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The G7 finance ministers and central bank governors have called for a swift and comprehensive regulation of crypto assets. The G7 decision followed the recent crypto market turmoil, including the collapse of cryptocurrencies LUNA and UST. G7 Countries Calling for Swift, Comprehensive Regulation of Crypto Assets The finance ministers and central bank governors from the Group of Seven (G7) industrialized nations convened in Bonn and Königswinter, Germany, on May 18–20. Among the topics they discussed was the regulation of crypto assets following the recent market turmoil and the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST). “The G7 supports work by the Financial Stability Board (FSB) to monitor and address financial stability risks arising from all forms of crypto-assets, and welcomes increasing global cooperation to address regulatory issues associated with the use of crypto-assets, including in cross-border payments,” according to the communique summarizing the finance leaders’ key decisions, published Friday. The G7 finance chiefs added: In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB … to advance the swift development and implementation of consistent and comprehensive regulation of crypto-asset issuers and service providers. The FSB will work “in close coordination with international standard-setters” on crypto regulation “with a view to holding crypto-assets, including stablecoins, to the same standards as the rest of the financial system,” the communique further details. “In particular, the G7 calls for rapid implementation of the Financial Action Task Force (FATF) ‘travel rule’ and stronger disclosure and regulatory reporting, for instance, as regards reserve assets backing stablecoins,” the finance leaders continued, adding: We reaffirm that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory and oversight requirements through appropriate design and by adhering to applicable standards. “The G7 remains committed to high regulatory standards for global stablecoins, following the principle of same activity, same risk, same regulation,” the communique concludes. Following the collapse of LUNA and UST, a number of countries have independently called for an urgent regulation of crypto assets, particularly stablecoins. In the U.S., Treasury Secretary Janet Yellen told Congress last week that it is important and urgent to regulate stablecoins. She mentioned the fall of terrausd by name. The U.K. government also reaffirmed its commitment to regulate stablecoins this week. What do you think about the G7 financial chiefs calling for a swift and comprehensive regulation of crypto assets? Let us know in the comments section below. View the full article

The CEO of one of Kenya’s biggest lenders has argued there is a possibility cryptocurrencies will complement mobile money in Africa but first, there is a need to convince regulators of their benefits. African Regulators’ Stance on Crypto Cryptocurrencies can potentially complement mobile money in Africa if regulators on the continent are made to change their perceptions of the digital currencies, the boss of one of Kenya’s biggest lenders has said. According to James Mwangi, CEO of Equity Group Holdings Plc, central banks first need to be convinced of the benefits of cryptocurrencies. In remarks published by Bloomberg, Mwangi noted that most of the continent’s central banks have either banned the use of cryptocurrency like bitcoin or have imposed restrictions on its use. He noted, however, that a few countries have or are exploring ways to embrace cryptocurrencies. According to Mwangi, adopting cryptocurrencies is also one way Africa can get ahead of other continents as far as embracing fourth industrial technologies is concerned. “Africa will benefit substantially from leapfrogging on the fourth industrial technologies, and cryptocurrency is one of them,” Mwangi is quoted explaining. Embracing Emerging Technologies The support his argument, the CEO used the growth of mobile money transactions in Kenya as an example. According to Mwangi, mobile money transactions have since grown to a point where they now outpace hard currency transactions because Kenyan regulators were willing to try out new technology. Mwangi also suggested that using emerging technologies like artificial intelligence could be the basis for the continent’s leapfrogging into the fourth industrial revolution. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Fireblocks, a crypto custody service provider, is expanding its services with the launch of an institutional suite of Web3 services. This suite will allow customers to leverage liquidity from different exchanges, and mint NFTs. The service, which has already onboarded several names in the industry, also includes gaming asset management for blockchain games on Ethereum and other smart contracts-enabled blockchains. Fireblocks Debuts Web3 Services Offering Fireblocks, a cryptocurrency custody company, is seeking to expand its suite of services to onboard different kinds of customers. The company announced the release of its new Web3 suite, which will offer new capabilities to customers in the decentralized finance, NFT, and blockchain gaming areas. The objective of this product is to provide institutional-grade services to companies that are developing solutions in these fields. According to reports, the company has already onboarded several companies to the service, including Animoca Brands, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius, and Utopia Labs. These partners and others will have access to the liquidity offered in decentralized finance exchanges and NTF markets like OpenSea, Rarible, Uniswap, and Dydx directly. The suite had some time in development, and the company gave an early peek at these services, adding support for decentralized finance apps on top of the now-defunct Terra blockchain, that at the time was the second largest protocol in terms of assets locked. Now, the full suite offers support for these services on 35 different blockchains, including EVM and non EVM projects. Expanding to New Fields While the company already has a massive portfolio of customers, which includes 1,200 different institutions — having secured more than $2.5 trillion in digital assets — the release of these services aims to access a field of customers that Fireblocks would be unable to reach otherwise. Fireblocks’ CEO and co-founder Michael Shaulov declared: The goal is to essentially bring all the security arsenal and capabilities that we’ve built for empowering financial firms to operate with crypto to this new group of players. The company had previously remarked on the importance of play-to-earn, one of the fields that this suite seeks to serve, for the future of the gaming industry. In a blog post published on May 4, Fireblocks stated: The next generation of gaming will likely involve NFTs and crypto on some level – the question is when and how, not if. What do you think about Fireblocks’ new Web3 suite of products? Tell us in the comments section below. View the full article

Hacktivist collective Anonymous has allegedly breached the systems of one of the largest financial institutions in Russia, Sberbank. The attackers announced on social media they have published thousands of emails, phone numbers, and addresses. Anonymous Hackers Reportedly Gain Access to Sberbank Database Decentralized hacking group Anonymous claims to have hacked Sberbank. A Twitter account associated with the collective, @YourAnonOne, announced the attack earlier this week, noting the institution is the largest bank in the Russian Federation and the region of Eastern Europe. The #Anonymous collective hacked Sberbank, it is the largest bank in Russia and Eastern Europe. — Anonymous (@YourAnonOne) May 17, 2022 Moscow-headquartered Sberbank, currently called Sber, is a majority state-owned banking and financial services company with a presence in several European nations, mostly in the post-Soviet space. Western sanctions imposed over Russia’s invasion of Ukraine have affected its operations. At the end of February, Sberbank Europe said it was leaving the European market. A tweet from another account linked to Anonymous detailed that the hackers have acquired and leaked 5,030 emails, addresses, and phone numbers from the compromised database. Sberbank, which reportedly accounts for around a third of all bank assets in Russia, has not yet commented on these claims. The post redirects to an archive with five Excel files, crypto news outlet Forklog reported on Friday. They contain information about the bank’s free safe deposit boxes as of June 14, 2016, a register of property and partner appraisers, a list of the types of traded futures contracts, and a blank template of a certificate of property status and current obligations. Shortly after the Russian armed forces crossed the Ukrainian border in late February, Anonymous declared a cyberwar on Russia, vowing to disrupt the country’s internet. It has since targeted the websites of the Kremlin, the State Duma, and the Ministry of Defense, attacked Russian TV channels, and released millions of leaked emails. In March, the hacktivist collective said it has published 28GB of documents belonging to the Central Bank of Russia, including some of the monetary authority’s “secret agreements.” In early May, the Anonymous-affiliated hacking group Network Battalion 65 (NB65) announced it hit the popular Russian payment processor Qiwi. Do you think Anonymous will continue to attack Russian targets? Share your expectations in the comments section below. View the full article

