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The legal vacuum in the crypto mining sector must be filled “as soon as possible,” according to a statement by Russian Deputy Minister of Energy Evgeniy Grabchak. The government official also called for introducing regional quotas for crypto farms instead of regulating their business at the federal level. Russian Official Proposes Regional Energy Quotas for Crypto Miners Cryptocurrency mining needs to be regulated soon, Evgeniy Grabchak insisted during Russia’s first national conference of legal bitcoin miners, held recently in Irkutsk. The Siberian oblast, where electricity rates start at just $0.01 per kWh, has been dubbed “the mining capital of Russia” as coin minting in the region spiked after China cracked down on the industry last May. Quoted by Tass, Grabchak elaborated: The legal vacuum makes it difficult to regulate this field and establish transparent rules of the game. It needs to be eliminated as soon as possible… We have no other options in the current reality. The legal regulation, fitting the concept of mining into the regulatory framework must be implemented. Russia’s deputy minister of energy further suggested that it would be more expedient to determine sites for mining facilities and the available energy capacities at the regional instead of federal level. These quotas must be in compliance with the development plans of the Russian regions, other industries, and the energy system, he added. Authorities in Irkutsk and elsewhere have previously stated their readiness to provide sites for the industrial extraction of cryptocurrencies, if the business is recognized as an entrepreneurial activity as a growing number of officials have been suggesting. Calls in that direction have been issued by the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, Deputy Prime Minister Alexander Novak, and the Governor of Irkutsk Oblast, Igor Kobzev. Amid mounting western sanctions over the invasion of Ukraine, Russia has seen an opportunity to use cryptocurrencies to regain access to global finances, while Moscow is considering accepting bitcoin for its energy exports. Despite the strong opposition of the Bank of Russia to legalizing a range of crypto activities, including mining, government efforts to regulate the country’s crypto space have resumed. Most institutions have sided with the Finance Ministry’s approach which favors regulation under strict oversight, over a blanket ban. In February, the department submitted a new bill “On Digital Currency.” In January, President Vladimir Putin urged the government and the central bank to resolve their differences and highlighted Russia’s competitive advantages as a mining destination. Do you expect Russia to regulate its crypto mining sector soon? Tell us in the comments section below. View the full article

The Argentinian Tax Agency (AFIP) is watching the movements of cryptocurrency traders and holders, to tighten its control over their transactions. The institution is now sending emails to Argentinian citizens asking for a series of data regarding supposed cryptocurrency operations made in their names. The agency requires the public keys of the citizen and a list of transactions made during a certain time period. Argentinian Tax Agency to Scrutinize Crypto Users The AFIP, the Argentinian tax watchdog, has decided to take the battle against cryptocurrency tax evasion directly to users of these currencies. While the agency had required information from exchanges before, the responsibility is now directed to certain users that have received a requirement to answer a series of questions regarding their history with digital assets. The requirement compels users to deliver data like the public keys of the wallets they are currently managing, and a list of digital asset movements that must include dates, the cryptocurrencies involved, the amounts moved, and the kind of operation. Furthermore, the citizens must justify the origin of the funds used to perform these transactions and the complete crypto savings held. The required info is to include transactions that go back to 2018, so the numbers could be very high, according to Germán Nlhoul from Criptocontador. Expert Opinion Differs The opinion of experts in the country is divided regarding this new move of the AFIP. Some think that the institution has the right to require this information from crypto users. This is the case with Juan Manuel Scarso, a fintech tax expert who explained: [The AFIP] has broad powers to verify, at any time, including with respect to current fiscal periods, the compliance that the obligors or those responsible give to the laws, regulations, resolutions and administrative instructions, supervising the situation of any alleged responsible. However, others differ in their views and state that the Argentinian Tax Agency might be overreaching by requiring some of this data from the citizens, without stating the purpose of these requirements clearly. This is the case with Mariano Neira, who stated: Among the requirements on crypto assets that are circulating, an excessive request for information and also a clear affectation of patrimonial intimacy can be observed. This information is already required by the organization from the exchanges, which must comply with this requirement by law. However, some have speculated that this pivot is due to the exchanges being non-compliant with the regulation, forcing the agency to look for the info from other sources. What do you think about the Argentinian Tax Agency probing cryptocurrency holders and traders? Tell us in the comments section below. View the full article

Activists and lawmakers in Kyiv are urging the EU to accept Ukraine as a member of the European Blockchain Partnership. They believe the recently adopted law “On Virtual Assets” opens the way for the country to become a blockchain leader on the Old Continent. Kyiv Officials Hope Blockchain Technology Can Help Post-War Reconstruction of Ukraine Members of the “Virtual Assets of Ukraine” public union and Blockchain4Ukraine, an inter-factional association of Ukrainian lawmakers, are lobbying for Ukraine’s full membership in the European Blockchain Partnership (EBP). Representatives of the two organizations have urged EU institutions to allow their country to participate in the initiative. Letters with the appeal have been sent to President of the European Commission Ursula von der Leyen, the head of her cabinet, Bjoern Seibert, and Anthony Whelan, who works as a digital policy adviser to the executive body in Brussels, the crypto news outlet Forklog reported. The authors of the correspondence say that blockchain technology can significantly contribute to the reconstruction of Ukraine by facilitating the provision of cross-border services, after the military conflict with Russia ends. “EBP will accelerate this recovery, as well as support the further integration of Ukraine and the EU,” they have been quoted as stating. Ukraine, a leader in terms of crypto adoption in Eastern Europe, was on the path of comprehensively regulating its crypto space when the Russian Federation launched its military invasion in late February. The Verkhovna Rada, Ukraine’s parliament, passed the bill “On Virtual Assets” earlier that month. President Volodymyr Zelenskyy signed it into law in mid-March. The Ukrainian government has been relying on cryptocurrency donations to address defense and humanitarian challenges. The officials behind the initiative to join the EBP are also convinced the new legislation will allow Ukraine to become a “European blockchain leader” in the future. Last summer, Bjoern Seibert announced that the EBP member states were ready to explore granting Ukraine observer status. However, the full membership, which the Ukrainians insist on, would link the country to the European Blockchain Services Infrastructure (EBSI) that provides access to broader cross-border electronic services. Do you expect the EU to accept Ukraine as a full member of the European Blockchain Partnership initiative? Tell us in the comments section below. View the full article

The central bank in crisis-stricken Sudan has warned residents dealing with cryptocurrencies that they face numerous risks including loss of value. The warning comes as Sudan is grappling with an economic crisis that worsened after the civilian government was deposed by the military. Sudan’s Worsening Economic Crisis As Sudan’s currency continues to plummet, the country’s central bank has warned citizens against using or trading cryptocurrencies, a report has said. It warned those dealing with crypto assets that they face risks such as loss of value, financial crimes, and electronic piracy. The warning by the Central Bank of Sudan (CBOS) comes amidst a worsening economic crisis that has seen Sudan’s exports plummet by 85% in January. The warning also comes as reports suggest the country’s currency, the pound, is losing further ground against the U.S. dollar on the black market. The deteriorating economic conditions are believed to be key factors behind the increased interest in cryptocurrencies by Sudanese residents. However, according to a report published by Sudan News Agency, the CBOS has suggested that residents dealing with cryptocurrencies face legal risks as well. Such risks, the central bank argued, stem from what it said were cryptocurrencies’ non-classification as “money or even private money and property” as per the country’s laws. The report added that other risks also stem from what the CBOS referred to as their “lack of material cover” as well as their issuance by unauthorized or unaccredited bodies. However, the report did not state if Sudan’s military government, which seized power in October 2021, is planning to enact new laws that would punish Sudanese residents for failing to heed the central bank’s warning. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

