Taken Over by Darknet Marketplace Called Kraken

Solaris, a major marketplace for drugs and other illicit products, has been targeted in a hacking attack carried out by a similar enterprise, Kraken, not to be confused with the well-known cryptocurrency exchange with the same name.

After in April last year law enforcement authorities shut down Hydra, the former leader in this business, seizing its servers in Germany and arresting an alleged operator in Russia, Solaris managed to gain between 20% and 25% market share, according to estimates quoted by Elliptic.

This week, the blockchain forensics company reported that since Friday, Jan. 13, those who visited the onionsite were being transferred to Kraken. The latter claimed to have taken control over the infrastructure, Gitlab repository and source code of Solaris and blocked its bitcoin wallets.

Kraken is another player in the dark web space and, like Solaris and Hydra, is targeting the Russian-language segment of the underground market. The illegal trading platforms are suspected of having other ties to Russia as well.

For example, Solaris is believed of have used the services of one of the Russian “patriotic” hacker groups. The pro-Kremlin Killnet is known for launching distributed denial-of-service (DDoS ) attacks on Ukraine after Russia invaded the country in late February, 2022.

This isn’t the first attempt to breach Solaris. Ukrainian-born cyber intelligence expert Alex Holden claimed to have hacked into the marketplace, according to a report in December, and getting hold of some of the bitcoin sent to dealers using the site and to its owners.

Helped by his cybersecurity company, Holden said he specifically targeted a wallet used for crypto exchange transactions and was able to divert 1.6 BTC. The cryptocurrency was later donated to a Kyiv-based charity.

What do you make of the darknet market Kraken’s hacking attack on rival Solaris? Share your thoughts on the subject in the comments section below.

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Is Bitcoin ESG-Compliant? A Sober Look - SSRN

Much of the media focus surrounding Bitcoin has been on the “E” (environmental) element of the ESG investing approach.

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CoinGape Media on Binance Feed: Miami Mayor Gets Salary in Bitcoin, Know More

Speaking to CNBC on a Squawk Box, President of the United States Conference of Mayors said he still purchases Bitcoin every two weeks despite the ...

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Check this out!

hood-financial-21.teachable.com

Bitcoin (BTC) Flirts with $21000 While ETH/USD Dips Below $1600. - DailyFX

Bitcoin and Ethereum have snapped back after two-weeks of gains pushing BTC and ETH to key psychological levels of support and resistance.

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Bitcoin, Ethereum, XRP and Cardano have more meat on the bone, rank in undervalued assets in 2023

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Submitted January 20, 2023 at 10:45PM by Elleucas https://ift.tt/6TwWzj9 https://ift.tt/bsYpE6u

Davos 2023: CBDCs Are the Future of Central Bank Money but They Are Still Not Ready

A World Economic Forum (WEF) panel comprised of central bankers and global tech providers has profiled central bank digital currencies (CBDCs) as the future of central bank money, presenting them as one of the solutions for limitations in the payments sector today. However, they have also stated these present several limitations still to be addressed.

WEF Panel Explains Advantages of CBDCs

A central bank digital currency panel, part of the World Economic Forum (WEF) Davos meetings, stressed it has high expectations for central bank digital currencies (CBDCs) as part of the future of central bank money.

The panel, consisting of central bankers like Julio Velarde, governor of the Central Bank of Peru, Lesetja Kganyago, governor of the South African Reserve Bank, and Amir Yaron,
governor of the Central Bank of Israel, noted several supposed advantages these new financial tools might present, but also highlighted the difficulties in implementing them efficiently.

Governor Velarde explained that, in his opinion, CBDCs are rising as a solution for payments and credit that goes beyond banking integration. To him, the implication of central banks in building these tools has to do with establishing standards and also integrating private banks into the loop, while providing financial inclusion to people still out of the traditional banking system. About this, he stated:

We have learned the hard way that revolution has to come from the central banks. We don’t know the way in which CBDCs will be implemented… but we are looking closely at what will happen around the world.