PRESS RELEASE. The innovative first time used concept will help to monetize charitable experience for people. Since the beginning of the war in Ukraine, people from all over the world are trying to find ways to support people affected by the events. Multiple organizations and communities do their part to provide aid for Ukrainian refugees or people in danger zones. And there are ones who have put the most innovative technology to service for this charitable goal: IamUkraine studio, which develops the Zelenskiy NFT project – an NFT collection dedicated to historical events in Ukraine and the bravery of its people. The team behind the Zelenskiy NFT, IamUkraine studio, has experience in creating scalable NFT projects based on blockchain technology. In the past, their members have worked with leading startups and Fortune500 companies. Now they united their efforts for the most important goal: creating an NFT ecosystem, that will help to change people’s lives for the best and improve the conditions of those who are suffering from the consequences of war. The Zelenskiy NFT collection was created to laud the heroism and solidarity of the Ukrainian people and President Zelenskiy as their national leader in the face of war. The project aims to bring global support to the humanitarian cause and give people around the world a meaningful way to help Ukraine. The collection consists of 10 000 unique procedurally generated artworks, and each of them represents President Zelenskiy in various styles and images, celebrating the diversity and unity of the Ukrainian nation. The Zelenskiy NFT is built with the idea of *ChariFi at its core and is the first project of its kind. The idea is to make good deeds rewarded, allowing people to help Ukraine while acquiring unique NFTs or community benefits. The NFTs can be acquired in three ways. First, there is a whitelist pre-sale of 2000 NFTs, which starts on 31.05, then the public mint sale, which opens on 01.06, and finally, the community mint, which will be conducted from 02.06 and will be used to reward war heroes, active community participants and different contests winners. 7500 NFTs will be available through public mint sale, and 500 more are reserved for the community mint. A significant part of the funds raised through the NFT auctions will be directed toward various humanitarian organizations that help Ukrainians affected by war. Part of the funds will be distributed among established Ukrainian charities, and another one – among charities and support initiatives in the European Union. The initiative of The Zelenskiy NFT was supported by multiple charity and medical organizations in Ukraine and abroad, including Stand With Ukraine, The Right To Life, People’s Coalition, Med-Soyuz, DonorUA, Sartlife, Ukranian Will Movement, Razom, BALU and many others. Their activities encompass a multitude of issues, from helping children affected by war and providing food and medical supplies to people in danger zones, to raising funds for Ukrainian defense forces. The remaining funds will be used to further develop and support the project. It is important to note, that the project is developed with a long-term view. According to its roadmap, there are spectacular plans after the public launch, which is to be expected at the beginning of June. After the initial mint sale, the project creators. IamUkraine studio is going to develop it further, growing it into a whole ChariFi ecosystem, with its DeFi products, services and native ecosystem’s token ZELIK (ZLK), that will serve the initial purpose: to further support humanitarian work, conclude partnerships with more charity foundations and medical institutions and forge partnerships with famous brands. The royalty fees will be distributed in a similar way. Part of royalty fees will be distributed among NFT holders on a weekly basis. From the 10% royalty fee, 4% will go towards Ukrainian and EU Charities, while others will be used to support the development and the sustainability of the project. Thus, it will continue to bring benefits to charity organizations after the initial mint. The Zelenskiy NFT is an impressive example of how innovative technology can be used to unite the people for a good cause. We believe that it not only celebrates the fortitude of the Ukrainian people in this historical moment and unites people in a global effort for helping them, but also paves the road for more ChariFi projects in the future. For more information about The Zelenskiy NFT project please visit zelenskiynft.com or follow on Twitter, Telegram or Instagram. Glossary: *ChariFi – The term is derived from two words, Charity and Finance. It is used to refer to blockchain projects that monetize the charitable experience. The essence of the idea boils down to the following: the user can make a profit for being involved in various charitable programs and for doing good deeds. About The Zelenskiy NFT A collection of 10,000 unique Zelenskiy’s NFT was created to eternalize the historic efforts and courage showcased by the Ukrainian people and President Zelensky. Purpose-built collection to aid Ukrainian refugees and humanitarian causes with expansive community benefits. Unique artform and generative representation to show worldwide support towards Ukraine. Curated to go beyond the NFT space and present a lasting historic insight into the insurmountable courage of Ukraine. About IamUkraine IamUkraine Studio, pioneer and developer of world’s first ChariFi concept, is a blockchain initiative launched to provide supportive assistance to global communities through digital art. The project brings together artistic representation with a strong social cause to empower struggling communities and help them overcome adversity. The IamUkraine will launch the Zelenskiy’s NFT Collection on 31 May 2022. 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

Statistics recorded this week show that the aggregate number of non-fungible token (NFT) sales, settled across more than a dozen different blockchains, has officially surpassed $36 billion. While there are 18 competing blockchains offering NFTs, Ethereum-based NFT sales dominate by more than 75%. While Ronin commands the second-largest amount of NFT sales, NFTs from the game Axie Infinity have been the top-selling collection for quite some time, with more than $4 billion in global sales to date. $36 Billion in All-Time NFT Sales, Ethereum Dominates Sales by More Than 75% The world of blockchain-based digital collectibles has been a force to reckon with as the NFT ecosystem has become a multi-billion-dollar industry. This week’s metrics indicate that all-time NFT sales have surpassed $36 billion to date. The $36 billion in sales recorded on cryptoslam.io’s NFT dashboard stems from 18 different blockchains like Ethereum, Ronin, Solana, Avalanche, Wax, Polygon, and Flow to name a few. Ethereum’s $27 billion in NFT sales, however, represents 75.02% of the total number of sales across all the chains. The top blockchains in terms of all-time NFT sales besides Ethereum include Ronin ($4B), Solana ($2.2B), Flow ($1B), Polygon ($591M), Wax ($430M), Avalanche ($277M), Immutablex ($98.7M), Palm ($50.5M), and Tezos ($40.4M). All-time NFT sales from the top nine blockchains add up to approximately 24.61% of the non-Ethereum-based NFT sales. The remaining nine blockchains below Tezo’s position only represent 0.37% of the $36 billion in all-time NFT sales volume. Ethereum’s 1,300,118 NFT buyers and Ronin’s 1,742,207 NFT buyers are the only two chains with more than a million unique NFT buyers. Out of the $36 billion in NFT sales, the top NFT collection in terms of all-time sales is Axie Infinity, which has seen more than $4 billion in sales. The second-largest collection in terms of sales is Cryptopunks, which has seen $2.24 billion in sales. Cryptopunks is followed by Bored Ape Yacht Club (BAYC) which has recorded $2.12 billion in all-time sales. BAYC is followed by Mutant Ape Yacht Club ($1.52M), Artblocks ($1.25M), NBA Top Shot ($1M), Otherdeeds ($906K), Azuki ($756K), Clonex ($671K), and Veefriends ($538K). Most Expensive NFTs Stem from Veefriends, BAYC, Cryptopunks, Cyberkong — Opensea Still Commands the Most Amount of Sales by an NFT Marketplace All-time sales metrics from cryptoslam.io’s dashboard indicate that the most expensive NFT sold is Veefriends’ “Thoughtful Three Horned Harpik,” which sold for 100,000 ether or $316 million. The Veefriends NFT is followed by Cryptopunk 5822 which sold for 8,000 ether or $23.7 million. Five of the most expensive NFTs sold out of the top ten are BAYC NFTs and two are Cryptopunks. Other collections in the most expensive NFT top ten list included Meebits 10,761 and Cyberkong VX 8252. Out of all the NFTs sold, most are purchased on the NFT marketplace Opensea with the market Looksrare following the platform’s lead. Other notable NFT marketplaces include Magic Eden, Flow’s NBA Top Shot market, Mobox, Solanart, Wax’s Atomicmarket, Bloctobay, and Rarible. While billions of dollars worth of NFTs have been sold during the last few weeks, NFT sales have been dropping significantly. Weekly NFT trade volumes are down and weekly NFT sales have also floundered during the past few weeks. If the crypto economy is truly in a bear market cycle it will be interesting to see how the NFT industry handles the downturn. What do you think about the 18 blockchains recording $36 billion in all-time NFT sales? Let us know what you think about this subject in the comments section below. View the full article