On Tuesday, the fund manager Wisdomtree announced the launch of three crypto asset exchange-traded products (ETPs). The ETPs are associated with the cryptocurrency networks Solana, Cardano, and Polkadot and the new crypto investment products are currently listed on Börse Xetra, SIX, and the Swiss Stock Exchange. Wisdomtree Launches Cardano, Solana, and Polkadot Exchange-Traded Products Wisdomtree has announced the launch of three new digital currency exchange traded products (ETPs) and the products are physically-backed by cryptocurrency. Wisdomtree revealed on Tuesday that the new funds will include Wisdomtree Solana (SOLW), Wisdomtree Cardano (ADAW) and Wisdomtree Polkadot (DOTW). All three of these digital currencies are currently positioned in the top 20 list of the largest crypto market capitalizations today. The fund manager further disclosed that the three crypto ETPs will list on Euronext exchanges in Amsterdam and Paris on March 31. “The ETPs have a total expense ratio (TER) of 0.95%, currently the lowest fees for ETPs providing access to these altcoins in Europe, and are passported for sale across the European Union,” Wisdomtree’s announcement explains. The fund manager’s ETP launch announcement adds: The ETPs are designed to offer investors a simple, secure and cost-efficient way to gain exposure to the price of solana, cardano and polkadot. Investors can also gain exposure to these crypto assets through Wisdomtree’s diversified crypto asset basket ETPs. Wisdomtree’s Jason Guthrie: ‘Crypto Assets Need to Be Liquid Enough for Institutional Use’ There’s been a lot of crypto ETPs launched during the last few years as interest and demand for digital asset investment vehicles has grown significantly. There are a number of crypto exchange-traded products from firms like Amun AG, Ficas, Van Eck, and Grayscale. “We want to provide investors with a range of crypto asset exposures, whether that be through diversified baskets or single trackers,” Jason Guthrie, the head of digital assets from Wisdomtree Europe said. “A key component to our approach is launching strategies which will resonate with institutional investors.” The Wisdomtree executive added: These need to be crypto assets which are liquid enough for institutional use, are supported by the ETP market participants and have clear use cases. As the crypto asset market evolves, so [too] will the ETP ecosystem which is needed for more institutional adoption. We will continue to enhance and expand our product range, supporting investors on their journey into crypto assets. During the last week, solana (SOL) has increased by 25.5% against the U.S. dollar and cardano (ADA) has risen by 33%. Polkadot (DOT) has also increased in value this past week, rising 19.9% during the last seven days. In terms of the top smart contract platform coins by market cap, cardano is the third-largest with a $39.3 billion market valuation. SOL is the fifth-largest smart contract platform coin by market cap and DOT commands the seventh position today. What do you think about Wisdomtree’s newly launched crypto asset ETPs? Let us know what you think about this subject in the comments section below. View the full article

Nasdaq-listed Microstrategy has obtained a $205 million bitcoin-collateralized loan from Silvergate Bank through a subsidiary to buy more bitcoin. “The interest-only term loan is secured by certain bitcoin held in Macrostrategy’s collateral account.” Company to Use $205M Bitcoin-Backed Loan to Purchase Bitcoin The Nasdaq-listed pro-bitcoin software company Microstrategy announced Tuesday that one of its subsidiaries has obtained a bitcoin-backed loan to purchase additional BTC. Microstrategy CEO Michael Saylor tweeted Tuesday: Macrostrategy, a subsidiary of Microstrategy, has closed a $205 million bitcoin-collateralized loan with Silvergate Bank to purchase bitcoin. Silvergate Bank “has issued a $205 million term loan under its Silvergate Exchange Network (SEN) Leverage program to Macrostrategy LLC,” Microstrategy detailed. “The interest-only term loan is secured by certain bitcoin held in Macrostrategy’s collateral account with a custodian mutually authorized by Silvergate and Macrostrategy,” the company noted. Under the terms of the agreement, Macrostrategy will use the loan proceeds to purchase bitcoins, pay fees, interest, and expenses related to the loan transaction, or for its or its parent company’s general corporate purposes. SEN Leverage, launched in 2020, provides institutional-grade access to capital through U.S. dollar loans collateralized by bitcoin. “The SEN Leverage loan gives us an opportunity to further our position as the leading public company investor in bitcoin,” Saylor commented, elaborating: Using the capital from the loan, we’ve effectively turned our bitcoin into productive collateral, which allows us to further execute against our business strategy. Microstrategy has already acquired 125,051 BTC for its treasury. “Our strategy with bitcoin has been to buy and hold, so to the extent we have excess cash flows or we find other ways to raise money, we continue to put it into bitcoin,” the company’s chief financial officer explained. Do you think more companies should obtain bitcoin-backed loans to buy more bitcoin? Let us know in the comments section below. View the full article

On March 29, blockchain parsers caught a sequence of 11 transactions totaling 11,325 bitcoin moving from unknown wallets created in 2014, to a great number of recipient addresses. Furthermore, the stash of bitcoin worth $540 million today is possibly linked to the Cryptsy theft, according to onchain analytics. 11,325 Bitcoins Move From Dormant 2014 Addresses, Assets May Be Linked to Cryptsy Theft A whole lot of bitcoin stemming from wallets created in 2014 moved on Tuesday and the funds may be tied to the Cryptsy theft. The now-defunct cryptocurrency exchange led by Paul Vernon lost millions of dollars worth of digital assets years ago at the end of 2015. More recently at the end of January 2022, the U.S. Department of Justice (DOJ) announced it had indicted Vernon for allegedly stealing over $1 million from digital currency wallets. The DOJ said Vernon, otherwise known as ‘Big Vern,’ stole from accounts between May 2013 and May 2015 and proceeded to deposit the stolen funds into his own bank account. The funds that moved on March 29, 2022, derive from BTC wallets that were created on July 29, 2014. All 11,325 bitcoin were processed at block height 729,587, and the action was caught by Btcparser.com, and Whale Alert. “The massive amount of activated dormant [bitcoin] in the previous posts are possibly linked to the Cryptsy hack/theft,” Whale Alert tweeted on Tuesday. Onchain analysis further shows the 11,325 bitcoin may have originated from Cryptsy, according to clustering from oxt.me data as well. Fed Seizure Speculation Rises, ‘Big Vern’s’ Whereabouts Are Still Unknown The stash of bitcoin sat idle for more than seven years, and some people suspect the crypto may be in the hands of the U.S. government. The speculation derives from the recent Bitfinex hack coins that moved this year, coupled with the coincidental and recent DOJ indictment of ‘Big Vern.’ However, unlike the Bitfinex hack coins that consolidated into a single address, the transfers processed at block height 729,587 were sent to a wide range of addresses. For instance, this account sent 1,000 BTC to 59 different recipients. This address sent 1,325 BTC to 78 recipient addresses on Tuesday afternoon around 6:30 p.m. (UTC). At the time of transfer, the 11,325 bitcoin was worth $540 million using today’s BTC exchange rates. Even though the DOJ indicted Vernon, the former Cryptsy CEO is still on the run and no one knows where he is located. In 2016, the Miami New Times ran an investigative report that said Vernon and his girlfriend dipped off to China. That was according to Vernon’s wife at the time, and following that report, Vernon allegedly spoke with the Miami New Times in an exclusive interview. According to ‘Big Vern’ before the alleged interview, 13,000 bitcoin was stolen from the exchange. The exchange also said it lost 300,000 litecoin (LTC) as well. “We shut down the website and file bankruptcy, letting users file claims via the bankruptcy process and letting the court make the disbursements,” Cryptsy’s announcement said at the time. “Or, somebody else comes in to purchase and run Cryptsy while also making good on requested withdrawals.” None of the aforementioned promises came to fruition and the 11,325 bitcoin that moved on Tuesday afternoon may be linked to the 13,000 BTC stolen from Cryptsy customers. What do you think about the 11,325 bitcoin that possibly is linked to the Cryptsy exchange theft? Let us know what you think about this subject in the comments section below. View the full article