Governor Amir Yaron explained that payments are now part of the forefront of the financial markets, and that is why central banks are currently interested in this. To Yaron, CBDCs could have a transitional function between the digital world and private bank institutions. He stated:

We are seeing faster payments, smart contracts, e-money, crypto assets, and stablecoins, and CBDC is a public good that can be complementary but can also crowd out some of these things. CBDC could be the bridge between the new digital economy and the standard economy.

Israel has been experimenting with CBDCs. Their central bank is part of Project Icebreaker, which involves cross-border CBDC-based payment between Israel, Norway, and Sweden with the collaboration of the Bank of International Settlements (BIS).

A Smarter Solution, With Caveats

For governor Kganyago, one of the main issues for more than 100 banks at worldwide levels to be studying CBDCs, is to breach the digital gap involving new kinds of money, like cryptocurrency, that is currently rising as an alternative to central bank-issued money, and modernizing payments systems.

In this sense, he believes that the environment is changing and some central banks consider they need to change with it, and offer these digital alternatives. For Kganyago, ultimately, there needs to be a national discussion on the demand side, where the big issues have to do with public choice on the usage of CBDC.

He concluded by explaining that the problems of the implementation of CBDCs for national and cross-border payments will lie more on the regulatory side than on the technological side, as these will need to comply with the regulations of several jurisdictions from all over the world.

What do you think about the role that CBDCs might play in the future of bank-issued money? Tell us in the comment section below.

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Bitcoin Soars Over $22K to Reach Four-Month High - Yahoo Finance

Bitcoin soared past $22,000, its highest level since mid-September, as the broader cryptocurrency market continued its unexpected 2023 rally.

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Bitcoin Soars Over $22K to Reach Four-Month High - Yahoo Finance

Bitcoin soared past $22,000, its highest level since mid-September, as the broader cryptocurrency market continued its unexpected 2023 rally.

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Bitcoin's Rally Falters as Stock Markets Drop, with Altcoins Tumbling Harder | Alexandria

Bitcoin's incredible winning streak has come to an end, with the world's biggest cryptocurrency falling from fresh 90-day highs of $21,564. At the ...

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New Bitcoin Address Momentum Looking Bullish, What This Means For BTC Price

New Bitcoin address momentum, alongside other key technical and on-chain indicators are telling a bullish story. Here is where BTC could go next.

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Binance to Increase Presence in Poland in Compliance With Local Regulations

Binance has unveiled intentions to broaden its activities in Poland, another EU member state where the global cryptocurrency exchange is registered. The coin trading platform plans to develop its Polish entity, recruit local talent and launch educational initiatives.

Crypto Exchange Binance Moves Forward With Plans to Expand Operations in Poland

Binance, the world’s largest digital asset trading platform, is enhancing its presence in Poland, noting in an announcement that it maintains its commitment to comply with the country’s rules for virtual asset service providers (VASPs).

The expansion in 2023 will be facilitated by the development of the company’s local entity which adheres to the regulatory requirements. Polish customers will have to sign new Terms and Conditions with Binance Poland in order to continue using the platform’s services.

The subsidiary aims at full compliance with the Polish standards for VASPs and will adopt risk and anti-money laundering policies to match them, Binance’s Country Manager for Poland, Katarzyna Wabik, was quoted as saying in a blog post published Wednesday.

“Our current focus is the successful user migration to the Polish entity and the development of local operations. We’re also prioritizing local recruitment and talent scouting to help us strengthen our regional presence, organizing more events and delivering crypto education in Poland,” she detailed.

Binance is already looking to hire specialists for its Polish company. Vacancies are currently available within compliance, finance, and operations, the exchange pointed out.

The crypto industry needs effective regulation to help with mainstream adoption, according to Binance’s Head of Ukraine and Eastern Europe, Kyrylo Khomiakov. He elaborated that a stable regulatory environment is essential to establishing trust in the industry and long-term growth.