A Dubai based couple has decided to be wed in the metaverse after legal problems stemming from their nationalities initially forced them to tie the knot in Georgia in 2019. After the wedding, the couple said they will use their own experience to help others get married in the metaverse as well. The Metaverse After Wedding Party After encountering legal troubles registering their marriage, Florian Ughetto, a French national residing in Dubai and his fiancee, Liz Nunez, were reportedly planning to wed in the metaverse on May 19. The couple said the decision to tie the knot in the metaverse comes nearly three years after they got married in Georgia. According to a report by the Blockchain Group, the couple’s wedding outfits were acquired via Opensea, a non-fungible token (NFT) marketplace. The report also said 20 of the couple’s closest friends would join them via the metaverse. Explaining the steps that the couple will take exchanging vows, the report said the soon-to-be husband and wife would go to a location in the metaverse for the after-wedding party. Metaverse Wedding Company As per the report, the couple got married in Georgia in 2019 after they encountered problems registering their union locally due to their nationalities. “That is one of the reasons why we chose to fly to Georgia to register our marriage,” the report quotes Ughetto explaining. Meanwhile, the report said the couple has since established their wedding planning company that will specialize in virtual weddings. The couple hopes to use their metaverse wedding experience as a test run. While the final cost of the ceremony has not been revealed, the report estimates this to be over $800 or DH3,000. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added. Government of Cyprus to Submit ‘Attractive’ Crypto Bill Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology. Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated: I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations. The government representative gave an example with Malta, the regulatory framework of which attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized. The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations. “Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added. The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca. Do you expect Cyprus to introduce crypto regulations before the European Union? Tell us in the comments section below. View the full article

PRESS RELEASE. MetaOasis Wins the Double in Hackathon Competitions Three months ago, MetaOasis won the championship in Metaverse Alliance 2021 Global Metathon. Three months later, MetaOasis got the most votes and beat 112 competitors in the recent Avalanche Asia Hackathon. Therefore, MetaOasis will become the first project that wins the double in international hackathon competitions in the gamefi history. What worth mentioning is that Avalanche Asia Hackathon set up an algorithm mechanism which can prevent repeated voting. That’s to say, all votes were from loyal supporters of the project, which makes the votes be of great value, and it also shows that MetaOasis deserve the championship by having the strength with strong and real user base. Who is the Champion-MetaOasis？ MetaOasis is the next-generation game publishing platform linking Web2 and Web3. Meanwhile, MetaOasis will launch the first self-developed big game, making it the core to gather excellent game around the world into MetaOasis. As the first gamefi that can provides players with a rich and interesting experience like traditional games, MetaOasis is confident that it will attract more traditional players into the platform. Moreover, a series of revolutionary initiatives within the platform will continue to help users and empower developers. For Users: Low Threshold but More Fun MetaOasis built a “buffer zone” for new users, especially for the traditional internet users to come into WEB3.0. Through the innovative “inter-linked account” mechanism, “buffer token” mechanism, and compatible with the traditional game IAP (In-App Purchase) channel, users can choose either quick registration to experience the platform first or immediate registration for blockchain wallet, which avoids traditional users’ excitement diminishing due to the learning difficulty and financial risks of entering the blockchain space, and enables users to enter the WEB3.0 world more smoothly. MetaOasis used a professional game engine, and through the disclosed video, we can see the definition of MetaOasis’s frames is at a high level. Moreover, MetaOasis is built by a mature R&D game company with more than 100 employers and a blockchain technology team. Therefore, different from other gamefi which are not attractive enough, MetaOasis offers multiple ways for players to play: battle, construction, exploration, collection, mission, social, etc. For example, MetaOasis encourages players to participate in social activities as well as challenging others in the form of parties, or occupy other players’ lands, and eventually get the rewards! MetaOasis makes gamefi get back to game, and allows players to have fun. For Developers: More Users, Stronger Empowerment MetaOasis is not only a platform to create content for professional R&D teams, but also a series of strong empowerment by offering instruction of gamefi change for researchers and developers. NFT Interoperation MetaOasis changed the situation that different gamefi NFTs are unable to inter-operate with each other with a well-designed solution MNP30(MetaOasis NFTs Protocol, as shown below) for the industry. In a few words, it allows users to accumulate and interoperate their NFTs owning in different games of the platform or other achievements by building a set of exchange standards and protocols, and this will lower the threshold of repeated user investment to a certain extent and also make the value of user accumulation more sustainable. SDK for Multiple Platforms and Development Tools High-qualified content is the key to attract users, therefore MetaOasis hopes that developers focus on applications or games, and provide a series of SDKs for developers to deploy mechanisms without too much effort. Moreover, the SDK is suitable for a variety of platforms and development tools, which means that whether it is a project for WebGL or a traditional game developed by Unreal or unity, it can all be covered. At the same time, based on open digital identity and home, MetaOasis will also offer some development tools to users, allowing all users participate in UCG development. Sharing the Platform Ecosystem Content-creators can share the advantages of the platform ecosystem in community traffic, marketing, technology resource, etc, making their works being more likely to be approved in the market. Those contents approved by most people will be shown in the MetaOasis metaverse in the form of special stars, building a game world which keeps developing and changing, together with mainverse games. Overall, MetaOasis has shown the potential to truly become a next-generation game publishing platform, giving us a glimpse of the new development direction and prosperity of the gamefi ecosystem. Meanwhile, Project CH, the first core project of MetaOasis, has also revealed a large number of milestone achievements with high degree of completion and complexity, which gives us every reason to expect that an epoch-making project will come out soon. About MetaOasis MetaOasis is the next-generation game publishing platform linking Web2 and Web3. MetaOasis reduces the entry threshold of Web2 users by building the infrastructure of Web2 and Web3 integration and also provides a series of tools for Web3 game developers to solve user login and payment problems. Allow developers to focus on making products. Meanwhile, MetaOasis will release the main universe game that meets the game’s specifications as well: Project: CH, and self-developed ecological games such as “Puzzle Game” and “Embassy Planet” are already online. Contact Official Website: https://www.metaoasis.cc/ Twitter:https://twitter.com/Metaoasis_ @Metaoasis_ Discord: https://discord.gg/metaoasis Telegram: https://t.me/metaoasis Medium:https://metaoasis.medium.com/ Reddit: https://www.reddit.com/user/Meta-oasis/ Youtube: https://www.youtube.com/channel/UCGLcR_Q72Uvpjf-NDuLgc6Q/featured 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