A South African museum, Liliesleaf Museum Heritage Site, recently raised $130,000 via the auction of a non-fungible token (NFT) created from an arrest warrant issued against Nelson Mandela in 1962. Proceeds From NFT Sale to Fund Museum Activities A non-fungible token (NFT) minted from the former South African President Nelson Mandela’s warrant of arrest was recently auctioned for $130,000 (1.9 million rands), a report has said. The proceeds are expected to help bankroll Liliesleaf Museum Heritage Site, an organization that documents South Africa’s fight for freedom and democracy. According to a Bloomberg report, Liliesleaf Museum Heritage Site had initially received the original document in 2004 as a donation. The warrant itself was issued in 1962 by South Africa’s then minority rulers after they accused Mandela of conspiring to overthrow the government. After holding the document for nearly 18 years, Liliesleaf Museum Heritage Site has again raised funds using an NFT which depicts an object once associated with South Africa’s freedom fighters. Before the latest auction, the heritage site had previously received about $50,000 after it auctioned an NFT of a pen gun that was owned by another South African freedom fighter, Oliver Tambo. In both instances, Momint — a South African NFT marketplace — handled the auctions. The Pivot to NFTs Commenting on the latest NFT auction, the CEO of Momint, Ahren Posthumus, is quoted in the report explaining why museums are pivoting to NFTs. He said: Museum sites stay afloat. They have been badly affected by the lack of tourism due to Covid. So this is a way to revitalize their flow and keep history alive. In addition to museums, conservancies like the Black Rock Rhino have used proceeds from NFTs to pay for some of the sanctuary’s day-to-day expenses. The pivot to NFTs by charitable organizations comes after one study suggested that more South Africans are buying or are interested in buying NFTs. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Meta is bringing interactive 3D ads to Facebook and Instagram feeds, inspired by the metaverse pivot the company has begun to execute since its name change. This is possible due to a new integration in Meta’s AR (Augmented Reality) publishing library with a development from a company called Vntana. Vntana Integrates 3D Ads in Meta’s Apps Publishers will now be able to include 3D models in their ads on platforms like Facebook and Instagram, that belong to Meta. This innovation will allow any publisher to include these metaverse-inspired ads in the feeds the platforms, with users being able to interact with the objects. The innovation was presented by a company called Vntana, which acts as a service provider so other companies can include their 3D assets in social feeds. According to a press release issued by the company, Vntana has exclusive access to Meta’s AR API to integrate their services to be able to achieve this goal. “Just like regular ads, 3D ads appear in users’ Facebook and Instagram feeds displaying interactive 3D models that users can tap and interact with – moving the product around to view all angles,” the release details. Metaverse Monetization This innovation might be part of the first monetization strategies that include metaverse-like elements in Meta-owned platforms. On this, Ashley Crowder, co-founder and CEO of Vntana, stated: 3D and AR technology in online ads is the next frontier for brands looking to connect with the digital consumer and is a great first step into the metaverse. She further stated that this release might bring democratization to the ad space in these platforms, given that now more companies can bring their products to pontential customers. Customers are also said to benefit because they can see a more detailed model of these products in a 3D, metaverse-like view. Chris Barbour, director of Augmented Reality Business Development & Partnerships at Meta, declared: 3D and AR open a new door of advertising possibilities for retail and e-commerce brands, improving the customer experience from the point of acquisition. Meta’s flagship AR app, Horizon Worlds, which offers a set of metaverse experiences for users, is currently not being monetized by the company. This technology might be used in the future to allow Meta to monetize and include ads from different brands in these spaces. What do you think about Meta having the possibility of displaying metaverse-inspired ads on its platforms? Tell us in the comments section below. View the full article

On March 28, the non-fungible token (NFT) marketplace Blur announced the company has raised $11 million in a seed round led by Paradigm. The NFT marketplace Blur says the startup is focused on building an institutional-grade NFT market that’s made “for pro traders.” Blur Raises $11 Million to Craft the Startup’s Institutional-Grade Products The NFT marketplace Blur announced the firm has raised $11 million in a seed funding round led by Paradigm. According to Blur, the round also saw participation from Egirl Capital, Keyboard Monkey, Ledgerstatus, 0xmaki, Santiago Santos, Zeneca, Deeze, and Andy (Fractional). Blur explains that the marketplace will be crafted for pro traders and the startup believes that most offerings today are focused on retail traders. “Current NFT marketplaces prioritize the retail experience, but they neglect the growing needs of pro traders,” Blur’s announcement on Monday details. “Infrastructure has failed to keep up as monthly trading volumes hit billions, and Web2 business models hold the space back with poorly aligned incentives.” The startup’s blog post adds: Our mission is to solve these problems and move the NFT space toward becoming institutional-grade while increasing decentralization. At the moment, Blur is building the market in stealth mode the company disclosed and the team will share information on how to get early access in the future. The project has a Twitter account with roughly 2,400 followers and statements from a few investors like Deeze are highlighted on the project’s Twitter profile. “Excited to be a part of this round,” the investor Deeze tweeted on Monday. Sicarious from Sicarious Capital explained that trader looked forward to helping Blur. “As a trader with a weak spot for NFTs, I’m very excited to help the [Blur team] bring their idea to fruition,” Sicarious explained to the trader’s 100,000 Twitter followers. “Can’t wait to try out their beta, I’ll see if I can get away with leaking a few sneak peeks.” Blur’s announcement on Monday stresses that the mission to bolster the NFT space “will not be an easy feat.” However, Blur concludes by highlighting that the project has “assembled a team of builders with experience from MIT, Five Rings, Brex, Square, and Y Combinator to accomplish this mission.” A number of NFT projects and marketplaces have raised funds this year. For instance, Immutable raised $200 million in a Series C led by Temasek during the first week of March. In January, the NFT analytics firm Cryptoslam raised $9 million from Animoca Brands, Mark Cuban, and Sound Ventures. Just last week on March 22, the creators of the Bored Ape Yacht Club (BAYC) NFT collection raised $450 million in a seed round. After the capital injection, Yuga Labs is now valued at roughly $4 billion. What do you think about Blur raising $11 million from Paradigm and other strategic investors? Let us know what you think about this subject in the comments section below. View the full article

