roadrunner

On June 5, 2022, the entrepreneur and activist known as Kim Dotcom published a post on Twitter and said it “may be the most important thread” he ever makes concerning a major global collapse. In the thread, Dotcom specifically highlights the American economy and he claims the “U.S. is beyond bankrupt.” Dotcom also talked about the “Great Reset” topic and how a “New World Order” aims to “shift into a new dystopian future where the elites are the masters of the slaves without the cosmetics of democracy.” Kim Dotcom Dissects the American Economy, Says US Government ‘Spending and Debt Have Spiraled Out of Control’ On Sunday, the digital entrepreneur Kim Dotcom took to Twitter in order to discuss a major global collapse. In recent times, Dotcom has not been very optimistic about the global economy and in the Twitter thread he published this weekend, those beliefs are further described. In the thread, Dotcom explains what he believes is being planned by the global elite and he specifically dissects the U.S. economy. “The United States did not have a surplus or a balanced budget since 2001,” Dotcom wrote. “In the last 50 years, the U.S. only had [four] years of profit. In fact, all the profit the U.S. had would not be enough to pay for [six] months of the current yearly deficit. So how did the U.S. pay for things? U.S. spending and debt have spiraled out of control and the [government] can only raise the money it needs by printing it.” While sharing an image of the Fed’s M1 money supply chart, Dotcom continued: That causes inflation. It’s like taxing you extra because you pay more for the things you need and all your assets decline in value. Dotcom Warns About ‘Mass Poverty and a New System of Control’ The former CEO of the now-defunct file hosting service Megaupload, is not the only one predicting rough times ahead, as Tesla’s Elon Musk said he has a “super bad feeling” about the U.S. economy, and JPMorgan CEO Jamie Dimon recently warned about the possibility of an incoming economic hurricane. Trends forecaster Gerald Celente recently explained that if war continues in Europe, the odds of a recession increase. Gold bug and economist Peter Schiff has warned his followers that the economic downturn in the United States “will be much worse than the ‘Great Recession.’” The digital entrepreneur Dotcom has similar views and in the thread, he claims the U.S. is bankrupt by breaking down the country’s debt and the Fed’s monetary expansion. Dotcom stressed that the reason the U.S. has been able to get away with being bankrupt for so long is because the U.S. dollar is the world’s reserve currency. “Nations everywhere hold USD as a secure asset,” Dotcom said. “So when the U.S. [government] prints trillions it’s robbing Americans and the entire world. The biggest theft in history.” He further added that the problem is it has been going on for decades and in the end, it will lead to “mass poverty and a new system of control.” Dotcom continued to prove that “this isn’t just doom and gloom talk” by doing the math tied to America’s unfunded liabilities and the total value of the country’s assets. Dotcom said that even if the U.S. could sell all of its assets at current market rates, it would still be broke. “The U.S. is beyond bankrupt — This patient is already dead — This patient is now a zombie,” he opined. After explaining how broke he believes the country is today, Dotcom wrote about why he thinks reality won’t change and a “collapse is inevitable and coming.” Following that statement, Dotcom spoke about the ‘Great Reset’ theory, a subject covered by Bitcoin.com News in great detail. “You may have heard about the ‘Great Reset’ or the ‘New World Order,’” Dotcom remarked. “Is it a controlled demolition of the global markets, economies, and the world as we know it? A shift into a new dystopian future where the elites are the masters of the slaves without the cosmetics of democracy?” Dotcom concludes his Twitter thread by stating: Without a controlled demolition the world will collapse for all, including the elites. The world has changed so much and nothing seems to make sense anymore, the blatant corruption is out in the open, the obvious propaganda media, the erosion of our rights. What’s the end game? The ‘Great Reset’ subject has been called a ‘conspiracy theory’ by mainstream media, as some believe it is a plot to deploy a totalitarian one-world government agenda, often referred to as the ‘New World Order.’ It is believed that specific global crises like Covid-19, the Ukraine-Russia war, climate change, and many other subjects are being used to establish a new dystopian future. Others believe that the while the ‘Great Reset’ is real and despite the theories, it is the path to a sustainable recovery from events like Covid-19 and what environmental activists call a climate change crisis. What do you think about Kim Dotcom’s opinions about the U.S. economy and the ‘Great Reset’ topic? Let us know what you think about this subject in the comments section below. View the full article

Leading shopping mall operator Majid Al Futtaim has partnered with Binance to accept cryptocurrencies at its malls and other properties. “Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year,” said the CEO of Binance. Majid Al Futtaim Dives Into Crytpo With Binance Majid Al Futtaim, a leading operator of shopping malls, hotels, cinemas, hypermarkets, and retail stores in the Middle East, Africa, and Asia, announced its strategic partnership with global crypto exchange Binance last week. The two companies will cooperate on a number of crypto and blockchain projects. Firstly, Binance Pay will be integrated to allow millions of customers to pay with cryptocurrencies “at Majid Al Futtaim’s various destinations in line with appropriate laws and regulations,” the announcement notes. Binance Pay currently supports more than 40 cryptocurrencies, according to Binance’s website. Changpeng Zhao (CZ), CEO and co-founder of Binance, tweeted last week: 29 shopping malls, 13 hotels, and four mixed-use communities now accepts crypto through Binance Pay. Adoption continues. According to the company’s investor presentation published in February, Majid Al Futtaim operates in 17 countries. The group’s properties include 29 shopping malls in five countries across the Middle East and North Africa, including Mall of the Emirates, Mall of Egypt, Mall of Oman, and Mall of Saudi. In 2021, its malls had 175 million visitors. The company also operates 423 Carrefour stores in 16 countries across the Middle East and has exclusive franchise rights in over 30 countries across the Middle East, North Africa, and the Commonwealth of Independent States (CIS) regions. Furthermore, the group also operates 13 hotels (11 in the UAE and two in Bahrain) and 607 cinema screens. “Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year,” Zhao continued. “Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.” Other projects the two companies will collaborate on include listing non-fungible tokens (NFTs) on Binance’s marketplace and creating a digital wallet infrastructure to hold cryptocurrencies from multiple platforms. What do you think about the partnership between Binance and Majid Al Futtaim? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has launched a game-show campaign to help investors make informed decisions “in a playful way.” One of the contestants in the game show chose to listen to a celebrity and invest in crypto. SEC Debuts ‘Game Show-Themed Public Service Campaign’ The SEC’s Office of Investor Education and Advocacy unveiled “a game show-themed public service campaign” last week. Titled “Investomania,” the campaign aims “to help investors make informed investment decisions and avoid fraud.” The campaign features a 30-second TV spot, interactive quizzes, and 15-second informational videos on crypto assets, margin calls, and guaranteed returns, the SEC detailed, elaborating: The campaign encourages investors to research investments and get information from trustworthy sources to understand the risks before investing. In the TV spot, the game show host asks two contestants to pick a square on a video game board with investment options. They included internet rumors, celebrity endorsements, stock tips from your uncle, crypto to the moon, fear of missing out (FOMO), meme stocks, tulip bulbs, guaranteed returns, and timing the market. One of the 15-second videos was about investing in crypto. In the video, a celebrity encourages investors to take their advice and buy crypto assets. The SEC described: After the contestants make their choices, the video shows, in a fun and comedic way, the consequences of a good or a bad choice. “Sometimes investing may look and feel like a game,” the SEC noted. “Our ‘Investomania’ public service campaign uses a game show concept to educate investors in a playful way that investing is not a game and that they should do their due diligence when making investment decisions.” The securities watchdog concluded: Bottom line — don’t play games with your financial future. What do you think about this SEC game-show campaign? Let us know in the comments section below. View the full article