Pakistan can generate tax revenues of at least $90 million each year if authorities impose a 15% tax on cryptocurrency transactions, an executive with a cryptocurrency exchange has said. 15% Crypto Tax An executive with a Pakistani cryptocurrency exchange has said Islamabad can generate at least $90 million in tax revenues if authorities decide to levy a 15% tax on cryptocurrency transactions. The executive, Zeeshan Ahmed, the country general manager at Rain Financial Inc, claimed this would be possible if Pakistan adopts what one report calls “hard and fast regulations.” In comments published by The International News, Ahmed claimed that Pakistan’s neighbor India and the United States are already getting billions of dollars in tax revenues. He said: The US and India are collecting billions of dollars through a 30 percent tax on the profit earned from crypto trading. We can start with a 15 percent tax. Role of Crypto in Pakistan’s Economy Ahmed’s sentiments were echoed by his fellow executive, Aatiqa Lateef, the crypto exchange’s director of public policy. Speaking at the same event where attendees discussed the role of crypto assets in an economy, Lateef suggested his company is playing its part in helping to change regulators’ perception of cryptocurrencies. “We are in constant touch with all regulators including SBP, PTA, FBR and others and will be ready to assist them,” explained Lateef. The director added that the Pakistani government has since set up committees to discuss different regulation scenarios. The committees are also expected to recommend policy options available. Lateef, in the meantime, concedes that it could take between 12 and 18 months before the Pakistan government makes its decision. One of the reasons for this could be regulators’ lack of capacity or inability to police the crypto industry. However, with the assistance of cryptocurrency firms like Rain, Pakistan may overcome the challenges, Lateef said. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Microstrategy’s CEO has predicted that bitcoin is “going to go into the millions” despite the recent cryptocurrency market sell-off. Noting that the cryptocurrency is the future of money, he said: “We are in it for the long term.” Microstrategy Sees Bitcoin as the Future of Money The CEO of the Nasdaq-listed software company Microstrategy, Michael Saylor, shared his bitcoin outlook Thursday in an interview with Yahoo Finance Live. The executive is still bullish on bitcoin despite the recent sell-off. He was asked whether there is a price target at which Microstrategy will start liquidating some of its bitcoins. The company is currently hodling 129,218 BTC. “No,” the CEO replied, emphasizing, “we are in it for the long term.” He elaborated: “Our strategy is to buy bitcoin and hold the bitcoin, so there’s no price target. I expect we’ll be buying bitcoin at the local top forever.” He continued: I expect bitcoin is going to go into the millions. So, we’re very patient. We think it’s the future of money. Commenting on cryptocurrency regulation, he noted that “There’s been a deadlock in D.C. and on Capitol Hill around stablecoin regulations and around securities token regulations.” Saylor added that “the Administration wants to move faster” but “Congress is moving slower.” The Microstrategy chief opined: I think this meltdown of LUNA, UST, that’s going to accelerate the regulations of stablecoins and security tokens, which will be a good thing for the industry. “Over time, I think as people get educated and as they get more comfortable, I think we’ll recover from this drawdown,” he concluded. Saylor has long been bullish on bitcoin. In February, he said there’s evidence of a lot more institutional adoption. In November last year, he said bitcoin will emerge as a $100 trillion asset class. What do you think about the comments by Microstrategy’s CEO? Let us know in the comments section below. View the full article

Official records show Do Kwon dissolved Terraform Labs Korea, closing down its headquarters and sole branch just days before the collapse of terra crypto (LUNA) and stablecoin terrausd (UST). Do Kwon Shut Down Terraform Labs Korea Before UST and LUNA Fallout Terraform Labs founder Do Kwon reportedly closed down his company in Korea days before the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). According to South Korea’s supreme court registry office, Terraform Labs Korea decided to dissolve its Busan headquarters and Seoul branch at the general shareholders meeting on April 30, Digital Today reported. The company named CEO Kwon Do-hyeong, the full name of Do Kwon, as the liquidator. The publication detailed: On May 4, Terraform Labs Korea’s headquarters was dissolved and on May 6, the Seoul branch was dissolved. On May 9, UST lost its peg to the U.S. dollar and its price kept falling. At the time of writing, it is trading at about $0.08. LUNA also sharply fell from above $80 on April 30 to $0.00013351 at the time of writing. While Terraform Labs is a Singapore-incorporated company, it was registered to conduct business in South Korea as Terraform Labs Korea, with headquarters in Busan and a branch in Seongdong District in eastern Seoul. Kwon founded Terraform Labs Korea on June 21, 2019. On Sept. 26, 2019, Ticket Monster (Tmon) founder Shin Hyun-sung joined the company as the second co-founder. However, he resigned on March 2, 2020, leaving Kwon to serve as the CEO of Terraform Labs. An on-chain analysis by blockchain data analytics firm Elliptic found that amid the UST and LUNA fallout, the Luna Foundation Guard (LFG) sent its bitcoin reserves to cryptocurrency exchanges Gemini and Binance. What do you think about Kwon shutting down his company in South Korea a week before the collapse of UST and LUNA? Let us know in the comments section below. View the full article