An Indian parliament member has urged the government to increase the tax on crypto income from the current proposed rate of 30%, stressing that crypto trading is similar to gambling. He has also requested that the goods and services tax (GST) be imposed on the total transaction value of crypto. Indian Parliament Member Wants to Tax Crypto Income More Than 30% India’s Finance Bill 2022 containing the proposed 30% tax on crypto income is now being considered in Rajya Sabha, the upper house of India’s parliament. Parliament member Sushil Kumar Modi reportedly asked the government Monday to increase the tax on cryptocurrency income from the current rate of 30%. He said: I would like to request the finance minister that the 30% tax that you have imposed on crypto, please consider in the coming days if this tax can be further increased. Parliament member Modi argued that cryptocurrency is not a commodity, an asset, goods, or a service, emphasizing that it does not have intrinsic value. He added that while stocks are backed by companies behind them, “crypto is gambling.” He further questioned, “Who are behind crypto?” The parliament member further pointed out that the 18% goods and services tax (GST) is only levied on crypto service providers, such as exchanges, emphasizing that this needs to be increased. Modi opined: Cryptos are similar to lottery, casinos betting, gambling and horse racing. In all these activities, 28% tax (GST) is imposed on the total transaction value … So I request to you that the GST council needs to consider imposing GST on the total transaction value of crypto. “Investors are attracted by extraordinary profits,” Modi stressed, adding that “no one knows what is the value of crypto.” Modi proceeded to give examples of countries that have imposed higher taxes on crypto. He said Japan has imposed a 55% tax while Germany, France, and Australia have imposed up to 45%. The parliament member further claimed that investors have been storing cryptocurrencies in private wallets before April 1 and “$8 billion worth of crypto assets are expected to go out of the country.” Besides the 30% tax on crypto income, Indian Finance Minister Nirmala Sitharaman also proposed imposing a 1% tax deducted at source (TDS) on every crypto transaction. The 1% TDS will go into effect on July 1 while the 30% income tax will start levying on April 1. An Indian parliament member has warned that imposing a 1% TDS on every crypto transaction will kill the nascent asset class. What do you think about this parliament member calling for the government to tax crypto income more than 30%? Let us know in the comments section below. View the full article

Over the past six months, the Everscale network has gone through a complete metamorphosis. Originally called FreeTON, the network has made great strides in improving its technical capabilities as well as developing a robust ecosystem of DeFi platforms. The scale of these changes led the coчафmmunity to call for a rebranding to reflect how the project has come into its own as a mainstay of the DeFi industry, distinct from its origin as a continuation of the no-longer active Telegram TON project. Under the hood, the main technical changes to the network consisted in a revamping of the programming language complete with a node switch from C++ to more stable and efficient Rust nodes. The changes have made the network’s scaling capabilities virtually limitless and have improved its already top-of-the-line speed. Following the changes that were introduced to the network and subsequent rebranding, platforms that have been constructed around the network and helped its ecosystem crystallize into one of the most opportunity-rich economies in DeFi have followed suit, upgrading themselves and also rebranding to reflect the new and improved reality. The dream of decentralization One of the key architects in the network’s evolution has been the Broxus development team, which has been responsible for the creation and deployment of a majority of the ecosystem’s offerings. Chief among the Broxus team’s achievements are the network’s cross-chain Octus Bridge platform, its native EVER Wallet and the FlatQube DEX. The goal all along, for both Broxus and the Everscale network as a whole, was to deliver on the network’s promise of being a foundation upon which a new and improved version of finance could be built. The key to that vision is decentralization, and harnessing the network’s technical capabilities to provide users with a recalibrated economic system in which all participants start out on equal footing. The changes that have occurred to Everscale have brought it much closer to those goals. The recently rebranding Octus Bridge has activated its DAO protocol, bringing users into the platform’s governance mechanism and providing them with a voice and the means to mold the Bridge into the tool that they want it to be. The dawn of QUBE Now, the decentralization of the network’s FlatQube DEX is set to take center stage. This past Friday, it was announced that FlatQube would be launching its own QUBE utility token with the aim of ushering in the DAO stage of the DEX’s evolution. The QUBE token will make it possible for users to both vote on and submit governance proposals to change the DEX’s operations and functionality. Additionally, QUBE has been positioned as a potential means for users to pay for fees on the platform and a new vehicle for additional staking and farming opportunities. QUBE opens a number of doors for regular users of the FlatQube DEX – users who will be eligible for reduced fees on their transactions on the DEX. QUBE was launched via the network’s Everstart launchpad, first exclusively for the Korean Everscale community before opening up to the general public. The token launch is being conducted in accordance with a formula similar to that used by Binance’s token launching platform. How the QUBE launch works Users looking to receive QUBE tokens can make a deposit towards that end on the Everstart launch site. The amount a user deposits will be divided by the total amount of user deposits and then that figure will be multiplied by the total amount of tokens that will be released via the launch to get the amount that an individual user will receive. The launch is being conducted with a soft and hard cap. If the soft cap for deposits were not to be met, the launch would be considered unsuccessful and all funds deposited would be returned to users. If the hard cap were to be exceeded, users would get a share of the released QUBE tokens that corresponds to the percentage of total deposits that their deposit accounted for, and would also be refunded for the amount of funds that exceeded the hard cap. As of pixel time, both the soft and hard cap have been exceeded, meaning that the token launch will be successful and participants will receive partial refunds in addition to their shares of the QUBE tokens released. However, the token launch is still ongoing, and just because the hard cap has been exceeded does not mean that people can no longer participate. New participants can enter the token launch for as long as the process lasts and all shares will be calculated once the timeframe has expired. Users that successfully participate in the QUBE token launch will be able to receive their tokens via a vesting release mechanism. The vesting will make a percentage of a user’s share of QUBE tokens available on a specific date each month. The tokens will be sent to the user’s account on the launchpad where they will be able to withdraw them and then use them however they see fit. Similar in function to the vesting mechanism in place on the FlatQube DEX, this protocol has been put in place as a market surplus management tool used to reduce price pressure on assets and encourage long-term investments. A practical DeFi comes into focus The release of QUBE marks a milestone for the FlatQube DEX and for the entire Everscale network. In an interview last month, Broxus Founder Sergey Shashev opened up on the importance of decentralization today, saying: “The world has changed. The role and possibilities of crypto and blockchain in this world have grown significantly during this time. Financial institutions no longer trust each other, and what is even more important is that regular people no longer trust financial institutions either. Siloing finance through centralized organizations was necessary in the past but it has run its course, and now what it is causing is inequality. The need for decentralization in this sphere has never been more acute.” The changes that have been seen with the Everscale network constitute a recognition and response to that acute need. DeFi, as it has been envisioned, was never going to be built in a day. It is a process and something that can only be realized through growth and testing. But now more than ever, we are seeing the fruits of that labor. As the Everscale economy continues to push forward and offer its users seats behind the controls, that picture of what DeFi could be is coming more and more into focus. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them. 11 Crypto Exchanges Investigated for Tax Evasion The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament. Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and services tax (GST) and it was also detected that other cryptocurrency exchanges and major investors in digital currencies are under investigation by the government.” In addition, the parliament member asked the finance minister about “the action taken or proposed to be taken by the government against those cryptocurrency exchanges that were detected in GST evasion.” The minister of state in the ministry of finance, Pankaj Chaudhary, replied: Few cases of evasion of goods and services tax (GST) by cryptocurrency exchanges have been detected by Central GST formations. He revealed that 11 cryptocurrency exchanges were investigated and tax evasion in the amount of 81.54 crore rupees were detected. The tax authority has recovered 95.86 crore rupees, including interest and penalty. The minister of state provided a list of the 11 exchanges investigated: Coindcx, Buyucoin, Coinswitch Kuber, Unocoin, Flitpay, Zeb IT Services (Zebpay), Secure Bitcoin Traders, Giottus Technologies, Awlencan Innovations India, Wazirx, and Discidium Internet Labs. The exchanges with the most evasion detected were Wazirx, Coindcx, and Coinswitch Kuber, according to the list. Lok Sabha member Ramalingam also asked the finance minister “whether the government has any data regarding the number of cryptocurrency exchanges that are presently involved in cryptocurrency exchange business in the country.” Minister Chaudhary replied: The government does not collect any data on cryptocurrency exchanges. Meanwhile, Indian Finance Minister Nirmala Sitharaman has proposed taxing crypto income at 30% and imposing a 1% tax deducted at source (TDS) on every crypto transaction. A parliament member recently urged the government to reconsider imposing the 1% TDS, stressing that it will kill the crypto asset class. What do you think about the minister of state’s answers? Let us know in the comments section below. View the full article

