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Sympathizers of the terror group, the Islamic State (IS) are allegedly using South Africa’s financial system to channel funds to the group’s affiliates and networks in Africa. The United States government has so far sanctioned four South Africa-based individuals it accused of facilitating the transfer of funds to African terror groups. Millions of Dollars Laundered A new United Nations Security Council (UNSC) document alleges affiliates of the Islamic State (IS) in Africa are using the South African financial system to mobilize and launder millions of dollars. As per a Bloomberg report, some Kenyan and Ugandan sympathizers of the terror group are said to be raising funds in countries like South Africa. The funds are then channeled to a rebel group operating in the Democratic Republic of Congo (DRC). The report said while the Islamic State is believed to direct transactions that involve global affiliates, funding of African affiliates is normally handled by the terror group’s office in Somalia. Nevertheless, according to an unnamed (United Nations) member of the state, South Africa has emerged as an important center for “facilitating transfers of funds” from the group to its affiliates in places that include the DRC, Mozambique, and Nigeria. According to the report, the United Nations “monitoring team is aware of several large transactions totaling more than $1 million.” The UNSC document according to the report, reveals that the United States government has so far sanctioned four people residing in South Africa whom it accuses of using the country’s financial system “to facilitate funding for ISIS branches and networks across Africa.” Terrorist Groups Allegedly Seek Crypto Donations Still, despite being watched, African terror groups continue to millions of dollars in funding from their backers. Al Shabaab — an affiliate of the Islamic State’s rival al-Qaeda — is thought to receive $24 million annually which is designated for weapons acquisitions, the report said. Overall, Al Shabaab is thought to earn between $50 million and $100 million. Meanwhile, the UNSC document also claimed that both the Islamic State and al-Qaeda might be seeking to receive donations in the form of cryptocurrencies. 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

Europe’s banking sector regulator is worried it won’t manage to find the specialized personnel needed for the oversight of the EU’s attempt to regulate the crypto market. The authority is also concerned over the lack of clarity regarding which digital assets it’s supposed to supervise. Banking Watchdog Faces Staffing Problems Threatening Its Ability to Regulate Crypto in EU Retention of talent for anything crypto-related is a “major concern,” the man who chairs the European Banking Authority (EBA), revealed in an interview. The deficit applies to other areas as well, including technology and digitization, with high demand for specialists across society, the executive added, quoted by the Financial Times. The Paris-based EBA was established in 2011, after the last financial crisis, to ensure that European banks had enough capital to overcome similar challenges in the future. More recently, it was also tasked to oversee Europe’s bid to regulate cryptocurrencies. It now says it’s also worried about planning for its new powers. European institutions recently agreed on a draft regulatory framework called Markets in Crypto Assets (MiCA). But the authority won’t know which digital coins, cryptocurrencies used for payments, and stablecoins it has the authority to supervise until close to 2025, when the legislation is expected to come into force, its head indicated. José Manuel Campa’s comments underscore the difficulties faced by many other organizations trying to catch up with the fast-moving crypto sector. Banking institutions, fintech firms and consultancies have been offering extensive packages to attract those professionals whose skills are in high demand. Record inflation across the eurozone has also driven wage demands up, the report notes. Salaries at the authority are aligned with those at the European Commission and EBA will not have the freedom to adjust them, Campa admitted. He is also worried that due to the dynamic nature of the crypto sector, regulation may lag behind so he doesn’t know what exactly his agency will be confronted with in two years’ time. The top EBA official remarked he was not concerned about the reputational risk should the authority make mistakes in overseeing the industry. “My concern is more about making sure the risk we have identified is properly managed. If we don’t do as well as we should have, we’ll have to live with the consequences,” he elaborated. Do you expect EU authorities to raise remuneration for crypto experts working at regulatory bodies tasked to oversee the crypto space? Tell us in the comments section below. View the full article

A panel of crypto industry experts “sees a fairly bright future ahead” for Binance coin, predicting bnb to rise to $781 by 2025 and $1,814 by the end of 2030. One expert explained that “Since the bnb chain ecosystem continues to grow, the price may reach as high as $3,000 in 2030.” BNB’s Price Predictions Price comparison portal Finder updated its binance coin (BNB) price predictions Monday. The company explained that earlier this month, it surveyed a “panel of 54 industry specialists to give their predictions on binance coin’s price between now and 2030.” Finder detailed: Our panel thinks Binance coin (BNB) will be worth $274 by the end of 2022 before rising to $781 by 2025. The panel also expects binance coin’s price to continue to grow, “surging to $1,814 by the end of 2030.” At the time of writing, BNB is trading at $265.71, up 3.4% in the last 7 days and 14.5% in the last 30 days, based on data from Bitcoin.com Markets. Binance coin is the world’s fifth-largest cryptocurrency by market capitalization. Ben Ritchie, the managing director of Digital Capital Management and one of the experts on the panel, “is bullish on BNB, expecting the coin’s value to hit $300 by the end of the year,” Finder noted. “The price of BNB also follows the demand and supply. BNB introduced a burn mechanism in every transaction fee and conducted quarterly burns, making it a deflationary asset,” Ritchie described. “BNB Chain also plans to support a layer 2 chain within the network, which can be helpful in the future as they may suffer the same gas fees issues as Ethereum.” He elaborated: Since the BNB chain ecosystem continues to grow, the price may reach as high as $3,000 in 2030. The experts were also asked whether it is time to buy, sell, or hold binance coin right now. Finder noted: While the panel sees a fairly bright future ahead for BNB, just 20% say it’s time to buy. The majority (50%) of the panel say it’s worth holding onto your BNB, with a further 30% advising sell. The panel includes university directors, crypto exchange executives, crypto research analysts, and executives of various firms with crypto-related products. Finder’s experts also recently made predictions about several other cryptocurrencies, including bitcoin (BTC), ether (ETH), cardano (ADA), and solana (SOL). In May, the panel predicted the death of the meme cryptocurrency shiba inu (SHIB). What do you think about the expert panel’s Binance coin (BNB) predictions? Let us know in the comments section below. View the full article