PRESS RELEASE. Binance is a curious company. the world’s largest cryptocurrency exchange, it also has no official headquarters and operates outside regulatory control. But that may not stop its step. Binance.US raised funding at a $4.5bn valuation this month, providing a new case for Binance enthusiasts. Today, they can share the exciting news that Freedom Protocol has set a new record on IDO volume. Freedom Protocol is a new financial protocol that makes pledging easier and more efficient. It makes the largest amount of IDO with over $4M, and it is another big DeFi project issued on the Binance Smart Chain. Freedom Protocol is wise to raise funds while it can. Revenue depends on trading volumes in its crypto, which are notoriously volatile. It is sensible to put aside capital when it can while building relations with external investors. It is worth mentioning that Freedom Protocol raises $4 from normal users instead of professional agencies. Freedom Protocol fans like to claim their purpose is always challenging the traditional financial world. No matter how difficult his actions appear, they believe the Freedom Protocol boss has secret plans. Parsing its $4M IDO size to take DeFi platform come true requires a similar level of faith. Freedom Protocol announced that they aim to make simplicity and directness of financial investment for all crypto enthusiasts. They were warmly welcomed on Binance Smart Chain(BSC) which is the public chain launched by Binance, it helps them achieve a record on IDO volume within a few days. The first to welcome them are the opinion leaders. A few KOLs on Twitter post passionate tweets for this project, followed by publishing outdoor advertising in Australia and starting a lot of campaigns of various types. Freedom Protocol is a typical case who is concentrating on private investment, stakes in private companies and individuals, all areas where institutional clients have been increasing allocations in recent years. Now Freedom Protocol launches its business around the world, including the ads for airport taxis in Germany, which indicate the determination of Freedom Protocol to intend to help more customers in other countries. With nothing to prove, Freedom Protoco is also confident enough to voice the view that a model dominated by traditional finance is due an overhaul. And this time it is companies and management that need to adapt to DeFi’s needs, rather than vice versa. Binance chief executive Changpeng Zhao described DeFi as infrastructure for the new digital world, and encourage many investors and entrepreneurs to get involved in DeFi story. But mainstream acceptance will be slow as they know. Regulators continue to worry that crypto is being used for money laundering and other crimes. US SEC chair Gary Gensler has called crypto markets a “Wild West”. The noise is off-putting for both prospective investors and employees. So Freedom Protocol this week tweeted that they were trying to apply for cryptoasset licenses from both Dubai and Japan, it moves away from portraying itself as a decentralized organization with no fixed headquarters. The Dubai permissions will allow it to extend limited services to pre-qualified investors and professional financial service providers. “The firm will also locate a “blockchain technology hub” in the Dubai World Trade Centre.” Oscar, Founder of Freedom Protocol said. The success of Freedom Protocol is a tiny reflection of a startling larger truth: the huge audience crypto has so far left on the financial system and innovation of the internet. And as the size of financial work directly affects the daily life of every employed human on the planet, that matters. The global crypto market is estimated to have a market worth more than $2tn. Binance’s own digital token is up more than 1,000 percent since the start of 2021. Freedom Protocol becomes a unique perspective on why Binance is so successful in recent years. Perhaps Freedom Protocol has a plan to transform the financial model entirely. Maybe it will one day be a crypto payments company. Or an NFT trading platform. Or perhaps all the platform’s users just want to own it. Website: www.freedomprot.com Contact: Oscar Email: marketing@freedomprot.com 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 president of Panama, Laurentino Cortizo, has declared he will not sign the recently approved cryptocurrency bill passed by the National Assembly of the country in its current form. Cortizo stated that one of his main concerns about the bill is the stance it takes regarding money laundering activities and crypto. Cortizo may approve some parts of the bill while vetoing others. Panama’s President Considers Crypto Bill Veto Laurentino Cortizo, the president of Panama, has announced his opinion regarding the recently approved cryptocurrency bill, and how it might be too lax when it comes to dealing with unlawful activities like money laundering in the sector. While speaking at the Bloomberg New Economy Gateway Latin America conference in Panama City, Cortizo stated: If I’m going to answer you right now with the information that I have, which is not enough, I will not sign that law. Furthermore, Cortizo explained that he and his government would have to be “very careful” if the crypto bill presented has clauses dealing with money laundering activities, remarking that these are very important to Panama. Panama allows the president to have veto power over the bills presented by the National Assembly, and Cortizo could use this attribution to repel the bill in its current form. However, Cortizo declared he and his lawyers are still reviewing the law to make a decision. Panama’s Crypto Law Panama started its cryptocurrency regulation journey last year, when Gabriel Silva, a national representative, introduced a crypto bill with a proposal that aimed to modernize the country and bring it up to par with other countries in the area. The bill, which faced some changes during its discussion, establishes pivotal concepts about crypto, blockchain, and virtual asset service providers. In addition to this, the approved version of the bill introduces blockchain as a tool to improve the transparency of state spending, like other projects introduced already in Latam. This would include the progressive migration of public records to the blockchain. Another important proposal of the bill is the digitalization of the identification process, with issued IDs being published on a public blockchain. Cortizo might take some of the articles passed and make them law, and veto other parts of the bill. To conclude, Cortizo stated: It is an innovative law from what I have heard, it’s a good law. However, we do have a solid financial system here in Panama and one of the things I’m waiting on is when you have a global regulation of crypto-assets. What do you think about the opinion of the president of Panama regarding the passed crypto bill? Tell us in the comments section below. View the full article

While non-fungible token (NFT) collectibles have become a hot commodity over the last 12 months, a number of NFT owners are taking loans out against their NFTs. This month, a project called Nftfi has facilitated $25.6 million in NFT loans so far, and last month the lending marketplace recorded nearly $50 million in NFT loans. NFT Lending and Borrowing Continues to Grow NFTs have become a billion-dollar industry during the last year and a popular blockchain technology use case. Even though sales have slid in recent times amid the crypto market downturn, NFTs are still selling for hundreds of thousands and even millions of dollars per digital collectible. In addition to the NFT sales and auctions, NFT owners are also loaning their digital collectibles for access to liquidity. For instance, a decentralized finance (defi) platform called Nftfi has seen $185.4 million in cumulative loan volume since the market’s inception. In the last week, the peer-to-peer marketplace for NFT collateralized loans recorded four loans for more than $100K or more each. On May 16, Bored Ape Yacht Club (BAYC) 7,813 was used for a $100K loan, and Autoglyph 231 was leveraged for a $200K loan on May 12. BAYC 6,276 was used for a $150K loan on May 10, and the BAYC 371 owner was able to obtain a $115K loan for the NFT the day before. So far this month, Nftfi has facilitated $25.6 million in NFT loans, according to statistics from Dune Analytics. Nftfi is also partners with the blockchain firms Flow and Animoca Brands. NFT Lending Competition Nftfi is not the only NFT lending platform on the block, as there are others like Arcade, Nexo.io, and Drops. Statistics show the Drops loan market has facilitated $6,746,515 in lending. Arcade has raised $17.8 million from investors like Pantera Capital, Franklin Templeton Investments, Castle Island Ventures, and Protofund. Another competitor is the peer-to-peer NFT lending marketplace Flowty, which is built on the Flow blockchain network. Flowty raised $4.5 million in the company’s first investment round from two lead investors and 23 total. Nftfi has a wide selection of NFTs and an assortment from a number of blue-chip digital collectible collections as well. For instance, there are ENS names, Unstoppable Domains, Axies, Doodles, Sanbox land, Otherdeeds, Hashmasks, Bored Ape Yacht Club, and Mutant Ape Yacht Club (MAYC). Just recently the platform phased out its old smart contract (Nftfi V1) on April 4, 2022, and launched a new smart contract called Nftfi V2. According to the web portal, Chainsecurity and Halborn audited the platform’s V2 smart contract. What do you think about people lending out their NFTs for collateral to acquire a loan? Let us know what you think about this subject in the comments section below. View the full article