Vietnam is creating a legal framework for cryptocurrency. The country’s deputy prime minister has instructed the Ministries of Finance, Justice, and Information & Communications to work with the central bank, the State Bank of Vietnam, on the framework. Vietnam Creating Legal Framework for Crypto Vietnamese Deputy Prime Minister Le Minh Khai reportedly notified three ministries last week instructing them to work with the central bank, the State Bank of Vietnam, and other relevant bodies to build a legal framework for cryptocurrencies. The three ministries are Finance, Justice, and Information & Communications. The deputy prime minister has tasked the Ministry of Finance with the prime responsibility of reaching an agreement with other regulatory bodies and the central bank to identify specific pieces of legislation that need to be amended, supplemented, and promulgated as well as recommending a specific time frame for implementation. The legal framework for crypto will be created according to the details laid out in Decision 1255, issued by the Vietnamese prime minister on Aug. 21, 2017. Decision 1255 approves a plan to develop a legal framework for the management and handling of “virtual assets, digital currencies, and virtual currencies.” A few proposals to regulate crypto were put forward in November 2018 but no decision was made. Reports indicated that Vietnamese regulators did not share a common view on how to regulate cryptocurrency. According to a government report on the implementation of Decision 1255 dated Feb. 17, 2021, the Ministry of Finance had established a study group on crypto assets with the aim to make recommendations on the legal framework for the supervision of crypto issuance and trading activities. Meanwhile, crypto ownership in Vietnam has grown significantly over the past years. Research by Triple A shows that over 5.9 million people, or 6.1% of the total population of Vietnam, currently own cryptocurrency. A survey by Finder.com shows Vietnamese respondents having the highest percentage of crypto ownership. What do you think about Vietnam creating a legal framework to regulate crypto? Let us know in the comments section below. View the full article

On March 28, the Crypto Fear and Greed Index has jumped back to the “greed” position for the first time in four months. The last time the index reached the current position was when bitcoin reached a high of $69K per unit last year on November 10. Crypto Index Dedicated to Emotions and Sentiments Reaches ‘Greed’ for the First Time in Months The crypto economy has surged in value during the last day jumping 5.4% in value to $2.26 trillion. The price of bitcoin (BTC) reached a high of $48,234 at roughly 3:00 p.m. (ET) on Monday afternoon. Ethereum (ETH) tapped a high of $3,431 per unit roughly around the same time frame as BTC’s daily high. Presently, bitcoin (BTC) has a dominance of around 40.3% of the $2.26 trillion, while ethereum (ETH) commands 18.1%. For the first time since November 16, 2021, and the week that preceded that date, the Crypto Fear and Greed Index has once again reached the “greed” position. On a daily basis, the index analyzes the “emotions and sentiments from different sources and crunch them into one simple number.” Today, on March 28, 2022, that number is 60 which is the position of “greed.” Yesterday, the index had a “neutral” reading and the score was 49. Last week the index had a “fear” ranking at 30 and another “fear” ranking the month prior at 26. The index has been on the rise since March 14 but on March 2, the Crypto Fear and Greed Index reached 52 and settled back down. It had a brief spike to 28 on March 10, had another lull, and started the rise 14 days ago. In addition to the Crypto Fear and Greed Index data, cryptocurrency exchange volume on March 28, jumped over the $100 billion mark and it currently hovers around $131.9 billion in 24-hour global trade volume. Furthermore, while only three months have passed in 2022, the Bitcoin Obituaries list shows that there have been six obituaries this year so far. The last so-called bitcoin death was recorded on February 17, 2022, when bitcoin (BTC) was exchanging hands for $40,538.01 per unit. Bitcoin has been declared dead more than 400 times since 2010, according to 99bitcoins.com stats. What do you think about today’s Crypto Fear and Greed Index data reaching “greed” for the first time in months? Let us know what you think about this subject in the comments section below. View the full article