A crypto winter has come. With BitCoin (BTC) falling over 70% from its all time high along with Ethereum, and a steady drumbeat of news involving crypto-related funds, companies, and projects collapsing, it is clear that the last round of cryptomania has come to a close. Even juggernauts of GameFi such as Axie Infinity (and its AXS coin) have seen prices tumble; without an endless flow of new money, only those with sustainable business models will survive. Against the Current: Karmaverse Zombie In this kind of bear market, GameFi faces unprecedented headwinds and negative sentiment, but there are also new projects full of opportunities. However, Yield Guild Games SEA (YGG SEA) has moved thousands of players from Axie Infinity to Karmaverse Zombie, with other leading guilds including Path DAO, Ola GG, and Avacado also showing their confidence in the future of the project by establishing themselves and investing their time and effort. Investment Backing for Stability Karmaverse Zombie is the first blockchain game in the Karmaverse, and the first step into a larger ecosystem that will allow its tokens and NFTs to be used across a variety of games. This means its potential extends far beyond the current downturn, and is part of a long-term vision shared by investors including A&T Capital, Polygon Studios, OKX, and others. This backing provides stability and demonstrates the commitment to the game and the larger metaverse it will be a part of by its many stakeholders. Over 10K New Players Every Month This design decision has helped Karmaverse Zombie to rapidly grow its userbase, despite the overall bear market for GameFi. Currently, there are over 50,000 active players, with a 30 day retention rate of 94% and a 60 day retention rate of 86%. This demonstrates the power of the PAE model for retaining players and creating a sustainable growth model, and has allowed Karmaverse Zombie to continually expand its userbase. Top 3 Most Active Game on Polygon Based on DappRadar’s data, Karmaverse Zombie is already ranked 3rd by number of users on the Polygon Chain. As the crypto winter freezes out fair-weather projects, the resilience and strength of those built on sound foundations will prove itself. Stable Growth in Token Value With a growing base of active players, the price for Karmaverse Zombie’s primary tokens of Knots and Serum has been steadily growing over time. This growth is based on real player engagement, and showcases that the value of the tokens is grounded not in wild speculation amid hopes of quick, short-term returns, but is a reflection of actual players enjoying the game and investing their time and money and getting value in return. The steady rate of return provided by the game’s tokens, especially Knots, demonstrates how the PAE mindset provides growth and a high RoI even during a bear market. Putting Players and Gameplay First While the Karmaverse will eventually span across multiple genres of games, Karmaverse Zombie has the distinction of being the world’s first Play and Earn (PAE) game. While Play 2 Earn (P2E) games have been the focus, PAE shifts the focus to gameplay and fun, allowing players to earn as a natural extension of engaging gameplay, rather than the gameplay simply being a chore to execute in order to receive the payoff. PAE games are games first and foremost, with the growth in their value being a result of being playable and retaining players rather than raw speculation. The team behind Karmaverse Zombie has extensive experience in creating games with longevity, having created the successful mobile strategy games Kings of Avalon and Guns of Glory. Karmaverse Zombie combines the casual gameplay of match-3 and the social, player-driven experience of strategy games into a single quality game that both casual and hardcore players can enjoy. If players would play a game even without token and NFT rewards, allowing them to earn money as they play is a positive innovation in the gaming and crypto industry that creates sustainable growth. With broadly appealing gameplay and a solid economic model, Karmaverse Zombie is a game designed to last, with an exceptionally long lifecycle designed to reward both early adopters as well as welcome new players. No matter when a player begins their journey, as long as they have a few basic NFT resources, they will have the opportunity to earn NFTs and tokens, enjoying good rates of return. Unlike many P2E games based on rewarding only those who get in on the ground level at the expense of latecomers, Karmaverse Zombie is a PAE game that wants to reward all players and ensure everyone who joins has a chance to earn, ensuring the game can grow long into the future. New Ways to Play in an Expanding Ecosystem In the four months since Karmaverse Zombie went live, new events and features have been continually added to the game, improving the player experience, balance, and new ways to earn rewards through engaging gameplay. For example, in additional to regular seasons and ladders, new monthly challenges, tournaments, and double rewards for incubating new fighters have been added, allowing players to both play more and earn more. This is only the beginning. New games will be continuously added to the Karmaverse, with some tokens being transferable across games. In addition, veteran players can receive special NFTs including Karmaverse Avatars that can be used across the platform, which may confer special bonuses in different games. Over the long term, the crypto market may go through more boom and bust cycles. The only way to ensure long-term viability is through creating products that truly meet the needs and wants to players. When players want to play and encourage their friends to do so, the game and its players will be able to enjoy a healthy ecosystem powered by themselves, not by investors seeking a quick buck in the latest craze. The Karmaverse’s long-term vision is of a game ecosystem powered by players for players, with everyone able to contribute, playing, enjoying- and earning. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Roughly six years ago in July 2016, an Ethereum hard fork was used to address the infamous DAO hack. This specific fork saw the chain split into two factions, and a new crypto asset called ethereum classic was introduced to the crypto community. For years now both chains have co-existed using the same proof-of-work (PoW) consensus algorithm, and with The Merge coming up, speculators assume Ethash PoW miners will transition to ethereum classic mining. During the last two weeks, ethereum classic has climbed more than 124% against the U.S. dollar, and the network’s hashrate has spiked a great deal as well. Ethereum Classic Catches Triple-Digit Gains During the Last Two Weeks Ethereum classic (ETC) is six years old this month and it’s seen some significant gains during the last 14 days. In fact, ever since the penciled-in date for The Merge was revealed, ETC has risen in value alongside its counterpart ethereum (ETH). While ETH has seen a significant double-digit ​​45.7% gain in two weeks, ETC has jumped 124.2% in that same period of time. Despite the 124% rise, year-to-date, ETC is still down 34% and around 80% lower than the crypto asset’s all-time high at $167 per unit. ETC shares the same consensus algorithm as ETH and it seems PoW miners that used to miner ether, are starting to transition and are now mining on the ETC chain. In mid-July, when the preliminary Merge date was penciled-in, ETC’s hashrate was 17.39 terahash per second (TH/s) and today, it’s 20% higher at 20.88 TH/s. ETC hit a high this week at 21.41 TH/s and the network is also nearing the all-time high it tapped last year. ETC’s all-time hashrate high was 28.53 TH/s on May 7, 2021, at block height 12,695,074. At the pace the Ethereum Classic hashrate has been going, it’s quite possible the hashrate could surpass its all-time high in the near future. Korean Won Represents More Than 20% of Ethereum Classic Trades ETC’s average fees are much cheaper than ETH’s average fees, as the average ETH fee today is 0.002 ETH or $3.31, while the average ETC fee is 0.000096 ETC or $0.0031 per transfer. Tether (USDT) is ETC’s largest trading pair, as the stablecoin captures 59.17% of all trades today. Following USDT is the Korean won with 20.82% of all ETC trades, and the U.S. dollar is ETC’s third-largest trading pair as it commands 7.84%. 11.53% of the volume on the South Korean exchange Bithumb stems from ETC swaps and 22.96% of Upbit’s volume derives from ETC trades against the Korean won (KRW) as well. In terms of decentralized finance (defi), the Ethereum Classic network is way behind the eightball when it comes to defi development. Ethereum (ETH) has the largest value locked out of all the blockchains today with $56.62 billion total value locked (TVL). That’s more than 65% of the $87.56 billion locked across the myriad of blockchains that support defi protocols. Meanwhile, Ethereum Classic’s has a very small TVL, with only $175,483 on July 27, according to defillama.com statistics. There’s a total of three ETC defi applications compared to Ethereum’s 523 protocols. Over 92% of the value locked in ETC defi applications is held on the Hebeswap, an automated token exchange. The rest of ETC’s defi TVL or a mere $12,366 is held on Etcswap and Swap Cat. If miners continue to find value in ETC’s PoW security, it is possible that ETC-based defi protocols and smart contract applications could see more development. ETC also has a supply cap set at 210,700,000 while Ethereum’s supply is infinite. Today, 136,026,596 ETC is currently in circulation which means there’s only 74,673,404 ETC left to mine. Ethereum (ETH) network and community is much larger than Ethereum Classic (ETC) ecosystem in a variety of ways, and in terms of market capitalization, ETH is a behemoth in comparison to ETC. ETH, the second-largest crypto asset by market cap represents 17.7% of the $1 trillion crypto economy with $193.36 billion. ETC, on the other hand, represents 0.402% of the crypto economy’s value with $4.39 billion today. What do you think about ETC’s recent price spike and the hashrate climbing higher? Do you expect ether miners to transition over to the Ethereum Classic chain? Let us know what you think about this subject in the comments section below. View the full article