FTX US announced on Thursday that the firm has launched an equities trading platform called FTX Stocks which will give U.S.-based customers the ability to purchase stocks and exchange-traded funds (ETFs). The launch is currently in a private beta phase for select U.S. customers and equities can be purchased with fiat-backed stablecoins. FTX US Launches Beta Equities Trading Platform FTX US customers phased in through the firm’s private beta waitlist can now leverage the platform to purchase stocks and ETFs. The company says the new feature offers hundreds of select U.S.-exchange-listed common stocks, securities, and ETFs. Furthermore, FTX will initially route the equities trading platform orders through Nasdaq. The company also noted that select securities will be offered via fractional share trading. Users can also purchase the stocks, securities, and ETFs by using a stablecoin such as USDC, credit card, wire transfer or ACH transfer. “Our goal is to offer a holistic investing service for our customers across all asset classes,” FTX US president Brett Harrison said in a statement. “With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface.” The company will now be competing with the likes of Robinhood, a financial services company that also provides customers with cryptocurrencies, stocks, and ETFs. Much like FTX US recently adding stock purchasing options, Robinhood has recently rolled out crypto asset services this year. The latest FTX Stocks feature from the company also follows the FTX founder Sam Bankman-Fried purchasing close to 8% of Robinhood shares. Another similarity to Robinhood is the fact FTX US says no fees will be taken from approved brokerage accounts. “FTX Stocks will offer its customers no-fee brokerage accounts, commission-less trading, and free-market data and company fundamental data,” the company’s announcement on Thursday notes. “The company further chose to eliminate minimum required customer balances and tiered account systems common among retail stock trading platforms.” What do you think about FTX US adding stock options to the platform? Let us know what you think about this subject in the comments section below. View the full article

Cryptocurrencies will be eventually legalized, a member of the Russian government has opined. The question is when this will happen, Trade Minister Denis Manturov stated as new crypto-related legislation advanced in the State Duma this week. Crypto Legalization Is Current Trend, Russian Minister Acknowledges Cryptocurrency can be legalized in the Russian Federation, according to a statement by the country’s Minister of Industry and Trade Denis Manturov, during the “New Horizons” educational marathon organized by the Russian “Knowledge” society. Quoted by the Tass news agency, the government official elaborated: I think so… The question is when this will happen, how it will happen and be regulated. The central bank and the government are actively engaged in this. Everyone is inclined to understand that this is a trend of the times, and sooner or later, in one format or another, it will be done. Manturov emphasized this should happen in accordance with the laws and rules that are yet to be adopted and formulated. Russian authorities have been mulling over the future status of cryptocurrencies and related activities such as trading and mining this year, with two opposing views clashing during the deliberations. While the Central Bank of Russia proposed a blanket ban on crypto operations, citing threats to the country’s financial system, the Ministry of Finance believes they should be regulated rather than prohibited and has submitted a new draft law “On Digital Currency” which is expected to be adopted this year. The ministry has been also working on the issue of taxation of income and profits from transactions with digital financial assets. This week, the lower house of Russian parliament, the State Duma, approved on first reading draft legislation tailored to regulate the matter. Most institutions in Moscow have sided with the Minfin’s approach, including the federal government which backed the department’s regulatory concept in February. At the same time, the majority also agree with Bank of Russia’s stance that cryptocurrency should not be recognized as a means of payment. Another recent report revealed that the authors of the new legislation have incorporated provisions proposed by the Ministry of Internal Affairs, introducing procedures for the seizure of digital currencies with a court order as part of criminal proceedings and the establishment of a special wallet for storing seized crypto assets. Do you expect the Russian Federation to eventually legalize cryptocurrency? Tell us in the comments section below. View the full article

Following several sessions of consolidation, ETH has finally caved in, dropping below the $2,000 floor in the process. As we move towards the end of the week bitcoin also fell for a second consecutive session, with prices falling below $29,000. Bitcoin Bitcoin dropped below the $29,000 level on Thursday, as bears continued to push prices lower this week. As a result of a second consecutive session of selling, BTC/USD fell to an intraday low of $28,708.96 on Thursday. This drop comes after prices were trading at a level of $30,016.18 on Wednesday. However they’ve fallen by over 3% as traders still look to find a stable support point. Despite the 14-day Relative Strength Index (RSI) trading below 30, which is in oversold territory, many do not expect bulls to buy any dips, as some believe we could still be heading to further lows. Looking at the chart, this indicator is currently tracking at 34.94, which is marginally below a ceiling of 35.46. We will likely not see any significant gains until either a breakout from the ceiling, or a move towards last week’s low of 25. Ethereum After several days of consolidation, ETH plunged on Thursday, with prices falling below $2,000. Despite an onslaught of bearish pressure this week, ETH/USD was mostly able to sustain this sentiment until today. As of writing, ETH fell to an intraday bottom of $1,907.02, which is roughly 5% lower than yesterday’s peak at $2,039.83. Yesterday, we discussed that we could see the $1,950 floor hit, which has not only happened, but it has been broken. However, as the day progressed prices moved back towards that level, which confirms its status as a support point. As of writing, ETH is trading at $1,952.28, with the 14-day RSI slightly below a ceiling of 35. Could we see ETH climb above $2,000 in the next few days? Leave your thoughts in the comments below. View the full article

Even after introducing fines and criminal liability for cryptocurrency mining, Abkhazia continues to find underground facilities for digital currency extraction. This week, law enforcement officials have confiscated dozens of mining devices from an illegal crypto farm. Abkhazia Shuts Down Crypto Farm, Seizes Mining Hardware Police in Abkhazia have closed down another crypto mining installation in a rural area of the breakaway Georgian republic. The illegal coin minting facility was located in the village of Yashtuha, Sukhumi region, the Ministry of Internal Affairs announced. Representatives of the interior ministry, together with officials from the Department for Energy Supervision and other government agencies, raided the cryptocurrency farm on Wednesday, May 16, acting on a tip-off. An administrative protocol has been drawn up against the miner, 29-year-old local resident Khanchalyan Robertovich. He operated 31 mining machines that have been confiscated and transferred to a government-owned warehouse. In the past few years, many Abkhazians have turned to crypto mining as an alternative source of income. The government of the partially recognized republic in the South Caucasus has blamed the energy-intensive process for the territory’s growing electricity deficit. To deal with the power shortages, the Russia-backed de facto state imposed a temporary ban on crypto mining and hardware imports in 2018. Last year, the measure was extended until March 31, 2022 and then in April, prolonged until the end of this year. Authorities in Sukhumi also introduced hefty fines and criminal liability for illegal use of electricity to produce cryptocurrencies. Mining is believed to be the main cause for the frequent breakdowns of the republic’s power distribution network. Officials in Sukhumi have since admitted that their efforts to curb crypto mining have largely failed. Reports revealed last summer that Abkhazia had held talks with Russia in an attempt to solve its issues with electricity supply. At the time, the government was also planning to regulate the activity and ensure that miners are legally connected to the grid. Do you expect Abkhazia to legalize cryptocurrency mining once it overcomes its electricity shortages? Tell us in the comments section below. View the full article

