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A U.S. congressman has urged the federal government to temporarily insure every bank deposit in the country. Following the collapses of several major banks, he stressed that if the government does not do this, there will be a run on smaller banks. “This is a contagion that could be spread across the entire banking system,” he warned. Lawmaker Warns of Runs on Smaller Banks U.S. Congressman Blaine Luetkemeyer (R-MO), a former banker and a member of the House Financial Services Committee, said last week that the government should temporarily insure every bank deposit in the country. His statement followed the collapses of several major banks, including Silicon Valley Bank and Signature Bank. To prevent economic damage, the Biden administration and regulators guaranteed all deposits at the two banks, even those exceeding the $250,000 Federal Deposit Insurance Corporation (FDIC) deposit insurance limit. Noting that expanding the deposit guarantee would “give the system confidence,” Luetkemeyer was quoted by Politico as saying: If you don’t do this, there’s going to be a run on your smaller banks … Everyone’s going to take their money out and run to the JPMorgan’s and these too-big-to-fail banks, and they’re going to get bigger and everybody else is going to get smaller and weaker, and it’s going really be bad for our system. “The thought process here is that this is a contagion that could be spread across the entire banking system if it’s not contained and if people don’t stop and be calm about their assessment of the situation,” the congressman opined. He suggested that the government could guarantee “every single deposit in this country and every bank” for six to 12 months until the “interest rate situation [is] resolved and these banks get back on solid footing,” the news outlet conveyed. However, the publication noted that the congressman later changed his position, and a spokesperson for him stated that the guarantee could be in place for “perhaps 30 to 60 days.” On Friday, Peter Orszag, the CEO of financial advisory firm Lazard, shared a similar view in an interview with CNBC. “Regional banks have relied on the business model that relied on uninsured deposits,” he said, adding: Here’s what needs to happen at this point: the government needs to make explicit what a lot of people are assuming, which is that for the foreseeable future, uninsured deposits don’t exist. Everything is insured. Regarding whether doing so will lead to a moral hazard where banks feel they can “take remarkable risks with depositors’ money,” Orszag insisted: “I don’t think it will create a moral hazard.” While emphasizing that “There’s going to be a lot more regulation,” he noted: “You are going to see continued flow of deposit concentration.” While some people, like Congressman Luetkemeyer and Orszag, have expressed the need for the federal government to guarantee all deposits in the country, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday that not all deposits will be guaranteed. Nonetheless, she insisted that “our banking system remains sound.” Do you think the federal government should guarantee all deposits? Let us know in the comments section below. View the full article

U.S. Senator Elizabeth Warren has called for a “thorough, independent investigation of the causes” that led to the failure of Silicon Valley Bank (SVB) and Signature Bank. She alleges that Federal Reserve Chairman Jerome Powell “bears direct responsibility” for regulatory and supervisory issues involving the two banks. Senator Elizabeth Warren Calls for Independent Investigation Into Bank Failures U.S. Senator Elizabeth Warren (D-MA) called for an investigation into the recent collapse of major banks in a March 18 letter to the Treasury Department’s deputy inspector general, the Federal Deposit Insurance Corporation (FDIC)’s acting inspector general, and the Federal Reserve Board’s inspector general. “I am writing to ask that you immediately open a thorough, independent investigation of the causes of the bank management and regulatory and supervisory problems that resulted in this month’s failure of Silicon Valley Bank (SVB) and Signature Bank and deliver preliminary results within 30 days,” the senator from Massachusetts wrote. SVB was closed down by regulators on March 10 while Signature Bank was seized by the New York State Department of Financial Services a couple of days later. Warren stressed: These failures were extraordinary events: they were the second- and third-largest bank failures in the nation’s history. She added that “until the Treasury Department, in consultation with the Federal Reserve and Federal Deposit Insurance Corporation (FDIC), determined them to be ‘systemic risk’ and intervened to guarantee billions of dollars of deposits,” these bank failures “threatened economic contagion and severe damage to the banking and financial systems.” While noting that “The bank’s executives, who took unnecessary risks or failed to hedge against entirely foreseeable threats, must be held accountable for these failures,” Warren claimed that “this mismanagement was allowed to occur because of a series of failures by lawmakers and regulators.” She further alleged that Congress and former U.S. President Donald Trump “weakened” the Dodd-Frank Act and allowed banks like Silicon Valley Bank and Signature Bank “to evade key rules and regulations.” In addition, the lawmaker said the Federal Reserve under Chair Jerome Powell “initiated regulatory rollbacks,” and the banks’ supervisors, particularly the Federal Reserve Bank of San Francisco that oversaw Silicon Valley Bank, “missed or ignored key signals about the impending failure.” Warren emphasized: “These regulatory rollbacks created an environment in which failure was inevitable.” Senator Warren additionally told inspectors general: It is also critical that your investigation be completely independent and free of influence from the bank executives or regulators that were responsible for action that led to these bank failures. “I am particularly concerned that you avoid any interference from Fed Chair Jerome Powell, who bears direct responsibility for — and has a long record of failure involving — regulatory and supervisory matters involving these two banks,” she cautioned. Moreover, Warren wrote: “Chair Powell muzzled regulators from any public mention of the regulatory failures that occurred under his watch. If these reports were true, they would reveal outrageous and inappropriate interventions by Chair Powell.” In an interview with NBC News Sunday, Senator Warren further slammed the Federal Reserve chairman, stating: He has had two jobs. One is to deal with monetary policy. One is to deal with regulation. He has failed at both … Look, I don’t think he should be chairman of the Federal Reserve. Warren also recently blamed Silvergate Bank’s failure on crypto risks and claimed that Signature Bank collapsed because it embraced crypto clients without sufficient safeguards. What do you think about Senator Elizabeth Warren calling for an independent investigation into recent bank failures and holding Fed Chair Jerome Powell accountable? Let us know in the comments section below. View the full article

