Friday, November 4, 2022

3 Reasons Behind MATIC's 17% Surge to 7-Week Highs

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Submitted November 03, 2022 at 07:28PM by bingorunner https://ift.tt/ay8UWrT https://ift.tt/yc6tOI3

Twitter Reportedly Halts Work on Crypto Wallet, Driving Dogecoin Down 10%

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Submitted November 03, 2022 at 10:50PM by ImaFreemason https://ift.tt/8cVhgob https://ift.tt/yc6tOI3

Thursday, November 3, 2022

Markets: Bitcoin, Ether fall with crypto top 10 as Fed raises rates 75BP - Forkast News

Bitcoin and Ether fell in Thursday morning trading in Asia along with most of the crypto market as the Fed rose interest rates by 75 basis points ...

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Could Rishi Sunak Be Bitcoin's “October Surprise?”

The new English prime minister could spark interest in bitcoin within a country that desperately needs it.

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Crypto Exchanges Must Comply With Russia Sanctions, Singapore Central Bank Says

The Monetary Authority of Singapore (MAS) has reiterated that cryptocurrency exchanges need to conform to restrictions on Russian users imposed over Moscow’s invasion of Ukraine. The reminder comes after researchers established that pro-Russia activists have raised millions of dollars in digital assets to support its war effort.

Singapore Says Measures Targeting Russia Apply to All Financial Institutions, Including Crypto Exchanges

Compliance with financial sanctions on Russia is a must for licensed cryptocurrency exchanges, the Monetary Authority of Singapore (MAS) commented for local media on Monday. The statement comes after recent studies found that pro-Russian groups have received crypto donations worth millions of U.S. dollars to fund Russian military operations in Ukraine.

Following Russia’s invasion in late February, MAS introduced in March financial measures aimed at designated Russian banks, entities, and activities, including fundraising benefiting the Russian government. Responding to queries from Channel News Asia (CNA), a TV channel owned by the national broadcaster Mediacorp, the bank insisted:

These measures apply to all financial institutions in Singapore, including digital payment token service providers (DPTSPs) licensed to operate in Singapore.

The regulator did not specify if it had received any reports of exchanges being used to channel cryptocurrency to pro-Russian groups. Nevertheless, the authority emphasized that crypto service providers must have robust controls in order to avoid dealing with sanctioned banks and banned activities.

The MAS pointed out that these platforms should perform customer due diligence to verify the identities of their customers and screen their transacting counterparties. DPTSPs are also required to monitor for potential attempts to evade the prohibitions such as the use of mixers and tumblers, the central bank elaborated.

A report released by the blockchain forensics firm Chainalysis in July, identified more than 50 organizations that had collected over $2.2 million worth of cryptocurrency to support the Russian side in the Ukraine war. Andrew Fierman, head of sanctions strategy at the company, now told CNA that crypto donations, used to buy anything from drones to bulletproof vests, have already reached $4.8 million.

According to research published in October by another crypto tracing platform, TRM Labs, as of Sept. 22 the pro-Russian groups had raised $400,000 since the start of Russia’s invasion on Feb 24 this year. Some of these organizations and activists have already been placed under Western sanctions.

While Singapore has welcomed the adoption of cryptocurrencies as they play a supporting role in the digital asset ecosystem, the city-state is also seeking to reduce risks for retail crypto investors through tighter regulations proposed last week by the MAS. Among the suggested measures are a risk awareness assessment for investors and a ban on the use of borrowed funds for crypto trading.

Do you expect Singapore to take additional measures to prevent sanctions evasion through crypto-platforms licensed in its jurisdiction? Tell us in the comments section below.

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Democrats and Republicans Agree Cryptocurrency Is the Future of Finance

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Submitted November 02, 2022 at 07:00PM by TomatilloFabulous602 https://ift.tt/w7tD2EI https://ift.tt/Xnaj7iI

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Markets: Bitcoin, Ether fall with crypto top 10 as Fed raises rates 75BP - Forkast News

Democrats and Republicans Agree Cryptocurrency Is the Future of Finance

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Submitted November 02, 2022 at 07:00PM by TomatilloFabulous602 https://ift.tt/w7tD2EI https://ift.tt/Xnaj7iI

Wednesday, November 2, 2022

[2211.00291] Distinguishable Cash, Bosonic Bitcoin, and Fermionic Non-fungible Token

Financial assets and cryptocurrencies, such as bank deposits and Bitcoin, are boson-like, while non-fungible tokens are fermion-like.

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Crypto Influencers Could Face Market Manipulation Charges Under New Regulation

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Submitted November 02, 2022 at 12:19AM by pbjclimbing https://ift.tt/EeyRUTV https://ift.tt/Xnaj7iI

Chinese Central Bank Governor: User Privacy and Financial Security Key Principles Guiding CBDC Design Process

According to Yi Gang, governor of China’s central bank, the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “financial security.” To achieve this, the central bank’s role will be limited to managing the digital currency’s “operating system” while the handling of personal transaction information is done by “designated operating institutions.”