The former CEO of the bankrupt bitcoin exchange Mt Gox, Mark Karpeles, announced he has launched a non-fungible token (NFT) project that will give Mt Gox customers registered between 2010 and 2014 an airdropped NFT. The Mt Gox NFTs are ERC721-compatible tokens that claim to provide “specific use cases.” Former Exchange CEO Announces Commemorative Mt Gox NFTs Mark Karpeles is once again returning to the crypto industry, as he’s announced the launch of an NFT collection tied to the Mt Gox bankruptcy. “You can claim your Mt Gox NFT on [mtgoxnft.net] if you were a Mt Gox customer between 2010 and 2014. The NFT is airdropped for free, and available no matter if you had a balance or filed a claim with the bankruptcy,” Karpeles tweeted on March 28. Karpeles explained that the NFTs don’t feature artwork, and also said the project would “not be using ethereum, because of the fees” and he mentioned that Polygon “looks like a much better choice at this point.” The Mt Gox NFTs also have a website that explains that each NFT is numbered (uint256), and they match each Mt Gox customer account number. The website details that each NFT owner can leverage the NFTs for a members-only area, future airdrops, and a DAO governance system. “Of course, ownership of a Mt Gox crypto token is also proof of someone being an early bitcoin adopter,” the website details. “But [its] also proof of having lived and survived one of the most covered bitcoin-related disasters. Owning a Mt Gox NFT proves you’re OG. You were there in the early days of Bitcoin, and now you can prove it on the blockchain.” On March 28, Karpeles updated the community about his NFT project. “Lot of requests for the Mt Gox NFT – will start minting tomorrow, please be patient,” the former CEO of the now-defunct bitcoin exchange said. “How do we receive? Will it just go to our polygon wallet on Metamask once you have submitted?” asked one individual in response to Karpeles’ tweet. “You’ll get an email at that time and there’s one more step to choose your privacy options such as hiding balances/etc,” Karpeles replied. “Once you confirm then the process will go into minting status, and it’ll be in your wallet a few hours later at most.” What do you think about Mark Karpeles and his new Mt Gox NFT project? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Fast-growing blockchain protocol Ariva was highlighted as one of the key drivers of blockchain technology in the tourism sector at the Blockchain For Travel Summit held in Dubai on March 26, 2022. A gathering of key stakeholders in the tourism sector for blockchain ‘’The Global Tourism Forum Blockchain for Travel Summit’’ was organized by Ariva Digital and World Tourism Forum Institute and was supported by Dubai Tourism which attracted key stakeholders in the tourism sector and top profile speakers. The core focus of the event was to discuss how blockchain could reshape the tourism sector. Former France President Francois Hollande noted that blockchain technology provided an ideal ecosystem to take tourism to the next level. He added that blockchain and cryptocurrency would help governments and private sectors retain important data and shape investment plans in the tourism sector. ‘More accurate data created by blockchain and crypto currency payment technologies will help governments and private sectors to shape their investment plans and services on tourism effectively.’Cryptocurrencies will allow us to create a payment system that secures more than anything we are currently using. I think this system will evolve worldwide. Holland added. He further noted that ‘’It’s all governments and head of states’ responsibility to make travel easier to access for everyone. They need to develop all the conditions to facilitate not only subjects such as health, transportation and security but also new technologies like blockchain and crypto currencies. Because these technologies can give us some elements that allow us lower fees and more security to further support movement of travel’’. This sentiment was further echoed by top international development banker Kaiser Naseem who noted that blockchain has the potential to improve existing financial products and services. Europe has taken the lead in terms of blockchain regulations, which makes it ideal for blockchain adoption. Ismail Ertug, a member of the European Parliament, believes that a synergistic relationship would benefit all parties. ‘’My wish is to set the golden standard for regulations on these new technologies should be coming and driven by EU’’. he added. Jose Ramon Bauza, a member of the Europeaan Parliament, also revealed his hope that blockchain can transform different sectors in the EU. As EU with its all members we should take our competitive position on blockchain. Blockchain is an opportunity. If you don’t see it you loose your time. The EU and its all members should take their competitive place on blockchain and crypto currencies against other regions. The leader of the EU should be advised well on this developments. He further added that Blockchain is related with almost everything that we see everyday about tourism. Can you imagine that when we’re on a flight it can happen to us to loose our luggage… Thanks to blockchain, it can be avoided. Blockchain can help us in every single chain of tourism industry. Haitham Mattar a major stakeholder and managing director MEA & South West Asia IHG Hotels & Resorts also added his thoughts on the state of the tourism industry. There is no hotel operator today that is really meeting speed of expectations of any owner. Hotel owners like any business want to operate from a dashboard of quick information. We’re now using artificial intelligence now not only to appease the owners but to also improve our reservations. It allows our guests to make bookings and have confirmations faster – and hopefully gives the owners what they want easy access to information to make quick smart financial decisions. He further added: I dream about hotels without receptionists. The AI helps self-check-in and save guest’s time. In today’s world even 5 minutes waiting time in a line is very long time. We use technology to follow and improve these experiences. Dr. Michael Gebert the Chairman, European Blockchain Association also noted the importance of blockchain technology. ‘’We need to understand blockchain in order to use it. If you compare blockchain to do use of money, nobody understands how money is working at the moment. You use it for granted and you rely on trust. So the common issue in between blockchain and money is trust and i think if you go back to that level of experience, the trust is needed to do thing that interact successfully ended or simulated. Importance of the tourism industry from blockchain side is, tourism means lots of data and If data is in place the trust is in place. If the trust is settled then it is ground from there to build up relation and businesses. He added. Ariva cited as a major blockchain solution in the tourism sector Ariva received praise from keynote speaker Taleb Rifai, who previously served as the United Nations World Tourism Organization Secretary General. He noted that the blockchain protocol was a perfect example of how crypto payments could work in the tourism industry. ‘’I am sure that crypto will be the new payment model in all TOURİSM Industry in the near future, and ARIVA is the leading of this movement’’ he added. The event was live broadcast on ariva.digital platform and attracted the attention of the crypto community. Ariva has emerged as one of the fastest-growing blockchain platforms focusing on the tourism industry. The innovative blockchain protocol has developed an ecosystem divided into key areas – Ariva.World (B2C online crypto travel booking portal) and Ariva.Finance (Crypto payment getway) and Ariva Wonderland (The World’ first Travel Metaverse) . In recent days, it has also achieved significant milestones with the release of ariva.world where travellers can book travel services with Ariva Coin and stablecoins. Furthermore, Ariva.Finance payment gateway has also been launched, and users can make reservations on Ariva.World directly from the gateway. Ariva has also developed an intuitive and mobile application that can be downloaded on the Apple store and Google Play Store. This latest development from Ariva shows the growing popularity of the blockchain protocol. 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

According to the bitcoin mining operation and mining rig reseller, Compass Mining, a new documentary will be released that covers the bitcoin mining operations in central Wyoming. The documentary, called “Bitcoin in Cowboy County: Wyoming’s Powder River Miners,” will premiere at the Empower Conference in Houston, Texas, on March 31. Compass Mining and JAI Energy to Premiere Bitcoin Mining Documentary at Empower Conference in Texas A new documentary film is coming out that’s centered around the subject of bitcoin mining and its relationship with the oil and gas industry in Wyoming. The documentary is being aired by Compass Mining and will feature the bitcoin energy solutions provider JAI Energy. “[The film] showcases how JAI Energy is harnessing excess energy from oil natural gas production to create value out of otherwise wasted resources,” a statement from Compass Mining sent to Bitcoin.com News explains. The announcement notes that JAI Energy was specifically built to “mine and provide bitcoin mining services for applications involving stranded, flared, and poor economic natural gas streams.” The company has a mining facility located in the state of Wyoming in Casper, and the operation is featured in the movie. According to Compass Mining, the state of Wyoming is where all manufacturing of JAI Energy’s mining data centers takes place. William Foxley, the director of the documentary and content director at Compass Mining, said the team is “excited to tell JAI Energy’s story.” “Natural gas has so many advantages for bitcoin mining. JAI and other miners create value off an otherwise wasted resource,” Foxley explained in a statement. “With the documentary, we wanted to humanize the Bitcoin mining industry by bringing the viewer to the scene of action. Bitcoin mining is revolutionizing the future of the oil and natural gas industry in Wyoming and Texas, and we are lucky enough to show it first on tape.” The documentary follows the news that was leaked last week that noted Exxon Mobil Corporation (NYSE: XOM) was working in North Dakota piloting a gas-to-bitcoin mining program with Crusoe Energy Solutions. In addition to companies like Crusoe Energy and JAI Energy, other firms like Upstream Data, Greenidge Generation, and EZ Blockchain provide gas-to-bitcoin services as well. A CNBC report highlights that Exxon Mobil and Crusoe Energy are removing over 10 million cubic feet of methane gas per day by mining bitcoin (BTC). “At Compass, we want to make bitcoin mining accessible to everyone. We love that JAI Energy is providing an innovative solution to problems in the oil and gas industry by capturing flared gas, converting the gas into electricity, and producing bitcoin off the stranded energy,” remarked Whit Gibbs, the CEO of Compass Mining. What do you think about the upcoming documentary featuring the gas-to-bitcoin solution provided by JAI Energy? Let us know what you think about this subject in the comments section below. View the full article