The Bank of Uganda (BOU) has hinted that it is open to the idea of crypto firms participating in the regulatory sandbox. The central bank’s position follows its deliberations with a team from the Blockchain Association of Uganda (BAU). BAU Members Asked to Acquaint Themselves Sandbox Regulations The Ugandan central bank has said following talks with the team from the BAU, it is now open to the idea of having crypto firms participate in its regulatory sandbox. Consequently, the central bank has asked members of the BAU that may want to join the sandbox to familiarize themselves with the NPS Sandbox Regulations 2021 and the BOU Sandbox Framework. In a letter addressed to Kwame Rungunda, the chairperson of BAU, the central bank’s Andrew Kawere hinted that the deliberations between the bank and the team from BAU influenced its position on the participation of crypto firms. Kawere also lauded the proposal to share information. He said: Bank of Uganda welcomes your proposal to share knowledge with our technical teams on the crypto business models and whether some use cases are eligible for testing under the Regulatory Sandbox. In the letter, Andrew Kawere also advised Kwame Rungunda to contact another central bank official Alex Ochan for the purposes of scheduling technical discussions. Shaping the Opportunity for Crypto in Uganda As reported by Bitcoin.com News, the BOU launched its fintech regulatory sandbox in June 2021 and at that time the central bank said this would “promote financial services innovation, attract capital and funding for fintech firms, and provide shared learning opportunities for the innovators and regulators.” Meanwhile, in its tweet after receiving the letter from the central bank, the BAU said it looked forward to working with the central bank and other stakeholders “in shaping the opportunity for crypto in Uganda, while proactively mitigating the potential risks and ensuring consumer protection.” What are your thoughts on this story? Let us what you think in the comments section below. View the full article

The price of Avalanche has slid significantly since the crypto asset’s all-time high as the token has dropped 83% in value since then. In a recent interview published on May 31, Avalanche co-founder, Emin Gün Sirer, discussed how bear market conditions have impacted cryptocurrencies like avalanche (AVAX). The Avalanche co-founder mentioned “macro conditions” and that “all asset prices—not just crypto but also equities—have gone down” in value. Emin Gün Sirer: ‘Price Is Not Something That I’m Supremely Interested in — I’m Building’ Presently, the crypto economy has been facing a downturn after numerous digital assets have lost 40% to more than 80% in value against the U.S. dollar. For instance, bitcoin (BTC) is down 56.9% from its $69K all-time high seven months ago. The crypto asset avalanche (AVAX) has shed roughly 83.9% in value against the USD since the ATH it recorded on November 21, 2021. Just recently, Avalanche co-founder Emin Gün Sirer discussed the AVAX downturn in an interview with Forbes author Steven Ehrlich. Despite the crypto economy’s bear market, Gün Sirer is very optimistic about the future of AVAX and he wholeheartedly believes it is the best form of blockchain technology out there today. “Avalanche is, simply put, the most innovative blockchain platform device to date,” the Avalanche co-founder explained to Ehrlich. “It represents the best technology that we know from a scientific perspective for building blockchains that scale and are customizable.” Following Gün Sirer’s statement about Avalanche, Forbes reporter Ehrlich asked about AVAX’s decline in value. Gün Sirer noted that Ava Labs is a private company and one that is “thriving.” The co-founder shared that there’s roughly 180 people employed by the firm and by the end of the year he expects the staff to grow to 250. “We have multiple revenue sources, and we’re well-capitalized for the next I don’t know how many years,” the Avalanche co-founder explained. “So we’re in a very good situation as a company, growing fast,” he added. Moreover, Gün Sirer was asked about AVAX sliding in value and the interviewer asked him if he would share his thoughts on the situation. “In this space, there are a whole bunch of things happening,” Gün Sirer responded. “So the macro conditions are what they are, right? We printed a lot of money across the globe, and now everybody wants to contract the money supply. All asset prices—not just crypto but also equities—have gone down. That’s sort of where we are.” The Avalanche co-founder also discussed the Federal Reserve’s policies and said there’s a chance central banks could “back off of the aggressive policies” if certain macro conditions fueled a deeper recession. However, Gün Sirer stressed that anything can happen with the economy and the fiat values of crypto is something he’s not “supremely interested in.” “I’m building, and everybody I know is building,” Gün Sirer further remarked. AVAX, however, has taken a deep hit ever since the Terra LUNA and UST fallout as faith in decentralized finance (defi) has been rattled. During the last month, the total value locked (TVL) in defi hosted on the Avalanche blockchain has dropped 59.82%. Avalanche has the fourth-largest defi TVL today with $3.73 billion in value locked. When Gün Sirer did his interview with Ehrlich, AVAX was down 76% but today the token is down more than 83% in value since its all-time price high. 65.3% was shed in the last month and 19.8% was lost during the past two weeks. Archives from the Wayback Machine show AVAX has slipped in positions among the 13,400 crypto asset market caps. On January 27, AVAX was the 12th largest market valuation but today AVAX is the 15th largest market cap. What do you think about the Avalanche co-founder’s statements? Let us know what you think about this subject in the comments section below. View the full article

While visiting the World Economic Forum (WEF) event in Davos, Ripple Labs CEO, Brad Garlinghouse discussed the firm’s growth opportunities and despite the crypto economy’s downturn, Garlinghouse spoke about future mergers and acquisitions. ‘I Think We’re More Likely to Be the Buyer,’ Ripple Labs CEO Brad Garlinghouse Said During an Interview in Davos Just recently, during the WEF conference in Davos, Ripple Labs executive Brad Garlinghouse told CNBC in an interview that Ripple Labs has “a very strong balance sheet.” Garlinghouse spoke about Ripple Labs possibly participating in merger and acquisition (M&A) deals and Ripple Labs will be the buyer. “We’re now at a stage of growth where I think we’re more likely to be the buyer versus the … seller,” Garlinghouse told the CNBC author Arjun Kharpal. Garlinghouse further noted that he expects to see an increase in M&A in the blockchain industry. “I think there’ll be an uptick in M&A in the blockchain and crypto space,” Garlinghouse explained during his interview. “We haven’t seen that yet. But I think that’s likely in the future. And I certainly think as that unfolds, we would consider things like that.” There has been a number of acquisitions in the crypto space during the latter half of 2021 and the first quarter of 2022. For instance, Coinbase acquired the firm Fairx Exchange in January 2022, and Opensea acquired Dharma Labs that month as well. In February, the ethereum software company Consensys announced the acquisition of the Mycrypto wallet. The following month in March, the fractional investing company Public announced the acquisition of the digital collectibles and non-fungible token (NFT) technology startup Otis. In April, the payments and checkout and shopper network, Bolt, acquired Wyre for $1.5 billion. Moreover, at the end of May, Huobi Global revealed it acquired the Latin American crypto exchange Bitex. The Ripple Labs CEO’s statements in Davos also follow the billionaire and FTX co-founder Sam Bankman-Fried talking about spending billions on M&A deals. Garlinghouse explained in Davos that “there’s a lot of room for growth in crypto, and we’re looking at a lot of different niches for it.” Meanwhile, the crypto asset xrp (XRP) is the sixth-largest market capitalization among more than 13,400 crypto assets in existence today. Year-to-date, however, XRP has lost 59.2% against the U.S. dollar and 34% was lost during the past 30 days. XRP also did not see an all-time high (ATH) seven months ago as many other digital assets did back in November 2021. XRP’s last recorded ATH was over four years ago on January 7, 2018, following the 2017 crypto bull run. XRP is down more than 88% since that ATH and its market valuation represents 1.49% of the entire crypto economy’s $1.28 trillion in value. What do you think about the statements Garlinghouse made in Davos about future mergers and acquisitions? Let us know what you think about this subject in the comments section below. View the full article