According to Sharering, a blockchain-based platform enabling the creation and use of “self-sovereign” verifiable credentials, millions of potential world wide web users are still disconnected from the internet because they lack required or verifiable identities, among other things. Without such verifiable identities or credentials, many disadvantaged groups, including refugees, are thus precluded from accessing information from the web that may enhance their way of life. Sharering on Proving ID Online To help such disadvantaged groups overcome this challenge, tech entrepreneurs and blockchain startups like Sharering have proposed or created a technology that enables internet users to “prove who they claim to be online.” Known as self-sovereign digital identity, this technology also ensures that “individuals maintain control and security over their own data.” While the technology is seemingly still in its infancy stages, a growing number of organizations including non-governmental organizations (NGOs) have fully embraced it. For instance, Unconnected.org, a United Kingdom-based social enterprise that “connects the unconnected” to the world wide web, recently said it had partnered with Sharering. As explained in a recent press release, Unconnected.org, which is seeking to connect one billion people to the internet, believes that barriers which “add friction to the availability of data” can be overcome or resolved with self-sovereign digital identities which are verifiable. Some critics have argued that such verifiable digital identities come with flaws or disadvantages that may nullify the perceived advantages. However, according to Tim Bos, the CEO of Sharering, through hard work and constant adjustments self-sovereign digital identities are ideal when seeking to verify online identities. In written responses to questions sent by Bitcoin.com News via Telegram, Bos also offered his thoughts on what he thinks needs to be done to help regulators and governments understand what Sharering and others are trying to achieve with self-sovereign digital identities. Below are Bos’ answers. Bitcoin.com News (BCN): Sharering recently said it had become the official partner of unconnected.org, a social enterprise that seeks to “connect the unconnected” to the world wide web. The objective of this initiative is to connect 1 billion users to the internet. Can you tell our readers more about this partnership and why you support the goal to connect that many people? Tim Bos (TB): I believe that everyone can agree to the fact that the internet is a realm of information that grows every day, serving people from all walks of life and connecting them to one another in a relatively frictionless way. However, as the web continues to evolve, so does the need for our digital identities, that is, how we are represented and recognized online. Taking that statement into consideration, it was a natural response for us to reach out to unconnected.org, and support their organization. They have an ambitious mission to connect 1 billion users to the internet. However, most or if not all of these users are underserved, meaning they barely have the basic equipment to access the internet. Sharering could potentially be that bridge between these underserved communities and their access to gated information and services online. Take refugees for example, their identities would be difficult to transfer from their country of origin, and thus they would require some form of identity infrastructure to assimilate into the new communities. This relationship with Unconnected.org ignites the conversations for exploring Sharering’s identity technology to bridge underserved communities to the web and establish recognition through their digital identities. BCN: Supporters of self-sovereign digital identities often argue that self-custody of one’s identity is the future. What does self-custody in the digital identity realm mean, and do you foresee more people embracing self-sovereign digital identities in the future? TB: There’s a lot of talk about people having self-custody of tokens, wallets, and things like that along with the usage of cold wallets, hot wallets, and so on. But we believe that self-custody should mean the ownership of everything about you. Your passport, your driver’s license, your medical certificates – all these documents that are used to create and build your digital identity. We feel that society has gone too far in the direction of giving too much information about ourselves to large organizations. In doing so, we’re losing self-custody of our information. Over and over again, we’ve seen that information hacked or stolen and used for nefarious purposes. BCN: As we have seen with crypto assets, how regulators understand or perceive blockchain-based self-sovereign digital identities may to some extent determine their fate. Therefore, what are you and other players in the digital identities space doing to ensure powerful organizations or individuals are fed the right information about your work and what you want to achieve? TB: To start with, Sharering can’t do anything with anyone’s identity. One of our core values is to give users full control. Our mission statement is centered around removing friction from everyday interactions while enabling our users with a higher level of security, trust, and ownership of their information, so it’s not about us telling people what to do with their identities, but it’s about them controlling what they do with their identities. We believe people should be able to access goods or services by sharing only a minimal amount of information. For example, when I sign up for a service, the website always asks for more information than what’s needed in order to provide me with that service. If it’s a service where I need to prove that I’m 18 or older, why do they need my full name, my address, my driver’s license, and my passport number? What we believe is that we should be able to answer that simple question with “Yes, I’m over 18” without oversharing any other personal information. So users remain in control throughout the verification process, and anytime they share any information through Sharering technology, they’re always notified and asked before any information is actually shared, so they go into these processes understanding exactly what data or personal information they are sharing. BCN: It has been said that self-sovereign digital identities not only add security and flexibility to users, but also allow them to share data only when they choose. However, critics point to the complex process of tracking personal data and permissions which may be beyond ordinary users. They insist that this and other cons outweigh the benefits of self-sovereign identities. What would be your response? TB: We’ve started this journey with user experience at the core of everything we do. It’s taken a lot of hard work and a lot of testing to get to a point where we believe the solution that we have actually caters to the ordinary, everyday user. When somebody needs to sign up for a service or prove something about themself, we ask a very simple question to them through the Sharering app, and they need to approve that request in order to answer the question. For example, do you want to send your date of birth to this company? Or do you want to tell this company that you’re over 18? All the user needs to do is put their thumb on the fingerprint reader on their mobile device in order to verify and approve the request. We’ve seen a lot of blockchain-based, self-sovereign digital identity companies with systems that aren’t user-friendly. They assume users have a lot of existing knowledge and then users are required to set up a wallet, go through processes, and connect with things like Metamask. We want to remove those barriers. We want to make sure it’s easy for people. In fact, a new version of what we’re doing removes things like the recovery key, so you can sign up without having to think about a recovery key, and you just give your name and email address. There’s no need for a password; you just use your biometrics. An exception is when you want to back up your Vault, at which point you’ll be asked to save and note down a recovery key. The identity part – where you scan documents to prove and verify your identity – you only need to do this the first time you use your digital identity. We call this the ‘adjusting time process,’ to make it easier for users to access the Sharering ecosystem since we’re removing this barrier from future data transactions. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Bitcoin reached a high of $28,422 per unit on Sunday at around 3 p.m. Eastern Time as the leading cryptocurrency has continued to rise during the last week. Since last Sunday, bitcoin has increased in value by 37.9% against the U.S. dollar, and the cryptocurrency’s overall market capitalization has swelled to $546 billion. Global Cryptocurrency Market Valuation Increases by 1.11% to $1.18 Trillion; Bitcoin Dominance Remains Above 45% At just before 3 p.m. ET on March 19, 2023, bitcoin (BTC) surpassed the $28,000 zone, rising to $28,422 per unit on Sunday afternoon. Presently, the leading cryptocurrency’s value is hovering within that region, at just above $28,300 after meandering just below it at $27,925 per unit. Bitcoin has gained more than 37% against the U.S. dollar in seven days, and over the last 24 hours, it has increased roughly 3.5% higher. Bitcoin chart by TradingView Currently, there are $42.9 billion in global bitcoin trades out of the $203 billion in trade volume among all digital assets in existence. While bitcoin reached a high of $28,422 on Sunday, it also saw a low of $27,009 per unit during the course of the day. Bitcoin has $23.94 billion left to surpass Tesla’s market capitalization of $569.94 billion to become the tenth-largest asset by market valuation. The global cryptocurrency market valuation was $1.18 trillion on Sunday, a 1.11% increase over the past day. The last time bitcoin was trading above the $28,000 region was in June 2022, following the collapse of the Terra blockchain and UST. Current statistics also show that the second-largest cryptocurrency by market cap, ethereum (ETH), jumped 1.7% higher over the past day and 24.3% over the past week. Out of the $1.18 trillion in value, bitcoin’s dominance on Sunday is 45.7%, while ethereum’s is 18.8%. Bitcoin’s top ten trading pairs on Sunday include Tether (USDT), BUSD, USD, KRW, EUR, JPY, USDC, TRY, GBP, and CHF. In addition to bitcoin surpassing the $28,000 zone, there is also a small ‘Kimchi premium’ in South Korea, with bitcoin trading for $200 more per unit in the country than most crypto exchanges abroad. What are your thoughts on bitcoin’s recent price surge and its potential impact on the overall cryptocurrency market? Share your opinions in the comments section below. View the full article