YellowHeart Protocol, an NFT platform poised to disrupt the ticketing and music industries, is set to launch its utility token, HRTS (pronounced “Hearts”), on Bittrex Global’s IEO Platform Starting Block as the platform’s debut project on May 24 at 13:00 UTC. YellowHeart Protocol Is a Significant Milestone in the History of Event Ticketing System The first ever event tickets can be traced back to ancient Rome. Not issued on paper, but on a little piece of clay. People’s passion for public cultural events never stopped since, and it was until the mid-18th century when concert goers in London started to receive pre-paid checks to guarantee their seats. In the late 19th century, paper tickets gradually came to use. In the following two hundred years, more and more ticket designs emerged. In the early 2000’s, tickets moved online. And if you wonder what is the next important milestone in the history of event ticketing system, YellowHeart Protocol is one of the most relevant candidates. On the YellowHeart Protocol platform, tickets are now offered as non-fungible tokens (NFTs) and enhanced with new capabilities enabled by the HRTS utility token (pronounced “Hearts”). In contrast to traditional tickets, NFT tickets provide music, video, and engaging experiences. They allow artists to communicate directly with their fans. And they offer artists and venues a share of the proceeds any time a ticket is resold. In addition to ticket NFTs, the YellowHeart Protocol marketplace also offers music NFTs, collectable NFTs and community tokens. The platform’s long-term mission is to bring together a larger ecosystem of fans, artists, sports teams, brands, venues, event promoters, and more to participate in the disruptive leap forward. The revolution of an NFT ticketing platform like this is way beyond the little step from a paper ticket to a scannable barcode or a recognizable bracelet or ink stamp. The ability of issuing unique tickets that are anti-fraud, anti-counterfeit, and traceable is bringing the game to a brand new level of security and personalization. A Unique and Everlasting Memory for Concert Goers Like all perishable items, paper-based tickets cannot be kept for long without special storage and care. Even for digital tickets, servers can go down, the service platform can be shut down, and the hard drive could fail to load. Yet an NFT ticket will stay on the decentralized blockchain for an indefinite time. Being digital, decentralized, and unique makes the NFT concert ticket literally everlasting. It’s time to say goodbye to your ticket album, photo frames, or a folder in your hard drive, and to embrace a brand new way of keeping the unique memory for as long as you wish. Just imagine, how can someone prove to you that they were at Woodstock in 1969? The chances of them having the original tickets are probably very scarce. In contrast, your 2022 NFT tickets for an epic festival will stay at your fingertips even when your grandchildren might ask you to see it in 50 years from now. New Alternative Channel to Interact With Artists The technological capability of the NFT ticketing platform enables the possibility of after-event engagement, and thus provides a powerful, alternative channel for artists and record companies to keep engaged with the concert fans for future events and for other promotions. Imagine that the news of the next concert of your favorite music band didn’t reach you via social media campaigns or billboard advertisements, but from a fascinating airdrop with a special discount code that only YOU can use. Once the channel has been established, many after-event engagement possibilities are enabled by the blockchain technology. The Potential of Benefiting From the Rising Value of Precious Tickets Beyond the invaluable personal memories, a vintage Woodstock 69 ticket might be worth a nice sum of money nowadays, under the assumption that it survived the passage of time in mint condition for all these years. Yet a uniquely issued concert ticket saved on the blockchain and preserved as an NFT is a totally different story – it will never deteriorate, tear or get lost. Trading of NFTs is also very convenient on many popular NFT trading platforms. And the owners of unique concert tickets with a rare or desirable design could benefit from the rising value of the tickets in future sales. All of the above explains why YellowHeart Protocol promises to be a strong contender in the new world of Web3 and NFTs as well as give a reason to rejoice for music fans and all users in the live events and ticketing space. YellowHeart Protocol is launching its utility token, HRTS, on Bittrex Global’s IEO Platform Starting Block as its debut project. The token sale starts Tuesday, May 24, at 13:00 UTC for non-US residents. To keep up with the latest developments follow YellowHeart Protocol on Twitter, check out the website and launch at https://global.bittrex.com/Market/Index?MarketName=USDT-HRTS This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Leading U.S. crypto exchange Coinbase is slowing hiring, citing the current down cycle in the market as a reason to rethink its staffing strategy. The company’s management believes the move will allow the trading platform to match its hiring needs with its business goals. Coinbase to Reassess Headcount Needs, Focus on Integrating Recent Hires Cryptocurrency exchange Coinbase has announced a change in its staffing plans. After previously aiming to triple its size heading into this year, the company now feels it’s prudent to slow hiring and reassess its personnel needs against its business goals, given the current market conditions. Quoted in a press release on Tuesday, Coinbase President and Chief Operating Officer Emilie Choi explained: To ensure we’re best positioned to succeed during and after the current market downturn, we’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals. Choi further elaborated that Coinbase had made the decision in order to emerge stronger from this down cycle. She emphasized the step is part of managing the business to the scenarios the company had planned for, and assured the changes will not affect its expense outlook for the second quarter and the whole of 2022. The digital asset exchange now intends to focus on integrating its recent hires and becoming more rigorous in determining its priorities. “We know this is a confusing time and that market downturns can feel scary,” the top executive noted while pointing out that the company has been through other, similar challenges in the past. Choi’s announcement comes after Coinbase revealed in its earnings report earlier in May that it holds $256 billion in fiat and crypto assets on behalf of its customers. It also admitted that if the company declared bankruptcy, its users can potentially lose access to the crypto funds in their accounts as these could be subject to bankruptcy proceedings. Do you expect other major crypto companies to reconsider their hiring plans? Tell us in the comments section below. View the full article

Bitcoin Argentina, an NGO dedicated to the promotion and expansion of Bitcoin and cryptocurrency in the country, is going to take Bitcoin education to high schools. The project, called “Schools and Bitcoin,” will help educate high school students about the relevance of Bitcoin and the differences between this alternative system of money and the traditional fiat finance structure. Bitcoin Argentina to Educate High School Students Argentina is one of the countries with a high crypto adoption rate in Latam, according to numbers published by Chainalysis. Some citizens of the country have fled to crypto and bitcoin due to inflation and exchange controls depleting buying power. This is why Bitcoin Argentina, an NGO dedicated to the expansion of the Bitcoin ecosystem in the country, has decided to launch an education project that will allow high schoolers to learn about Bitcoin. The project, called “Schools and Bitcoin,” launched in partnership with humanitarian initiative Built with Bitcoin, aims to teach high school students about this new alternate finance system. The endeavor is the continuation of an earlier pilot project in which students of Argentina showed great enthusiasm and interest in learning about Bitcoin, according to Jimena Vallone of Bitcoin Argentina. She explained: There is a desire to innovate, to know what is happening with Bitcoin and blockchain, and to train and learn. All this was the starting point to start thinking about the project, which begins with 40 schools, but we hope to have a larger number. A Needs-Driven Project “Schools and Bitcoin” aims to reach more than 4,000 high schoolers, with classes and the content of this Bitcoin course to be adapted to each of the regions where these classes will be held. On this, Vallone stated: The content used will be varied, changing with each school. Argentina is a diverse country, so it is necessary to think about each context when introducing the material. However, the core will be the same, teaching students about the “transparent, open, inclusive, traceable and secure” traits of Bitcoin. This is reportedly the first initiative of this kind in Latam, where countries like Brazil and Venezuela are also known to be active in the cryptocurrency sector. The approval of the education project is noteworthy, in view of the debt restructuring deal signed between Argentina and the International Monetary Fund, which introduced a clause suggesting the government discourage the use of crypto in the country. What do you think about Bitcoin Argentina’s Schools and Bitcoin project? Tell us in the comments section below. View the full article