During the last 13 years, a great number of individuals have claimed to be the inventor of Bitcoin, but no single person has been able to prove this to the greater crypto community. At the end of August 2019, a marketing and public relations (PR) agency published a press release that featured a man from Pakistan who claimed he invented Bitcoin. While the Pakistani Bilal Khalid provided no proof, the public relations agency’s founder recently published a book called “Finding Satoshi: The Real Story Behind Mysterious Bitcoin Creator Satoshi Nakamoto.” Public Relations Agency’s Founder Ivy Mclemore Publishes a Book Called ‘Finding Satoshi’ Almost three years ago in August 2019, the cryptocurrency community was introduced to a man named Bilal Khalid and a PR agency called Ivy McLemore & Associates. The Pakistani Bilal Khalid is also referred to as James Caan or James Bilal Caan. At the time in 2019, Khalid released a three-part blog post on the web portal satoshinrh.com called “My Reveal.” In part one, Khalid claims to share “unknown facts about the creation of Bitcoin,” and some of the “developments” that led to his departure. Khalid’s reveal was bolstered by the PR agency Ivy McLemore & Associates as the firm tweeted about the event and contacted news teams with the information. In part two, Khalid, who claims he invented Bitcoin, shares information about the Chaldean numerology that influenced his decisions during the purported creation of the software. Part two also reveals details about the alleged BTC Satoshi Nakamoto mined, and Khalid claims to “reveal all facts related to my 980,000 bitcoins.” In part three, Khalid reveals his true identity and he explains that all the coins he mined were on one computer. Allegedly, Khalid’s computer was a Fujitsu laptop that had “military-grade encryption.” An account of the story published in November 2019 says that one evening, the self-proclaimed Bitcoin inventor says he turned on the Fujitsu laptop that ostensibly contained 980K BTC, and all it would show was a blank screen. He didn’t think it was a hard drive issue so he decided to send the laptop to a repair center to get fixed, and he also left specific instructions that said: “Don’t touch the hard drive.” The repair firm explained to Khalid that the hard drive was the issue and that the hardware was “totally dead.” Following the press releases and tweets published by Ivy McLemore, the aforementioned account of the story published in November 2019 was the public relations agency’s last tweet up until June 1, 2022. The tweet’s subject Ivy McLemore published this year has to do with sports, and has nothing to do with Khalid’s story. However, this month Ivy McLemore, the founder of the marketing and public relations agency, published a book called “Finding Satoshi: The Real Story Behind Mysterious Bitcoin Creator Satoshi Nakamoto.” The book’s Amazon description does not mention Khalid by name but states: The book gives readers the unique opportunity to join a reporter on the search of a lifetime for the creator of the world’s best-performing investment. It looks at 40 candidates and leads to a little-known, under-the-radar suspect with stunning, previously untold secrets only Bitcoin’s creator could know. Book Description Claims ‘Finding Satoshi’ Gives Readers 42 Specific Points to Ponder According to the Amazon book description, readers will learn “why he left encryptions in names, dates, and other Bitcoin milestones,” and “his ethnic background and country of residence.” The book description further claims to detail “why his bitcoins once worth $68 billion haven’t moved” and “why he waited eight years to tell his wife he’s Satoshi.” Ivy McLemore’s story says “Nakamoto is invaluable to society because of the specialized knowledge he could share with future generations.” The “Finding Satoshi” book description adds: Regardless what you believe about Satoshi’s real-life identity, Finding Satoshi gives readers 42 specific points to ponder. Over the years, there’s been many claimants that have said they are Satoshi Nakamoto, but in more recent times claims like these have subsided. Prior to 2020, individuals like the Hawaiian Nakamoto, Phil Wilson ‘Scronty,’ Debo Jurgen Etienne Guido, and Jörg Molt have all claimed to be Bitcoin’s inventor. No one has heard from the Hawaiian Nakamoto, both Scronty and Debo continued to tweet about Bitcoin’s origins, and Jörg Molt was recently arrested for an alleged crypto pension fraud. Moreover, until recently, most of the crypto community forgot about Khalid’s story, after he was unable to provide any legitimate proof backing his claims. What do you think about Ivy McLemore’s book called “Finding Satoshi” and public relations agency that claimed Bilal Khalid was Bitcoin’s Inventor? Let us know what you think about this subject in the comments section below. View the full article

2TM Group, a Latam unicorn and parent company of Mercado Bitcoin, a Latam-based cryptocurrency exchange, has announced it will execute a series of layoffs due to the current market cooldown. The company declared that this action was motivated by the recent global financial scenario changes, making it reconsider its position, and reducing its operative expenses. 2TM Group Lays off 90 Employees Several companies at a worldwide level and also in Latam are preparing for the negative changes that several analysts have predicted will happen in the market. 2TM Group, a Brazilian unicorn that is also the parent company of Mercado Bitcoin, one of the biggest crypto exchanges in Latam, has announced that it will execute a number of layoffs that will contribute to maintaining its operations in the future. According to local media, the company will lay off little more than 10% of its operating staff, with 90 employees out of its total workforce of 750 leaving its offices soon. 2TM Group attributed the layoffs to the change in the global financial scenario that is happening due to the high-interest rates and the growing inflation. About the situation the company is facing, 2TM Group stated: The scenario required adjustments that go beyond the reduction of operating expenses, making it also necessary to dismiss some of our employees. The process we carried out was guided by transparency and respect, in order to honor the legacy of each employee who helped us get here. The company also stated that the laid-off workers will be able to enjoy a package of benefits that include an extension of their health plan and help to relocate to other companies. Preparing for Shaky Times 2TM Group is just the last of a series of companies that have either made changes to their hiring programs or started laying off staff to survive the current market cooldown. Coinbase, a U.S. exchange, not only announced it was freezing its hiring programs, but also that it was rescinding some of its accepted job offers for employees that have still not started to work in the company. In Latam, exchanges like Bitso and Buenbit have also adapted their labor structures, laying off part of their staff to be in a better position in the future. The company was reported to be in talks to be acquired by Coinbase in March, but the parties abandoned the negotiations in May according to reports. What do you think about the layoff plan announced by 2TM Group? Tell us in the comments section below. View the full article