The Nigerian central bank has said the recently demonetized ₦200, ₦500 and ₦1,000 banknotes will remain legal tender until Dec. 31, 2023. The central bank statement, which reaffirms a Supreme Court ruling that extended the lifespan of the demonetized naira banknotes, followed a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari. Central Bank’s Silence and the Resulting Speculation The Central Bank of Nigeria finally issued a statement on March 13 reaffirming a Supreme Court ruling which extended the lifespan of the recently demonetized naira notes. In the statement, the CBN said the ₦200, ₦500 and ₦1,000 banknotes would “remain legal tender alongside the redesigned banknotes till December 31, 2023.” After the Nigerian Supreme Court ruled against the central bank’s decision to demonetize the old naira banknotes, the CBN initially did not issue a statement directing banks and the public to accept the old notes. CBN Governor Godwin Emefiele, as well as the outgoing Nigerian president Muhammadu Buhari’s silence reportedly led to speculation that the central bank would not abide by the court’s decision. STATE HOUSE PRESS RELEASE PRESIDENT BUHARI NEVER TOLD A.G. AND CBN GOV TO DEFY SUPREME COURT ORDER#Thread — Presidency Nigeria (@NGRPresident) March 13, 2023 However, in what was described as a rare public rebuke of the CBN, the Nigerian presidency tweeted that Buhari had not instructed “the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.” It added the CBN “has no reason not to comply with court orders on the excuse of waiting for directives from the President.” CBN’s ‘Established Tradition of Obedience to Court Orders’ Moments after Buhari’s reprimand, the CBN claimed in its own statement that it has always obeyed the decisions of the courts and that it will similarly abide by the Supreme Court’s March 3 ruling. “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023,” the CBN said in a statement. 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. View the full article

Meta, the social media company, will continue to shed part of its workforce, recently announcing 10,000 new layoffs to be executed during 2023 as part of its new efficiency policy. Mark Zuckerberg, CEO of the company, stated that artificial intelligence (AI) was currently the company’s most prominent investment, even over the metaverse. Meta Announces 10,000 Layoffs, Striving to Achieve Sustainability Meta, the parent company of platforms like Facebook, Instagram, and Whatsapp, has announced a new set of moves as part of its “year of efficiency” policy. In a Facebook post, Meta CEO Mark Zuckerberg announced a new round of 10,000 layoffs, which will be executed during the remainder of 2023. Furthermore, he stated that 5,000 open hiring spots will be closed. Zuckerberg explained that these layoffs were the consequence of the new economic configuration that the U.S. and the world are currently facing. In this sense, Zuckerberg declared: Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation. Given this outlook, we’ll need to operate more efficiently than our previous headcount reduction to ensure success. However, Zuckerberg remarks that the company is working on a plan to keep investing in future developments while maintaining sustainability for the company in the short term. This movement was anticipated in February, with reports hinting at the execution of a new round of layoffs due to the delay in the finalization of internal budgets. Meta laid off 13% of its staff in November last year, announcing a cultural shift in the company and citing macroeconomic conditions as the cause of the measure. Closer to AI Than to the Metaverse While Zuckerberg mentions the metaverse as part of the key tech to the company in his blog post, stating that it serves “to deliver a realistic sense of presence” and that it “remains central to defining the future of social connection,” he disclosed Meta is currently also putting funds behind other emergent fields. As part of an explanation of how the company is conducting business internally, Zuckerberg commented: Our single largest investment is in advancing AI and building it into every one of our products. We have the infrastructure to do this at unprecedented scale and I think the experiences it enables will be amazing. What do you think about the new round of layoffs announced by Meta CEO Mark Zuckerberg? Tell us in the comments section below. View the full article

The founder of cryptocurrency exchange Bitzlato has denied guilt in a money laundering case in the United States. Anatoly Legkodymov was arrested in Miami, in mid-January, for his role in running the trading platform which allegedly processed over $700 million in illicit funds. Bitzlato Founder Legkodymov Appears in US Court Anatoly Legkodymov, one of the founders and majority owner of the Russia-linked crypto exchange Bitzlato, has made his first appearance in New York federal court on Tuesday, the Law360 portal reported. He has been ordered held without bail over allegations of laundering millions in criminal proceeds through the platform, which he has denied. The Russian national, a resident of China, was detained by the FBI in Miami on Jan. 17 and charged with unlicensed money transmitting. The defendant was also accused of operating the Hong Kong-registered exchange that failed to implement anti-money laundering safeguards and processed more than $700 million dollars’ worth of illicit funds. The money is allegedly related to various criminal activities and actors, including ransomware groups and drug traffickers. Among them, once the largest darknet market Hydra, also with Russian roots, which was shut down in April when its servers were seized in Germany, as well as Russia’s biggest crypto pyramid scheme, Finiko. In late January, four more members of Bitzlato’s team, including three executives, were arrested in Europe while another Bitzlato co-founder, Anton Shkurenko, was briefly detained, questioned, and released by Russian authorities in February. In an interview before that, Shkurenko revealed that Bitzlato plans to move to Russia and relaunch operations from there. Despite French law enforcement having seized the platform’s hot wallet, he also promised to partially restore withdrawals. In a message posted in its Telegram channel in early March, the exchange announced it’s starting to process withdrawals of customer funds. Bitzlato was offline for over a month after its website was taken down by investigators in France. According to Europol, it has exchanged over $1 billion of dirty money. Do you expect other arrests and charges in the Bitzlato case? Share your thoughts on the subject in the comments section below. View the full article

The Federal Bureau of Investigation (FBI) says cryptocurrency investment fraud rose 183% from $907 million in 2021 to $2.57 billion in 2022, based on data from its Internet Crime Complaint Center (IC3). The FBI also warned the public of “a spike in cryptocurrency investment schemes.” FBI’s Crypto Crime Statistics The Federal Bureau of Investigation (FBI) published its 2022 Internet Crime Report last week. The report is compiled using data from the agency’s Internet Crime Complaint Center (IC3) which “serves as a public resource to submit reports of cyberattacks and incidents,” the bureau described. “In 2022, investment scams were the costliest scheme reported to the IC3. Investment fraud complaints increased from $1.45 billion in 2021 to $3.31 billion in 2022, which is a 127% [increase],” the FBI wrote, adding: Within those complaints, cryptocurrency investment fraud rose from $907 million in 2021 to $2.57 billion in 2022, an increase of 183%. “Crypto-investment scams saw unprecedented increases in the number of victims and the dollar losses to these investors. Many victims have assumed massive debt to cover losses from these fraudulent investments and the most targeted age group reporting this type of scam are victims ages 30 to 49,” the report details. The FBI also highlighted prevalent cryptocurrency investment scams in 2022, such as those related to liquidity mining, hacked social media accounts, celebrity impersonation, real estate professionals, and employment. Following the release of its latest Internet Crime Report, the FBI issued a public service announcement Monday, warning the public of “a spike in cryptocurrency investment schemes.” Citing data from IC3, the bureau explained: “Criminals, typically based overseas, defrauded victims of more than two billion U.S. dollars in 2022 using these schemes.” The announcement notes: The schemes are socially-engineered and trust-enabled, usually beginning with a romance or confidence scam and evolving into cryptocurrency investment fraud. What do you think about the FBI’s crypto fraud warning and crime statistics? Let us know in the comments section below. View the full article