On Wednesday, the acid jazz-funk band Jamiroquai revealed it has partnered with the blockchain-based virtual world platform The Sandbox in order to “get funky in the metaverse.” According to the announcement, Jamiroquai plans to bring virtual insanity to the band’s virtual land located in The Sandbox metaverse. Acid Jazz-Funk Band Jamiroquai Joins the Sandbox Virtual World Another popular music act is joining the virtual world The Sandbox, as the subsidiary of Animoca Brands announced on Wednesday that Jamiroquai is now a project partner. Jamiroquai is an award-winning band that plays funk, acid jazz, soul, disco, and R&B, and is led by the band’s frontman Jay Kay. Jamiroquai is well known for hit songs like “Virtual Insanity,” and “Canned Heat,” and Virtual Insanity was named MTV’s Video of the Year in 1997. The hit song also earned Jamiroquai a Grammy Award the following year. The Sandbox and Jamiroquai plan to celebrate the partnership on May 18, 2022, with Jamiroquai x Sandbox merchandise. The merchandise will be a limited edition t-shirt and keyring and the items will be available exclusively on store.jamiroquai.com. “The strategic collaboration was developed in association with Bravado, Universal Music Group’s industry-leading brand management division,” the blockchain-based metaverse company said on Wednesday. The announcement adds: The legendary jazz-funk band will bring virtual insanity to its virtual land in The Sandbox. The Sandbox has partnered with a great deal of musicians, artists, celebrities, and well known brands since the project’s inception. Currently, The Sandbox has more than 200 partners including The Smurfs, Care Bears, Atari, Ubisoft, The Rabbids, BLOND:ISH, Deadmau5, Gucci Vault, The Walking Dead, Snoop Dogg, and Adidas. In a statement sent to Bitcoin.com News, Jamiroquai said the band has always been into futuristic concepts. “Jamiroquai have always been future-facing and super social – creating a land where everyone can come together in The Sandbox with a bit of funk, freedom, and fashion will provide a communal place to digitally connect with our fans and fellow music lovers,” Jamiroquai said. “We look forward to telling you more soon, but for now can say that hats will definitely be involved.” According to the announcement, more details about the collaboration with Jamiroquai will be “revealed in the coming months.” The Sandbox, alongside its competitor Decentraland, has been a very popular blockchain-based virtual world. However, both projects’ native crypto tokens have been hit hard in recent times. The Sandbox crypto asset SAND is up 236% year-to-date, but SAND is currently down 53% during the last 30 days. NFT and virtual land sales have dropped during the past two weeks as well, following the Bored Ape Yacht Club’s Otherdeed sale. What do you think about The Sandbox collaboration with Jamiroquai? Let us know what you think about this subject in the comments section below. View the full article

Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned of hard times ahead for cryptocurrency investors as the Federal Reserve and other central banks tighten monetary policy. Bank of England’s Executive Warns About Crypto Sir Jon Cunliffe, deputy governor for financial stability at the Bank of England (BOE), had a warning for crypto investors at a Wall Street Journal conference Tuesday, Reuters reported. The Bank of England executive cautioned that crypto investors should expect more difficult times ahead. He explained that as the Federal Reserve and central banks around the world tighten financial conditions, investors will be more attracted to safer assets. Replying to a question about whether rising interest rates would ramp up pressure on cryptocurrencies, Cunliffe was quoted as saying: Yes, I think as this process continues, as (quantitative tightening) starts in the U.S. … I think we’ll see a move out of risky assets. Federal Reserve Chairman Jay Powell said last week that the Fed will continue tightening monetary policy until it sees “clear and convincing” evidence that inflation is falling to the target rate of 2%. Cunliffe also discussed another factor affecting the crypto market. Noting the Russia-Ukraine war is prompting investors to move funds into safer assets, he advised: When there’s a move out of risky assets, you would expect the most speculative assets to be the ones most affected. In November last year, Cunliffe said that cryptocurrency’s threat to the stability of the British financial system was “getting closer,” urging regulators to take action. In December, he said that the value of cryptocurrencies could fall sharply, stating: “Their price can vary quite considerably and they could theoretically or practically drop to zero.” What do you think about Sir Jon Cunliffe’s comments? Let us know in the comments section below. View the full article

A panel of specialists at Finder has predicted the death of shiba inu (SHIB) cryptocurrency. The majority believes that the price of the meme crypto will eventually fall to zero. In addition, “Our panel is overwhelmingly out on SHIB, with 73% saying that now is the time to sell.” SHIB’s Price Prediction Leading price comparison portal Finder.com updated its price prediction for the shiba inu cryptocurrency last week. “Finder surveyed a panel of 36 fintech specialists in April for their thoughts on how shiba inu will perform over the next decade,” the company explained. “Things are not looking good for the meme coin shiba inu,” Finder remarked, adding that “It’s a matter of when, not if, we’ll see the death of shiba inu, according to the majority of Finder’s shiba inu price predictions report panel.” The company explained that at the time of the survey, the price of SHIB was $0.00002029, and the panel expected it to drop 7.6% to $0.000018750 by the end of 2022. However, at the time of writing, SHIB is already trading at a lower price of $0.00001187. Finder told Bitcoin.com News: 70% of the panel say SHIB will have no value by the end of 2030. Specifically, “The panel expects the token’s value to continue to plummet and be worth $0.000002500 to close out 2025 and $0.000000325 by the end of 2030,” the company wrote. The specialists came up with several factors that will impact the price of the meme cryptocurrency this year. 82% said that meme coin hype will have the most effect on the price of SHIB. The next biggest factor is inclusion on major brokerage platforms like Robinhood. Other factors include the launch of Shibaswap, the burning of SHIB tokens, and the number of businesses accepting shiba inu as payment. One of the specialists on the panel was Matthew Harry, head of funds at Digitalx Asset Management. He expects meme coins, including SHIB, to disappear altogether as the crypto market matures, stating: This market is maturing and things like SHIB will die as capital begins to flow to quality and value rather than being scattered across the field in the hope that every player wins a prize. That’s not how things work. Hype dies, value rises. Another specialist on the panel was a fintech lecturer at Swinburne University of Technology, Dimitrios Salampasis, who made a similar prediction that SHIB will eventually be worthless. “I am of the opinion that all these joke-type coins will disappear and leave space for actual innovation and cryptoassets that can serve proper use cases,” he stressed. When asked about whether it is time to buy, sell, or hold shiba inu, the specialists said: Our panel is overwhelmingly out on SHIB, with 73% saying that now is the time to sell. Just 23% say you should hold onto your SHIB and only 3% think you should buy. What do you think about the SHIB and meme coin predictions by Finder’s specialists? Let us know in the comments section below. View the full article