Ripple’s chief executive has shared his views on possible outcomes of the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over the sale of xrp, which the regulator claims to be an unregistered securities offering. Ripple’s CEO Discusses Implications of SEC Winning the Lawsuit Ripple CEO Brad Garlinghouse discussed the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over XRP earlier this month in an interview with Axios at the Collision 2022 event. The SEC sued Ripple Labs, Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an unregistered securities offering. Ripple disagreed with the SEC and has since been fighting a legal battle with the securities regulator. During the interview, Garlinghouse was asked what would happen if he does not get a ruling in his favor and XRP is deemed a security. The Ripple executive quickly emphasized that in that situation, XRP would only be considered a security in the United States. He clarified: The SEC only has jurisdiction in the United States, and in some ways … How the world is operating right now is as if the case has been lost. He added that investors cannot trade XRP in the U.S. on most platforms. Coinbase, for example, halted trading of XRP soon after the SEC filed the lawsuit against Ripple. “If Ripple loses the case, does anything change? It’s basically just status quo. Ripple is still growing very, very quickly,” Garlinghouse said. Garlinghouse Is Betting on Winning Against SEC Emphasizing that he is betting that Ripple will win the case against the securities regulator, the executive affirmed: I’m betting that because I think the facts are on our side. I’m betting that because the law is on our side. “I think the SEC has massively overstepped and is trying to take kind of jurisdictional ownership over something that is … I think they saw this gray area they’re like ‘hey we are going to go in,'” the Ripple executive explained. He added: “It’s frustrating it’s taking this long. There’s a lot of companies, I think, that realize how important this case is to the whole industry.” In April, Stuart Alderoty, legal counsel at Ripple, tweeted: “It now looks like a resolution will come in 2023 — and each day that passes is hurting U.S. citizens who were essentially the victims of a rug pull by the SEC. $15B in XRP market cap was destroyed the day the suit was filed, hurting the very people the SEC purports to protect.” Do you think SEC will win the lawsuit against Ripple over XRP? Let us know in the comments section below. View the full article

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, believes that the U.S. Securities and Exchange Commission (SEC) neither has the resources nor the IQ points needed to correctly investigate crypto listings on Coinbase. Michael Burry on SEC Investigating Crypto Listings on Coinbase Famous investor and founder of investment firm Scion Asset Management, Michael Burry, briefly commented on the U.S. Securities and Exchange Commission (SEC) investigating crypto exchange Coinbase Tuesday. He 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. Commenting on a Bloomberg article titled “Coinbase Faces SEC Probe on Crypto Listings,” Burry tweeted: Pretty sure the SEC does not have the resources or the IQ points to do this correctly. Bloomberg published the news of the SEC investigating Coinbase Monday night, just days after the securities watchdog slapped a former product manager of the exchange with insider trading charges, naming nine crypto tokens as securities in the process. Coinbase immediately disputed the SEC’s allegation that it listed crypto securities. Paul Grewal, chief legal officer at the Nasdaq-listed crypto exchange, tweeted Monday: I’m happy to say it again and again: we are confident that our rigorous diligence process — a process the SEC has already reviewed — keeps securities off our platform, and we look forward to engaging with the SEC on the matter. Burry does not comment on cryptocurrency often. In November last year, he confirmed that he had never shorted any cryptocurrency. In October, he said: “I believe that cryptocurrencies are in a bubble.” Do you agree with Michael Burry about the SEC? Let us know in the comments section below. View the full article

PRESS RELEASE. Pocket Network, a decentralized Web3 infrastructure provider that services blockchain data requests for applications and developers, is implementing key protocol changes after its community DAO voters rallied to boost network efficiency and bring costs down. As of late June, the Pocket DAO has passed two proposals with significant impacts on the incentive structure for nodes participating in Pocket Network’s protocol. Pocket’s protocol is serving approximately 1 billion RPC requests every day, and is on course towards a goal of supporting 100 blockchains before year-end. At the same time, as Pocket Network has seen explosive growth in the number of active nodes on the network (all the way up to almost 50,000 nodes in May of this year), infrastructure costs of the protocol have risen as well. Thanks to some of the highest levels of engagement out of any past proposals in the Pocket DAO, voters and commenters took on this economic challenge on two separate fronts: by implementing stake-weighted servicer node rewards, and by increasing validator node rewards by a factor of five. The evolution of these two proposals was a case study in effective DAO governance, and included amendments to original proposals, discussions of exact parameters, economic modeling and forecasting, lively debate on alternatives, and even a discussion of the constitutionality of DAO proposals. Over the course of multiple weeks of active community debate and in-depth economic analysis, insights were pooled from a variety of perspectives and common ground was found. This significant accomplishment further solidifies the Pocket Network community’s intrinsic belief in the project, and their sharing of the same strong, long-term values. As Pocket Network CEO Michael O’Rourke notes, “This week we’ve had a couple of the most impactful proposals to be passed by the Pocket DAO in our short two-year history. It is a meaningful shift in how everyone needs to think about node running, and is part of the evolution into a more efficient network moving into V1 of Pocket Network.” For more on each of these key decisions, and how they will bring optimized cost-efficiency for the network, see the full discussions of PIP-22 and PUP-19 in the Pocket Network Forum. About Pocket Network Pocket Network, a blockchain data ecosystem for Web3 applications, is a platform built for applications that uses cost-efficient economics to coordinate and distribute data at scale. It enables seamless and secure interactions between blockchains and across applications. With Pocket, the use of blockchains can be simply integrated into websites, mobile apps, IoT and more, giving developers the freedom to put blockchain enabled applications into the “pocket” of every mainstream consumer. For more information visit pokt.network. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Russia could be a large player in the crypto mining space, experts in the field have established in research naming the most attractive regions for coin minting operations in the country. The capital Moscow is among the popular mining destinations alongside the places offering the cheapest power. Cost of Electricity, Logistics Determine Russian Miners’ Choice of Location for Crypto Farms Russia has everything necessary to become a leader in the crypto mining industry, including low-cost electricity, surplus generating capacity, and well-developed energy infrastructure in many of its regions. That’s one of the conclusions in a study conducted by Intelion Data Systems, an importer of mining equipment, quoted by RBC Crypto. The company’s researchers say that interest in setting up new data centers for digital currency extraction has increased across the vast country. The primary task for businesses is to choose the right location for their facilities, crucial for the effectiveness of capital investments, according to CEO Timofey Semyonov. Electricity rates and sufficient generation are the main criteria, he pointed out. Intelion Data Systems has found that the most popular places for hosting mining data centers in 2021 were the capital Moscow and Moscow Oblast, Karelia, Buryatia, as well as the Sverdlovsk, Murmansk, and Irkutsk regions, the Krasnoyarsk Territory, and the Republic of Khakassia. In the first four regions, power demand was higher than the locally generated volume of electrical energy. Industrial-scale crypto miners are led in their choice by the cost of electricity in the first place, and in the case with Moscow and the adjacent region, by logistical advantages. Sometimes, the latter prevail over the energy infrastructure as a factor, the experts have noted in a press release. They believe data centers should be set up in regions where not only the price of electricity is relatively low, but also generation exceeds consumption. The regions where the two parameters match are Irkutsk, Sverdlovsk and Murmansk, the Republic of Khakassia, and the Krasnoyarsk Territory. The volume of generated electricity there is sufficient to not only meet the current demand, but also allows to connect more consumers without overloading the distribution networks. The authors of the study believe that mining farms can provide an economically viable solution to utilize the excess generating capacities in Russia. Cryptocurrency mining can also expand the deployment of IT infrastructure in the Russian Federation, increase budget receipts for its regions and create new jobs. Bitcoin mining is one of the crypto-related activities that still awaits regulation in Russia which, as of January 2022, controlled close to 5% of the monthly global hashrate, as estimated by the Cambridge Institute for Alternative Finance. Most officials in Moscow agree that mining should be recognized as an industrial activity and taxed accordingly. Meanwhile, the Russian mining sector has been hit by U.S. sanctions imposed over the war in Ukraine. Do you think Russia has what it takes to be a leading crypto mining destination? Tell us in the comments section below. View the full article