The Supreme Court of Appeal (SCA) in South Africa has rejected former Monero lead maintainer Riccardo Spagni’s bid to have it declare his extradition from the United States to South Africa illegal. In its ruling, the Supreme Court of Appeal insisted that Spagni did not sufficiently argue for the voiding of the extradition process. Spagni Challenges Extradition Process A South African court has dismissed former Monero lead developer Riccardo Spagni’s attempt to have his extradition from the United States to South Africa ruled illegal, a local report has said. In its ruling, the court argued that Spagni had legal representation when he voluntarily waived his rights during an extradition hearing, hence he cannot question the validity of the extradition process. As previously reported by Bitcoin.com News in July 2022, Spagni, who initially resisted the extradition attempts, eventually agreed to return to South Africa on the condition that his “release on warning had not been cancelled and the state had to cancel it.” This then paved the way for Spagni’s transfer from U.S. custody to South African law enforcement. However, according to a News 24 report, Spagni had, prior to his departure for South Africa, filed a suit with the SCA which challenged the Western Cape High Court’s handling of the extradition hearing. In the suit, which was initially dismissed, the former Monero developer argued that the extradition request should not have been submitted by the director of public prosecutions. Spagni’s Moot Argument In response, the director of public prosecutions reportedly suggested that Spagni’s argument became moot after he was transferred to South African authorities. “It found that the appellant had failed to make out a case for this court to determine the validity of his extradition process as that would have no practical effect. The appeal was thus dismissed on mootness alone,” a summary of the SCA’s judgment reportedly stated. Meanwhile, the report suggested also that Spagni’s trial will now continue at Cape Town’s regional magistrate court. 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. View the full article

India’s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United Arab Emirates (UAE) have agreed to collaborate on cross-border central bank digital currency (CBDC) transactions of remittances and trade. The initiative is “expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE,” India’s central bank explained. India and UAE Collaborate on CBDCs India’s central bank, the Reserve Bank of India (RBI), announced Wednesday a collaboration with the Central Bank of the United Arab Emirates to enhance both countries’ central bank digital currency (CBDC) efforts. “The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) today in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services,” the RBI described. “Under the MoU, the two central banks will collaborate on various emerging areas of fintech, especially central bank digital currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI,” India’s central bank continued, elaborating: CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade. India began its digital rupee pilot in November last year for the wholesale sector, and in December for the retail sector. RBI Executive Director Ajay Kumar Choudhary said earlier this month that the country’s CBDC will act as an alternative to cryptocurrency. Noting that “The MoU also provides for technical collaboration and knowledge sharing on matters related to fintech and financial products and services,” the RBI concluded: This bilateral engagement of testing cross-border use case of CBDCs is expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE. In February, the RBI revealed that 50,000 users and 5,000 merchants are using digital rupees. What do you think about India’s central bank and the Central Bank of the United Arab Emirates collaborating on CBDC work? Let us know in the comments section below. View the full article

Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank. The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls. Its shares plunged on Wednesday after the bank failed to raise capital from its largest investor. Credit Suisse Next to Fall, Says Strategist Market strategist Greg Foss warned about the impending collapse of Swiss banking giant Credit Suisse on the Coin Stories podcast, published Tuesday. His warning followed the collapses of several major U.S. banks, including Silicon Valley Bank and Signature Bank. Foss is currently executive director at Validus Power Corp. He was a founding shareholder of 3iQ Corp. and previously held the role of senior portfolio manager with a focus on credit strategies at Fiera Quantum. He was also a managing partner for credit strategies at both GMP Investment Management and Marret Asset Management, and was the VP of Fixed Income Trading at TD Securities. “Credit Suisse is a systemically important financial institution and there’s a run on the bank,” Foss began, elaborating: The wealth division is losing assets in magnificent fashion and that’s a very key profit driver for the bank, and it’s essentially a run on the bank. Credit Suisse is one of the 30 banks identified by the Financial Stability Board (FSB), in consultation with Basel Committee on Banking Supervision and national authorities, as global systemically important banks (G-SIBs). Other banks on the latest list of G-SIBs include JPMorgan Chase, Bank of America, Citigroup, HSBC, and Goldman Sachs. “If CSFB [Credit Suisse First Boston] gets in trouble, it’s not just about CSFB, it’s about all the other institutions that have exposure or counterparty risks,” he cautioned. In 1988, Credit Suisse acquired First Boston, a well-known investment bank at the time. Responding to a question about why he believes Credit Suisse will be the next major bank to fall, Foss explained: Because it’s in big capital trouble. It’s only got a 10-billion-dollar market cap for about a trillion dollars of assets, which is ridiculously low. The strategist noted that the second largest bank in Switzerland claims that it met the standards set by the Bank of International Settlements (BIS) but he pointed out that the BIS capital standards are not marked to market. On Wednesday, shares of Credit Suisse plunged after its largest investor, Saudi National Bank, revealed that it could not provide more financial assistance to the Swiss bank. “We cannot because we would go above 10%. It’s a regulatory issue,” said Saudi National Bank chairman Ammar Al Khudairy. Credit Suisse published its 2022 annual report on Tuesday, stating that it had identified “material weaknesses” in financial reporting controls. The report explains that the bank’s “management did not design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements.” At the time of writing, the Credit Suisse Group stock is trading at $1.92, down nearly 24% on Wednesday. The stock has fallen more than 97% from its all-time high. Do you think Credit Suisse is about to fall as warned by market strategist Greg Foss? Let us know in the comments section below. View the full article

Michael Burry, a hedge fund manager renowned for predicting the 2008 financial crisis, has drawn parallels between the current banking turmoil and the Panic of 1907. He noted that three weeks after J.P. Morgan made a stand, the panic was resolved and the markets bottomed. “A stand was made this past weekend,” the famous investor pointed out. Michael Burry on Bank Failures, Panic of 1907, Markets Bottoming Famous investor and founder of investment firm Scion Asset Management, Michael Burry, has compared the current financial turmoil, following the collapse of multiple banks, to the Panic of 1907. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. The “Big Short” investor tweeted Wednesday: In October 1907, Knickerbocker Trust failed due to risky bets, sparking a panic. Two others soon failed, and it spread. When a run began on a healthy Trust, J.P. Morgan made a stand. 3 weeks later the panic resolved & markets bottomed. A stand was made this past weekend. Knickerbocker Trust Company was one of the largest trust companies in the U.S. Its failure in October 1907 triggered a financial panic and led to a loss of confidence in the entire banking system. The panic came to an end after J.P. Morgan organized a bailout of several large banks and convinced other financiers to do the same. The bailout helped restore confidence in the banking system. The Federal Reserve System was subsequently created on Dec. 23, 1913. Burry’s tweet came after several major banks in the U.S. failed, including Silicon Valley Bank and Signature Bank. The former was closed down by regulators last Friday and the latter by the New York State Department of Financial Services a couple of days later. To stop bank runs and restore confidence in the banking system, the Treasury Department, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) announced measures to allow depositors of both banks to “have access to all of their money.” Moreover, the Federal Reserve Board said it will “make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.” While some people on social media agreed with Burry, several pointed out that the Federal Reserve System did not exist in 1907 so the current situation is different. In a different tweet, Burry wrote: “This crisis could resolve very quickly. I am not seeing true danger here.” Regarding the U.S. economy, Burry previously warned of another inflation spike and extended multi-year recession in the U.S. What do you think about Michael Burry’s comparison between the Panic of 1907 and the current banking turmoil? Let us know in the comments section below. View the full article