According to reports, there’s a 32 million square-foot island located in Vanuatu that’s in the midst of being constructed into a crypto-centric residential community by the island’s owners: Satoshi Island Holdings Limited. So far, more than 50,000 individuals have applied to live on Satoshi Island, and land rights will be minted in the form of non-fungible token (NFT) assets. After Construction Completes, Satoshi Island Aims to Be the ‘Crypto Capital of the World’ There’s an island located in Vanuatu, between Australia and Fiji, that’s currently being transformed into an island for cryptocurrency and blockchain advocates. Vanuatu is an archipelago that consists of 83 islands that originally stemmed from volcanic impacts. Reports in the past show that farmland was being sold in Vanuatu for bitcoin (BTC) over six years ago in 2016. The nation of islands’ government is well known for being crypto friendly. Satoshi Island is also selling land in Vanuatu, as the region aims to develop “into a real-world crypto economy and blockchain based democracy.” The website explains that the island is owned by Satoshi Island Holdings Limited and the island’s goal is to become “the crypto capital of the world.” The company managing the project claims the island build has been given the green light by the Vanuatu prime minister and the nation’s minister of finance. Planning and development of Satoshi Island is being provided by the architectural firm James Law Cybertecture. Satoshi Island architects are leveraging a modular development that the website calls “sustainable smart building.” Module living units can be positioned any way the owner wants and they can be combined as well. Modules are built off-island and shipped to Vanuatu, and when they arrive and are placed into position, island residents can officially move in. Satoshi Island Holdings explains that the team chose the nation of Vanuatu because the “government supports innovation and has crypto friendly laws.” Satoshi Island will be built with sustainability in mind as the island’s power systems will utilize renewable energy methods. So far, there’s been a lot of interest in the crypto-focused island, as reports disclose that the company says 50,000 people have applied for residency. Satoshi Island Land Titles Will Be Minted in the Form of NFTs, Island’s Public Opening Estimated to Begin in Q1 2023 Additionally, interested residents will purchase their land titles in the form of a non-fungible token (NFT). The company fully understands that “owning a Satoshi Island NFT requires a level of responsibility not usually associated with NFT ownership.” So beneficiaries will be used similarly to a last will and testament. “Beneficiaries are applied to all Satoshi Island NFTs and holders are required to confirm wallet access periodically by calling a function in the smart contract,” the website explains. If an unforeseen circumstance occurs to the landowner the firm says: If they cannot [call a function in the smart contract], their beneficiary will be able to claim their NFTs to ensure the assets are not abandoned. In the event that no beneficiary is set, the NFTs will be subject to a decentralized redemption period of 12 months, where previous owners can retrieve their NFT if a mistake was made. Once lapsed, NFTs will be the responsibility of a DAO controlled by the Satoshi Island community. In addition to the land NFTs, Vanuatu citizenship will cost roughly $130,000. The island will be open to 21,000 crypto residents when the region officially opens to the public. Modular construction begins in the third quarter of 2022, and by the fourth quarter, a private opening for verified citizens of the island will be held. Satoshi Island Holdings estimates that the public opening will take place in Q1 2023 and residents can live in their homes for short and long-term periods and rent them, too. The firm is also interested in startups and established companies setting up shop on the island. “Companies of all sizes are welcome and we have dedicated co-working space to suit start-ups, all the way up to entire campuses where large projects can build satellite offices, company retreats, or even permanent headquarters,” the website details. While some reports indicate 50,000 applicants have applied to live on Satoshi Island, other reports have said: “80,000 people have already applied to receive NFT citizenship on Satoshi.” That claim is according to the Sydney-resident and operations and logistics director for Satoshi Island, Denys Troyak. The report published by ABC interviewing Troyak said that the Vanuatu Financial Services Commission (FSC) put out a press release saying that it had not granted licenses to Satoshi Island. The FSC press release has since been deleted from the web, but was saved on archive.org. However, three days ago on March 25, 2022, Cointelegraph’s Joseph Hall reported that the Vanuatu Financial Services Commission has officially approved the Satoshi Island residential community project. Hall writes that Bob Loughman, the prime minister of Vanuatu, has “officially given the green light to Satoshi Island.” In the report written by Hall published on Friday, the owners of Satoshi Island are also quoted as saying: With this full endorsement from the prime minister of Vanuatu in hand, we can show everyone that Satoshi Island is as real as it gets, and the kind words of the PM inviting our community to their home could not be a warmer welcome. What do you think about Satoshi Island in Vanuatu and the NFT land title concept? Let us know what you think about this subject in the comments section below. View the full article

Solana reclaimed the eighth position in the crypto top ten, as ADA and DOT were both over 10% higher to start the week. Despite this, it was EOS and FIL which led today’s gainer, with FIL gaining over 30% in the session. Filecoin (FIL) FIL rallied by as much as 30% to start the week, as cryptocurrencies rose across the board during Monday’s session. The global crypto market cap was 6.5% higher on Monday, led by gains in FIL, which rose to an intraday high of $25.62. Today’s peak follows yesterday’s lows which saw FIL trading below the $20 level, following recent rallies from support of $17.50. From this support, FIL/USD continued to move beyond the resistance level of $23.30, with today’s high hitting its highest point since February 8. Looking at the chart, prices are currently overbought, as the 14-day RSI indicator is tracking at 75.10. This is the highest reading since September 6, and as such bears may be looking for an opportune time to push prices lower. EOS Although ADA, DOT, and SOL were all almost 9% higher as of writing this, none rose as much as EOS on Monday. Following a low of $2.56 to begin the session, EOS/USD climbed to a peak of $3.17, breaking out of its long-term resistance in the process. Monday’s move saw the world’s 49th largest cryptocurrency surge past its ceiling of $2.77, on its way to its highest point since January 5. Today’s three-month high came as readings on the RSI indicator were off the charts, as price strength also rose to multi-month highs. As of writing this, the 14-day Relative Strength Index has a reading of 77.91, which is its most since August 15. Similar to FIL, EOS bulls now have a conundrum, close positions and accept current gains, or go through the market uncertainty that is coming due to prices being overbought. Is there more upside momentum in EOS despite current highs? Let us know your thoughts in the comments. View the full article

The total aggregate digital assets under management (AUM) surged to $48.7 billion in March, up from the $43.9 billion that was recorded in January, the latest data from Crypto Compare has shown. In contrast, the average daily trading volumes fell by 29.6% to $259 million during this period. BTC and ETH Products Lag Behind According to the latest data from Crypto Compare (CC), the total aggregate digital assets under management (AUM) topped $48.7 billion in March 2022. This latest AUM number represents an increase of $4.8 billion, or 11.1%, from the $43.9 billion recorded in January, the data shows. In its report, Crypto Compare also noted the surge in the total aggregate AUM had coincided with a period when bitcoin and ethereum-backed products had lagged behind. The report explains: Interestingly, Bitcoin and Ethereum backed products lagged behind others and basket, which saw the largest relative increase of 17.5% to $1.81bn and 9.46% to $773mn respectively. Meanwhile BTC and ETH based ETPs [exchange-traded products] rose only 7.7% (to $33.6bn), and 9.1% (to $12.6bn) respectively. Further breaking down the data, Crypto Compare also said it had seen a change from previous months “with ETFs [exchange-traded funds] seeing the largest gain of 14.3% to $3.39bn (6.95% of total AUM).” Negative Average Weekly Inflows In terms of the average net weekly inflows observed in March, Crypto Compare, which is a Financial Conduct Authority (FCA) authorized benchmark administrator, said these had “turned negative again” in March. In this period, average net weekly inflows were averaging $9.9 million. “Ethereum products saw the largest decline in weekly flows, averaging an outflow of $14.2mn per week. This was followed by bitcoin products, which saw average weekly outflows of $2.5mn. The multi-asset based products saw the largest weekly inflow during March with $7.0mn,” the report said. Meanwhile, according to CC’s latest digital asset management review, during this period the average daily aggregate trading volume went down by 29.6% to $259 million. This drop, according to CC, was the “fifth consecutive month in which trading volumes failed to break this trend.” Contributing to the significant decrease in the average daily aggregate trading volume was 3iq’s Ethereum Product (QETH), which fell 61.1% to $892K. Coinshares’ Physical Bitcoin Product (BITC) had a decline of 77.2% — translating to $469K — while XBT Provider’s Ether Tracker Euro (ETH/EUR) had biggest margin drop in exchange-traded commodities (ETCs) after it fell 44.5% to $3.19 million in March, the CC report said. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Bitcoin and ETH rallied on Sunday evening, as prices approached their highest level in almost three months. BTC climbed above $47,000, while ETH moved past the $3,300 point to start the week. Bitcoin Bitcoin started the week in strong fashion, with prices rising past $47,000 for the first time since the beginning of the year. On Monday, BTC/USD rose to an intraday high of $47,245, as prices rose to their highest point since January 2. Today’s move took place following the breakout of the $44,950 resistance level during Sunday’s session, with prices now targeting yet another ceiling. Bitcoin bulls will likely be looking towards the $50,000 mark as their next target, however they must first overcome resistance at $48,200. However, looking at the chart, the 14-day RSI indicator is now deeply in overbought territory, tracking at nearly 70, which is its most since October. This will likely be a huge obstacle for bulls to overcome, as price strength appears to have peaked, with bears possibly waiting for the perfect time to enter the market. Ethereum ETH has also rallied to multi-month highs on Monday, as the world’s second-largest cryptocurrency extended its recent gains. Today’s gains saw ETH climb to an intraday high of $3,351.07, which is the most the price has hit since January 16. Current ETH bulls may however become slightly nervous, as the upcoming ceiling of $3,390 could get in the way of further upwards momentum. Similar to BTC, the 14-day RSI on ethereum is currently overbought, with it currently tracking at 71, which is the highest point since September. The upcoming ceiling is likely one of the main hurdles standing in the way of ETH, as it looks to climb back towards the $4,000 level. Will we see further gains, despite prices being overbought? Leave your thoughts in the comments below. View the full article