The governor of the central bank of the Philippines has shared his policy on cryptocurrency regulation. “I don’t want it banned,” he said, advising investors not to invest money they cannot afford to lose in crypto. Philippine Central Bank Governor on Crypto Regulation Felipe Medalla, the governor of the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, shared his policy on cryptocurrency in an interview with Forkast, published Friday. Medalla was asked: “What’s your take on cryptocurrency?” He replied: I don’t want it banned, but I don’t want to call it cryptocurrency. The central bank governor explained that in his opinion cryptocurrency “has really very little use for actual payments, especially when the price is so volatile.” Emphasizing that currency cannot be very volatile, he suggested calling it “crypto assets.” Medalla then slammed bitcoin’s environmental impact, stating that the crypto is “bad for the environment because the amount of electricity that the miners use is bigger than the electric consumption of some countries.” Nonetheless, crypto “is a good thing” since “it’s an alternative to government” in countries “with so much financial and economic repression,” he conceded. “The other thing that it’s useful for is evading monitoring by government,” the central banker pointed out, adding: “The question is what social good does that achieve?” Emphasizing that “In most countries where the government is not perfect but is largely contributing to the common good, you don’t necessarily want to weaken the government,” Medalla opined: So my view is its valuation may be too high because of all the things I said. The Philippine central banker proceeded to talk about the crypto market downturn. “It’s already happened that the bubble has collapsed. Right? Some of the crypto assets have fallen by almost two-thirds in a very, very short period,” Medalla detailed, elaborating: So my advice always is if you go to buy this, don’t put in money that you cannot afford to lose. Regarding the Philippine central bank’s crypto policy, Medalla stressed: “Our policy standpoint, it must not be used for evading anti-money laundering and know your customer rules.” He concluded that for exchanges, “where you exchange crypto assets for bank deposits or physical currency,” it’s the central bank’s policy to enforce “all the rules that are needed to prevent money laundering, especially to finance crimes.” What do you think about the comments by the Philippine central bank governor? Let us know in the comments section below. View the full article

Tesla has revealed that it is still holding bitcoin worth $222 million in market value after selling 75% of its crypto holdings. The company recorded realized gains of $64 million on its recent bitcoin conversion into fiat currency. Tesla Realizes Gains of $64 Million From Bitcoin Sale Tesla Inc. filed its second-quarter report with the U.S. Securities and Exchange Commission (SEC) Monday. The company explained that it converted about 75% of its bitcoin holdings into fiat currency, as Bitcoin.com News reported last week. The BTC conversion added $936 million of cash to the electric car company’s balance sheet. Tesla informed the SEC that in the second quarter: We recorded $170 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us. Tesla originally purchased $1.5 billion of bitcoin in Q1 2021. In the same quarter, the company sold BTC worth $272 million. The price of bitcoin fluctuated between the $32K level and the $59K level in Q1 2021. The electric car company stated in the SEC filing that it realized gains of $128 million from converting its BTC into fiat currency in Q1 2021. In addition, the company had $23 million and $50 million of impairment losses on bitcoin in Q2 2021 and 1H 2021, respectively. Tesla’s Digital Assets Mostly Consist of Bitcoin In its Monday filing with the SEC, Tesla clarified that it purchased bitcoin worth $1.5 billion in Q1 2021. In addition, it received “an immaterial amount” of digital assets during the first half of this year. While Tesla did not name other crypto assets it is holding, the company has been accepting the meme cryptocurrency dogecoin (DOGE) for some merchandise since January. The carrying value of Tesla’s digital assets held was $218 million as of the end of the second quarter, its balance sheet shows. The electric car company elaborated: The fair market value of such digital assets held as of June 30, 2022 was $222 million. On June 30, the price of BTC was hovering around $20K, after falling briefly to $18,784. At the time of writing, BTC is trading at $21,869, based on data from Bitcoin.com Markets. Tesla CEO Elon Musk said during the company’s Q2 earnings call last week that the company sold most of its BTC due to concerns “about overall liquidity for the company, given Covid shutdowns in China.” Noting that Tesla has not sold any dogecoin, Musk stressed: “We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin.” What do you think about Tesla still holding bitcoin worth $222 million? Let us know in the comments section below. View the full article

Chipotle Mexican Grill, often referred to as simply Chipotle, has announced a new cryptocurrency game that encourages fans to “Buy the Dip.” The game aims to give away over $200K in crypto rewards and coupons for specific foods priced at a penny. Chipotle Returns With Another Crypto-Infused Contest In April 2021, Bitcoin.com News reported on the American fast-food chain Chipotle (NYSE: CMG) giving away free burritos and bitcoin (BTC) to celebrate National Burrito Day. The giveaway was featured as a game that visitors could play in order to win a BTC or burrito reward. Chipotle is back again with another crypto-infused game called “Buy the Dip.” The announcement sent to Bitcoin.com News details that more than 500 players will compete for $200K worth of bitcoin (BTC), ethereum (ETH), solana (SOL), avalanche (AVAX), and dogecoin (DOGE). Hundreds of thousands of players will get coupons for 1-cent guac and 1-cent queso blanco through July 31, otherwise known as National Avocado Day. “We want to build the next generation of Chipotle fandom by connecting with the Web3 community,” Chris Brandt, Chipotle’s chief marketing officer said on Monday. “We’re excited to bring positivity to the crypto conversation by empowering fans to ‘Buy The Dip.’” While visiting the web portal chipotlebuythedip.xyz, the game explains that players need to be a Chipotle rewards member or sign up for the company’s online system. The web portal showcases pictures of queso blanco and guac, alongside pics of crypto coins like DOGE, ETH, and BTC. Chipotle crypto winners need to have a verified Coinbase account to accept their “Buy the Dip” winnings. The news follows Chipotle announcing cryptocurrency acceptance for food services by using the payment network Flexa. Customers using the Flexa application can pay for Chipotle with roughly 98 different crypto assets. As far as the contest is concerned, on Monday through Saturday, Chipotle will award winners with $10K in BTC, $5K in ETH, $1.25K in SOL, $3K in AVAX, and $3K in DOGE. On Sunday, July 31, National Avocado Day, Chipotle’s “Buy The Dip” winners can get $35K in BTC, $5K in ETH, $12.5K in SOL, $11.25K in AVAX, and $11.25K in DOGE. Although all of the prizes are split as well for each day. For example, on National Avocado Day, the $35K in bitcoin will be split between five winners who get $5K each and one fan will get the opportunity to win $10K. Similarly, winners playing on Monday through Saturday will see the day’s prizes split between multiple winners. What do you think about Chipotle’s “Buy The Dip” game and the $200K in crypto assets the fast food chain is giving away? Let us know what you think about this subject in the comments section below. View the full article