A cryptocurrency trader has been convicted in the U.S. for operating an unlicensed money-transmitting business using Localbitcoins and Paxful. He faces up to five years in federal prison and a possible $250,000 maximum fine. Crypto Trader Pleads Guilty The U.S. Department of Justice (DOJ) continues to take action against crypto traders using services such as Localbitcoins and Paxful to buy and sell cryptocurrencies as a business without a license. The latest such case involved Hien Ngoc Vo, a 49-year-old man from Seattle, Washington, who operated an unlicensed crypto business in Houston, Texas. The DOJ announced Wednesday that Vo has pleaded guilty to running an unlicensed money transmitting business in the Houston area between March 16 and June 8, 2016. The Department of Justice detailed: Vo used Paxful and Localbitcoins to buy and sell bitcoin … He profited from sales by collecting a percentage of the transactions which ranged from 5-30%. Within the three months specified, Vo’s unlicensed business received and transmitted approximately $515,147.19 in BTC, the DOJ described, adding that customers paid him in cash, direct bank deposits, American Express credit cards as well as Amazon and generic gift cards. However, “During the transactions, Vo did not ask clients for any form of identification nor the purpose for which they were purchasing the cryptocurrency,” the Justice Department noted. Noting that Vo is permitted to remain on bond pending sentencing on Sept. 5, the DOJ concluded: Vo faces up to five years in federal prison and a possible $250,000 maximum fine. What do you think about this case? Let us know in the comments section below. View the full article

PRESS RELEASE. KryptoPips, the world’s first multi-broker rewards coin, allows brokers to reward their clients for participating in various trading activities. As key drivers of customer loyalty, the rewards coins will enable brokers to acquire new customers and maintain existing ones, thereby growing the brand. The reward coins can help boost business and incentivise trading activity throughout the year. It offers a customisable multiple-level rewards system to deliver a robust client loyalty program for global brokerages. A number of intended partnerships are set to be announced in the coming weeks, which will see the platform allow various global brokers to plug in, and disrupt the industry by showcasing an entire ecosystem of products and services to delight their partners and clients. Brokerages across the globe can adopt the multi-broker rewards coin, KryptoPips, to entice traders & partners with benefits, such as: Earning more income while enjoying reduced trading commission Participating in the trade activities to earn more discounts and savings Gaining access to enhanced leverage and other powerful trading tools Participate in token-related activities to earn incentives and perks “KryptoPips was borne out of the desire to provide brokers with the ability to benefit more from cryptocurrencies than just from the sale, trade, and investment of it. We started developing the rewards coin in December 2021, and it has been an amazing journey since. In just six months, we are on track with KryptoPips development and its integration to the Wallet, Staking Portal and DEX. Right now, KryptoPips already comes with generous perks, but we plan to add more in the last quarter of this year.”, said Danny Christ, CEO of KryptoPips. Danny works with some of the most reputable figures in the finance industry as his advisors: Mario Singh, a global finance leader and entrepreneur; Ed Ponsi, the Managing Director of Barchetta Capital Management; and Paul Mladjenovic, CEO of RavingCapitalist.com. About KryptoPips KryptoPips is dedicated to providing innovative investors with the tools and opportunities to capitalise on the crypto asset economy within the trading ecosystem. With a strong belief that crypto-assets are the future of money and markets, the company aims to change the perception surrounding digital assets and wealth. For more details on KryptoPips, visit www.kryptopips.com. * This press release is not a prospectus, disclosure document or offering document under Singapore, People’s Republic of China, The United States of America, Democratic People’s Republic of Korea, and the list of countries as specified on www.kryptopips.com. This is for informational purposes only. It does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell any investment product or security or instrument or participate in any particular trading strategy and no representation or warranty is given with respect to any future offer or sale. 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

The new LUNA records gains amidst controversy, “Big Short” investor Michael Burry and author Robert Kiyosaki weigh in on recession, depression, and looming civil unrest. To top it all off, Bank of America’s CEO said “we have hundreds of patents on blockchain” but that regulations are blocking the institution from engaging in crypto. This is your bite-sized digest of this week’s hottest stories from Bitcoin.com News. Let’s dig in. Bank of America CEO: We Have Hundreds of Blockchain Patents — But Regulation Won’t Allow Us to Engage in Crypto The CEO of Bank of America says that his bank has hundreds of blockchain patents but regulations will not allow it to engage in crypto. “The reality is that we can’t do it by regulation,” he said. Read More Rich Dad Poor Dad’s Robert Kiyosaki Warns of Stocks and Bonds Crashing — Depression, Civil Unrest Coming The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that a depression and civil unrest are coming. He also warned of the stock and bond markets crashing. Read More ‘Big Short’ Investor Michael Burry Warns of Looming Consumer Recession, More Earnings Trouble Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of a looming consumer recession and more earnings trouble. He cited falling U.S. personal savings and record-setting revolving credit card debt despite trillions of dollars in stimulus money. Read More While the New LUNA Records Gains, Do Kwon’s Terraform Labs Is Plagued by Controversy and Accusations Amid the token’s 24-hour rise, controversy continues to plague Do Kwon and Terraform Labs. Moreover, the old token, luna classic (LUNC), has been climbing in value as the crypto asset has gained more than 70%. Read More What are your thoughts on this week’s hottest crypto stories? Let us know in the comments section below. View the full article

Al Jalila Foundation, the United Arab Emirates charitable organization, recently announced that it has been given permission to accept cryptocurrency donations. Accepting cryptocurrencies makes it possible for the foundation to receive funding via what is described as one of the fastest-growing donation methods. Accepting Crypto Expands Foundation’s Donation Channels A United Arab Emirates (UAE) healthcare organization, Al Jalila Foundation, said it has been given permission to accept digital money and that well-wishers can now donate via cryptocurrencies. By accepting cryptocurrencies, Al Jalila Foundation has become one of the first nonprofit organizations from the UAE to do so. In a recently released statement, Al Jalila Foundation also said it has partnered with an unnamed “leading cryptocurrency platform.” Commenting on the move that expands the organization’s donation channels, foundation CEO Abdulkareem Sultan Al Olama said: As a philanthropic organisation we rely on charitable donations and we are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programmes. Therefore, as an emerging source of fundraising, providing the opportunity to the growing number of crypto users around the world to donate to Al Jalila Foundation to causes that interest them is a win-win for us as a foundation and the donor community. Olama also lauded a decision which he said makes Al Jalila Foundation the “first” healthcare charity in the country to accept donations in cryptocurrencies and one that bridges the gap between physical and digital currency. With the decision to accept cryptocurrencies, Al Jalila Foundation joins other prominent charitable organizations like Save the Children, which chose the Cardano Foundation as its partner. Accepting cryptocurrency donations gives the Al Jalila Foundation, which has reportedly raised millions since its inception in 2013, an opportunity to get funding via what the statement calls a fast-growing donation method favored by Millennial and Gen-Z donors. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reported losing over $1 billion in cryptocurrency to scams since the beginning of last year. FTC Says Scammers Stole Over $1 Billion in Crypto The U.S. Federal Trade Commission published a “Data Spotlight” report on crypto scams Friday. The FTC is the only federal agency in the country with both consumer protection and competition jurisdiction in broad sectors of the economy, the regulator’s website describes. Emma Fletcher, senior data researcher at the FTC, wrote: Since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost, more than any other payment method. Specifically, $680 million in cryptocurrency fraud losses were reported in 2021. In the first quarter of this year, the losses due to crypto fraud amounted to $329 million. The researcher added that the median individual reported loss is $2,600, noting: The top cryptocurrencies people said they used to pay scammers were bitcoin (70%), tether (10%), and ether (9%). The regulator further explained that nearly half the people who reported losing crypto to a scam since 2021 said it started with “an ad, post, or message on a social media platform.” The top platforms reported by investors were Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%). In addition, of the reported crypto fraud losses that began on social media, most ($575 million) are investment scams, the FTC said. Romance scams came second, with $185 million in reported cryptocurrency losses since 2021 People ages 20 to 49 were more likely to have reported losing cryptocurrency to a scammer, with those in their 30s being hit the hardest, the regulator noted. However, median individual reported losses increased with age, topping out at $11,708 for people in their 70s. Have you been scammed for cryptocurrency? Let us know in the comments section below. View the full article

