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A decentralized finance (defi) protocol called Cashio was attacked by an “infinite glitch” exploit around 9:00 a.m. (UTC), the team said on Wednesday. Following the hack, statistics show the protocol’s total value locked (TVL) dropped from over $28 million to $579,701 and the project’s stablecoin shuddered from $1 per token to zero. Cashio App Exploited With an Infinite Mint Glitch, Project’s Ecosystem Shudders The Solana-based decentralized money project called Cashio App has been attacked by an “infinite glitch” exploit the development team detailed on Wednesday. “Please do not mint any CASH,” the team’s Twitter account wrote. “There is an infinite mint glitch. We are investigating the issue and we believe we have found the root cause. Please withdraw your funds from pools. We will publish a post mortem ASAP.” The Cashio team further asked people to “retweet for visibility.” An unofficial post mortem was written by Samczsun, a research partner from Paradigm. “Another day, another Solana fake account exploit,” Samczsun tweeted. “This time, [Cashio App] lost around $50M (based on a quick skim). How did this happen? In order to mint new CASH, you need to deposit some collateral,” the researcher remarked. “This cross-program invocation (CPI) will transfer tokens from your account to the protocol’s account, but only if the two accounts hold the same type of token,” the research partner from Paradigm continued. “Otherwise, the token program will reject the transfer. Here, the protocol validates that the crate_collateral_tokens account hold the right type of token by comparing it with the collateral account. It also verifies the collateral account shares the same token type as the saber_swap.arrow account.” Samczsun’s post mortem further notes: Unfortunately, the mint field on the arrow account is never validated. Cashio App’s TVL Drains, Stablecoin CASH Plummets to Zero Data from defillama.com shows Cashio App’s TVL plummeted from $28.81 million to the current $579,283 TVL. The drop started on March 22, 2022, and currently, small fractions of funds continue to be drained from the TVL. Furthermore, Cashio App has a stablecoin and it’s value is pegged to the U.S. dollar and since the attack, it has dropped from $1 in value to zero. Cashio dollar (CASH) now joins a number of stablecoins over the years that failed to hold the $1 peg. Metrics indicate that there’s a total supply of 39,837,646 CASH, but the current number of coins in circulation is unknown, according to coingecko.com’s statistics. The CASH contract shows there’s a current CASH supply of around 1,999,702,768 at the time of writing. Furthermore, at the time of writing, two addresses “4ofEvMG” and “7K88AAb” hold approximately 1,142,189,082 CASH. What do you think about Cashio App getting exploited by an infinite mint glitch? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. BTC Miami has released a concert line-up packed full of world-class musical talent for its Sound Money Fest experience. Talented acts in the likes of the all-encompassing musician, producer and world-famous club DJ Steve Aoki and American-born hip-hop artist Logic, will entertain concert-goers with live music on the final day of BTC 2022 at the Miami Beach Convention Center. Also on the bill is globally-revered progressive House and Dance music DJ DeadMau5. The Canadian-born DJ has been a long-time Bitcoin advocate. The famous musician, known to his closest fans by his real name – Joel Zimmerman, regularly educates his fans and followers on the benefits and advantages of cryptocurrency and blockchain technology. Sound Money Fest attendees are in for a treat that doesn’t just include music, but also insightful messages from genuine blockchain innovators in their own right. What artists will be in attendance at the Sound Money Fest? Additional headliners at the Music Fest which will officially end the 2022 Bitcoin conference include South Korean-born Kpop sensation and rapper CL, East Coast-based US rap duo Run The Jewels, and Netherlands-born musician, recording artist and DJ San Holo. All invited musical stars are active in cryptocurrency and blockchain innovation in one way or another. As far back as 2019 Killer Mike and El-P of Run The Jewels sat down with Joe Rogan for a discussion and ended up speaking extensively on Bitcoin on the Joe Rogan Experience. On April 9th two stages will be occupied for the Sound Money Fest. 11 international musical acts will accompany the list of 5 headliners to deliver a continual stream of tunes to the tens of thousands expected to be in attendance this April 9th. Bitcoin and decentralization are common touch points for the 16 musical super talents. Bitcoin will be center stage as the Sound Money philosophy is sure to be highlighted by the BTC-friendly artists throughout the concert. Sound Money Fest artists on Bitcoin DJ Steve Aoki went viral not long ago after saying he made more money on NFTs than he did over his entire music career. The Bitcoin-enthusiast DJ secured a large NFT deal for his decentralized DJ show in August of 2021, and has been very forward in the non fungible token sub-sector on decentralized finance. “But if I was to really break down, okay, in the 10 years I’ve been making music…six albums, and you [combine] all those advances, what I did in one drop last year in NFTs, I made more money,” – DJ Steve Aoki Artist Deadmau5 got his name in 2002 when he reported to users in an internet chat room that he had found a dead mouse inside of his computer. He began going by the screen name Deadmau5 not long after, and it just stuck. The DJ who has grossed over $50 million dollars in the span of his music career, has been online for decades now, is an avid technologist and considered a thought leader in the NFT innovation space by many. Just this past December he teamed up with Grammy-award winning rock band Portugal The Man, to drop an exclusive NFT-only song on the NEAR blockchain network. The intent is to become the first artist to have a platinum selling single executed via the decentralized web. More details on Sound Money Fest There are a few special perks for individuals around the Sound Money Fest too. The deadline to send in commercials to be considered for a free feature on the Sound Money Fest stage is March 14th. Interested individuals are able to send in a 30 second spot highlighting their Bitcoin-involved business, for a chance for their business to be seen by 10’s of thousands of anticipated music and Bitcoin fans. An affiliate program also exists for individuals who are interested in promoting the music fest. Details can be found on the BTC Miami website under the Sound Money Fest section. All of the music artists set to take the Sound Money Fest stage are expected to bring it at the highly anticipated Bitcoin music conference in Miami this year. BTC 2022 tickets can be purchased for the entire 4 day conference, with individual event ticketing options also being available. Ticket prices start at $110, but could increase in coming days and weeks. Next steps for BTC Miami BTC 2021 attracted over 12,000 event participants last year. This year the BTC crew has expressed expectations of more than double. The conference kicks off on April 6 with Industry Day, which features events geared to individuals actively working within the Bitcoin industry, or seriously looking at doing so. The two following days are main conference days for all attendees, followed by the final day, on which the Sound Money Fest is the main draw and attraction. There are tiers also available for ticket options, with whale passes being the all-encompassing upgrade providing somewhat an “access all areas” ticket, pumped full of luxury and chauffeuring around the various festival stages and venues. News and announcements can be received by following BTC Miami social media pages and the conference website. Visit us at https://b.tc/conference/ Twitter: https://twitter.com/TheBitcoinConf Media Contact: Brendan Brown brendan@coinpresso.io 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