The regional executive added that Binance welcomes the regulatory initiatives of the government in Warsaw. He also remarked that the crypto exchange continues to improve its security systems and follows strict know-your-customer (KYC) requirements.

Poland is another EU member state where Binance has been granted registration or licensing, with the growing list now including France, Italy, Lithuania, Spain, and Cyprus. Its latest regulatory approval was issued by Sweden’s Financial Supervisory Authority earlier this month.

Why do you think Binance seeks to acquire regulatory approvals in individual EU member states? Tell us in the comments section below.

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Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert's DCG empire

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Submitted January 19, 2023 at 10:43PM by fadufadu https://ift.tt/YxNWHeD https://ift.tt/0RFWis1

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Bitcoin's Rally Falters as Stock Markets Drop, with Altcoins Tumbling Harder | Alexandria

Bitcoin's incredible winning streak has come to an end, with the world's biggest cryptocurrency falling from fresh 90-day highs of $21,564. At the ...

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Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert's DCG empire

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Submitted January 19, 2023 at 10:43PM by fadufadu https://ift.tt/YxNWHeD https://ift.tt/0RFWis1

CMV: Any crypto currency coin that has a "CEO" is a ticking financial timebomb and antithesis to what crypto is supposed to represent.

CMV: Any crypto currency coin that has a "CEO" is a ticking financial timebomb and antithesis to what crypto is supposed to represent.

Note: CEO (is a catch all term I am going to use for anyone in the roll of leadership for a crypto currency coin). It does NOT apply to the creator who made it and stepped away.

1. The CEO can manipulate the price by their actions. For example, Alg0rand CEO, who seems to be utterly hated by the community, has been trolling people on Twitter in a fashion that surmounts to market manipulation. A while ago there was a coordinated pump and dump of LTC; fake news websites and fake news on Twitter claimed that Wal-Mart was going to use LTC. Within hours the price pumped 100% and then got dumped. Alg0rand CEO (I have no proof other than what I observed) tweeted "NIKE". Her audience assumed that there was a Nike partnership of sorts. That was not the first time she has trolled her audience and it certainly won't be the last.

2. My second point will be Fantom. When one of the developers who was highly regarded by the community left, the price of the coin tanked wiping out entire fortunes which was exasperated by the general market tanking. If the departure of a single important person can tank the price, how can it withstand any other challenges and obstacles in the future?

3. The price action of the coin, if it has a CEO, will depend heavily on "partnerships" and whatever else marketing the "CEO" and company promise/plan on. If they don't deliver, good luck.

4. The future of the coin will be beholden to the CEO, rather than the fundamentals offered by the coin itself. If the coin does not speak for itself and it needs a CEO, it is going to be catastrophic for investors. Just look at Safem00n. This coin has a CEO and has done nothing but manipulate and gaslight his community of investors, not to mention reports of stealing from the community.

Now contrast coins with a CEO against those without one. They are not exposed to any and all of the FUD that a CEO can have on the "coin". For example, XMR, LTC, BTC, ETH. They are down because the market is down. They will recover, if they have already not recovered, because of the fundamentals that the coin offers and is build upon, which coins with a CEO will either lack or will be overshadowed by the actions or lack there of of the CEO of that coin.

Anyway, I am a day trader and have washed my hands of ANY coin with a CEO. I got burnt by FTM, ALG0, and a few other coins with a CEO. While the coins without one, or the CEO exited humbly and allowed the community to takeover development, for example, have the most positive reception and have resulted in the best returns for me.

Though this is a CMV post and I want my position challenged, if no one can, I hope this can serve as a warning to those newly in Crypto.

Submitted January 18, 2023 at 09:31PM by SquatDeadliftBench https://ift.tt/quT6rMl https://ift.tt/vRVFfPG

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shopify strike bitcoin - PiPiADS

WIB Metro heard the Bitcoin kulit 22 conference in the Bitcoin lightning never seem to be getting closer. Thomas adoption pasar companies started to ...