Terraform Labs CEO Do Kwon is unlikely to face criminal charges in the U.S. over the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST), according to legal experts. They explained that civil charges are more likely, including lawsuits by cryptocurrency investors. Do Kwon Unlikely to Face Criminal Charges The recent collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) has raised questions about whether their creator, Do Kwon, can be held accountable. Randall Eliason, a professorial lecturer in law at the George Washington University Law School who spent 12 years as an assistant U.S. attorney for the District of Columbia, explained that Kwon is unlikely to be criminally prosecuted, CNBC reported Thursday. Emphasizing that prosecutors have to prove criminal wrongdoing beyond a reasonable doubt, he was quoted as saying, “It’s not like a homicide where you bring in witnesses to testify to who pulled the trigger.” The legal expert described: We’re trying to prove what was going on in someone’s mind. That’s often a very painstaking process. He elaborated that the process “involves reviewing lots and lots of documents, and talking to many, many people and dealing with all their lawyers through that process and scheduling grand jury time and court appearances.” Renato Mariotti, a former federal prosecutor and trial attorney, stressed that prosecutors have to prove the defendant’s state of mind beyond a reasonable doubt, stating that they “often rely on emails, texts, tweets and other statements.” Eliason cited the example of Theranos and former CEO Elizabeth Holmes. In this case, they told investors they were using their own machines to run blood samples while in actual fact they were using other companies’ machines to perform tests. Eliason opined: Things like that are pretty suggestive of intent to actually deceive and defraud versus just misjudgments, mistakes, or other lesser forms of misconduct. Unlike criminal cases, the burden of proof for civil cases is much lower and typically based upon a preponderance of the evidence. Under the preponderance standard, the burden of proof is met when the party with the burden convinces the fact finder that there is a greater than 50% chance that the claim is true. Eliason detailed: Frequently, in these kinds of cases, the appropriate remedies end up being civil, regulatory, and administrative — and actually not criminal. Civil cases could include lawsuits from crypto investors. In South Korea, a class action lawsuit has already been filed against Kwon, his company Terraform Labs, and the company’s co-founder. In the U.S., Kwon is already in trouble with the U.S. Securities and Exchange Commission (SEC). He dodged a few subpoenas earlier this year and filed a motion opposing the regulator. “There are a lot of other potential agencies or governments who could take a look at this conduct, in addition to the private individuals who were harmed,” the legal expert noted, adding: There is going to be issues with jurisdiction … since he’s not in the U.S. South Korean authorities might have something to say about possible sanctions. Do you think Do Kwon should face criminal charges? Let us know in the comments section below. View the full article

Global investment bank Goldman Sachs’ president and chief operating officer has warned of unprecedented economic shocks and tougher times ahead. His statement echoes JPMorgan CEO Jamie Dimon’s warning that a “hurricane” is coming our way. Goldman Sachs President’s Warning About the U.S. Economy Goldman Sachs President and Chief Operating Officer John Waldron shared his outlook for the U.S. economy at a banking conference Thursday. Commenting on current economic conditions, he said: “This is among — if not the most — complex, dynamic environment I’ve ever seen in my career.” The top Goldman Sachs executive elaborated: We’ve obviously been through lots of cycles, but the confluence of the number of shocks to the system, to me, is unprecedented. Waldron’s comments echoed a similar warning by JPMorgan Chase CEO Jamie Dimon, who said Wednesday that there is a “hurricane” coming our way. “You better brace yourself,” he advised. Noting that he will refrain from “using any weather analogies,” the Goldman Sachs president shared his concerns that risks from inflation, changing monetary policy, and the Russia-Ukraine war could hurt the global economy. Waldron continued: We expect there’s going to be tougher economic times ahead. No question we are seeing a tougher capital-markets environment. The Goldman executive also named several alarming factors hurting the economy, including a commodity shock and an unprecedented amount of monetary and fiscal stimulus. A growing number of people have raised the alarm about the U.S. economy, predicting that a recession is imminent. This week, Tesla CEO Elon Musk said he has a “super bad feeling” about the economy, prompting President Joe Biden to respond. Musk also said we are in a recession that could last 12 to 18 months. Besides Musk, others who have warned about an upcoming recession include the Big Short investor Michael Burry and Soros Fund Management CEO Dawn Fitzpatrick. However, one of the most gloomy predictions came from Rich Dad Poor Dad author Robert Kiyosaki who said that markets are crashing and a depression and civil unrest are coming. What do you think about the comments by Goldman Sachs’ top executive? Let us know in the comments section below. View the full article

Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks. Rostec Employs Distributed Ledger Technology to Substitute SWIFT Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to the global payment messaging system SWIFT, from which a number of Russian banking institutions have been disconnected as part of western sanctions. Russia has been increasingly cut off from global finances, foreign currency reserves, and traditional payment channels as a result of its invasion of Ukraine. The government in Moscow has been trying to transition to payments in national currencies such as the ruble and the yuan in its trade deals, and is also considering the possibility of using cryptocurrencies for international settlements. This, as Russia’s largest companies and importers are facing difficulties in their U.S. dollar payments. According to Rostec Executive Director Oleg Yevtushenko, “a digital payment system based on a blockchain platform can be used as a full-fledged replacement of SWIFT, providing high speed, secure and irrevocable transactions.” Quoted by RBC Crypto, he added that CELLS will make it possible to switch to settlements in national currencies, eliminate the risk of sanctions, and ensure the independence of Russia’s national financial policy when it comes to clearing. CELLS is a product of the Novosibirsk Institute of Program Systems (NIPS). Its designers wanted to create a complete ecosystem of software products and services based on distributed ledger technology (DLT) that enables international payments, multicurrency transactions, user identification, and digital currency storage, the report details. The system will be expected to process up to 100,000 transactions per second with the option to increase its capacity in the future. Based on CELLS, a data storage system, a platform for creating web applications, a “digital passport” service, a “digital housing and communal services” system, and other solutions will be implemented, the creators promise. Do you think Russia will be able to successfully substitute SWIFT with CELLS in its international trade relations? Share your thoughts on the subject in the comments section below. View the full article