While gold tapped an all-time high (ATH) this year surpassing $2K per ounce, the top tokenized gold crypto assets by market valuation continue to see significant demand, premiums, and market capitalization growth. For instance, Paxos Trust Company’s PAXG market cap jumped more than 43% in 31 days from $424 million to today’s $611 million. PAXG and XAUT Market Caps Swell, Both Gold Tokens See Premiums Over Gold’s Spot Market Value On March 8, 2022, the price of one troy ounce of .999 fine gold reached an ATH at $2,069 per unit. A troy ounce is equivalent to 480 grains or roughly 31.10 grams of gold that is considered almost pure. As the price of the physical bullion has risen, demand for tokenized gold crypto assets has increased a great deal. Additionally, tokenized gold assets have been carrying a premium in recent times, as tokens that represent one troy ounce of .999 fine gold have seen higher spot market prices than the physical bullion market. At the time of writing, Tether’s XAUT has a 2.18% premium compared to the current spot value of gold. Pax gold (PAXG) carries a 0.26% premium, and both tokenized gold asset market valuations have grown during the last 30 days. Data indicates that Paxos Trust Company’s PAXG had a market valuation of $424 million on February 19, 2022. A month later, metrics show PAXG’s market cap grew by over 43% to $611 million. XAUT’s market cap grew from $430 million 31 days ago to today’s $486 million, jumping more than 13%. Leveraging the average price per ounce of gold over the last 30 days ($1,875) and dividing $611 million by that number would mean Paxos Trust Company’s vaults hold about 325,333 ounces of fine gold. Using the same average and dividing it by PAXG’s market cap increase shows Paxos Trust Company added around 99,200 ounces to its vaults since February 19. The same math shows Tether added around 29,866 ounces of gold to the company’s stash. Between both projects, that’s around 129,066 troy ounces of .999 fine gold backing the tokenized gold crypto assets. The 30-day average price per ounce, however, is different than the recorded number of tokenized gold crypto assets from both projects. At the time of writing, PAXG’s circulating supply is 317,255 tokens and XAUT’s circulating supply is 246,524 tokens. Each token equates to one troy ounce of .999 fine gold stored in vaults. While coingecko.com’s data shows a circulating supply of 246,524 XAUT tokens, Tether’s transparency page indicates there are 226,289 XAUT available. Perth mint gold token (PMGT) has a much smaller market valuation than the gold tokens issued by Paxos and Tether. At the time of writing, PMGT’s market capitalization is around $2.1 million and PMGT trading volume has been around $13,650 in swaps during the last 24 hours. PAXG’s 24-hour trade volume today is $14.4 million while XAUT’s daily volume is $1.5 million. What do you think about the tokenized gold tokens that have seen significant growth and premiums during the last month? Let us know what you think about this subject in the comments section below. View the full article

Gains in cryptocurrencies slowed down on hump-day, as bitcoin and ethereum prices hit resistance levels. ETH fell below the $3,000 level, with BTC falling below its long-term ceiling of $42,500 during today’s session. Bitcoin The global crypto market cap was 0.69% lower as of writing, as gains in BTC eased on Wednesday, and prices encountered resistance. Following a high of $43,336 during Tuesday’s session, BTC/USD rose to an intraday low of $41,877.51 on Wednesday. This came as BTC was unable to sustain yesterday’s breakout from the $42,500 resistance, as bulls likely liquidated positions, securing earlier gains in the process. Despite this, momentum is still trending upwards, with the 10-day (red) moving average continuing its cross of the 25-day MA. As a result, bitcoin is now nearly 5% higher than at the same point last week, despite the recent uncertainty in price action. Should this momentum continue, a break of the 57 RSI level must occur, which is something that hasn’t taken place in over 20 days. . Ethereum After climbing to a one-month high yesterday, ETH fell below $3,000 on Wednesday, as the strength of recent gains somewhat eased. The value of ethereum has increased by over 10% in the last week, however prices were down 1.78% today, as its $3,020 resistance was hit. So far in today’s session, ETH has fallen to an intraday low of $2,933.31, with some looking at the $2,844 support as a possible price target. Similar to BTC, the 14-day RSI indicator on the ETH chart is currently hovering below resistance, if this does continue, we could see a lower low. However, bullish pressure still remains in ETH, so a breakout towards resistance of $3,200 is also likely. Will we see today’s drop in ETH sustain for the rest of the session? Leave your thoughts in the comments below. View the full article

The treasury minister of El Salvador, Alejandro Zelaya, has informed about the future of the issuance of the bitcoin bonds and the possibility of these being issued by La Geo, the national geothermal power company. Zelaya also referred to the day of issuance of these instruments, hinting at a possible delay that would see the bonds go out to the market in May or even July. El Salvador Might Issue Bitcoin Bonds Through La Geo The treasury minister of El Salvador, Alejandro Zelaya, gave his take on the issuance of the bitcoin bonds and how these might be linked to La Geo, the national geothermal power company. In an interview offered to a local television program, Zelaya stated that they will be issuing the bitcoin bonds through La Geo, which will have the responsibility of backing the instrument. However, Zelaya reassured future investors, explaining that even under this model, the state would be responsible for the bond issuance, giving warranties to bondholders. On this, Zelaya declared: If it is issued by La Geo or by the Salvadoran State, in the end, it is always a debt of the State. We as a state contribute all the capital. These are autonomous state companies. The bitcoin bonds were proposed by the president of the country, Nayib Bukele, as a means of getting financing for constructing Bitcoin City, a city to be powered by geothermal energy. The first issuance of the bonds would be backed by bitcoin, offering 6.5%. Issuance Date Still Undecided Zelaya also referred to the exact date and time when these bonds will be issued, Zelaya stated that, according to his point of view, these bonds could go out to the market during the months of March and April. However, he noted that the situation is not favorable for this timeframe at the moment. He also mentioned that May and June could offer good conditions for the bond issuance, too. Furthermore, the minister stated that after September there are poor opportunities for the issuance to have a big impact. Zelaya also informed that they expect to be oversubscribed, and mentioned $1.5 billion as the number the government expect to achieve with this initiative. The country has been preparing its legal framework for the launch of these bonds since January when 20 bills were drafted to support their issuance. What do you think about the current situation of the bitcoin bonds and their issuance in El Salvador? Tell us in the comments section below. View the full article

Authorities in Russia have arrested a crypto entrepreneur associated with an unidentified cryptocurrency exchange who is suspected of embezzling funds and property. According to a media report, the detained person is one of the owners of Wex, successor of the infamous BTC-e exchange. Owner of Wex Exchange Apprehended in Russia Russian law enforcement agencies have detained a man accused of stealing financial and other assets from a cryptocurrency exchange, the Ministry of Internal Affairs (MVD) announced Tuesday. The suspect allegedly controlled large amounts in cryptocurrency and their movement between wallets. Investigators believe he withdrew some of the funds and appropriated them. The person was handcuffed at the hotel of a private airfield in Serpukhov city district of Moscow region with two suitcases holding 190 million Russian rubles in cash ($1.7 million), the press release detailed. Officials from MVD, the Federal Security Service (FSB), and Russia’s financial watchdog, Rosfinmonitoring, carried out 29 searches at the residences of the arrested and his accomplices in Moscow, St. Petersburg, Novosibirsk, and Yalta. Another 50 million rubles, $1 million, €70,000, computer equipment, hardware crypto wallets, luxury goods, and documents were seized. While neither the detained person, nor the exchange were named by the authorities, the crypto news outlet Forklog quoted Indefibank CEO Sergey Mendeleev who claims the man is Aleksey Bilyuchenko, co-founder of Wex, once the largest crypto trading platform in Russia, which was launched in 2017 as a successor of BTC-e. The latter closed down earlier that year following the arrest in Greece of one of its alleged operators, Alexander Vinnik. Bilyuchenko’s ownership of Wex was revealed by the BBC. Another Russian, Dmitry Vasiliev, was the official owner of the exchange. In September, the Polish press reported that Vasiliev had been arrested at the Warsaw airport on Aug. 11 and was awaiting extradition to Kazakhstan. In December, news came out that he had been released and had returned to Russia. In 2018, Wex was sold to Dmitry Khavchenko, a former fighter for the breakaway Donetsk People’s Republic in Ukraine who then registered the operator of the exchange, the Singapore-based company World Exchange Services, under the name of his daughter, Daria. The exchange went bankrupt later that year. According to estimates by a group of Wex users, the total losses exceed $400 million. Do you expect other arrests in relation to the crypto exchanges Wex and BTC-e? Tell us in the comments section below. View the full article