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Ripple CEO: XRP lawsuit resolved by June, SEC conduct 'embarrassing'

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Submitted January 18, 2023 at 09:25PM by Harold838383 https://ift.tt/s3bjMu5 https://ift.tt/vRVFfPG

Thailand Issues New Regulations on Custodied Cryptocurrencies

The Securities and Exchange Commission (SEC) of Thailand has issued new regulations on custodied cryptocurrencies. Companies offering crypto custody services are now required to “establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients’ assets,” the regulator described.

Thai SEC’s New Crypto Rules

Thailand’s Securities and Exchange Commission (SEC) announced Tuesday that it has issued new rules on the “management of digital wallets for custody of digital assets and keys.” The new regulations went into effect on Jan. 16.

The Thai SEC explained that businesses that provide custody services for clients’ digital assets must:

Establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients’ assets.

They must also have a “policy and guidelines” in place for the management of “digital wallets and keys as well as communication to clarify such policy, action plans and procedures, work supervision, and internal control to ensure compliance with the policy,” the SEC noted.

The regulator detailed that the businesses are additionally required to develop a “policy and procedures for designing, developing and managing digital wallets as well as creating, maintaining and accessing keys or other related information appropriately, securely and safely.”

Furthermore, crypto custody service providers must establish a “contingency plan in case of occurrence of any event that may affect the management system of digital wallets and keys,” the Thai SEC detailed. “This includes laying out and testing action procedures, designating responsible persons, and reporting the event.”

The securities watchdog further stated:

An audit of system security is also required as well as digital forensic investigation in case of any event affecting the security of systems related to digital asset custody, which could cause significant impacts on clients’ assets.

Existing crypto service providers prior to the new regulations taking effect must fully comply with the new rules within six months from the effective date of the new regulations.

The Thai SEC has been ramping up its investor protection efforts relating to crypto. Earlier this month, the regulator launched Crypto Academy to help investors learn about digital assets before investing.

What do you think about the Thai SEC’s new rules on the management of custodied cryptocurrencies? Let us know in the comments section below.

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Zebedee and Viker launch Bitcoin Chess and Bitcoin Scratch with crypto rewards

Gaming payment processor Zebedee and mobile game studio Viker have launched two rewarded games, Bitcoin Chess and Bitcoin Scratch.

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CMV: Any crypto currency coin that has a "CEO" is a ticking financial timebomb and antithesis to what crypto is supposed to represent.

CMV: Any crypto currency coin that has a "CEO" is a ticking financial timebomb and antithesis to what crypto is supposed to represent.

Note: CEO (is a catch all term I am going to use for anyone in the roll of leadership for a crypto currency coin). It does NOT apply to the creator who made it and stepped away.

1. The CEO can manipulate the price by their actions. For example, Alg0rand CEO, who seems to be utterly hated by the community, has been trolling people on Twitter in a fashion that surmounts to market manipulation. A while ago there was a coordinated pump and dump of LTC; fake news websites and fake news on Twitter claimed that Wal-Mart was going to use LTC. Within hours the price pumped 100% and then got dumped. Alg0rand CEO (I have no proof other than what I observed) tweeted "NIKE". Her audience assumed that there was a Nike partnership of sorts. That was not the first time she has trolled her audience and it certainly won't be the last.

2. My second point will be Fantom. When one of the developers who was highly regarded by the community left, the price of the coin tanked wiping out entire fortunes which was exasperated by the general market tanking. If the departure of a single important person can tank the price, how can it withstand any other challenges and obstacles in the future?

3. The price action of the coin, if it has a CEO, will depend heavily on "partnerships" and whatever else marketing the "CEO" and company promise/plan on. If they don't deliver, good luck.