PRESS RELEASE. At a press conference last week, African founded cryptocurrency exchange, Quidax announced that it will be collaborating with popular record producer, Micheal Collins popularly known as Don Jazzy. The crypto start-up had launched an online campaign with #TheQuidaxCall. The campaign which started on Tuesday, 15th March saw Quidax reveal celebrities like; Diane Russet and Bisola Aiyeola, both of whom are actresses and are former reality stars of Big Brother Naija. They also unveiled popular actor Timini Egbuson and celebrity Chef, Gbubemi Fregene aka Chef Fregz as well as award-winning Jude Abaga better known as M.I Abaga. In the videos announcing the celebrities, an unknown person was seen to be making the calls to the celebrities. At the event, Don Jazzy was revealed to be the person making the calls to these celebrities. Quidax and Don Jazzy Speaking on why Quidax was partnering with Don Jazzy, Buchi said “Don Jazzy has been such a great personality and is someone that I have looked up to for a long time. He has been able to build a record label when it seemed impossible. But the best part is that Don Jazzy is passionate about crypto and also owns crypto assets.” Don Jazzy is the CEO and founder of Mavin records which can be said to be the powerhouse of music in Africa with artists like Rema and Ayra Starr. Don Jazzy has more than 18 million followers across Instagram, Twitter, and Facebook. Quidax Crypto Academy Less than two weeks ago Quidax had launched a crypto academy aimed at making it easy for anyone to learn about crypto. The course takes less than 2 hours to complete and is made up of 5 videos that are simple to understand. According to Quidax this course is for crypto beginners and is the first in a series of other courses that will be launched in the coming months. Quidax on CoinMarketCap Recently Quidax became the first African crypto exchange to be listed on CoinMarketCap. CoinMarketCap is the world’s most-referenced price-tracking website for crypto assets. CMC as it is often called is commonly cited by CNBC, Bloomberg, and other major news outlets. Its data is also used by the U.S. government and several other governments. About Quidax Quidax is an African-founded cryptocurrency exchange that makes it easy for anyone to buy, sell, store and transfer cryptocurrencies. Quidax also enables fintech companies to provide cryptocurrency-related services to their customers. Social Media Links Twitter: https://twitter.com/QuidaxGlobal Facebook: https://facebook.com/QuidaxGlobal Instagram: https://www.instagram.com/quidaxglobal QDX Token Community (Telegram): https://t.me/QDXToken Quidax Global Community (Telegram): https://t.me/QuidaxGlobal 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

Rio de Janeiro, one of the most iconic cities of the South American continent, has announced it will allow its citizens to pay taxes with cryptocurrencies. This makes it the first city in the country to do so, recognizing there is a boom in the cryptocurrency market. These actions form part of a plan that sees the city investing some of its funds in crypto assets in the future. Rio de Janeiro Will Expand Its Tax Payment Options The city of Rio de Janeiro revealed a plan to introduce cryptocurrencies in its payment options for taxes. At a recent event where the mayor of the city, Eduardo Paes, was present, officers of the municipality announced the plan to start collecting cryptocurrencies for a municipal tax called the IPTU starting next year. This tax has to do with the properties of citizens and their value, and it is collected by the municipality. The initiative makes Rio de Janeiro the first city in Brazil to enable cryptocurrency payments for taxes. According to a press release, to complete this goal, the city will have to rely on third-party companies that will process the payments and convert them to fiat money. In this way, the city will only receive Brazilian reals while enabling users to pay with crypto. On this new proposal, Mayor Eduardo Paes stated: Our effort here is to make it clear that in the city of Rio we have official initiatives that recognize this market. Now those who invest in cryptocurrency and live in the city of Rio will be able to spend this asset here paying official tax in the city of Rio. And we’re going to move forward quickly. Plans for the Future However, the city’s plan for cryptocurrency integration does not stop there. According to Pedro Paulo, secretary of Finance and Planning for Rio, the city has plans to include more services under this new payment system. Paulo stated: In the future, this may be extended to services such as taxi rides, for example. Going further, we will use these crypto assets to stimulate the arts, culture, and tourism, through NFTs, and create a solid and responsible governance policy to evaluate the realization of crypto investments. For this last goal, the city of Rio will create a new institution, the Municipal Committee for Crypto Investments, that will study the best way to put some city funds into cryptocurrencies, being compliant with all the laws of public spending in the country. The city had announced this plan in January, stating that 1% of the city’s funds would be put in crypto at that time. What do you think of Rio de Janeiro accepting cryptocurrencies as payment for municipal taxes? Tell us in the comments section below. View the full article

In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank’s governor insists the institution is open to suggestions that will help it to successfully launch the digital currency. Benefits of a CBDC The Ghanaian central bank recently released a document that outlines the key motivations behind its plan to issue a central bank digital currency (CBDC). The document also touches on the digital currency’s design as well as the benefits it will bring to the Ghanaian economy. As previously reported by Bitcoin.com News, the Bank of Ghana (BOG) began developing its CBDC sometime in 2021 and there were hopes it would start piloting the digital currency before the end of that year. In August 2021, it was reported the BOG had selected Giesecke Devrient to become its implementation partner. Before that, Ghana’s vice president, Mahamudu Bawumia, had praised the central bank’s plan to issue the digital currency. He also said such a currency could boost intra-Africa trade. On the other hand, some stakeholders like the blockchain lobby group, Afroblocks — which claimed it was not consulted — urged the central bank to design a digital currency that is not based on “old traditional siloed financial thinking.” Doing this enhances the e-cedi chances of success, Afriblocks argued. However, in a statement accompanying the document, the BOG governor, Ernest Addison, appears to respond to concerns raised by critics. In his statement, Addison asserts that the BOG would “extensively engage stakeholders to the extent possible for their active participation and successful implementation.” Financial Inclusion Elsewhere in the document, the BOG said it “considers CBDC to be of strategic importance to a progressive and digitally inclusive society.” It adds it has since developed the digital currency so it can meet the central bank’s strategic goals and one of these are fostering financial inclusion. “The design principles of the e-Cedi, in particular accessibility and consecutive offline payments would contribute to the government’s objectives of digitizing the Ghanaian society and promoting financial inclusion,” reads the document. The other strategic goals that must be met by the digital currency include helping to digitize the economy as well as enhancing consumers’ adoption of digital payments. The BOG also claims the e-cedi would address the risks that are posed by “unregulated privately issued digital currencies.” A digital cedi would, on the other hand, be able to “meet the demand for digital currencies without posing systemic risks.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article