The Bitcoin.com Team is excited to announce Verse, a rewards and utility token for the Bitcoin.com ecosystem. Since 2015, Bitcoin.com has served as a reliable gateway to Bitcoin and beyond, providing timely and objective news content and educational materials, the most secure and easy-to-use non-custodial multicoin wallet, accessible bridges between fiat and crypto, and much more. “With 29 million wallets created and over five million monthly active users, it is time to launch a mechanism to reward the Bitcoin.com community for buying, selling, spending, swapping, investing, and staying informed about crypto – and that mechanism is Verse,” said Bitcoin.com CEO Dennis Jarvis. Verse will be a cross-chain token built on the ERC-20 standard with a focus on expanding into low-fee, EVM-compatible chains. Sixty-nine percent of Verse tokens are reserved for the community in the form of a development fund and ecosystem incentives and rewards. The latter includes staking rewards, airdrops, yield for liquidity providers on the soon to be launched Verse DEX, and more. These incentive tokens will unlock on a block-by-block basis over seven years from a fixed supply of 210 billion. The allocation of tokens and the emissions schedule are designed to optimize network effects and demand for the token while buyback and burn, staking, and other mechanisms work to decrease the circulating supply over time. Anyone will be able to earn Verse tokens simply by using Bitcoin.com’s beginner-friendly products and services. Holders of Verse tokens will in turn be able to unlock extra rewards and discounts along multiple tiers. By unlocking additional utility throughout the user journey, Verse creates a powerful loyalty mechanism that works to drive retention in the Bitcoin.com ecosystem. Anyone can also deploy VERSE and other cryptoassets in liquidity pools on the Verse DEX to earn a share of trading fees, and additional rewards are available for staking VERSE and LP tokens. Given that many of Bitcoin.com’s users will not yet have had the opportunity to interact with tokens that have such utility, Verse will serve as an important onramp to decentralized finance for newcomers. “By introducing more people to DeFi – where they can deploy their assets permissionlessly and benefit from a growing range of high-yield opportunities – Verse empowers us in our mission to create more economic freedom in the world,” added Jarvis. With development of the token and its integration into Bitcoin.com’s suite of products and services already well underway, a portion of Verse tokens are reserved for sale at getverse.com. Token sale details will be announced in the coming weeks. “By offering Verse in a public sale, we are providing early access to a token with broad utility while at the same time empowering people to join Bitcoin.com, a brand with universal recognition, robust fundamentals, and one of the fastest growing ecosystems in crypto.” Disclaimer: The information shown does not constitute investment advice. VERSE tokens are utility tokens designed for use on Bitcoin.com. VERSE tokens are not shares, bonds, units in a collective investment scheme, securities, or other instruments commonly known as securities of any type. VERSE tokens are not being offered for sale to U.S. persons and are not available for purchase in the United States, Japan, or any other restricted jurisdictions as may be specified by Bitcoin.com, from time to time. View the full article

A major crypto exchange in Japan is going public in the U.S. in a $1.25 billion merger deal. Coincheck is regulated by the Financial Sevices Agency (FSA). It will be listed on Nasdaq under the symbol “CNCK.” Japanese Crypto Exchange Coincheck to List on Nasdaq Japanese cryptocurrency exchange Coincheck revealed Tuesday its plan to go public in the U.S. by merging with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC), in a $1.25 billion deal, which is expected to close in the second half of this year. The combined entity will be named Coincheck Group NV. It is expected to be listed on the Nasdaq Global Select Market under the symbol “CNCK.” SPACs are publicly listed shell companies that carry out initial public offerings (IPOs) to raise funds for acquiring a private entity at a later date. Tokyo-headquartered Coincheck operates one of the largest multi-cryptocurrency marketplaces and digital asset exchanges in Japan. The company is regulated by Japan’s top financial regulator, the Financial Services Agency (FSA). The platform has about 1.5 million verified customers. Coincheck was hacked in 2018 when about $530 million in the cryptocurrency NEM were stolen from the platform. The exchange was acquired later that year for about $34 million by Monex Group, a major Japanese online brokerage. Under the SPAC deal, Monex will have pro-forma ownership of about 82% of the combined company after the merger, excluding warrants and earn-outs. Monex currently owns 94.2% of Coincheck. Furthermore, existing Coincheck investors are eligible to receive up to 50 million shares based on future stock price performance. What do you think about the Japanese cryptocurrency exchange going public in the U.S.? Let us know in the comments section below. View the full article

The PSG (Paris Saint-Germain) FC, a soccer club in Europe, has taken its first steps to building an online presence in the metaverse. The club has filed a series of trademark applications to register its name in order to offer a number of services, including software, memorabilia, and articles linked to non-fungible tokens (NFTs) for authentication purposes. PSG Gets Ready for the Metaverse The Paris Saint-Germain (PSG), a French soccer club with a large European following, is interested in having a presence in the metaverse, and is now securing its name to be used in these ecosystems. The club filed a series of trademark applications that seek to establish the brand on several virtual memorabilia and trading cards, all authenticated by non-fungible tokens (NFTs). The trademark application, which was introduced March 16th, includes downloadable audio and video recordings, downloadable multimedia files containing text, audio, and video relating to sports highlights, and goods for use offline and/or in online virtual worlds, all authenticated via NFTs. In addition to this, the PSG also included cryptocurrency wallet software in this application. Michael Kondoudis, a patent attorney who shared the news on social media, stated: This filing represents the next logical step to protect the brand as it moves into the Metaverse. Clearly, PSG sees the potential of the Metaverse and is preparing its trademark for the virtual economy that will dominate it. Sports Teams Aiming for New Horizons The PSG is not the first European soccer club to recognize the importance of the metaverse as an alternative to expand its reach and to attain new business opportunities. Another soccer club, the FC Barcelona, is preparing a series of actions to make a move into metaverse and NFT products. This is a trend that many sports organizations are following due to the business opportunities present within these elements. Kondoudis, who has been tracking these trademarking movements, also thinks the trend will grow in the short term. He stated: We expect the number of trademark filings from the professional sports sector for NFT and virtual products and services to increase over the next twelve months as brands come to appreciate the need for protections in the metaverse. The PSG launched its own fan token in 2020, and planned to use crypto to pay for part of the contract of soccer powerhouse Lionel Messi, who was signed by the club in August. What do you think about the strategy of the PSG regarding the metaverse and NFTs? Tell us in the comments section below. View the full article