4. The future of the coin will be beholden to the CEO, rather than the fundamentals offered by the coin itself. If the coin does not speak for itself and it needs a CEO, it is going to be catastrophic for investors. Just look at Safem00n. This coin has a CEO and has done nothing but manipulate and gaslight his community of investors, not to mention reports of stealing from the community.

Now contrast coins with a CEO against those without one. They are not exposed to any and all of the FUD that a CEO can have on the "coin". For example, XMR, LTC, BTC, ETH. They are down because the market is down. They will recover, if they have already not recovered, because of the fundamentals that the coin offers and is build upon, which coins with a CEO will either lack or will be overshadowed by the actions or lack there of of the CEO of that coin.

Anyway, I am a day trader and have washed my hands of ANY coin with a CEO. I got burnt by FTM, ALG0, and a few other coins with a CEO. While the coins without one, or the CEO exited humbly and allowed the community to takeover development, for example, have the most positive reception and have resulted in the best returns for me.

Though this is a CMV post and I want my position challenged, if no one can, I hope this can serve as a warning to those newly in Crypto.

Submitted January 18, 2023 at 09:31PM by SquatDeadliftBench https://ift.tt/quT6rMl https://ift.tt/vRVFfPG

FTX says $594 million in crypto has been hacked from its exchanges since November collapse

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Submitted January 18, 2023 at 12:11AM by Any-Assignment6022 https://ift.tt/05Zrkq4 https://ift.tt/O0iEGjH

Bored Ape Yacht Club Is Trying to Revive NFTs With Atomic Poop

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Submitted January 17, 2023 at 07:11PM by TheGreatCryptopo https://ift.tt/GZh75La https://ift.tt/O0iEGjH

Iran and Russia Consider Issuing Gold-Backed Stablecoin, Officials Unveil

Tehran and Moscow are discussing the possible launch of a stablecoin for international settlements, the Russian press revealed. In order to mint the gold-backed currency, however, authorities would need to first regulate crypto assets, a lawmaker noted.

Russian, Iranian Representatives Talk Using Gold-Backed Stablecoin in Foreign Trade

Iran’s central bank is considering the possibility of creating, with Russia’s participation, a digital token to facilitate trade in the Persian region, according to a report quoting the head of the crypto industry organization in the Russian Federation.

The coin could be accepted as a means of payment in international settlements, the Executive Director of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), Alexander Brazhnikov, told the business daily Vedomosti and detailed:

It is assumed that the token will be backed by gold, it would be a stablecoin.

Stablecoins are cryptocurrencies, the value of which is usually pegged to state-issued fiat currencies or precious metals. While Russian authorities have been postponing the adoption of comprehensive regulations for bitcoin and the like, with the Bank of Russia opposing their legalization in the country, a proposal to permit the use of gold-backed stablecoins was circulated last year.

Cryptocurrencies Should Be Regulated First, Member of Russian Parliament Says

The largest digital coin backed by physical gold according to the issuer, PAX Gold, currently ranks 74th in terms of capitalization, with a market cap of over $511,000,000. It is an ERC20 token based on the Ethereum blockchain.

The news of the negotiations has been confirmed by Anton Tkachev, a member of the Committee on Information Policy, Information Technology and Communications of the State Duma, the lower house of Russian parliament. However, he remarked that the matter would be actively discussed at the state level only after cryptocurrencies are fully regulated.

Russia and Iran, both under Western economic and financial sanctions, have been looking to crypto assets as a means to circumvent restrictions. In August, Iran placed its first official import order using cryptocurrency while Russia considers legalizing cross-border crypto payments. The two nations are also developing central bank digital currencies (CBDCs), the digital ruble and the crypto rial.

Do you think Iran and Russia will eventually issue a gold-backed stablecoin? Share your thoughts on the subject in the comments section below.