Taxpayers in the United Kingdom will have to report cryptocurrency assets separately in their tax documents for the tax year 2024-25, according to the Exchequer’s recently published spring 2023 budget. New Criminal Offenses Planned by U.K. Government to Combat Tax Avoidance Amid the chaos in the banking sector following the collapse of Silicon Valley Bank’s U.K. subsidiary, finance minister Jeremy Hunt delivered the spring 2023 budget on Wednesday. Hunt, who was previously dealing with the bank’s failure, told BBC reporters that the shutdown of the U.K. financial institution posed no immediate danger to the British financial system. The budget, published by the Treasury, discusses the decisions the U.K. government has made to “restore economic stability, support public services, and lay the foundation for long-term growth.” The budget also discusses tax and spending and specifically addresses “tackling promoters of tax avoidance.” The U.K. government is planning to introduce new criminal offenses for those who evade taxes and will consult on the issue soon. “The government will also consult on expediting the disqualification of directors of companies involved in promoting tax avoidance, including those who exercise control or influence over a company,” according to the Treasury budget. Additionally, the Treasury’s document mentions amending the U.K.’s self-assessment tax forms to account for cryptocurrency assets. “The government is introducing changes to the self-assessment tax return forms that require amounts related to cryptocurrency assets to be identified separately,” explains the Treasury notice. “The changes will be implemented on the tax forms for the 2024-25 tax year.” In the U.K., self-assessment tax returns are due on Jan. 31 each year. U.K. taxpayers use the Government Gateway Service to file their tax records, and cryptocurrency assets must be listed separately under the new rule. The budget from the U.K. finance minister and Treasury follows U.S. president Joe Biden’s recently submitted annual budget for 2024, which also includes proposed tax policies targeting cryptocurrency investors. Biden’s budget aims to eliminate the like-kind exchange provision, also known as Section 1031, from the Internal Revenue Code. The president’s administration believes that closing the so-called loophole will prevent the “ultra-wealthy” from exploiting the like-kind exchange provision. What do you think about the U.K. and U.S. governments’ proposed changes to tax policies regarding cryptocurrency assets? Share your thoughts in the comments section below. View the full article

After dropping below $26,000 per unit, the price of bitcoin, the leading digital asset by market capitalization, is still up 9.6% since last week. However, its price has decreased by 6.5% in the last 24 hours. Out of the 7,316 companies, crypto assets, precious metals, and exchange-traded funds worth more than $82 trillion in value, bitcoin is the 12th largest asset worldwide by valuation. Bitcoin’s Market Capitalization Compared to Other Top Assets: Leading Crypto Climbs Above Visa, But Lags Behind Meta Crypto assets, specifically bitcoin (BTC), have increased in value this week following the collapse of three major U.S. banks. Over the past 24 hours, bitcoin (BTC) has dropped 6.5% against the U.S. dollar. However, weekly metrics indicate that BTC is up 9.6% week over week. Most of BTC’s increase occurred on March 14, when it jumped above the $26K zone to precisely $26,533 at around 9 a.m. (ET) on Tuesday. As of 2:35 p.m. on March 15, bitcoin is exchanging hands for $24,357 per unit. Despite the decrease in value against the U.S. dollar, bitcoin has become the 12th largest valuation in the world, surpassing the market capitalization of payments giant Visa. On Wednesday afternoon, BTC had a market valuation of $469.60 billion, which is $18.31 billion more than Visa’s. However, the crypto asset’s market valuation is still below that of Meta (formerly Facebook), which is currently at $499.66 billion. For bitcoin to become the 11th largest asset by valuation in the world, its market capitalization needs to increase by $30.06 billion, surpassing that of Meta. Bitcoin chart by TradingView Currently, the top ten assets by market valuation include gold, Apple, Microsoft, Saudi Aramco, silver, Alphabet (Google), Amazon, Berkshire Hathaway, Nvidia, and Tesla. Gold, the leader of the group, has a market capitalization of around $12.81 trillion. While BTC represents 42.7% of the crypto economy’s $1.1 trillion in value, it only accounts for 3.67% of gold’s overall market valuation. Bitcoin’s market valuation would need to increase by approximately $12.34 trillion to surpass gold’s market capitalization. However, bitcoin’s market valuation is currently closer to silver, which is valued at $1.245 trillion as of Wednesday afternoon. Therefore, as of today, bitcoin’s market capitalization is approximately 37.7% of silver’s market valuation. To surpass silver’s market capitalization, bitcoin’s market valuation would need to increase by approximately $775.4 billion. In October 2021, BTC’s market capitalization ran up against silver’s overall valuation, but at that time, silver’s capitalization was $1.31 trillion. Regarding contending with tech giant Apple’s net worth, BTC’s market valuation accounts for 19.69% of Apple’s. For bitcoin to exceed the California tech giant’s net worth, it would need to increase its market valuation by another $1.917 trillion. What do you think about bitcoin’s seven day market performance and the crypto asset becoming the 12th largest asset by market cap worldwide? Share your thoughts about this subject in the comments section below. View the full article

On March 14, 2023, the U.K.-based bank Natwest Group announced new limits on cryptocurrency payments, citing crypto scams that cost U.K. consumers £329 million annually. The limit imposed on crypto exchanges is £1,000 daily ($1,215), with a 30-day limit of £5,000 ($6,077). Natwest’s Cautious Approach Towards Crypto Assets Prompts Another Transfer Limit Amid the banking sector rout in the United States following the collapse of Silicon Valley Bank (SVB) and its subsidiary, Silicon Valley Bank U.K. Ltd., the Edinburgh-based financial institution Natwest is limiting cryptocurrency payments. Natwest, however, cites cryptocurrency scams in the United Kingdom that cost consumers £329 million ($399 million) annually as the reason for the limit. The bank’s notice also indicates that men over the age of 35 are “most at risk” of such scams. Natwest’s press release, published on Tuesday, details that “cryptocurrency investments are often made through legitimate exchange platforms.” The British banks added that these “websites let customers buy, sell or exchange cryptocurrencies for other digital currency or traditional currency.” Natwest also emphasizes that, in addition to men over the age of 35, criminals are using the “cost-of-living crisis” to entice investors with the promise of high returns.” “You should always have sole control of your cryptocurrency wallet and nobody else should have access,” noted Stuart Skinner, head of Natwest’s fraud protection unit. “If you didn’t set the wallet up yourself or can’t access the money then this is likely to be a scam. We have seen an increase in the number of scams using cryptocurrency exchanges and we are acting to protect our customers.” This is not the first time Natwest has limited transfers to cryptocurrency exchanges. The bank set a temporary limit in June 2021, and the following month, it specifically blocked payments to Binance, citing the heightened risk of cryptocurrency scams. Natwest has often categorized cryptocurrency assets as “high risk” in the past. In April 2021, just before the first limit was imposed, a Natwest risk manager said: “We have no appetite for dealing with customers” who transact with cryptocurrencies. What do you think about Natwest limiting crypto payments to digital currency exchanges? Share your thoughts about this subject in the comments section below. View the full article