PRESS RELEASE. Mercuryo is an international fintech company based in London founded in 2018, focused on providing cryptocurrency payment solutions. The company’s cryptocurrency infrastructure provides global access to fast and cheap money transfers with a bank-level oversight and it’s mission is to reinvent the ease of making digital transactions. Features Of Mercuryo: Integrated Multicurrency Wallet: This feature is an inbuilt crypto on-ramp capability in a custodial multicurrency wallet that is engineered to let you purchase, trade, hold, and spend a wide variety of digital assets, easily exactly like you would with fiat currency. Crypto exchange from your Mercuryo account to any other wallet or blockchain address: Mercuryo wallet users may top up their cryptocurrency wallets by buying crypto through their website or transferring crypto from another wallet. By the same token, customers can also transfer crypto from their Mercuryo account to another account or blockchain address. On top of that, users have the option of converting crypto to fiat via bank transfer. Custodial Service: One helpful integration is that users can recover access to their wallets at any moment by presenting their ID, dispelling worries about misplacing a seed phrase, losing passwords, email addresses, and phone numbers. Widget for businesses to accept crypto payments: For business owners, Mercuryo offers a widget solution for crypto payment processing on their websites. The widget lets users trade in and out of fiat currency for cryptos and vice versa. For good measure, Mercuryo is registered in FCA as a PSD agent in the United Kingdom and is planning to acquire an Electronic Money Institution (EMI) license in the near future, demonstrating the firm’s conformity to regulatory requirements. Also, it offers a generous referral program that rewards users for introducing new clients and an app that has been downloaded over 100,000 times, with over 2,000 reviews on Trustpilot with a 4.8/5 star rating. BitYard’s Partnership With Mercuryo: As to always provide suitable and smooth services, the world’s leading Crypto Exchange Platform, BitYard through its partnership with Mercuryo tends to create more convenient and well organized transactions for it’s users purchasing digital crypto-assets conveniently through card payment (MasterCard/Visa) and also exchange cryptocurrency to fiat. As one of the fastest-growing exchanges and a Beginner-Friendly Platform, BitYard has continuously improved its services to bring BitYard users many advanced trading services. BitYard is fully committed to helping global traders to invest in their own future through its one-stop financial trading services. Supported Crypto Assets Through Mercuryo Payments: – Bitcoin (BTC) – Ethereum (ETH) – Basic Attention Token (BAT ERC-20) – Tether (USDT ERC-20) – TRON (TRX) – Dai (DAI) – Binance coin (BNB BEP20) – Binance USD (BUSD BEP20) and MORE Supported Fiat Currency: – EUR — Euro – USD — US dollar – GBP — British pound – TRY — Turkish lira – UAH — Ukrainian hryvnia – JPY — Japanese yen – BRL — Brazilian real and MORE Limited time event! Use Mercuryo Buy Crypto – 0 FEES! 22 Mar – 02 Apr Limited time event on BitYard. Users can get BTC, ETH, USDT and BUSD with credit card or debit card without paying any trading fees! 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 CEO of Southeast Asia’s largest bank, DBS, says cryptocurrency “can be an alternative to gold.” He added that regulating crypto “out of the formal banking system is an unwise thing to do.” DBS’ CEO on Cryptocurrency and Regulation DBS Bank Group CEO Piyush Gupta talked about cryptocurrency and its regulation at the recent Economic Times Global Business Summit. DBS is Southeast Asia’s largest bank by assets. The Economic Times quoted Gupta as saying: I don’t think that cryptocurrencies will become money as we know it, but it can be an alternative to gold and its value. “The other big challenge [of cryptocurrencies] is volatility in value. If you want to use this to pay for something, you don’t know what it’s costing you,” he elaborated. “Today cryptos are a potential source of speculated value, it’s unlikely that this is a source of money as we know it.” The executive said that central banks across the world should consider bringing cryptocurrency into the regulated space. He stated: Regulating it out of the formal banking system is an unwise thing to do, as you wish to push it out into the unregulated space and then you have no way of creating any guard rails. “Nobody knows who owns private money, so it is subject to misuse,” he stressed, adding that this issue is what the governor of the Indian central bank, the Reserve Bank of India (RBI), is so concerned about. He added, “monetary systems across the world have flagged off AML and KYC issues pertaining to crypto.” The DBS CEO also talked about central bank digital currencies (CBDCs). Noting that “CBDCs come with its own set of challenges, if you go direct, every citizen opens a direct account with the central bank and it disburses the CBDC directly,” the CEO described: The downside of this is it will disintermediate the existing banking system, therefore you make the process of credit creation the onus and responsibility of the central bank alone and they don’t want that. Gupta’s Bank, DBS, has been offering cryptocurrency services to some clients for quite some time. The bank launched a full-service digital asset exchange in December 2020. Since then, the platform has seen rapid growth in its crypto business. The bank said in February that it plans to launch crypto trading for retail investors this year. What do you think about the comments by the DBS CEO? Let us know in the comments section below. View the full article

The European Central Bank (ECB) warns cryptocurrencies are being used to evade sanctions by Russians. ECB President Christine Lagarde warns crypto firms against becoming “accomplices” in the crime. ECB President Lagarde Is Certain About Crypto Being Used to Evade Russian Sanctions Christine Lagarde, president of the European Central Bank (ECB), said Tuesday at the Bank for International Settlements (BIS) Innovation Summit that cryptocurrencies are “certainly” being used by Russian firms and individuals to bypass sanctions. A growing number of countries have levied heavy sanctions against Russian entities after Russia began its invasion of Ukraine. Expressing concerns over crypto’s continued use, the ECB chief said: They are certainly being used as a way to try to circumvent the sanctions that have been decided by many countries around the world against Russia. “A specific number of players, either individuals or corporates, are obviously trying to convert their rubles into crypto assets,” she added, noting that there are rising volumes of transactions going from the ruble to stablecoins and from stablecoins to other digital assets. The ECB president proceeded to warn crypto firms against becoming accomplices in the crime, stating that in Europe: We have taken steps to clearly signal to all those who are exchanging, transacting, offering services in relation to crypto assets that they are being accomplices to circumvent sanctions. While Lagarde is certain about cryptocurrency being used to evade Russian sanctions, many experts have said that crypto is not an effective tool for this purpose, including the CEOs of blockchain analytics firm Chainalysis and crypto exchange Coinbase. In addition, a senior official with the U.S. Treasury Department said last week that cryptocurrency could not be used in a large-scale way to evade sanctions. FBI Director Christopher Wray similarly said that Russia’s ability to circumvent sanctions with cryptocurrency is “highly overestimated.” Carol House, the director of cybersecurity for the National Security Council, also said that crypto is an ineffective tool for circumventing sanctions. However, Lagarde is not the only one who is worried about cryptocurrency being used to bypass sanctions. In the U.S., Senator Elizabeth Warren is deeply concerned; she introduced a crypto sanctions compliance bill last week that has been described by an industry expert as “unnecessary, overbroad, and unconstitutional.” What do you think about ECB Chief Christine Lagarde’s warning? Let us know in the comments section below. View the full article

The U.K.’s advertising authority has sent an enforcement notice to more than 50 companies that advertise cryptocurrencies. “We will monitor for compliance and implement sanctions if we do not see improvements,” said the regulator. British Advertising Regulator’s ‘Red Alert’ Priority Issue The U.K. Advertising Standards Authority (ASA), the country’s regulator of advertising, announced Tuesday: We have issued an enforcement notice to over 50 companies which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated fairly. “The enforcement notice provides guidance to the crypto industry on how to stick to the rules and warns that we will monitor for compliance and implement sanctions if we do not see improvements,” the ASA added. “The notice applies to ads for cryptocurrencies, crypto exchanges and ads or promotions which otherwise involve the transfer, sale or supply of cryptocurrencies, targeted at UK consumers or that are targeted globally on behalf of UK-based advertisers,” the watchdog detailed. The ASA explained that advertisers must clearly state that cryptocurrencies are unregulated in the U.K. and the value of crypto investments could go down. In addition, they must not state or imply that crypto investment decisions are “trivial, simple, easy or suitable for anyone.” Ads must also not imply a sense of urgency to buy or create a fear of missing out (FOMO), or imply that investments are low-risk. The advertising watchdog has been clamping down on misleading cryptocurrency ads in the country. Earlier this month, the regulator banned ads for floki inu (FLOKI) crypto. The coin was inspired by Tesla CEO Elon Musk’s shiba inu puppy called Floki. In December last year, the ASA banned seven crypto ads for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo. The ASA noted: This is a ‘red alert’ priority issue for us and we’ve recently banned several crypto ads for misleading consumers and for being socially irresponsible. The advertising regulator said it is working with the Financial Conduct Authority (FCA) to take action against those who do not comply with the rules. The ASA added that its compliance team “will conduct follow-up monitoring and if problem ads persist after 2 May, we will take targeted enforcement action.” What do you think about the British advertising authority warning about crypto ads? Let us know in the comments section below. View the full article

Law enforcement officers in Kazakhstan have busted another mining facility as they continue to crack down on illegal activities in the sector. The crypto farm, located at a railway station, is the latest targeted mining operation in the country which has been struggling with its power deficit. Authorities in Kazakhstan Seize Over 100 Mining Rigs From Unauthorized Farm Kazakhstan, a crypto mining hotspot since last year, has been trying to limit operations in its crypto mining sector which expanded rapidly after China launched an offensive against the industry in May 2021. The government has been mostly going after illegal miners this year, although the energy-hungry industry as a whole has been blamed for electricity shortages and blackouts. After recently closing down more than 100 crypto farms, including registered mining entities which, according to an official announcement, “voluntarily” halted their activities, law enforcement officials have conducted a raid on another facility minting digital currencies. The farm was set up in a room on the premises of the Kundyzdy railway station, 24 Khabar reported. According to the country’s Transport Police Department, which carried out the search, the officers found 130 crypto mining units as well as hard drives and spare parts. The mining equipment has been seized and a pre-trial investigation has been launched, a high-ranking police official told the news outlet. Quoted by the department’s press service, he noted: Other information in accordance with Article 201 of the Criminal Procedure Code of the Republic of Kazakhstan is not subject to disclosure. Initially a promising destination for crypto miners moving out of China, thanks to its capped electricity rates, Kazakhstan has in the past weeks begun to target mining operations as part of efforts to deal with its growing energy deficit. A number of illegal farms were unplugged from the grid and many registered companies were hit by power cuts in the cold winter months. Local media has covered the crackdown. In February, President Kassym-Jomart Tokayev ordered the Financial Monitoring Agency to identify all mining entities with the help of other relevant government bodies. The watchdog has carried out numerous inspections, verifying tax, customs, and technical documentation. Political turmoil in January and persisting power supply interruptions have already forced some mining companies to relocate to other countries such as the U.S. In late February, the National Association of Blockchain and Data Center Industry revealed that authorized miners had already moved a third of their equipment out of the country and warned that Kazakhstan could lose its leading position in terms of computing power in the bitcoin network. Do you think the authorities in Kazakhstan will continue to clamp down on the crypto mining sector? Share your expectations in the comments section below. View the full article