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That's Right: "Useless" cryptocurrencies are being discussed at the World Economics Forum (WEF) right now and a guide released to encourage the development of the future crypto-based economy

"The Tokenized Future Economy" is part of the WEF this year running from January 16th to the 20th. weforum.org formally announced the topic back on January 2nd. The key messages from their annoucement were 1) "2022 was a terrible year for cryptocurrencies, with the loss of $2 trillion in market value.", 2) "We could now see the handover of crypto technology and blockchain infrastructure to more regulated and established institutions" and 3) "Cryptography and blockchains will continue to be integral parts of the modern economic toolkit".

The WEF published a guide to encourage development of the crypto-based future economy. The abstract to the guide starts "Collaboratively governed and code-driven, decentralized autonomous organizations (DAOs) are engaged in nothing less than an experiment to reimagine how we connect, collaborate and create. Although DAOs today manage billions of dollars’ worth of assets, engage millions of contributors and operate across industries as diverse as finance and philanthropy, basic questions regarding operations, governance, law and policy are only just beginning to be addressed by policy-makers, regulators and entrepreneurs."

Leaders in economics are messaging that cryptocurrency is here to stay - that a tokenized economy will consume our future financial interactions whether you and I want them to or not. That blockchain will make public and private documents immutable. Adoption of digital assets is underway.

Submitted January 17, 2023 at 03:57PM by coinsRus-2021 https://ift.tt/0mt4NQZ https://ift.tt/O0iEGjH

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How A Weaker Dollar Is Benefitting Gold & What's Next For Bitcoin | TD Ameritrade Network

He also notes what's next for bitcoin (/BTC). Tune in to find out more about the stock market today. Futures. 18 Jan 2023.

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That's Right: "Useless" cryptocurrencies are being discussed at the World Economics Forum (WEF) right now and a guide released to encourage the development of the future crypto-based economy

"The Tokenized Future Economy" is part of the WEF this year running from January 16th to the 20th. weforum.org formally announced the topic back on January 2nd. The key messages from their annoucement were 1) "2022 was a terrible year for cryptocurrencies, with the loss of $2 trillion in market value.", 2) "We could now see the handover of crypto technology and blockchain infrastructure to more regulated and established institutions" and 3) "Cryptography and blockchains will continue to be integral parts of the modern economic toolkit".

The WEF published a guide to encourage development of the crypto-based future economy. The abstract to the guide starts "Collaboratively governed and code-driven, decentralized autonomous organizations (DAOs) are engaged in nothing less than an experiment to reimagine how we connect, collaborate and create. Although DAOs today manage billions of dollars’ worth of assets, engage millions of contributors and operate across industries as diverse as finance and philanthropy, basic questions regarding operations, governance, law and policy are only just beginning to be addressed by policy-makers, regulators and entrepreneurs."

Leaders in economics are messaging that cryptocurrency is here to stay - that a tokenized economy will consume our future financial interactions whether you and I want them to or not. That blockchain will make public and private documents immutable. Adoption of digital assets is underway.

Submitted January 17, 2023 at 03:57PM by coinsRus-2021 https://ift.tt/0mt4NQZ https://ift.tt/O0iEGjH

Cramer sees bullish signs starting to emerge in the stock market, just not in the same places as before. Time to sell!

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Submitted January 16, 2023 at 10:46PM by Harold838383 https://ift.tt/MNdIrQa https://ift.tt/3ZhiMzG

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Recent Highs

Bitcoin consolidated on Jan. 16, as U.S. markets closed in celebration of the Martin Luther King Jr. Day holiday celebration.

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Tanzanian Central Bank Adopts ‘Phased and Risk-Based Approach to Adoption of CBDC’

After months of research, the Tanzanian central bank announced recently that it had chosen a more cautious and risk-based approach towards the adoption of its central bank digital currency (CBDC). During the research phase, the central bank said it paid particular attention “to risks and controls associated with issuance, distribution, counterfeit and usage of currencies.”