After people have accused bureaucrats and government agencies of changing definitions during the last few years, Joe Biden’s administration now claims that a second consecutive quarter of negative gross domestic product (GDP) does not indicate the U.S. is in a recession. This is despite the fact that two negative GDPs have always been considered a recession in the eyes of economists worldwide for years. Furthermore, U.S. treasury secretary Janet Yellen now insists that two declining GDPs is “not the technical definition.” White House Claims Two Consecutive Quarters of Falling GDP Does Not Constitute a Recession This week market analysts, news outlets, and economists are accusing the White House of “Soviet-level propaganda” after the Biden administration redefined the technical definition of a recession. On July 21, 2022, the Biden administration published a blog post called “How do economists determine whether the economy is in a recession?” “While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House report says. It's not a recession until the White House gives economists on its payroll permission to declare it a recession — zerohedge (@zerohedge) July 25, 2022 Furthermore, a few days later, the White House published another blog post that says U.S. treasury secretary Janet Yellen also claims that two declining GDPs in a row is not the correct definition. Yellen appeared on NBC’s “Meet the Press” with Chuck Todd and when he asked: “If the technical definition is two-quarters of contraction, you’re saying that’s not a recession?” “That’s not the technical definition,” Yellen replied. “There is an organization called the National Bureau of Economic Research that looks at a broad range of data in deciding whether or not there is a recession. And most of the data that they look at right now continues to be strong. I would be amazed if they would declare this period to be a recession, even if it happens to have two-quarters of negative growth. We have a very strong labor market. when you are creating almost 400,000 jobs a month, that is not a recession.” Good morning to everybody except the White House for attempting to gaslight us about being in a recession — Ashley St. Clair (@stclairashley) July 25, 2022 Yellen and the Biden administration’s recession arguments are not being taken too kindly, as many people have said that two declining GDPs equals a recession and have said so for decades. Investopedia defines a recession as “two consecutive quarters of negative economic growth as measured by a country’s gross domestic product.” Many other economic resources and textbooks declare that it is the technical definition of a recession, despite the bureaucrats’ comments. Can't wait to hear the White House Press Secretary simultaneously blame Putin for recession… and at the same time say we have the "best economic numbers in history." — Tim Young (@TimRunsHisMouth) July 25, 2022 Gold bug and economist Peter Schiff mocked Yellen’s definition on Twitter when he said: “According to Treasury Sec. Janet Yellen, even if the U.S. economy experiences two consecutive quarters of negative GDP, the economy won’t be in recession. Bust is the new boom. Will she be singing the same tune after GDP drops more in Q3 than either of the first two quarters?” Redefining Vaccination to Economic Definitions Showcases Similarities to Orwell’s 1984 Northman Trader’s Sven Henrich predicted that politicians would change the definition on July 6, and the Trends Journal trends forecaster Gerald Celente said the same thing when Bitcoin.com News interviewed him on July 9. The Biden Administration's top economic priority appears to be changing the definition of a recession. — Tom Cotton (@TomCottonAR) July 25, 2022 Will O’Grady, a Republican National Committee spokesperson explained on Monday that “redefining” the definition of a recession showcases how “out of touch” Biden’s team is with Americans. “Joe Biden turned a recovery into a likely recession. Redefining the word will not fix the fact that Democrats wasted $1.9 trillion, resulting in skyrocketing costs for Americans. This further underscores how out of touch Biden and Democrats are with the pain families are feeling,” O’Grady stressed. Republican Thomas Massie has also criticized the White House for attempting to change the technical definition of a recession and compared it to how bureaucrats worldwide changed the definition of a vaccine. “When the vaccines failed to prevent infection, they redefined vaccination,” Massie said on Monday. “When the economy fails to grow, they redefine recession.” What do you think about the White House being accused of changing the definition of a recession? Let us know what you think about this subject in the comments section below. View the full article

Just recently, coinjournal.net published a report that shows the number of cryptocurrency exchanges that have failed during the last eight years. Interestingly, the researcher’s data shows that 42% of failed crypto asset trading platforms disappeared without a trace, giving users no explanation as to why the exchange shut down. During the Past 8 Years, Research Shows Only 22% of Failed Crypto Exchanges Have Left Due to Actual Business-Related Reasons A report that covers failed digital currency exchanges indicates that 42% of all the exchanges that have failed since 2014 have given no reasons as to why the business faltered and the trading platforms basically disappeared from the industry without much notice. 22% of the failed crypto exchanges during the last eight years left due to actual business-related reasons, according to coinjournal.net’s research. 9% of the trading platforms turned out to be outright scams and fraudulent businesses from the get-go. “Following 23 exchanges going under in 2018, this number exploded upwards by 252% in 2019, before increasing a further 17% in 2020,” coinjournal.net’s report explains. “Remaining at the same level in 2021, this year there has finally been improvement, with a 55% reduction in failures if the rest of the year follows the first six months.” In a comment sent to Bitcoin.com News, Dan Ashmore, a CFA and cryptocurrency data analyst at coinjournal.net, explained that metrics like these should be cleaned up. “If cryptocurrency is to be taken seriously and fully establish itself, it needs to continue to clean up its image and leave damning statistics like these behind,” Ashmore remarked. Furthermore, the report notes that while 2022 has not ended, it is expected that the year will see a 55% fall in overall crypto exchange failures. “In regards to the amount simply vanishing into thin air, one could expect this to lower – regulation is still far behind, but it has at least made progress and should make it more difficult for exchanges to vanish without a trace,” the coinjournal.net report adds. The report comes at a time when a myriad of crypto companies have been suffering financially from the crypto winter. Layoffs have been spreading across the crypto industry during the last few months as thousands of crypto employees have been let go. Moreover, three significant insolvencies have pushed Celsius, Three Arrows Capital (3AC), and Voyager Digital to file for bankruptcy protection. At least half of a dozen digital currency platforms have frozen withdrawals. This past Wednesday, the trading platform Zipmex paused withdrawals and said it was suffering from “financial difficulties [from] of our key business partners” caused by the crypto market downturn. Following the pause, the Thailand Securities and Exchange Commission (SEC) has asked Zipmex why it has paused withdrawals in a letter published on Wednesday. What do you think about the research report published by coinjournal.net? Let us know what you think about this subject in the comments section below. View the full article

Cosmos was trading lower for a fourth consecutive session on Monday, as prices approached a one-week low. Decentraland was also trading close to a one-week low on Monday, as the global cryptocurrency market fell by over 3% as of writing. Cosmos (ATOM) Cosmos (ATOM) declined for a fourth straight session, as the token moved towards a one-week low. Following a high of $10.25 during yesterday’s session, ATOM/USD dropped to an intraday low of $9.27 earlier today. The move comes as ATOM moved closer to its support point of $9.00, less than a week after nearing a breakout of a resistance at $11.25. Looking at the chart, recent declines have come as the relative strength index (RSI) dramatically dropped, moving from 67 on Friday to 50 today. Should the 14-day RSI fall below the 50 level, which is also a support point, this could see ATOM moving below its $9.00 floor. Overall, prices of the token fell by just 3.62% from the same point last week, despite this extended streak of declines. Decentraland (MANA) Like ATOM, decentraland (MANA) was trading close to a one-week low during today’s session. The world’s thirty-fourth largest cryptocurrency slipped to an intraday low of $0.9051 earlier today, which is its lowest level since last Thursday, when prices dropped to $0.8797. This drop in decentraland comes following a failed breakout attempt above resistance of $1.02 on Sunday. Despite the ceiling being held, MANA reached a one-month high, however bears have now pushed the token away from this point. As of writing, MANA/USD is now trading at $0.9128, which is marginally above a support level of $0.9030. The 14-day RSI currently sits at a floor of 50, which would need to be broken if bears are to extend this recent downtrend. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect decentraland to climb back above $1.00 this week? Let us know your thoughts in the comments. View the full article