PRESS RELEASE. The World Tourism Forum Institute’s (WTFI) centrepiece, the Global Tourism Forum, or GTF, is a worldwide collaborative platform focused on tackling the tourism industry’s difficulties. WTFI wants to be at the forefront of this change by giving new alternatives to an emerging generation of travellers, Gen Z and Gen Alpha, with a different kind of method to purchase travel-related opportunities with the blockchain revolution through this event. As such, the partnership between Ariva, WTFI, and GTF is now firmly solidified. The collaboration’s primary focus will be on tourism as well as blockchain integration. Nowadays, both the blockchain and tourism sectors are enormously popular, and the potential for both of these industries working together might indeed be endless. A historic event in Dubai According to the teams participating, a crucial moment of this new relationship will be emphasised during an upcoming event in Dubai, UAE, which has the potential to launch some truly innovative advancements for both the blockchain and tourism industries. The forthcoming ‘Global Tourism Forum Leaders Summit – Blockchain for Travel’ event is therefore the first facet of the new cooperation to take precedent. The event will take place on March 26th, 2022, at Rixos Premium JBR in Dubai. Many crypto and blockchain professionals and specialists, as well as world-renowned opinion leaders who will come as speakers and visitors, will reportedly take part. The list of speakers includes but is not limited to Francois Hollande, Anita Mendiratta, Sumaira Isaacs, Taleb Rifai, Kaiser Naseem, Ritesh Mohan, Kishore Dharmarajan, Yigit Sezgin, Ismail Ertug, Jason Luo, Haitham Mattar, Angela Gerekou, Nithee Seeprae, Christian Gliech, Markose, Chenthitta, Max Rengeley, Hoda Barakat, Allen Wei, Shantnoo Saxena, and last but not least the Chief Communication Officer of Ariva who will also be present. Needless to say, the significance of the event cannot be emphasised enough, as attendees claim it to be a watershed moment in the realm of effectively mixing blockchain and tourism. The event might thus be extremely crucial in determining the route both the blockchain and tourism industries will go in the future and should thus not be missed. Listing on Huobi In other news, Ariva’s team is delighted to announce that the ARV token has now been successfully listed on the highly popular Huobi exchange. The ARV deposits opened on March 21st at 14:40 UTC and withdrawals are still currently open until March 23rd at 12:00 UTC. Also, the ARV spot trading (ARV/USDT) functionality will open once the deposit volume meets the demand of market trading. This shall be officially announced ahead of time. More activities with generous rewards are expected as well in the near future. The roadmap As per Ariva’s roadmap, the ARV project includes a long-term, permanent infrastructure that is envisioned to be blended into the actual environment. Ariva’s team is overjoyed that they followed the roadmap to the letter and accomplished the tasks ahead of schedule. Of course, there is always more to accomplish and construct. With that being said, the goals for 2022’s first quarter included the aforementioned Blockchain For Travel Forum Event in Dubai, as well as an update to Ariva.Digital’s current version, Ariva.World’s release candidate, launching Ariva.World on iOS and Android compatible devices and apps, launching Ariva.Finance’s payment gateway, launching Ariva.Game’s metaverse website, various B2B business developments, and so much more to come as the year progresses like growing global marketing and influencer marketing campaigns in addition to switching ARV to its mainnet network. About Ariva Ariva is a project which has the overall objective of being actively employed in the global and local travel and tourism sectors. It provides a worldwide travel and tourism network through which users may connect with all relevant service providers via previous trip experiences, feedback, and crypto bookings. Its token, ARV, is a BEP-20 token produced with the Binance Smart Chain (BSC) network. The project seeks to achieve active usage in the tourist and travel business, which is one of the world’s biggest and most significant industries. Ariva’s goal is to hence be the game-changer in the cryptocurrency industry by not only producing reliable and effective cryptocurrency transactions on exchanges but also ensuring that ARV is actively used within the tourism sector. For more information, check out the official website and Twitter, Facebook and Telegram channels. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Just recently, Terra founder Do Kwon hinted at purchasing $3 billion in bitcoin to bolster the protocol’s reserves and according to a number of reports and blockchain analysis, Terra purchased $125 million worth of bitcoin on March 21. The following day, bitcoin’s fiat value jumped to a high of $43,079 per unit and there’s been lots of discussions concerning Terra’s reported bitcoin buy. Reports and Blockchain Analysis Suggests $125 Million Bitcoin Purchase Executed by Terra On March 21, 2022, Bitcoin.com News reported on the Terra founder Do Kwon and his hints about purchasing billions in bitcoin (BTC). After being asked why the project was eying BTC reserves, Do Kwon said: “Bitcoin is the only hard reserve asset that’s been proven out of the digital currencies… It is very difficult for somebody in crypto to question bitcoin.” Following the report, the digital currency influencer Lark Davis tweeted that the Terra (LUNA) project had made its first purchase. “Luna makes its first purchase of bitcoin worth 125 million dollars,” Davis said. The crypto influencer’s tweet has been retweeted over 450 times and has close to 4K likes on Twitter at the time of writing. On Tuesday, the purported $125 million in BTC purchase has been trending a great deal on social media. While there has been no official mention of the bitcoin (BTC) purchase by Terra, a Gnosis safe address reportedly owned by Terra transferred $125 million worth of USDT to Binance. The same day, BTC advocate and the director of growth marketing at Kraken, Dan Held, welcomed the Terra community. “I welcome all projects and protocols that want to build on Bitcoin/use Bitcoin,” Held tweeted. “Excited to see what [Do Kwon] and the Terra community will do.” Do Kwon responded to Held’s commentary and replied: “Looking forward to building together.” The co-founder of Stacks, an open-source smart contract platform for Bitcoin, Muneeb Ali also responded to Held’s Twitter thread. “This is the way,” Muneeb Ali tweeted. “[The] Bitcoin community was welcoming to developers pre-2016. We can do the same now. Developers can use Bitcoin however they want, it only makes BTC stronger.” Terra Founder Do Kwon Insists Project Has $3 Billion in Funds Ready to Seed Reserves Both terra (LUNA) and the network’s stablecoin UST have seen significant growth over the last 12 months. Year-to-date, LUNA is up 323% against the U.S. dollar and the stablecoin UST is the fourth-largest USD stablecoin by market valuation with $15.6 billion. On Tuesday, the co-founder and CEO of Blockstream, Adam Back, asked Do Kwon about where the billions of dollars were coming from. Terra’s founder responded by telling the Blockstream executive that the organization has $3 billion in “funds ready to seed this reserve,” but he added that “technical infrastructure (bridges etc) is still not ready yet.” Furthermore, Terra’s founder also explained how the funds were raised by the Terra ecosystem and Luna Foundation Guard (LFG). “It’s BTC or tether,” Do Kwon told Back on Tuesday. “1B was raised recently and 1.2B LFG raised by selling UST against tether, 0.8B or so left to go,” Terra’s founder added. What do you think about the reported $125 million bitcoin purchase by Terra and the statements made by Do Kwon? Tell us what you think in the comments section below. View the full article