Following Openai’s release of GPT-4, a deep learning and artificial intelligence product, crypto assets focused on AI have spiked in value. The AGIX token of the Singularitynet project has risen 25.63% in the last 24 hours. Over the last seven days, four out of the top five AI-centric digital currencies have seen double-digit gains against the U.S. dollar. An Overview of AI-Centric Crypto Asset Market Moves After GPT-4 Release On March 14, 2023, Openai launched the next iteration of deep learning and artificial intelligence (AI) with the release of GPT-4, otherwise known as Chat GPT-4. Openai detailed on Tuesday that the new product is a “milestone” as it accepts images and text inputs and emits text outputs. GPT-4 has also passed various professional and academic benchmarks better than the GPT-3.5 version. Furthermore, on Tuesday, it was shown that GPT-4 was able to review an Ethereum smart contract and identify specific bugs and vulnerabilities. “I dumped a live Ethereum contract into GPT-4,” Coinbase Director Conor Grogan explained on Tuesday. “In an instant, it highlighted a number of security vulnerabilities and pointed out surface areas where the contract could be exploited. It then verified a specific way I could exploit the contract.” Grogan also mentioned how the smart contract was exploited in 2018 and GPT-4 was able to identify the exploits used. Since the release of Openai’s GPT-4, AI-centric tokens are reaping the benefits of the product’s hype. Currently, market statistics from cryptoslate.com indicate that 74 listed crypto assets associated with artificial intelligence concepts are valued at $3.9 billion. Nine out of the top ten AI-crypto assets are up between 0.6% and 25.63% over the last 24 hours. Singularitynet (AGIX) has jumped 25.63% over the day and 28.97% higher over the last month. Graph (GRT) increased 3.63% over the past day and 11.92% this week. Fetch.ai (FET) is up 9.98% over the last 24 hours and 10.17% for the week. Moreover, ocean protocol (OCEAN) has risen 9.35% today and 17.39% during the past seven days. While the fifth-largest AI-focused cryptocurrency is up 5.17% over the last day, iexec rlc (RLC) dropped 20.92% in value against the dollar this month. It is also the only AI-centric crypto in the top five that has seen a decline this week. The top four, GRT, AGIX, FET, and OCEAN, have claimed double-digit gains over the seven-day period. Other notable AI-focused crypto asset gainers this week include cortex (CTXC) up 24.96% and singularitydao (SDAO), which jumped 18.54% higher over the last seven days. A notable loser this week was alethea liquid intelligence (ALI), down 8.63% against the U.S. dollar. What are your thoughts on the impact of artificial intelligence on the crypto market? Share your opinions in the comments section below. View the full article

Cosmos climbed by as much as 5% in Wednesday’s session, as the token remained close to a multi-week high. Cryptocurrency markets consolidated recent gains in today’s session, with the global market cap down by 0.24% as of writing. Solana continued to trade above $20.00, as prices consolidated. Cosmos (ATOM) Cosmos (ATOM) was once again in the green, as prices remained close to a recent multi-week high. Following a high of $13.47 on Tuesday, ATOM/USD hit a peak of $13.41 earlier in today’s session, before prices have since plunged. Since hitting a three-week high during yesterday’s session, cosmos bulls have moved to consolidate gains, with ATOM now trading at $12.55. Overall, bulls have seemingly moved to take profits, following a failed breakout attempt of the $13.50 ceiling. Looking at the chart, the decline comes as the 14-day relative strength index (RSI) was also unable to move past a resistance zone of its own at 57.00 As of writing, the index is tracking at 51.52, with a floor at 50.00 a possible destination for traders. Solana (SOL) In addition to ATOM, solana (SOL) also remained near a recent high, despite market sentiment shifting in today’s session. SOL/USD fell to a low of $20.31 earlier in today’s session, hours removed from a peak at the $22.11 mark. Yesterday’s high saw solana trade at its strongest point since March 2, when the token was trading close to $23.00. From the chart, it appears that the SOL bulls began shifting away from earlier positions, following a collision with a ceiling on the RSI. Price strength hit a point of resistance at the 50.00 level, which has been in place since late-February. As of writing, the index is now tracking at 48.91, with the next visible floor at the 45.00 level. Register your email here to get weekly price analysis updates sent to your inbox: Has the recent bull wave completely faded? Let us know your thoughts in the comments. View the full article

According to reports, Shanghai Pudong Development Bank may acquire the China-based subsidiary of Silicon Valley Bank (SVB). Authorities in the Chinese city of Shanghai reportedly back the acquisition, which may help minimize the impact of SVB’s shutdown. In its statement following SVB’s demise, SPD Silicon Valley Bank reportedly said its operations remained stable. Shanghai Authorities Seek to Limit Impact of SVB’s Demise Silicon Valley Bank’s joint venture partner Shanghai Pudong Development Bank (SPDB) plans to take over the collapsed financial institution’s China-based subsidiary, a report has said. According to the report, the SPDB is likely to acquire 50% of the collapsed U.S. bank’s stake in the subsidiary. The plan to keep the financial institution’s subsidiary running came just days after the Bank of England helped to facilitate HSBC’s acquisition of the collapsed bank’s subsidiary in the United Kingdom. British authorities have lauded the acquisition of the subsidiary for £1 ($1.22) which protects depositors ostensibly without using taxpayers’ money. According to a report in the South China Morning Post, Shanghai banking authorities may back the acquisition, which may help the city weather the storm sparked by SVB’s abrupt shutdown. The report added that the local government and the city banking regulators had discussed the possibility of SPDB’s takeover of the subsidiary which operates as SPD Silicon Valley Bank in China. While Shanghai banking authorities are also open to the idea of a non-Chinese entity buying the subsidiary, analysts quoted in the report said this option may not be the most ideal for customers who want a quick resolution to the issue. Meanwhile, in its statement following SVB’s spectacular collapse, SPD Silicon Valley Bank reportedly said its operations remained stable. The subsidiary highlighted China’s banking regulations which required it to maintain an independent balance sheet separate from its parent company. What are your thoughts on this story? Let us know what you think in the comments section. View the full article

Crypto exchange Binance will stop processing transactions with Ukrainian hryvnia through two payment platforms later in March. The move follows an earlier suspension of deposits and withdrawals using bank cards in the national currency of Ukraine. Ukrainian Users Lose More Fiat Options to Trade on Cryptocurrency Exchange Binance The world’s leading digital asset exchange in terms of trading volume, Binance, said on Monday that Ukrainian hryvnia purchases through the digital wallets Settlepay and Advcash will be unavailable, starting from March 21. “Settlepay withdrawals are currently open and you can withdraw fiat currency to your wallet, the withdrawal fee is 0%,” the platform noted in an announcement to its Ukrainian users published on Telegram and Twitter. Fiat deposits and withdrawals via bank cards and other payment services have been suspended throughout Ukraine, the exchange reminded. The measures are related to restrictions imposed by the National Bank of Ukraine, its representatives explained earlier in March. Besides Binance, a leading Ukrainian crypto exchange, Kuna, also acknowledged the interruptions. Its founder Michael Chobanian commented that these could be linked to efforts by the government in Kyiv against money laundering and tax evasion through online gambling sites. “This decision is related to the fight against the illegal gambling business, and unfortunately, it also affected cryptocurrency exchanges,” Binance confirmed in its latest statement. The global crypto company also informed Ukrainian traders that they can sell hryvnia in spot pairs or convert it to any asset free of commission. It further suggested that they use its peer-to-peer platform to exchange crypto and fiat money directly with other Binance users. Cryptocurrencies have provided a lifeline for many Ukrainians and their country amid an ongoing war with Russia. A recent blockchain intelligence report revealed that the invaded nation has raised over $212 million to fund its military and relief efforts through crypto donations which, according to Chobanian, will be affected by the government-imposed Hryvnia restrictions. Do you think the restrictions on Hryvnia transactions on crypto exchanges will be lifted soon? Tell us in the comments section below. View the full article