According to the international law firm Scott+Scott’s website, there’s a possibility that the non-fungible token (NFT) company Yuga Labs may be threatened with a class action lawsuit for generally promoting “the growth prospects and change for huge returns on investment to unsuspecting investors.” Law Firm Seeks Investors Who “Suffered Losses” From Yuga Labs Products The law firm Scott+Scott details that the NFT company Yuga Labs is accused of using “celebrity promoters and endorsements to inflate the price of the company’s NFTs and token.” However, at the time of writing, current court records show no official class-action case against Yuga Labs has been filed. Scott+Scott’s website says the firm is currently seeking investors who “suffered losses in association with the purchase of Yuga Labs tokens or NFTs between April 2022 and June 2022.” The token named in the accusations against Yuga Labs is apecoin (APE), a crypto asset associated with the Bored Ape Yacht Club (BAYC) and Otherside metaverse project. “After selling off millions of dollars of fraudulently promoted NFTs, Yuga Labs launched the Ape Coin to further fleece investors,” the Scott+Scott web page says. “Once it was revealed that the touted growth was entirely dependent on continued promotion (as opposed to actual utility or underlying technology) retail investors were left with tokens that had lost over 87% from the inflated price high on April 28, 2022.” The law firm’s website adds: As a result, Yuga Labs’ individual investors are now joining together through a class action brought by law firm Scott+Scott, to seek restitution for losses incurred from the purchase of Yuga Labs tokens and NFTs. If you suffered losses in association with the purchase of Yuga Labs tokens or NFTs between April 2022 and June 2022 you are encouraged to reach out to Scott+Scott to learn more about your legal rights. Scott+Scott Is Involved in 6 Different Crypto Cases — Boutique Law Firms Flock to the Blockchain Industry The law firm Scott+Scott covers a lot of different legal proceedings and complex litigation in Europe and the United States. Scott+Scott is involved in securities litigation that involves high-profile names like Edison International, General Mills, Intuit, Roblox Corporation, Tesla, Transunion, and Twitter. Scott+Scott’s website notes that the legal firm is involved with a number of “crypto cases.” Other crypto legal matters involve crypto companies and projects like Celsius, Ethermax, Safemoon, Solana Labs, Terra, and the final crypto case listed is Yuga Labs. Yuga Labs has not mentioned the accusations stemming from Scott+Scott’s web portal and the last tweet the company made discussed a threat to the NFT community. “Our security team has been tracking a persistent threat group that targets the NFT community,” Yuga Labs tweeted on July 18, 2022. “We believe that they may soon be launching a coordinated attack targeting multiple communities via compromised social media accounts. Please be vigilant and stay safe.” During the last few years, boutique law firms focusing on complex legal matters that involve blockchain technology have been more prominent in the crypto industry. Like Scott+Scott, a number of these law firms are taking on a lot of litigation matters that involve cryptocurrencies and alleged unregistered securities. Roche Freedman LLP is another firm that has a variety of crypto cases under the law firm’s wing, and the partners Kyle Roche and Devin “Velvel” Freedman are well known for the court case that involved Craig Wright. Similar to Scott+Scott, Roche Freedman is also involved in a case that’s been filed against the bankrupt crypto lender Celsius. What do you think about Yuga Labs facing a potential lawsuit over apecoin and BAYC NFTs? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin fell below $22,000 to start the new trading week, as sentiment in crypto markets seems to have turned bearish. The world’s largest token saw recent price declines extended on Monday, with ethereum also experiencing similar downwards momentum. The global market cap is down over 3% as of writing. Bitcoin Bitcoin (BTC) prices were once again in the red during today’s session, as prices fell below $22,000 to start the week. The world’s largest cryptocurrency fell to an intraday low of $21,804.35 in today’s session, which is over $1,100 lower than Sunday’s peak. Yesterday saw BTC/USD trade at a high of $22,974.00, however as market turbulence heightened, prices of the token have slipped as a result. Today’s move has seen bitcoin fall towards its recent support point of $21,000, however bulls have so far resisted attempts by bears to force a breakout. Following today’s lows, BTC has somewhat rebounded, and as of writing is trading marginally below $22,000 at $21,989.16. The relative strength index (RSI) has also fallen, with the indicator now tracking at 50, which has previously been a level of support. Ethereum In addition to bitcoin, ethereum (ETH) was also in the red, as prices fell towards what looks to be a new support point at $1,500. ETH/USD slipped to an intraday low of $1,506.66 to start the week, as prices continue to consolidate for the seventh consecutive session. This week-long consolidation has been taking place between a floor of $1,500, and a recent price ceiling of $1,650. Looking at the chart, this sideways trend began following a failed breakout of the 69 resistance level on the 14-day RSI. The index is now tracking at 59, as it heads towards another point of uncertainty, which is at 57. Should relative strength fall below this point, we may see further declines. Register your email here to get weekly price analysis updates sent to your inbox: Could we see further declines in ethereum this week? Leave your thoughts in the comments below. View the full article

The financial regulator of the U.S. state of Arizona has warned investors about crypto interest-bearing accounts. “Some companies may materially overstate the degree to which their collateral practices protect their ability to pay investors the stated return,” the regulator said. State Regulator Warns About Crypto Interest-Bearing Accounts The Arizona Corporation Commission issued an investor alert this week, warning about “digital asset financial services companies that offer interest-bearing crypto-asset accounts.” The regulator explained: “With crypto-interest accounts, customers lend crypto assets to the company and, in exchange, receive interest paid in crypto assets.” The Arizona Corporation Commission elaborated: However, due to the crypto market downturn, highlighted by the recent bankruptcy filings of Celsius Network and Voyager Digital, some companies are preventing account holders from withdrawing from and transferring between their accounts. The securities regulator cautioned investors that “some crypto-interest account providers may not have adequately disclosed the risks that customers face when they deposit crypto assets onto these platforms,” adding: Some companies may materially overstate the degree to which their collateral practices protect their ability to pay investors the stated return. The commission recently took action against Blockfi Lending LLC and found that certain crypto-interest accounts were unregistered securities. The regulator revealed that it is investigating whether other crypto-interest account providers are violating laws under its jurisdiction. This month, crypto lenders Celsius Network and Voyager Digital filed for bankruptcy protection. The Department of Financial Regulation of the U.S. State of Vermont said it “believes Celsius is deeply insolvent and lacks the assets and liquidity to honor its obligations to account holders and other creditors.” Voyager CEO Stephen Ehrlich explained why his company filed for bankruptcy: “The prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital (‘3AC’) on a loan from the company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now.” What do you think about the warning by the AZ financial regulator? Let us know in the comments section below. View the full article