BCH has been one of the biggest gainers in the last week, and that momentum continued during Tuesday’s session. As of writing this, ADA and HNT were also trading by over 10% higher, as bullish pressure remained within crypto markets. Bitcoin Cash (BCH) Bitcoin cash (BCH) was undoubtedly one of the biggest gainers on Tuesday, as it rose for its fourth session in the last five days. Following a low of $320.29 on Monday, BCH/USD climbed to an intraday high above $375 on Tuesday. Today’s move came as prices surged past the recent resistance level of $334, and rose to their highest level since January 18. As a result of today’s rally, BCH is now trading over 30% higher in the last seven days, with today’s value climbing by 13.55%, as of writing. Looking at the chart, the 14-day RSI is now tracking at 72.19, which is easily the most price strength it has hit since last August. Logically, many will now be anticipating a reversal, however, with the 10-day and 25-day moving averages only just crossing, there could still be further gains. Helium (HNT) Although cardano (ADA) rose by almost 10% earlier in today’s session, it somewhat fell off from those highs, giving way to other big movers on Tuesday. One of these was helium (HNT), which remained over 10% higher for the majority of today’s action, climbing to an intraday high of $24.51 in the process. This follows from yesterday’s low of $21.26, which came after a selloff at the resistance level of $24.85. As of writing this, HNT is now slightly over this ceiling due to today’s gain, however as seen from the chart, the level of uncertainty still remains. The 14-day RSI has moved past its ceiling of 54 and is now at 57, which is its highest since January 5. Despite this, bullish momentum could continue, with the possibility of a run to $28 still on the cards. Could we see this $28 level as earlier as this week? Let us know your thoughts in the comments. View the full article

An account blockade that happened more than five months ago due to money laundering issues has prompted some Colombian users of Binance to commence legal action against the exchange in the country. According to reports the funds blocked exceed $1 million, and after an investigation from the FIOD, the Netherlands’ anti-money laundering watchdog, the funds were linked to financial crimes. Binance Account Blockage Prompts Legal Action in Colombia Binance is facing legal issues in Colombia after blocking the accounts of a group of citizens whose activities were allegedly linked to a money-laundering investigation from the FIOD, the Fiscal Intelligence and Investigation Service of the Netherlands. According to reports, the value of the cryptocurrency blocked in these accounts totals more than $1 million, with users being unable to move the funds since five months ago. Some users noted they’ve been victims of a seizure of funds, like Jairo Velez, who stated: I have been blocked since September 29, 2021. I already have five months without access to my funds. In my wallet they stole what I had and, according to Binance officials, the funds are held by the Dutch FIOD. Jairo is one of the users that has already begun to take legal action against the platform, with his attorney requiring the release of the funds. According to his statements, these requirements were sent to the compliance office of the exchange, and have not yet been answered. Other Colombians Also Affected But Velez was not the only one affected by the measures taken by Binance. Andrea Torrente, another Colombian user, suffered the same fate, with her funds being held in the same way. Binance informed Torrente that her funds were being held as the result of an investigation by Dutch authorities, with the support of a Dutch prosecutor. Torrente has also started to take legal action against the exchange, notifying the local representative of Binance in Colombia without receiving any answer yet. Users are complaining about the lack of response from the exchange, with Torrente stating: You ask them to give you the freezing order issued by the FIOD and they tell you to write to an email from the Dutch police. Almost six months ago we received the same response from Binance. They close our chats. They basically wash their hands. There is not an official number of customers affected by this measure, but some have created a Telegram group to create awareness of the problem and coordinate actions against the exchange. What do you think about the reported blockage and seizure of funds by Binance affecting some users in Colombia? Tell us in the comments section below. View the full article

On Monday, Tommy Hilfiger has announced the company is joining the inaugural Decentraland Metaverse Fashion Week from March 24th to March 27th, 2022. During the Metaverse Fashion Week, the American fashion design firm said it will showcase its Spring 2022 collections and provide consumers with a “digital retail platform” that features Tommy Hilfiger-crafted NFTs. American Fashion Designer Tommy Hilfiger Is ‘Inspired by the Power of Digital Technology’ At the end of February, Decentraland, the virtual blockchain metaverse, announced the project’s first Metaverse Fashion Week (MFW) would take place this year. Additionally, Decentraland mentioned that visitors would see appearances by Dolce & Gabbana, Selfridges, Jacob & Co, Franck Muller, Garrett Leight, Cavalli, and The Fabricant. It was also noted at the time that the American fashion design firm Tommy Hilfiger would be in attendance. On March 21, Tommy Hilfiger explained that joining the Decentraland MFW represents the “brand’s focus on digital innovation and exploring new consumer channels.” Tommy Hilfiger further detailed that it partnered with Boson Portal, a metaverse marketplace that offers a “virtual lifestyle and cultural playground located in Decentraland.” The announcement on Monday notes that a Tommy Hilfiger store will be located within Boson Portal. Interestingly, the items from the Tommy Hilfiger store are purchased as non-fungible token (NFT) assets, but owners can redeem the NFTs for “physical products delivered straight to the customers’ door.” “Consumers can teleport their avatar to the virtual store and shop a select range of limited-edition products from the Spring 2022 Tommy Hilfiger collection,” Boson Portal details. “Visitors will encounter floating 3D renders of signature styles, including the varsity jacket for men, the madras shirt for women and a unisex hoodie featuring the iconic Tommy Hilfiger logo.” The American fashion designer and the founder of the company, Tommy Hilfiger, explained that when he created his company he never thought that fashion events could be hosted virtually. “When I founded my namesake brand in 1985, I never imagined I’d see a time when fashion weeks would be held in a 3D, fully virtual world,” Tommy Hilfiger said in a statement sent to Bitcoin.com News. Hilfiger added: As we further explore the metaverse and all it has to offer, I’m inspired by the power of digital technology and the opportunities it presents to engage with communities in fascinating, relevant ways. The co-founder of Boson Protocol, Justin Banon, said his firm looks forward to working with the iconic fashion brand and Banon believes the move is during a “pivotal moment that will form the bedrock of the future within the fashion and technology industries.” In addition to the Boson Protocol metaverse marketplace, the announcement further notes that Tommy Hilfiger-brand Decentraland wearables will be able to be obtained via the Decentraland marketplace as well. What do you think about Tommy Hilfiger showcasing the company’s Spring 2022 collections and selling NFT wearables in Decentraland? Let us know what you think about this subject in the comments section below. View the full article

Nepalese actress and model Priyanka Karki is being questioned by the police after her picture was found in promotional material for a cryptocurrency scheme. “The investigation is still underway. We are trying to find out if the actress is involved in the crypto trading promotion or only her picture was used,” said the police. Actress Priyanka Karki Questioned in Connection With a Cryptocurrency Scheme Nepalese actress and model Priyanka Karki has been questioned by Nepal’s Central Bureau of Investigation (CBI) in connection with a cryptocurrency scheme. The CBI brought Karki in for questioning after they found a cryptocurrency ad with her picture on Facebook. The CBI released her on bail Sunday. However, the police said that the investigation is not yet completed and seized her mobile phone for investigation, according to local media. CBI Deputy Inspector General (DIG) Dhiraj Pratap Singh explained, “The bureau began an investigation after seeing cryptocurrency promotional content with her picture,” adding: The investigation is still underway. We are trying to find out if the actress is involved in the crypto trading promotion or only her picture was used. “We will also probe if she has invested in the crypto market. For now, we have sent her home with family members,” he continued. Karki told the media that she went to the CBI after discovering that some cryptocurrency apps feature her in them. She said: I went to police seeking their support after finding out my pictures being used in promotional content. Cryptocurrency scams using images and names of celebrities in promotional content without their authorization are on the rise. Last week, the Australian Competition and Consumer Commission (ACCC) filed a lawsuit against Facebook owner Meta for “publishing scam advertisements featuring prominent Australian public figures.” Furthermore, cryptocurrency trading is banned in Nepal, and the government has begun cracking down on crypto trading activities. Last week, the Nepalese government reportedly instructed the Nepal Telecommunications Authority (NTA) to shut down all websites and apps related to cryptocurrency trading in the country. Do you think actress Priyanka Karki is involved in promoting a cryptocurrency scheme? Let us know in the comments section below. View the full article