Bitcoin briefly surged to a nine-month high late on Tuesday, as prices moved above the $26,000 mark. Although prices have since declined, overall sentiment remains bullish following the latest U.S. inflation report. Consumer prices fell to 6% last month, with ethereum climbing above $1,700 as a result. Bitcoin Bitcoin (BTC) fell from a nine-month high on Wednesday, following yesterday’s post-U.S.-inflation-report rally. BTC/USD is trading at $24,858.50 at the time of writing, hours after prices surged to a peak of $26,514.72. Tuesday’s peak saw the world’s largest cryptocurrency hit its strongest point since June 13, when BTC was above $26,600. Bitcoin chart by TradingView Earlier gains have since fallen, which comes as a result of the 14-day relative strength index (RSI) nearing a ceiling of 65.00 Currently, the index is tracking at 63.07, however overall momentum remains higher, with the 10-day (red) moving average trending upwards. Should the ceiling of 65.00 be eventually broken, bulls will likely push BTC to a higher resistance level at $28,000. Ethereum Ethereum (ETH) also moved higher in the last 24-hours, hitting a seven-month high in the process. Following a high of $1,779.92 yesterday evening, ETH/USD is now trading at $1,696.20, which is still marginally higher than Tuesday’s low of $1,668.69. Yesterday’s high saw ethereum climb to its strongest point since last August, breaking out of a ceiling at $1,750 in the process. Ethereum chart by TradingView Since accomplishing this feat, ETH has since declined, following a collision with the 62.00 level on the RSI. At the time of writing, the index is now tracking at 57.21, with ethereum bulls continuing to secure yesterday’s gains. A floor at the 55.00 mark could be a possible target for sellers, should prices continue to decline in the coming days. Register your email here to get weekly price analysis updates sent to your inbox: Will ethereum move towards $1,800 this week? Leave your thoughts in the comments below. View the full article

A recent study that examined the interest of several countries in bitcoin and crypto ranked El Salvador as second for having the most interest in the issue. While the U.S. was still ranked first, El Salvador’s high rank comes amidst criticism President Nayib Bukele has drawn from Salvadorans for his push for bitcoin adoption. El Salvador Retains Interest in Bitcoin El Salvador ranks amongst the countries most interested in learning about bitcoin and its uses, according to a recent study made by Crypto Betting, a decentralized gaming portal. The study, which examined the behavior of the queries using Google Analytics and the number of bitcoin ATMs in each country, found El Salvador was the country with the second highest interest in the subject. The study gave the country a grade of 46.19 on a scale of 0 to 100, where the most interested countries in bitcoin ranked closer to 100. About the situation of El Salvador, the report stated: El Salvador is a unique and prominent player in the world of Bitcoin. The U.S. was ranked as the country most interested in bitcoin worldwide, receiving a grade of 54.95 out of 100. Other countries that ranked high in the report were Vietnam, Canada, Nigeria, Switzerland, Philippines, India, Venezuela, and Austria. Crypto in the Country While the country saw the approval of the Bitcoin Law in June 2021, which would make bitcoin legal tender in the country, analysts and studies have criticized the push that President Nayib Bukele is making for bitcoin adoption. For example, several polls organized by the Simeon Canas university last year have found that most Salvadorans believe that bitcoin has not improved their personal finances, having a negative opinion about bitcoin. Also, another study conducted in May 2022 by the Center for Citizen Studies of the Francisco Gavidia University, found that more than 60% of Salvadorans disagreed with the adoption of bitcoin as a legal tender, embracing the use of the U.S. dollar instead. Even with this criticism, Bukele has pushed for the construction of Bitcoin City, a city powered by geothermal energy that will be built with funds coming from the so-called Volcano Bonds, which have yet to be issued by the government. The study suggests that there is still interest in the crypto issue in El Salvador, even if the population is not completely convinced about it. What do you think about the interest that El Salvador has in Bitcoin? Tell us in the comments section below. View the full article