Pablo Hernandez de Cos, governor of the Bank of Spain, has again warned about cryptocurrencies and the growth that the crypto market is experiencing. Hernandes de Cos stated that, while the market is still relatively small at a worldwide level, the cryptocurrency market is now bigger than subprime mortgages before the financial crisis circa 2008, and its links with traditional finance keep growing. Governor of Bank of Spain Warns About Expansion of Crypto The governor of the Bank of Spain has warned about the risks of letting the growing cryptocurrency markets mix with traditional financial institutions. While closing an event, Pablo Hernandez de Cos explained that the interconnection between these unregulated markets and traditional institutions has increased due to the large number of trading instruments that have been launched during this last bull market phase, which includes ETFs, futures, and investment funds. In this sense, Hernandez De Cos also stated that “some large private companies publicly announced their interest in using crypto assets for cash management, while others campaigned for it.” This has pushed the governor of the Bank of Spain to raise warnings about the instability that this inclusion of crypto variables might have in Spain. Growth of the Market and Its Dangers The growth of the cryptocurrency market in Spain has been exponential, with some estimations giving it a size of more than 60 billion euros ($64 billion) in crypto-related transactions. The governor of the Bank of Spain also made reference to this, stating that they “must not overlook the fact that this market is already larger than that for subprime mortgages in the run-up to the global financial crisis.” Furthermore, Hernandez de Cos explained that the trading volume of some of the most important assets, like bitcoin, ethereum, and tether, are already near the volumes traded by the New York Stock Exchange during some sessions. This and the relative volatility of some crypto assets have pushed the governor to believe that these markets need to be regulated soon. Hernandez de Cos explained that: We at the Financial Stability Board (FSB) have recently underlined that, if not properly regulated and supervised, these markets could quickly reach a tipping point. This is not the first time the Bank of Spain has warned about the risks associated with crypto in traditional markets. In a report issued in April, the institution also reported on how the correlation between crypto and traditional markets, and the rise of stablecoins might bring several risks to economic stability. What do you think about the new warnings of the governor of the bank of Spain regarding the growth of crypto markets? Tell us in the comments section below. View the full article

According to an executive with the Dubai-based DAMAC Properties, the real estate development “company has already succeeded in concluding real estate deals worth $50 million via cryptocurrencies since the beginning of this year.” The executive, however, says his company is facing challenges convincing the older generation decision-makers to buy into the metaverse, non-fungible tokens, and cryptocurrencies. Using a Trusted Intermediary The Dubai-based real estate developer, DAMAC Properties, has since the beginning of the year completed cryptocurrency deals worth $50 million, the company’s chief operating officer (COO) Ali Sajwani has said. In his remarks during an interview, the COO said by accepting either bitcoin or ethereum as payment, DAMAC has shown the extent to which his company will go in order for it to “benefit from the most advanced technology solutions.” When asked about the payment mechanism that was used to conclude the real estate deals, the COO said a trusted intermediary had been chosen to facilitate the transactions. He said: The payment process is made through a trusted financial intermediary approved by the Abu Dhabi Global Market, the ‘Heaven’ company, where the customer pays the value of the property in bitcoin or ethereum, as they are among the most traded digital currencies in terms of safety and trust, and then the financial intermediary transfers the amount to our digital wallet in dirhams or dollars. Sajwani added that his company’s use of a trusted financial intermediary means DAMAC Properties is able to eliminate the price fluctuation risk. A different report has identified the regulated intermediary used by DAMAC Properties as Havyn digital asset exchange. Impediments to Accessing the Metaverse Meanwhile, in the same interview, the COO spoke of the challenges or impediments that his company faces when it comes to accessing the metaverse. According to Sajwani, one of the hurdles facing proponents of emerging technologies include “convincing the old generation of decision-makers to take quick and proactive steps to invest in this new and unfamiliar world.” Also, since the metaverse, NFTs, and cryptocurrencies are still fairly new, prospective users need to become acquainted with these first. According to the COO, this means decision-makers will have to do an in-depth survey or research before they can start investing. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar says central bank digital currencies could “kill whatever little case there could be” for cryptocurrencies, like bitcoin and ether. RBI’s Deputy Governor Discusses Impact of CBDCs on Cryptocurrencies RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies (CBDCs) on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International Monetary Fund (IMF), local media reported Friday. He was quoted as saying: We (RBI) believe that CBDCs would actually be able to kill whatever little case there could be for private cryptocurrencies. By “private cryptocurrencies,” the Indian government and the central bank refer to all non-government-issued cryptocurrencies, including bitcoin and ether. Sankar explained the central bank’s stance that cryptocurrencies should not be permitted “just because they are backed by hi-tech.” He added: Any tool that can be used for good can also be put to undesirable uses. Technology, at the end of the day, is a tool. Meanwhile, the Indian government is still working on the country’s crypto policy. This week the economic affairs secretary revealed that the government is finalizing a consultation paper on cryptocurrencies. The RBI has long warned about cryptocurrencies being a threat to India’s financial system and should never be recognized as legal tender like some countries, including El Salvador, have done. The bank also warned that crypto could lead to the dollarization of the Indian economy. Sankar detailed: “A currency needs an issuer or it needs intrinsic value. Many cryptocurrencies which have neither are still being accepted at face value – not just by gullible investors but also by expert policymakers and academicians.” The official elaborated: Most cryptocurrencies have an equilibrium value of exactly zero, but they are still priced sometimes at fantastical levels. “But even where cryptocurrencies do have value, for example, some stablecoins that are pegged to a particular currency, their unquestioned acceptance seems puzzling to me,” he opined. The Indian central bank is currently developing its own CBDC. The bank said this week that it will take a “graded approach” to launching the digital rupee. Do you think central bank digital currencies could kill cryptocurrencies like bitcoin? Let us know in the comments section below. View the full article

Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the U.S. economy. President Joe Biden responded with a list of major investments by large corporations and wished Musk luck on his trip to the moon. Elon Musk’s Bad Feeling About the U.S. Economy Tesla CEO Elon Musk said he has a “super bad feeling” about the U.S. economy in an email to executives seen by Reuters. The email, titled “pause all hiring worldwide,” was sent two days after Musk told staff to return to the workplace or leave. He also said he needs to cut about 10% of staff at his electric car company. Musk has recently warned that the U.S. economy is either already in a recession or is headed towards one. However, the billionaire CEO of Tesla and Spacex believes that a recession is “a good thing,” stating: “It has been raining money on fools for too long. Some bankruptcies need to happen.” He also estimated that the recession will last between 12 and 18 months. Morgan Stanley analyst Adam Jonas believes that Musk’s concerns should be heeded, elaborating: Elon Musk has a uniquely informed insight into the global economy. We believe that a message from him would carry high credibility. Biden Responds to Elon Musk’s Comments On Friday, President Joe Biden responded to Musk’s “super bad feeling” comment about the U.S. economy. “Well, let me tell you, while Elon Musk is talking about that, Ford is increasing their investment overwhelmingly,” Biden said, pulling out a notecard from his jacket pocket. “Ford is increasing their investment and building new electric vehicles, 6,000 new employees ― union employees, I might add ― in the midwest. The former Chrysler Corporation, Stellantis, they are also making similar investments in electric vehicles. Intel is adding 20,000 new jobs making computer chips,” the president continued. Biden concluded while putting his notecard back into his jacket pocket: So, you know, lots of luck on his trip to the moon. Following Biden’s response, Musk tweeted, “Thanks, Mr. President!” His tweet included a link to an announcement that NASA picked Spacex to land the next Americans on the moon. Musk is not the only one who has predicted that the U.S. economy is headed towards a recession. The Big Short investor Michael Burry recently warned of a looming consumer recession. Goldman Sachs’ Lloyd Blankfein advised every company and consumer to prepare for a recession. Soros Fund Management CEO Dawn Fitzpatrick said a recession is inevitable. JPMorgan CEO Jamie Dimon sees an economic hurricane coming, telling investors to brace themselves. One of the most dire predictions came from Rich Dad Poor Dad author Robert Kiyosaki who said that markets are crashing and a depression and civil unrest are coming. What do you think about Elon Musk’s comments and Biden’s response? Let us know in the comments section below. View the full article