PRESS RELEASE. CryptoDATA Tech was announced as the title sponsor of the Austrian Grand Prix in 2022, 2023, and 2024. CryptoDATA Tech will take top billing at the Red Bull Ring – Spielberg, which will be officially named the CryptoDATA Motorrad Grand Prix von Österreich, and will sponsor one of the most talented MotoGP riders, Jorge Martin. CryptoDATA, is a Romanian company that develops high-performance products and services with unique cybersecurity attributes applicable in various domains due to their integrated features based on blockchain technology and encryption with an environmentally friendly approach. By delivering unique projects and customized products, CryptoDATA meets both the needs of its partners and those of tech users worldwide. CryptoDATA Tech, now the official title sponsor of the MotoGP Austrian GP, has recently launched a new blockchain architecture called Xiden that aims to deliver a new internet concept consisting of multiple decentralized networks which will act as a single network connection of nodes governed by individual users. Therefore, Xiden can easily be considered a new way of mining within an ecosystem that enables the use of decentralized resources, complies with all ETH standards, and features low energy consumption, making it a go-to place for users that prefer sustainable and environmentally friendly architectures available in the blockchain world. To this end, mining on the Xiden blockchain is realized with multifunctional devices developed by CryptoDATA, but all other smart devices can be integrated in the network’s Smart Distribution Layer (SDR) so that their resources can be used to boost mining power. The first project developed on Xiden is called Edain, an AI-powered knowledge creation ecosystem that provides equal access to actionable knowledge. Two sentiment analysis applications have been developed within this ecosystem, applications that integrate multiple indicators to analyze projects available in the market: Decision Point Crypto (analyzing CMC Top 100 tokens) and Decision Point (analyzing SP500 constituents). Through the XIDEN project, CryptoDATA promotes digitization and the creation of innovative tech projects and invites developers to create their own projects on Xiden in order to meet the needs of as many individuals as possible worldwide. Xiden’s major advantage is that it combines the Internet of Things with blockchain technology to offer a significantly powerful protocol that enables the integration of smart devices. With this blockchain, users can integrate smart equipment to perform multiple tasks and get paid with XDEN, Xiden’s native token. XDEN was initially listed at $0.30, but the price immediately shot up, its all-time high being $60.21, and now its value has stabilized around $35, as can be seen on CMC. Xiden has been built so that each network participant has an active role and helps other participants. By doing so, the participants benefit from all the advantages and features of the system, from rewards to free access to the internet when in the proximity of a system-registered Minter Guardian router, and a secure infrastructure on which all devices can work. Ovidiu Toma, Co-founder and Chief Executive Officer of CryptoDATA Tech: “At CryptoDATA, we develop high-performance technologies and services based on blockchain attributes to bring tomorrow’s technology today. Right now, we are incredibly pleased to start our partnership with Dorna Sports as we become the first Romanian company to take over title sponsorship for Grand Prix events. We share their commitment to innovation, and we want to show that blockchain technology can power positive initiatives for environmental change, for people, and for the motorsport community on and off track, as it represents one of the most transparent and secure technologies with high applicability in many fields outside the crypto sphere. This being said, technology and innovation are at the core of what we do, which strategically aligns with the sport of racing, and together we will create amazing experiences at the intersection of digital technologies and MotoGP.” About CryptoDATA Tech CryptoDATA Tech is a global ambassador for promoting the importance of data security and digital privacy worldwide. The company has pioneered the development of services and products based on blockchain technology that enables private and secure communication between users. Starting from the premise of discovering digital privacy, CryptoDATA Tech provides cyber solutions without restrictions for traveling users who want to protect their personal information by providing them with devices and applications that offer enhanced digital security. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

In this week’s bite-sized digest of the hottest stories from Bitcoin.com News, a new Finder survey knocks down previous forecasts for ethereum’s price a notch, with crypto experts predicting lower long-term prices for the asset. Also, India calls on G20 nations to bring cryptocurrencies within the “Automatic Exchange of Information” framework, billionaire Thomas Peterffy weighs in on investment and the future legality of bitcoin, and SEC Chair Gary Gensler clarifies the U.S. securities watchdog’s approach to crypto regulation. Finder’s Experts Predict Ethereum Falling to $675 — Long-Term ETH Predictions Lowered Considerably A panel of “industry experts” has predicted that ethereum will bottom out at $675 before the year-end. They have “considerably lowered” their ether predictions since the start of 2022 and are now expecting the price of the cryptocurrency to end the year at $1,711 before rising to $5,739 by 2025, and $14,412 by 2030. Read More India Calls on G20 to Bring Crypto Within Global ‘Automatic Exchange of Information’ Framework India’s finance minister has called on the G20 countries to bring crypto within the “Automatic Exchange of Information” framework. More than 100 countries have adopted the Common Reporting Standard under the framework. Read More Billionaire Thomas Peterffy Plans to Buy Bitcoin Despite Concerns BTC Could ‘Become Worthless or Outlawed’ Billionaire Thomas Peterffy, founder of Interactive Brokers, says he plans to buy more bitcoin if the price of the cryptocurrency hits $12K. However, he remains concerned that bitcoin could “become worthless or outlawed.” Read More Gary Gensler Outlines What to Expect From SEC on US Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined what to expect from the securities watchdog on crypto regulation. “We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection,” he explained. Read More What’s your take on the hottest stories from Bitcoin.com News this week? Be sure to let us know in the comments section below. View the full article

PRESS RELEASE. INTERNET CITY, DUBAI, Jul. 24, 2022 – LBank Exchange, a global digital asset trading platform, will list Cryptostone (CPS) on July 25, 2022. For all users of LBank Exchange, the CPS/USDT trading pair will be officially available for trading at 20:00 (UTC+8) on July 25, 2022. Aiming towards decentralization, equity and balance, Cryptostone (CPS) builds an innovative, fully anonymous and no KYC blockchain financial ecosystem, which consists of crypto payment gateway, centralized crypto exchange, ICO launchpad, decentralized crypto exchange, decentralized worldwide stock market, wallet, public blockchain network, and its native CPS token. The CPS token will be listed on LBank Exchange at 20:00 (UTC+8) on July 25, 2022, to further expand its global reach and help it achieve its vision. Introducing Cryptostone Cryptostone is a disruptive innovation and a fully anonymous and no KYC blockchain financial ecosystem where users can use its crypto payment gateway on their website to provide an alternative payment method for their customers. With its centralized exchange, users can trade easily and anonymously in a safe way while with its decentralized exchange they can even launch their exchange and trade in a fully decentralized and peer-to-peer way. Decentralized Worldwide Stock Market is another platform that is provided by Cryptostone to facilitate fundraising events to its customers, which makes the fundraising and investment process inclusive and accessible based on decentralized listing & delisting by blockchain consensus. In addition, there’s a blockchain crowdfunding platform on which users can buy ICO tokens and coins with fiat or other cryptocurrencies. This platform supports automatic distribution mechanisms and crypto payment gateways. Cryptostone also provides a multi-platform wallet (Windows, Mac, Linux, Android, IOS) to create and manage the accounts, transactions, assets, and the other functionalities which are provided by the ecosystem. Cryptostone developed its own main-net dedicated to keeping all transaction records. It provides a lot of features for users, and may tokenize any asset on the blockchain. So any companies and startups can tokenize their securities with Cryptostone platform. Furthermore, the platform can also provide them the services of whitepaper and business plan advice, and implementation of tokenizing their assets. About CPS Token CPS is the native token of Cryptostone ecosystem that can be used in a variety of ways, such as allowing users to trade and pay fewer fees on its exchange. The total supply of CPS is 29 billion (i.e. 29,000,000,000) tokens, of which 14% is allocated for supply reserve, 20% is provided for public sale, 4.5% is provided for private sale, another 4.5% is allocated to the advisor, 20% is provided for ecosystem, 16% will be used for marketing, 17.5% is allocated to the team, and the rest 3.5% is provided for rewards. The CPS token will be listed on LBank Exchange at 20:00 (UTC+8) on July 25, 2022, investors who are interested in Cryptostone investment can easily buy and sell CPS on LBank Exchange by then. The listing of CPS token on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market. Learn More about CPS Token: Official Website: https://www.crypto-stone.io Telegram: https://t.me/cryptostoneofficial Twitter: https://twitter.com/cryptostone_io About LBank Exchange LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 7 million users from now more than 210 regions around the world. Start Trading Now: lbank.info Community & Social Media: l Telegram l Twitter l Facebook l LinkedIn l Instagram l YouTube Contact Details: LBK Blockchain Co. Limited LBank Exchange marketing@lbank.info business@lbank.info This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Huobi recently became the latest cryptocurrency exchange platform to be granted provisional approval by the Dubai Virtual Assets Regulatory Authority, a statement from the company has said. The provisional approval allows Huobi to offer virtual asset exchange products and services to “pre-qualified investors and professional financial service providers.” Spot and OTC Services Are Limited to Pre-Qualified Investors The Asian cryptocurrency exchange platform, Huobi, has become the latest digital asset services company to receive provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA). According to a statement released by the exchange, this approval gives Huobi’s United Arab Emirates (UAE)-based entity the authority to offer “a full suite of virtual asset exchange products and services.” Before giving Huobi its approval, VARA had granted another provisional license to Seychelles-based crypto trading platform OKX. Also, before this, the regulator had issued approvals or licenses to Binance, FTX, and Coinmena. Meanwhile, in a statement, the crypto exchange said it will be targeting so-called professional investors. Concerning spot and over-the-counter (OTC) trading services, Huobi said these will be extended “to a limited subset of pre-qualified investors and professional financial service providers.” Establishment of Regional Headquarters Huobi also suggested that getting the provisional license paves the way for the establishment of the exchange’s regional headquarters in Dubai. In remarks following the granting of the provisional license, Huobi Group CFO Lily Zhang said: The Dubai Government is committed to turning the Emirate into a global hub for the future digital economy and being at the forefront of financial innovation. Huobi is optimistic about the city’s potential and the future opportunities it offers. Zhang added that her organization is looking to work to “foster growth of the virtual asset industry there.” Besides the license from VARA, Huobi said in the statement that it has also obtained licenses in other regions such as South Korea, Japan, and Gibraltar. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