Artificial intelligence (AI) seems to be everywhere these days. With the rise of ChatGPT and other trending AI applications, many cryptocurrencies have been rushing to adopt it as well. However, not all AI is created equal. Logical-AI, an approach adopted by Tau, has been an integral part of Agoras token for a long time, and it is what sets it apart from other cryptocurrencies. Agoras ($AGRS) is the first cryptocurrency entirely run by its users in a sound manner. It is the cryptocurrency of Tau Net, a user-controlled blockchain network. This unprecedented user control over the network and its tokenomics is made possible by Tau technology, which is based on the use of Logical AI – a combination of a unique software specification language and communication paradigm. The use of Logical AI allows Tau to detect and calculate agreed constraints and highlight points of agreement, disagreement, and implications across conversations in formal languages. The resulting specification is executable by Tau’s backend, creating correct-by-construction software, and giving users direct control over the network. Are other blockchains really decentralized? While many blockchain projects claim to have decentralized development, their methods cannot be considered sound because they ask their users to vote on code patches manually or use machine-learning techniques for mass voting, which are statistical in nature. Further, code is implemented by a centralized development team who has to be trusted, and even if trusted, cannot write code with a proof of accurate outcome. On Tau Net, users will govern the development of the system by saying what they want the network to be like in the form of statements that satisfy rules and changes to be implemented. The system will then calculate the agreement among the users and implement the next version of Tau Net into the next block in the blockchain. ​​ How Agoras works The economic aspect of Tau Net will be fully powered by Agoras. Tau Net users will be able to collaboratively and continuously influence every component of the Agoras tokenomics, which will make Agoras the first cryptocurrency fully and soundly run by its users. For example, one user might prefer deflationary system that rewards active participants in the network. Another user might actively participate in the network and prefer to be rewarded for it. The next user might wish for Agoras to be deflationary. Tau Net will calculate the collective agreement on the desired behavior of Agoras and conclude that it will become deflationary by burning 50% of all transaction fees and reward active network participants by redistributing 50% of all transaction fees across all active wallets that hold the token. Tau Net will then automatically adjust the tokenomics to accurately match the specification. The utility of Agoras By leveraging Tau’s AI-based collaborative development technology, Agoras tokenomics, and utility will evolve to reflect its users’ collective wants and will represent the total purchasing capability of all increasingly available assets in the system. Initially, Agoras will be used to trade knowledge, computer resources, and derivatives. User knowledge shared through discussions on Tau Net will be integrated into an extremely powerful Knowledgebase where users will have the option to make each piece of their knowledge accessible to the network in order to exchange it for Agoras ($AGRS) and other assets. Tau Net will detect when a piece of a user’s knowledge is a solution to someone else’s problem and advertise it to them. This will give users an unprecedented opportunity to earn from their knowledge effortlessly, directly, and continuously. Users will also have the option to make idle computer resources in smartphones, laptops, and tablets, such as a CPU, hard drive, and GPU available to trade and rent for Agoras and other assets in Tau Net’s economy. While selling a fraction of your CPU in traditional markets can be very difficult, in the Agoras economy, even fractions of computer resources can be monetized. Combining millions of users’ computers will generate enormous computational resources, that could easily surpass all the servers of the biggest tech companies. Tau Net will also offer a derivatives market, in which, Agoras will be used to trade financial instruments such as futures and options. Agoras will also have the ability to provide risk-free interest without inflation in the token supply. Benefits of AI cryptocurrency While many cryptocurrencies are adopting AIs that are based on machine learning, Agoras is unique in its use of logic-based AI. This approach, which is the basis of Tau technology, allows Agoras users to have control over the network and its tokenomics, not only making it truly decentralized but also enabling it to evolve in a sound way. The use of Logical AI sets Agoras apart from other cryptocurrencies and paves the way for the next era of user-controlled cryptocurrencies. Join Tau Net and Agoras community and learn more at tau.net. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Pokemon Company, a corporation in charge of the development of the Pokemon brand, might be preparing to make some moves regarding the franchise and the metaverse. The company has opened a job opportunity that includes experience and knowledge of fields like blockchain, Web3, and the metaverse as a requirement, including connections with investors in these areas. The Pokemon Franchise Might Be Coming to the Metaverse The Pokemon franchise might be taking its brand to the metaverse. Fans of the franchise believe that the opening of a new job position involving metaverse and Web3 knowledge could hint at the company moving in this direction. The company is not directly responsible for developing Pokemon games, and is more involved in the development of the brand and the distribution of its products. The company is currently seeking a “Corporate Development Principal,” that will be responsible for the construction of strategies and partnerships to grow the Pokemon Company, bringing new ideas and developments for the brand. However, the role also includes two requirements that hint at an approach of the company to the metaverse. These requirements include having “deep knowledge and understanding of Web3, including blockchain technologies and NFT, and/or metaverse,” and being “deeply connected to a network of investors and entrepreneurs” in these industries. Nintendo Fans Worried This job opening has fans fearing that Nintendo might be planning to release a series of NFTs or to prepare a metaverse based on the franchise. Twitter user Rogue reacted negatively, rejecting the possible development, posting: I think a lot of people boutta drop interest in pokemon. This, to me, as a 10-year player, scares me. Although other companies like Niantic have already developed virtual reality-enhanced Pokemon games like Pokemon Go, Nintendo has been apprehensive when it comes to dealing with NFTs and the metaverse. In February 2022, Nintendo president Shuntaro Furukawa stated that while the metaverse had great potential, the company would have to be able to offer new and fresh experiences to experiment with it. Furukawa explained: We might consider something if we can find a way to convey a ‘Nintendo approach’ to the metaverse that many people can readily understand. This differentiates Nintendo from other game developers that have already included NFTs, Web3, and metaverse experiences as part of their business plans, like Square Enix, Bandai Namco, and even Sega. What do you think about the possibility of Nintendo launching Pokemon products in the metaverse? Tell us in the comments section below. View the full article

U.S. tech giant Meta is giving up on operations with non-fungible tokens (NFTs) amid ongoing turbulence in the crypto space. The company allowed creators to share digital collectibles on its leading social media platforms last year. Meta Platforms Cutting Off Support for Non-Fungible Tokens California-based technology conglomerate Meta is winding down support for digital collectibles on its platforms. The company owns social media networks Facebook and Instagram to which it introduced NFTs less than a year ago. Meta provided the option to share non-fungible tokens amid the growing popularity of this type of digital asset, with sales reaching billions of U.S. dollars, Reuters noted in a report. However, crypto markets were hurt by the bankruptcy of major players like the FTX exchange, later in 2022. The move regarding NFTs, part of the tech giant’s decision to adjust its priorities and seek efficiency, was announced by Stephane Kasriel, head of Commerce and Financial Technologies at Meta. On Monday, he tweeted: Some product news: across the company, we’re looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. [1/5] — Stephane Kasriel (@skasriel) March 13, 2023 Kasriel assured that the firm will continue supporting NFT creators using Instagram and Facebook in other areas and emphasized that creating opportunities for them to connect with fans and monetize remains a priority. “And we’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta,” he elaborated. The end of the NFT support comes after last year when Meta’s Novi digital wallet was shut down, and the assets of the Meta-backed cryptocurrency project Diem were sold to Silvergate Capital, the parent company of Silvergate Bank. The latter is one of three U.S. banks, two of them crypto-focused, the recent collapse of which affected the situation in the crypto market as well. Do you think other major tech companies will also wind down their crypto-related operations? Share your thoughts on the subject in the comments section below. View the full article

On Saturday, March 11, 2023, crypto advocates are concerned as a few stablecoin assets have depegged from their $1 parity. The second-largest stablecoin USDC, issued by Circle Financial, fell below $0.90, reaching a low of $0.877 per coin. Additionally, around five other stablecoins have dropped below the U.S. dollar parity during the early morning (ET) trading sessions on Saturday. Major Crypto Exchanges Suspend USDC Trades as Concerns Mount On March 11, 2023, stablecoin assets are having a rough day after Circle Financial announced that $3.3 billion of the cash backing usd coin (USDC) was held at Silicon Valley Bank (SVB). This news has caused USDC to depeg from the U.S. dollar, dropping to a low of $0.877 per coin on Saturday. As of 7:45 a.m. ET, USDC is currently trading at $0.91 per unit, up 3% from the low of $0.87. We are temporarily pausing purchases using USDC on Ethereum and Polygon. We have also paused loads to the BitPay Card in the app. Further updates will follow here. — BitPay (@BitPay) March 11, 2023 Following the depegging of USDC, several major crypto exchanges, including Binance and Coinbase, have suspended USDC trades. “Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,” Binance tweeted. “This is a normal risk-management procedural step to take while we monitor the situation.” Coinbase stated: “We are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions.” The crypto payment processor Bitpay has also paused USDC payments and debit card loads. The Singapore-based crypto exchange Crypto.com also suspended USDC deposits on March 11. “Out of an abundance of caution, we have temporarily suspended USDC to USD conversion, USDC deposit, and USDC pair trading due to current market conditions. USDC withdrawal remains available,” the company said on Saturday. “We will continue to evaluate the situation and plan to resume USDC trading as soon as possible.” The depegging of USDC has caused a ripple effect of depegging issues for five different stablecoin projects, including GUSD, DAI, FRAX, USDP, and USDD. FRAX is currently trading for $0.91, USDD is swapping for $0.94, USDP is trading for $0.95, DAI is changing hands for $0.92, and GUSD is trading for $0.97 per unit. The largest stablecoin by market capitalization, tether (USDT), has remained within the $0.99 to $1 range since the SVB issues began. What are your thoughts on the challenges facing stablecoins today? Share your views on this topic in the comments section below. View the full article