Bitcoin cash supporters are known for spreading adoption over the years and 2022 is no different. This year, the peer-to-peer cryptocurrency bitcoin cash has seen significant adoption throughout the islands of the Caribbean, alongside places like Dubai, and Mumbai. Bitcoin Cash Advocates Continue to Promote Peer-to-Peer Crypto Adoption According to the web page map.bitcoin.com, there are thousands of merchants worldwide that accept bitcoin cash (BCH) for goods and services. Moreover, if one was to visit the Reddit forum r/btc, they would notice a great deal of posts highlighting adoption in places like Dubai, Mumbai, St. Kitts & Nevis, and St. Maarten. Bitcoin.com News previously reported on St. Maarten’s Parliament member, Rolando Brison, revealing he requested to get his entire salary converted into bitcoin cash. Map.bitcoin.com indicates there are over 160 merchants that accept BCH in the region. Bitcoin cash is now accepted by the platform Caribeeats (caribeeats.com) and BCH can be used to get food and groceries delivered in more than 15 different countries. Caribeeats services regions like Barbados, Dominica, Grenada, U.S., Jamaica, Montserrat, St. Kitts, St. Lucia, and more. As of today, https://t.co/jo5L9YGhz9 accepts #BitcoinCash! Try it today in #Antigua #BVI #Barbados #Bahamas #Caribbean #Grenada #GUYANA #London #Trinidad #USA https://t.co/K8GOsZM66j pic.twitter.com/SQxZRcVPAp — Roger Ver (@rogerkver) May 28, 2022 Numerous Reddit posts and map.bitcoin.com reveal BCH is starting to see a presence in Dubai at establishments such as Masala Mantra, Tandoori Junction, Great Wok, Bermuda Diving Center, X Factor Restaurant, Franck Muller Middle East and India, Perfetto Pizzeria, and Business Village. Similarly, BCH adoption is taking place in India’s de facto financial center, Mumbai, as well. In mid-April, Hosanna House Montessori School, a children’s school located in Mumbai, announced it has become the first Montessori school in India to accept BCH. On June 2, Nahar Medical Center revealed it became the first medical facility in India to accept bitcoin cash. In Mumbai, BCH is also accepted at Jayant, Paramount Sports n Nutrition, Vig Refreshments, Super Waves, Copa, and the Haute Dog Pet Salon & Boutique Store. Bitcoin cash has been gaining significant adoption in the Caribbean dual-island nation of St. Kitts and Nevis, as the region has a total of 159 merchants that accept BCH, according to map.bitcoin.com. Last month Club Dubai in St. Kitts revealed it accepts bitcoin cash (BCH) payments and Kentucky Fried Chicken (KFC) in St. Kitts has adopted BCH. Bitcoin cash is also accepted at Burger King St. Kitts and the island’s Panda Supermarket accepts BCH. In St. Kitts, the crypto asset is further accepted at Sun Island Clothes, Karma Asian Cuisine, Econo Retail Shop, and Oracle Martial Arts Academy. Merchants accepting bitcoin cash are prominent in a number of other regions worldwide including Anguilla, Antigua, Japan, Venezuela, Slovenia, Australia, Philippines, Vietnam, Ghana, Zimbabwe, Argentina, and more. Additionally, a good portion of the companies that take BCH for payments are accepting the digital currency directly, rather than using a third-party or payment processor. The crypto-accepting businesses can be found on map.bitcoin.com, but BCH users can also leverage the websites Green Pages and Acceptbitcoin.cash in order to view brick-and-mortar and online merchants that accept the peer-to-peer crypto asset. What do you think about all the merchants worldwide that accept bitcoin cash for goods and services? Let us know what you think about this subject in the comments section below. View the full article

The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd. Law on Stablecoins Approved in Japan in Aftermath of UST Collapse Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday. With the new law, Japan becomes one of the first major economies to develop such a framework after last month’s collapse of the terrausd (UST) stablecoin and its sister cryptocurrency terra (LUNA). The development caused a major market slump and loss of confidence in stablecoins. According to the provisions approved by the legislators, stablecoins must be pegged to the Japanese yen or another legal tender and guarantee holders the right to redeem them at face value. Only licensed banks, registered money transfer agents, and trust companies will be able to issue them in Japan. An example is a stablecoin that the Mitsubishi UFJ Trust and Banking Corp. plans to circulate. The banking unit of the Mitsubishi UFJ Financial Group Inc. revealed that its Progmat Coin will be fully backed by the yen and redeemable. Japan’s new legislation does not address, however, existing asset-backed stablecoins from overseas issuers like tether (USDT) or algorithmic stablecoins. Japan’s digital asset exchanges do not currently list such cryptocurrencies, the report notes. Stablecoins, of which the leading ones include USDT, Circle’s usd coin (USDC), and binance usd (BUSD), have a combined value of over $160 million. Although they are supposedly safe for holders, regulators around the world have been working to adopt regulations for this type of crypto asset due to their role for the whole crypto market, highlighted by the terrausd implosion. Ensuring investor protection is another major consideration. The new legal framework adopted by the Japanese parliament will take effect in a year. Meanwhile, the country’s Financial Services Agency (FSA) intends to introduce regulations governing the activities of stablecoin issuers in the coming months. Do you expect other major economies to adopt dedicated legislation for stablecoins in the near future? Tell us in the comments section below. View the full article

The Apecoin community is in the midst of discussing whether or not the crypto asset should remain within the Ethereum ecosystem. While AIP-41 voting started today, the proposal’s voting process will end on June 8, 2022, at 9 p.m. (ET). Meanwhile, the project’s native token APE has lost 57% against the U.S. dollar in the last 30 days. Apecoin Community Begins Voting on Whether or Not Asset Should Remain Operating on Ethereum This week the Apecoin community is voting on whether or not the native token apecoin (APE) should remain on the Ethereum blockchain. The voting process was announced by the official Apecoin Twitter account in order to update the community. “The proposal up for a vote is AIP-41 which proposes ApeCoin to stay within the Ethereum ecosystem,” the tweet explains. “Voting ends next Wednesday, June 8th at 9PM ET, so be sure to vote before then.” The tweet also links the Apecoin Improvement Proposal (AIP) 41, which summarizes the debate. The summary cites the Bored Ape Yacht Club (BAYC) creators Yuga Labs when the company stated in a tweet that APE needed to migrate to another blockchain. “It seems abundantly clear that apecoin will need to migrate to its own chain in order to properly scale,” the company said on April 30. According to AIP-41, the Apecoin DAO believes “ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.” The Apecoin DAO further states: Migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that may, if not thoughtfully considered, result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would otherwise meaningfully to Apecoin. For now, much of the discussion goes both ways, as some people agree with the Apecoin DAO’s opinions and others do not. Some individuals mentioned scaling solutions like Arbitrum One, Zksync, Optimism, and Immutable X. Others can envision APE migrating to another chain like Avalanche. One person commented and said: “Moving away from ethereum is really the worst decision they can make.” In recent times, Ethereum fees have dropped a great deal, to under $3 per transfer, but they are starting to rise again this week as the average gas fee is 0.0056 ETH or $9.87 per transfer. The cost to move an ERC20 asset like apecoin (APE) can be more costly than a simple ether transfer. Apecoin’s value has dropped a great deal as the crypto asset is down 77.3% from its April 28 all-time high tapping $26.70 per APE. During the past month, APE is down 57% and seven-day statistics indicate apecoin has dropped 4.9% in value. APE has an overall market capitalization of around $1.77 billion today, and apecoin has seen $252 million in 24-hour global trade volume. What do you think about the apecoin (APE) migration discussion? Let us know what you think about this subject in the comments section below. View the full article