In a fresh twist to the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) saga, revenue collector South African Revenue Services (SARS) has demanded $55.3 million from the scheme’s liquidators. The revenue collector added that it wants the tax bill settled before the MTI liquidation process is finalized. Liquidators Failing ‘as the Deemed Public Officers’ The South African revenue collector is said to have lodged a claim of approximately $55 million against the now defunct bitcoin Ponzi scheme Mirror Trading International (MTI). The claim lodged with the Master of Cape Town High Court relates to two tax periods, the years 2019 and 2020. According to a report by Moneyweb, the revenue collection body known as the South African Revenue Service (SARS) said it wants this tax bill settled before the finalization of MTI’s liquidation process. As previously reported by Bitcoin.com News, a total of $75 million was realized from the sale of bitcoins belonging to MTI that were recovered from forex trader FX Choice. SARS, which accuses the collapsed firm’s liquidators of failing to carry out their duties “as the deemed public officers,” reportedly said it reserved the right to adjust its claim in the event additional bitcoins belonging to MTI were found. In its filing with the Master of High Court, the revenue collector claimed that in addition to the late delivery of the income information, the liquidators failed to declare the $10.8 million and $398 million in income that was realized in the years 2020 and 2021 respectively. Out of the $55.3 million that the SARS is demanding from liquidators, about $20.8 million is for the normal income tax, the Moneyweb report said. For understating incomes, SARS said it wants $34.5 million from the liquidators. SARS Wants Preferential Creditor Status Also, when presenting evidence on behalf of SARS, Johan Matthews, from the revenue collector’s Illicit Economy Unit, reportedly argued that the revenue collector should be given preferential creditor status as per the Insolvency Act. If granted, this status bars liquidators from disbursing recovered funds until the revenue collector’s claims have been settled in full. SARS also said unless a return is submitted within 40 days after assessment, MTI liquidators will be not able to object or appeal. The report also quotes the revenue collector explaining why it is not waiting for the completion of the liquidation process. “Taking into account that the taxpayer [MTI] has been finally liquidated and that the liquidators are in the process of finalising the administration of the estate including the payment of interim dividends to proven creditors, there are reasonable grounds to believe that the taxpayer will not pay the full amount of tax and that the recovery of the tax may be difficult in future,” SARS reportedly said. 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

According to some Kenya-based activists, raising funds through cryptocurrency and non-fungible tokens (NFT) sales is not only faster but less costly as well. The activists added that digital currency also has the “potential to create new ways for young people to earn, spend, save and send money.” Traditional Funding Channels Drying Up After the Covid-19 pandemic caused traditional funding channels to dry up, some African activists responded by raising funds through cryptocurrency and non-fungible tokens (NFT) sales. The raised funds have in turn ensured the sponsorship of activists’ welfare work continued unhindered by pandemic-related challenges. Although cryptocurrency is still relatively new to some activists, a director of a nonprofit based in the Kenyan slum known as Kibera is quoted in a Thompson Reuters Foundation report stating that this is in fact a faster way of raising funds. “Raising funds through cryptocurrency was something new for us. But it is now going to inform how we implement our social welfare activities because we have seen how fast we can move on fundraising,” explained Byrones Khainga, the director of technical services at Human Needs Project. According to the report, Khainga’s Human Needs Project was involved in installing a plastic-made sculpture depicting a giant tap. The sculpture was created by Benjamin Von Wong an artist/activist — who has raised funds by selling NFTs — and Degenerate Trash Pandas, a Kenyan NFT community advocating against plastic waste. Together, they reportedly raised $110,000 via NFTs and these funds were used for the installation of the giant plastic sculpture. Crypto Reduces Barriers to Entry Besides being a faster way of raising funds, “crypto [also] reduces barriers of entry” said to Roselyne Wanjiru, a researcher at the Blockchain Association of Kenya. She adds that more companies and individuals are switching to this fintech. The report also quotes Scott Onder, a senior managing director at Mercy Corps Ventures, explaining why cryptocurrencies are better moving funds across borders. He said: Cryptocurrency removes this costly barrier and has the potential to create new ways for young people to earn, spend, save and send money. While critics often highlight the energy inefficiency of cryptocurrencies like bitcoin, Big Mich, a Kenyan choreographer and a youth trainer, argued that the good things about technology must not be ignored. For Von Wong, any fundraising approach which makes it easier to move capital more quickly and cheaply “is always a good thing.” 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

The central bank of Ukraine has adjusted the fixed exchange rate of the national currency in U.S. dollars and introduced stricter limits on hryvnia transactions for citizens. The measures are likely to turn more Ukrainians to cryptocurrencies, according to a representative of the local crypto sector. War-Time Hryvnia Limits Expected to Increase Interest in Cryptocurrency The National Bank of Ukraine (NBU) has introduced new rules in response to the changing fundamentals of the country’s economy during an ongoing military conflict with Russia. The monetary authority devalued the Ukrainian hryvnia against the strong U.S. dollars by 25% on Thursday and set new limits on banking operations with the national fiat. According to the updated regulations for private individuals, enforced on July 21, banks can sell non-cash foreign currency to their customers only if the amounts are deposited for a period of at least three months, without an option to terminate the contract. The 50,000-hryvnia ceiling for withdrawals from payment cards has now been substituted with a weekly limit of 12,500 ($340). Peer-to-peer transfers abroad from cards issued by Ukrainian banks have been cut from 100,000 hryvnia (approx. $2,700) to 30,000 hryvnia ($800). And the limit for cross-border settlements with hryvnia cards has been set at 100,000 per month. All the measures introduced since the beginning of the war are temporary and allow the economy to survive, assured NBU Governor Kirill Shevchenko. However, they are seriously affecting Ukrainians, especially those millions of the nation’s citizens who have been forced to leave the country and are still unable to return. The latest NBU restrictions may lead to a surge of Ukrainians’ interest in cryptocurrencies, the founder of the Ukrainian crypto exchange Kuna, Mikhail Chobanyan, commented for the crypto news outlet Forklog. “We expect an increase in turnover and use of cryptocurrencies. In Europe, 100,000 hryvnias is nothing,” the entrepreneur added. Chobanyan also noted that the new limits will hinder the work of volunteers, since most of the humanitarian assistance is purchased with cards issued by Ukrainian banks and owned by individuals. “Now we will completely switch these flows to crypto,” said Chobanyan who described the central bank’s policy as aggressive and warned that Ukrainian banks and the state budget will be the losers. Do you agree that many Ukrainians will turn to crypto amid increasing restrictions on fiat transactions? Tell us in the comments section below. View the full article