Finding the Right CBDC Technology

The Bank of Tanzania (BOT) announced on Jan. 14 that it had “adopted a phased, cautious and risk-based approach to adoption of CBDC [central bank digital currency].” The bank also said it will continue with its efforts aimed at finding “a suitable and appropriate use and technology for issuance of Tanzanian shillings in digital form.”

According to a statement on the bank’s website, the BOT said it chose a more cautious approach after spending months researching and exploring the pros and cons of issuing the digital currency. During this period, the BOT said it found that other central banks had adopted the same posture, while six countries had chosen to cancel their CBDC adoption “mainly due to structural and technological challenges in the implementation phase.”

As reported by Bitcoin.com News in May 2022, the Tanzanian central bank said it planned to launch its CBDC because this had become a trend among central banks. In addition, the bank said the digital currency would be “a safe[r] alternative because many people are being affected by cryptocurrency speculators.”

However, fears the CBDC could disrupt the country’s financial system eventually forced the BOT, which signaled its readiness to launch in the first half of 2022, to adopt a more conservative approach.

Risks Associated With CBDCs

Meanwhile, during the research phase, the Tanzanian central bank revealed that it considered the type of CBDC to be issued, the models for issuance, the form of the digital currency, as well as the “degree of anonymity or traceability.” The statement also suggested the bank had given more attention to associated risks.

“Particular attention also is paid to risks and controls associated with issuance, distribution, counterfeit and usage of currencies,” the central bank said.

In the statement, the BOT said once the research is complete, the Tanzanian public will be given information on the way forward and this will likely include a roadmap for the “transition to CBDC adoption.”

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

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Davos 2023: Scaramucci's SkyBridge bets on $35k bitcoin, targets credit | WTVB | 1590 AM

“If bitcoin could trade back to $35,000, SkyBridge is going to have an amazing year,” Scaramucci told the Reuters Global Markets Forum in Davos, ...

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Cramer sees bullish signs starting to emerge in the stock market, just not in the same places as before. Time to sell!

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Submitted January 16, 2023 at 10:46PM by Harold838383 https://ift.tt/MNdIrQa https://ift.tt/3ZhiMzG

Report: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime

The exchange rate of the Egyptian pound versus the U.S. dollar fell to a new low on Jan. 11 after it tapped 32.14 per greenback. The currency’s latest significant depreciation came just a few months after it adopted a flexible exchange rate regime. According to the International Monetary Fund, the monetary authorities in Egypt have pledged not to intervene in currency markets.

Flexible Exchange Rate Regime

Just a few months after plunging by more than 15% versus the U.S. dollar, the Egyptian pound tapped a new low of more than 32 units per greenback on Jan. 11. According to a Reuters report, the pound’s latest depreciation has prompted some analysts to question the extent to which the central bank wants the pound to fall.

As reported by Bitcoin.com News in October 2022, the pound’s official exchange rate versus the dollar fell from just under 20 units per dollar to 23.09 per dollar after Egyptian monetary authorities agreed to abandon the fixed exchange rate regime. In return, Cairo would receive a $3 billion financial package from the International Monetary Fund (IMF).

Following the currency’s latest fall, some Egyptian analysts quoted in the Reuters report believed the pound had reached its lower limit. Others like Farouk Soussa of Goldman Sachs said it is still difficult to conclude that the pound versus the dollar exchange rate had reached an equilibrium.

“When portfolio investors start to come back in, that is when the market will have judged equilibrium. But there is no direct way of observing equilibrium,” Soussa reportedly said.

Monica Malik, an economist at the Abu Dhabi Commercial Bank said the pound’s latest plunge alone does not guarantee that investors will return. The economist said clearing the foreign exchange backlog may be one step that reassures investors. However, this requires new USD liquidity and according to Malik “there is currently no visibility where this liquidity will come from.”

Meanwhile, in the IMF’s Egypt staff country report, the global lender revealed that the government in Cairo had promised not to intervene in currency markets. As per its agreement with the global lending institution, Egyptian monetary authorities would only intervene in cases of excessive volatility.

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