The state of New York passed a bill that puts a moratorium on specific types of cryptocurrency mining operations that leverage carbon-based energy sources. The policy will place a two-year ban on proof-of-work (PoW) mining if the assembly bill is approved by New York governor Kathy Hochul. New York PoW Mining Moratorium Legislation to Be Delivered to Governor Kathy Hochul’s Desk, Crypto Advocates Say the Bill Is a ‘Significant Setback for the State’ New York-based lawmakers have submitted a bill that aims to ban PoW mining operations that leverage carbon-based energy sources. Assembly Bill A7389C was authored and sponsored by New York State Assemblywoman Anna Kelles. The Democratic Party politician from Assembly district 125 said in an interview she needed to do something because she felt “the environment kind of crumbling around” her. Kelles further remarked that it stressed her so much while laying in bed and she was “not able to fall asleep.” In recent years, New York has implemented aggressive climate goals and the state has plans to cut carbon emissions by 85% by the year 2050. Assembly Bill A7389C does not discuss how bitcoin mining can improve renewable energy demand or how it can reduce emissions. An ESG study published in May shows that bitcoin mining has the potential to eliminate 0.15% of global warming by 2045. Moreover, Bitcoin’s network emissions only account for 0.08% of the world’s CO2. Further, Assembly Bill A7389C does not discuss the carbon and military violence associated with the U.S. dollar’s proof-of-work algorithm. Assembly Bill A7389C has been passed by the New York Assembly and by the Senate, and the bill will soon be delivered to the Democratic New York governor Kathy Hochul. If Hochul signs the bill, the moratorium on specific types of cryptocurrency mining operations will begin. A report published by CNBC’s MacKenzie Sigalos explains members of the crypto industry believe the policy could have ripple effects across the country. Galaxy Digital’s Amanda Fabiano said: New York is setting a bad precedent that other states could follow. Greenidge Generation Holdings Inc. (NASDAQ: GREE) sent a statement to Bitcoin.com News and noted that the bill will not interrupt the operations the company runs in New York. “The bill language plainly states, and the bill’s original sponsor has confirmed, that the legislation will not apply to Greenidge’s operations,” Greenidge said on Friday. “Should the legislation be signed into law, our fully permitted power generation and cryptocurrency data center in Dresden, NY will continue to operate without interruption.” Speaking with CNBC’s Sigalos, the founder and president of the Chamber of Digital Commerce, Perianne Boring told the reporter that the moratorium is a setback. “This is a significant setback for the state and will stifle its future as a leader in technology and global financial services,” Boring detailed. More importantly, this decision will eliminate critical union jobs and further disenfranchise financial access to the many underbanked populations living in the Empire State,” the Chamber of Digital Commerce president added. What do you think about New York’s moratorium policy on specific types of cryptocurrency mining operations? Do you think governor Kathy Hochul will sign the bill? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. LABEL Foundation has announced that it has officially integrated with Binance Custody to take advantage of their highly secure cold storage solution. With this integration, LABEL’s native tokens can be kept safely as the $LBL is now supported by Binance Custody and the tokens are safely stored using their institutional and insured cold storage feature. Moreover, both BEP-20 and ERC-20 are available for deposits as well as withdrawals. If all goes well, the LABEL team hopes to further expand its partnership with the Binance ecosystem in the future as well. A budding relationship Binance Custody was only released in 2021, but there is still nevertheless plenty of faith in the high level of user protection being offered by the service. LABEL had been searching for a reliable custody service for quite a while, and when choosing a custody service, the main aspects that LABEL primarily focused on were security and insurance coverage. Keeping that in mind, Binance Custody indeed appeared to be the optimal choice as it uses industry-leading secure MPC (Multi-Party Computing) , threshold signing schemes, and offline key-sharing storage to decentralize fund management, all of which are vital components to ensuring the safety of users’ digital assets. Also, in terms of insurance, Binance Custody obtained insurance from Arch Syndicate 2012 at Lloyd’s of London, which was mediated by Lockton’s Emerging Asset Protection (LEAP), the world’s largest independent insurance broker, to further enhance investor protection. Insurance is one of the most important factors when it comes to a custody service, as it provides peace of mind to the customers as even if something does go wrong, the losses can be recovered. The benefits of transferring ownership of digital assets to Binance Custody are hence not only limited to security from hackers and malicious individuals, but also delegation of authority. By sharing access with the custodian and delegating this authority, users can hence potentially prevent the loss of assets in the event of lost cryptographic inheritance, private passwords, or any other kind of data loss or hack. Why choose Binance Custody? Choosing Binance Custody was an easy choice for LABEL Foundation because of its aforementioned safe cold storage solution. As LABEL is all about revolutionizing the music industry through Web 3.0 technology, integrating with Binance Custody provides another level of security by protecting users’ $LBL tokens with the institutional-grade digital asset management infrastructure and security features. Once again, this provides some much-needed peace of mind to LABEL’s customers as reliable security measures have quickly become mandatory for any project in this industry. According to CSO Hyung Soon Choi, there will also be discussions on potentially considering further strategic collaboration with Binance Custody and the broader Binance Ecosystem. What is Binance Custody? Binance Custody is widely considered to be a top service as it is completely regulated, insured and effortlessly integrated with the overall Binance ecosystem. Fully customized solutions are offered via the service, as it essentially acts as an uncompromising platform between top-notch security and a simple as well as efficient user experience which provides a customizable multi-permission scheme. This in turn enables institutions and individuals alike to operate crypto assets in a systematic, secure and controlled manner. The core technology behind Binance’s Custody is additionally certified to ISO 27001 and 27701, the world’s most recognized and sought-after quality control standards for information security and privacy, which is yet another reason as to why so many are actively choosing Binance Custody. About LABEL Foundation LABEL Foundation is a blockchain-oriented NFT copyright fee sharing platform that supports investment, distribution and advertising processes, removes significant barriers to modern content production and investment, and strives to eliminate the biased profit sharing structure that currently exists in this industry. Essentially, LABEL Foundation represents an incubation system designed to disrupt the DeFi industry and it uses the native $LBL token, which is Ethereum-based governance and utility token, to do so. The native token may also be used in a variety of ways to help bolster the expansion of the LABEL ecosystem. Furthermore, the tokens are mainly used to establish the basic token economy of the platform by acting as payment, staking and governance entities. Lastly, the DAO (Decentralized Autonomous Organization) voting infrastructure allows contributors to claim profits via the non-fungible token shareholding system, which adds a strong sense of community that is actively associated with LABEL and everything that it does. For more information and regular updates, be sure to check out the official website and Medium, Telegram and Twitter channels. 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