Adhering to Relevant Consumer Protection Laws

People’s Bank of China (PBOC) governor Yi Gang has said the process of designing China’s central bank digital currency (CBDC), the digital yuan (also known as e-CNY), is guided by two principles: maintaining financial security and the protection of users’ privacy. To ensure the principles are adhered to, Gang claimed his institution’s role will be limited to managing the e-CNY operating system as well as handling cross-border transactions.

Also, in his Oct.31 remarks to Hong Kong Fintech Week 2022 participants, Gang insisted the PBOC “does not handle personal transaction information.” This task as well as the provision of e-CNY exchange services and circulation of the digital currency is handled by the so-called “designated operating institutions.”

Meanwhile, the PBOC governor appeared to use his speech, which was delivered in his native language, to reiterate the bank’s commitment to the law. He said:

“The People’s Bank of China strictly follows relevant laws and regulations on consumer privacy protection and ensures the security of personal information through advanced technical means and strict management mechanisms. Transaction data is encrypted and stored. [The bank anonymizes] personal sensitive information, which is not visible to third parties. Without the full authorization of the law, no unit or individual may inquire about or use the relevant information.”

Narrowing the Financial Exclusion Gap

According to Gang, e-CNY users will have access to 4 wallets with lower limits as well as “quasi-account-type ‘hard wallets’ [to] support small-value anonymous transactions both online and offline.” The governor also used his speech to reassure the Chinese public that the PBOC will still “provide physical RMB cash services to fully meet the needs of the public.”

Concerning the ongoing research and development of the digital yuan, the PBOC revealed that this is being done to gain knowledge about the domestic retail payment needs as well as to “improve the level of financial inclusion.” The improving of “the efficiency of the central bank’s currency issuance and payment system” is another reason why the POBC is proceeding with the digital currency project, Gang added.

In addition to its research, the Chinese central bank is working with the Hong Kong Monetary Authority and according to Gang, the PBOC is also open to working with other monetary authorities.

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

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Coinbase argues SEC's XRP lawsuit caused $15B in losses for retail traders

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Submitted November 01, 2022 at 04:24PM by TaxableCitizen https://ift.tt/MWC8XbQ https://ift.tt/Xnaj7iI

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Bitcoin Price At Risk Of Further Squeeze, BTC Bulls Defend $20K - NewsBTC

The Bitcoin (BTC) price is holding on at its current levels with bullish momentum fading on lower timeframes.

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Coinbase argues SEC's XRP lawsuit caused $15B in losses for retail traders

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Submitted November 01, 2022 at 04:24PM by TaxableCitizen https://ift.tt/MWC8XbQ https://ift.tt/Xnaj7iI

Tuesday, November 1, 2022

Vitalik Buterin Says Crypto Is a ‘Better Bet’ Than ‘Incredibly Inconvenient’ Gold

The Ethereum blockchain co-founder, Vitalik Buterin, insisted in a recent tweet that crypto is a better bet than gold, which is not only inconvenient, but difficult to use as well. While Buterin asserts that such characteristics make gold less appealing, some crypto opponents argued that gold is better, because unlike the Ethereum blockchain, it is not controlled by only a few entities.

Decentralized Issuer of Money

The Ethereum blockchain co-founder, Vitalik Buterin, waded into the crypto-versus-gold debate after he posted a tweet suggesting that the former is a better bet than the precious metal. In his Oct. 26, 2022 tweet, Buterin slates author Zach Weinersmith’s assertion which implies that gold fits well with what crypto enthusiasts are advocating for.

As suggested by Weinersmith in his tweet posted on the same day, the only meaningful argument put forward by crypto advocates is their call for a decentralized money-issuing authority. Still, the author wondered why gold, given its qualities and characteristics, is not being touted as a solution.

So, the only argument I've heard about crypto that makes sense within the believer's own framework is that they don't want a centralized authority for money. In that framework though, why not just go with gold?

— Zach Weinersmith (@ZachWeiner) October 26, 2022

However, in pushing back against Weinersmith’s suggestion, the Ethereum blockchain co-founder reminded the author of the key areas where the precious metal seemingly comes up short. He said:

Gold is incredibly inconvenient. It’s difficult to use, particularly when transacting with untrusted parties. It doesn’t support safe storage options like multi-sig. At this point, gold has less adoption than crypto, so crypto is the better bet.

Meanwhile, Buterin’s terse response to Wienersmith’s initial tweet drew an immediate reaction from both crypto opponents and advocates on Twitter. One user named Hayden.eth argued that “gold also has the risk of huge centrally controlled inflation due to asteroid mining.”

Crypto Not Tangible Like Gold

However, Twitter user Golden Knight appeared to question the Ethereum blockchain’s decentralization credentials, given the ongoing reports which suggest that only a few parties are controlling the chain. According to the user, having few parties controlling a blockchain potentially means they “could get control over the transactions worldwide.”

One supporter of gold appeared to question the wisdom of using digital currencies in an era characterized by power outages. According to the user, gold is a better alternative because unlike crypto, it is tangible.

Twitter user Levraham Spreadsmith, a self-proclaimed “optionality maxi,” appeared to use a reworked version of Buterin’s tweet to attack the Ethereum blockchain.