PRESS RELEASE. Nestree is a blockchain-based community messenger that is incentivized in nature. It is also a messaging platform that specializes in the development and revival of diverse communities by exposing them to blockchain technology and cryptocurrencies. In 2022, Nestree will deploy an NFT Aggregator Service (Beta). Nestree has evolved into a specialist platform for NFTs, a fast developing asset class. Moreover, by connecting with multiple worldwide platforms, the team hopes to increase the utility value of the EGG token. Understanding NFT Aggregators Several NFT markets have recently emerged throughout the world. This has resulted in knowledge asymmetry and fragmentation, particularly in relation to NFTs. Thus far, the world has seen a tremendous quantity of knowledge and cash come into the NFT sector, but we’ve also seen an equal amount of bogus and malevolent information flood in. In fact, the greatest crypto fraud case (worth approximately $4 million USD), happened relatively recently in February. Therefore, as the scale of the NFT industry rises, so does the necessity for honest and precise information collection and dependable analysis. The NFT Aggregator’s business model is hence built on offering a service which collects and shows information on freshly issued NFTs in one place, independent of the trading platform on which they are traded. Nestree’s NFT Aggregator Nestree is an NFT-specific platform that enables NFT collectors and investors to examine all of an NFT’s information at once without having to watch several marketplaces. It assists them throughout the whole process, from gathering information on the NFT to actually owning it. The team’s goal is to provide a complete NFT portal service that offers a wide range of data and information on NFTs. Initially, the service will be available in Korean, English, and Chinese. The ultimate objective is to be recognized as a worldwide NFT-specialized platform that is used not only by Korean users but also by people from all over the world. Currently, the team is preparing to partner up with a number of global firms and create the basis for rapid expansion. Furthermore, Nestree intends to dominate the industry as a key platform that connects NFT issuers, buyers, exchanges, and businesses using information from portals and communities along with making everything easier as users can access fragmented information in just a single click. In addition, Nestree assisted in the establishment of a link between Opensea, the world’s largest NFT marketplace, and the Foundation NFT exchange. The team will continue to grow Nestree’s service in the future via more collaborations with major worldwide NFT markets. About Nestree Nestree is a progressive community platform that promotes company incubation and offers a range of incentive plans. Nestree Messenger is a cutting-edge, reward-based, blockchain-integrated messenger platform. Nestree is more than simply a chat software, as it employs the EGG token to assure the growth and development of the community ecosystem. Also, Nestree plans to be the greatest messaging platform for finding and acquiring crypto, even if users are not currently cryptocurrency holders and have no expertise or experience with trading, KYC procedures, or private key maintenance. Nestree’s overall aim is to thus serve as a worldwide community platform built on blockchain compensation and sharing ideals. It aspires to provide a specialized platform where businesses and communities may coexist and profit from one another in an interactive ecosystem, independent of time or location. For more information and regular updates, visit the official website and Nestree’s Twitter, Telegram and Facebook channels. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted. Indian Government Reveals Taxation Plan The Indian ministry of finance answered some questions Monday in Lok Sabha, the lower house of parliament, regarding how cryptocurrency transactions will be taxed going forward. Minister Pankaj Chaudhary, the minister of state in the ministry of finance, explained that The Financial Bill 2022 has proposed to insert section 115BBH to the Income Tax Act 1961 to provide for the taxation of income from transfers of virtual digital assets (VDAs). He stated: As per the proposed section, any income from transfer of VDA shall be taxed at the rate of 30%. “Further, while computing the income from transfer of VDA, no deduction in respect of any expenditure (other than cost of acquisition) or allowance is allowed,” the minister added. Minister Chaudhary continued: “The bill also proposes to define VDA. If any asset falls within the proposed definition, such virtual asset will be considered as VDA for the purposes of the Act and other provisions of the Act will apply accordingly.” Specifically, Lok Sabha member Karti Chidambaram asked the finance minister “whether infrastructure costs incurred in mining cryptocurrencies are to be treated as cost of acquisition and are therefore permissible deductions.” Minister Chaudhary explained: Infrastructure costs incurred in mining of VDA (eg. crypto assets) will not be treated as cost of acquisition as the same will be in the nature of capital expenditure which is not allowed as deduction as per the provisions of the act. Noting that “while losses incurred due to the transfer of virtual digital assets cannot be set off against any other income,” Chidambaram further asked, “whether the losses arising from the sale of one virtual digital asset can be set off against the gains arising from another virtual digital asset.” Citing the proposed provisions, the minister of state replied: Loss from the transfer of VDA will not be allowed to be set off against the income arising from transfer of another VDA. The Indian government is also working on the classification of cryptocurrency under the Goods and Services Tax (GST) law in order to levy tax on the entire value of transactions, PTI reported Sunday. The current law does not have a clear classification for cryptocurrency, and 18% GST is only levied on services provided by crypto exchanges categorized as financial services, the publication conveyed. A GST official was quoted as saying: There is a clarity needed in regard to levy of GST on cryptocurrencies and whether it has to be levied on the entire value. Last week, Bitcoin.com News reported that the Indian income tax department is going after 700 cryptocurrency investors for non-payment of taxes. Meanwhile, the Indian government is working on cryptocurrency legislation. A crypto bill was listed to be considered in the winter session of parliament but it was not taken up. According to reports, the government needs more time to finalize the bill. What do you think about how India plans to tax cryptocurrency transactions? Let us know in the comments section below. View the full article

Malaysia’s communications ministry has proposed legalizing non-fungible tokens (NFTs) to increase the participation of young people in the cryptocurrency space. The crypto sector is under the purview of the central bank, Bank Negara Malaysia, and the Securities Commission. Malaysian Ministry Wants NFTs Legalized Malaysia’s Ministry of Communications and Multimedia has proposed legalizing non-fungible tokens (NFTs) “to help the younger generation who are actively involved in the space,” Malaysian national news agency, Bernama, reported Monday. Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin was asked in Dewan Rakyat, the lower house of Malaysia’s parliament, about the government’s position on NFTs (non-fungible tokens) which have become increasingly popular, particularly among the younger generation. Zahidi replied: We hope the government will allow and legalize this so that we can increase the youth’s uptake of cryptocurrencies. The deputy minister further revealed that the ministry is looking into ways to increase young people’s involvement in digital assets. He noted that crypto activities are under the purview of the central bank, Bank Negara Malaysia, and the country’s Securities Commission. Bernama originally stated that the deputy minister proposed to adopt crypto as legal tender. However, the publication soon removed the legal tender reference and changed its headline to say the deputy minister “proposes legalization of NFT, cryptomining activities.” Earlier this month, Malaysia’s deputy finance minister said that cryptocurrencies, such as bitcoin and ethereum, are not suitable as a means of payment or a store of value. However, he noted that they still have many different uses, including as an asset class that can be invested in. Meanwhile, Malaysia has been cracking down on illegal cryptocurrency mining activities. In December, the Malaysian police shut down a crypto mining operation and seized 1,720 bitcoin mining machines in an electricity theft crackdown. In July last year, the authority destroyed over 1,000 bitcoin mining machines with a steamroller. What do you think about the Ministry of Communications’ proposal? Let us know in the comments section below. View the full article