“Ethereum is incredibly inconvenient. It’s difficult to use, particularly when transacting. It can’t be made into a water bottle like stainless steel. At this point, Ethereum has less adoption and a lower market cap than stainless steel, so stainless steel is the better bet,” Spreadsmith argued.

The user also went on to list industries where the ethereum blockchain is not needed but where stainless steel is widely used.

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

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Monthly Skeptics Discussion - November 2022

Welcome to the Monthly Skeptics Discussion thread. As the title implies, the purpose of this thread is to promote rational discussion about cryptocurrency related topics but with an emphasis on skepticism. This thread is intended to be an outlet for critical discussion, since it is often suppressed.

Please read the rules and guidelines before participating.

Rules:

This discussion thread has much higher standards compared to the Daily Discussion thread. Please behave in accordance with the following rules.

All r/CC rules apply.
For top-level comments, a minimum of 250 characters will be imposed as well as a minimum of 1000 comment karma and 6 months account age.
Discussions must be on-topic, ie only related to critical discussion about cryptocurrency. For example, the flaws in a consensus algorithm, how legitimate a project is, missed development milestones, etc. Discussions about market analysis, financial advice, or tech support will most likely be removed and is better suited for the daily thread.
Low-effort comments promoting coins or tokens will be removed. For example, comments saying “Buy coin X!” or “Coin X is going to the moon!🚀”, showcasing the current composition of your portfolio, or stating you sold coin X for coin Y, will be removed. In other words, no shilling.
Offensive language, profanity, trolling, and satire will be removed. This thread is intended for mature discussion.

Most of the above rules will be promptly enforced upon top-level comments by AutoModerator.

Guidelines:

Share any uncertainties, shortcomings, concerns, etc you have about crypto related projects.
Popular or conventional beliefs should be challenged.
Refer topics such as price, gossip, events, etc. to the Daily Discussion.
Report promotional comments or shilling.

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Read through the Cointest Archive for material to discuss and consider participating in the contest if you're interested. You can also try reading through the Critical Discussion search listing.
Consider changing your comment sorting to controversial, so you can find more critical discussion.
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Finding Other Discussion Threads

Follow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted.

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Submitted November 01, 2022 at 12:00AM by CryptoSkeptics https://ift.tt/0qOB5Vd https://ift.tt/3EByAaR

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Mastercard Study: African Fintech Sector Had One of the Highest Year-on-Year Growth Rates in Funding in 2021

In 2021, African fintech startups accounted for 61% of the $2.7 billion in venture capital funding that was deployed on the continent, a new study has found. While its share of global fintech funding is just over one percent, the continent’s fintech sector still recorded one of the highest year-on-year growth rates globally.

‘Record-High Number of Deals Closed’

According to the findings of a new Mastercard study, African fintech startups — whose number grew from 311 in 2019 to 564 in 2021 — accounted for “61% of the USD 2.7 billion deployed across Africa in 2021.” The findings also show that fintechs’ share “of the record-high number of deals closed” in that year was 27%.

Mastercard Study: African Fintech Sector Had One of the Highest Year-on-Year Growth Rates in Funding in 2021

When compared with the $131.5 billion that was raised globally, African fintech’s share of the total remains very low — just over 1% of the 2021 total. However, in terms of the funding growth rate, the study noted that the continent — the Sub-Saharan Africa region in particular — had one of the highest year-on-year growth rates globally. The study report explained:

In the Sub-Saharan Africa (SSA) region, fintech startups recorded 894% year-on-year growth in funding in 2021 – the second highest in the Middle East, Africa, and Pakistan region during the period, and the highest yearly growth rate over the past five years. SSA received USD 1.56 billion in funding, the highest in the region by a wide margin.

Concerning the funds raised by fintech startups per country, the study findings show that Nigeria, which is home to some of the continent’s fintech unicorns, had in fact emerged as a leading fintech hub not just in Africa but across the Middle East and Pakistan. According to the study’s findings, the West African nation’s fintechs alone “accounted for a third of all funding deployed into fintech in 2021.” Within the country, fintechs’ share of all venture capital raised during the same period topped 71%.

Fintechs and the Financial Exclusion Gap

Regarding why the fintech sector continues to get a disproportionate share of the funding, the study, titled the “Future of Fintech in Africa,” points to the continent’s longstanding financial exclusion gap and how fintechs are “building inclusion from the ground up.”

Mastercard Study: African Fintech Sector Had One of the Highest Year-on-Year Growth Rates in Funding in 2021

Much of the sector’s past and projected success in the future is also tied to improved smartphone penetration. As shown in the 2022 GSMA report, there is an expectation that the number of smartphone connections will grow from the 6.2 billion seen in 2021 to 7.5 billion by 2025.

Meanwhile, the report suggested that Nigeria, along with South Africa and Kenya, will continue to drive the sector growth. However, the study suggested that the fintech sector growth rate will depend on regulators’ and policymakers’ continued prioritization of “affordable internet and mobile penetration.”

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

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Bitcoin Price Prediction – Can BTC Pump Again? - Crypto News

Bitcoin price is trading choppy near $20350, struggling below the 61.8% Fibonacci retracement level of $21000. The buyer-seller tug of war ...

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