The 16th chair of the Federal Reserve, Jerome Powell said that America’s “inflation is much too high” on Monday, and he further explained that the U.S. central bank is willing to raise rates more aggressively. Off the heels of the first benchmark interest rate increase since 2018, Powell stressed that the Fed will “take the necessary steps” to ensure price stability is feasible. The Fed chair further said raising the federal funds rate by “more than 25 basis points” may be appropriate. Powell Envisions ‘Raising the Federal Funds Rate by More Than 25 Basis Points’ On March 16, 2022, the U.S. Federal Reserve increased the federal funds rate for the first time since 2018, and the central bank expects six more rate hikes this year. Inflation has jumped a great deal in the United States, in a short period of time, as the U.S. Labor Department’s February Consumer Price Index (CPI) report indicated that inflation has risen at the fastest pace since 1982. On Monday, following last week’s rate hike, Powell vowed the central bank would be aggressive toward ensuring price stability returns to normal. Powell explained the Fed’s position during remarks at the National Association for Business Economics. “The labor market is very strong, and inflation is much too high,” Powell detailed. The central bank’s chair noted that in order to tame inflation, the federal funds rate could be raised higher than the traditional 25 basis points (bps) raise. Powell added: We will take the necessary steps to ensure a return to price stability. In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so. And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well. Fed Chair Hopes ‘Supply-Side Healing Will Come Over Time’ Powell’s remarks follow a great number of investment banks that predicted the Fed would be more aggressive this year, well before the first rate hike. Furthermore, the president of the Federal Reserve Bank of St. Louis, James Bullard, issued a statement that calls for aggressive measures amid the inflationary pressures plaguing the country. Meanwhile, Powell explained on Monday that the world may be settling in on a “new normal” but things are still “uncertain,” especially with the ongoing Russia-Ukraine conflict. “It continues to seem likely that hoped-for supply-side healing will come over time as the world ultimately settles into some new normal, but the timing and scope of that relief are highly uncertain,” Powell told the attendees at the National Association for Business Economics. “In the meantime, as we set policy, we will be looking to actual progress on these issues and not assuming significant near-term supply-side relief.” The central bank chief further added: In normal times, when employment and inflation are close to our objectives, monetary policy would look through a brief burst of inflation associated with commodity price shocks. However, the risk is rising that an extended period of high inflation could push longer-term expectations uncomfortably higher, which underscores the need for the Committee to move expeditiously as I have described. Analyst Sven Henrich calls Powell’s Commentary ‘Performance Art,’ Wall Street’s Top Indexes Shudder After Powell’s Statements Following Powell’s remarks, the Fed chair received some criticism from a number of analysts and economists. Northman Trader’s Sven Henrich told his 360,000 Twitter followers that the central bank chief’s commentary was “performance art.” “If he believed in the urgency of all the things he said today he should’ve raised by 50bp last week. He didn’t. They literally squeezed their balance sheet to new all-time highs in time for last week’s Fed meeting,” Henrich tweeted. In addition to the macro and technical analyst Henrich, the gold bug and economist Peter Schiff gave shared his two cents about Powell’s most recent comments. “If the Fed really is committed to doing whatever it takes to fight inflation [and] shrink its balance sheet, why did it buy an additional $46.3 billion in Govt. debt during the week ending March 16th? Schiff asked on Twitter. “That pushed the size of the Fed’s balance sheet to a record-high $8.954 trillion,” he added. Powell’s commentary also sent shock waves through Wall Street as the top indexes saw losses on Monday. Closing the trading day, Nasdaq, NYSE, S&P 500, and the Dow Jones Industrial Average were all in red. Reuters’ reporter Stephen Culp explained on Monday that “Wall Street [slipped] after Powell’s hawkish remarks.” What do you think about the Fed chair Jerome Powell talking about aggressively raising rates by more than 25 basis points? What do you think about the criticism Powell and the Fed received after his statements? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Metria Network, the much-awaited solution for the entire crypto industry will be within reach soon. The chain agnostic decentralized infrastructure is designed to meet the needs of new-age DeFi and NFT applications by overcoming the issues of scalability, interoperability, and fragmentation of liquidity. Currently under development, the Metria multichain platform is a Polygon-based ecosystem that combines the necessary features and enhancements required to enable seamless transfer of digital assets and liquidity across protocols. While a Polygon native platform, Metria also supports Ethereum and Binance Smart Chain at the moment, with plans for inclusion of more protocols in the future. A Peek into the Metria Ecosystem The Metria ecosystem provides all the necessary infrastructure and tools for the development and deployment of a diverse range of multichain capable DeFi and NFT applications. The first few products to be launched as part of the ecosystem are the project’s flagship decentralized exchange platform – Metria DEX, NFT tools and Unified NFT Marketplace and Universal Staking and Farming platform. Metria DEX The native DEX protocol of the Metria ecosystem, Metria DEX is a completely decentralized, user-friendly multichain exchange platform that incorporates a familiar interface and CEX like features. The exchange protocol acts as a single window for users to trade any crypto asset, available on any of the supported blockchain protocols. Apart from enabling cross-chain trading of existing crypto assets, the platform also supports trading of synthetic tokens linked to real-world assets. The Metria DEX dashboard acts as a unified interface for cross-chain trades, swaps, staking, yield farming and other DeFi activities. Apart from its own staking and farming protocols, Metria DEX also acts as an aggregator by listing staking pools and prevalent APYs in real-time. Users can directly stake their assets on any of the listed pools from within the dashboard. Unified NFT Marketplace Metria is laying the groundwork for a robust, universal NFT ecosystem with its Unified NFT Marketplace. The first of its kind decentralized multichain NFT marketplace allows users to mint, trade and auction NFTs within Metria as well as other blockchain ecosystems. As the name suggests, the Unified NFT Marketplace acts as a single window for users to discover NFTs across different marketplace on various protocols and purchase them directly using Metria’s native utility token. NFT Creators can make use of the NFT creation tools and other NFT related services to mint NFTs, assess their value and list on the Unified NFT Marketplace. Once listed, the NFTs will be indexed across marketplaces on all supported protocols amplifying discoverability in the process. Metria Blockchain Undergoing development in parallel to other Metria platform features, the Metria Blockchain is a Polysharding-based EVM compatible PoS blockchain protocol designed for chain agnostic operations. The protocol is being developed as a universal protocol that can cater to the needs of new age DeFi and NFT projects by providing a low-cost, highly scalable, and completely decentralized infrastructure solution. The cross-chain capability and EVM compatibility makes it easy for both new and existing projects to adopt Metria and gain access to a much wider community and enhanced liquidity from across different protocols. A key differentiator between Metria and other networks is the ability of Metria to enable seamless transfer of assets across protocols with the help of specialized crypto bridge infrastructure. By erasing the boundaries between protocols, Metria enables free flow of liquidity to maintain a healthy balance of demand and supply for projects within the ecosystem. The $METR Token Powering the entire Metria cross-chain ecosystem, now and in the future is $METR. The ecosystem’s utility and governance token, $METR is a multichain token that will be initially available on Polygon, Ethereum and Binance Smart Chain. Its presence will expand to other protocols as and when Metria extends support for those chains. $METR is the preferred mode of value exchange within the Metria ecosystem. Using the token, users can gain access to various products and services, enjoy discounted trading fees on Metria DEX and NFT Marketplace, and earn through staking, liquidity provisioning and yield farming activities within the ecosystem. The upcoming $METR whitelisting and public sale will be followed by listing on popular AMM DEXs – Uniswap, QuickSwap and PancakeSwap on Ethereum, Polygon and Binance Smart Chain respectively will enable the community to gain access to the token. About Metria Metria is an all-inclusive, fully decentralized financial ecosystem that erases all boundaries between Blockchains and Cryptocurrencies. A unified platform, the infrastructure is designed to provide every individual, access to digital assets with absolute ease. Learn more about Metria at: https://metrianetwork.io/ Read Metria’s Tweets at: https://twitter.com/metria_network Follow Metria on Instagram at: https://instagram.com/metrianetwork Join the Metria Community at: https://t.me/MetriaNetwork Follow Metria on LinkedIn: https://www.linkedin.com/company/metria-network/ Join discussions on Discord at: https://discord.com/invite/7VnbN8uM Metria on Reddit: https://www.reddit.com/r/MetriaNetwork 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